Both Camps in BCH ‘Hash War’ Are Mining at Major Loss

In the aftermath from yesterday‘s Bitcoin Cash (BCH) hard fork, both opposing camps in the so-called “hash war” are mining at a hefty loss, according to a tweet from the research arm of Hong Kong-based crypto derivatives platform BitMEX today, Nov. 16. On Nov. 5, BitMEX Research announced it would be launching a network monitoring tool for both Bitcoin (BTC) and Bitcoin Cash (BCH), specifically in preparation for the widely-anticipated BCH hard fork Nov. 15.   As previously reported, disagreements over a proposed network upgrade have split the BTH community…

Below $200 ETH Mining is Useless, Hash Rate Drop

After 11 months of relentless bears, statistics from Susquehanna, a US based trading and technology firm has confirmed that mining Ether is no longer profitable. This is mostly due to a relentless bears that have since drove prices from $1400 to $200. Because of this, monthly mining profitability is now zero, down from $150 registered mid last year. The Drop in ETH Mining is Because of Serenity Unlike Bitcoin, Ethereum mining utilizes GPU chip sets. Though they guarantee complete decentralization, Ethereum does not have a predetermined issuance model. Then again…

Mining Giant Bitmain Sues Unknown Hacker for Alleged Theft of $5.5 Million in Crypto

China-based Bitcoin (BTC) mining giant Bitmain has sued an anonymous hacker for the alleged theft of cryptocurrency worth $5.5 million from Bitmain’s account on Binance in April, according to a lawsuit filed with the U.S. District Court for the Western District of Washington at Seattle on Nov. 7. As stated in the court document, an unknown hacker, referred to as “John Doe” in the case, managed to take over Bitmain’s Binance account and used stored Bitcoin to manipulate the price of altcoin Decentraland (MANA) and then steal the profits. Bitmain…

Crypto Mining Tech Firm Bitfury Closes $80 Million Funding Round

Cryptocurrency mining technology firm Bitfury Group has just closed an $80 million funding round led by venture capital firm Korelya Capital. Also participating in the private placement were investors such as Mike Novogratz’s Galaxy Digital, Macquarie Capital, Dentsu Inc., Armat Group and others, according to a Bitfury press release. Advising Bitfury on the funding was investment bank Bryan, Garnier & Co.. George Kikvadze, Bitfury’s executive vice chairman, said in the release: “With a half billion dollars in revenues, Bitfury is the leading blockchain B2B global technology infrastructure provider at the corporate and…

Texas Regulators Enter Emergency Stop Against Crypto Mining Firm

The Texas State Securities Board entered an emergency cease-and-desist on Tuesday against a cloud mining company based in Australia that it said was selling unregistered securities. In the order, Texas securities regulators claim that Automated Web Services Mining (otherwise known as AWS Mining), AWS Mining PTY LTD., a number of of AWS Mining’s officers, crypto wallet provider MyCoinDeal, and multi-level marketing organization AWS Elite were violating the state’s Securities Act and committing fraud by selling investment contracts in AWS’ cloud mining pool. According to the filing, the respondents promised investors…

BTCC Announces the “Indefinite” Closure of Its Mining Pool

BTCC will be shutting down its mining pool by the end of the month. According to a recent notice made by the Hong Kong-based exchange, BTCC will deactivate its mining pool servers on November 15, 2018, and cease all operations entirely come November 30. Citing “business adjustments,” the notice was generally vague about the exact reason for this particular closure. Having started operations in 2014, the mining pool is one of the oldest in the space, while BTCC itself is China’s oldest crypto exchange. BTCC’s mining pool was one of…

Mining Giant Bitfury Raises $80 Million in Closed Funding Round as Mining Market ‘Matures’

Bitcoin mining infrastructure provider Bitfury has raised $80 million in a closed funding round, the company revealed in a press release shared with Cointelegraph Nov. 6. The round, which comes weeks after rumors Bitfury was considering an IPO, was led by European venture capital fund Korelya Capital. Other participants included South Korean internet giant Naver Group, Asian institutions Macquarie Capital and Dentsu Japan, as well as Michael Novogratz’s Galaxy Digital. “This private placement will take our corporate governance to the next level, broaden our financial strategic options, and ideally position…

Bitcoin Mining Behemoth Bitmain Releases New 7nm Antminer Hardware

Bitcoin (BTC) mining giant Bitmain has officially released two new 7nm (nanometer)  “Antminer” crypto mining machines, according to an official tweet posted Nov. 5. Bitmain indicated in September that it would be equipping its new Antminer models with next-generation Application-Specific Integrated Circuit (ASIC) chips. ASIC chips are geared to compute optimally for a specific hashing algorithm and, as Bitmain’s tweet confirms, these latest “acceleration” chips use an SHA256 algorithm, which is based on 7nm Finfet semiconductor manufacturing technology. Today’s tweet from the company reads: “We are officially announcing the release…

Crypto Exchange BTCC Is Closing its Mining Pool Business Indefinitely

Hong Kong-based cryptocurrency exchange BTCC is shutting down its mining pool business, BTCC Pool Limited, after four years of operation. Citing the reason for the closure as “business adjustments,” BTCC Pool said Tuesday that it will shut down all mining servers on Nov. 15 and will cease operations indefinitely from Nov. 30. The firm has now asked all member miners to switch their hashing power away from the pool before Nov. 15., adding that it release previously earned mining profits “in time.” The pool was launched in 2014 as one of BTCC’s…

Crypto Exchange BTCC Is Closing Its Mining Pool Business

Hong Kong-based cryptocurrency exchange BTCC is shutting down its mining pool business, BTCC Pool Limited, after four years in operation. Citing the reason for the closure as “business adjustments,” BTCC Pool said Tuesday that it will shut down all mining servers on Nov. 15 and will cease operations indefinitely from Nov. 30. The firm has now asked all member miners to switch their hashing power away from the pool before Nov. 15., adding that it will release previously earned mining profits “in time.” The pool was launched in 2014 as one of…