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Bitcoin Miners Are Again Stacking Coins in a Positive Sign for the Market

Photo from Coindesk article

“Miners may be holding in anticipation of a price rally,” one analyst said.

Article originally posted on Coindesk.com by Omkar Godbole – Apr 9, 2021 at 3:51 a.m. MST Updated Apr 9, 2021 at 6:24 a.m. MST – Source: Coindesk/ Digital Currency Group

 

Blockchain data shows bitcoin (BTC, -0.01%) miners are accumulating coins and adding to bullish pressures in the market for the first time since December.

Analytics firm Glassnode’s miner position change metric, which gauges the 30-day change in the supply held in the miners’ addresses, recently turned positive in a sign of renewed holding by those responsible for making coins.

The balance held in miner wallets has increased by 4,435 BTC to 1.806 million over the past two weeks, Glassnode’s data shows.

“Miners [now] have a net accumulation of liquid assets as they have enough cash in reserve to run their future operations, having liquidated holdings when the bitcoin price was between $20,000 and $40,000, or most of them are holding in anticipation of a price rally,” Flex Yang, CEO of Hong Kong-based Babel Finance, said in an email.

Miners predominantly operate on cash and liquidate holdings to meet expenses. However, the pace of miner selling varies from time to time depending on mining-specific factors and bitcoin’s price expectations.

 

The return to accumulation mode observed since March 31 comes after almost four months of largely negative readings – miners decreasing positions and taking profits. Peak distribution of roughly 17,000 BTC to 24,000 BTC was seen throughout January, according to Glassnode’s weekly newsletter, dated March 8.

While miner flows constitute a small part of the total network volume, as tweeted by Glassnode’s CEO Rafael Schultze-Kraft, accumulation by miners is analogous to increased promoter holding of corporate stock and is considered a positive indicator. “Their spending patterns provide insight into the sentiment of some of the biggest bulls in the Bitcoin market,” Glassnode said in a newsletter published on April 5.

Whales, or large investors with the ability to influence prices, have also stopped selling coins.

The number of whale entities – clusters of crypto wallet addresses held by a single network participant holding at least 1,000 bitcoin – has steadied above 2,000 since March 31.

The figure dropped from 2,230 to 2,004 in nearly two months to March 31, mainly due to quarter-end rebalancing, according to blockchain analyst Willy Woo. It remains to be seen if these positive on-chain developments fuel the next leg higher in the cryptocurrency.

 

Bitcoin’s daily chart Source: TradingView

While bitcoin is currently trading moderately higher on the day near $58,500, it remains trapped in a narrowing price range. A breakout would mark a continuation of the broader uptrend typically experienced in the seasonally strong month of April.



















  
Visa to Accept Cryptocurrencies for Payment Settlements
Article originally posted on Bitcoinist by San Lee – Source: Bitcoinist.com






According to Reuters, Visa announced today that it will begin accepting cryptocurrency USD Coin (USDC) to settle transactions on its payment network. The move by the fintech giant coincides with the growing institutional acceptance of digital currencies. The company has launched a pilot payment program with Crypto.com, and plans to roll out its services to various partners later this year.


Visa’s recent move is to no surprise, as rival merchants such as MasterCard began to embrace the potential uses of cryptocurrencies earlier this year. Back in mid-February, MasterCard announced its plans to incorporate cryptocurrencies into its digital payment infrastructure, citing that these digital tokens will become an “important part of the payments world.” To capitalize on the growing crypto user base that has largely gone unnoticed over the years, Visa will seek to gain an early foothold in the cryptocurrency payment market.


Visa Follows Tesla in Running Its Own Cryptocurrency Nodes 


Earlier last week, Tesla CEO Elon Musk tweeted that customers could purchase its vehicles using Bitcoin — a breakthrough in cryptocurrency’s usage in commerce. What was so groundbreaking about the announcement, however, was the fact that Tesla would not convert its Bitcoin payments to fiat. Instead, it would be added directly to its growing $1.5 billion Bitcoin reserve on the balance sheet.


 


 


Following Tesla, Visa announced that it would also utilise the Ethereum (ETH) blockchain to run its own nodes. This removes the need to convert cryptocurrency payments into fiat currency, which will likely reduce fees for customers and merchants.


The company also stated that it had partnered with digital asset bank Anchorage to run its Ethereum addresses. “We see increasing demand from consumers across the world to be able to access, hold and use digital currencies and we’re seeing demand from our clients to be able to build products that provide that access for consumers,” said Cuy Sheffield, Head of Crypto at Visa.




   
Bitcoin Price Smashes Through $20,000 as Bull Run Gets Underway
Bitcoin reaches 2k
Bitcoin recently hit an all-time high, and now it’s breaking even more records. Where does it go from here?








ARTICLE ORIGINALLY POSTED BY SCOTT CHIPOLINA|  DECEMBER 16, 2020| SOURCE: DECRYPT




























In brief


    

  • The price of Bitcoin has gone above $20,000 for the first time ever.
    • 

  • Bitcoin recently hit an all-time high price of $19,783.
    • 

  • Within a month of Bitcoin’s December 2017 bull run, BTC’s value dropped 50%—might that happen again?
    • 







Bitcoin’s price has broken the $20,000 barrier, doing so less than a month after recording a new all-time high of $19,850. Its price just rose up to $20,100 in a sudden surge.


It has been an eventful few months for Bitcoin. After embarking on a bull run starting this September—which saw the cryptocurrency’s price increase from about $10,000 to $19,000—Bitcoin crashed during the US Thanksgiving Day weekend, dropping to the $16,351 mark. On November 30, Bitcoin finally broke its all-time high.







Now, it’s set another record, pushing up and beyond the $20,000 mark.


At the time of writing, Bitcoin’s price is $20,000, according to data from Messari. That marks a 3% increase in the last 24 hours, as well as a 28% increase from $16,351, the lowest point of Bitcoin’s recent price correction.















 


There are multiple reasons for Bitcoin’s recent success, including mainstream investment from institutions like MicroStrategy. But, according to Changpeng Zhao, CEO of Binance, there is more to it than big-name investors.


“With better liquidity, better fiat on- and off- ramps and institutional investors getting involved now that there’s more regulatory certainty, it’s heartening for those of us who believe in the long-term power of cryptocurrencies to increase the freedom of money globally,” Zhao said.


Bitcoin Price with Arrow
Bitcoin’s price has gone up. Image: Shutterstock


What’s more, regulatory certainty has been praised by others who have become high-profile Bitcoin investors. Raoul Pal, former hedge fund manager who recently invested 75% of his liquid assets in Bitcoin, tweeted about how important regulation of Bitcoin is.


“You might hate regulation of BTC, you might have a MASSIVE philosophical aversion to it, and that is fine, but they are going to regulate the fiat on ramps and off ramps and it will make you RICH,” Raoul Pal tweeted on November 29.







 


That being said, it’s important to remember Bitcoin is officially in uncharted territory. Nobody truly knows where Bitcoin goes from here.


“People will now be wondering how sustainable these prices are for Bitcoin given the sharp declines in value we’ve seen near these levels before,” Zhao added.


Bitcoin has never been above $20,000, but the last time Bitcoin got near these heights—during the famous Christmas bull run of 2017—it crashed from just under $20,000 on December 17, 2017, to $9,674 on January 17, 2018. That’s a 50% drop.


That historical data might imply Bitcoin is set for yet another crash, but there remains a belief that 2020’s bull run, and subsequent all-time high, have come at a time when Bitcoin is far more resilient than in 2017.


“This reinforces Bitcoin’s position as one of the best stores of value of the internet age. We remain bullish on Bitcoin’s fundamentals and its outlook in the long term as we continue to build the hardware infrastructure that secures the Bitcoin network,” Tim Rainey, CFO of Greenidge Generation, told Decrypt.


But with 100% of Bitcoin holders in the green, it’s no surprise that many are feeling confident.




















 
Refresher-What is Cryptocurrency?
Bitcoins
Cryptocurrency is a digital based medium of exchange that uses cryptographic functions to conduct financial transactions. Through blockchain technology, it achieves decentralization, transparency, and immutability. Simplified, cryptocurrency can be compared to casino chips or arcade tokens. It’s a form of payment, like the U.S. dollar and can be used to buy goods and services. But, unlike fiat money, it’s digital and uses encryption techniques to control the creation of monetary units and to verify funds that are transferred. Unique to cryptocurrency are the following:  


    

  • It is decentralized which means that supply is not determined by a central bank.  
    • 

  • It has no physical form like a dollar bill or coin, and only exists in the network. 
    • 

  • It has no essential value, meaning it can’t be traded and it is not redeemable for another commodity such as gold. 
    • 

  • It is nearly impossible to counterfeit or double spend.  
    • 



The term cryptocurrency is derived from the encryption techniques used to secure the network. They function using blockchain, a decentralized technology spread across many computers that manages and records transactions with immense security. Without blockchain, cryptocurrency would cease to exist.  In simplified terms, the “block” is the digital information, and the “chain” is the public database in which it is stored. They are like a spreadsheet containing information regarding a transaction. Every transaction generates a hash, which is a unique string of letters and numbers created by special algorithms to distinguish one block from another. The computers (also known as nodes) in the network will inspect the transaction and either confirm or reject it. If most of the computers approve the transaction, it is written into a block that joins the chain. Once the new block is added to the blockchain, it becomes public information for anyone to view.   


Several popular blockchain-based cryptocurrencies include: Ethereum, Litecoin, and NEO. But the first and most recognized digital currency is Bitcoin. An anonymous entity named Satoshi Nakamoto developed Bitcoin in 2008. According to Coinmarketcap.com, there are now thousands of different ones being traded publicly, but Bitcoin remains the single most well-known cryptocurrency to date. So, what is it exactly? Simplified, Bitcoin is like a computer file that is stored in a ‘digital wallet’ app on either a smartphone or computer. You can transfer Bitcoins to your wallet or to other people like you can with real money. However, unlike money you send through your bank or a digital payment service, the transfer goes to a network of computers which confirm your transaction (as explained above). Moreover, cryptocurrencies like Bitcoin are created through a process called mining. This is not the same as mining for gold. This process involves powerful computers solving complicated problems.   


Miners
Miners


Miners are a crucial tool for cryptocurrencies. Without them, transactions would not be verified, and users would not be able to make payments. Miners like Canaan Avalon 1066 and 1047 are remarkable, sophisticated machines designed to mine blocks. Their roles are to secure the network and process every Bitcoin transaction.  


For some, the paper dollar is outdated. Cryptocurrency has emerged as the more progressive and secure medium of exchange, though many people have yet to fully convert to the digital eco-system. Nonetheless, since its inception, the debate to shift to cryptocurrency has advanced. Some of the arguments for the digital dollar and against traditional government-based money include:  


    

  • Overturn corruption: through traditional government-based money, we are giving all our power to one centralized entity to control how it is used and moved. It aims to resolve the issue of absolute power by dispensing power among many people rather than one.  
    • 

  • Eliminate extreme money printing. 
    • 

  • Return absolute power: All assets are transferred to the government when you die without having a legal will in place or having owned a business. With cryptocurrencies, you and only you have access to your funds.  
    • 

  • Eliminate the middleman: Whenever you make a payment or transfer, the middleman (your bank or digital payment service) will take a cut. With cryptocurrencies, all the network members in the blockchain are the middleman.  
    • 

  • Serve the unbanked:  A large sector of the world has no access to payment systems like banks. With cryptocurrency, the spread of digital commerce around the globe will enable anyone with a mobile phone to begin making payments.  
    • 



Globally, the economy continues to move toward a digital eco-system. Everything from money transfers to investments, the world is going paperless. Cryptocurrency has become the most promising addition to the digital payment sector. Blokforge is proud to be a part of the economic progression by providing state-of-the-art miners for mining Bitcoin cryptocurrencies. Additionally, Blokforge is currently working to develop nodes. These are computers in the network that communicate with each other to transmit information. 


    
Analysis: Why Crypto Derivatives Are Considered Dangerous










Analysis: Why Crypto Derivatives Are Considered Dangerous




Finance




There is a new generation of cryptocurrency-based derivatives being launched in 2019 which could significantly increase overall trading flow and attract a new breed of investors. Derivatives are not without their controversies however. Over the years, they have acquired a negative reputation in some quarters, exacerbated by movies such as “The Big Short.”


Also read: Market Slump Puts Crypto Derivatives in the Spotlight


Understanding the Danger of Derivatives


Analysis: Why Crypto Derivatives Are Considered Dangerous
The Big Short, 2015.


Derivatives are financial securities that are based or tied in some way to another asset. The majority of derivatives are sold over-the-counter (OTC) and the primary danger associated with trading these is counterparty and liquidity risks. The movie “The Big Short,” released in 2015, is useful in understanding the hazards of derivatives. But in that particular case, the mechanism under scrutiny was credit default swaps (CDS), a type of derivative which helped upset the global economy in 2007-2008. Due to the opaque nature of derivatives, as well as other inherent risks, world leaders have been taking increased interest in the products. 


Currently there are a number of major players in finance offering crypto derivatives. These include NASDAQ, Cboe Global Markets, and Goldman Sachs. Lars Seier Christensen, chairman of Concordium and founder of Saxo Bank, has said that the introduction of new cryptocurrency-based derivatives in 2019 will hinge on the overall trading flow. 


Christensen said: “If the primary cryptocurrency exchange market continues to be in trouble there will be little appetite for launching new trading vehicles. On the other hand, if trading picks back up, it is quite likely that we will see a slew of new initiatives being launched — perhaps even some that have already been planned and gone through due diligence but where the offering party have been waiting for a better time to launch.” 


UK’s FCA Is Considering Banning Crypto-Based Derivatives


Analysis: Why Crypto Derivatives Are Considered DangerousBefore the crypto market gets ahead of itself with further launches of complex products, financiers should note that regulators are cracking down in some quarters. The U.K.’s Financial Conduct Authority has expressed concern and is considering banning some cryptocurrency-based derivatives. This move by the U.K. regulator has been noted as the first major intervention in the cryptocurrency market.  


Christopher Woolard, executive director of strategy and competition at the FCA, delivered a speech at the Regulation of Cryptocurrencies event in London, in which he said:  




“We’re concerned that retail consumers are being sold complex, volatile and often leveraged derivatives products based on exchange tokens with underlying market integrity issues. Given this, the FCA will also consult on a prohibition of the sale to retail consumers of derivatives referencing certain types of cryptoassets, for example, exchange tokens, including contracts-for-difference, options, futures and transferable securities.”




Frank Wagner, CEO of INVAO, a blockchain asset pool leveraging automated trading for active portfolio management, explained the concern with cryptocurrency based derivatives is that retail investors may be sold unreliable derivatives products, such as contracts for difference, options and futures. 


Derivatives Have a Poor Reputation


Analysis: Why Crypto Derivatives Are Considered DangerousWagner said: “The nature of the crypto market being fast-moving and volatile in comparison to the traditional market has led to it attracting a measure of concern. Making accurate predictions on prices in the cryptocurrency market is difficult. This is combined with the fact that derivatives themselves have a poor reputation.” 


On the plus side, Wagner explained, derivatives can offer some insulation from market uncertainty and therefore an opportunity for new investors to get involved. 


“There’s a lot of anticipation that crypto derivatives will actually make the market more reliable and legitimate by boosting investor activity, mainstream attention, and thus liquidity and trading volumes,” said Wagner.


Further Regulation Will Give Investors Security


According to Wagner, the concern that crypto derivatives are unregulated, and therefore unstable, can be solved through welcome government regulation of digital assets. 


“If an exchange is to offer crypto derivatives, it must be regulated, legitimate and secure for investors, which is one of the many reasons why regulation is needed. Crypto derivatives will help to mature and stabilise the industry,” he added. 


The most eagerly anticipated crypto derivative in 2019 is Bakkt’s physical bitcoin futures. The success of this product, particularly in terms of investor uptake, will help to determine the rate at which subsequent derivatives are launched. Unlike in “The Big Short,” crypto derivatives do not threaten the global economy. Nevertheless, they remain a controversial financial product whose effects upon the cryptocurrency market have yet to be fully assessed.


What are your thoughts on cryptocurrency derivatives? Let us know in the comments section below.




Images courtesy of Shutterstock and Paramount.




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GMO Reports $5.6 Million Q3 Loss on Crypto MiningBusiness
Bitcoin mining






Japanese IT giant GMO has reported a loss of 640 million yen (about $5.6 million) for its cryptocurrency mining business in the third quarter of 2018.


Revealed in the firm’s latest financial report, published Monday, that figure is markedly worse than its Q2 loss of 360 million yen (around $3.2 million). GMO put the drop down to a “worsening” external environment and increasing depreciation costs.


Overall, however, the firm saw a slight increase in revenue from mining, with Q3 revenue coming in at 1.23 billion yen ($10.78 million) as compared to 1.17 billion yen ($10.26 million) in Q2.


The firm mined a total of 1,590 bitcoins and 25 bitcoin cash in Q3, according to its latest monthly crypto mining business report.


GMO also provided data on its mining capability, or hashrate, which saw an increase to 674 petahashes per second (PH/s) in October as compared to 479 (PH/s) in September. The firm indicates it is aiming to achieve 800 PH/S within the year.


Meanwhile, the company’s exchange business has more positive news for Q3, netting profits of 740 million yen (about $6.5 million) – that’s up 34.4 percent compared to the previous quarter. Revenue came in at 1.36 billion yen (about $11.92 million) for the same period.


Overall, the crypto segment also saw an increase in Q3 revenue, although profit again declined from the previous quarter. Net sales are reported at 2.6 billion yen (about $22.80 million), while overall profits declined to 104 million yen (about $912,840).


GMO said in a separate report that its cryptocurrency mining loss was offset by profit seen in the cryptocurrency exchange business.


Finally, shipments of GMO’s new 7nm B3 mining rig, which were originally scheduled to start in October, are being delayed by a shortage of some some electronic components, the firm said.


Bitcoin mining image via Shutterstock








        
US Excludes Iran’s Central Bank from the Global FinancialSystem










US Excludes Iran’s Central Bank from the Global Financial System




Economy & Regulation




The Central Bank of Iran has been cut off from the global monetary system, after the Swift banking network bowed to U.S. pressure. The move leaves Iran’s 81 million citizens financially excluded and facing serious economic consequences, amidst renewed U.S. sanctions. America’s coercion of Swift attests to the stranglehold the nation exerts on the world economy, and the power it possesses to punish dissenters.


Also read: Minecraft-Like Platform Craft.cash Brings a 3D World to Bitcoin Cash


Swift Severs Ties With Iran


The Society for Worldwide Interbank Financial Telecommunication, commonly known as Swift, is a network relied on by banks to funnel money all around the world. Headquartered in Belgium, it is meant to serve as an international cooperative society, and thus is not meant beholden to any single nation. The reality is quite different however. The U.S., as is its wont, has forced Swift to accede to its wishes and sever ties with Iran’s central bank, as its sanction-led battle with the Islamic nation heats up. U.S. Treasury Secretary Steven Mnuchin revealed the move on Nov. 8, tweeting:



Had Swift failed to follow the orders of its U.S puppet master, it could have succumbed to the same fate as Iran itself. “Swift could be subject to sanctions,” Mnuchin proclaimed last week. “Swift is no different than any other entity.” His comments reinforce the belief that no international organization is beyond the reach of American forces. The Swift money transfer system is open to all nations until the U.S. decides otherwise. In a statement made earlier this week, Swift explained:


In keeping with our mission of supporting the resilience and integrity of the global financial system as a global and neutral service provider, Swift is suspending certain Iranian banks’ access to the messaging system. This step, while regrettable, has been taken in the interest of the stability and integrity of the wider global financial system. Our mission remains to be a global neutral messaging provider.


Permissioned on Pain of Punishment


US Excludes Iran's Central Bank from the Global Financial System“Swift is an enforcement arm of the U.S. government,” tweeted bitcoiner Nic Carter in response to the news. “The current financial system is an extension of U.S. hegemony,” he continued. “It is a system that works for many, but not all.”


There are arguments that can be made for and against America’s decision to exert a financial blockade on Iran for funding militant groups in the Middle East. What is inescapable, however, is that the biggest victims of the Swift banking ban will be ordinary Iranians who are blameless, yet find their business and personal lives crippled by U.S. hegemony.


“Swift is the lifeblood of international payments,” said Thilo Brodtmann, executive director at Germany’s VDMA, an engineering association. “Any restriction, however small, on the neutrality of this system is unacceptable. Today Iran, tomorrow Russia and then China?”


America’s decision to impose harsh sanctions on Iran is a controversial one that even its closest allies are seeking to circumvent. The U.K., Germany and France are among five countries to have established a special purpose vehicle (SPV), an alternative system that will enable companies to continue trading with Iran. Iranians struggling to send and receive funds from family overseas have no such luxury however. Swift and SPVs are of little use to the ordinary man or woman on the streets of Tehran, to whom censorship-resistant money, such as decentralized cryptocurrency, can be literally a lifeline.


US Excludes Iran’s Central Bank from the Global Financial System


What are your thoughts on Swift’s Iranian banking ban? Let us know in the comments section below.




Images courtesy of Shutterstock.




Need to calculate your bitcoin holdings? Check our tools section.








       
Bitmain Announces Next-Generation Antminer Equipped With 7nmChip










Bitmain Announces Next-Generation Antminer Equipped With 7nm Chip




Mining




At the World Digital Mining Summit in Tbilisi, Georgia the blockchain firm and mining manufacturer, Bitmain Technologies, announced a new Antminer will be launched soon equipped with 7nm semiconductor technology. The firm’s CEO Jihan Wu reported that Bitmain’s next-generation ASIC BM1391 Finfet chip integrates more than a billion transistors for optimal SHA256 mining performance.


Also Read: Japanese Regulators Urgently Respond to Zaif’s Hack


Bitmain Announces the Production of New Antminers With 7nm Technology


Bitmain Announces Next-Generation Antminer Equipped With 7nm ChipOver the past few months, a slew of new SHA256 mining rigs and new semiconductors have been revealed to the public. New mining rig models with far better performance and efficiency are being manufactured by GMO Group, Canaan, and other companies. Bitmain Technologies has been releasing new miners, but most of them have been for different consensus algorithms and not SHA256. The last Bitcoin (SHA256) miner the company revealed was a new water-cooled Antminer that focuses more on operation longevity. On Friday, the firm’s CEO Jihan Wu made an announcement at the World Digital Mining Summit in Tbilisi, Georgia, revealing the next Antminer is coming soon.


On stage, Mr. Wu explains that Bitmain has created a new 7nm semiconductor that integrates more than a billion transistors called the BM1391 chip. According to the company the 7nm Finfet design is built for maximum efficiency. Mr. Wu emphasizes the new model creates a circuit structure that can process a significant hashrate while keeping low energy at the same time. According to BM1391 tests, Bitmain notes the ratio of energy consumption to the mining capacity is as low as 42J/TH.


Bitmain Announces Next-Generation Antminer Equipped With 7nm Chip
Bitmain CEO Jihan Wu announces the manufacturing of new Antminers equipped with 7nm chip technology at the World Mining Summit in Tbilisi, Georgia. 


Blockchain Innovation Bolstering Hardware and Software Acceleration


Mr. Wu also detailed during his keynote speech at the summit, the firm will begin mass production of the new 7nm equipped Antminers. The Bitmain CEO explains he is a big believer in blockchain technology and as “applications continue to develop, the industry’s market capitalization as a whole will drive growth.” This, in turn, produces better data processing, and hardware and software acceleration tethered to this innovative protocol, Mr. Wu explains at the summit. Mr. Wu notes the competitive process Bitcoin has unleashed on the mining industry in particular.


Mr. Wu declared on stage at the summit:




Even if someone makes a better chip in the future, we will make a better one. Bitmain will continue to develop the best ASICs in the world.




As we mentioned above, there’s been a bunch of new chips and SHA256 mining rigs announced this year, and just recently we also reported on the significant demand for 10nm and 7nm semiconductors. Limited availability has made 10nm and 7nm chips harder to obtain, but it seems Bitmain has been able to gain access to the next generation 7nm tape out process with one of the large foundries. For instance, the recently announced Whatsminer M10 uses older 16nm chips, but still claims the machine can process upwards of 30+TH/s. Just yesterday the blockchain firm and mining company Bitfury detailed the launch of a 14nm chip using older generation semiconductor technology.


Overall the introduction of new chipsets and mining rigs from various manufacturers, and the new Antminers with 7nm technology, the competition should increase the Bitcoin protocol’s SHA256 mining security and decentralization at the same time.


What do you think about the latest announcement from Bitmain Technologies? Let us know what you think about this subject in the comment section below.




Images via Shutterstock, Twitter, and Bitmain Technologies.




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New 7nm Bitcoin Mining Equipment From Triple-1 Co. Ltd.
Besides Canaan Creative, Bitmain, Innosilicon, & GMO Internet, another company is working on producing 7nm mining equipment. Triple-1 has been working on its 7nm bitcoin mining chips and expects to start shipping the equipment in November, shortly after GMO (a fellow Japanese ASIC Manufacturer)  expects to start shipping its 7nm miners.


Developing 7nm Mining Equipment


Triple-1 Co. Ltd., a Japanese company established in November 2016 and headquartered in Fukuoka, engages in ASIC chip development and cryptocurrency mining farm construction. The company began looking into developing 7nm bitcoin mining chips in February last year.


This week, Triple-1 confirmed that it has completed “the silicon wafer, the sample-chip, the sample-board and the prototype-unit of the mining [7nm] ASIC chip ‘Kamikaze.’”


A representative of the company told news.Bitcoin.com, “we have been conducting a verification of the function as well as the efficiency on the sample-chip and prototype unit,” adding that the company’s “partner foundry is TSMC Co. Ltd. (Taiwan).”


The power efficiency of Triple-1’s 7nm chip is listed at 0.05W/GH, which the company claims, reduces power consumption by at least 50 percent over a conventional 16nm chip.




The Kamikaze chip is the same size as conventional chips, but with a circuit density 5.2 times greater, the company claims, which boosts each chip’s performance to 300GH/s or more.


Triple-1 president and CEO, Takuya Yamaguchi, commented, “Although mining capacity is more than four times that of conventional products, power consumption is expected to be halved at maximum.”


Delivery Schedule


According to Triple-1’s development schedule, the sample 7nm mining unit is expected to be completed at the end of September. Mass production of Kamikaze chips is slated to start in the middle of October with the mining units delivered by the end of November.


Yamaguchi told the Sankei Shimbun:


We plan to ship samples in August and mass-produced items from October, and aim for 10 million chips per month in FY 2019.


In June, GMO Internet also unveiled its 7nm bitcoin mining chips and mining rigs. The company now has two models of its 7nm bitcoin miners, B2 and B3. Both are expected to ship at the end of October.


 


      
Coingeek Speaks on Consensus Changes and Next-Gen ASICChip










Coingeek Speaks on Consensus Changes and Next-Gen ASIC Chip




News




Last week, news.Bitcoin.com reported on the proposed consensus changes published by the Bitcoin ABC development team, and the opposition towards certain elements of that proposal from a few BCH community members. Now the blockchain firm and mining organization Coingeek, led by the billionaire tycoon Calvin Ayre, has revealed some different proposed changes to the BCH protocol that the group would rather support. Moreover, Coingeek also explains the company has designed a next-generation ASIC chip that will be unveiled during the last week of November in London.


Also read: The Opposition Towards Bitcoin ABC’s Proposed Upgrade Changes


Craig Wright: The Plan is 128MB This November


Coingeek Speaks on Consensus Changes and Next-Gen ASIC ChipThree days ago we reported on the proposed changes being added to the next full node client published by the Bitcoin ABC development team. The new code changes should be in the next codebase release which is expected to be ready on August 15 for testing. As we discussed, the ABC developers plan to add canonical transaction ordering, a minimum transaction size of 100 bytes, activation of OP_CHECKDATASIG and OP_CHECKDATASIGVERIFY (CDSV), and push-only mandatory for scriptsig.


However, Nchain’s Craig Wright explained that CDSV would not happen while also detailing that friends like Calvin Ayre would not support the change. A few days later on August 11, Wright explained his preferred consensus changes that he would like to see implemented on the BCH chain this coming November. Wright states:




The plan is 128MB this November — 512MB in May 2019 — 2.0 GB in Nov 2020 and – after this, it is unbounded. There will be NO limits ANYWHERE in bitcoin. We expect 337k USD in fees a block just from one use case. That will then fuel BCH to become global money.   




Coingeek’s Statement Against Certain Changes and the Mining Pool’s November Suggestions


Coingeek Speaks on Consensus Changes and Next-Gen ASIC ChipFollowing this, on August 13 the mining organization Coingeek, which captures over 20 percent of the BCH hashrate, once again made a statement concerning Bitcoin protocol changes. The company starts off by explaining that it is fully committed to the global success of the original Bitcoin protocol which is “now restored in the form of Bitcoin Cash BCH.” Furthermore, Coingeek emphasizes that as a “significant miner” there are a few consensus changes they plan on supporting that are different than the changes proposed by Bitcoin ABC. The Coingeek proposal shows three features they would like to see implemented this November:


    

  • Continuing the program to re-enable the original set of opcodes. Specifically for November, CoinGeek supports re-enabling OP_MUL, OP_LSHIFT, OP_RSHIFT, and OP_INVERT. 
    • 

  • Removing the current limit of 201 opcodes per script.
    • 

  • Raising the maximum block size to 128MB.
    • 



Additionally, Coingeek notes some changes within the Bitcoin ABC proposal that the organization will not support. Coingeek agrees with Craig Wright, and explains they will not “commit their hashpower” to any software implementation that supports “canonical transaction ordering and OP_CHECKDATASIGVERIFY (CDSV).”


“In the longer term, Coingeek will continue to support only consensus changes that restore the original Bitcoin protocol, and those that may be demonstrated as absolutely necessary to meeting the goal of massive on-chain scaling to terabyte+ blocks,” the mining pool details.


Coingeek Speaks on Consensus Changes and Next-Gen ASIC Chip
Coingeek’s hashrate over the last seven days. 


Coingeek Emphasizes It Will Support the Best Interest for All Enterprise Bitcoin Cash Miners, and Plans to Unveil a “Next Generation ASIC Chip Design” This November


Coingeek also says it encourages the development of plug-in transaction selection, removing transaction delays, free and cheap fees, computational cost-based fee calculation, and the implementation of a secondary transaction cache to allow double spend monitoring for transactions. The firm says it will continue to support the original vision of Bitcoin and says other mining pools should join them in taking a stance.


“Coingeek’s suggested path is in the best interest of all enterprise-level mining operations and we welcome working together to support this now,” the company notes.


Coingeek Speaks on Consensus Changes and Next-Gen ASIC Chip


Following the statement toward enterprise mining operations, the company has also revealed it has designed a “next generation ASIC chip.” According to Coingeek, the chip will be optimized for enterprise-level mining on the Bitcoin Cash network. Coingeek details it will be showcasing the new technology at a booth during the organization’s London conference in November. The BCH mining pool says they invite all miners to join them at the even so they can plan for the future of the industry.


What do you think about Coingeek’s statements and proposals for the upcoming November Bitcoin Cash hard fork? What do you think about Coingeek announcing next-generation enterprise-grade mining chips? Let us know what you think about this subject in the comment section below.




Images via Shutterstock, Coingeek logo, Nchain logo, Coindance, and Pixabay. 




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