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.

7 of the Best Cryptocurrencies to Invest in Now

Cryptocurrency

Article originally posted by U.S. News & World Report |  Sept. 30, 2020, at 4:49 p.m.

U.S. News & World Report

By Mark Reeth, Contributor

The best cryptocurrency to buy depends on your familiarity with digital assets and risk tolerance.

These are seven of the best cryptos on the market.

It has been over a decade since the mysterious Satoshi Nakamoto created Bitcoin, the first and by far most popular form of cryptocurrency in the world. Despite its fame, Bitcoin isn’t the final word on cryptocurrency – imitators, innovators and spinoffs have emerged in huge numbers, and there are more than 7,000 cryptocurrencies on the market today. With such a broad range of cryptocurrencies to choose from, how do investors know which is the best cryptocurrency to invest in? From the most popular cryptocurrencies making headlines around the globe to lesser-known digital currencies you may never have heard of, here are seven of the best cryptocurrencies to buy in 2020.

Bitcoin (BTC)

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The closest thing you’ll get to a blue-chip cryptocurrency, Bitcoin has dominated the market since the first bitcoins were mined in January 2009 – but that doesn’t mean it has always been smooth sailing. Bitcoin prices hit a high of nearly $20,000 in December 2017 before collapsing in 2018, bottoming out at $3,234 by the end of that year. Since then, however, Bitcoin has enjoyed something of a comeback as prices have risen back to more than $10,000, and with a market cap around $200 billion, bitcoins account for more than 57% of the cryptocurrency market. Bitcoin has its fair share of volatility, but being the biggest name in crypto gives it a worldwide acceptance that lesser-known rivals don’t have, arguably making it the best cryptocurrency to buy for investors new to the asset class.

Bitcoin Cash (BCH)

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Cryptocurrencies like Bitcoin are predicated on blockchain technology, which stores information about crypto transactions within “blocks” of data that can contain 1 megabyte of data. As the currency grew more popular, these data blocks filled up, slowing down bitcoin transactions and increasing transaction fees. Some Bitcoin developers proposed a solution that would effectively reduce the amount of data needed in each block, but others believed this would compromise the integrity of the cryptocurrency – so they created their own version of Bitcoin in August 2017 and called it Bitcoin Cash. Bitcoin Cash has blocks that can store 8MB of data, allowing for faster and more frequent transactions with lower fees. Bitcoin Cash may be newer and less popular than its predecessor, but its scalability means it has incredible potential for growth and puts it in the running for best cryptocurrency.

Litecoin (LTC)

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Cryptocurrencies tend to seem obscure and complex to those who don’t understand the underlying technology, but Litecoin was created to help fix that. In fact, founder Charlie Lee wanted to create the “lite” version of Bitcoin and develop a cryptocurrency that could play the role of “silver to Bitcoin’s gold.” Lee did just that with Litecoin in 2011, creating a cryptocurrency that adopted many of the best features of Bitcoin with some twists. For instance, while bitcoin transactions take about 10 minutes to confirm, litecoin transactions are far faster, taking under three minutes. In addition, while it takes specialized hardware and impressive raw computing power for users to mine bitcoin, Litecoin has much lower system requirements – in fact, ordinary PCs are capable of mining for it. Faster and easier is a powerful combination for users and investors alike.

Ethereum (ETH)

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One of the main philosophies behind cryptocurrencies is the decentralization of currency. Ethereum takes that a step further – rather than decentralizing money, Ethereum’s goal is to decentralize the internet by replacing servers with a worldwide system of nodes, creating “one computer for the entire world.” Ethereum is a software platform based off blockchain technology in which users can exchange a cryptocurrency called ether. Ether has become one of the most popular cryptocurrencies in the world, with a market cap around $40 billion that puts it second only to Bitcoin in market share. But the real draw is the platform itself, which has become wildly popular as a host for other cryptocurrencies – in other words, not only do investors profit from one of the best and most popular cryptocurrencies on the market, but also from the wider uses of Ethereum itself.

 

Binance Coin (BNB)

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Like Ethereum, Binance Coin is much more than a cryptocurrency – as a matter of fact, Binance Coin was originally hosted on Ethereum until the Binance decentralized exchange, or DEX, went online in 2017. The Binance DEX is a platform much like Ethereum, albeit with a different mission. The Binance DEX is a decentralized platform where users can not only buy and sell binance coins, but can also use BNB to convert other cryptocurrencies from one to another. This has made the Binance DEX the biggest cryptocurrency exchange on the planet by volume and has helped fuel the popularity of the digital asset. Most importantly, the Binance DEX offers a discount to users who pay transaction fees on the exchange with BNB – a smart strategy that keeps users on the platform and helps sustain Binance Coin’s growth.

Tron (TRX)

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This has been a year of extreme upheaval for the entertainment industry, leaving it ripe for disruption. This is exactly the sort of opportunity the founders of Tron must have been hoping for when they built a decentralized, blockchain-based platform for sharing content. Whereas many of the biggest entertainment companies in the world profit from gathering and selling data about their users, using Tron leaves no such footprints behind. While it protects users, Tron also allows creators to monetize their content directly via Tronix, Tron’s form of cryptocurrency. The platform has gained fame and notoriety in equal measure over the last few years due to the antics of Tron Foundation founder Justin Sun, but no matter how you feel about him, it’s undeniable that Tron is an ambitious idea – and while it isn’t going to overthrow Netflix (ticker: NFLX)tomorrow, it is an excellent speculative investment.

Chainlink (LINK)

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The Ethereum platform is predicated on smart contracts, or agreements between two parties on a blockchain network with the transaction recorded in blocks of data. The problem is that these transactions can only occur on a platform like Ethereum, and they need some way to draw real-world data into the platform in order to execute smart contracts when certain conditions are met. The solution is data providers called oracles, and while several crypto platforms have created ways for oracles to retrieve data for their network, Chainlink has come up with a reputation system that guarantees the data is accurate, ensuring the validity of smart contracts – and once an oracle’s data is verified, they are paid with Link, Chainlink’s cryptocurrency of choice. This system builds confidence in the platform, and the growing popularity of decentralized finance, or DeFi, helps make Link a contender for best cryptocurrency.

 

Seven contenders for the best crypto to buy for 2020:

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  • Bitcoin (BTC)

  • Bitcoin Cash (BCH)

  • Litecoin (LTC)

  • Ethereum (ETH)

  • Binance Coin (BNB)

  • Tron (TRX)

  • Chainlink (LINK)

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. 

Nasdaq Confirms Plans to Launch Bitcoin Futures in First Half of 2019

Nasdaq Confirms Plans to Launch Bitcoin Futures in First Half of 2019

Finance

Joseph Christinat, the vice president of Nasdaq’s media team, has confirmed that the exchange will soon launch bitcoin futures. In a recent interview with a newspaper in the U.K., Christinat revealed that the platform plans to start offering bitcoin futures contracts within the first half of 2019.

Also Read: Chilean Court Rules in Favor of Closing Bank Accounts of Crypto Exchange Orionx

Nasdaq Waiting for ‘Go-Ahead’ From CFTC

Nasdaq Confirms Plans to Launch Bitcoin Futures in First Half of 2019Christinat told the Daily Express that the world’s second-largest stock exchange by market capitalization expects to launch bitcoin futures trading in the first six months of the coming year.

“Bitcoin Futures will be listed and it should launch in the first half of next year,” Christinat said, adding that Nasdaq is currently “waiting for the go-ahead” from the U.S. Commodity Futures Trading Commission (CFTC). “There’s been enough work put into this to make that academic. We’ve seen plenty of speculation and rumors about what we might be doing … so, here you go — we’re doing this, and it’s happening.”

Exchange Unfazed by Cryptocurrency Bear Market

Nasdaq Confirms Plans to Launch Bitcoin Futures in First Half of 2019Christinat claimed that Nasdaq remains committed to ensuring the launch of bitcoin futures, emphasizing the company’s long-term perspective on the cryptocurrency industry.

“We got into the blockchain game five years ago,” Christinat stated. “When the technology first popped up we just leant out of the window and shouted ‘hey come over here’ right at it.”

Christinat also said Nasdaq has devoted a significant amount of resources toward launching bitcoin futures. “We’ve put a hell of a lot of money and energy into delivering the ability to do this and we’ve been all over it for a long time — way before the market went into turmoil, and that will not affect the timing of this in any way. No. Period. We’re doing this no matter what.”

Do you think we will see the launch of Nasdaq’s bitcoin futures before the second half of 2019? Share your thoughts in the comments section below.

Images courtesy of Shutterstock

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Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process

News

On Nov. 27, the world’s second-largest semiconductor chip maker, Intel, was granted a patent for a processing system that mines Bitcoin but utilizes more “energy-efficient hardware accelerators.” According to the patent called the “Optimized SHA256 Datapath,” the newly invented “high-performance” Bitcoin mining process could reduce overall power consumption by 15 percent.

Also read: Sirin Labs Launches Blockchain-Centric ‘Finney’ Smartphone

Intel Awarded a Patent for a New Bitcoin Mining Process

The Intel corporation, headquartered in Santa Clara, California is well known for being a competitive chipset manufacturer. Last Tuesday the company was granted a patent by the United States Patent and Trademark Office (USPTO) which describes a specialized processing system for mining the SHA256 algorithm. The patent was filed on June 29, 2016, and the concept was invented by three individuals from Hillsboro, Oregon.

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process
Intel’s latest patent claims the corporation has invented a more efficient SHA256 mining (BCH, BTC) process. The mining process is optimized by using SHA256 datapaths. 

The invention claims to be a more efficient mining processor with hardware accelerators that can narrow overall power consumption compared to today’s application-specific integrated circuit (ASIC) machines. The patent’s description is 29 pages long and contains figures which illustrate the processing system. The invention could comprise of various things like a “chipset, or a portion of a chipset.”

“Embodiments of the present disclosure include energy-efficient ASIC-based SHA engines that consume less power for Bitcoin mining operations,” explains the patent.

The Intel patent explains that Bitcoin’s technology “resolves the ‘double spending’ problem,” but further emphasizes that processors today that are mining cryptocurrencies consume enormous amounts of power. Intel says some “clusters of SHA engines” consume more than 200 watts. The invention claims it will take advantage of a myriad of SHA-256 stages and methods of processing hash by utilizing optimized data paths.

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process
Intel’s Bitcoin mining patent approved on Nov. 27, 2018.

Intel’s Competition is Samsung

Intel stepping into the Bitcoin mining arena is interesting but it’s not the corporation’s first taste of cryptocurrency solutions. At the Money 20/20 event in 2016, Bitpay announced that Copay wallet users would get “hardware-level security” with Intel’s Software Guard Extension (SGX). A year later the digital currency hardware wallet manufacturer Ledger revealed it had partnered with the multinational technology firm. Ledger explained at the time that the organization’s operating system BOLOS would be tied to SGX.

Intel Awarded a Patent for an Energy Efficient Bitcoin Mining Process

The company’s latest patent, however, seems to focus more on what Intel is best at, which is creating high-performance semiconductor chips. At the moment, Intel is the second highest valued semiconductor manufacturer in the world with Samsung sitting on the throne. Samsung has already started producing commercial grade ASIC chips for certain Bitcoin-based mining businesses and has a lead on Intel so far. The Bitcoin mining process developed by Intel shows the corporation definitely wants in on this innovative and growing industry of “SHA engines.”

What do you think about Intel’s Bitcoin mining patent? Do you think Intel plans on being more involved within the cryptocurrency industry? Let us know what you think about this subject in the comments section below.

Images via Shutterstock, USPTO, Pixabay, Intel, and Samsung logos. 

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How the Bitcoin Cash (BCH) Hash War Is Affecting Bitcoin (BTC)

The last 24 hours in the crypto-market have stunned many traders and left them speechless. This is due to the fact that Bitcoin (BTC) fell from levels of around $6,300 to a new low of $5,544 in a matter of hours if not minutes. The total crypto market capitalization also fell from levels of $209 Billion to $180 Billion in the same time period.

BTC is currently trading at $5,660 and down 11% in the last 24 hours. The total crypto market capitalization now stands at $186 Billion. All other cryptocurrencies are bleeding heavily also.

The Bitcoin Cash Hash War

One explanation of the current turmoil in the crypto-verse, is the ongoing Hash Wars between the Bitcoin Cash (BCH) community as they prepare for the upcoming BCH hard-fork. Both sides of the ‘battle’ – Bitcoin Cash ABC and Bitcoin Cash SV – have vowed to take down the other using all means possible.

The ABC version is supported by the CEO of Bitmain, Jihan Wu and Roger Ver. The SV version is backed by Craig Wright who claims to be the real Satoshi Nakamoto.

Relocating Hash Power from BTC to BCH ABC

A few days ago, Bitmain CEO Jihan Wu was reported to have mobilized 90,000 mining machines to gain an upper hand in the hard-fork that is scheduled for today. Jihan is quoted as stating the following with regards to the ongoing BCH crisis:

I have no intention to start a has war with [Craig Wright], because if I do (by relocating hash power from BTC mining to BCH mining), BTC price will dump below yearly support; it may even breech $5,000. But since [Craig Wright] is relentless, I am all in to fight till death!

Roger Ver’s mining pool of Bitcoin.com also announced that it will be redirected hash power from Bitcoin to Bitcoin cash ABC for one day.

Craig Wright’s Response 

Craig Wright seemed unfazed by the attempts of both Jihan Wu and Roger Ver. Mr. Wright took to Twitter to explain that for a winner to emerge, there has to be continuous mining of Bitcoin Cash. One day will not win the battle. His tweet can be found below.

Dr Craig S Wright

 

Craig Wright also stated that the fall of BTC does not phase him. He made this statement as he warned BTC miners from switching to Bitcoin Cash. His tweet had this to say:

To all BTC miners…

If you switch to mine BCH, we may need to fund this with BTC, if we do, we sell for USD and, well… we think BTC market has no room… it tanks.

Think about it. We will sell A Lot! Consider that…. And, have a nice day (BTC to 1000 does not phase me)

In conclusion, and with the BCH hard-fork only hours away, we might see hash power continue being redirected from BTC towards Bitcoin Cash. What this means is that there will be a possibility of there being less miners available to sustain the Bitcoin network as the hash wars continue.

Secondly – and as stated by Craig Wright – we might see a massive sell-off of BTC by both sides to finance the war.

Both scenarios are on the minds of savvy and keen crypto traders who have probably fled to stablecoins till the hash wars provide a winner and more stability in the crypto markets.

What are your thoughts on the ongoing Bitcoin Cash situation? Please let us know in the comment section below.

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

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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A New Line of Powerful ASIC Miners Is Coming to Ethereum

New Ethereum Hardware

A chip designer with extensive experience in developing bitcoin mining devices is turning her sights on the ethereum protocol.

Chen Min, the former chief chip maker at bitcoin mining chip developer Canaan Creative, launched a new venture to build cryptocurrency mining devices called Linzhi. The firm’s first project tackles the ethhash algorithm used by ethereum and ethereum classic, with a new line of application-specific integrated circuits (ASICs) miners set to be released sometime next year.

Dubbed Project Lavasnow, Linzhi’s new ethereum miner claims to use 1/8th the amount of electricity as Bitmain’s ethash miners, according to a presentation Chen developed for the Ethereum Classic Summit held this week. It also expects to run 1,400 million hashes per second, compared to 190 from one of Bitmain’s AntMiners.

The increased hashpower means one of Linzhi’s miners should generate roughly $20 per day, compared to a projected $3 from a Bitmain miner. As a result, the company expects customers to break even on the cost of a miner within four months of purchase.

Linzhi did not announce how much each miner would actually cost.

At present, the company is still working on developing the product. Customers may begin receiving their miners in April 2019, according to the presentation.

While many individual miners and members of the ethereum community at present are opposed to ASICs, Chen said in her presentation that hardware alone does not cause centralization.

Rather, “it is the style of the business,” she said.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

XYZ: Ethereum Is Getting Another Popular Domain Name

Ethereum adds XYZ Domain Support

Users of the Ethereum Name Service (ENS) can now claim .xyz domains to connect to their wallets, smart contracts or other services, ENS developer Nick Johnson announced Wednesday.

Johnson wrote in a blog post that the new domain name option comes after some testing and development, and is “now supported by ENS on mainnet.” Users who are interested can purchase the domain through any Domain Name Service registrar and use it like any .eth domain, meaning users can associate it with their wallets, name smart contracts, create subdomains and more.

While EasyDNS – one such DNS registrar – has created a simplified wizard for adding the domain, users can also manually add .xyz, he wrote.

Johnson added:

“We’re rolling out our ENS support initially on .xyz to give it a test-drive, but the best thing about this is that it doesn’t require any cooperation or permission from each DNS [top-level domain]. Once we’ve had a chance to see how it works, we plan to roll it out to all other DNS TLDs that support the necessary features — which is almost all of them.”

ENS allows ethereum users to put “human readable names” in place of long wallet or service addresses, making it easier for individuals to transfer funds, use smart contracts or otherwise develop projects, as previously reported by CoinDesk.

The new .xyz domain is the second top-level domain that ENS supports, following .eth earlier this year. TLDs are the highest set of domains on the internet, and are required when visiting any website on the internet or decentralized web.

Ethereum image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.