Regulator Rules Cryptocurrency Mining Contracts Can be Securities

The financial markets authority of Quebec (AMF) is requesting that investors in a cryptocurrency mining company contact them. The announcement comes after Technologies Crypto Inc. was issued with a series of freezing orders in connection with existing securities regulations earlier this month.
Technologies Crypto Inc. reportedly took over $300,000 from investors that were under the impression that the funds would be used for mining. Many have been left out of pocket.
AMF: Cryptocurrency Mining Contracts Can Fall Under Securities Regulation
According to a press release issued by the AMF and reported by Finance Feeds, those investors who had put money into a Quebec-based cryptocurrency mining firm are being urged to contact local financial regulators. Many of those investing into Technologies Crypto Inc. have been unable to reclaim their investment from the company.
The AMF post requests that anyone who was involved in any capacity with the cryptocurrency mining firm or its two principals, David Fortin-Dominguez and Samory Proulx-Oloko, to contact Ms. Hélène Guilbault by the end of February. They can do so at telephone number 1-877-525-0337.
The regulator requested that the Financial Markets Administrative Tribunal (TMF) issue a series of freezing orders against the aforementioned company and individuals earlier this month. The order stated that Technologies Crypto Inc. was acting in violation of existing securities laws.
Trading under the name “Make It Mine”, Technologies Crypto Inc. is thought to have taken $300,000 from investors. These backers believed that the money would be used for crypto mining. Whilst some were able to reclaim funds, others were left at a loss and attempts to contact the firm have been unsuccessful for many.
The freezing orders issued thus far state that those mentioned above are prohibited from taking money from their bank accounts, getting rid of any cryptocurrency mining equipment, and partaking in any activities relating to the trade of securities.
Jean-François Fortin of the AMF stated the following of the regulators’ ruling:
“With this decision, the TMF ruled for the first time that an investment offer related to cryptocurrency mining may constitute an investment contract, ie a security whose public offering is regulated… We therefore invite investors who have done business with the respondents to contact the Authority promptly so that we can assist them.”
Quebec’s regulators have a history of policing crypto firms violating securities legislation.
Not the First Time the TMF Steps in to Protect Cryptocurrency Investors
The TMF has been active in the policing of cryptocurrency firms before. Perhaps its most high-profiles case is that against PlexCoin. Last year, the regulator renewed its injunction orders against all companies and individuals connected with the high-profile scam. Additionally, the TMF ordered the shutting down of websites owned by the company, as well as its Facebook pages.
 
Related Reading: Crypto Assets Won’t Be Classified As Securities With Proposed U.S. Bill
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Bitcoin Needs To Reach At Least $7,000 to Save the Mining Industry: Analyst

The economics of Bitcoin (BTC) is a touchy subject. Case in point, debates regarding the subject matter are the catalyst for some of the project’s leading forks. And while discourse regarding the subject has dissipated, especially as Craig Wright and Roger Ver have gone on their merry way, the long-term sustainability of Bitcoin’s consensus mechanism has recently come under fire.
Filb Filb, a leading crypto asset researcher, looked to bring rational thought and numbers to a facet of this non-parley on Sunday, releasing a Twitter thread on mining fees and their role in cryptoeconomics.
Related Reading: Block School: Basic Blockchain Theory and Cryptoeconomics
99% Of Bitcoin Mining Revenue Is Block Rewards
Filb first laid out some ground rules. Citing block explorer information, Filb noted that miners hashing on the Bitcoin network secured approximately $6.37 million, which includes the $70,000 paid in transaction fees, over the past 24 hours. In other words, effectively 99% of miners’ revenues are sourced from coinbase transactions, while what little is left is made up of pure, simple transaction fees.

Re; Bitcoin Mining Fees Debate;
Daily Miner income today of c.$6,37m inclusive of $70k fees can be easily maintained with assumed increase in $BTC unit price.
Mining fees are 1% of the total mining incomeBitcoins revenue is 99% of total mining income pic.twitter.com/Hxey0WHzvG
— fil₿fil₿ (@filbfilb) February 10, 2019

And as the cumulative value of network fees is expected to flatline, even drop, in the coming years due to the Lightning Network’s advent, the value of BTC must head higher to allow miners to keep aggregate revenues consistent. If the Bitcoin price stagnates, even as block reward reductions — so-called “halvenings” or “halvings” — occur, miners may begin to stifle their operations, as the economics of mining become tough on their wallets.
Thus, Filb remarked that BTC must eclipse $7,000 — near-double of today’s price — by 2020’s issuance reduction event, slated to occur in mid-May. By the same token, he claimed that as future halvenings activate, which will cut the amount of BTC issued in half, Bitcoin will need to continue to double every four years to keep the mining sector as is.
Yet, the analyst didn’t count out the chance that BTC could enter a multi-year lull, whereas prices aren’t fluid and don’t match current expectations, putting miners between a rock and a hard place. In fact, if the value of the flagship cryptocurrency remains static heading into 2020’s halvening, a sticky situation may arise.
If worst comes to worst, the current value of daily transaction fees would have to swell by 46 times, from $70,000 to $32 million, to keep risk to the status quo of miners’ revenues to a minimum. This, of course, is a worst-case scenario, especially considering the copious number of analysts who believe that the impending shift in issuance will push Bitcoin far beyond where it has traversed before.
As reported by NewsBTC previously, Moon Overlord claims that BTC could begin to rally into the May 2020 halving. Overlord explained:
“Bitcoin has traditionally starting pumping around 1 year on average before it’s halving date… The next halving is estimated to be May 2020, meaning that the uptrend will begin in May of this year.”
He isn’t the only analyst with this thought process. Alistair Milne, a Monaco-based crypto investor that heads the Digital Currency Fund, noted that December’s downward difficulty adjustment, which has historically indicated a bottom, and the nearing halving should be a catalyst for widespread accumulation.
The Case For A Bitcoin Supply Cap Hike
While Filb doesn’t believe that the fleeting block rewards could pose a cardinal risk to Bitcoin’s long-term, multi-decade security, some have begged to differ. In a shadowed conversation at the equally as mysterious Satoshi’s Roundtable, Matt Luongo, the founder of Fold and the product lead at Keep, stated that the Bitcoin’s deflationary model could get unsustainable over time.

Like thinkers like BlockTower’s Ari Paul, Luongo brought up the idea that as time elapses, more of Bitcoin’s functionality will be seen on second layers, sidechains, and drivechains. Thus, the Bitcoin economy could become “top heavy,” creating an environment where the underlying blockchain is susceptible to block reorganizations, due to the minimal low-cost transactions made on the mainchain and lacking block rewards.
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Bitcoin Block Reward Halving Could Trigger Price Surge, Predict Traders

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Bitcoin Block Reward Halving Could Trigger Price Surge, Predict Traders

The upcoming block reward halving event for the Bitcoin blockchain network is scheduled to take place in May 2020 and could possibly act a trigger for the Bitcoin price surge.

Bitcoin Block Reward Halving Could Trigger Price Surge, Predict Traders

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What WIll Happen When All Bitcoins Are Mined?

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What WIll Happen When All Bitcoins Are Mined?

In this guest post Stefan Ateljevic, Head of Content at Hosting Tribunals, explains what comes next for Bitcoin as we draw nearer to the coin’s limit.

What WIll Happen When All Bitcoins Are Mined?

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Sindri Steffanson and six others sentenced for Iceland’s biggest mining rigs theft

Sindri Steffanson, who was accused and arrested for looting mining equipment worth over $2 million from the mining firm Advania Data Centre, has been slapped with a four and a half years sentence. Sindri and six partners of the major cybercrime in the history of Iceland, have been convicted for a total of nine years and seven months for their involvement in multiple episodes of crimes. After fleeing the jail on December last year, he managed to travel all the way to Germany and was arrested in Amsterdam.
Sindri and his partners stole 100 mining machinery from Algrim Consulting prior to this heist. The crew also attempted to steal rigs from Borealis Data Centre but failed after they accidentally set off an alarm. Advania has been compensated with $200,000. However, the stolen machinery that accounted for nearly 600 mining systems, have not been found yet.
The Bitcoin mining wave in the Nordic island nation escalated following the prices of the digital assets that soared during the mid-2017s. Owing to the cold-climate along with low-cost energy sources, the world’s five largest mining farms are located in this country. With the increase in crypto adoption, there has been an increase in cybercrimes. To tackle the burgeoning security issues in the space, BitGo has collaborated with the trading firm Genesis Global Trading to provide a secure mechanism to execute the trading process.
The clients on its platform can leverage the vast network of trading partners of Genesis and also solve the underlying issue of making liquidity accessible to its consumers, i.e., a platform that renders the crypto consumers to trade the digital assets by keeping it safe on the device and not on an online-mode. The digital currency traded by the users would be kept safe in the cold storage. For this service, the users would not require to create a new account. Besides, there will be no additional fee levied on the users.
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Source: AMB Crypto

Bitcoin Giant Bitfury Enters Music Industry with Its New Blockchain-Based Platform

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Bitcoin Giant Bitfury Enters Music Industry with Its New Blockchain-Based Platform

Named SurroundTM, Bitfury’s music entertainment division will provide a digital system for both monetizing and sharing intellectual property.

Bitcoin Giant Bitfury Enters Music Industry with Its New Blockchain-Based Platform

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Bitcoin [BTC] mining pool dominance dwindles and shifts to unknown miners

Bitcoin mining has faced a lot of pushback as many miners decided to quit mining due to the collapse of BTC prices below the break-even point.
Bitmain, one of the largest Bitcoin mining company in the world had a huge dominance over the Bitcoin market for the past few years. Its hold on Bitcoin mining has since reduced as they have been shutting down their mining farms and laying off employees non-stop.
A recent report by Diar further substantiates this by providing proof that Bitcoin mining pool dominance has dwindled and has shifted towards unknown miners.
The report published on January 14, 2019, stated:
“Unkown miners closed December having solved a whopping 22% of the total blocks up from 6% at the start of last year. The Bitcoin network is currently less likely to experience an attack given the fact the BTC.com controlled pools have lost dominance over the network.”
Source: Volume 3 Issue 1 – Diar
The above chart shows how the Bitmain owned pools, BTC.com and Antpool’s hold on the mining power has reduced as 2018 came to an end. Relatively, it can be seen that unknown miners are stepping into the ‘Bitcoin mining game’ as Bitmain’s power over the mining wanes.
In the whole of 2018, the Bitcoin mining revenues surpassed $5.8 billion, but the surprising fact is that in January 2018, Bitcoin miners earned a whopping $12 billion, but that reward reduced by 83% as of December 2018. The miner rewards, in total reduced to $210 million.
The report stated:
“Efforts of small miners turned sour in September 2018 as record hash power made profitability near non-existent with Bitcoin’s falling price.”
It clearly mentions that the mining power has shifted from Bitmain and into the hands of unknown miners. It also recently abandoned its Amsterdam operation. Moreover, it also shut down the Texas mining farm and it is rumored that Bitmain has lost over $700 million in Q4 of 2018.
Furthermore, Jihan Wu and Micree Zhan have stepped down from their position as CEOs of Bitmain. This news has also poured cold water on their plans to go public as they’ve failed to convince the Hong Kong regulators to approve its IPO.
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Source: AMB Crypto

Crypto Mining Giant Bitmain to Appoint New CEO, Texas Plant Plans Shelved

The bear market of 2018 has hit crypto mining companies particularly hard as mining on certain types of hardware is no longer profitable. Falling prices and hashrates have dropped difficulty somewhat but not enough to prevent the founders of the world’s largest mining company to step down as it readies to appoint a new boss.
Bitmain has been in the news recently for all the wrong reasons, laying off employees and downsizing is bad news for the crypto industry but inevitable in the circumstances. However, as company co-founders Wu Jihan and Zhan Ketuan step aside the firm is poised to hire a new CEO according to the SCMP.
Citing ‘sources familiar with the matter’ the report went on to state that the new boss will be Wang Haichao, who is currently product engineering director at Beijing based Bitmain. He has reportedly already taken over managerial duties in a transitional period that started last month. According to Chinese media Wang previously worked as a software programmer and product manager at a semiconductor design company.
Wu and Zhan will not completely disappear from the Bitmain picture as they remain as the company’s co-chairs. According to the IPO prospectus they hold 21% and 37% of the company respectively, and although roles will be diminished they will still be a part of Bitmain moving forward.
Texas Datacenter Shelved
In a related report the mining giant has shelved plans to build a $500 million datacenter in Rockdale, Texas. The computer server facility was expected to generate 400 jobs but with recent layoffs elsewhere in the company it has been put on the back burner.
The new facility was planned to take over the Alcoa aluminum smelting plant. It was confirmed this week that the plans would not be proceeding but Bitmain may still setup a smaller operation as the area is still desirable due to its low electricity prices.
According to analysts Bitmain’s recent downsizing is not necessarily a ‘big deal’. Bitmain currently accounts for 75% of the world’s crypto mining hardware but reducing staff has been inevitable considering the bloat that went on for most crypto companies during the bull run of 2017 and expectant continuation in 2018.
As a result Bitmain’s long awaited IPO has also stalled but that does not mean it is game over for the Chinese mining behemoth. When crypto markets eventually start picking up again the mining machine will fire up with fury and the good times will roll once again.
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Researcher: Ethereum Constantinople “Couldn’t Come At A Worse Time”

Since the Ethereum Constantinople’s activation date was confirmed, a mass of leading crypto researchers, analysts, and commentators have claimed that the pertinent blockchain upgrade is a net positive for this industry. However, a deep-dive, research-backed exposé from an industry insider has gone against popular belief, claiming that Constantinople “couldn’t come at a worse time.”
Constantinople Is Upon Us
In early-November, NewsBTC reported that Susquehanna-sourced data indicated that small Ethereum mining operations were far from feasible. Per company data, the average Ether (ETH) focused graphics card (GPU) miner had seen their profits dwindle to $0 in the month of November, down from approximately $150 during the summer of 2017. Susquehanna representative Christopher Rolland told CNBC that even with Nvidia’s flagship hardware offering, the GTX 1080, the return-on-investment (ROI) provided isn’t financially advantageous.
Related Reading: AMD Estimates Poor Q4 as Demand for Crypto Mining Graphics Cards Dwindles
Although Susquehanna’s data has since been rebutted, with more astute analysts claiming that Ethereum mining is doing fine and dandy, a recently-released report claims that the real death of GPU miners could truly be around the corner. Han Yoon, the chief executive at multi-faceted crypto startup Lunar Digital Assets, took to his personal Medium blog on Tuesday to touch on Ethereum’s impending Constantinople upgrade, slated to go live on January 16th.

Just published an in-depth article regarding the upcoming hardfork and the economic + centralization repercussions it can have on the future of #Ethereum. Someone posted the article on r/Ethereum and was trending at the #4 spot on the frontpage, but the mods decided to censor it.
— Han #TeamLunar (@hanyoon) January 9, 2019

For those who missed the memo, the non-contentious hard fork, supported by exchanges and developers at large, will implement short-term scaling solutions, while also reducing Ether issuance by one-third. Although the scaling protocols are undoubtedly beneficial, especially for Ethereum’s planned Serenity upgrade timeline, the drastic issuance shift has garnered the attention of the industry.
Considering simple supply and demand economics and the historical Ethereum issuance schedule, many commentators have lauded Constantinople as a positive catalyst for ETH’s value.
The End Of Ethereum GPU Mining “May Very Well Be Upon Us”
However, Yoon begged to differ. After an extensive analysis of Ether’s status in the broader mining realm, in which he claimed that the golden days of GPU mining are now in the rear mirror, the Lunar chief broke down Constantinople’s probable impact.
Yoon noted that as it stands, Ethereum GPU miners are operating on extremely thin margins, with a ~$2,000 rig generating a mere $20/week at average electricity rates. The researcher went on to note that this already dismal situation is “all about to change.” Although he did laud block reward reductions, like Bitcoin’s halving or events of similar caliber on Ethereum’s chain, as “beneficial economically,” Yoon noted this so-called “thirdening” couldn’t happen at a worse time.
He explained that in an environment where miners are “already on the fence [about] whether to mine or not,” the thirdening could single-handedly “sway them away from Ethereum mining.” The Lunar chief added that with the rise of Ethash ASICs, Ethereum, once thought to be an oasis in a sea of ASIC-mineable tokens, will only see this form of mining hardware propagate en-masse. Yoon noted that this controversial thematic development will only be accentuated by Constantinople.
And while firms like Bitmain, which has struggled in recent months, may be celebrating the potential rise in popularity of their Ethhash machines, Yoon noted that Constantinople’s reduction won’t benefit all participants in this ecosystem. Yoon wrote:
“The departure of thousands of miners from Ethereum will have ripple effects throughout the entire mining industry… Simple economics tell us that this will displace a lot of GPU miners, further consolidating the power of ASIC miners.”
Not only would a haircut in active miner numbers, which will push Ethereum’s hashrate lower in turn, hurt Ether’s underlying value proposition, it would also drastically increase ASIC-induced centralization.
Yoon even noted that the community-backed proposed switch to ProgPoW, which would turn Ethhash ASICs into expensive paperweights, wouldn’t do much to aid GPU miners. He explained that if ProfPoW was approved, it would take “precious months to implement,” and would likely only cause logistical headaches for industry participants. In closing, he wrote:
“It’s a bit saddening to think that the most influential cryptocurrency for GPU mining may be nearing its end for most miners. Unless the core developers act fast, Ethereum will no longer be known as the “go-to” GPU mineable coin. Ethereum will be an ASIC coin. GPU mining will never be the same again. The end of Ethereum mining, as we know it, is under significant threat; the beginning of the end of Ethereum GPU mining may very well be upon us.”w
However, other analysts, like Alex Krüger, are convinced that over time, Ethereum will actually grow due to Constantinople, rather than suffer. He claimed that in the long run, the Ether block reward “thirdening” will be “decidedly bullish.”
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Crypto Analyst: Shutdown Of Bitmain’s Mining Operations Isn’t A “Big Deal”

While Bitmain has made forays into artificial intelligence and other budding markets, at heart, Bitmain is a Bitcoin– and crypto-centric mining startup. So, it should come as no surprise that industry participants were shell-shocked when hearsay arose that Bitmain was poised to shutter a number of its mining-related ventures. However, one crypto analyst has claimed that the firm’s reported shift in strategy isn’t “necessarily a big deal.”
Bitmain’s Crypto Mining Operations Reportedly Folding
Although Bitmain is hailed as the de-facto king of all cryptocurrency startups, the Beijing-headquartered firm has reportedly fallen on hard times. In recent weeks, as covered extensively by NewsBTC, (former) employees have claimed that the industry powerhouse has begun to layoff staffers en-masse. While the purge of Bitmain’s Copernicus team, who managed the Bitcoin Cash GO client, and the Israel development team have essentially been confirmed, those familiar with the matter have claimed that the company’s layoffs run even deeper.
Some reports claim that up to 85% of Bitmain’s ~2,500 staffers are on the chopping block, while low estimates stipulate that at least 50% are on thin ice. And although estimates and details vary from source-to-source, an overwhelming majority of reports believe that ~500 of Bitmain’s mining team are on their way out. As to why the startup is aiming to make this drastic change, it has been claimed that conglomerate is purportedly looking to prune its divisions.
Alex Krüger, a leading crypto commentator and researcher, recently commented on the aforementioned rumors, claiming that if they’re true, Bitmain isn’t fini. The Manhattan-based investor noted that the news that Bitmain is trimming its mining team has been blown out of proportion. He claimed that the firm’s self-run pools and proprietary mining business, the branches Bitmain is looking to trim, provide little economic value to the juggernaut, once valued at over $14 billion dollars.

Bitmain is mainly an ASIC chips designer & a mining hardware seller. Operating mining pools provides 1.5% of its revenue. Proprietary mining provides 3.3%. It has 2600 employees, 500+ of work in mining.
Source: Bitmain's IPO prospectus (https://t.co/SWZmKSFgDC) pic.twitter.com/eVZibd86p8
— Alex Krüger (@Crypto_Macro) December 30, 2018

More specifically, per Bitmain’s H1 financial data, which was routed through its IPO prospectus, operating pools amounted to 1.5% of Bitmain’s revenue. While Bitmain mining crypto for itself, a practice deemed controversial, generated a relatively mere 3.3% of its cumulative revenue. And, considering that the firm has 535 staffers, an approximated 20% of all employees, managing the two aforementioned operations, it is logical why the firm is mulling over these cuts.
Hinting that this move could be a net benefit for the crypto industry (save for the layoffs), Krüger noted that if the rumors are true, second-hand mining hardware may make their way to consumers, as Bitmain’s mining farms change hands. This means that the potential loss in hashrates across the board, catalyzed by Bitmain’s shift in strategy, will be reversed over time, so network security can be upheld.
Related Reading: Bitcoin Can’t Fall To $0 Nor Enter A “Death Spiral” — Mining Rules Deem It So
Bitmain Isn’t In the Clear Just Yet
While Krüger debunked the catcalls regarding Bitmain’s mining arms, local media and inside sources have claimed that the startup isn’t in the clear.
Dovey Wan, the founding partner of Primitive Capital and well-known industry insider, recently took to her well-followed Twitter soapbox to convey a rumor that could turn the cryptosphere on its head. Wan claimed that a local outlet, OriginalPlanet Daily, has stumbled across rumors that both Jihan Wu and Micree Zhan will step down from their co-CEO positions at Bitmain.
If these rumors are true, a businessman with the surname Wang will reportedly take over Bitmain’s CEO slot. Due to Bitmain’s extensive list of employees, there are a number of top brass surnamed Wang. Dovey Wan has suggested the successor in question could be Haichao Wang, the director of product engineering, or Shengli Wang, a former member of Huawei’s board of directors.
Speaking with OriginalPlanet, one familiar with Bitmain suggested that the co-CEO system wasn’t operational, quipping that Wu and Zhan haven’t been able to work in tandem. However, due to the fact that Bitmain hasn’t publicly commented on this debacle, it remains to be seen if these rumors hold their water. Yet, over the past few months, it has been hinted that Wu forfeited the ability to influence Bitmain’s operational decisions, and remains only as a figurehead.
This internal tumult, coupled with regulatory concerns and this industry’s nascency, has led sources to claim that Bitmain’s long-rumored initial public offering (IPO) has stalled, failing to make it off the starting block. Citing “two sources familiar with the matter,” the South China Morning Post noted that it is too premature for any crypto firm to make their way onto the Hong Kong Stock Exchange before the “proper regulatory framework is in place.”
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Bitcoin Difficulty Drops by Over 9% While Bitcoin Cash One Experiences Reverse Momentum

CoinSpeaker

Bitcoin Difficulty Drops by Over 9% While Bitcoin Cash One Experiences Reverse Momentum

During the last 24 hours, Bitcoin’s mining difficulty has dropped more than 9 percent as the fallout of the prolonged market rout continues. Despite a recent recovery that has taken bitcoin above $4,000, miners are still finding it difficult to remain profitable.

Bitcoin Difficulty Drops by Over 9% While Bitcoin Cash One Experiences Reverse Momentum

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Cryptocurrency Mining Hardware Maker Turns £1,000 into Over £1 Million in First Year

A 28-year-old cryptocurrency entrepreneur from the UK has managed to turn £1,000 (around $1,500) into over £1 million in just 18 months of trading. Josh Riddett, of Bury, Greater Manchester, has found success manufacturing specialist digital currency mining hardware.
Riddett’s company, Easy Crypto Hunter, has expanded from the sale of a single unit, with profits reinvested, into the UK’s largest GPU mining rig manufacturer. The firm also gives educational sessions on the cryptocurrency space, as well as providing accountancy services for investors and traders.
Cryptocurrency Startups Still Proving Profitable, Despite Market Dip
Even though those investing in digital assets have had a pretty rough 2018, that is not to say that all those involved in the cryptocurrency space have lost money through the ongoing bear market. One entrepreneur from Bury, UK, has managed to turn just £1,000 of savings into a seven-figure crypto company in only 18 months.
Josh Riddett started Easy Crypto Hunter in late 2017. He had just graduated from Lancaster University where he studied business entrepreneurship management. Evidently, his choice of course was a strong one since he has managed to make a roaring success of his first venture into the world of business – even despite the surrounding market conditions.
Riddett’s firm specialises in putting together GPU mining rigs, which are designed to secure the networks of various altcoins such as Ethereum, Monero, and Dogecoin. From its humble beginnings, Easy Crypto Hunter today boasts has more than 100 customers. These include business owners, property companies, and retirees. Those buying units hope to earn a side income by using GPU mining rigs to validate transactions on the network they work upon.
Riddett spoke to local news publication Prolific North about his company and the future of cryptocurrency:
“We are absolutely delighted to see the business take off and I strongly believe cryptocurrency is here to stay and is set to become more popular and more mainstream as the likes of BMW, Microsoft and Expedia accept it as a form of payment.”
The entrepreneur went on to state that he was confident that cryptocurrency is already causing massive disruption to the payments and banking industry. In his own words: “Cryptocurrency is the future.”
Riddett’s success was celebrated last month at a local awards presentation. At the Made in Bury Business Awards 2018 event, Easy Crypto Hunter scooped the prize for Technology Business of the Year.
Easy Crypto Hunter Planning Expansion As Others Downsize
The bear market of 2018 has already seen many digital asset startups laying off members of staff. Blockchain-based social network Steemit recently announced that they would be getting rid of as many as 70% of its workforce. Meanwhile, Ethereum’s chat platform Status will be losing 25% of its staff.
Bucking this trend is Riddett’s Easy Crypto Hunter. The Bury-based entrepreneur has stated that he is looking to take on more workers to help it keep up with growing demand for GPU mining units.
Related Reading: Bitcoin Can’t Fall To $0 Nor Enter A “Death Spiral” — Mining Rules Deem It So
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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

CoinSpeaker

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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Source: CoinSpeaker

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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