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Winklevoss Brothers Score Another Crypto Investment Patent

Tyler and Cameron Winklevoss, the founders of the Gemini cryptocurrency exchange, just won another crypto-related patent.

$800 Million ICON’s Token Swap to Take Place Within 24 Hours

ICON is gearing up for its token swap which will see its ERC20 tokens exchanged for mainnet ICX coins.

Binance Backs Malta Stock Exchange’s Startup Accelerator

The Malta Stock Exchange announced today that Binance is backing the exchange’s newly launched program to support fintech startups and entrepreneurs.

EOS May Be Live But the Debate with Crypto Critics Continues

The EOS blockchain went live this week, sparking debate and commentary from cryptocurrency’s avid social media users.

Mining Hardware Supply Chain Seeks Alternative Revenue Streams Amid Declining Demand

Mining Hardware Supply Chain Seeks Alternative Revenue Streams Amid Declining Demand

With demand for cryptocurrency mining hardware having sharply declined following the onslaught of 2018’s bear market, reports are indicating the companies operating in the supply chain behind mining hardware are increasingly seeking alternative revenue streams to offset falling demand from the mining industry.

Also Read: SEC Executive: ‘Cryptocurrencies with Decentralized Structures Not Securities’

Cryptocurrency Bubble Pops for Mining Hardware Supply Chain

Mining Hardware Supply Chain Seeks Alternative Revenue Streams Amid Declining DemandBetween April 2017 and March 2018, the virtual currency mining hardware manufacturing industry appeared unstoppable. Last year, the multi-year cryptocurrency bull trend was accelerating toward its peak, drawing with it unprecedented media coverage of the virtual currency markets.

With demand for mining hardware at unprecedented levels, companies operating within the supply chain manufacturing mining devices were reporting record sales and witnessing all-time high stock prices. At one point, China’s leading ASICs supplier, Bitmain, was briefly ranked as one of the top ten clients of the world’s largest semiconductor manufacturer, Taiwan Semiconductor Manufacturing Company (TSMC).

Profit Projections Slashed

Mining Hardware Supply Chain Seeks Alternative Revenue Streams Amid Declining DemandAccording to a report from Digitimes, the party is well and truly over for Taiwanese suppliers of graphics processing units (GPUs), who “have seen their inventories pick up rapidly, and their sales prices have declined to the levels seen in early 2017.” The report, citing “industry sources,” asserts that “[GPU] suppliers may be forced to return to the gaming market to renew growth momentum in second of the second half of 2018.”

In April, CNBC reported that Wells Fargo Securities had slashed its profit forecast for Nvidia due to “falling demand for GPUs [graphics processing unit] used in cryptocurrency,” according to Wells Fargo analyst, David Wong. Later that month, TSMC reduced its projected earnings in response to waning demand for mining hardware. Taiwan’s Gigabyte Technology is also expecting to sell less than 10 million motherboards in 2018 due partly to shrinking demand for mining hardware.

ASIC Manufacturers Turn to AI for Alternative Revenue Stream

Mining Hardware Supply Chain Seeks Alternative Revenue Streams Amid Declining DemandWhilst GPU manufacturers are able to refocus their efforts on the gaming market, suppliers of application specific integrated chip (ASIC) miners are exploring alternative revenue streams in order to offset declining demand for mining hardware.

In a recent interview with Fortune, the co-founder and co-chief executive officer of Bitmain, Jihan Wu, was asked of the company’s “priorities over the next few years” – to which Mr. Wu replied investing further resources in the research and development of mining rigs, that “Bitmain will also start to deploy lots of artificial intelligence products into the market.”

Canaan Inc., the world’s second largest ASIC manufacturer, is also looking to the artificial intelligence (AI) markets to bolster its profits, with the prospectus for the company’s proposed initial public offering indicating that it plans to focus on producing chips for AI applications.

Do you think that demand for mining hardware will see a resurgence in the foreseeable future? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Mining Hardware Supply Chain Seeks Alternative Revenue Streams Amid Declining Demand appeared first on Bitcoin News.

Ripple Price Analysis: XRP/USD Showing Positive Signs

Key Highlights

  • Ripple price gained upside momentum as it managed to hold the $0.5000 support against the US dollar.
  • There is an ascending channel forming with support at $0.5400 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to move higher above the $0.5800 and $0.5900 resistance levels in the near term.

Ripple price is slowly moving higher against the US Dollar and Bitcoin. XRP/USD is now above $0.5400, and it could continue to move higher.

Ripple Price Support

After declining close to the $0.5000 level, Ripple price found support against the US Dollar. The price traded as low as $0.5035 before buyers appeared and started an upside move. XRP price climbed higher and moved above the $0.5200 resistance levels. There was also a break above the 38.2% Fib retracement level of the last downward move from the $0.6000 swing high to $0.5035 low.

The upside move was decent as the price succeeded in moving above the $0.5400 resistance level. There were further gains and the price moved above the $0.5500 level. Later, buyers succeeded in pushing the price above the 50% Fib retracement level of the last downward move from the $0.6000 swing high to $0.5035 low. At the moment, the price is attempting a close above the 100 hourly simple moving average and $0.5600. There is also an ascending channel forming with support at $0.5400 on the hourly chart of the XRP/USD pair. As long as the price is following the channel, it could move further higher above the $0.5800 level in the near term.

Ripple Price Analysis XRP USD

Looking at the chart, the current price action is positive above $0.5400. A break above the $0.5800 resistance may perhaps clear the path for a push above $0.6000.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is moving back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has moved above the 50 level.

Major Support Level – $0.5400

Major Resistance Level – $0.5800

The post Ripple Price Analysis: XRP/USD Showing Positive Signs appeared first on NewsBTC.

FSHO declined exchange registration by Japanese regulator

Troubled exchange FSHO has failed in its bid for legitimacy as Japanese regulator toughens up on non-performers

Vote Threshold Is Met: EOS Can Finally Launch Its Platform

Fifth-Largest Cryptocurrency Finally Launches Its Blockchain

According to data from EOS Authority, EOS has finally acquired the minimum votes required for its network to go live.

After EOS failed to launch its platform on its projected launch date of June 2, a live-stream vote was called, where users voted “Go” to launch the blockchain network. But while the network got the green light, it couldn’t go live until it was activated with the EOS tokens held by investors.

Things didn’t go as planned as token owners became reluctant to weigh in with the minimum vote required to activate the blockchain. For the EOS blockchain to go live, 15 percent of the total EOS tokens in supply had to be used to elect the network’s 21 EOS block producers.

Votes

Also known as supernodes, block producers operate as part of EOS’s delegated proof of stake (DPoS), where they serve a function similar to Bitcoin miners who secure proof-of-work systems. The candidates for the supernodes include local crypto enthusiasts such as EOS Canada, who is currently leading with just over 42,000,00  token votes at press time, followed by EOS Authority, the entity that started up EOS, in second place with about 39,400,000 votes. Blockchain heavyweight Bitfinex is currently eighth with a bit under 32,000,000 EOS votes, and EOS HuobiPool is in the eleventh spot with just over 30 million token votes.

To vote for the supernodes, token owners have to go through a process of proving ownership, which requires using their private keys.

The most noteworthy voting software is CLEOS, a command-line tool created by Block.one, the creators of EOS. This software requires a lot of programming knowledge, which left non-technical voters with crowdfunded projects like EOS Portal and other desktop tools.

As much as users were eager to activate the mainnet, they were equally nervous that the process might jeopardize their holdings.

EOS’s inability to get the required number of tokens staked led to the mainnet launch being stalled for days. There were also some reports that a general, widespread distrust in third-party software available to owners, coupled with the complexity of the voting process, led to voter apathy.

Vulnerabilities

Despite the success of its ICO, the EOS team has not been able to find a lasting solution to the vulnerabilities that have riddled it from the start. Some weeks back, Chinese internet research firm Qihoo 360 discovered a vulnerability that could be used by hackers to remotely manage codes on nodes and attack any cryptocurrency built on the network.

EOS launched a bug bounty program that rewards developers for discovering security vulnerabilities, with the most significant reward going to Dutch ethical hacker Guido Vranken, who was paid a hefty $120,000 for discovering 11 new vulnerabilities. EOS’s HackerOne profile shows that vulnerabilities are still being discovered.

EOS is currently up by 14.4 percent, trading at $11.32.

This article originally appeared on Bitcoin Magazine.

Russian Treasurers Association Joins Masterchain Banking Pilot

The Russian Association of Corporate Treasurers is joining the nation’s central bank in trialing the government-run Masterchain blockchain platform.

Report: Suspicious Transactions at Korean Exchange Coinrail Months Before Hack

Report: Suspicious Transactions at Korean Exchange Coinrail Months Before Hack

Following the announcement by South Korean crypto exchange Coinrail that it has been hacked, a local publication reported that some banks had identified suspicious transactions at the exchange and stopped providing services to company months before the incident.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Suspicious Transactions Detected

South Korea’s seventh-largest cryptocurrency exchange, Coinrail, announced that it was hacked on Sunday, June 10, with the thieves targeting several altcoins. The damage is estimated to be around 45 billion won (~US$42 million), according to local media.

Report: Suspicious Transactions at Korean Exchange Coinrail Months Before HackThe hardest hit was Pundi X’s NPXS, a recently-launched token that accounts for roughly two-thirds of Coinrail’s trading volume. Other coins allegedly stolen include ATX, NPER, and DENT, the exchange wrote on its website.

On Monday, Chosun reported that, back in February, some local banks detected money-laundering activities at Coinrail. The publication quoted a bank official revealing:

Several banks that traded with Coinrail found suspicious money-laundering transactions in Coinrail in February, and some banks took steps to stop their fund deposits in April.

The banks, however, did not offer any specific reasons for the service suspension, the news outlet noted.

In South Korea, banks can legally refuse to service crypto exchanges under the Financial Transaction Reporting and Use Act and Virtual Currency Anti-Money Laundering Guideline if they do not use real-name accounts. The real-name system was implemented by the regulators at the end of January. However, the conversion rate has been low.

Security Breach and Police Investigation

Report: Suspicious Transactions at Korean Exchange Coinrail Months Before Hack
The notice on Coinrail’s website.

The Coinrail incident has attracted a lot of media attention because its alleged hack would be the largest cyber theft in South Korea to date by the equivalent won amount. Two other major hacks in the country concern another exchange, Youbit, which suffered security breaches in April, and again in December. Youbit was operating under the name Yapizon in April, however, changed its name after the first hack.

At the time of this writing, Coinrail’s exchange is offline and there is a system maintenance note on its website. The notice states that currently 70% of the total coins at Coinrail have been safely moved to cold storage. “About 80% of the coins that have been confirmed to be leaked have been frozen/ withdrawn/ redeemed or equivalent…while the remainder is under investigation with investigators, related exchanges, and coin developers,” the exchange wrote, adding:

The exact damage of the leaked coins / tokens is currently being confirmed, which may require some time with the coins.

“Investigators visited the exchange yesterday to ascertain whether it was an accident or a crime,” the Korea Times quoted the National Police Agency Cyber Bureau on Monday. The police, the Korea Internet Development Agency (KISA), and the Ministry of Science, Technology and Information are investigating the case, Ddaily detailed. “KISA has been on the scene since the day of the 10th and is analyzing the cause of the incident jointly with the National Police Agency.”

What do you think of Coinrail’s alleged hack? Let us know in the comments section below.


Editor’s note: Some quotes have been translated from Korean. Images courtesy of Shutterstock and Coinrail.


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The post Report: Suspicious Transactions at Korean Exchange Coinrail Months Before Hack appeared first on Bitcoin News.