With Minedblock’s Security Token you can own part of a crypto-mining company!

With cryptocurrency mining becoming an ever-popular venture within the space, we take a look at one such mining company who will use security tokens as a means to provide a share of the company for token holders. By literally allowing people to own a piece of the company that owns and operates everything, Minedblock is enabling a new level of access to cryptocurrency mining. To be abundantly clear, this is not a service that rents out mining rigs long term or another service selling “mining contracts” popular with amateur home miners, this token offering comes with a whole lot more than just a token!

With token holders legally entitled to a portion of ownership in the company itself, Minedblock becomes the first to use the security token model to fund a cryptocurrency mining operation and the first to file with the SEC, this can be proved here.

So how would it work exactly? Token holders are sent their cut of the profits at the beginning of each month, paid in ETH for now, but the company says they’ll have several payout options in the future. The token itself, the MinedBlock ‘MBTX’ is an ST-20 token built on PolyMath platform, which is in turn built on the Ethereum blockchain.

Also interesting to see, but actually makes a lot of sense – the fundraising caps are totally open-ended, with no limits. That wouldn’t sit well in the whitepaper of a typical ICO, but in this case, the amount they raise simply determines how many mining rigs will be running at the start. The percentage someone earns isn’t based on the number of tokens, but the percentage of the total token supply someone is holding instead.

Security tokens cannot thrive on hype alone, for obvious reasons, and the token holders know exactly how well the company is doing at all times due to monthly updates as well as the amount of their payouts.

So the Minedblock team is going to be feeling the pressure, and mining isn’t a risk-free business – the reality is far from ‘free money’ like some try to describe it.  Thankfully, the Minedblock team seems to have been taking notes on what has and hasn’t worked for others.

The largest expense of course – electricity. To lower that cost they’ve chosen Iceland as the first location, which has been consistently been drawing in miners with their low-cost electricity. They’re also not just mining Bitcoin, they’ll go wherever the highest profits are.

You can participate right away because the token sale has just begun! They’ve already earned some impressive evaluation scores from ICOBench with a 4.3(out of 5.0), as well as 9 (out of 10) on ICOMarks. Head over to their site to learn more https://www.minedblock.io/

Useful Links:

Official Site https://www.minedblock.io
Facebook https://www.facebook.com/MinedBlock/
Twitter https://twitter.com/mined_block
Reddit https://www.reddit.com/r/MinedBlock
Telegram https://t.me/minedblockofficial
Contact Email contact@minedblock.it

 

 

Introducing the Next-Gen, Water-Cooled Mining System!

We take a closer look at the next big thing in the world of cryptocurrency mining.. the next-generation, water-cooled multi-miner produced by Buritino! 


Mining is one of the main methods to make money on cryptocurrencies. Anyone can join the network providing his or her equipment to perform encryption and validation calculations. Nowadays the majority of the mining equipment is produced by two companies – BitFury and Bitmain. Both companies produce equipment but they share the market. Bitmain works at mass market and produces standard ready-to-use equipment.  BitFury works with professional orders and adjust products for specific projects.

Existent equipment has several drawbacks: 

  • Poor repair capability
  • Impossible to upgrade
  • Dedicated only for one cryptocurrency type
  • Noisy
  • Heat diffusion

And the disadvantages do not end there for the current crop of mining equipment!

With the problems stated above a clear hindrance to an ever-growing community of cryptocurrency miners, it’s clear that there is plenty of room for far more efficient hardware..

The key problem of mining today is that it is performed on different types of equipment that do not have common standards. Devices become out of date earlier than they fail to function. People who involve in mining have to change them to new ones which entails great expenses. This caused the creation of the all-in-one multi-miner with the possibility of upgrading certain morally obsolete systems by Buratino team. Developers have made decision to leave at high level its power supply, cooling, sensor panel, tuning and constructive assembly.

The prototype of the miner was the military’s development due to the fact that Buratino Blockchain Solutions presented itself on LLC “SRI Special Algorithms”. This organization is a part of military industry.

Introducing the Papa Carlo!

The Papa Carlo is an advanced multi miner with water cooling system. It was manufactured based on a high-performance and energy-efficient chip with 7 nm technology process. This scheme allows to raise any crypto-currencies on the algorithms such as SHA-256 and SCRYPT, among which Bitcoin, Bitcoin Cash, Litecoin and many others. The basis for the miner is a multi-functional crystal that houses 3 types of logical cores. Two of them allows mining of more than 14 cryptocurrencies easily switching between them, and the Cortex M4 core is used in a variety of devices such as IoT, Wi-Fi, BLE, etc.

The device was developed by highly qualified specialists of Buratino Blockchain Solutions company, who have many years of experience in the production of complex radio electronic equipment.

As a ready-made device the Papa Carlo provides significant upgrades to the more common forms of hardware, notably:

HYBRID COOLING SYSTEM- Double cooling system uses ordinary water as a coolant. It cause reduction of the electricity cost and increasing computing performance.

POWER SUPPLY SYSTEM WITH EFFICIENCY OF 98-99%- As soon as we increase efficiency, the consumed electric power and the level of heat generation are reduced. There is a possibility of airless cooling of the power unit.

SCALABLE HASHING ALGORITHMS- The microprocessor is designed using a multithreaded scheme of the complete pipeline for independent calculation of individual values of the hash.

MICROCHIPS ON SELF-TIMED CIRCUITRY- Self-timed circuitry improves fault-tolerance in the operation of the miner and extends service life of electronic components.

Just check out the comparison!

Product backed by hard-working and innovative team!

Buratino Blockchain team was established based on “Specalgorithmy” research institute that has several years of experience in design and production of complex radio electronic equipment. First company product was Trezor Mini hardware wallet. It is based on an open license Creative Commons 4.0. A wallet of Trezor, world crypto-currency storage leader, was updated and reduced in size.

The second product is cargo-tracker Pierrot – that can track the location of container or any other object online and check the condition of shipment inside the container. System is working on blockchain and allow its participants to conduct smart-contracts due to their unique demand and to buy and sell containers online.

Statement from the Team:

Why does our team believe in the projects success?

We have developed the world’s first 3-in-1 miner, which host 3 types of logical cores. This design allows you to mine more than 14 crypto-currencies and create different types of devices. ASIC for mining crypto-currency employing both SHA-256 and SCRYPT algorithms, and the potential use in devices that need mathematical calculations.

Therefore, the Papa Carlo miner will be developed on the basis of a high-performance chip with a 7 nm process node. Chips manufacture will be located at Samsung capacities in South Korea. Only these chips will be delivered to Russia, but not end-user miners, which will significantly reduce the overhead customs costs and bring to Russian market a competitively cheap product. Soldering of printed circuit boards, testing, assembly of finished products and packaging will be made in Russia.

For more information please visit our official website!

Useful Links:

Official Website https://buratino.io
Whitepaper https://buratino.io/static/files/WP-en.pdf
One Pager https://buratino.io/static/files/1page-en.pdf
Technical Paper https://buratino.io/static/files/tp-en.pdf
Facebook https://www.facebook.com/buratinotech
Twitter https://twitter.com/BlockBuratino
Reddit https://www.reddit.com/user/BuratinoBlockChainSo/
Telegram https://t.me/buratino_news
Telegram Eng Chat https://t.me/buratino_eng_chat
Medium https://medium.com/@BlockBuratino
Bitcointalk https://bitcointalk.org/index.php?topic=5082435
Youtube https://www.youtube.com/channel/UCMYfH5j5WXQBjjs17RBaoSg

 

 

 

Dash Cryptocurrency: Single Wallet Owner Possesses 51% of Hashrate

The NicheHash crypto mining marketplace contains the majority of the hashpower on the Dash network. A concerned Reddit user raised the alarm today.

Single Miner Mining More Than 50% of All Dash Blocks

Dash has a total of almost 1,900 Terrhashes per second at time of writing. Meanwhile, NiceHash is responsible for more than 1,000 TH/s across over 25,000 miners.

Over $2.2 Million Earned by Single Miner

Analysis by the concerned Reddit user found that three of the top addresses over the last few thousand Dash blocks are controlled by the same entity. They write:

This particular transaction has three of the four top addresses as inputs meaning one entity controls all three. These three alone gather 53% and more. You can also see this started 6 months ago/around September last year, and I think the fourth unknown pool also belongs to this entity yet it is seperated on the blockchain. It started to gather a lot of hash at the same time.

The addresses in question are:

Combined, these addresses have mined 26,665 Dash to date, at time of writing. That is a total of 573 BTC or $2.2 million at current prices. Yet, the financial aspect is the least of anyone’s worries.

51% attacks create significant security liabilities in decentralized blockchain networks. Charlie Lee recently said that networks must be vulnerable to 51% attacks for decentralization. Miner centralization threatens networks as well, however.

51% Attack Possible Before Chainlocks

nicehash crypto mining marketplace

The Reddit user Flenst concludes his post:

So it is possible someone could try to perform a 51% before DASH implements their chainlocks. The actor could start right away. Anyone offering a service with DASH must keep an eye on the chain as long as this doesn’t change and be very careful.

He is referring to a recent announcement by the Dash development team that they are working on something called “Chainlocks.” In November, Dash said they are introducing the new feature in order to combat 51% attacks. Such attacks are in the news again with recent issues surrounding Ethereum Classic. Chainlocks also deals with block reorganizations and modifies the “longest-chain” rules that Dash inherits from Bitcoin. From Dash Improvement Proposal 8:

When a node encounters multiple valid chains, it sets the local “active” chain by selecting the one that has the most accumulated work. This is generally known as the “longest-chain” rule as in most cases it is equivalent to choosing the chain with the most blocks.

If both chains have the same amount of accumulated work (and in most cases the same block count), a decision can’t be made solely based on the longest-chain rule. […] If another block is then received which extends the non-active chain so that it has the most accumulated work, it becomes the active one. For example, even if a chain is currently 6 blocks longer than any other chain, it’s still possible that a shorter chain becomes longer and thus the active one. This is generally known as a chain reorganization.

What’s clear is that someone has invested a massive amount of money into mining Dash with ASICs. Dash’s X11 algorithm once thwarted ASIC development. ASIC developers found that by adding memory to the miners, they were able to handle the X11 algorithm. When this happened with Monero, developers decided to fork away to a modified algorithm.


Source
Author: P. H. Madore
Image Credit
Image Credit
Image Credit

Cryptocurrency Mining Hardware Maker Turns £1,000 into Over £1 Million in First Year

A 28-year-old cryptocurrency entrepreneur from the UK has managed to turn £1,000 (around $1,500) into over £1 million in just 18 months of trading. Josh Riddett, of Bury, Greater Manchester, has found success manufacturing specialist digital currency mining hardware.

 

Riddett’s company, Easy Crypto Hunter, has expanded from the sale of a single unit, with profits reinvested, into the UK’s largest GPU mining rig manufacturer. The firm also gives educational sessions on the cryptocurrency space, as well as providing accountancy services for investors and traders.

Cryptocurrency Startups Still Proving Profitable, Despite Market Dip

Even though those investing in digital assets have had a pretty rough 2018, that is not to say that all those involved in the cryptocurrency space have lost money through the ongoing bear market. One entrepreneur from Bury, UK, has managed to turn just £1,000 of savings into a seven-figure crypto company in only 18 months.

Josh Riddett started Easy Crypto Hunter in late 2017. He had just graduated from Lancaster University where he studied business entrepreneurship management. Evidently, his choice of course was a strong one since he has managed to make a roaring success of his first venture into the world of business – even despite the surrounding market conditions.

Riddett’s firm specialises in putting together GPU mining rigs, which are designed to secure the networks of various altcoins such as Ethereum, Monero, and Dogecoin. From its humble beginnings, Easy Crypto Hunter today boasts has more than 100 customers. These include business owners, property companies, and retirees. Those buying units hope to earn a side income by using GPU mining rigs to validate transactions on the network they work upon.

Riddett spoke to local news publication Prolific North about his company and the future of cryptocurrency:

“We are absolutely delighted to see the business take off and I strongly believe cryptocurrency is here to stay and is set to become more popular and more mainstream as the likes of BMW, Microsoft and Expedia accept it as a form of payment.”

The entrepreneur went on to state that he was confident that cryptocurrency is already causing massive disruption to the payments and banking industry. In his own words: “Cryptocurrency is the future.”

Riddett’s success was celebrated last month at a local awards presentation. At the Made in Bury Business Awards 2018 event, Easy Crypto Hunter scooped the prize for Technology Business of the Year.

Easy Crypto Hunter Planning Expansion As Others Downsize

The bear market of 2018 has already seen many digital asset startups laying off members of staff. Blockchain-based social network Steemit recently announced that they would be getting rid of as much as 70% of its workforce. Meanwhile, Ethereum’s chat platform Status will be losing 25% of its staff.

Bucking this trend is Riddett’s Easy Crypto Hunter. The Bury-based entrepreneur has stated that he is looking to take on more workers to help it keep up with growing demand for GPU mining units.


Source
Author: Rick D.
Image Credit

Fake Mobile Cryptocurrency Wallet Apps Found on Google Play Store

A recent discovery shows the presence of phony cryptocurrency wallets found on the Google Play Store. The fight against malicious apps seems not to be ending any time soon.

 

Fake Wallets: The Latest Scheme by Cryptocurrency Thieves

According to The Next Web, European cybersecurity researcher, Lukas Stefanko, discovered that four fake virtual currency apps claimed to offer wallet services for NEO, MetaMask, and Tether.

Further findings by Stefanko revealed that the fake apps divided into two groups – phishing and plain counterfeit wallets. The fake MetaMask app fell into the phishing category. After the user installs the fake app, it would request for the user’s sensitive details such as private keys and wallet password. Provision of these details would cost the victim his/her virtual coins.

A screenshot by Stefanko showed that the fake MetaMask app had over 500 downloads and a 2.8-star rating by 48 reviewers. The real MetaMask app, however, does not have any app on the Google Play Store but is a web browser extension for Mozilla Firefox, Google Chrome, and Opera.

In contrast, the other group consists of fake wallets, and this is the category into which the other three fake wallets fall. Two of them masqueraded as NEO wallets, while the third pretended to be a wallet for Tether.

The fake apps display the scammer’s public address without access to the private key for the user, as the scammer owns the private key. Any cryptocurrency fund deposited into the fake wallet directly goes to the attacker’s wallet. The user cannot withdraw funds because he/she does not possess the private key.

Furthermore, research showed that the scammers used AppyBuilder, a drag and drop mobile app builder platform, to create the fake apps. Anyone can use the app builder, as coding skill is not a requirement. The number of scammed victims cannot is unclear. Google has, however, removed the fake wallets from its Play Store.

Tech Companies Going Hard on Cryptocurrency

Recently reported was the presence of a fake EOS wallet on Google Play Store. This was the latest attempt by hackers to steal funds from unsuspecting victims. A Brazilian developer company discovered and reported the malicious app to Google who promptly removed the app.

In August, there was also a report another scam app on the Android Google Play Store. Victims paid $390 to an app that called itself “Ethereum,” that claimed to sell one Ethereum for the exorbitant amount. What they got was a picture of the Ethereum logo.

In Q3 of 2018, Google announced the ban of mobile virtual currency mining from Play Store. This was in addition to its earlier mining script ban.

The American tech giant, Apple Inc., also updated its developer guidelines. Part of the new rules banned iPhone users from mining cryptocurrency.


Source
Author:  Osato Avan-Nomayo
Image Credit

While Major Crypto Exchanges Flourish, Minor Platforms Struggle in Bear Market

The world’s largest crypto brokerage Coinbase is reportedly close to finalizing a $500 million funding round at a valuation of $8 billion, and Binance has started to become more active in the investment sector, funding blockchain startups internationally.

While major cryptocurrency exchanges like Coinbase, Binance, and BitMEX are seeing their businesses flourish with lucrative business models and high profit margins, minor exchanges are struggling in the bear market.

This week, the UK’s oldest exchange, Coinfloor, has slashed the number of its employees after recording a decline in its revenues as a consequence of the drop in daily trading volume of major cryptocurrencies and the emergence of many cryptocurrency exchanges in the local market.

Hard to Deal With Competition

As CCN reported, on Sept. 6, Coinbase integrated the British pound sterling into its exchange, officially expanding into the UK cryptocurrency market.

Coinbase entered the local cryptocurrency exchange market of the UK, which has stagnated over the years due to the lack of infrastructure and user demand, by eliminating exchange rates and appealing to local users that have been awaiting a reliable cryptocurrency exchange in the region.

Coinbase UK CEO Zeeshan Feroz told CCN in an interview:

“We have been working to introduce Faster Payments for as long as we’ve been operating in the UK. Customers not only benefit from increased speed, but reduced cost as well. By no longer having to convert funds from Pound Sterling to Euros and vice versa to add and remove funds, there will be no more exchange rates. This will make crypto easily accessible to most people in the UK.”

This week, possibly due to the increase in competition in the UK market fueled by the entrance of Coinbase and, reportedly, Bithumb, Obi Nwosu, chief executive at Coinfloor, announced that it is reducing its employee count in the weeks to come.

The significance of Coinfloor’s cut of its employee count cannot be dismissed, particularly because of the strategic partners and investors the UK based exchange has secured over the years.

TransferWise founder Taavet Hinrikus, venture capital firm Passion Capital, and Adam Knight, a former managing director at Goldman Sachs and Credit Suisse, invested in and supported the exchange since its launch.

Yet, despite the involvement of high profile investors and venture capital firms, Coinfloor has not been able to face stiff competition and is undergoing restructuring.

“Coinfloor is currently undergoing a business restructure to focus on our competitive advantages in the marketplace and to best serve our clients. As part of this restructure, we are making some staff changes and redundancies,” Coinfloor CEO Obi Nwosu said.

Possibly a Good Sign

Perhaps the establishment of large-scale exchanges and companies in the cryptocurrency sector is beneficial for the long-term growth of the cryptocurrency market, as it allows the strengthening of infrastructure.

In South Korea, for instance, cryptocurrency exchange backed by the country’s biggest commercial banks, Internet conglomerates, and technology corporations including Upbit, Gopax, and Korbit have imposed dominance over the local market throughout the past two years.

The fact that even an exchange in the magnitude of Coinfloor cannot sustain high-cost operations demonstrates that, for startups to compete in the market, they need strong infrastructure and backing from major investors and conglomerates.


Source
Author: Joseph Young
Image Credit

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.


Source
Author: David Hundeyin
Image Credit

One of the First Bitcoin Miners is Quietly Cashing Out: Blockchain Researcher

As of Thursday, Sept. 25, the bitcoin price has climbed about 3 percent, briefly crossing the $6,700 level and extending toward $6,750 at one point in the early evening.

While this movement has made plenty of cryptocurrency  traders and investors happy in the short-term, a recent analysis of spending patterns relating to some of the earliest blocks of bitcoin has revealed that a very early miner has been taking advantage of the last several years’ long-term upward trajectory to slowly cash out tens of thousands of coins since Dec. 2016.

A recent tweet from a cryptocurrency expert, Blockchain data analyst Antoine Le Calvez, has revealed that a mysterious bitcoin miner has managed to send approximately 30,000 BTC cryptocurrency exchanges between Dec. 2016, and Jan. 2018, potentially cashing them out for a mammoth payday.

Mystery Miner Cashes In

According to Le Calvez, the mysterious bitcoin miner has been smart enough to cash in on their youngest blocks of bitcoin to not reveal the full extent of their mining period.

It would seem that, at the latest, the mining started somewhere around Dec. 2009, back when the value of BTC wasn’t much above $0, still wasn’t anywhere near reaching dollar parity, and the flagship cryptocurrency could be profitably mined with a standard-issue CPU. The first Bitcoin Pizza Day, you will remember, did not occur until 2010.

Furthermore, the researcher believes that the mystery miner had mined for at least seven months. Through this time, he managed to acquire more than 30,000 BTC since block rewards were high and miners were few.

He speculates that the miner could have even commenced mining operations earlier than Dec. 2009 since, recognizing that spending older coins is more likely to attract attention, he desires to conceal his sell-off. For some, this may raise questions, such as whether the mystery wallet owner is not Satoshi Nakamoto himself, although the researcher seems to think otherwise.


Source
Author: Mauro Sacramento
Image Credit

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

Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author: 
Image Credit


Don’t forget to join our Telegram channel for Crypto, Business & Technology news delivered to you daily.

 

Opinion: Nvidia Says Crypto-Mining Boom Is Over For Now

The extra boost Nvidia Corp. received from selling its graphics chips to cryptocurrency miners appears to be over, at least for now….

Nvidia Chief Financial Officer Colette Kress surprised investors — who had already been anticipating lackluster crypto sales — with an even more downbeat forecast for crypto-mining sales Thursday. Nvidia released second-quarter earnings and noted a shortfall in crypto sales in addition to the forecast.

LIONBIT

“Our revenue outlook had anticipated cryptocurrency-specific products declining to approximately $100 million, while actual crypto-specific product revenue was $18 million,” Kress said in prepared remarks. “Whereas we had previously anticipated cryptocurrency to be meaningful for the year, we are now projecting no contributions going forward.”

Cryptocurrency was clearly a small part of Nvidia’s overall revenue, which grew 40% in the second quarter to $3.1 billion, led by its gaming business. But as Nvidia’s graphics chips and cards have been used in the past year for mining digital currencies, its stock became popular as an alternative to cryptocurrencies for some investors.

Nvidia had experienced stronger sales earlier this year by those seeking to mine for cryptocurrency like ether, but most investors expected crypto revenue to decline after Chief Executive Jensen Huang predicted a drop while announcing first-quarter earnings results. The value of bitcoin, the largest digital currency, has lost almost half its value this year as a bear market emerged for crypto.

“We did almost $300 million in crypto, and next quarter we expect it to be down by two-thirds of that,” Huang [said] in May.

TIP


Here at Dollar Destruction, we endeavor to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author: Therese Poletti
Image Credit

 

Don’t Forget To Join Our Twitter Channel For Crypto, Business & Technology News Delivered To You Daily!