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A media agency working with Papa John’s International Inc. decided to cut ties after the pizza maker’s founder and chairman, John Schnatter, allegedly used a racial slur and graphic descriptions of violence against minorities on a May conference call, according to Forbes.
Papa John’s and the agency,…
Justin Bieber is reportedly getting married, and you may have heard of his blushing bride (or at least her family). Per a TMZ scoop, the pop crooner proposed to model and celebrity scion Hailey Baldwin on Saturday at a resort in the Bahamas and she said yes. Baldwin is the…
According to a Chinese language Economic Daily News report, graphics cards and ASIC mining systems are expected to see a short-term surge in orders from the crypto mining sector in Sichuan province, where reportedly over seventy percent of the mining systems are located in China. Sichuan province has been hit by continuous heavy rainfalls in the last weeks, affecting thousands of people and causing heavy economic losses, according to the Ministry of Water Resources.
30% Drop in Hashrate Attributed to Floods
The Economic Daily News report said that the natural disaster cut the overall mining hashrate by around thirty percent worldwide, although this has been disputed by other sources. According to the National Meteorological Center, heavy rainfall hit areas including Hubei, Sichuan and Jiangsu provinces from last Thursday to Sunday.
Last week, thunderstorms struck 48 cities affecting over 250,000 people and causing estimated economic losses of 733 million yuan (US $ 111 million). No deaths or missing people were reported.
The National Meteorological Center warned local authorities to reduce outdoor activities and take precautions against flooding, flash floods and landslides.
“The Sichuan province had become a concentrated area of cryptocurrency mining activities due to its abundant amount and cheap electricity tariffs. The floods damaged tens of thousands of miners,” Golden Finance, a Chinese crypto news outlet reported. According to some statistics, more than seventy percent of the world’s crypto mining machines are located in China.
“Just before the floods stroke, Sichuan mining farms received a large number of mining escrow orders.” Golden Finance reported. The news outlet also said that the miners were often installed in mountainous and rural areas, where the housing is “relatively simple.”
Golden Finance also noted that a recent decline of the global mining hashrate is likely related to the natural disaster. It calculated that the entire network’s power had dropped significantly between June 24 and June 27, which coincides with the Sichuan floods. Due to variance, aka the luck with which miners discover new blocks, it is difficult to reliably calculate the BTC hashrate for a precise time period and to correlate it with the natural disaster.
Do you think Chinese floods were responsible for the drop in hashrate? Let us know in the comments section below.
Images courtesy of Shutterstock. China News Service. Golden Finance (金色财经)
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The post Heavy Rainfall in China, Thousands of Miners Reportedly Damaged appeared first on Bitcoin News.
Laurent Duvernay-Tardif is unique in the NFL: The offensive lineman for the Kansas City Chiefs is also officially a medical doctor, having earned his degree earlier this year from Canada’s McGill University, reports Fox News . Duvernay-Tardif now wants to celebrate his accomplishment by putting “MD” before his name on the…
Unnamed sources suggest popular free crypto and stock trading application (app), Robinhood, is negotiating with US regulators about prospects for it becoming a bank, complete with traditional services such as savings accounts. It’s still early going, and very preliminary, but such an arrangement could well be the future of banking.
Robinhood Looking to Provide Banking Services
By all accounts it has been a skyrocketing year for the smartphone trading app Robinhood Markets, Inc. out of Menlo Park, California. Success appears to have emboldened the scrappy firm, according to Bloomberg.
In late January, the company announced it would add bitcoin core (BTC) and ether to their platform, which caused 1 million people to sign up. Only a month after its formal February crypto rollout, by March it boasted a cool $ 5.6 billion valuation after three years of operation. And mid-May saw its services grow from one or two US states to ten.
Unnamed sources are pointing to the popular free crypto trading app as querying regulators about the possibility of it becoming a full-fledged bank. The company has proven its ability to grow a consumer base, reaching more than 4 million in the United States. That it might be able to offer savings accounts could signal a broader change in the legacy industry, one gearing itself toward the next, more tech savvy, generation.
Banking laws in the US effectively prevent Robinhood from going forward on its own in this regard. Bloomberg insists the company is “in early discussions with regulators to begin offering banking-like products through different licenses or partnerships.” Discussions are between it and “the Office of the Comptroller of the Currency, which charters and regulates all national banks and federal savings associations.”
Everyone associated with the matter was careful to stress how nothing concrete has been decided. Still, should things progress, most expect the company would partner up with an existing institution, rather than go it alone. Whatever the case, other startups have moved along similar lines with an eye toward poaching dissatisfied traditional banking customers tired of unfavorable interest rates, a friction filled online experience, and the want to have most/all of their financial dealings in one convenient application.
Is banking a good move for Robinhood? Let us know in the comments.
Images via the Pixabay, Robinhood.
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The post Robinhood Reportedly Considering Formal Banking Services appeared first on Bitcoin News.
Police are searching for a woman who was reportedly dragged by an alligator into a Florida pond while walking her dogs Friday morning.
George Clooney jumped behind the bar and hawked his billion-dollar booze brand at the royal wedding reception.
“That’s Wakiesha! She’s gonna stay with you!” a relative of a woman who died in police custody shouted at a meeting of the Los Angeles Board of Police Commissioners Tuesday, moments after throwing what appeared to be ashes at Police Chief Charlie Beck. The scene erupted with Beck, who was…
Political consulting firm Cambridge Analytica is shutting down, the Wall Street Journal reported, citing an unidentified source.
The data and advertising firm had lost multiple clients in recent months, the Journal said, without saying where it got the information. Cambridge Analytica didn’t immediately…