Log inRegister

Coin News

business, rising
Bitcoin and other digital currencies are well known as decentralized technologies, meaning that processing power is spread out across multiple points that reduce the chance of failure and network disruption.Other elements of the digital currency ecosystem, most notably bitcoin exchanges, are centralized islands in a sea of decentralization. Concepts of decentralized bitcoin exchanges have been put forward in the past, but none have moved far in terms of development.A team based in Spain is hoping to change that by creating an open-source, decentralized exchange algorithm called Coinffeine. CoinDesk spoke with co-founder and chief technology officer Ximo Guanter, who stated that the goal is to create a trustless, truly peer-to-peer exchange platform similar to BitTorrent.Guanter told CoinDesk:“Our approach is to have zero trust on the actual exchange. Users are always in control of their money, both the bitcoins and the local currencies, dollars, euros or whatever. We are completely decentralized.”Additionally, Coinffeine plans to charge no transaction fees and offer faster transfer times compared to centralized exchanges.Exchanging with no central authorityNearly all digital currency exchanges are centralized, browser-based destinations that facilitate transactions and are responsible for safeguarding customer funds. This approach has been criticized as being too vulnerable, especially in the wake of the fall of Mt. Gox.Coinffeine seeks to circumvent this issue by using downloadable applications that act as points within the decentralized exchange network. When the exchange client is open, each computer effectively becomes a node within the network. The system does not require the use of any central server or host to organize transactions.Guanter explained:“Even if some government thought this was a really bad project and shut us down, the network would still work. It doesn’t depend on us existing as a company.”How it worksCurrently, anyone seeking to engage in a pure peer-to-peer bitcoin transaction will need to have faith that the other party is going to hold up their end of the bargain. This arrangement is a source of fraud within bitcoin.To combat this problem, Coinffeine’s exchange algorithm employs a distributed contract concept known as a micropayment channel. It leverages deposits between the two parties involved in the transaction to ensure that both sides play fair.In a micropayment channel setting, both parties engage in a multi-step transaction that incentivizes completion, according to the Coinffeine’s Github breakdown:“Once the deposits have been set up, which proves that both parties are serious about the exchange since they have committed funds, the actual exchange begins. A micropayment channel is a series of transactions in which the deposits and the bitcoins to exchange are split between Sam and Bob.”After the steps are completed, both sides receive their initial deposit as well as the final bitcoin amount that was exchanged. Then, the transaction is broadcast to the mining network for confirmation.Development pace to growGuanter told CoinDesk that to date, most of the coding has been done on the side while those involved have worked full-time on separate projects. He said that soon the team would be devoting their full attention to Coinffeine.The project is currently in the pre-alpha phase, but the company claims to have received an undisclosed amount of seed funding to support development of the exchange algorithm as well additional features that are being currently being coded.Guanter suggested that Coinffeine is poised to become the first operational decentralized bitcoin exchange owing to the progress made so far and the commitment by the development team, saying:“I think we have an advantage over other decentralized exchanges just because we’re in a different phase. We’re far along in our coding process.”It remains to be seen what the final product will look like, but Coinffeine holds the promise of a decentralized solution to a problem that has cost countless investors millions of dollars worldwide due to the vulnerability inherent in centralized exchanges.Business diagram image via ShutterstockcoinffeineEuropeexchangeSpain
Original author: Stan Higgins

bitcoin miner
Today, we live an exciting era when financial technology could upend a longstanding regime that has had total control of consumer money.Digital currencies such as bitcoin and the burgeoning number of altcoins allow tech-savvy people the ability to better bank themselves. At the same time, the industry’s consumer services and nascent startups are beginning to bring social elements into the ecosystem in effort to appeal to mainstream consumers.This work is raising awareness of that the fact there there is now a viable alternative to government-backed money, not to mention the problems inherent to the existing global financial system.Process and procedureWhat is most frustrating about banking today is the process that must be endured to move money. This is experienced by both consumers and businesses alike.But, it is the procedure behind the scenes that might be the biggest albatross of all. What’s been beneficial for the global banking system is that they have been able to easily conceal its byzantine systems from the public.A bitcoin transaction from one party to another, anywhere in the world, might look something like this: Source: BitcoinfeesSource: BitcoinfeesHowever, with fiat money, things aren’t so simple. Sending money globally from one party to another is massively complex.Any party sending money to another one internationally, for example, has to go through a lot of hoops. That procedure often can look something like this: Source: Paymentsviews(Click to Enlarge) Source: PaymentsviewsFinancial technologyIn exchange for dealing with overly complex procedures, banking customers are paying the price.They do so in the form of exorbitant fees, and many of these fees are mandatory in exchange for having an account and storing money with a financial company. Source: The Financial BrandSource: The Financial BrandUSA Today recently reported that 30-35% of people 18-34 years old would bank with a technology company. It’s no mystery why. That demographic’s view is that technology companies are able to solve real problems. The simplification of banking and complicated fee schemes is something many clearly feel is possible with technical innovation.The procedure for moving money from one country to another, as the chart shows above, is messy. Even a Federal Reserve economist has said that banks will have to “adapt or die” in the face of technical innovation.Unit of accountA huge problem continues to exist whereby converting fiat into BTC is still not very easy.Sending USD to a country that accepts only another form of currency as payment, there are a ton of banking hoops to jump through. It requires fiat conversions through financial procedure.It is why many banks today are making it difficult to be involved with bitcoin. Should BTC become global, the concern from these institutions is they will be left out. Source: XapoSource: XapoTransforming cryptocurrencies from being a store of value to a useful accounting measurement will help this tremendously. If that were to happen, the need for exchanging bitcoin into fiat for regular purchasing  will be reduced.There is major upside for bitcoin if the industry itself can get past some of the major issues that exist today. Regulation, access and thus adoption are some of the major hurdles. This will take time to work itself out.But, banks have a lot of time and effort to put in as well. These organizations must appease a new generation that will demand more.In exchange for the storage of money in a bank, customers and businesses should be expecting more – and digital currencies will force this issue.Image via Glenbrookbanksbusinessconsumertransactions
Original author: Daniel Cawrey

coinzone
California-based bitcoin merchant payment gateway and point-of-sale (POS) solution provider Coinzone launched its private beta earlier this week, completing an early and necessary step as it looks to refine its product ahead of its forthcoming launch.With the news, Coinzone is entering an already burgeoning sector of the digital currency market — one featuring major players such as BitPay, Coinbase and GoCoin. However, Coinzone is optimistic that it can find a competitive advantage in Europe and developing markets, areas that it says are just starting to become a focal point for its peers.Speaking to CoinDesk, CEO Manuel Heilmann indicated that Coinzone believes it is arriving on the market at the “perfect time”, and that it has the right tools to win market share. The company is aiming to win users with a focus on usability and customization that eschews a one-size-fits-all approach.Heilmann told CoinDesk Coinzone is now testing its solution with the help of end-users in select markets, and that it has already found feedback to support that its tailored approach to enabling e-commerce and POS bitcoin sales will be effective, explaining:“User behaviour in every market is different. Not everyone speaks English, not everyone has the same needs in terms of customer experience.”Further, Heilmann suggested that his team has the right background to attack the problem, as Coinzone’s employees come from the payments and e-commerce industry. Heilmann himself, according to his LinkedIn profile, is a veteran of e-commerce site provider Digital River.This experience, he says, will allow Coinzone to ensure the checkout process with bitcoin becomes “as smooth and seamless as possible” for users in key markets, though upon launch Coinzone will be available to merchants around the globe.Eyes on EuropeHeilmann asserts that, despite the conception that European markets are flush with sophisticated financial products, credit-card penetration in some markets remains low.A German native, Heilmann argues that this means bitcoin could become a real viable alternative in areas where there is still a distrust of traditional plastic options, stating:“A lot of merchants have bad experiences with credit cards because of chargebacks, high fees or they got shut down by payment processing companies, so there’s a resentment in some markets to pay with a credit card or accept credit card payments. That’s going to be the focus of Coinzone, to provide solutions to those markets.”In contrast, Heilmann painted the US market as one where bitcoin, while an advantageous option for tech-minded consumers and libertarians, isn’t a solution that solves real market problems.Custom solutionsWhile Heilmann didn’t reveal too much about how Coinzone plans to alter its POS and online checkout products at this early stage, he did share some early findings that he considered surprising.For example, he noted that seemingly minor details – like what the consumer sees on screen during the online shopping process – can have a big impact on conversion. He noted that the presence of certain e-commerce trust seals, like the one offered by Verisign, can impact buying:“It seems like a minor detail, but it would impact the conversion rate in this specific market.”Risk controlCoinzone also aims to give merchants control over the POS experience it provides by allowing them to adjust the number of confirmations needed to complete a sale.As noted by Forbes author Kashmir Hill, this can prove to be a particular large pain point for both consumers and merchants.Heilmann explained how Coinzone, in part, aims to mitigate this issue, although he acknowledged it’s something the larger community must find a solution to:“The merchant will have the ability to decide whether they want to take the risk and relieve the purchase the delivery after one, zero confirmation or whether he wants to wait for three or six confirmations. For POS, that’s a showstopper.”No competitorsDespite its novel plan, Coinzone will have competition in Europe, particularly from Georgia-based merchant processor BitPay, which recently told CoinDesk roughly 30% of its business now comes from the market.However, Heilmann believes that the bitcoin space is too small at this point for his company to be competing against any other bitcoin-specific solutions, and as such, he isn’t concerned about other market alternatives.He concluded: “[Becoming competitors] will take a long time. The community is collaborating and laying the foundation for future growth, I think that’s the thing to do at this point.”Image via CoinzonecoinzoneEuropemerchant processingmerchants
Original author: Pete Rizzo

amazon web services
E-commerce giant Amazon has been awarded a bitcoin-related cloud computing patent that envisions the use of digital currencies as payment for cloud computing services on Amazon Web Services (AWS).Amazon’s cloud is by far the biggest remote computing service on the market. Market research firm Gartner estimates AWS annual revenue at upwards of $3bn, and it believes Amazon’s cloud has five times the capacity of its next 14 rivals.The news follow’s Amazon’s public statements that suggest is not presently interested in accepting digital currencies, despite such suggestions from rivals like eBay.Earlier this April, Amazon’s payments head Tom Taylor revealed that the company has no immediate plans to “engage bitcoin”.USPTO Patent 8,719,131The Amazon patent was granted by the US Patent and Trademark Office (USPTO) as Patent 8,719,131. It was filed on 29th March 2012, but has recently surfaced online.The patent involves allocating financial risk and reward in a multi-tenant environment.The abstract reads:“Multi-tenant resources can be funded using payment submitted with requests for those resources, such that the resources do not need to be associated with a specific user account.A resource can be allocated and available as long as payment has been provided. If a user wants the resource to be available for additional processing, for example, the user can submit another request with additional funding.”The patent goes on to specify how funding would work in more detail, stating:“The funding can come in the form of donations from any user, or in the form of investments where the investor expects some return on the investment in the form of revenue, visibility, or other such compensation.One or more management components can track funding for various resources, can accept and select bids for period of sponsorship, and can manage various donation models.”Bitcoin fundingThe system requires a source of funding, such as a digital cash payment upon request. Bitcoin is just one form of payment described in the patent description.The patent reads:“Various types of digital cash, electronic money or crypto-currency can be used, such as bitcoins provided by the Bitcoin P2P Currency System.”Speed is essential, for example, as a user might request access to a server for just two hours and pay for it digitally.The patent could be described as enabling an ‘à la carte’ approach to cloud computing – take what you need for as long as you need it, with no subscription or long-term obligation, no need to plan ahead.Everything as a ServiceCloud computing revolves around several basic models, such as Infrastructure as a service (IaaS), Software as a service (SaaS) and Platform as a Service (PaaS), and there are a number of variations and hybrid business models.Cloud offers a lot of flexibility in terms of hardware, but flexibility in terms of paying for cloud services is another thing. Amazon’s patent, with or without bitcoin in the mix, aims to deliver pay-per-use resource allocation, maximising efficiency and reducing costs for the end user.While this does not make much of a difference for businesses, it could have implications for consumer-oriented cloud services.Image via AmazonAmazonCloudcloud miningpatent
Original author: Nermin Hajdarbegovic

regulation
The Montreal Economic Institute has published a research note on bitcoin in which it concluded that the digital currency’s future hinges upon its legal status.The institute argues that retailers, consumers and investors need to know that a clear set of rules governing bitcoin is in place. Such rules would bolster confidence and boost adoption, while at the same time speeding up investment in bitcoin companies.However, “the proposed rules must not hamper the use of bitcoin as a means of exchange, either with burdensome taxes or with excessive administrative rules for users,“ the institute points out.Canada benefits from bitcoinThe researchers found that Canada is the second most popular destination for venture capital invested in bitcoin firms and that the country benefits from jobs and economic activity generated by the new industry.Canadian legislators are already working on amendments to existing financial legislation, which would better address risks associated with digital currencies.“If these changes materialise, this clarification of rules would be a positive development for bitcoin in Canada. Among other things, it could facilitate interaction between banks and bitcoin companies,” the institute concluded.Regulation elsewhereThe situation is somewhat different in other countries, such as the US and Germany.Some US legislators are very open to the idea of digital currency, while others are not. However, legislative efforts are under way, spearheaded by New York State’s Department of Financial Services (NYDFS), which is planning to regulate the bitcoin space through so-called BitLicences.Germany was one of the first countries to regulate bitcon and it is considered open to digital currencies. Local regulators view digital currencies as a financial instrument similar to international currency, which means it can be used to carry out certain transactions even without being considered legal tender.“Germany also stands out from other countries by the clarity of its rules. The various commercial activities that use bitcoins are regulated very specifically,” the researchers found, continuing:“By reducing uncertainty regarding the regulatory implications of bitcoin, the authorities make it easier for companies to make decisions and encourage the creation of business partnerships like the one between Fidor and bitcoin.de.”Acceptance not recognitionThe institute believes bitcoin can fully realise its potential and move toward mainstream adoption only after a clear regulatory framework is put in place, along with some kind of governmental acceptance.Government acceptance does not imply official recognition of bitcoin as a currency or legal tender, it says, but rather that bitcoin’s fiscal status will not prevent it from being used in a similar manner to a currency.“So far, Germany seems to have done the best job of meeting these two criteria,” the researchers say, although Canada is taking a similar approach and could catch up.China and Russia, which have both responded negatively to the perceived threat of bitcoin, are cited as examples of what not to do.New York’s BitLicence scheme is viewed as a generally positive step. However, the institute remains cautious and believes that the programme needs to be evaluated.Over-precise rules can also have their drawbacks, it says, due to rapid evolution in the bitcoin space. Therefore any rules governing digital currencies need to remain flexible and adaptable to the fluid nature of the industry.BitLicenseCanadagermanyregulationtaxUS
Original author: Nermin Hajdarbegovic

It’s not always easy to be an early adopter of a disruptive technology like bitcoin.In addition to dealing with bitcoin’s price volatility, sometimes rough-around-the-edges user applications and the uncertainty about the digital currency’s regulatory standing, as pioneers we also have to answer to our friends and families about our interest in this new technology.stupidMore often than not, people with only a cursory knowledge of bitcoin tend to be grossly misinformed. To their credit, the technology underlying bitcoin is very complex. It’s no secret that as bitcoin enthusiasts, we acknowledge the need to more effectively educate the general public about this new digital currency so that we can debunk the myths that plague bitcoin’s reputation.With that said, it is almost dumbfounding how predictable it is to hear certain phrases from our loved ones whenever the topic of bitcoin arises. These phrases are usually founded in concern, curiosity, and sometimes just plain ignorance, but every member of the bitcoin community has heard them at least once:1. “So if there aren’t any physical coins, it’s not real money, right?”The concept of a purely digital currency is a bit tough to swallow for some people, even in 2014.Computer scientists have been trying to solve the double spending problem for decades, and thanks to Satoshi’s ingenious block chain invention, the technology has finally allowed the financial world to catch up with the rest of society’s digitally focused culture.It’s hard for some to define the intrinsic value of bitcoin because it doesn’t exist in the physical world.Society has trained us to value paper and metal as stores of value, but the reality is that it’s about time for us to have a secure, global currency that operates solely in the digital space. The value of email as a digital substitute for snail mail may have been hard to see at first, but few would argue its merits today, and skeptics who say that bitcoin is not “real money” will most likely be eating their words in a few years.2. “Didn’t bitcoin just go bankrupt?”A lot of misunderstanding surrounding bitcoin lies in people’s perceptions of the currency as a company, not a technology.Even for those who barely follow the news, it was hard to escape the stories about Mt. Gox’s collapse back in February. The unfortunate bankruptcy of Mt. Gox combined with journalists using reckless headline bait to cover the story led many people in general public to believe that bitcoin itself had gone bankrupt, which we all know simply isn’t true.Most of us have had to explain the distinction between bitcoin as a technology and a currency and the (sometimes shady) companies that are operate around the currency at least once to friends and family.For the sake of saving us all time and for the overall reputation of bitcoin, hopefully we won’t have to deal with this again in the future.3. “Isn’t bitcoin a Ponzi scheme?”There are no shortage of stories about Everyday Joes becoming millionaires off of their bitcoin investments, particularly after the sharp rise in price toward the end of 2013. Bitcoin made countless tech-savvy investors very wealthy, and naturally a wave of sceptics followed.It’s uncertain what exactly caused all of the price volatility, and the pseudonymous nature of bitcoin means that we will never know exactly how many people have become rich off their investments, nor will we ever know exactly who all of these people are.In reality, bitcoin is nothing like a Ponzi scheme, but the misinformed will still point their fingers at the newly minted millionaires, either out of spite, jealousy or unwillingness to learn more about the digital currency.4. “I thought people only use bitcoin to buy drugs online”Bitcoin got its first big break in mainstream media last year after the FBI closed down Silk Road, the Internet’s largest black market.The press was in a frenzy to cover the arrest of Silk Road’s alleged mastermind Ross Ulbricht, and bitcoin took center stage as reports suggested the FBI seized 170,000 bitcoins from both Ulbricht and the illicit marketplace.Bitcoin’s reputation certainly took a hit, but people seem to quickly forget that the most common form of currency used to buy drugs and finance other illegal activities is still good ole’ cash. In fact, bitcoin can be used to buy almost anything online, and more brick-and-mortar stores are accepting the digital currency as a form of payment every day.5. “I heard the CEO of bitcoin got arrested/died/resigned”This phrase comes back to the notion of bitcoin as a company, not a decentralized currency.There have been unfortunate news stories about CEOs of bitcoin companies committing suicide and getting arrested, but the truth is these sad events have no effect on the technology underlying bitcoin and the blockchain.It’s important for us in the bitcoin community to explain to our loved ones that these types of unfortunate events aren’t directly related to bitcoin, because bitcoin has no CEO and the actions of a few bad players should not have a disproportionate effect on the reputation of this revolutionary invention.6. “Can’t the person who invented it just run off with everyone’s bitcoins?”There’s a lot of mystery surrounding Satoshi Nakamoto.The person, or group of people, who invented bitcoin has been able to avoid being identified despite numerous attempts, including a high profile cover story from Newsweek.Those who are unfamiliar with how bitcoin works under the hood are understandably suspicious about Satoshi, and while he does reportedly own a substantial amount of bitcoins, even a brief explanation of how bitcoin wallets work can help set the sceptics straight about the security of our bitcoin holdings.7. “I don’t understand what’s so special about it”This may be the most frustrating phrase to hear from our loved ones, because as enthusiasts, we all know the significance of the invention of bitcoin.Bitcoin reduces transaction fees considerably compared to credit cards, allows for fast, easy and secure financial transactions to and from anywhere in the world, and the implications of the block-chain technology are only just starting to be seen.Of course, we all feel this way because we have taken the time to learn more about bitcoin, its different applications, and the entrepreneurs, investors and regulators who are working to bring digital currency to the mainstream.It’s important to put ourselves in the shoes of less informed people whenever we’re faced with phrases like these, and to be patient in educating our loved ones about why we are so passionate about this novel technology.Confused image via Shutterstockbitcoinmyths
Original author: Tom Sharkey

Argentine national bank
Argentina’s central bank (BCRA) has issued a statement warning the public of the risks inherent in using digital currencies.The bank, headed by Juan Carlos Fabrega, reiterated that “virtual coins” are not issued by the central bank or any other international monetary authority and, therefore, are not legal tender.Its statement goes on to highlight cryptocurrency’s potential for use in criminal activity:“Internationally, however there is still no consensus on the nature of these assets, various authorities have warned of [their] possible use in money laundering operations and various types of fraud.”Meanwhile, since there are no government-level mechanisms to ensure the “official value” of digital currencies, users are told that they have shown great volatility so far and have experienced substantial and rapid price changes.Finally, the statement concludes that “the risks associated with transactions involving the purchase or use of virtual coins as payment, are supported exclusively by their users.”Currency restrictions have caused significant issues for Argentinians in recent years, as the government has struggled to boost confidence in the national currency, the peso, by restricting the dollar.Inflation over the past year reached 100% by some estimates, and past crises have been even worse, with inflation reaching nearly 5,000% in 1989, resulting in massive food shortages and riots around the country.This history of instability has a created a population desperate for a form of currency that better holds onto its value, leading to a thriving currency black market that generally favours the dollar, but has now also started adopting bitcoin.This recent trend has seen a number of digital currency exchanges opening in the country and analysis has shown that Argentina’s early adopters are prepared to pay a premium for their bitcoin.CoinDesk recently spoke to Alan Safahi, CEO of cash-to-bitcoins service ZipZap, who said:“We see a lot of pent-up demand for bitcoin in Argentina. I was there a couple of months ago – people in the streets come up to you and try to convert your dollars into bitcoin.”He explained that in countries like Argentina, Venezuela and Nicaragua, with their closed economies and strict financial controls: “Those are the markets where bitcoin volatility actually looks really good!”Argentine bank image via Diego Silvestre / Shutterstock.comArgentinaregulation
Original author: Dan Palmer

Shenzhen
More than 50 representatives from China’s key mining equipment manufacturers held a first-of-its-kind, three-day gathering in Shenzhen this week, demonstrating just how integral the region is for the world’s digital currency hardware infrastructure.Initially billed as a ‘private meeting’, the event was perhaps most impressive due to the sheer number of industry representatives present. By one estimate, attendees accounted for 30% of the world’s bitcoin hashing rate and 100% of the current scrypt-coin hashing rate, though other projections were higher.One source told CoinDesk:“People in that room represented over 50% of the world’s bitcoin miner production.”Location, location, locationAs analyst Tim Swanson wrote in his recent piece ‘Bitcoins: Made in China’, mining power is coalescing in China due in part to power costs, which are often subsidized and average around 8 cents/kWh (or lower if you have the right connections).Proximity of mining farms to the factories assembling the hardware in Guangdong Province is also a bonus, reducing shipping times and costs.In an industry where profits are made in the first three months of operation or never, deploying close to the assembly factories is vital.Rivalry vs rationalityParticipants at the meeting openly shared their experiences, despite the fierce rivalry and egos that exist in China’s often cutthroat cryptocurrency mining industry.An era of more rational competition had begun with less of the huge profits recorded in the past year, they said, along with greater transparency in operating and production costs.Participants also agreed that hosted mining contracts would be the next trend in China, with prominent exchanges saying they would consider launching hash-rate exchange features.Uniting the industryShenzhen-based technical news site Bitell noted attendees from all mining equipment manufacturers in China, including Avalon, ROCKMINER, AntMiner, HashRatio, Gridseed, SilverFish, Zeus, LK Miner, LightningAsic, BTCGarden and SmartMiner.Also present were CEOs of bitcoin exchanges OKCoin, Huobi and 796.com, plus the founder of BTC China.The gathering was orchestrated by Yangyang TV, a popular We-media (similar to YouTube) bitcoin live news channel in China.“I wanted them to be friends, not enemies,” said ‘Chandler’, who co-hosts Yangyang TV with his wife and is currently touring the entire country to meet everyone involved with bitcoin there.Many of the participants were acquaintances of his before the event, Chandler said, and he realized that information-sharing could help advance the industry’s cause.Mining boomIt is once again plausible to speculate on China’s role in determining bitcoin value. If bad news from China’s regulators is enough to drop the price, and it frequently appears to, then continued absence of such news may allow some extra buoyancy.Most major banks have closed accounts connected to bitcoin exchanges, though a few still remain open.That said, neither miners nor bitcoiners in China are too optimistic at this point, thanks to obscure policies which could still have a great impact on the industry – as demonstrated by the roller coaster ride of the last few months.With the price of bitcoin north of $500 on the CoinDesk Bitcoin Price Index again, mining returns to being a profitable endeavor. If it continues to trend $600 and above, Chinese and other mining equipment manufacturers could be in for a boom.Shenzhen gets readyThe Avalon fourth-generation 28nm chip is set to tapeout soon and AntMiner’s S3 chips are projected to be out this July.Beijing-Shenzhen company HashRatio actually has the first successful implementation of ASICMINER’s third-generation ‘Friedcat’ (烤猫) 40nm chip in a 768 GH/s unit and are ready to produce them in volume right away, without the need to take pre-orders. HashFast factoryHashRatio miners under construction in Shenzhen. Source: BitellThey will cost 6,800 CNY per unit (about $1,092) domestically, with a minimum order of 10 models. International pricing and shipping details have not yet been announced.The battle for share of the scrypt-coin networks is about to heat up too, with at least four companies (Zeus, Gridseed, Innosilicon and Silverfish) apparently all ready to roll with existing inventory.At stake is about 200 gigahashes-worth of total litecoin/dogecoin/etc mining power around the world, all still running on GPUs – but not for long.This story was co-authored by Betty Zhang. Shenzhen image via weltreisender.tj / Shutterstock.com
AsiaBTC ChinaChinaeventsHuobimining
Original author: Jon Southurst
  1. How Bitislands Plans to Turn All of Bali into ‘Bitcoin Paradise’
  2. Darkcoin Price in Turmoil Following Emergency Fork, Network Issues
  3. Gallery: Robocoin Debuts its First Bitcoin ATM in China
  4. BitPay Now Processing $1 Million in Bitcoin Payments Every Day

Page 1592 of 1655