Year Archives -
Cost estimates of up to $ 80 million over initial predictions appear to have rained on President Trump’s parade. Pentagon spokesman Col. Rob Manning says Trump’s plan for a military parade in Washington, DC, this fall have been postponed until next year at the earliest, the BBC reports. “The Department of…
Tencent’s selloff has sparked fears of a broader contagion for tech stocks around the world.
WSJ.com: US Business
A new competitor is advancing on plans to enter the mining hardware market by the end of the year. Canadian company Squire Mining has raised almost $ 20 million to finance the design, development, and testing of a new ASIC chip and bitcoin mining rig. Squire also wants to set up its own crypto mining facilities.
$ 20 Million to Develop New ASIC Chip
Squire Mining Ltd., a Canada-based investment company focused on global resource exploration and tech projects, has closed its non-brokered private placement equity financing of $ 25,500,000 CAD ($ 19.5 million USD). The money will be invested in a planned change in business – the firm now wants to enter the crypto space.
Squire intends to use financing proceeds to fund the design, development, testing and mass production test run of the company’s “next generation” ASIC chip and bitcoin mining rig, according to a press release. A portion of the funding will be reserved for further research and development of a second generation chips and rigs, and to cover marketing, promotion and distribution expenses.
The company says it hopes to complete the manufacture and assembly of a pilot production test run of its first bitcoin (BTC) mining ASIC chip and rig by the end of the fourth quarter of 2018. According to a partnership agreement with design and system engineering architecture expert Peter Kim, which was signed in March, the ASICs will be 10nm chips.
The joint venture, in which the company will hold an initial 66 2/3% interest and Kim will hold 33 1/3%, will be based in South Korea. It will be responsible for the design, development and commercialization of the highly specialized hardware. Once the ASIC chip development is completed, the enterprise will also take care with sales of bitcoin and other crypto-mining systems and work to develop its own mining facilities.
Growing Mining Industry Attracts New Competitors
Squire Mining, which is currently filing final listing documents with the Canadian Securities Exchange, notes that the development of the nextgen chips and system architecture is the central foundation for the growing crypto industry. Its entry into the mining sector, currently dominated by the Chinese giant Bitmain which controls about 80% of the market, is expected to increase competition in the space.
Crypto mining is a profitable business and the Beijing-based Bitmain, which also owns some of the largest mining facilities, has reported profits of more than $ 3 billion dollars in 2017. The mining behemoth is now trying to diversify its product line – it recently launched two new Wi-Fi routers capable of mining x11 and blake2b cryptocurrencies like dash and siacoin.
Bitmain announced the routers days after Canaan Creative, the world’s second largest manufacturer of cryptocurrency mining equipment, said it was planning to sell a TV set that doubles as a mining rig.
Other players, including companies like Samsung, are also trying to take a share of the market. This spring, the South Korean electronics giant reported increasing profits thanks to its production of bitcoin mining chips. In July, Japanese internet giant GMO launched an upgraded version of its bitcoin miner equipped with 7nm ASIC mining chips. The new rig boasts a higher hash rate and is capable of mining both bitcoin core (BTC) and bitcoin cash (BCH).
Are you expecting more companies to join the competition in the mining hardware sector? Share your thoughts on the subject in the comments section below.
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The U.S. economy is projected to grow 3.1% this year as more government spending and tax cuts help propel an expansion, the Congressional Budget Office said Monday.
But the robust run of growth may stall as early as next year, with the U.S. economy expected to slow in 2019 and during the following…
Justin Bieber popped the question to Hailey Baldwin a nanosecond after getting back together in June, but we’ve learned they’re not rushing to the altar … not by a long shot. Sources with direct knowledge tell TMZ … Justin and Hailey are…
Unions representing nearly 10,000 workers at the Disneyland Resort ended a months-long labor dispute by voting Thursday in favor of a three-year contract that raises hourly wages by as much as 20% immediately and an additional 13% in January.
The employees — including candy makers, custodians,…
Sergio Marchionne, who died earlier this week, had been seriously ill for more than a year and in that period received recurring treatment, according to the Zurich hospital where he died.
WSJ.com: US Business
Fortune magazine’s annual 40 Under 40 is out, recently published in print and online, highlighting leaders under forty years of age. This year, the cryptosphere is well represented by Ethereum’s Vitalik Buterin, Coinbase’s Brian Armstrong, and Robinhood’s Vlad Tenev. Wielding billions and billions in valuations, their average age is just a tender 30 years old. Slowly and methodically, crypto is making its way into the mainstream, coming of age.
Fortune’s 40 Under 40 Include Ecosystem Heavy Hitters
Fortune magazine’s 40 Under 40 list contains forty of the world’s most productive, interesting leaders under forty years old. “Whether they’re building companies worth billions of dollars,” the magazine explains, “carving a prominent niche in a Fortune 500 business, leading governments or winning Academy Awards, these listers are running fast and winning big.”
The 2018 iteration includes cryptocurrency heavies such as Ethereum’s Vitalik Buterin (24), Coinbase’s Brian Armstrong (35), and Robinhood’s Vlad Tenev (31). On making the cut, some were asked about keys to their success. Mr. Tenev of Robinhood, the free stock trading application which recently allowed users to trade crypto, emphasized writing things down.
“I write everything down: important decisions,” Mr. Tenev revealed, “my number-one goal for the day, to-dos, and miscellaneous thoughts. It helps me focus on what’s most important each day, not forget anything, and provides a nice look back at key moments and inflection points that can be good teaching moments for new employees down the road.” In only five years, Robinhood reached a reported $ 5.6 billion valuation.
Crypto is Coming of Age
Making Fortune’s list marks something of a crypto coming of age. The broader, mainstream financial community appears to be taking more notice of decentralized digital currency. It has taken nearly a decade, but with revelations about patent-seeking legacy corporations, futures markets, more talk of ETFs on the horizon, crypto has arrived.
Indeed, famed crypto bank and quasi-exchange, Coinbase has at its head a 35-year-old who believes in motivational language. CEO Brian Armstrong explains, “Everyday, I write down affirmations (what I aspire to be in the world) and my goals (if I only got three things done today, what would they be). Then I start on those three things, before looking at anything else like my inbox.” Coinbase has grown so fast; rumors are that it aims to be the ecosystem’s Google in terms of stature.
Vitalik Buterin, 24, a founder and the face of Ethereum, describes “his open-source blockchain platform Ethereum as a ‘world computer,’” Fortune notes. “The skinny visionary’s experiment, which began as a white paper, now has a market valuation of $ 48 billion, making it the second-most-valuable crypto network next to Bitcoin. Ethereum caught a lucky break this year when the SEC said it would not regulate ether, the network’s native coin, as a security. Rumor has it Google recently tried to hire Buterin to lead its own whispered crypto endeavors, but he declined.”
Has crypto arrived in the mainstream sense? Let us know in the comments section below.
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The Japanese NTA (Tax Agency) has announced a new strategic policy put in place by July 15th to promote and improve the environment for people and companies to spontaneously declare their virtual currency income tax returns.
NTA to Devise Simplified and Automated Tax Return Filing Method
Together with the Financial Service Agency and cryptocurrency related organizations, the NTA has reportedly said a simplified tax declaration method, which would automatically calculate profits made by selling virtual currencies and tax returns, is currently underway.
The NTA also urged private companies to utilize the software which can automatically calculate profits and losses made in cryptocurrency, and encouraged them to properly pay taxes, insisting the complicated tax payment method is now improved.
Earlier in April, the NTA held study sessions together with the FSA and Japan Blockchain Association aiming at exchanging opinions and thoughts on cryptocurrency tax filing methods. After a few of these study sessions, which are to be held until the end of 2018, the NTA intends to come up with a solid and concrete tax policy before next year’s tax return.
Simplifying Cryptocurrency Tax Calculation
Most of the difficulties for calculating profits obtained after selling cryptocurrencies relate to the different methods used by each crypto exchange for transaction history data storage. The NTA also pointed out the difficulties of managing distorted tax returns and cheating.
The NTA intends to solve these issues altogether by putting in place software capable of automatically calculating profits and losses and publicizing this service in support of tax returns made on crypto income mainly for IT companies.
Profits made after selling crypto would correspond to miscellaneous income. A tax return will be required to be filed for general company employees earning in crypto, if profits of more than 200 thousand yen ($ 1,800US) worth of crypto is earned between January and December of that year.
The crypto taxpayer’s burden would be eased only if the complicated calculation becomes automated. The NTA is also considering simplifying the tax declaration paperwork to ensure a secure tax payment system.
What do you think of Japan’s tax office improving the tax filing system for crypto earnings? Share your thoughts in the comments section below!
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