Yuri Molchan

600,000 Chinese BTC Miners Cease Work Over Past Two Weeks: F2Pool Report

Since the middle of November, up to 800,000 BTC miners have closed down their operations due to BTC price drops and a decrease in hashrate all over the network
600,000 Chinese BTC Miners Cease Work Over Past Two Weeks: F2Pool Report
Contents

In a recent interview, Mao Shixing, head of Chinese mining company F2Pool, shared that as per his company’s recent study, from 600,000 to 800,000 Bitcoin miners have left their business over the past couple of weeks. In this research, the firm took into consideration the major decline in the network’s hashrate. It also analyzed data regarding the average hashpower of mining processors of old models which are now having trouble making profits.

Overall decline of the BTC hashrate

Data from the blockchain.info website shows a large-scale decrease in the all of BTC hashrate. The site takes into account the total computation power on this first-ever made blockchain platform. The recent data states that the hashrate has declined from nearly 47 mln tera hashes per second (TH/s) on November 10 down to 41 mln on November 24, demonstrating a drop of nearly 13 percent.

Mao Shixing said that the majority of miners have who ceased their work are most probably those who used mining machines of older models, from a production year of about 2016-17. Their hash power is around 10 TH/s and those, as statistics show, are making financial loses right now.

💼 Related Article
US Army Mulls Using Blockchain, Depriving Miners of Monetary Incentives
🔥 Hot
3 weeks 1 day
256
US Army Mulls Using Blockchain, Depriving Miners of Monetary Incentives

The hashrate of F2Pool presently totals almost under 11.5 percent of the entire BTC platform, and it has also dropped around 10 percent recently, as per Mao. He also mentioned that tens of thousands of miners working with the pool have ceased work recently. This is the situation with BTC mining in China at the moment.

About a week ago, Mao published a photo on his Weibo account (the Chinese analogue of Twitter) — it was a photo of a person packing his mining gear to be sold by kilos. The community believes that mining has become so unprofitable that people have to sell the equipment as copper, but in fact Mao explained that gear in the boxes in that particular photo is as old as hills and is useless for further mining operations.

Winter is coming in China

The founder of F2Pool also shared that the reasons for the decline include the recent fall back of the crypto market, followed by the hard fork of Bitcoin Cash along with a rise for power fees in China. Another important reason is that Chinese producers of mining gear are rivalling between each other, making equipment of older models useless for further mining operations.

Mao explained the double rise in the power tariffs is due to the coming winter, compared to summer when electricity was not used so much. E.g., in summer in some regions electricity cost around $0.030 per 1 Kw/h. Now the price is to reach $0.043 per the same amount of electricity.

Mining is still alive

Mao assures that the more miners are getting out of business, the lower is the difficulty of BTC mining. Mining is going nowhere. The recent statistics show that the overall BTC mining difficulty has dropped around five percent, thus giving a chance for more profits for those miners who have decided to stay, says Mao.

views
👓 Recommended articles
Cryptotips George Shnurenko

Binance vs Coinbase- An Honest Comparison

💡 Cryptotips
Two of the most popular exchanges have a lot in common, but are definitely their own companies, so what’s the good and the bad of them both?
Binance vs Coinbase- An Honest Comparison
Contents

At first glance, they might seem very similar, but an in-depth comparison of Binance vs Coinbase reveals a stark contrast. While Coinbase is geared towards the new beginner who just wants to buy and sell cryptocurrency, Binance offers investors the opportunity to do so much more. They also have their peculiar limitations. Before we go into describing each, let’s see the different platforms for what they are.

What is Coinbase?

Coinbase is one of the most popular digital asset exchange companies and it has been adopted in over 190 countries worldwide. This platform is not just for digital assets as it also supports the fiat currency in 32 other countries. As far as reputation goes, Coinbase is undisputed. It has established itself as one of the most respected and most reliable exchanges in the world.

It was able to achieve this reputation based on the high level of security, the affordable cost of carrying out transactions, the very high volume of transactions, and the ability to support various cryptocurrency-to-cryptocurrency transactions. One more thing in favor of Coinbase is that it serves as the official exchange for currencies like Bitcoin, Bitcoin Cash, Litecoin and Ethereum.

What is Binance?

If you’re familiar with Chinese exchanges for cryptocurrency, the probability that you’ve come across Binance is very high as it is another popular exchange. One of the major reason for its popularity is the fact that this exchange has about 260 crypto-to-crypto trading pairs. It also charges a meager 0.1 percent transaction fee.

In addition to the reduced cost of transactions, users get the chance to enjoy a 50 percent discount on the transaction fee for a year (the first year). This discount is valid, irrespective of the volume of the transaction carried out. The security support is also unparalleled. 
Now that we have an idea of the different exchanges, let’s attempt to carry out an honest comparison of Coinbase vs Binance.

💼 Related Article
What is a Decentralized Exchange?
🔥 Hot
5 months 3 weeks
256
What is a Decentralized Exchange?

1. Binance vs Coinbase- The user interface

Coinbase was designed primarily for people who are new to the process of trading cryptocurrency. A novice investor will definitely have no troubles carrying out transactions on Coinbase as it has an extremely easy and friendly interface. In fact, options trading and margin trading are not supported, rather, you can just buy and sell digital assets.

Binance, however, is for the well-experienced experts in cryptocurrency trading. Some users claim that the amount of information available on the dashboard is enough to scare a novice away. But there’s an “Advanced view” and a “Basic view.” Some people sign up on both platforms, buy a coin on Coinbase, transfer it to Binance, and then carry out more advanced tasks there.

2. Binance vs Coinbase-The cryptocurrencies supported

There’s a clear winner here, Binance supports more cryptocurrencies compared to Coinbase. On Coinbase, you only have access to Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Plans are also ongoing to add ERC20 tokens. Binance, on the other hand, supports all the coins on Coinbase and hundreds of other currencies. Some of the coins include Ark, Cardano, VeChain, Ripple, NEO, etc.

3. Coinbase vs Binance- The transfer limit

Both platforms require you to fill in personal details and a photo identification before you are verified on the platform. On Coinbase, three major factors determine your transfer limit:

  1. Your track record of transactions
  2. How long you’ve had your account
  3. Your verification level

With a verified US account, you will be able to make transactions of $5,000 in a week. You also get a cap of $50 on your card. It is also good to note that the maximum amount you can deposit is much lower. If you choose to deposit using your bank account, you might have to wait for about four or five business days. If you use your card, it is effected immediately.

Binance, on the other hand, offers more flexible limits. You can deposit infinitely and your withdrawal limit depends on whether or not you’re verified. If you’re verified, you have a daily limit of 50 BTC. If you are yet to be verified, you can only make transactions below two BTC.

💼 Related Article
How to store Binance Coin (BNB): Best Wallet to Store
🔥 Hot
7 months
256
How to store Binance Coin (BNB): Best Wallet to Store

4. Coinbase vs Binance- How the accounts are funded

Coinbase generally offers more options to finance your account and Binance is a little constrained in the area. With Coinbase, you can either buy cryptocurrencies or make deposits into your account from your bank account. The various methods available are ACH transfer, using your debit card or via wire transfer. 

With Binance, the limitation is that it is solely a cryptocurrency exchange. This means that you can only finance your account with crypto. For this reason, many people will first purchase crypto coins with fiat currency on platforms like Coinbase before going to Binance.

Conclusion

In this clash of giants, there’s no winner or loser. Binance and Coinbase carry out their different jobs excellently well. Although they have their limitations, for example, you can only trade cryptos on Binance and Coinbase doesn’t support so many currencies, both exchanges are still considered top-notch.
 

Cryptotips
views
👓 Recommended articles
Darryn Pollock

Can China Fully Crush Cryptocurrency?

China has taken the lead in breaking down cryptocurrencies, but can it really succeed in crushing the decentralized currency?
Can China Fully Crush Cryptocurrency?
Contents

 

It has been nearly a year since the Chinese government decided to make a big stand against cryptocurrencies and ban ICOs in the country. This sparked a movement in the People’s Republic that is still ongoing, with the latest news being that promotional events are being banned beyond the borders of the capital.

China has a real bug bear with cryptocurrencies, but that does not extend to the underlying Blockchain technology, and this is what makes their position unique and interesting. Will they be able to remove Bitcoin from Blockchain, and if they do, what will they be creating?

From ICOs to the Great Wall

China’s position became clear when they decided that ICOs were not safe and should not be allowed to function in their country. The government placed a blanket ban over the ICO market and set quite a precedent for others who were wondering what to do with ICOs.

But this was just the beginning as soon exchanges felt the full brunt of the government as they were soon squeezed out, and then finally, the government blocked access to overseas-based exchanges or order to try and lay the killing blow.

Now, Guangzhou’s special economic zone in southern China has banned events promoting cryptocurrencies as the crackdown on digital money extends beyond the country’s capital of Beijing.

Effective?

At first, China’s ploy to ban cryptocurrencies did not seem to be working as were many different workarounds with the citizens turning to things like LocalBitcoins and foreign exchanges. However, the ongoing battle continues and as such, it now seems that the government is getting the upper hand.

China used to be one of the biggest cryptocurrency players in the world, but since the government intervention, the local currency, the Yuan, has gone from 90 percent dominance on Bitcoin markets to one, a startling difference and indicator.

So if China is being effective in crushing cryptocurrency, and stopping its use, why is there still big talk and excitement about Blockchain technology, the underlying technology? Blockchain is still being spoken about with full reverence, but the decentralized coins that have emerged are quite taboo.

A centralized Blockchain?

It becomes clear to see that China is not being regressive in its acceptance of new technology, it is just not happy with not having control and a central authority for it to be controlled by. These decentralized coins that are owned by no one make China nervous, but they believe they can change that.

It is now becoming a lot like how the internet made its home in China. The world wide web is fully controlled and regulated in China despite it being open and free to use normally. The same seems to be happening with Blockchain technology.

Blockchain is being rolled out in China in a way in which the government can control and harness, without it being too liberal and free.

Once off precedent

Since that move by China near on a year ago, it set a harsh precedent on regulating Bitcoin. However, since then there has not been any other nations that have come close to its strictness. It would seem that China’s model may be a bit of a once off as other nations are interested to see how the space can evolve naturally.

China will not be left without Blockchain, but what they will end up will probably be a lot different to what the rest of the world knows or uses, once again leaving them slightly isolated in terms of future technologies.

views
👓 Recommended articles
Eric Eissler

NEO Price Prediction for 2018-19, 2020-25

Did you miss the boat with NEO? Perhaps not, take a look at the NEO price predictions
NEO Price Prediction for 2018-19, 2020-25
Contents

NEO was once known as Antshares, but the name was changed to rebrand. China-based NEO is like many others trying to improve upon the smart contracts Blockchain model.

What is NEO

It could be referred to as the Chinese Ethereum but what sets it apart from Ether is the fact that is attempting to develop a smart economy that digitizes assets and creates a proof of ownership model.

Additionally, the other thing that sets it apart is programming languages. Ethereum uses a proprietary Solidity language, that requires developers to learn before using.

Conversely, NEO is built on C++, Python and JavaScript, which more than one mln developers already know, so they can jump into the action and start writing smart contracts. On an interesting side note, NEO tokens cannot be subdivided; the smallest amount of NEO is one NEO and nothing less.

NEO past performance

NEO, at the time when it was known as Antshares, entered the market on Sept. 8, 2016 at only $0.18 cents per token.

Since that time it has spiked to a high of $162.11 on Jan. 30, 2018 and is currently, at time of writing, trading at $37.88.

Since it starts it has gained a considerable amount, but at the same time it has lost a great deal too; down by 76 percent from its all-time high.

NEO is ranked at 12 on CoinMarketCap. It has moved relative to the market as most cryptos have done over the past year. Let’s not get too hung up on the past and its glory days, but let’s look ahead to where we think NEO could be headed in the short, mid, and long-term.

💼 Related Article
NEO vs Ethereum - What’s Different, What is the Same?
🔥 Hot
6 months 1 week
256
NEO vs Ethereum - What’s Different, What is the Same?

NEO price prediction 2018 and 2019

While many predictions and software models called for higher NEO prices by mid-2018, they have been wrong, unfortunately. The crypto market has seen much adversity from governments and regulatory bodies around the world and this has made the bears dominate the market for much of the first half of 2018. If the bears continue, the price could fall by another 50 percent by the end of the year, leaving NEO around $20.

However, if the bears take over and there is a rally market, we would be fortunate to see a doubling or tripling of the price by the year’s end around $80 or close to the all-time high of $120. The following year proves to be more of a challenge, but as NEO works more and more closely with the Chinese government, we could see the price propel upwards, as the government would be a colossal support for the token, as the Chinese government has taken many measures to ban crypto trading in China.

Support for one token would be a figurative monopoly for NEO in China. While that might take a few more years to happen, we could hopefully see a $100 NEO at the bare minimum sometime in 2019.

NEO price prediction 2020 and 2025

The farther we get into the future, the more unknown variable enter the equation and make it harder to predict what could happen to prices.

However, if we study multiple charts and estimations we could infer that the price of NEO could be in a range from $150 to $200 in 2020, if no major bear markets attack the price. Should the continue to bears drag the market downwards, we could see prices hovering in the lows: between $115 and $135. Going out into the long-term predictions, we could see some more positives depending on how the Chinese act.

Mass investment by the Chinese could drive the price to anywhere between $200 and $300 per token. Furthermore, the more use cases and adoptions of the technology, the more we are able to see increased prices.

NEO is one of the Chinese government’s favorite cryptocurrencies and they have treated it favorably.

Considering all the bans and crackdowns they have issued for other cryptos which has lead to many market crashes. In addition to China’s favorability towards NEO, it is also being used by many major businesses in the country such as Alibaba and Microsoft China.

Considering the huge size of the Chinese market and the impact China has on the overall economy, this factor could provide a major boost for NEO.

💼 Related Article
NEM Price Prediction: How Much Will be the NEM Cost in 201820?
🔥 Hot
5 months 4 weeks
256
NEM Price Prediction: How Much Will be the NEM Cost in 201820?

Reasons to invest in NEO

  • NEO has a technical advantage over Ether, such that it can be programmed with more than one language.
  • NEO is considered the next step in Blockchain development. Bitcoin is for payments, Ethereum is for smart contracts, NEO is for smart economy and the digitization of assets.  
  • NEO has backing from the Chinese government, essentially giving it dominance over all other cryptos in the country.

Reasons to not invest in NEO

  • Competition. NEO faces challenges from numerous cryptos that have been flooding the market. They lay claim to being the “next big thing” and the crypto market is dynamic, with a “here today, gone tomorrow” pace.  
  • Chinese backing is a double-edged sword that could hurt NEO, should the government decide to go back on supporting NEO and place an outright ban on cryptos.

Crypto Kings hard to unseat

While there are many who, such as Mark Cagney, co-founder at Social Finance (SoFi) argue that NEO has the ability to displace Bitcoin and/or Ethereum and that would win it more gains, could be right but have not added the technology adoption rate into the equation. While technology develops at a rapid pace, users are not apt to adopt it right away. People will find something they like and stick with it.

Bitcoin and Ethereum have the name and track record, it would be a long time before that apple cart is upset, but it doesn’t mean than NEO won’t perform well.

💼 Related Article
EOS Trading for Beginners: How to Trade EOS Profitable
🔥 Hot
5 months 4 weeks
256
EOS Trading for Beginners: How to Trade EOS Profitable

views
👓 Recommended articles
Thomas Hughes

The Crypto Market Is Going South. Ethereum Is No Exception

Christine Lagarde stated that central banks should “consider the possibility to issue digital currency”
The Crypto Market Is Going South. Ethereum Is No Exception

Christine Lagarde, the Managing Director at the International Monetary Fund, stated during a speech at the Singapore Fintech Festival (Nov. 14) that central banks should “consider the possibility to issue digital currency.” She also mentioned that despite being “not entirely convinced” of the benefits of cryptocurrencies, there may be a use for government-backed tokens.

These Central Bank Digital Currencies (CBDCs) would aid “financial inclusion,” “security and consumer protection,” and “privacy in payments.” Whether or not this will have an effect on the current crypto market remains to be seen; in the meantime, all major digital currencies are dropping, Ether included.

Charts at a Glance

Charts at a Glance

ETH/USD was trapped between two trend lines, but now it seems like a clear direction has been chosen, at least for the short term. The pair has dropped 8 percent during the last 7 days and broke below the bullish trend line, so the next destination is most likely the support zone around 190 – 192.

If the pair reaches the mentioned support zone, I expect to see a bounce for two separate reasons: the level acted as strong support last time it was touched, and the Relative Strength Index is already below its 70 level, indicating oversold. A return above the bearish trend line would invalidate this scenario.

Support zone: 192 - 190

Resistance zone: 205 and both trend lines

Most likely scenario: drop into support followed by a push higher

Alternative scenario: break above 205 without a touch of support

views
👓 Recommended articles
Patrick Thompson

CryptoKitties is Coming to iPhone

Popular Blockchain-based game CryptoKitties is coming to iPhone.
CryptoKitties is Coming to iPhone
Contents

CryptoKitties — the game built on the Ethereum blockchain which allows users to buy, breed and sell digital cats — is coming to Iphone users. Axiom Zen, the creator of the game, is making CryptoKitties available for iOS users in Greater China and Singapore beginning Feb. 16.

CryptoKitties

CryptoKitties was first released on Nov. 28. On Dec. 2, the most valuable cat was sold for 246.9255 ETH which was equivalent to $117,712 USD at the time. About three days later, the popularity of the game congested the Ether network creating a queue of pending transactions. On Dec. 4, CryptoKitties accounted for about 12 percent of all transactions on the Ethereum Network. By Dec. 5, players had spent over $3.5 mln in Ether on the game.

Axiom Zen will be releasing CryptoKitties in China before they release the app to the rest of the world because they believe the app will be successful there. Mack Flavelle, one of the game’s co-founders, told Fortune,

We’re targeting China, Singapore and other Asian countries because to be honest, we think they’ll love the kitties. The area has a sophisticated and passionate crypto community… plus a long time appreciation for cute things.

The game will be available in Apple’s App Store beginning Feb. 16 in China — the same day as Chinese New Year. All of the digital cats introduced into the game on Feb. 16 will be given a Chinese backstory, and three “ultra rare fancy cats” will be released for the holiday.

Network congestion

With CryptoKitties set to launch in China, it is possible that the Ethereum network could experience similar network traffic to when the game first became popular in December. At one point, CryptoKitties accounted for 30 percent of the traffic on the Ethereum network and caused 30,000 transactions to become backlogged.

In China — a country with a population of 1.379 bln (2016) — mobile games have millions of users daily. There are currently over 320,000 CryptoKitties players, but with the game being introduced to such a large population, it is possible for the Ethereum network to become backlogged with even more transactions than before.

Global launch

Co-founder Benny Giang says Axiom Zen expects to release the game to the rest of the world a few weeks after the China release.

views
👓 Recommended articles