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NDRC

China’s NDRC Wants to Ban Crypto Mining

According to Reuters, China’s state planner wants to ban Bitcoin mining. The National Development and Reform Commission (NDRC) has updated a draft list of industrial activities that it is looking to encourage, restrict, or eliminate.

The list was first published in 2011.

NDRC Wants to Ban Cryptocurrency Mining

Unfortunately for crypto enthusiasts, cryptocurrency mining has made the elimination list. The NDRC concluded that it, along with 450 activities, should be phased out as they did not follow current laws and regulations.

As stated, cryptocurrency mining was joined by 450 other activities deemed unsafe, wasteful, pollutant to the environment, or unlawful.

NDRC did not give a date or plan to implement the elimination of cryptocurrency mining but this, in turn, means it believes it should be phased out immediately.

However, the public has until May 7th to comment on the draft.

Opinion

Ironically, China is the world’s largest market for crypto mining hardware. Business has boomed in this sector despite crypto mining falling under a regulatory grey area.

With a majority of Chinese people in support of the cryptocurrency industry, the list might face a backlash. It is not necessarily a reflection of everyday sentiment, but rather the “attitude of the country’s industrial policy” toward the cryptocurrency industry.

>> Chinese Investors Jump on Bitcoin’s Bull Trend but at a Higher Price

Jehan Chu, a managing partner at blockchain investment firm Kenetic, said the following:

“The NDRC’s move is in line overall with China’s desire to control different layers of the rapidly growing crypto industry, and does not yet signal a major shift in policy. I believe China simply wants to ‘reboot’ the crypto industry into one that they have oversight on, the same approach they took with the Internet.”

China vs Crypto

The Chinese government has had strict cryptocurrency sanctions in place for years. Some examples include banning crypto-to-fiat trading, banning airdrops, and forbidding cryptocurrency events from taking place in financial districts. Major Chinese company Alibaba has even banned clients affiliated with crypto and/or crypto trading. With a continued clampdown in place in the country, the NDRC’s list may cause a knock on effect.

What do you think? Should the industry worry about the list?

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Bitmain

What Does the Bitmain IPO Abolition Mean for Cryptocurrency Industry?

Bitmain Technologies has abandoned its IPO enthusiasm after the company’s Hong Kong stock market proposal listing expired earlier this week, sparking debate on the future of the entire cryptocurrency market.

The company did say that it plans to reapply at an appropriate time in the future, saying that “despite the huge potential of the cryptocurrency and blockchain industry, it remains a relatively young industry which is proving its value.”

Bitmain IPO Abandonment

The bitcoin mining giant attracted $700 million from investors in Asia leading up to its much-anticipated initial public offering, which has spurred rumors that investors will be filing a class-action lawsuit against the company. Whether or not this lawsuit will come to fruition remains to be seen.

This morning Bitmain announced that its next-generation Antminer S17 series would be going on sale globally on April 9th. This more powerful bitcoin miner is expected to maximize mining profitability by significantly increasing hashrate and increasing energy efficiency by 28% compared to the previous model.

What Does Bitmain’s Hesitance Say About the Crypto Space?

As mentioned, Bitmain has shied away from its public listing because the cryptocurrency and blockchain industry is relatively young. Of course, the volatility of the cryptocurrency market isn’t a secret, with crypto prices dropping significantly.

Still, the decision not to follow through may be more related to Bitmain’s own profitability. Despite bringing in more than $700 million in profit in the first half of 2018, the company reported a net loss of $500 million in Q3 2018 and reportedly spent $500 million on failed chips in the last 18 months.

>> Weiss Cryptocurrency Ratings Places XRP, EOS, BTC, and BNB on Top

The Hong Kong Exchange has stated in the past that it is reluctant to approve IPOs from Chinese bitcoin mining equipment manufacturers due to the volatility in the industry and uncertainties regarding how sustainable their profits are.

Add that to Bitmain’s poor sales, technical issues with failed chips, and the declining crypto price, and it seems that it may have not been the company’s choice to let its application lapse. It will be interesting to see if the company moves forward with another application in the future.

What do you think of Bitmain’s decision to let its IPO expire?

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Home Cryptocurrency Mining | Coinbase CTO Says Coinmine is the Future

Coinbase’s CTO, Balaji Srinivasan, has just announced his thoughts of the future of home cryptocurrency mining. Bitcoin mining and crypto mining in general are a huge industry, which exploded last year when digital currency interest hit mainstream. A new startup is trying to take another stab at popularizing at-home cryptocurrency mining, a business model that has not been successful in the past.

Home Cryptocurrency Mining: Coinmine

Srinivasan told CoinDesk that he is placing his bets on this new at-home crypto mining startup, Coinmine.

Srinivasan said:

“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit—or at least mine a decent amount of some crypto—via a decentralized home mining device like Coinmine.”

Back in 2015, Coinbase’s CTO founded 21.co, a startup with ambitious plans to embed Bitcoin miners in everyday devices such as laptops and cell phones. With his experience in the space, Srinivasan backed Coinmine in its angel round.

Coinmine One

Coinmine just announced pre-orders for its first home miner on Wednesday.

The home cryptocurrency miner currently up for pre-order looks very similar to a home DVR system or even an Xbox One. The product will be called Coinmine One and retails for $799. Shipping for these products will begin in mid-December.

>> Bitcoin Hits the Lowest Level of the Year Thus Far—Entire Market Down

Coinmine’s system is built to run two tokens: proof-of-work and proof-of-stake. Proof-of-stake tokens will only be enabled with updates that will be released in 2019. The networks that will be staking first are casper, dfinity, tezos, filecoin, spankchain, cosmos, foam, and polkadot.

When plugged in, users will automatically be placed into mining pools. The product will be very plug-and-play but also cedes a significant amount of control. Coinmine will take a 5 percent cut of users’ mining earnings.

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Teachers Mine for Ethereum | Busted for Using School’s Power

Teachers Mine for Ethereum: Mining for cryptocurrency comes with its controversy. Energy consumption is already the most eyebrow-raising aspect. So what about using the local school’s computers to mine for Ethereum… during school time? Oh, and you’re the principal of the school.

This is exactly what happened in Hunan Province, China.

Teachers Mine for Ethereum: What Happened?

According to Hong Kong news outlet HK01, two Puman Middle School principals were caught using the school’s power to mine Ethereum.

The school’s general manager noticed the computers’ fans were louder than normal and this raised questions. This was even during the holiday period. The IT network had slowed greatly, and energy consumption doubled between July and November.

The two principals in question are Lei Hua and vice principal Wang Zhipeng. The pair had installed $7,000 worth of computers (nine computers) and were using the school’s power to mine Ethereum. Hua had initially set up the rigs at his home, but he soon discovered the high cost that mining requires. Shocked at the energy bill, he then installed the computers in a school dormitory.

Teachers Mine for Ethereum, Stealing Power

Installing the computers in the school meant he effectively stole $2,163 worth of power—the amount required to mine.

Since the incident, the principal has lost his position at the school, and the vice principal has been given a strict warning.

>> Square’s Bitcoin (BTC) Profits Jump $500,000 in Q3

Mining Cryptocurrencies

Mining for cryptocurrencies is a notoriously expensive feat and has become a massive business in recent years. If you want to make a serious profit in mining for Bitcoin, for example, you need machines that can run in the thousands.

The more energy that is burned, the faster your computer can compute the complex mathematical equations, meaning you are more likely to ‘win’ Bitcoin.

To put it in perspective, mining for one block on the Bitcoin network reportedly costs the same amount of energy as powering a small house in a year.

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Bitmain Adds Ethereum Mining Pool

Bitmain Adds Ethereum Mining Pool: The world’s largest Bitcoin mining pool is cheating on Bitcoin. Bitmain’s BTC.com is expanding to add an Ethereum mining pool which will initially support both Ethereum and Ethereum classic. 

Users will now be able to switch their hashing power from one pool to another, in light of whats happening in the market.

Bitmain Adds Ethereum Mining Pool

The announcement was made earlier today from BTC.com, which has earned its place as the largest Bitcoin mining pool in the world, having mined 21% of all Bitcoin blocks last year.

Bitmain Project Director Zhong Zhuang

According to Bitmain project director Zhong Zhuang, the decision was made to “help Ethereum scale its mining infrastructure.”

He furthered that the firm will “expand Ethereum’s network by relaying … rewards through our system,” — a reward system where participants earn crypto for participating in the pool.

Mining Options

The new pools will offer GPU and CPU mining options as a reactionary measure to help deal with falling prices across the crypto market this year. This is despite the fact that Bitmain released it’s own Ethereum Asics miner — the Antminer E3 — earlier this year. 

>>China’s Ban on Crypto Continues — Guangzhou District Hit

Zhuang said:

“GPU miners are versatile, still profitable and are not easily replaced in a bear market. It’s common for miners to split investment into both. Also, there are already ASIC miners for Ethereum and Ethereum Classic which are easier to set up and are dedicated to ethash mining. This will save us from supporting a huge list of GPU coins simultaneously.”

Bitmain Future

If this mining pool for Ethereum is effective, then BTC.com may launch more mining pools in the future with a focus on the top ten coins. BTC.com, however, is choosey; any coin being added must stand up to par in terms of quality of its network, code, roadmap, and volume of trading.

What are your thoughts? Will BTC.com soon become the world’s leader for Ethereum mining also?

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