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The Canadian province of Quebec has reportedly decided to charge cryptocurrency miners up to roughly three times the current price after they flooded utility Hydro-Quebec with requests for mining operations. In addition, several crypto-related proposals have been submitted including one that requires crypto firms to bid for power.
Price Hike for Crypto Miners
Quebec, a province in eastern Canada, offers one of the lowest power rates in North America. Its electricity is generated, transmitted, and distributed by the country’s largest electric utility, Hydro-Quebec, which was formed by the government in 1944, and currently has over 4 million customers.
The utility has been courting cryptocurrency miners for months to use its surplus electricity. However, due to an overwhelming number of requests for crypto mining operations, the province has decided that it “will make electricity prohibitively expensive for cryptocurrency miners until it figures out how to deal with a surge in demand from the energy-hungry industry,” Bloomberg reported this week, adding:
Provincial regulator Regie de l’energie authorized utility Hydro-Quebec to charge 15 cents per kilowatt hour to blockchain companies, about three times the price they have enjoyed up to now. The temporary pricing doesn’t apply to existing clients and their operations, which total about 120 megawatts.
“Blockchain companies will be required to bid for power and spell out the jobs and investment per megawatt that they will generate,” the utility further proposed. “The starting bid is 1 Canadian cent ($ 0.0075) per kilowatt hour above the rate the industry had previously enjoyed — roughly a 20 percent increase.”
Furthermore, Hydro-Quebec unveiled a plan Thursday, which requires approval from the regulator, “to allocate as much as 550 megawatts” for crypto mining on top of the 120 megawatts that are already in operation or approved, the publication detailed. A selection process will also be proposed which “will enable Hydro-Quebec to survey the industry on what it considers a fair price and to gauge what investment and jobs the applicants will generate,” a spokesman for the utility, Jonathan Cote, explained.
Overwhelming Demand from Crypto Miners
According to the publication, crypto miners flooded Hydro-Quebec with “requests that it says exceed its short- and medium-term capacity.” Cote told the news outlet on Thursday:
We don’t want to send a message to the market that this is the price for cryptocurrencies in Quebec…It’s more that requests are suspended until we have the proper framework determining conditions for that market.
“The temporary price is expected to be in place for several weeks until the regulator sets a tariff that will then be applicable to all,” the news outlet explained.
Quebec has been trying to attract crypto miners with its inexpensive electricity and cold winters, as news.Bitcoin.com previously reported. However, Hydro-Quebec indicated in January that it will not be able to meet the scale of power demanded by crypto miners. Prior to the rate hike decision, it started turning down new applications for crypto mining operations and considered halting mining operations during winter.
What do you think of Quebec hiking the electricity price for crypto miners? Let us know in the comments section below.
Images courtesy of Shutterstock and Hydro-Quebec.
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The post Quebec Hikes Electricity Price: Crypto Miners to Pay up to 3 Times Current Rate appeared first on Bitcoin News.
Apple is developing production plans for its next iPhones that stress cheaper liquid-crystal displays, in a sign of consumers’ sensitivity to the price of smartphones.
WSJ.com: US Business
Tether, one of the most-traded cryptocurrencies, shows a pattern of being spent on bitcoin at pivotal moments, helping to drive the world’s first digital asset to a record price in December, according to research by a University of Texas professor known for flagging suspicious activity in the VIX…
There are a lot of members within the cryptocurrency industry who have tried to predict the price of digital assets like Bitcoin Core (BTC). Furthermore, there are also a ton of bigwig Wall Street types who also try to predict the price of cryptocurrencies — While some of their BTC forecasts predict the currency’s value will drop to zero, a few of them believe it will be $ 25-100K per coin by the end of 2018. Then there are organizations who use software and data analysis to predict the price of digital currencies and one research firm, Trefis Technologies, believes its year-end price prediction for BTC ($ 12,500 USD) will be accurate based on prior analysis.
Trefis Research Drop’s its Year-End Price Prediction Due to Data Based on Active Users and Daily Transaction Values
Trefis Technologies is a firm that uses data and analytics to measure risk, create a system of records, and forecast market trends. This week Trefis has updated its Bitcoin Core (BTC) price prediction that’s based on data aggregated from the number of active bitcoin users and daily transaction values. According to the company’s June research notes, the prediction has dropped around 17 percent from $ 15,000 per BTC to around $ 12,500 by year-end. The research firm Trefis also believes the current global regulatory climate towards cryptocurrencies has been affecting the overall value of BTC. The June analysis states:
The global cryptocurrency industry has seen a flurry of new developments since December. Many of these developments had a negative impact on the growth prospects of cryptocurrencies, like restrictions by banks on the use of credit cards to buy cryptocurrencies, and calls by financial regulators across the world for caution while investing in digital currencies.
The Trefis system or the ‘Bitcoin Price Estimator’ claims to be extremely accurate when it comes to trends and market forecasts. The company says while backtesting the Trefis Estimator for average monthly BTC prices the system had shown an accuracy rate of 94 percent.
Other Crypto-Price Predicting Software Oracles
Trefis is not the only cryptocurrency price estimator on the internet-block, as there are a few other online services that aim to predict prices at the end of 2018, and even five years out. Another web portal called Wallet Investor also uses analytics to forecast the price of a variety of different digital assets. For instance, the prediction site details that Ethereum (ETH) will spike to $ 1,221 by the year’s end and in five years the website guesses that the price will be $ 3,900 per ETH. The same web portal predicts the overall value of Bitcoin Cash (BCH) in one year, and estimates show the site anticipates the BCH value per coin will be $ 1922. In five years Wallet Investor shows a BCH price increase of around $ 5949.
The forecast for the popular ‘bank coin’ Ripple (XRP) sees its price jumping to $ 1.37 per token and the XRP five year prediction is only $ 4.60. These data prediction sites like Trefis Technology and Wallet Investor, show far more conservative projections than the number of investors predicting BTC will be $ 25K or higher by the year’s end. Moreover, some people may find that actual data may provide better estimates than some big shot venture capitalist who is merely guessing to cause media attention towards themselves.
What do you think about these websites that use aggregated data to forecast the price of cryptocurrencies in one year? Do you think these systems are as accurate as they claim? Let us know your thoughts on this subject in the comment section below.
Disclaimer: Bitcoin.com does not endorse these websites/products/services. Readers should do their own due diligence before taking any actions related to the mentioned 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 this article.
Images via Shutterstock, Wallet Investor, and Trefis Technologies.
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The post Data Prediction Sites Show More Conservative Cryptocurrency Price Forecasts appeared first on Bitcoin News.
Mark Price spent almost all of his NBA career playing point guard for the Cleveland Cavaliers, earning himself the title of NBA All-Star and is in the prestigious 50-40-90 Club (50% from the field, 40% from the three-point line and 90% from the free…
Japan’s GMO Internet has unveiled the price and specs of the GMO miner B2 equipped with 7nm ASIC mining chips. The mining capacity is 24 TH/s and the price of the machines will be adjusted monthly according to demand. Using GMO’s mining rigs, the power consumption can be reduced up to 20% and the cost of network equipment can be reduced to 1/55, local media report from Tuesday’s press conference.
GMO Miner B2 Specs
Japanese internet giant GMO announced the details of its bitcoin mining rigs called “GMO miner B2” in a press conference on Tuesday, June 5, ahead of the actual launch that is scheduled for the morning of the following day, June 6.
The GMO miner B2 features a semiconductor chip ‘GMO 72b’ dedicated to mining that adopts the in-house developed 7-nanometer process technology. The hash rate indicating the computing capacity of mining is 24 TH/s, and can calculate hash 24 trillion times per second.
For comparison, the popular Bitmain Antminer S9’s hashrate is 14TH/s. According to Bloomberg, the GMO chips are designed in Japan and produced in Taiwan.
Masatoshi Kumagai, Chairman and Director of GMO Internet and the GMO Group representative, described the advantages of his company’s mining equipment over other products.
“The performance per unit is higher than that of major competitors’ products,” he was quoted by the news outlet. “If we switch from over 20,000 mining machines operating in Northern Europe to GMO miner B2, the installation space will be about half in terms of equivalent performance.”
“Compared to general mining machines…the power consumption is up to 20%, the cost of network equipment etc. can be reduced to 1/55,” Itmedia noted.
Kumai publication reported from the press conference that each unit consumes 1,950 watts and power supply units can supply up to 2,200 watts at 240 V.
Adjustable Price – $ 1,999 for June
GMO miner B2 will be sold through the company’s subsidiary in Zug, Switzerland, according to Nikkei. They will be on sale starting Wednesday and orders will start shipping from the end of October, as news.Bitcoin.com previously reported.
The price for each unit is “announced monthly,” the publication added, revealing that the “sales price in June is $ 1,999.” Itmedia described:
The price for the June release is $ 1,999 (including power supply unit, excluding tax). The sales price is adjusted monthly according to demand etc. The number of shipments was kept private.
Currently, Bitmain’s Antminer S9 is priced at $ 837.
Mr. Masatoshi Kumagai told reporters that so far the crypto mining industry is dominated “by mining machines provided by Bitmain, a major mining hardware company in China,” and that he “noticed the fact that not a single Japanese company that is good at manufacturing is able to participate.”
He also revealed that the company “invested nearly 10 billion yen for the development of the product,” the publication conveyed and quoted the chairman explaining:
We are not setting business targets such as sales targets yet, but if we cannot sell it, we will use it in our mining business, so I think that it is a very excellent business in that there is no inventory risk.
Furthermore, he added, “we also provide an API (application programming interface) for system monitoring compatible with GMO miner B2 and a detection function [for] when the product is connected to the net at the time of an unlikely event of theft.”
What do you think of GMO miner B2? Will you buy one? Let us know in the comments section below.
Images courtesy of Shutterstock, Nikkei, Itmedia, Kumai, and GMO Internet.
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The post Japan’s GMO Unveils Specs and Price of 7nm Bitcoin Mining Rigs – On Sale Tomorrow appeared first on Bitcoin News.
The myriad problems with the U.S. healthcare system aren’t the fault of any one person. But every so often, an industry executive spouts something so wrong-headed, it shines a helpful light on what we’re up against.
Heather Bresch, chief executive of the drug company Mylan, maker of EpiPens, stepped…
Without firing a shot or sacrificing a life, the Ukrainian security services have scored a direct propaganda hit against the Kremlin in its staging of the “murder” of Russian journalist Arkady Babchenko. But at what cost?
CNN.com – RSS Channel – World
Have you ever felt that someone is controlling the crypto markets, increasing prices to lure you in and crash it all as soon as you buy? Well, US authorities have apparently heard your whining because they are now reportedly suspicious manipulation is indeed occurring.
Spoofing and Wash Trading
The US Department of Justice (DOJ) has reportedly launched a criminal investigation to determine if big money traders are manipulating the prices of Bitcoin, Ether and possibly other cryptocurrencies. The illicit trade tactics that the DOJ is looking into include spoofing and wash trading, and federal prosecutors are working in collaboration with the Commodity Futures Trading Commission (CFTC) on the investigation, this according to “four people familiar with the matter” cited by Bloomberg.
Spoofing refers to creating false buy orders to attract other traders (usually bots) to get in, with the intention of manipulating the market price in order to make a profit by actually selling. The Dodd-Frank Act defines spoofing as “the illegal practice of bidding or offering with intent to cancel before execution.” Similarly, wash trading is when someone simultaneously sells and buys the same financial instruments to create misleading activity, meant to make it appear as if an asset has more trade volume than it really does.
US authorities are reportedly concerned that cryptocurrency markets are prone to manipulation for a number of reasons including doubts that all trading venues are on the lookout for fraudsters, massive price swings that make it possible to steer valuations and a lack of strong regulations on crypto exchanges.
While many will surely applaud the DOJ for its diligence in protecting crypto investors, skeptics might wonder if US authorities are not doing this also in an effort to further cool the market down by frightening investors. They are not generally known to be welcoming toward the field, and only recently it was revealed that American regulators also took part in a crackdown on what they call “fraudulent ICOs and crypto-asset investment products.”
Are cryptocurrency prices manipulated and is it the US DOJ’s job to investigate these global markets at all? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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The post US Justice Department Investigates Price Manipulation in Bitcoin Market appeared first on Bitcoin News.
Justice Department opens criminal probe into price manipulation of Bitcoin, other digital currenciesMay 24, 2018 | dailybusinessnews
The Justice Department has opened a criminal probe into whether traders are manipulating the price of Bitcoin and other digital currencies, dramatically ratcheting up U.S. scrutiny of red-hot markets that critics say are rife with misconduct, according to four people familiar with the matter.