Jihan Wu May Sell 1 Million Bitcoin Cash SV

Bitmain’s billionaire co-founder Jihan Wu may sell over 1 million Bitcoin Cash SV (BCHSV), following the successful completion of a scheduled Bitcoin Cash hard fork on Nov. 15.

A contentious hard fork of Bitcoin Cash was triggered by a camp led by Craig Wright, Coingeek, and Calvin Ayre, which mined an invalid block almost immediately after the hard fork was completed by Bitcoin Cash ABC, the original blockchain of BCH.

As of Nov. 19, Bitcoin Cash ABC remains 42.7 percent ahead of BCHSV on proof of work and nine blocks ahead. The majority of BCH blocks are being mined by Bitcoin.com, BTC.TOP, and ViaBTC, without the intervention of Bitmain.

Clean Win For BCH

With major exchanges like Coinbase and Kraken in support of the original BCH roadmap set forth by bitcoincash.org, and the supposed “stress test” threatened by Craig Wright after the hard fork amounting to a non-event, BCH has secured a clean win over BCHSV in the hash power war.

Prior to the fork, Craig Wright threatened to sue developers and miners in support of BCH and at one point claimed he will rearrange the blockchain of BCH to double spend transactions.

On Twitter Wright said:

Ultimately, no developer or miner was sued, the hash war came to an end within 30 minutes in favor of BCH, and the stress test threatened by CSW turned out to be false. The last resort plan of the SV camp, to 51 percent attack the BCH network with overwhelming hashpower, was also stopped by the BCH community through the integration of checkpoints.

On Nov. 16, the BCH developer community integrate a checkpoint in every block mined after the hard fork to prevent blockchain reorganization, as a response to the 51 percent attack threat by SV.

“A decisive opening battle has been won by the defenders of Bitcoin Cash in Craig Wright’s war to hostile takeover the chain,” Yours.org developer Chris Pacia wrote, adding, “A checkpoint is a line added to the code that prevents the software from reorganizing the blockchain below the checkpointed block. In the event that an attacker (such as Craig Wright) were to try to 51% attack and wipe out all blocks and transactions that happened on Bitcoin Cash over the past day, the software will not let him do it.”

But, as BTC.TOP CEO Jiang Zhuoer said, the SV camp was never going to win a hash power battle with Bitcoin Cash, because Bitmain had 20 exahash available throughout the entire period in its possession as back up to defend the BCH chain from being attacked. That is, more than four times larger than the hash power Coingeek and Calvin Ayre posses.

It’s BCH’s Turn

BCH won the battle, but the conflict resulted in a negative outcome for both BCH and BCHSV. Roger Ver, the CEO of Bitcoin.com, recently stated, “no one wins a war. Some just lose less than others.”

BCH surges 13 percent while BCHSV drops 11 percent, chart provided by Binance.com

From this moment on, the faith of both BCHSV and BCH depends on the market. If large holders of BCHSV, who are ironically the supporters of BCH, continue to sell large amounts of BCHSV on the market, then the asset could suffer significantly in the short-term.


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Author: Joseph Young
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Mining Giant Bitmain Hurries to Deploy 90,000 S9 Antminers Ahead of Bitcoin Cash Hard Fork

Ahead of the imminent Bitcoin Cash (BCH) hard fork, mining giant Bitmain has rushed to deploy around 90,000 Antminer S9 machines to the western Chinese region of Xinjiang, Chinese blockchain news source DeepChain reports Nov. 8.

As reported, the BCH network will hard fork on Nov. 15, and Bitmain is reported to be strategizing its role in the forthcoming computing “power war” by reaching out to local mining farms in the coal-rich region of Xianjing.

Local mining pool operator Yu Hao told DeepChain that the mining titan has been in talks with “almost all” the local mining farms since late October, and persuaded them to host almost 90,000 of its S9 machines:

“[Bitmain’s] AntPool requested that a single mining farm should host over 5,000 machines. But in fact, only a few mining farms can satisfy their demand.”
An unnamed source “familiar with the matter” has claimed that “half of [Bitmain’s] marketing staff have gone to Xinjiang to talk with local mining operators about deploying equipment.”

As DeepChain outlines, the power glut in coal-rich regions such as Xinjiang and Inner Mongolia has been advantageous for firms such as Bitmain, as hydropower stations in southwest China have been unable to supply sufficient power to meet their energy-intensive needs.

Beijing-born Bitmain, which is a major holder of Bitcoin Cash, is backing BCH client Bitcoin ABC, which has spearheaded the forthcoming hard fork. ABC’s proposed scalability upgrades have been starkly opposed by an opposing camp, nChain, led by self-proclaimed “Satoshi Nakomoto” Craig S. Wright.

Wright is advocating for a BCH protocol known as Bitcoin-SV (BSV), but so far major mining pools such as BTC.com, AntPool, Btc.top, ViaBTC, Bitcoin.com have all backed Bitcoin ABC, as DeepChain further reports.

CoinGeek, reportedly the largest BCH mining pool, BMG, and SBI have all backed BSV, according to DeepChain, which further reports that some Chinese miners plan to mine BSV as early as Nov. 10 as a “warm-up” to ensure maximum efficiency by the time the fork is initiated.

Notably, largest global crypto trading platform Binance has recently announced its support of the hard fork, a possible reason for the recent major price hike of the asset.
As of press time, Bitcoin Cash is trading at $600.94, up 46.1 percent since Nov.1. As DeepChain notes, Binance has been joined by leading U.S. crypto exchange Coinbase in endorsing the network upgrade.

Bitmain continues to compete with other mining hardware makers to have the technological edge; this week, the firm released two new 7nm (nanometer) Antminers, equipped with next-generation ASIC chips.


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Author: Marie Huillet
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Crypto Mining Giant Bitmain Acquires Bitcoin Cash Wallet

Open source browser-based cryptocurrency wallet Telescope has officially announced its acquisition by Bitmain Technologies Inc., the world’s largest crypto mining rig manufacturer, which also runs one of the world’s most extensive cryptocurrency mining pools. The move comes at an important time for Bitmain, which is increasing its involvement in the bitcoin cash space as it continues to reinvent itself as more than just an ASIC maker ahead of its planned mega-IPO in Hong Kong.

Telescope is a browser-embedded cryptocurrency wallet that currently allows users of Google Chrome and Mozilla Firefox to send and receive BCH through a browser extension. Set up earlier in 2018 by former IBM software engineer Aaron Angert, Telescope also offers support for BitPay and MoneyButton. While it is currently optimized for Chrome and Firefox, the plan is for the application to eventually offer full support for other leading browsers as the project grows.

Telescope transaction keys are saved in the application’s browser extension, and then transactions are signed by the user’s browser directly and sent to a BCH block explorer. Cross-browser private keys are encrypted via the blockchain, guaranteeing safe storage of user funds, just like standalone cryptocurrency wallets.

Speaking about Bitmain’s acquisition of Telescope, the company’s Lead Developer Aaron Angert said:

“I am extremely proud of what Telescope has been able to achieve so far and am excited for its future with the additional help and support of Bitmain. We are honored to be a part of the bitcoin cash community, as a vibrant collection of individuals contributing towards the development of blockchain technology and the cryptocurrency industry.”

Also reacting, Nishant Sharma, Head of International PR and Communications at Bitmain said:

“We are extremely proud of Telescope wallet and the simple but key innovation that the project brings to the bitcoin cash eco-system. Browser-embedded cryptocurrency wallets are a promising technology. The Telescope development team is doing some very interesting work and we look forward to working together with them on the Telescope project and future bitcoin cash projects.”

In August, CCN reported that Bitmain is sitting on bitcoin cash reserves worth nearly $600 million, or more than 5 percent of all the 17.3 million BCH in existence. The acquisition of Telescope comes as Bitmain’s latest bet on bitcoin cash after the company threw its weight behind the faction that turned into BCH during the bitterly-contested bitcoin fork in 2017.


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Author: David Hundeyin
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Bitcoin Mining Giant Bitmain Invests in Blockchain Data Storage Startup

Chinese bitcoin mining equipment manufacturer Bitmain has invested an undisclosed amount in blockchain data storage startup Lambda, the latter announced last Friday.

LIONBIT

Bitmain Expands its List of Portfolio Companies

The new investment will see to Lambda further developits “secure” blockchain-based infrastructure and decentralized applications, commonly known as dApps. The Singaporean startup has already conducted a tokenized private sale round that attracted investments from FunCity Capital, BlockVC, BlueHill, Zhen Fund, and other well-known institutions. It is now gearing up for an initial coin offering (ICO) round with an aim to raise $5 million.

“Bitmain has demonstrated its commitment to expanding strong, Dapp blockchain companies such as Lambda,” said Xiaoyang He, CEO of Lambda. “This investment from a global industry leader is a significant endorsement and recognition of Lambda’s longstanding dedication in creating a world-class blockchain-based storage solution.”

Lambda projects itself as a “high-speed, secure and scalable blockchain infrastructure” which offers a variety of modules including trusted and secure data storage, public data access and transaction, privacy data protection, infinitely-scalable dApp and blockchain support, as well as IoT, storage, and artificial intelligence data.

As to how Lambda achieves infinite scalability is the main topic of interest. The startup claims that it “[logically] decouples and separate implementation of Lambda Chain and Lambda DB” to achieve the said goal.

TIP

Bitmain, the global leader in the production of integrated circuits and hardware for cryptocurrency mining, believes storage in the context of blockchain is an exciting area to explore. The company expressed its satisfaction with Lambda’s development and business plan, mentioning their technology vision, practical roadmap, and progress-to-date as the key factors behind its investment.

“We look forward to working with Lambda,” Bitmain stated.

Bitmain Close to Launching Its IPO on HKEX

This is the latest in a long line of projects backed by the Beijing-based firm this year. Bitmain has already committed  $500 million to build data and mining facility in Texas. Only this month, the company invested $3 million in TribeOS, a blockchain-based ad fraud prevention startup, and it has also invested in major firms Circle, Block.one, and Opera.

Amidst making headlines with its large investments in crypto-startups, Bitmain could also launch its $3 billion public offering on Hong Kong Stock Exchange (HKEX) in September, if reports are to be believed. It would further enable the company to expand its territory in the line of its plan to invest in as many as thirty blockchain startups.


IZX

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Nvidia Quits Crypto Due to Low Profit, Not Because of Decline in Demand

The world’s largest graphic card and chip maker Nvidia has officially put an end to its crypto venture, with the official announcement of its CFO Colette Kress.

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In a statement, Kress said:

“We believe we’ve reached a normal period as we’re looking forward to essentially no cryptocurrency as we move forward. Our revenue outlook had anticipated cryptocurrency-specific products declining to approximately $100 million, while actual crypto-specific product revenue was $18 million, and we now expect a negligible contribution going forward.”

Jensen Huang, the CEO at Nvidia, echoed the negative sentiment of Kress, adding that the profitability of its cryptocurrency-focused mining chips has declined substantially, as the price of cryptocurrencies moved to a downward trend.

Bitmain’s $1 Billion Profit

In July, CCN reported that Bitmain, the biggest conglomerate in the cryptocurrency sector valued at $19 billion, recorded a profit of $1.1 billion in the first quarter of 2018, generating approximately 65 times the profit recorded by Nvidia’s cryptocurrency venture.

Interestingly, Bitmain recorded a profit of $1.1 billion in the first three months of 2018, while Nvidia generated a profit of $550 million, exactly 50 percent of Bitmain’s. Despite being the biggest graphic card and chip manufacturer in the global market, Nvidia was not able to surpass the profitability of Bitmain.

Hence, the argument that Nvidia’s cryptocurrency venture is struggling due to the downtrend in the crypto market is inaccurate, primarily because Bitmain, which essentially conducts a similar operation as Nvidia’s cryptocurrency arm, recorded a larger profit than all of the operations of Nvidia combined.

TIP

Also, while the prices of major cryptocurrencies have fallen significantly by more than 70 percent on average, the hash rate of Bitcoin and other proof-of-work (PoW) blockchain networks has increased substantially in the past eight months, demonstrating stable growth.

Simply put, given that the demand for cryptocurrency mining is at an all-time high and mining equipment manufacturers like Bitmain, Canaan, and Samsung are seeing rapid progress in their growth, the declining performance of Nvidia’s cryptocurrency venture cannot be attributed to the general trend of the crypto market.

What’s Really the Issue?

The core problem with Nvidia’s cryptocurrency arm is that the demand for GPU mining has declined. There is only a handful of tokens and cryptocurrencies which miners can produce with GPU miners, because of the lack of computing power in the chips used to create graphic cards.

ASIC mining chips or mining equipment that are developed specifically to mine cryptocurrencies, are being improved at an exponential rate by the key players in the cryptocurrency mining sector, and as such, it is difficult for miners to rely on graphic cards and chips that are not designed to mine crypto to produce digital assets.

Conclusively, the profitability of Nvidia’s cryptocurrency venture was not affected by the decline in the demand for cryptocurrency mining and digital assets in general, but rather the decline in interest towards GPU miners and graphic cards for mining cryptocurrencies, due to their inefficiency in comparison to ASIC miners.


IZX

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$500 Million Bitmain Data Center to Bring 400 Jobs to Texas Coal-Mining Town

Bitmain, the world’s largest bitcoin miner and mining equipment maker has announced construction plans for a new blockchain data center and cryptocurrency mining facility in the city of Rockdale in Milam County, Texas. CCN earlier reported that the company released plans to construct a data center in Texas as part of an ongoing North American expansion drive.

The facility is part of a projected $500 million investment into the area, and it is expected to bring in up to 400 new jobs, which will make up a key part of what locals hope is a rebirth in an area devastated by de-industrialization and job losses.

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Re-Industrialization in America’s Rust Belt

According to a statement from Bitmain, the facility, which will commence operations in early 2019 and become fully operational within two years, represents an investment of more than $500 million over an initial period of seven years into the local, county, and statewide economies.

Opened inside an abandoned Alcoa aluminium smelter plant, the facility is expected to breathe new life into the surrounding local economy, bringing in more than 400 jobs in the first two years and stemming the loss of skills, young people and money. The multiplier effect of increased disposable income on small businesses and property values in the area is also expected to be substantial.

Even more interestingly, Bitmain has also promised to partner with schools and educational institutions in Milam County to equip local students and residents with the technical and professional skills needed for careers at the data facility. To underline its seriousness about its investment plans, the company has already announced recruitment for several positions at the Rockdale data center including engineers, technicians, senior management, sales associates, finance associates and research associates.

An Emerging Pattern

According to the statement from Bitmain, the Rockdale data center is a key component of Bitmain’s strategic investment and expansion plans within North America.

Since being founded in China in 2013, Bitmain has grown in the premier maker of bitcoin mining equipment, controlling an estimated 70 percent of the market. The ongoing North American growth drive is a key part of its global expansion as it expands across Asia and Europe and prepares to go public later this year.

“Bitmain is truly honored to announce this news and is excited to work with local partners, government and stakeholders in realizing this vision, throughout the initial set-up phase, operations and beyond,” said Jeff Stearns, executive vice president and direct of operations for Bitmain’s North America division.



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Bitmain the ASIC Mining Giant is interested in building an AI-based chip for Bitcoin [BTC] Mining!

After a huge success in the cryptocurrency mining space, Bitmain, the evasive Chinese firm that sells around 80 percent of the planet’s mining ASICs is currently contemplating getting into the ever-challenging AI game.

Bitmain’s co-chief executive, Jihan Wu, stated that the business feels “fortunate” due to its enormous earnings from ASIC earnings. The mining rig maker wants to expand in different directions. This would not be the very first time Bitmain’s made a foray to the AI marketplace. It was similar to a GPU for profound learning instead of graphics manufacturing and processing.

Presently, Google has found in the area of AI using its Tensor Processing Unit, a profound learning ASIC that may process an amazing amount of image data and comprehend words inside of these. Then again, the TPU is provided only to clients of Google’s cloud solutions, which can be blocked in China. Here, Bitmain includes a substantial benefit and tons of space to develop into a global rival.

Bitmain’s standing for chipmaking comes due to a conclusion that Wu created when he had been mulling the organization’s business model. He was also considering making it a cryptocurrency market, but backed out of this when realizing it had been too much legal threat considering China’s regulatory environment and possible government actions elsewhere.

The decision to focus more on AI could have caused the extreme quantity of strain against Bitmain’s ASIC company from nearly any cryptocurrency with the exclusion of Bitcoin.

Considering that the ASIC giant has expertise in focusing chips for these sorts of programs, Bitmain just might have exactly what it takes to earn an important effect in AI technologies, getting among the many companies driving the restricted but highly promising distance.


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Bye-bye USD Tether? Circle Partners with Bitmain to Issue USD Coin

Circle is a company that has seriously focused on the growth and expansion of its services in the recent months. Ever since the announcement of the acquisition of Poloniex —one of the oldest and most recognized exchanges in the crypto sphere— the company’s renewal efforts have been extremely beneficial both to the corporation and to the ecosystem as a whole.

In an official press release, Circle revealed the release of USD Coin, a stablecoin backed by real FIAT currency (in this case US Dollars) that would be used on a daily basis in Poloniex, to begin with. This way users will be able to freeze their money with a currency that would not be theoretically subject to inflation or speculation.

Breaking Tether Hacked for 30 Million
Related News: Ethereum Network Tokenized U.S. Dollars Trade made Possible by Tether

Poloniex used to list USDT as a stablecoin in the past, but the development of its own crypto seems to be an appropriate decision after the scandals that put into question the feasibility of USDT as a genuinely dollar-backed token.

The use of tokenized US Dollars permits the creation of less volatile trading pairs, an option that many users will appreciate as it would imply less exposure to the risk of a sudden change in the value of a defined crypto. According to Circle, two characteristics that make USDC a better option over other stablecoins are the fact that USDC is an ERC20 token and also that they as the issuer comply with national banking standars when it comes to information publishing policies:

Existing fiat-backed approaches have lacked financial and operational transparency, have operated in unregulated jurisdictions with unknown banking and audit partners, and have been built as closed-loop ecosystems and closed proprietary technologies.
Circle USDC addresses these problems by providing detailed financial and operational transparency, operating within the regulated framework of US money transmission laws, and reinforced by established banking partners and auditors. It is built on an open source framework with an open membership scheme that eligible Financial Institutions (FI) can participate in (CENTRE). USDC will be ERC-20 tokens minted, issued, and redeemed based on network rules defined by CENTRE.

Circle Announce a Strategic Partnership with Bitmain

Another important announcement was the commercial alliance with Bitmain, the largest ASIC manufacturer in the market and responsible for one of the largest mining pools in the world.



 

Bitmain is investing $110M in the development of the CENTRE platform and its USDC project as well as series E strategic investment in Circle. An initiative that other companies like IDG Capital, Breyer Capital, General Catalyst, Accel, Digital Currency Group, and Pantera, along with new investors Blockchain Capital and Tusk Ventures are also joining.

According to the company, the business vision of Jihan Wu, Bitmain’s CEO, is very similar to the expansionist interests of Circle, so they expect the market positioning of the famous Fintech becomes ever more significant:

Bitmain is one of the most important and forward-thinking companies in crypto and has become a critical infrastructure provider for the entire crypto economy. Bitmain Co-founder and CEO Jihan Wu is well known for espousing a vision similar to ours regarding the creation and adoption of a new global economy powered by cryptographic assets, distributed contracts, and open source blockchain technology. We are excited to be working directly with Bitmain on realizing our shared vision.
Bitmain will also join CENTRE’s efforts to introduce multiple fiat-backed stablecoins and provide financial interoperability around the world. This partnership will help drive global interoperability that benefits consumers, business ventures, institutions, and marketplaces everywhere. Specifically, Bitmain will help CENTRE introduce multiple fiat stablecoins in a variety of geo-currency zones.

Jihan Wu at the DC Blockchain Summit. Credit: Coindesk
Bitmain’s CEO Jihan Wuat the DC Blockchain Summit. Credit: Coindesk

Previously, at the DC Blockchain Summit 2018, Jihan Wu had mentioned that he wanted to venture into the financing of “Central Banks” projects for cryptocurrencies around the world. This news generated a lot of controversy about the dangers of centralization that this strategy would represent vs. the ease that it would imply for traditional users.

For Circle, the race is just beginning. They state that their five years of age are just the beginning of a series of successes, claiming that they are “thrilled for what’s to come.


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China’s Bitmain Gets Approval for US Bitcoin Mining Operation

Bitmain, Chinese cryptocurrency mining company, has been given a green light to set up a blockchain facility in Western Walla Walla County, a county in the U.S. state of Washington. Local newspaper Union-Bulletin wrote that the decision was in complete agreement of the three commissioners involved in the situation.

Last month, CCN reported that Ant Creek was in talks with the officials to buy land in the port of Walla Walla. Bitmain’s co-founder, Jihan Wu, was listed as the governing person of the company, with Jeff Stearns as the director of operations. The initial deal included leasing 40 acres of land which would result in 15-20 full time jobs. However, a few changes have been made to the original offer. Currently, the company is receiving 10 acres land and the opportunity to show the county its technological potential.

If Ant Creek accepts the offer, the lease will run until the end of 2018, after which the company will be given a choice to purchase the land. The company would pay $4,701.67 monthly, and if it decided to buy the land, it would need to pay $150,000. Additionally, $2.5 million would be spent on constructing a roadway since the land is currently inaccessible. The port will cover access improvement design, and drinkable and fire protection water expansion costs of $140,000 and $300,000 respectively. However, Stearns neither accepted nor denied the altered deal yet.

The decision was made at a public hearing, where many residents opposed the idea of cryptocurrency mining. According to them, allowing such a project would benefit anonymous people while using their land’s electricity. Without mentioning Bitmain, Stearns explained that Ant Creek was “both a blockchain and artificial-intelligence company” to the people.

Some people spoke against bitcoin mining, while some said the company was focusing more on blockchain to “soften the idea”. At one point, a person was escorted out of the hearing. One of the commissioners even clarified that blockchain had various use-cases, one of them being food security.

Les Teel, CEO of Columbia Rural Electric Association (REA), also said that the company could easily fulfill Art Creek’s demand without putting the residents at risk. However, when it came to finalizing the deal, president of the commission, Peter Swant, said, “We are elected to do what the people would like us to do.” Out of the 60,000 residents, only 60 or 70 people were opposing the collaboration which made it difficult to vote in favor of the minority.


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Author: Habiba Tahir
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