Bloq Labs Reveals Software Suite That Aims to Increase Hash Power by Double Digits

The blockchain organization Bloq Labs has introduced a beta version of a new software suite for cryptocurrency miners called Titan. Bloq co-founder Jeff Garzik announced the project at the recent Binance conference in Singapore and claims the protocol can maximize a mining machine’s hashrate by double digits with thoughtful configuration and dynamic adjustment.

Titan’s Mining Management Software Suite Claims to Increase Hash Power by Double Digits

Back in the spring of 2017, the company Bloq introduced a new part of the business called Bloq Labs that aims to support open source projects in the bitcoin and blockchain ecosystem. According to the company’s CEO, Jeff Garzik, Bloq Labs has created a waiting list for miners who want to participate in Titan’s beta testing. The Titan protocol is a software suite dedicated to overseeing cryptocurrency mining infrastructure. If configured correctly, Bloq Labs claims, Titan can increase a mining pool’s hash power “by double digits.” “Titan gets the most out of your machines,” explains the software’s website Titan.io.

Bloq Labs Reveals Software Suite That Aims to Increase Hash Power by Double DigitsTitan has started its waiting list for beta trials.

According to Titan CEO Ryan Condron, the project has been working in stealth mode for some time now and says the software will make “crypto mining easier, more profitable, and more scalable.” Titan has opened its beta waitlist to the public and at the time of publication, there are 71 registrants so far according to the website counter. The Titan program is free to install but the company will gain profit from advanced hashrate production.

Maximize a Mining Rig’s Shelf Life With Titan’s Efficiency

Titan can be tethered to an entire mining farm, improve watt extraction, and provide further optimizations like enhancing overclocking through a proficient system of machine learning. The team hopes large mining facilities will be attracted to Titan’s offerings. Additionally, Titan’s software will be able to mine multiple cryptocurrencies with different consensus algorithms. The protocol will maximize the devices’ shelf life and shave operation costs by keeping machines up to speed, the company’s website explains. Titan’s website also notes that less downtime in the mining industry equals more money.

Bloq Labs Reveals Software Suite That Aims to Increase Hash Power by Double Digits
Titan CTO Kyle Howlett says “[Titan] is a fully integrated and comprehensive software suite that not only utilizes existing tools but adds a whole new layer of automation and optimization onto any mining operation.”

Titan CTO Kyle Howlett says:

“[Titan] is a fully integrated and comprehensive software suite that not only utilizes existing tools but adds a whole new layer of automation and optimization onto any mining operation.”

“The fact is, managing mining hardware is a very manual process — Not only do you have to individually access and configure each device, but you must continually monitor and adjust your devices to make sure that they are online and mining the most profitable coin,” explained Condron during the beta launch announcement.

“Additionally, there’s the balancing act of managing operational costs and physical infrastructure concerns, such as electricity costs, wire management, and heat dissipation.”

The Titan project is also led by the creator of the cryptocurrency mining profitability website Coinwarz Kyle Howlett. The project’s CTO has been creating mining tools for better ROI since 2012 and he believes the new software takes things to the next level. If configured properly with a mining farm the Titan software brings plug-and-play capabilities to mining, emphasized Howlett. Further, the organization detailed that it has a slew of new optimization features to disclose in the coming months.


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Author: Jamie Redman 
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MIT Scientists Score Breakthrough in Finding Bacteria That Produce Electricity

Deeps in mines, at the bottom of lakes, and even in your own gut, bacteria are hard at work producing electricity in order to survive in environments low in oxygen.

These potent little power producers have been used in speculative experiments and one day may power everything from batteries to “biohomes“.

There are many types of bacteria capable of producing electricity, but some are better at it than others. The trouble with these bacteria is that they are difficult and expensive to grow in a lab setting, slowing down our ability to develop new technologies with them.

A new technique developed by MIT engineers makes sorting and identifying electricity-producing bacteria easier than ever before which may make them more readily available for us in technological applications.

Electricity-producing bacteria are able to pull off the trick by producing electrons within their cells and releasing them through tiny channels in their cell membranes in a process called extracellular electron transfer, or EET.

Current processes for identifying the electricity producing capabilities of bacteria involved measuring the activity of EET proteins but this is a daunting and time consuming process.

Researchers sometimes use a process called dielectrophoresis to separate two kinds of bacteria based on their electrical properties. They can use this process to differentiate between two different kinds of cells, such as cells from a frog and cells from a bird.

But the MIT team’s study separated cells based on a much more minute difference, their ability to produce electricity.

By applying small voltages to bacteria strains in an hourglass-shaped microfluidic channel the team was able to separate and measure the different kinds of closely related cells.

By noting the voltage required to manipulate bacteria and recording the cell’s size researchers were able to calculate each bacteria’s polarizability – how easy it is for a cell to produce electricity in an electric field.

Their study concluded that bacteria with a higher polarizability were also more active electricity producers.

Next the team will begin testing bacteria already thought to be strong candidates for future power production.

If their observations on polarizability hold true for these other bacteria, this new technique could make electricity-producing bacteria more accessible than ever before.


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Author: JACOB BANAS
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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.


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Author: P. H. Madore
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Hong Kong Cryptocurrency Entrepreneur Accused of Scamming Investors of Millions

On January 7, 2019, The South China Morning Post reported that several residents had been duped of over HK$3 million (~$382,000) in a crypto mining scheme by entrepreneur Wong Ching-kit.

Backstory: Face of a Mining Operation

Wong Ching-kit, a cryptocurrency entrepreneur, has been accused of running a scam by several

Hong Kong residents who accuse him of making away with just under $400,000 after convincing them to invest in cryptocurrency “mining machines.”

The individuals in question are being represented by the Democratic Party, who have said that over 20 people have filed complaints about Wong since last year regarding their same mining scheme.

The amount of money lost from each individual ranges between ~$2,550 and ~$127,000.

This isn’t the first controversial incident that Wong has been involved in. Known as “Coin Young Master” on the Internet, he was allegedly connected to a recent incident in Sham Shui Po in which up to ~$765 in cash was thrown from a high rise building. He was arrested after the stunt for disorderly conduct.

His flashy persona is flaunted online where he promotes various cryptocurrency ventures including one called “File Cash Coin” of which he is allegedly the founder.

The Scam

Wong’s Social media presence was the main source for finding investors for his schemes as several individuals have reported finding out about him online. Wong apparently asked investors to hand over money in mining technology for “filecoin” and promised them that their investment would reap profits within three months.

It was soon discovered, however, that the cryptocurrency in question isn’t traceable on the global market and thus, useless. Wong did not, however, return investors’ money as promised. Ms. Chiu, a scorned investor who lost more than ~$15,300 said:

“At first, I was told I could get a refund if filecoin could not be launched in time. [But] when we asked for a refund, he used delaying tactics and made different excuses to turn us down.”

Democrat Ramon Yuen Hoi-man, a Sham Shui Po district councilor, has urged that the authorities get involved and has called for more regulations involving cryptocurrency investments.

Wong’s Response

Despite the many claiming that he has cheated them, Wong has maintained an air of bravado through it all and has said online that he hadn’t cheated anyone out of money.

“I sell mining machines only but am treated as if I have killed people. When they make money, there is no thank you. When they lose money, they call it a scam,” he said. He has also claimed that these allegations are part of a smear campaign brought on by his business rivals.

The authorities have announced that there will be an investigation opened into Wong’s case. This is, they claim, due to the eight figures in his bank account and his undisclosed source of income which could count as money laundering. Wong was born Kwan Tsz-kit but changed his name after being convicted of theft back in 2012.

The perpetuation of cryptocurrency scams online is nothing new as fraudsters go as far as impersonation to carry out their scams, often succeeding in stealing millions from victims.


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Author: Tokoni Uti
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Razer Wants Gamers to Mine Cryptocurrency for Store Credit

Razer’s new SoftMiner program introduces a rather novel arrangement to the gaming and cryptocurrency space.

 

Gaming hardware manufacturer Razer wants gamers to download software that mines cryptocurrency with their idle computers. But users won’t get to keep the digital coins they generate with their machines, and neither will Razer.

Instead, according to the company, gamers running Razer’s mining software on their machines will be contributing to a platform called GammaNow that Razer is partnered with. GammaNow will manage the mined cryptocurrency—which includes ether, the native token of the Ethereum blockchain, as well as a rotating cast of other tokens—and in return give Razer a fee for convincing customers to contribute computing power. Users will receive loyalty points called Silver that can be redeemed for a discount on Razer products.

“The cryptocurrency that’s being mined through this program is not touching Razer’s hands nor the user’s hands,” said Razer spokesperson Kevin Allen in a phone call. “We get a fee from the third party for generating cryptocurrency.”

GammaNow is a gaming-centric platform where users mine cryptocurrency with their idle computers and receive Gamma Points that can be redeemed for rewards like skins and esports tickets. According to an emailed statement from Razer, GammaNow purchased Silver from Razer and awards users directly through the platform. GammaNow is “handling the immediate sale of what [cryptocurrency] is mined,” according to the statement.

To reiterate this rather convoluted arrangement: gamers use their idle computers to mine various cryptocurrencies for GammaNow through SoftMiner. In exchange, GammaNow gives the gamers Silver, which it bought from Razer, and which gamers can then redeem for discounts on Razer products.

The mining software, called SoftMiner, elicited confusion and anger—but mostly confusion—from social media users when it was announced on Wednesday. Mining cryptocurrency is a resource-intensive process that requires computers (specifically, those with graphics cards primed to render the latest video games) to crunch numbers 24/7 in exchange for newly-minted digital tokens. It’s tough on hardware, and it sucks up electricity.

According to Razer, Silver rewards for mining through SoftMiner are determined by the type of graphics card you have and how long your computer is running for. Gamers can also earn Silver by playing games with Razer Cortex, a performance-boosting desktop app.

Cryptocurrency mining is a nascent industry, but, Allen said, “This is something that if it has a lucrative business model will stay.”


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Author: Jordan Pearson
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Cheap Power Is Luring Battered Bitcoin Miners to Iran

While some bitcoin miners are estimated to have shut down hundreds of thousands of machines – if not more – others are still out there looking for alternative ways to keep operating.

And it’s Iran, with its extremely low-cost electricity (that can go as low as $0.006 per kilowatt-hour) that’s luring overseas miners. But as attractive as it appears, the journey to setting up shop in Iran isn’t turning out to be a simple one.

Bitcoin mining is, in effect, a kind of energy arbitrage. Miners make their money when the cost of producing coins – currently 12.5 bitcoins per transaction block, plus any fees they’ve accrued – is lower than the operation of the mine itself, including electricity.

Nima Dehqan, a blockchain researcher at a Tehran-based crypto startup Areatak, told CoinDesk that the firm has been meeting with foreign investors that are looking to attempt just that by mining in Iran.

“We have had investors visiting our farms from Spain, Ukraine, Armenia, France,” he said.

Dehqan added that his firm has signed a deal with investors in Spain to set up local mines, a process that will consist of three phases.

“First is sort of a just-to-make-sure testing phase, which is already in place. Second is building new infrastructures together, which somehow has already started, too. And the third will be gathering more investors from outside of Iran,” he explained.

Dehqan said investors are attracted the cheap electricity, which, depending on the actual source of power, can usually go well below $0.01 per kilowatt-hour. And his firm can run facilities at different scales, from two-to-three-megawatts small farms, to higher amounts like 10 – 20 megawatts.

He said while the electricity cost in Iran has always been relatively low, the recent significant devaluation of the Iranian rial – partially due to the recent sanctions by the U.S. government – has made the opportunities even more appealing.

Secret shift

There’s even evidence to suggest miners in countries commonly seen as bitcoin mining powerhouses – China in particular – are looking at Iran for potential opportunities.

Compared to the numbers cited by Dehqan, electricity provided by hydropower stations in China’s southwestern region usually costs around 0.15 yuan – or about $0.02 per kilowatt-hour – in the summer when water is abundant. When winter comes, the cost could go up to $0.04 per kilowatt-hour.

It appears that some Chinese miners have already made the move. A startup based in Chengdu, China, told CoinDesk under the condition of anonymity for fear of government reprisal that it has already deployed 2,000 miners in Iran.

“Iran has vast natural gas resources and thus the electricity cost can be as low as 0.04 yuan [$0.006] per kilowatt-hour. But Iran doesn’t really have any firm making miners. Now that secondhand miners are being sold cheaply in China, it’s a rather reasonable business decision. With electricity that cheap, you can generate profits in one to two months,” the company said in a statement.

Javad Sedighi, a self-employed cryptocurrency miner in Iran, echoed that point, telling CoinDesk that local miners largely rely on the import of machines to the country.

“[That’s] because there are no companies, like Bitmain, [shipping equipment] to Iran. In the past few months, there have been intermediary companies [being] established in Iran that carry out the import of the machines,” Sedighi said, adding:

“I think this is done by people who have a lot of power and money. And it’s done secretly.”

That kind of potential – particularly for very cheap power – has even caught the attention of notable Chinese bitcoin millionaires like Chandler Hongcai Guo. On Oct. 26, Guo posted a video on his Weibo account, telling a group of audience that there’s a huge opportunity in Iran where electricity cost can go well below $0.01 kilowatt-hour.

“It’s suitable for hosting secondhand miners that are on the edge of shutting down in China and can make profits in one to two months,” he was recorded as saying, and asked interested miners to visit Iran to do their own due diligence.

No simple paths to entry

But in conversation with CoinDesk, Dehqan sought to temper the idea that miners are rushing into Iran en-masse since the methods by which foreign investors can set up mining facilities are anything but simple.

The Chinese miner that has set up 2,000 machines said one major hurdle for outsiders is to get miners inside the country to begin with, let alone establishing partnerships with local farms.

The company explained that, currently, the Islamic Revolutionary Guard Corps – a branch of the country’s military – still has significant sway on the border. Simply put, they have the power to decide which shipments come in and which ones do not.

“There’s the risk of miners being detained and confiscated at the border. While some logistic companies may have an insurance policy to cover the loss but you can only get compensated by fiat and miners will be gone,” the firm said, adding:

“It’s still very risky. Even though we also try to act as an agent to help other miners go overseas, many of them remain hesitant.”

Dehqan echoed that point and added it’s not so easy to import miners into Iran and some special shipping procedures are necessary.

Sanction complications

And it’s not just internal pressures like border security that are proving to be barriers to would-be investors. Indeed, there’s one particular figure – U.S. President Donald Trump – who has thrown some wrenches into the proverbial gears.

As it stands, current U.S. sanctions have further deterred potential investors that have ties to the world’s largest economy. Guo, who owns a mansion in California, told CoinDesk via WeChat that while he agrees the opportunity is very attractive now that the bitcoin mining difficulty and the overall network hash rate have both dropped significantly, investors like him would not dare to become involved.

“I didn’t go visit myself, considering that the U.S. has imposed the economic sanctions on Iran,” he said, alluding to recent news that the chief financial officer of Huawei was arrested in Canada for alleged involvement in sanctions fraud.

“Most of the mining giants in China, or miner makers, do not dare to host their machines in Iran. This is the general situation. As attractive as the electricity over there might be, only miners at an individual or much smaller scale are shifting to Iran. Most people are still hesitant.” Guo said.

On Aug. 6, the Trump administration announced it would re-impose sanctions on Iran starting from Aug. 7 after withdrawing from a nuclear agreement the U.S. government first entered in 2015. However, the European Union, Russia and China have been reportedly seeking to uphold the agreement to allow businesses and financial transactions to continue with Iran.

According to Sedighi, cryptocurrency mining in Iran itself is still a legal grey area, which means that it’s neither entirely legal or illegal.

“The rules of the mining industry in Iran have not been approved by Parliament. But it is in hand,” he said. “In Iran, like the rest of the industry, you do not have a license to operate. For example, you can not get a bank loan.”

To that effect, Sedighi said the local crypto community is working together to push Iranian lawmakers to pass a formal law that would protect the mining industry, thus enabling it to attract capital and grow.

“We believe that political disagreements between governments should not harm the people,” he said, concluding:

“There have been very much talks about sanctions, as well as methods that should be used by the Iranian crypto society to avoid harming sanctions.”


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Author: Olfie Zhao
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ASUS Wants Gamers to Mine Cryptocurrency When They Don’t Play Games

ASUS is the latest one to enter the blockchain game

 

ASUS is the latest technology giant to hop on the cryptocurrency mining bandwagon. The Taiwanese manufacturer is now encouraging gamers to mine cryptocurrency when they’re not playing games.

Putting to use their idle graphic cards, ASUS gamers will be able to mine cryptocurrency and cash out their earnings through PayPal or WeChat. The company has partnered with blockchain technology provider Quantumcloud, which has developed the mining software.

Details about which cryptocurrencies will be available to mine are suspiciously missing from the announcement. According to ASUS though, the whole operation is GDPR-compliant, which means Quantumcloud doesn’t store any sensitive customer information.

There is also no mention of how much gamers can earn – and whether ASUS or Quantumcloud will keep any cut from their mining profits. We’ve asked ASUS about this and we’ll update our piece when we hear back.

In any case, gamers shouldn’t expect to make a fortune from this activity. “You won’t get rich quick, but you can earn some easy money with your idle GPUs,” Quantumcloud says on its website.

A disclaimer in a press released shared with Hard Fork notes that ASUS and Quantumcloud do not “guarantee that users of its software will make any earnings or profit,” warning that users are responsible for “considering their own usage costs.” It’s funny how companies always hide those in the small print, right?

Hardware manufacturers entering blockchain

For the record, ASUS is hardly the only manufacturer looking to profit from the cryptocurrency hype.

Not so long ago, rival AMD launched a dedicated blockchain explainer page. But really, the whole thing was an elaborate marketing stunt to get people to buy its mining hardware.

It seems ASUS is simply playing catchup here.


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Author: Mix-Tech Writer
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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.


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Author:  Osato Avan-Nomayo
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Cryptocurrency Miners Vanish In Sweden, Leaving Big Electricity Bill

The Swedish county of Norrbotten has seen the failure of not one, but two recent cryptocurrency mining initiatives. The companies involved have simply disappeared leaving only unpaid bills in their wake.

ABOVE THE ARCTIC CIRCLE, SWEDEN

The most northerly Swedish county, over half of Norrbotten’s area lies within the arctic circle. Cool conditions for mining cryptocurrency, one might think, but it seems success is far from a foregone conclusion.

The municipalities of Älvsbyn and Kalix had welcomed investment from crypto-companies in the region. Neither, however, got quite what they had hoped.

 

POWER CUT

In Älvsbyn, Miami-based NGDC had set-up facilities and started mining bitcoin, only to abruptly cease operations in the Autumn. The explanation given was that the energy company, Vattenfall (Waterfall), had cut off the electricity due to unpaid bills.

Vattenfall has applied for sequestration, closure, and bankruptcy for NGDC. It is less optimistic about its prospects of retrieving payment for the unpaid electricity bill of 14 million SEK (around $1.5 million).

 

 

The municipal council, which owns the premises used by NGDC, has tried unsuccessfully to contact the company, to remove their equipment, according to local news sources. Still, at least the authorities in Älvsbyn didn’t suffer any financial loss.

 

NO SHOW

In Kalix, 100km to the East, near the border with Finland, the municipality is trying to recover half a million kronor ($55,000) in unpaid rent. A company called Chasquitech put forward their plans for bitcoin mining in the Spring, but never arrived to start operations.

Crypto-mining companies in Sweden have faced a difficult time recently as drought conditions in the summer forced up the price of electricity. Combined with lower bitcoin price, this has meant profits are ever harder to come by.

Patrik Öhlund, CEO of The Node Pole, still sees a bright future for the industry as a whole and cryptocurrency mining in Sweden. He thinks the number of data centers (currently 50) can only increase. “Looking five years ahead, we would not be surprised if we see a doubling, upwards of a hundred,” he said.


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Author: EMILIO JANUS
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Bitmain Releases Antminer S15: How it Stacks Up Against Competitors

Bitmain has released (and already sold out of) its Antminer S15 model traditional ASIC Bitcoin miner. At a price of $1,475 per unit and a per-customer limit of two, it is comparably one of the better bargains as mining hardware goes.

It clocks up to 23 terahash per second, meaning that 3-4 units would be required to match the performance of Bitfury’s Tardis, which goes up to 80TH/s. The Tardis, however, is much more expensive on a per unit basis, with resellers getting almost $7,000 per unit. BitFury themselves do not publish the price of a single unit. Presumably their pricing varies based on the buyer’s requirements in terms of quantity.

However, for just $50 more than the Antminer S15, miners will soon be able to acquire Ebang’s Ebit 11+, which touts 37TH/s, for $1517 — far and away the best deal of the major mining hardware providers mentioned here. At the same time, one cannot simply purchase a single E11+ – you must buy at least 50, for a minimum investment of $75,850. Further, the E11+ won’t be available until January, whereas S15’s will begin appearing on the web before long. It has long been a profitable business model in the mining industry to simply reserve some upcoming hardware and resell it as soon as the manufacturer sells out – which is normally.

Ebang Likely the Best Deal

The best deal on mining hardware is always dependent on the miner’s goals and budget. The minimum investment at Ebang would give one a starting hashpower of 1,850 TH/s. This is a sizable mining operation from the get-go and certainly a foothold in Bitcoin mining. According to CoinWarz, it would take just over 6 months to begin earning a profit, with all factors considered. Solo mining would not be an option, despite the conceivable size of the operation, with this few machines. You would need approximately ten fold the minimum order to have a prayer against the massive pools of mining out there.

Bitcoin mining in general has fallen off as an extremely profitable way to make money. It requires a large up front investment and the profit margins can be slim for those who must convert their coins right away. However, miners who are able to hold on to some or all of their Bitcoin have historically made millions.


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Author: P. H. Madore
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