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Japanese Crypto Associations Merging to Restore Trust Across the Industry

February 16, 2018 |

Japanese Crypto Associations Merging to Restore Trust Across the Industry

Japan’s two cryptocurrency associations have reportedly decided to merge in order to restore trust in the industry and accelerate self-imposed rules. Once approved by the Japanese financial regulator, the new organization will have the power to set penalties for breaches of self-regulation.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

Two Crypto Associations Merging

Japan currently has two cryptocurrency industry associations: the Japan Blockchain Association (JBA) and the Japan Cryptocurrency Business Association (JCBA). The former is headed by Bitflyer CEO, Yuzo Kano, and has a total of 88 members, while the latter has a total of 154 members, according to Minkabu publication.

Japanese Crypto Associations Merging to Restore Trust Across the IndustryThe two organizations have reportedly been in talks to merge after the hack of one of the country’s largest exchanges, Coincheck, where 58 billion yen worth on the cryptocurrency NEM were stolen. They “are hurried to restore trust in the industry,” Forbes Japan reported.

They “will be integrated to establish a new self-regulating organization,” to focus on areas such as safety management system and compensation of customer assets, the news outlet added. In addition, the new entity will also focus on the reliability of crypto exchanges that have already been approved by the Japanese Financial Services Agency (FSA). Currently, there are 16 approved exchanges and 16 under review, including Coincheck.

On Thursday, Nikkei reported:

Two cryptocurrency industry groups in Japan [JBA and JCBA] have agreed to merge in an effort to accelerate the establishment of voluntary regulations and regain public trust in the aftermath of a massive virtual currency heist.

Set to launch on April 1, “The new organization’s chairman will likely be JCBA Chairman Taizen Okuyama, president of Money Partners Group,” the news outlet detailed, adding that Kano is “expected to become the self-regulatory body’s vice chairman.”

Commenting on the news of its merger with the JBA, the JCBA issued a statement on Thursday, stating that no details have been decided at this time.

Accelerating Self-Regulations

Japanese Crypto Associations Merging to Restore Trust Across the IndustryThe new entity will need the approval of the FSA. Under Japan’s revised payment services law which went into effect in April of last year, cryptocurrency operators are allowed to form a self-regulatory organization. They can “set industry rules, conduct investigations on members, and impose punishment,” the Japan Times elaborated.

However, the FSA previously “refused to allow two self-regulatory bodies, urging the industry to create a unified organization by merging the JBA and the JCBA,” Nikkei explained on Thursday, adding that:

Once the new body is approved by the agency, it will gain the power to set penalties for breaches of its self-imposed rules. This should also help address calls by banks and other businesses in the conventional financial industry for virtual currency businesses to establish a robust self-regulatory regime.

Do you think the merger will help the crypto industry gain more of the public’s trust? Let us know in the comments section below.


Images courtesy of Shutterstock.


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The post Japanese Crypto Associations Merging to Restore Trust Across the Industry appeared first on Bitcoin News.

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Bank of America Has Filed More Cryptocurrency Patents Than Any Other Company

February 16, 2018 |

Bank of America Has Filed More Cryptocurrency Patents Than Any Other Company

Think of cryptocurrency developers and names like Satoshi Nakamoto, Gavin Andresen, and Nick Szabo spring to mind. Individuals who place principles ahead of profit and are more aligned with open source principles than filing patents and closely guarding their secrets. The only secret Satoshi guarded was his identity. It may come as a surprise then to learn that in the last decade, the company that has more cryptocurrency patents than any other is in many bitcoiners’ eyes the antithesis of everything decentralized currency stands for – Bank of America.

Also read: Crypto Exchanges Launch P2P Platforms from Latvia and Bulgaria

Bitcoin Patents Pile Up

Since Bitcoin’s genesis block was mined nine years ago, over 2,000 related patents have been filed, Bitcoin Patent Report reveals. In the cryptocurrency’s early years, the number of patents was low, averaging under 50 a year, but by 2015 that figure began to pick up and by 2016 was growing exponentially. Some of the companies whose names feature in the top ten are to be expected, such as Bitflyer and IBM, whose interest in blockchain is well documented. The computing giant has filed a total of 34 cryptocurrency related patents, but is outplaced by South Korean brokerage Coinplug, which is third on the list with 39.

Bank of America Has Filed More Cryptocurrency Patents Than Any Other Company

Some entrants on the list are unexpected, either because they have publicly expressed little interest in cryptocurrency, or are not commonly associated with cutting edge technology. It makes sense that Mastercard would have an interest in digital payment systems, for example, but it is surprising to see them ranked ninth for cryptocurrency related patents, with 21 filings. The greatest surprise of all is reserved for top spot, which is claimed by Bank of America, with no less than 45 patents. Last year, a total of 1,250 cryptocurrency patents were filed, demonstrating the extent to which corporations have finally caught on to bitcoin’s huge potential.

Encouraging Innovation or Stifling Competition?

A patent grants its holder exclusive rights to an invention, such as a piece of technology, for a certain period of time. While designed as a means of protecting the intellectual property of inventors, the system is not without its critics who believe that patenting deters innovation and wastes resources. For example, companies may apply for overly broad patents and then use skilled lawyers to prevent anyone from encroaching on them. Certainly, patents weren’t the first thought of the cypherpunks who sought to make the internet a better and safer place through developing cryptographic tools and later cryptocurrency.

Bank of America Has Filed More Cryptocurrency Patents Than Any Other Company

Any individual or organization can file a patent, and just because one is registered and approved doesn’t mean the technology has any merit. In other words, the number of patents an entity files is not evidence of their expertise in the field. Bitcoin’s earliest developers were more interested in creating revolutionary technology than applying to have their code protected by centralized databases. One later entrant to the scene who is synonymous with patents, however, is Craig Wright. He makes it to number two on the list by dint of EITC Holdings, which has filed 42 patents.

Bitcoin Patent Report also reveals that 50% of all crypto-related patents come from China (910) followed by the U.S. (676), U.K. (112), and South Korea (98). Regardless of the merits of each patent, and the moral case for their very existence, they indicate the unprecedented level of interest in bitcoin and the blockchain ecosystem. From insurrectionary cypherpunks to the largest corporations, everyone now has a stake in the game.

How do you feel about companies patenting cryptocurrency technology? Let us know in the comments section below.


Images courtesy of Shutterstock, and Bitcoin Patent Report.


Need to calculate your bitcoin holdings? Check our tools section.

The post Bank of America Has Filed More Cryptocurrency Patents Than Any Other Company appeared first on Bitcoin News.

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Half of Large British Businesses Hold Stockpiles of Cryptocurrency

February 16, 2018 |

Half of Large British Businesses Hold Stockpiles of Cryptocurrency

A new poll of IT mangers at large UK businesses found that exactly half keep stockpiles of cryptocurrency for various reasons. Unlike what some might imagine, only a very small fraction of the companies that are holding bitcoin claim to be doing so as preparation for a ransomware attack.

Also Read: Coinbase Develops Bitpay Competitor Supporting BTC, BCH, ETH and LTC

Big British Bitcoin Survey

Half of Large British Businesses Hold Stockpiles of CryptocurrencyA new research commissioned by software developer Citrix (NASDAQ: CTXS) has found that 50% of large British businesses have stockpiles of cryptocurrency. The study, which was carried out in partnership with One Poll, surveyed 750 IT decision makers within large UK businesses of 250 employees or more. It found that those businesses hold an average of 24 bitcoins each. Out of those companies, just 7% are investing in bitcoin alone and 93% in a more diverse portfolio of cryptocurrencies. 54% have bought litecoin, 43% ethereum, 33% Ripple’s XRP, and 29% dash.

The research also reveals that 57% of those holding bitcoin sold off part of their stash around the December 2017 highs. The study shows that another 38% of these are considering making a sale these days. Just 5% have no current intention to sell their bitcoins.

As for the main reasons for holding such a portfolio, 40% say they plan to use the cryptocurrencies to pay providers, while 32% are aiming to pay their employees with them. Additional plans include using cryptocurrencies together with smart contracts or other blockchain technologies (27%), as part of fundraising (21%), and to pay for training, R&D or other demonstrative activities (17%).

Not Just Security Fears

Half of Large British Businesses Hold Stockpiles of CryptocurrencyUnlike previous misconceptions, this survey reveals that just 4% of companies holding cryptocurrency claim to be stockpiling it as preparation for a ransomware attack. However, 64% say that its rising value has led cyber-criminals to target their stockpile, and 31% believe a stockpile of cryptocurrency might make the business a target for hackers.

Only 5% of responding companies in possession of cryptocurrency have not taken any steps to protect their reserves. Of those that have made changes to secure their assets, 52% have used specific back-up procedures. Other popular security measures listed by the researchers include: using cold storage/offline storage (36%), moving to multiple wallets (36%), using a dedicated/hardened computer (35%) and using dual control so multiple people are required to access the cryptocurrency (22%).

However, Citrix’s Chris Mayers comments: “we know that very often, people are the weakest link in the security chain, and 18% of responding businesses say they worry that their hoard of digital currency might put them at risk of insider theft.”

Finally, according to the study, 35% are concerned cryptocurrency prices might crash, and 34% admit that fluctuating prices are discouraging them from stockpiling more. Another 18% are concerned that their business will not be able to cash the cryptocurrency in when required.

What reasons do big companies have to HODL bitcoin and other cryptocurrency stockpiles? Tell us what you think in the comments section below.


Images courtesy of Shutterstock.


Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.

The post Half of Large British Businesses Hold Stockpiles of Cryptocurrency appeared first on Bitcoin News.

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Mining Crypto In a Browser Is a Complete Waste of Time

February 16, 2018 |

Mining Crypto In a Browser Is a Complete Waste of Time

Malware that surreptitiously mines cryptocurrency while you browse the web is big news right now – literally in the case of news outlet Salon, which has enabled it as an opt-in feature. One thing that it certainly isn’t, though, is big business. Every other day, media outlets seem to be running stories about the latest cryptojacking scams. While these tales are mostly true, the extent of the problem has been vastly overstated. Smart criminals aren’t covertly crypto mining in-browser, not because they’re incapable of doing so, but because even at scale it simply isn’t profitable.

Also read: Nuclear Engineers Arrested for Mining Cryptocurrency Using Government Supercomputer

Cryptojacking Malware

Browser Mining Crypto Is a Complete Waste of TimeLast weekend, it emerged that the Browse Aloud web browser plugin had been hijacked, causing it to covertly mine cryptocurrency on around 5,000 computers. Among those affected were systems used by a number of British government bodies including the National Health Service and a student loans company. At the time, a spokesperson for the UK’s National Cyber Security Centre said: “NCSC technical experts are examining data involving incidents of malware being used to illegally mine cryptocurrency…Government websites will continue to operate securely. At this stage there is nothing to suggest that members of the public are at risk.”

Naturally members of the public weren’t at risk – in any sense of the word. The only real side effects of having your browsing session cryptojacked are perhaps a slowdown in computing performance and the device heating up. The majority of web users wouldn’t even be aware that anything was amiss. While relatively benign, as cyber attacks go, mining malware is still an inconvenience that no web user would reasonably be expected to tolerate…except for instances where that was the price of access. Salon sparked headlines this week after unveiling plans to do just that as a means of monetizing its news site.

Browser Mining Crypto Is a Complete Waste of Time

Mining for Kernels of Truth

Media organizations are constantly seeking new ways of monetizing their sites. In an era of ad blockers and diminishing attention spans, generating any sort of payment per click is an achievement. The notion of web users mining monero – an anonymous cryptocurrency synonymous with the deep web and its wares – in order to fund a mainstream news site is an amusing one. It’s also an illogical one, on many levels. According to estimates provided by Coinhive, the software used by Salon as well as by the criminals in last weekend’s UK-wide cyberjacking scam, the return to be made on browser mining is pitiful.

Browser Mining Crypto Is a Complete Waste of TimeOne million visitors spending five minutes on a website would result in a total of $ 64 of monero being mined. The 5,000 UK government machines that were infected using Coinhive netted a paltry $ 24 in monero. Browser mining cryptocurrency, be it on a permissioned or permissionless basis, is unprofitable. If you’re going to bend the rules to mine crypto, you need access to a government supercomputer and the skills to avoid getting caught. Otherwise, the juice simply isn’t worth the squeeze.

Would you consent to having your computer mine cryptocurrency instead of being served adverts? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

The post Mining Crypto In a Browser Is a Complete Waste of Time appeared first on Bitcoin News.

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GPU Shortage Hinders Scientific Research – Cryptocurrency Miners Blamed

February 16, 2018 |

GPU Shortage Hinders Scientific Research – Cryptocurrency Miners Blamed

After gamers, scientists have now raised the alarm about the deficit of video cards caused by excessive demand in the crypto mining industry. Researchers trying to pick up radio signals from stars and extraterrestrials say they need more of the latest GPU chips for their data processing equipment. According to media reports, a leading manufacturer may soon offer a graphics card dedicated for mining to mitigate shortages.

Also read: AMD Increases GPU Production to Match Crypto Mining Demand

Efforts to Eavesdrop on ETs Impeded

Radio-astronomers working on SETI (Search for Extraterrestrial Intelligence) projects said they need more GPUs to upgrade their equipment. The scientists want to expand operations at two observatories but cannot find enough of the new powerful chips, BBC reported. Some telescopes need about 100 graphics cards to process data from large listening arrays. They are used to detect signals from space, some of which may be emitted by other civilizations.

Demand for graphics processing units has soared in recent months and cryptocurrency miners have been blamed for the shortages. Investors buy in bulk the latest GPUs on the market, which can process more crypto transactions and return higher profits. Cards are used in mining rigs mainly for altcoins like ethereum and monero. Bitcoin mining requires a certain processing capacity and is performed by specialized hardware.

GPU Shortage Hinders Alien Search – Cryptocurrency Miners Blamed“We’d like to use the latest GPUs, and we can’t get them”, said Dan Werthimer, chief scientist at the University of California, Berkeley SETI Research Center. “We want to look at as many frequency channels as we possibly can. We don’t know what frequency ET will be broadcasting on – is it AM or FM, what communication are they using? That takes a lot of computing power”, Dr Werthimer explained.

The scientists have been trying to improve the analyzing capacity of equipment installed at two SETI observatories – Green Bank in West Virginia and Parkes in Australia. However, their efforts have been impeded by the GPU shortages. “We’ve got the money, we have contacted the vendors, and they say they just don’t have them”, Dan Werthimer told the BBC. Telescopes used by radio-astronomers are able to pick up the faintest of radio frequencies in the universe. SETI scientists are constantly listening out for broadcasts by aliens, but the arrays are also detecting signals emitted by natural phenomena.

What about Star Gazing?

The tight GPU market has hit other radio-astronomers, too. A team of scientists looking for evidence of the earliest stars in the universe was recently shocked by the doubled prices of graphics cards. Researchers operating the Hydrogen Epoch of Reionisation Array (Hera) in South Africa have received a grant from the US National Science Foundation to upgrade the telescope but found they could afford fewer units.

Hera is a joint project between the US, the UK and the Republic of South Africa. Its equipment uses GPUs to combine data from many small radio telescopes to offer a much wider field of view. The price of the processing units has doubled in just three months to $ 1,000 USD. “We are buying a lot of these things, it’s going to end up costing about $ 32,000 extra”, said Aaron Parsons, professor at the UC Berkeley. The team will have to use some of its contingency budget to acquire all the cards it needs.

GPU Shortage Blamed on Crypto Miners Hinders Alien Search

Addressing the Deficit

Major graphics cards manufacturers Nvidia and Advanced Micro Devices have recognized the shortages and taken steps to address the issue. AMD announced plans to increase production after the recently launched RX Vega GPUs virtually disappeared from store shelves. The company said its Radeon cards were in short supply and acknowledged that demand for mining applications was responsible for the shortfall. AMD promised to produce more of the powerful chips to satisfy all of its customers.

GPU Shortage Blamed on Crypto Miners Hinders Alien SearchNvidia, AMD’s main competitor, has moved to ensure video gamers have a chance to get hold of its video processors asking retailers to limit the number of cards purchased at a time. The company admitted that cryptocurrency mining demand had exceeded its expectations in the last quarter of 2017. It has been reported that Nvidia may reveal a new card aimed at the crypto mining market in March. According to media speculations, the GPU is codenamed “Turing” after the British computer scientist and cryptanalyst Alan Turing. He was working on breaking coded German messages during World War II.

Both companies have recorded rising revenues in Q4 of last year. AMD announced $ 1.48 billion USD of revenue with $ 958 million coming from its Computing and Graphics division. Sales of graphics cards like Vega 56 and Vega 64 have played a major role in reaching a 60% year-on-year increase there. Nvidia has reported revenue of $ 2.91 billion, up 34% from $ 2.17 billion a year earlier. Strong demand from cryptocurrency miners has been mentioned as an important factor.

Do you think manufacturers will manage to satisfy growing demand for GPUs in different sectors? Tell us in the comments section below.


Images courtesy of Shutterstock. 


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The post GPU Shortage Hinders Scientific Research – Cryptocurrency Miners Blamed appeared first on Bitcoin News.

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Berkshire Hathaway: Bitcoin Is Disgusting, Detestable, Noxious Poison

February 16, 2018 |

Berkshire Hathaway: Bitcoin is Disgusting, Detestable, Noxious Poison

Daily Journal’s annual shareholder meeting usually involves Berkshire Hathaway’s vice chairman, Charlie Munger, giving his overview of things economic. This Valentine’s Day, the 94-year-old right-hand man of Warren Buffett took the opportunity to savage the world’s most popular cryptocurrency, bitcoin.

Also read: Citibank India Bans Bitcoin 

Berkshire Hathaway Wants Cops Unleashed on Bitcoin

If it’s not a religious affair, it sure has that feel. The grand cardinal of retail finance, Charlie Munger, was plopped into a chair, and assembled hordes gathered to hear investment wisdom from the Oracle of Omaha’s saintly priest. To say Mr. Munger is a successful investor is to place too general praise on the man: arguably he is among the most bankable gurus of all time.

From Los Angeles, Mr. Munger came right out with it: “I never considered for one second having anything to do with [bitcoin], I detested it the minute it had been raised. The more popular it got, the more I hated it. It’s just disgusting that people have been taken in by this.”

Berkshire Hathaway: Bitcoin is Disgusting, Detestable, Noxious Poison

The focus of his remarks was not bitcoin per se, as the question and answer period, interview style, lasted over two hours. He discussed a myriad of economy related questions and subjects, including regulating banks such as Wells Fargo, Berkshire Hathaway’s large stock holding of nearly 30 billion dollars. There, Mr. Munger came to the embattled bank’s defense, suggesting government regulators had gone far enough in efforts to get it to right past wrongs; indeed, Mr. Munger suggested regulators had done too much. Wells Fargo was accused of creating fake accounts to buttress numbers, adding automobile insurance charges to customers who didn’t ask, and monkeying with mortgage extensions.

Tension Between Old and New

When it came to bitcoin, however, “Our more relaxed approach is wrong”, he spat. “The right answer is to step on it hard. It’s the government’s job,” he urged, characterizing it as a “noxious poison.” He seemed to approve of alternative payment systems such as We Chat, the popular smartphone application based in China. But bitcoin, he said, was an affliction of “everyone [wanting] easy money,” and “[hoped] to God” the future generation doesn’t embrace it, as it is “totally asinine.”

Berkshire Hathaway: Bitcoin is Disgusting, Detestable, Noxious Poison
Charlie Munger

Berkshire Hathaway’s stock price trades routinely at over $ 300,000, and that’s not a misprint. The firm is notoriously tech-phobic, having sat out plenty of the technology boom over the last quarter century. Mr. Munger has been involved with the company for over four decades, championing value investing – looking long term at good companies an investor can understand. 

For seasoned investors such as Mr. Munger, bitcoin is too abstract. Its lack of fundamentals as Mr. Munger understands them – no corporate offices, no accountable board, no large regulatory apparatus, etc. – can only spell bitcoin’s doom. It’s a classic division among investors these days, between those who’re stuck in old world success enough to fail in appreciation of what just might be a real changing of the financial guard.

What do you think of Mr. Munger’s comments? Let us know in the comments section below.


Images courtesy of Pixabay, Berkshire Hathaway.


Need to calculate your bitcoin holdings? Check our tools section.


The post Berkshire Hathaway: Bitcoin Is Disgusting, Detestable, Noxious Poison appeared first on Bitcoin News.

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Five Siberian Power Plants Attracting Crypto Miners With Surplus Electricity

February 15, 2018 |

Five Siberian Power Plants Attracting Crypto Miners With Surplus Electricity

Cryptocurrency miners will soon be able to benefit from surplus electricity and the cold climate at five power plants located in Siberia. Russian energy company En+, which owns those power plants, is already in talks with investors to build crypto mining farms near them.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

Five Power Plant Sites

Five Siberian Power Plants Attracting Cryptocurrency Miners With Surplus ElectricityRussian energy company En+ Group is actively preparing to offer electricity to cryptocurrency miners at some of its power plants, Vedomosti reported on Wednesday.

En+ CEO Maxim Sokov was quoted saying, “We are talking about five sites.” They are in the Irkutsk Oblast, a federal subject of Russia, located in southeastern Siberia. Two sites are near the town of Ust-Ilimskin, one is near the city of Bratsk, and the other two are near the city of Irkutsk.

Five Siberian Power Plants Attracting Cryptocurrency Miners With Surplus Electricity
En+ CEO Maxim Sokov.

Near Ust-Ilimsk, on the Angara River, En+ has a hydropower power plant (HPP) with a capacity of 3,840 MW and a coal-fired combined heat and power plant (CHP) with a capacity of 525 MW.

Near Bratsk, “En + has a hydroelectric power plant with a capacity of 4,500 MW,” the publication noted.

Near Irkutsk, which is also the administrative center of Irkutsk Oblast, “there are two sites: a hydroelectric power plant with a capacity of 662 MW and a [coal-fired] combined heat and power plant with a capacity of 655 MW,” the news outlet detailed.

En+ said the cold climate of the region around the three areas and the availability of cheap electricity make the condition attractive for cryptocurrency mining.

Attracting Crypto Miners

Sokov revealed that En+ is currently negotiating with several investors, “including international ones – Chinese and American,” for “the construction of mining farms that will act as consumers of electricity,” Ria Novosti described, adding:

En+ will offer miners to build farms to produce cryptocurrencies next to En+ power plants in Irkutsk, Bratsk, and Ust-Ilimsk.

Five Siberian Power Plants Attracting Cryptocurrency Miners With Surplus ElectricityThe CEO emphasized that his company will benefit from attracting miners from China, where strict prohibitive regulation is now in force.

According to Vedomosti, the total demand for power supplies from cryptocurrency miners could reach 100 MW for En+ Group in 2018, and the group could earn about 980 million rubles (~USD$ 17.2 million). Natalia Porokhova, Head of Research and Forecasting Group at ACRA estimates that each “100 MW can bring En+ from 10 to 15 million dollars,” the news outlet added.

While Russian aluminum producer Rusal, which En+ has a controlling stake in, is currently the main user of the company’s hydropower, En+ believes that it could use up excess capacity and diversify its customer base by offering electricity supplies to crypto miners.

Cryptocurrency mining is currently unregulated in Russia. However, the regulators are drafting a bill for its regulation. Earlier this month, the Bank of Russia said that it will allow crypto mining in the country but proposes that miners sell their coins overseas.

Do you think crypto miners will move to Siberia to set up mining farms? Let us know in the comments section below.


Images courtesy of Shutterstock and En+.


Need to calculate your bitcoin holdings? Check our tools section.

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Japan’s GMO to Launch BTC, BCH Cloud Mining Service in August

February 15, 2018 |

Japan’s GMO to Launch BTC, BCH Cloud Mining Service in August

Japanese technology conglomerate GMO Internet is about to launch a new cloud offering for mining BTC and BCH. If you have at least $ 5 million that you want to invest in such a venture, and don’t want the hassle of opening your own mining farm, applications start next month.

Also Read: Coinbase Develops Bitpay Competitor Supporting BTC, BCH, ETH and LTC

Japan’s GMO to Launch BTC, BCH Cloud Mining Service in AugustGMO Internet Group (TYO:9449) has announced the expansion of its recently launched cryptocurrency business with a new cloud mining service, which will be launched in August 2018 if everything goes as planned. The Z.com Cloud Mining service will focus only on two cryptocurrencies based on the SHA256 algorithm, meaning bitcoin (BTC) and bitcoin cash (BCH).

Starting March 1, the company will start accepting priority applications from potential customers who wish to use the new service, and it has already been approached by interested parties. To present the new service to investors GMO Internet will hold information sessions about it in nine major cities across the world, including: Tokyo, New York, Los Angeles, London, Frankfurt, Hong Kong, Singapore, Zurich and Dubai.

The company also explains to green-conscience prospectors that “In terms of power supply, we operate a next-generation mining center utilizing plentiful renewable energy in the region, which has allowed us to secure clean and inexpensive power supply.”

Aiming Big

Japan’s GMO to Launch BTC, BCH Cloud Mining Service in AugustContractually wise, GMO Internet will rent out part of its mining farms equipped with its own next generation 7nm mining chips, as well as manage the facilities, all of which are operated through its European legal entity.

Rather than appeal to small players, the service seems to target bigger businesses who still find it difficult to invest in and manage mining equipment on their own. Customers will pay $ 5 million (or about 550 million JPY) per contract upfront for a 2 years contract, with no cancellation option and an extra charge to cover operational costs such as electricity, real estate, maintenance, security and more.

“With the cryptocurrency mining business, GMO Internet Group will aim to become No. 1 worldwide in the cryptocurrency service.”

The Tokyo-headquartered conglomerate, comprising more than 60 individual companies domiciled in 10 different countries, first announced its entry to the cryptocurrency mining industry during September of last year. In January, GMO Internet succeeded in developing a 12 nm semiconductor for mining, which was a significant milestone for the group. It is currently working on research and development of its 7nm chip technology.

Is the GMO cloud a good option for more big players to get into bitcoin mining? Tell us what you think in the comments section below.


Images courtesy of Shutterstock.


Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.

The post Japan’s GMO to Launch BTC, BCH Cloud Mining Service in August appeared first on Bitcoin News.

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PR: Bitcoin Holders, Claim Your BCP & BCPC Now or the Amount of Bitcoin Parallel Coins Will Decrease

February 15, 2018 |

Bitcoin Parallel - Claim Your BCP & BCPC

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Bitcoin holders at the block height of 507,000, please note that our official gateway channel for claiming Bitcoin Parallel coins was opened at 09:00:00 GMT on February 12, 2018. Please visit our official website as soon as possible and start claiming your BCP and BCPC for free. Based on the distribution rules set by our Foundation, the distribution of energy coin BCP and sidechain clearance coin BCPC will continue to decrease day by day:

The distribution rate is adjusted into two phases:

a) First Phase

During the first phase, from 9:00:00 GMT February 12, 2018 to 8:59:59 GMT February 13 2018, the distribution rate is at 100% which means 1 BCP and 1000 BCPC can be claimed per BTC. From the second day, the distribution rate will diminish by 2% each day, until the remaining distribution rate reaches 50%.

b) Second Phase

In the second phase, the distribution rate diminishes by 1% each week over 50 weeks.

Note: 1 day = 24 hours

For more details, please visit our official website: www.bitcoinparallel.org

Bitcoin Parallel Foundation

Contact Email Address
foundation@bitcoinparallel.org
Supporting Link
www.bitcoinparallel.org

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: Bitcoin Holders, Claim Your BCP & BCPC Now or the Amount of Bitcoin Parallel Coins Will Decrease appeared first on Bitcoin News.

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Here’s Why You Can’t Judge a Coin by Its Market Cap

February 15, 2018 |

Here’s Why You Can’t Judge a Coin by Its Market Cap

Ever heard of a coin called ucash? You should have. It’s in the world’s top 25 cryptocurrencies after all, based on market cap, placing it higher than stratis, omisego, and zcash. Making it to the hallowed heights of 21st, where ucash placed on February 12, calls for mainstream media coverage, a growing user base, and significant adoption you would think. As it turns out, ucash is an outlier – a nothing coin whose ascent is proof that you can’t judge a coin by its cap.

Also read: United Bitcoin May Be the Most Controversial Fork to Date

Fake It Till You Make It

It’s widely accepted that market capitalization – that is, the total value of all coins in circulation multiplied by their last traded price – is a crude reckoner. As an approximate guide to the relative size of respective cryptocurrencies, market cap usually suffices, but there are occasions when it’s glaringly wrong. Ucash is the perfect case in point. The obscure altcoin – or shitcoin, as such offerings are pejoratively described – rose out of nowhere this week to soar into the crypto top 100.

Here’s Why You Can’t Judge a Coin by Its Market Cap

As anyone with a cursory knowledge of market cap metrics will know, gaming the system is extremely easy. All it takes is for someone to create a shitcoin with a circulating supply of 150 billion, list it on an equally shit exchange, sell one coin for $ 1 and instantly it’s worth more than bitcoin. The same trick that propelled dentacoin into 21st spot in the cryptocurrency rankings last month has now done the same for ucash. The exchange it’s traded on, BTC-Alpha, is a dubious Russian site, registered in the UK, with 600 Telegram followers, less than 2,000 Twitter followers, and a logo that’s ripped off of Maestro. But because it’s listed on Coinmarketcap, it’s eligible for inclusion in what passes for crypto’s “official” ranking system.

Here’s Why You Can’t Judge a Coin by Its Market Cap

Getting High On Your Own Supply

There are 325 billion dentacoins in circulation and 8.6 billion ucash, which explains why they’ve managed to artificially climb so high. Whether or not ucash was the result of a pump and dump is immaterial; on low liquidity exchanges like BTC-Alpha, everyone’s a whale and every coin is ultra volatile.

Here’s Why You Can’t Judge a Coin by Its Market Cap

Coinmarketcap’s extensive range of altcoins often makes for entertaining reading, especially when filtered by percentage gain. This week’s big performer, going by that metric, is unity ingot which is up 3,600%, though like ucash it’s only available on one tiny exchange. Although ucash and unity ingot are extremes, they illustrate why you should never judge a coin by its market cap.

Do you think there’s a better metric than market cap for rating cryptocurrencies? Let us know in the comments section below.


Images courtesy of Shutterstock, and Coinmarketcap.


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The post Here’s Why You Can’t Judge a Coin by Its Market Cap appeared first on Bitcoin News.

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