Nvidia Stock Good for Bottom Fishing This Christmas, Citi Group Executive Says

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Nvidia Stock Good for Bottom Fishing This Christmas, Citi Group Executive Says

Shedding out 50% of its value in the last three months, some analysts predict Nvidia’s stock price has already reached its bottom while seeing a buying opportunity this time.

Nvidia Stock Good for Bottom Fishing This Christmas, Citi Group Executive Says

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Russian Data and Mining Centre Redstone to Start Operations in June 2019

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Russian Data and Mining Centre Redstone to Start Operations in June 2019

Redstone, a new data storage and crypto mining facility that is being set up by Telecor, a Russian engineering company, will be launched in June 2019.

Russian Data and Mining Centre Redstone to Start Operations in June 2019

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Calling All Gamers: Razer Wants You to Mine Cryptocurrency Using Idle GPUs

Razer, the multi-billion-dollar gaming equipment manufacturer, released a new program that allows gamers to easily utilize their idle GPUs to mine cryptocurrency. The catch to this seemingly simple program, however, is that users don’t actually get to keep the cryptocurrency they mine.
Razer Releases Cryptocurrency Mining Software Called SoftMiner
The new program, called SoftMiner, allows PC users to utilize their expensive GPUs while they are not using their computers, whether that be while they are at school, sleeping, or at work, and in exchange Razer rewards them with something called “Razer Silver.”
The San Francisco and Singapore-based tech company announced the program in a tweet earlier this morning, marketing their new program as a way to earn rewards for doing “nothing at all.”
“Have a gaming rig on idle at home? Here’s a new way to score Razer Silver: launch Razer SoftMiner on your PC and start racking up Silver—one step closer to the reward you want, for doing nothing at all.”
Once the software is downloaded, it will automatically activate the PC’s GPU when the computer is not in use and will disburse Razer Silver rewards depending on how much cryptocurrency is mined over a set period of time. Razer has not specified which cryptocurrency will be mined.
A Good Deal for Razer, But not a Good Deal for Users
Although SoftMiner seems like a simple way for users to obtain rewards points that can be exchanged for “coveted Razer rewards like our latest peripherals, games, discount vouchers, and more,” users could run mining software themselves and cash out their cryptocurrency for fiat currency.
Razer claims that with the proper set-up, users can generate up to 500 Razer Silver credits per 24-hour period, which basically amounts to $1.67 per day worth of rewards based on a $5 Razer reward costing 1,500 credits.
The comments on the Razer SoftMiner announcement on Twitter signal that nobody is too excited about this new program.
One user wrote “Seriously? This is an early April fools joke right?” While another user referenced the high cost of electricity incurred while mining cryptocurrency, saying “I’m just going to need to forward my electricity bill to you [Razer] every month and have you pay it.”
Another user criticized the “trade deal” Razer is offering users, calling it the “worst trade deal in the history of trade deals, maybe ever.”
Asus and Quantumcloud recently released a similar program that allows gamers to mine cryptocurrency using their idle graphics cards, although their program allows users to cash out the proceeds (minus a fee) to either their PayPal or WeChat accounts.
Although it is clear that SoftMiner isn’t the best deal for users, it does signal a growing trend for tech companies who are looking to generate additional income through mining cryptocurrency.
Programs like SoftMiner and the one being offered by Asus may also introduce more people to the crypto markets and could act as a gateway that leads gamers into the world of cryptocurrency mining.
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Bear Market Forces Bitmain Shut Down Its Development Center

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Bear Market Forces Bitmain Shut Down Its Development Center

Bitmain’s Israeli Development Center shuts down with the firm’s China-based IPO approaching. The current bear market is somewhat to be blamed for the drastic decision.

Bear Market Forces Bitmain Shut Down Its Development Center

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Report: The Biggest Crypto Bears Are Selfish Chinese Miners

Many have been wondering which group represents the majority of crypto bears recently as prices keep plummeting. Those that got into crypto within the last year have likely fled the scene with tails between their legs and burnt fingers. That leaves long term hodlers, institutional investors, and Chinese crypto miners.
Chinese Miners Playing the Short Game
A report in a local media publication aligned with Bitmain suggests it could be this latter group that have been shorting Bitcoin in great numbers. According to a translation of the story, several quotes were taken from Chinese miners explaining their reasoning;
“Everyone is short-seller, we do this for self-defense but that will lead to a further decline in cryptocurrency price … Without short selling, we will be eliminated ultimately, but if everybody keeps doing this, we will finally die together, which is quite heroic,” said a Chinese miner called Jin Xin.
In a bear market with a down trend that is getting steeper by the week it makes sense to hedge on shorting cryptocurrencies;
“If I mine 30 coins in the next month, while its price may continue to fall by another 10% according to the current trend, I shall place a short order on the exchange to sell them at current price but deliver one month later,” he added.
Similar to futures, the miners can lock in a price for their coins instead of facing more uncertainty down the line when prices are likely to be even lower. Hedging has become an essential skill in surviving a bear market whereas four years ago, when there were fewer Bitcoins and mining difficulty was much lower, hodling would have sufficed.
Bitcoin mining has gone through several stages over the years, from a garage activity for enthusiasts on gaming rigs, to mega factories, and now to a financial model. The principal now is that if the price drops, then miners make a profit, but that profit is negated by the now lower value of the coin they have. As pointed out by Trustnodes, if price increases, then they make a loss by short selling, but that loss is annulled by the higher value of the now movable coin they hold.
This is a rather selfish and destructive approach to the crypto ethos which may well end in bankruptcy for many Chinese miners. Smarter ones are likely to be hodling while the storm passes and waiting for a time that they can sell again at a higher price rather than trying to get instant profits by destroying the product.
This year increasing hashrates have reached a point of unsustainability, a tipping point past which it would no longer be profitable to continue mining. Over the past month difficulty and hashrate have dropped as miners start to pull their heavy duty mining rigs out, leaving a gap for the smaller outfits.
Some miners have started buying up used GPUs again as a second strategy, the selfish are shorting, and those most likely to survive have gone into hibernation with their stash for the crypto winter in wait for warmer days ahead.
 
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Bitcoin Holds Steady Around $4,000, Cost of Mining Continues to Drop

Following yesterday’s market turbulence that sent the cryptocurrency markets down towards their 2018 lows, Bitcoin appears to have established the $4,000 region as a level of support. Some analysts expect that the cost of mining may be playing a role in the current market conditions.
At the time of writing, Bitcoin is trading up over 3% at its current price of $4,000. Although its price has not yet responded bullishly to this price region, it has held as support for the past couple of days and may prove to be a significant support region in the future.
It is reasonable to assume that the primary price level to watch for over the coming days and weeks is $3,600, which is Bitcoin’s recently established 2018 low. When BTC first fell to this price in late-November, it rallied up to over $4,000 before drifting back down to these regions, at which time $3,600 sparked a relief rally (or a so-called “dead cat” bounce) that sent its price to highs of $4,400.
Many analysts have speculated that the increasing unprofitability of mining Bitcoin could be adversely affecting the markets, as some models suggest that the cost of mining one Bitcoin is currently $4,500, which is more expensive than the Bitcoin itself is worth.
However, data suggests that as Bitcoin’s price drifts lower, miners are actually seeing increasing mining profitability, despite still losing money.
While speaking to MarketWatch about the current cost of mining, Sam Doctor, the head of data science at Fundstrat Global Advisors, said that miners are getting some reprieve from the losses incurred from mining, due to a combination of more efficient mining devices and lower cryptocurrency prices.
“Our model suggests the cash cost of mining each BTC on the Antminer S9 is now $4,500, down from $5,300 in September… Depreciation expense has fallen to $1,300 vs. $2,000 in September, reflecting a lower rig cost as newer devices have come to market. Fully loaded breakeven is now $5,700, compared with a breakeven of $7,300 in September,” Doctor said.
Related Reading: Cryptocurrency Market Update: Real Recovery or Dead Cat Bounce?
Altcoins Trade Mixed Amidst Bitcoin Stability
Although Bitcoin has proven to be stable around the $4,000 region, the altcoin markets have experienced mixed trading over the past 24-hour trading period.
At the time of writing, Ethereum (ETH) is one of the best performing altcoins, trading up over 3% at its current price of $111. ETH is currently up over 11% from its 2018 lows and appears to have established the $110 region as a possible level of support.
Bitcoin Cash and EOS are two of the worst performing major altcoins today, trading down 3.3% and 4.4% respectively.
Bitcoin Cash is currently hovering right around its all-time lows, which were first breached in late-November when its price crashed below the $200 level. Although the markets have played a huge role in BCH’s poor performance, its downwards spiral was sparked by its hard fork event that occurred on November 15th.
EOS is currently just a hair above its 2018 low of $2.40 and is currently trading down 4.4% at its current price of $2.46. EOS is trading down significantly from its weekly highs of $3.36 and is down 57% from its one-month highs of $5.73.
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Argo Blockchain Sees 146% Increase in Crypto Mining Package Sales

A shattered crypto market has not deterred miners from purchasing crypto mining software packages, revealed Argo Blockchain.
The U.K.-based Mining-as-a-Service (MaaS) firm noted a 146% jump in its sales between October 1 and December 4 after selling a new batch of packages.
It led the company to beat its January 2019 sales targets ahead of time and by a notable margin. As of now, Argo expects to note an annual revenue of $6.2 million, up from $0.26 million when it listed on the London Stock Exchange.
Meanwhile, the firm stated that its net cash balance as of November 30 had reached close to $19.22 million.
Mike Edwards, co-founder, and director of Argo, claimed that their high revenue growth proved their strategies were working despite the crash in the crypto market lately. He acknowledged that the demand for crypto mining packages was already going up, which made Argo expand its mining capacity in September to cater to seven-times more subscribers. As expected, the supply underfed the growing demand, leading to an immediate sell-off of the mining software packages after release.
“Demand for the company’s packages continues to exceed supply, but the company looked to the future with confidence,” Edwards added.
Related Reading: US Mining CEO: Bitcoin Miners Are Being Flushed Out of the Market
Future Projections
Argo has a sustainable business model that could lead to “highly-profitable” fiscal quarters in the future, believes Alan Howard, a senior equity analyst at Argo’s house broker, Mirabaud Securities.
The financial expert explained that the firm had started posting profits just three months after the launch, with its annual revenue run rate hitting $2.5 million. He recognized that if Argo manages to sell 30,000 packages within the first 12 months of launch, its revenue run rate will peak to as highs as $18 million. It would remain profitable even after cutting down operational costs related to hardware, customer acquisition, and electricity.
“Longer term, the company is well positioned to develop a mass market and highly profitable global crypto-mining service, having already secured enough power capacity at highly attractive electricity costs (US$0.030-0.038 per kWh) to be able to service over 150,000 packages from its Canadian data centers,” Howard had said.
The company could also benefit from Bitcoin’s falling difficulty which makes it easier for miners like them to mine the digital currency while preserving the essence of its proof-of-work blockchain. However, the projections do not specifically describe how much of a role Bitcoin could play in posting bullish figures for Argo.
Simple Mining
The crypto mining sector faced huge losses after the crypto market crashed more than 80% from its all-time high. Miners that were bullish on specific cryptocurrencies pre-ordered expensive mining equipment, expecting their tokenized rewards would be met with higher fiat equivalent down the road.
At the same time, chipmaking companies such as Nvidia and AMD misread the demand for crypto mining equipment and oversupplied the market. As the demand dropped due to non-profitability, they eventually stopped manufacturing more mining chips.
Argo, on the other hand, has removed the necessity of owing mining equipment from the equation. Their users subscribe to their monthly packages, and they use the money to run their mining operations in countries with cheaper electricity rates – thereby, ensuring profits to all. Noting that Argo is heavily regulated, investors appear more confident in their business model.
Last checked, Argo shares went up 18.4% to 5.625p.
Featured image from Shutterstock.
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More Than 100,000 Bitcoin Miners Shut Down Amid Bearish Bitcoin Market Trends

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More Than 100,000 Bitcoin Miners Shut Down Amid Bearish Bitcoin Market Trends
There is a consolidation going on among the bitcoin miners that perform the complex calculations to generate the digital currency after the plunge rendered many of them unprofitable.
More Than 100,000 Bitcoin Miners Shut Down Amid Bearish Bitcoin Market Trends

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US Mining CEO: Bitcoin Miners Are Being Flushed Out of the Market

The CEO of one of the largest cryptocurrency mining firms in North America says miners are being flushed out of the market after Bitcoin’s latest price drop.
Bitcoin Mining No Longer Profitable, Miners Exiting En Masse
While November has typically been among the most profitable months for Bitcoin investors in the past, this November led to the worst single-month decline since August 2011, dropping 37% in a month. Even with Bitcoin having already fallen over 70% from its all-time high of $20,000, full-blown panic didn’t ensue until this break of critical support at $6,000.
With this latest decline, Bitcoin’s price is now well below the price at which Bitcoin mining provides a profitable return on investment, which currently hovers around $4,500.
Malachi Salcido, CEO of Washington-based cryptocurrency mining firm Salcido Enterprises, said that companies like his own are “entering in the phase when there’s a flushing out of the market,” and that only “relatively few” operations “will come out the other side,” reports Bloomberg.
Related Reading: November Crypto Review: One-Third of Market Wiped Out
According to Salcido, the 22 megawatts of power his firm currently has deployed makes him among one of the largest miners in North America and the United States. The Washington-based cryptocurrency mining firm is building an additional 20 megawatts of power.
With Bitcoin prices plummeting and reaching levels of unprofitability for most miners, only those – such as Salcido Enterprises – who have access to low energy costs and have significant scale, can stay in operation. Salcido Enterprises’ base operations are located near the Columbia River and are privy to some of the cheapest electricity prices in the entire country.
Salcido pays just three cents per kilowatt hour, which is roughly half of what Bitcoin miners in China are paying.
The mining firm executive has been through three other major Bitcoin price crashes in the past, and is predicting that the “bottom” will be “in February.”
“I expect where we are at to possibly get a little worse before it gets better,” Salcido said.
100,000 Individual Miners Shut Down, Leaving Bitcoin Susceptible
Blockchain research and analysis firm Autonomous Research LLP estimates that 100,000 individual miners have closed up shop after this latest price drop in Bitcoin, causing retail investors, speculators, miners and even hedge funds to capitulate.
Related Reading: Bitmain Launches Crypto Index for Investors
As smaller miners leave the market, mining difficulty lowers and profitability increases for the largest entities, such as Salcido and Chinese-based mining giant Bitmain. But with fewer and fewer companies mining for Bitcoin and thus controlling the network’s hashpower, the crypto asset is increasingly susceptible to a 51-percent attack.
In a 51-percent attack, miners with at least a 51% majority control of the network’s hash rate would gain the ability to alter transactions on the blockchain, and could potentially steal billions of dollars from Bitcoin investors in the process.
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Chinese Crypto Miner ‘Huaren Capital’ Plans Expansion Into Philippines With “Digital Peso”

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Chinese Crypto Miner ‘Huaren Capital’ Plans Expansion Into Philippines With “Digital Peso”

The “Digital Peso” project is aimed at reducing friction for international remittance and establishing a two-way corridor between the Phillippines and China.

Chinese Crypto Miner ‘Huaren Capital’ Plans Expansion Into Philippines With “Digital Peso”

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Bitmain Crypto Index Launches For Crypto Investors

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Bitmain Crypto Index Launches For Crypto Investors

Mining giant Bitmain has just launched a new cryptocurrency index. The index is for investors who are interested in having a benchmark for their investments.

Bitmain Crypto Index Launches For Crypto Investors

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Saga Comes to an End: Bitcoin Mining Firm Giga Watt Declares Bankruptcy with Millions in Debt

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Saga Comes to an End: Bitcoin Mining Firm Giga Watt Declares Bankruptcy with Millions in Debt

Another cryptocurrency mining firm, Giga Watt falls out of the race declaring itself bankrupt and unable to refund its $7 million-debt to investors.

Saga Comes to an End: Bitcoin Mining Firm Giga Watt Declares Bankruptcy with Millions in Debt

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US Election Commission Gives Green Light for Support of Favorite Candidates via Crypto Mining

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US Election Commission Gives Green Light for Support of Favorite Candidates via Crypto Mining

Under the FEC advisory opinion, it would be possible to support political campaigns by donating computer power to mine crypto for preferred candidates.

US Election Commission Gives Green Light for Support of Favorite Candidates via Crypto Mining

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Chinese Bitcoin Mining Centers Fear Electricity Cuts as Compliance Issues Loom

Having banned the exchanges where cryptocurrencies like Bitcoin are traded, the Chinese government is now cracking down on the plants where such currencies are mined.
The Yingjiang Administration Bureau for Industry and Commerce, which enforces enterprises and consumer protection laws, issued a notification to the Bitcoin mining facilities operating in China’s Yunnan province. The bureau sought the said businesses to register themselves with their Power Supply Bureau. In case of non-compliance, it warned them with power cuts, threatening the very core on which their mining operations are based.

#btc mining facilities in Yunnan province are facing another round of compliance check. Failure to do so will result in power cutoff from the grid. pic.twitter.com/S8udtDrbvX
— Red Li (@redtheminer) November 12, 2018

The notification surfaced after big mining facilities were found to be using the state-sponsored cheap electricity to mine cryptocurrencies. The authorities found that a majority of these low-level but high income-based businesses were functioning in the grey areas of the law. They were receiving an unlimited supply of electricity without a check, even though they didn’t have an official business name.
The Power Lies Within
China accounts for the world’s highest computing power devoted to the crypto mining operations. It has made the country headquarters to some of the biggest crypto mining firms, such as Beijing-based Bitmain. These companies not only make crypto mining hardware but they also operate large mining pools – where groups of miners bring their machines together to improve their chances of finding the next block.
Cheap or subsidized electricity is the main advantage for Bitcoin mining companies in China. In the coal-abundant Yunnan province, for instance, the authorities offer companies the power at a subsidized rate of only 4 USD per kilowatt-hour. This is way less than the electricity tariffs in European countries and the US. It allows crypto mining firms to reap enormous benefits, a process that so far has gone unchecked due to the youth of the industry.
Reports indicate that miners also reached out to local hydro-power stations for an even cheaper electricity slab. There is a possibility that many mining firms enjoyed mining cryptos at the electricity rate of just a few cents per kilowatt-hour – again, in a legal grey area. The Yingjian administration notification also ordered such power plants to stop providing cheaper electricity to their local mining facilities.
Compliance Looming
As a part of regulatory reform, the Yingjian administration decided to impose new legal parameters on the local Bitcoin mining businesses. The office now wants them to register them with their real names, undergo tax inspection, show their source of funding, and even guarantee the power supply they require every month.
The notice from Yingjiang regulator referred to a case from the Xingjiang region where a mining company was told to shut operations from November 5, citing non-compliance. A letter of guarantee – translated from Chinese – from the mining company read:
“Our company will obtain a real name as per the norms of the Public Securities Department for higher standard execution. In the meantime, not only will we stop our mining operations, but we would also make sure not to offer any of our services to our customers.”
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New Innovations In Bitcoin Mining Malware

Bitcoin mining malware is a big problem. By hijacking the blockchain to illicitly mine Bitcoin, hackers are able to carry out a number of exploits on the blockchain that can in turn damage assets held by investors all over the world. Annoyingly, as the security of the blockchain develops and as we create more innovative ways of protecting the blockchain, hackers also get more clever, as does the malware they produce.
According to new research, it seems that the latest fad in malicious crypto mining comes in the form of legitimate windows installation packages, making the malware hard to detect for both the user, and their machines antivirus software.
According to The Next Web:
“Researchers say the malicious software, more commonly known as Coinminer, was specifically designed to fly under the radar. What makes the attack particularly difficult to detect is that it uses a series of obfuscation methods. The discovery comes from security firm Trend Micro, which has since documented the attack vector at more length.”
My masking as a legitimate windows installation file, users of windows machines won’t question the legitimacy of what seems to be a new update, or a windows download. Because of this, the chances of the malware being installed are increased, just as the chances of antivirus software has of detecting the malware decreases. Overall, it’s a hackers perfect recipe.
According to The Next Web, the report by Trend Micro states:
“The malware arrives on the victim’s machine as a Windows Installer MSI file, which is notable because Windows Installer is a legitimate application used to install software. Using a real Windows component makes it look less suspicious and potentially allows it to bypass certain security filters.”
Now of course, there’s a little more to this. Once the file has been installed, hackers have realised that visible parts of the file still need to appear as useful windows files, in order for the malware to remain on the machine in order to extract hashing power and mine Bitcoin maliciously. According to The Next Web:
“The hackers’ trickery doesn’t stop there though. The researchers note that, once installed, the malware directory contains various files acting as decoy. Among other things, the installer comes with a script that counteracts any anti-malware processes running on your machine, as well as the actual cryptocurrency mining module.”
And, most concerningly, according to the Trend Micro report:
“To make detection and analysis even more difficult, the malware also comes with a self-destruct mechanism. It deletes every file under its installation directory and removes any trace of installation in the system.”
How can I protect myself from this?
Illicit Bitcoin and cryptocurrency mining is a problem, one that has a very negative impact on the industry and interferes with many aspects of the industry, including coin circulation and of course, value. In order to protect yourself, you simply just need to be careful when you are online. Never download content from untrusted sources and always ensure you have an up to date antivirus software running.
Think twice before downloading anything off the internet, ensure that all websites you are using are secure and practice good safety measures when browsing the web. It’s not hard to protect yourself, so long as you are careful.

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