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| October 21, 2018

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The Daily: Huobi Unveils HUSD, New Cryptocurrency Loans Launch

October 20, 2018 |

It’s been a week for stablecoin stories in the crypto sphere, and while we’d like to have started the weekend on a different tack, Huobi’s effort was too intriguing not to share. We’ll also detail the latest cryptocurrency lending options in Saturday’s edition of The Daily and consider a topical Halloween costume for bitcoiners.

Also read: Bitcoin Cash Merchant Directory Marco Coino Surpasses 500 Listings

Stablecoins Get Meta With HUSD

Stablecoin mania is spreading, and now it’s starting to get meta. Huobi, the world’s second-largest exchange by trading volume, has announced the launch of HUSD. This isn’t technically a stablecoin though: it’s an integrated solution that contains multiple stablecoins. The aim is to save traders from having to choose between multiple pegged coins. Many exchanges, Huobi included, now list numerous stablecoins which are often paired against one another.

The Daily: Huobi Introduces HUSD, New Cryptocurrency Loans Launch

Huobi explained: “When you deposit any kind of stablecoins, they will be shown as HUSD in your account. You may withdraw any kind of stablecoin … For example, when you deposit 1 PAX, it will show as 1 HUSD in your account, and you can withdraw 1 TUSD.” Given that stablecoins can generally be relied on to adhere to the U.S. dollar, the solution ought to save hassle for Huobi and its customers alike. Initially, PAX, TUSD, USDC, and GUSD will be incorporated under the HUSD umbrella. The Singapore-based exchange finished:

We look forward to more stablecoins being involved in the HUSD system. Concurrently, we will evaluate the existing stablecoins in the HUSD system on a real time basis, if the stablecoin doesn’t meet the corresponding risk control standard, we will remove it.

Salt Expands Cryptocurrency Loans

The number of cryptocurrencies that can be used as collateral is growing. “Very Lending, Much Liquidity,” read the email Salt used to introduce its latest altcoin lending option. Cryptocurrency users can now deploy DOGE as collateral, along with BTC, ETH and LTC, and obtain a loan starting from $ 5,000. Crypto-fiat loans can be obtained for between one and 36 months, with an APR that starts at around six percent.

The Daily: Huobi Introduces HUSD, New Cryptocurrency Loans Launch

Crypto Twitter Goes NPC

The non-player character (NPC) meme has been inescapable this week, and it only seems fitting to sign off with crypto Twitter’s take. Cryptocurrency factions never need much prompting to dehumanize and goad one another, and it was inevitable that the NPC meme, which depicts opponents as programmatic non-entities, would catch on. One Twitter user has proposed a bitcoin-themed Halloween costume, accompanied by the sort of stock insult that an NPC might utter:

The Daily: Huobi Introduces HUSD, New Cryptocurrency Loans Launch

Meanwhile, a visitor to Ripple’s headquarters joked that some NPC programming may have been taking place:

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


Images courtesy of Shutterstock, Huobi, Salt, and Twitter.


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The post The Daily: Huobi Unveils HUSD, New Cryptocurrency Loans Launch appeared first on Bitcoin News.

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30 Crypto ATMs Launching in India — Unocoin Unveils Solution to RBI Banking Ban

October 14, 2018 |

30 Crypto ATMs Launching in India — Unocoin Unveils Solution to RBI Banking Ban

A major crypto exchange in India, Unocoin, has officially announced the launch of its crypto ATMs. CEO Sathvik Vishwanath told news.Bitcoin.com that, initially, the company plans to deploy 30 machines in three Indian cities. “These ATMs help people to cash in and cash out which was not possible before” due to the crypto banking ban imposed by the country’s central bank.

Also read: RBI Argues Supreme Court Should Not Interfere With Its Crypto Decision

30 Crypto ATMs in 3 Cities

30 Crypto ATMs Launching in India — Unocoin Unveils Solution to RBI Banking BanUnocoin has officially announced the launch of its cryptocurrency automated teller machines (ATMs). Last week, the exchange confirmed the existence of the project after someone spotted one of the machines and posted a picture of it on social media.

Sathvik Vishwanath, Unocoin’s CEO, revealed to news.Bitcoin.com on Sunday:

The first ATM will be operational in Bangalore tomorrow…In the first phase we plan to deploy 30 machines…The first one is in Bangalore followed by Mumbai and New Delhi in the upcoming week.

30 Crypto ATMs Launching in India — Unocoin Unveils Solution to RBI Banking Ban
Unocoin’s ATM. Photo credit: Twitter.

The company explained that all customers of Unocoin and its crypto-to-crypto trading platform, Unodax, can deposit and withdraw rupees using the ATMs. “Users are subject to some limits on deposits and withdrawals per transaction and per day subject to cash handling restrictions in India,” the exchange clarified. The minimum amount for deposits and withdrawals is 1,000 rupees (~$ 13.57) and must be in multiples of 500 rupees.

Vishwanath emphasized, “All coins on Unocoin and Unodax can be bought using the money deposited through ATM machines. We presently have 30 coins that can be bought.”

Established in 2013, the Bangalore-based crypto exchange now has 120 full-time employees. The exchange claims that it has processed transactions worth more than 2 billion rupees for over 1.3 million customers.

Solution to RBI Crypto Banking Ban

30 Crypto ATMs Launching in India — Unocoin Unveils Solution to RBI Banking BanIndia’s central bank, the Reserve Bank of India (RBI), issued a circular in April banning financial institutions under its control from providing services to crypto businesses. The ban went into effect in July and all crypto exchanges in India subsequently lost their ability to provide rupee deposit and withdrawal services. Unocoin announced the suspension of its fiat support on July 13. The company has been looking for new mechanisms to allow its users to deposit and withdraw rupees ever since.

Vishwanath clarified to news.Bitcoin.com that “The ATMs deployed by us do not need any banking partnerships. These are stand-alone machines that can accept and dispense cash,” elaborating:

These ATMs help people to cash in and cash out which was not possible before due to RBI restriction on banks to not provide bank accounts. The gap is now completely filled by these ATMs except that physical access is required to deposit and withdraw money.

How to Deposit and Withdraw INR Using Unocoin ATMs

In its Sunday announcement, Unocoin detailed how users can deposit and withdraw rupees using its ATMs.

30 Crypto ATMs Launching in India — Unocoin Unveils Solution to RBI Banking BanTo deposit INR, a user needs to “enter his user ID and the OTP [one-time password] that he just received as SMS on his registered mobile number,” the company explained. After confirming account details and depositing funds into the machine, the user’s account will be updated and funds credited for use on both Unocoin and Unodax.

To withdraw INR, “users have to make a request by visiting Unocoin.com or through Unocoin mobile app where he would specify [the] desired amount for withdrawal.” A 12-digit reference number from Unocoin will then be sent to the user to enter into the ATM, along with the OTP sent to the user’s registered mobile number.

What do you think of Unocoin launching 30 crypto ATMs in three Indian cities? Let us know in the comments section below.


Images courtesy of Shutterstock, Twitter, and Unocoin.


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The post 30 Crypto ATMs Launching in India — Unocoin Unveils Solution to RBI Banking Ban appeared first on Bitcoin News.

Bitcoin News

Exchanges Roundup: Yobit Unveils Random Coin Pump, Okcoin USA Plans Stablecoin

October 11, 2018 |

In recent news pertaining to crypto exchanges, Yobit has announced a “random coin” pump for Oct. 11, the founder of Okgroup has announced Okcoin USA’s plan to launch a stablecoin, and Coinbase’s chief policy officer has predicted that the exchange will attain Japanese regulatory approval by 2019.

Also Read: A Bitcoin Rat Is Occupying Wall Street

Skepticism on Twitter over
Aggressive Yobit Campaign

Yobit, the shadowy Russian cryptocurrency exchange, has announced an upcoming “Yobit Pump” scheduled for 9 a.m. EDT on Oct. 11. According to Yobit’s Twitter, the pump will see Yobit purchase one random coin for 1 BTC every one to two minutes, 10 times.

The comments section beneath the tweet shows a predominantly critical reaction to an aggressive promotional campaign premeditated by an exchange that’s already mired in controversy. Last year, Forbes Ukraine reported that Roskomnadzor, the Russian telecommunications regulator, had launched juridical proceedings against Yobit, with Roskomnadzor seeking to block Russian IP addresses from accessing the exchange.

In 2016, Waves also published a warning pertaining to Yobit after the exchange listed a waves/BTC pairing, even though users were unable to withdraw the cryptocurrency from private Waves wallets at the time.

Okgroup Founder Vows Full Compliance
with Planned Stablecoin

Exchanges Roundup: Yobit Random Coin Pump, Okcoin USA StablecoinStar Xu, the founder of Okgroup, has announced that Okcoin USA is planning on entering the stablecoin market.

In a recent tweet, Mr. Xu posted: “Embracing the tide of technology, the launch of a #CNY backed #stablecoin is an inevitable trend, and it will significantly improve the internationalization of the RMB. OKCoin USA will launch a fully compliant stablecoin.” Xu added that “the dollar-pegged #stablecoin regulated by the U.S. government will strengthen the penetration of the U.S. dollar 100 fold.”

Xu also spoke in favor of stablecoins, stating: “Stablecoins are in essence electronic cash. They have the same attributes. The central bank issues the currency and then it is distributed peer-to-peer. The difference is it’s electronic. Today, the amount of cash in China’s domestic monetary system is not small.”

Coinbase Executive Optimistic About Securing Regulatory Approval in Japan

Exchanges Roundup: Yobit Random Coin Pump, Okcoin USA StablecoinIn a recent interview with Nikkei Asian Review, Mike Lempres, the chief policy officer of Coinbase, optimistically discussed the exchange’s desire to obtain regulatory approval to operate in Japan.

Lempres stated that talks are “going well” with Japan’s Financial Services Authority, adding: “We are … committed to getting it done. It will certainly be in 2019.”

Lempres also spoke favorably of the Japanese regulatory system relating to cryptocurrencies. “The Japanese government is more focused on security,” he explained. “That is good for us … Japan has been an active large market from the very beginning, and has proved resilient as it bounces back from several bad experiences. We think there is great demand for a trusted provider of services here.”

Despite his praise for Japan’s crypto regulations, Lempres noted that there are still several issues to be resolved, including whether or not the regulator would require Coinbase to manage its systems from within Japan in order to obtain a license. “We have everything built to protect our storage … in the U.S,” he stated. “We won’t do anything to even raise (the) possibility of a hack. It would be hard for us to duplicate what we do in the U.S. today in Japan and other countries.”

What is your response to Yobit’s random coin pump? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Twitter


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France Unveils Billions in Tax Cuts as Support for Macron Ebbs

September 25, 2018 |

The French government unveiled billions in tax cuts as it seeks to revive flagging public support for President Emmanuel Macron and his efforts to overhaul France’s economy.
WSJ.com: What’s News Europe

Japanese Regulator Unveils Crypto Regulation Updates

September 17, 2018 |

Japanese Regulator Unveils Crypto Regulation Updates

Japan’s financial regulator has recently unveiled the current state of the crypto regulations in the country. Three crypto operators are currently being reviewed. With 160 companies wanting to enter the space, the regulator plans to add more personnel to help review new applicants. In addition, a self-regulatory plan for crypto exchanges has also been submitted to the regulator.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Current State of Crypto Regulations

Japan’s top financial regulator, the Financial Services Agency (FSA), published several documents from its fifth crypto study group meeting on Wednesday, September 12. The current state of crypto regulations and exchange registrations were discussed.

Japanese Regulator Unveils Crypto Regulation UpdatesThe agency confirmed that out of the 16 companies that have been allowed to operate crypto exchanges while their applications are being reviewed, only three have survived the agency’s recent inspections. Coincheck, Lastroots, and Everybody’s Bitcoin are currently being reviewed. The FSA reiterated that it is “currently reviewing the work improvement report” of Coincheck and, going forward, it will periodically conduct on-site inspections of registered exchanges.

Out of the 16 companies, one was rejected by the agency and 12 others have withdrawn their applications. In addition, approximately 160 companies have expressed their intention to register crypto exchanges, as previously reported by news.Bitcoin.com.

FSA Expanding Crypto Team

The FSA’s vice commissioner for policy coordination, Kiyotaka Sasaki, said at the meeting that “The biggest problem is how to deal with new operators,” Reuters reported on Wednesday.

Japanese Regulator Unveils Current State of Crypto RegulationsHe noted that the agency currently has 30 personnel whose jobs include monitoring crypto exchanges and traders, supervising unregistered operators, and reviewing registration applications.

However, with over 160 companies wanting to enter the market, the FSA is seeking additional workforce to help with reviewing applicants. The agency is requesting 12 more personnel in the financial year 2019 to swiftly respond to crypto exchange operators, the publication conveyed.

Plan for Self-Regulation

Also discussed at the meeting are self-regulatory rules established by the Japan Virtual Currency Exchange Association (Jvcea).

Japanese Regulator Unveils Current State of Crypto Regulations
Yasunori Okuyama.

Currently, the members of the association are the 16 government-approved crypto exchanges: Money Partners, Quoine, Bitflyer, Bitbank, SBI Virtual Currency, GMO Coin, Bittrade, Btcbox, Bitpoint Japan, DMM Bitcoin, Bitarg Exchange Tokyo, Bitgate, Bitocean, Fisco Virtual Currency, Tech Bureau, and Xtheta.

The president of both the association and Money Partners, Yasunori Okuyama, explained to the meeting attendees the long list of self-regulatory rules, Impress Corporation reported. One of the rules relates to the handling of cryptocurrencies at exchanges, which states:

When handling a new virtual currency, after conducting an internal review by the member, it is necessary to notify the association beforehand, and if the association gives an objection, it will not be handled.

Another rule concerns the management of customer assets. The association explained that extra restrictions have been added such as “measures concerning margin trading using virtual currency” in compliance with the fund settlement law and the administrative guidelines.

Japanese Regulator Unveils Current State of Crypto RegulationsThe leverage limit designated by the association is four times but members can choose their own limit under certain circumstances. The margin trading rule aims to “suppress the risk of loss of users and excessive speculative transactions in leverage transactions using virtual currency,” the association explained.

Furthermore, exchanges must have anti-money laundering (AML) and combating the financing of terrorism (CFT) measures as well as rules regarding anti-social forces. Among other rules are ones covering basic transactions, dispute resolution, solicitation and advertising, trading guidelines, ethics and how to handle initial coin offerings (ICOs).

While the association says that “the self-regulatory rules will generally be enforced “at an early stage in order to acquire the accreditation of our association,” it acknowledges that some rules may take longer to comply.

What do you think of the Japanese crypto regulation and self-regulation? Let us know in the comments section below.


Images courtesy of Shutterstock and the FSA.


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The post Japanese Regulator Unveils Crypto Regulation Updates appeared first on Bitcoin News.

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U.S. Unveils Charges Against North Korean Operative in Sony Hack

September 7, 2018 |

The Justice Department announced charges against a North Korean operative in connection with the 2014 Sony Pictures hack, the first such case to target the country’s cyber army.
WSJ.com: What’s News Asia

Bitmain Unveils New 18 Terahash Water-Cooled Bitcoin Miner

August 23, 2018 |

Bitmain Unveils 18 Terahash Water-Cooled Antminer

On August 23, the China-based firm Bitmain Technologies revealed the company’s latest mining device, the Antminer S9 Hydro. The newly manufactured rig is a water-cooled SHA256 miner that commands a hashrate of around 18 trillion hashes per second (TH/s).

Also read: Innosilicon’s T2-Turbo Bitcoin Miner is Powerful, But GMO’s B3 is Still the Champ

The Antminer S9 Hydro

Bitmain Unveils 18 Terahash Water-Cooled AntminerOver the past few months, numerous companies have been revealing new and more efficient bitcoin miners. Firms like GMO Group, Innosilicon, Halong, Ebang, and Canaan all have revealed new devices, making the cryptocurrency mining industry very competitive. One of the largest mining companies in the world, Bitmain Technologies, has also been releasing miners, but most of them have been for various alternative cryptocurrency algorithms. Now, Bitmain has revealed its latest Antminer S9 Hydro that utilizes an innovative water cooling system that is less noisy and more energy-efficient according to the company.

The S9 Hydro boasts a hashrate of around 18TH/s and claims to have a wall power consumption of around 1,728W (which is less than a typical home tea water heater). Bitmain says the S9 Hydro’s water cool system can provide “heat dissipation” and people can use the S9 Hydro-Hex external water circulation module for heating rooms in their homes or garages. The company thinks that much larger mining farms located all around the world can utilize a bigger outdoor water source. According to Bitmain’s specs, while operating the chip temperature is around 5°C, which can help the device’s overall performance and efficiency. Bigger mining facilities with an outdoor water supply tethered to the new S9 Hydros will save roughly 8-12 percent in electricity costs, Bitmain claims. This is because in contrast to air-cooled mining rigs with fans, the water is allowed to cool the entire system within the miner’s housing.

Bitmain Unveils 18 Terahash Water-Cooled Antminer
The Antminer Hydro

Longer Operations, Reduced Noise, and Dust Control  

Bitmain Unveils 18 Terahash Water-Cooled AntminerThe cooling system not only ensures longer mining operations, but the S9 Hydro also shows strength when it comes to noise reduction. Most miners these days are pretty loud and some facilities have been so loud that neighbors complain. According to Bitmain, the new water-cooled Antminers under testing show the new rigs “decrease noise by up to 20dB compared with air-cooled miners.” 

Bitmain explains that the S9 Hydro’s features will help bigger facilities as far as maintenance and operation costs are concerned. The company claims that over 95 percent of the S9 Hydro’s power consumption can be moved externally into a water circulation supply which will greatly reduce dust particles entering the machines as well. The S9 Hydro looks much larger than the traditional Antminer and resembles the size of GMO Group’s new B3 design.

The new B3 and its 7nm chips still outperform every device sold on the market today, but Bitmain’s newest release looks as if the concentration was spent on longer operation life and noise reduction. 18 trillion hashes per second (TH/s) is still very fast and competitive among current machines these days, and a water cooling system shows some unique innovation within the mining industry.

What do you think about Bitmain’s newly announced S9 Hydro Antminer? Let us know what you think about this machine in the comments section below.


Images via Shutterstock, and Bitmain Technologies


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Japan’s Internet Giant GMO Unveils New Crypto Priorities, Exchange Profits Up 7-Fold

August 14, 2018 |

Japan's Internet Giant GMO Unveils New Crypto Priorities, Exchange Profits Up 7-Fold

Japan’s GMO Internet has unveiled new priorities for its cryptocurrency business along with the performances of its crypto exchange and mining operations. The changes going forward result from the bear market and increased total hash rate.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

GMO Coin Profits Up 7.3-Fold

Japan's Internet Giant GMO Unveils New Crypto Priorities, Exchange Profits Up 7-FoldJapanese internet giant GMO published its second-quarter results for this fiscal year on Thursday. The report details the performances of the company’s cryptocurrency operations as well as changes in future plans.

In the second quarter, GMO’s overall crypto business generated a “revenue of JPY 2.6B [~US$ 23,481,811] in just a year since the launch,” the report reads. It also generated operating profits of 250 million yen (~$ 2,257,744) in the quarter compared to a loss of 730 million yen (~$ 6,592,612) the previous quarter.

For GMO Coin, the company’s crypto exchange operation, its “revenue increased 7.3-fold” in the second quarter compared to the previous. Its Q2 net sales were 1.42 billion yen (~$ 12,824,623) with operating profits of 550 million yen (~$ 4,967,283). In the first quarter, the subsidiary made a loss of 760 million yen (~$ 6,863,883).

Japan's Internet Giant GMO Unveils New Crypto Priorities, Exchange Profits Up 7-Fold

Furthermore, GMO revealed that its crypto exchange’s “customer accounts are growing steadily,” with about 177,000 accounts opened in one year.

Mining Revenues Up 92%, Unexpected Loss Incurred

GMO’s crypto mining business generated 1.17 billion yen (~$ 10,568,436) in revenue in the second quarter, up 91.8% from the previous quarter. While “our hash rate is increasing as expected,” the company made an overall loss of 360 million yen (~$ 3,252,429).

Noting that the “loss was against our expectation,” the company proceeded to change its mining business policy. In July, GMO mined 568 BTC, a slight increase from the previous month of 528 BTC. However, the hash rate in July was 384 PH/s, unchanged from the previous month.

Japan's Internet Giant GMO Unveils New Crypto Priorities, Exchange Profits Up 7-Fold

Citing external, “uncontrollable factors,” namely the low price of bitcoin and the increasing total hash rate, GMO detailed a change of priorities.

Previously, the company’s top priority was to mine cryptocurrencies in-house, then to offer cloud mining services to the public before selling mining machines. The new strategy puts selling the machines first, then mining in-house before offering their cloud mining services. The company will also “secure a more inexpensive power supply” to lower electricity costs for mining.

Japan's Internet Giant GMO Unveils New Crypto Priorities, Exchange Profits Up 7-Fold

GMO hopes that the change in strategy will lead to more control over their investments and an earlier payback. Meanwhile, the company still plans to ship GMO miners B2 and B3 at the end of October.

What do you think of GMO’s new priorities and performances of the crypto exchange and mining operations? Let us know in the comments section below.


Images courtesy of Shutterstock and GMO Internet.


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Japan Unveils Results of On-Site Inspections of 23 Crypto Exchanges

August 11, 2018 |

Japan Unveils Results of On-Site Inspections of 23 Crypto Exchanges

The Japanese financial regulator has finished the on-site inspections of 23 cryptocurrency exchanges. The agency found many problems and has released a report outlining them. The regulator will use the findings to tighten its review procedures of new crypto exchange applicants, including over 100 companies that have been waiting to be reviewed.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Results of On-Site Inspections of 23 Exchanges

Japan’s top financial regulator, the Financial Services Agency (FSA), announced Friday the results of the on-site inspections of 23 cryptocurrency exchanges operating in the country.

Japan Unveils Results of On-Site Inspections of 23 Crypto ExchangesSeven out of the 23 are fully licensed crypto exchanges; the rest are “deemed dealers,” which are exchanges that have been allowed to operate while their applications are being reviewed by the agency. The FSA started inspecting these exchanges after the hack of Coincheck in January.

With the announcement, the FSA also released an interim report that outlines the problems found from the inspections and monitoring of the exchanges.

Nikkei elaborated:

The inspection reveals a sloppy reality that the maintenance of the internal control system has not kept up with the rapid expansion of transactions. The risk was not evaluated for each virtual currency…and it was judged that securing necessary personnel for countermeasures such as money laundering was insufficient at multiple vendors.

Furthermore, the agency found that “the total assets of the exchanges rapidly expanded to more than 6 times in one year,” the news outlet conveyed. The FSA is also concerned that there are fewer than 20 executives and employees at most places, with assets under custody of “3.3 billion yen [~US$ 30 million] per person” on average.

Going Forward

Japan Unveils Results of On-Site Inspections of 23 Crypto ExchangesThe FSA will make full use of the findings from the inspections when reviewing new applicants. Since the hack of Coincheck, the agency has not approved any crypto exchanges.

According to Nikkei, three companies are currently being reviewed, including Coincheck. The publication reiterated:

It is expected that exchange registration that had virtually stopped after the Coincheck incident will be resumed. In the future the examination will be tightened, such as evaluating the effectiveness of the business plan…and the internal control system on-site.

At present, there are over 100 companies waiting to be registered. According to Business Insider Japan, they include megabanks, major IT companies, and major securities companies. While some have already submitted applications to the FSA, several have only gone through one consultation with the agency. An FSA official told the publication that he would like those wanting to be registered to examine the inspection report and “first compare [the findings] with the situation of their company.”

What do you think of the FSA’s inspections and findings? Let us know in the comments section below.


Images courtesy of Shutterstock.


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Canaan Unveils 7nm Chip Equipped Miner at Press Conference

August 9, 2018 |

Canaan Unveils 7nm Chip Equipped Miner at Press Conference

At a recent press conference, the world’s second largest manufacturer of bitcoin mining rigs, Canaan Creative, revealed four new products. In addition to the recently reported bitcoin mining television set, the company will launch a 7nm chip-equipped 30T Avalonminer A9, a Litecoin Avalonminer, and a household heater miner.

Also Read: Bitmain Offers Wi-Fi Routers Mining Cryptocurrencies

Canaan Creative Celebrates Development of 7nm Chip Equipped Miner

Canaan Unveils 7nm Chip Equipped Miner at Press ConferenceAt a press conference in Hangzhou held on the 8th of August, Canaan Creative unveiled what it claims is the world’s first 7nm mining chip.

According to Weixin, the Secretary-General of the Zhejiang Semiconductor Industry Association, Mr. Chen Guanglei, described the development of the 7nm chip “giving the Zhejiang semiconductor industry an opportunity to lead the world.”

Canaan also announced that it will be releasing the world’s first mass producer miner featuring the 7nm chips, the Avalonminer A9. The company claims that the A9 is has a performance of between 60w and 70w per terahash and a hash rate of between 26.5 and 30 terahashes per second.

Public affairs director, Jianan Yun Chi Tu Songhua, stated: “The 7nm chip is known as the global leader in blockchain repetitive computing. The world’s first 7nm mass production chip was born in Jianan, which is the power of technology and the strength of the team. The chip has the industry’s highest computing density, lower cost and greater capacity, low power consumption, high temperature and high yield.”

Mining Appliances Set to Start “Smart Home AI Era”

Canaan Unveils 7nm Chip Equipped Miner at Press ConferenceCanaan discussed three other upcoming products, including the Avalonminer L – a Litecoin with a performance of 0.84w per megahash and a total hashing power of 1,891 megahashes.

The company also showcased its upcoming bitcoin mining television set, the Avaloninside – which will feature A3210 16nm ASIC chip producing a hash rate of 2.8 terahashes per second and consume 100w per terahash.

According to Luo Yanqiang, “The principle is to use the traditional home appliances in the process of use, participate in the blockchain calculation, for the future implementation of household cloud computing for household appliances, and gradually form the basis of the smart home AI era.”

Additionally, the company will introduce to its product range a household heater that mines cryptocurrency.

What is your response to Canaan Creative’s upcoming products? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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