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GMO Mining Halted | GMO Internet Group Loses Mining Revenue

Japan’s GMO Internet Group has published a report on its in-house crypto mining operations. The IT giant confirmed that it took a steep hit in its overall GMO mining revenue. However, it steadily increased its monthly BTC mining rewards.

GMO Mining Revenue

The company showed “extraordinary loss” from its hardware manufacturing sector in Q4 of 2018. As a result, GMO said it will “no longer develop, manufacture and sell” miners.

The company only entered the mining hardware sector in 2017, so that was very short-lived.

However, while it will close its hardware manufacturing business, GMO will continue its in-house mining operations.

These operations will be restructured, and the company is to relocate its mining center to a less costly region for electricity.

Increase

So while overall revenue from mining hardware has tanked, the company’s Bitcoin mining reward has consistently increased over time. Receiving just 21 BTC in December 2017, this grew to 528 BTC by June 2018, and even further to 960 BTC in December 2018.

The company explains this: “the market’s total hash rate decreased, so our mining share rose and our mining reward expanded.”

Bitcoin Cash

The released document also gives full data on mining rewards and hash rate for the other cryptocurrency it mines, including Bitcoin Cash (BCH). The altcoin has delivered fluctuating rewards for the company. From 213 BCH in December 2017 to 62 BCH in June 2018, rising to 875 BCH in October before falling to 400 BCH in November 2018.

>> Litecoin’s Charlie Lee Sparks Twitter Battle Over “Bitcoin Extremists”

Moving forward, GMO has stated it will no longer report monthly on its crypto mining operations. It will disclose the results as part of its quarterly earnings announcements instead.

The company made an innovative move at the end of 2018 whereby it offered to pay its employees in Bitcoin. Being paid in Bitcoin meant an increase of 10% on an employee’s regular fiat wage if they opted for Bitcoin.

I don’t know if I would take that risk, would you?

Featured Image: Depositphotos © IgorVetushko

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Monero “Mistake”—Now You Can’t Pay for Fortnite Merch with Monero

If you were excited about Friday’s news about Monero (XMR) being accepted on the Retail Row store, well, sorry to break the bad news, but according to CEO of Epic Games, Tim Sweeney, it was all a “mistake.”

Oops, but also… how?

Monero Mistake

Over the weekend, the CEO of Epic Games—the creators of 2018’s biggest game, Fortnite—admitted that adding Monero as a payment method on the games online store was a “mistake.” And not a ‘Now that I have reflected on my actions I believe I chose the wrong course of action’ mistake, but an ‘Oops! Pressed the wrong button by mistake’ mistake.

But what a mistake to make. It’s hard to understand how this could have happened accidentally.

Added on Friday, the option to pay for merch using the controversial coin has since been removed from the store.

No More Monero

Let’s catch you up. As stated, Epic Games developed, possibly, the world’s most popular game—ever—called Fortnite. You’ve probably never heard of it. It is so popular, that the company opened an official merchandise store named Retail Row in December.

Now, CEO Sweeney is saying that Monero had unintentionally entered the store’s payment options “somewhere along the way.” (That’s a tad ambiguous!) Nonetheless, the site’s staff removed the payment option over the weekend.

>> Bitcoin Price: Holding Steady Near $3,800, Corrections Across the Market

Nothing Adds Up

Monero is definitely one of the more controversial of the cryptos out there. Its protocol has a heavy emphasis on privacy whereby transaction identities remain completely private, as such, the coin has been linked on several occasions to illicit activities and payments.

Friday’s choice to partner with Monero was a head-scratcher for that reason, especially considering the younger audience who enjoy Fortnite and its merchandise. Sweeney, on his Twitter account, continued today:

“[A] lot more work is needed on volatility and fraud-proofing before bringing it to such a broad audience that includes younger gamers.”

Rumors

Yes, that makes sense. But again how do make such a massive mistake? Rumors do abound that Epic Games had partnered with cryptocurrency payment processor GloBee on the Monero deal. But this has been denied by Sweeney. He also wants to drive home the fact that “Epic doesn’t have any cryptocurrency partners and aren’t in any crypto partnership discussions with anyone.”

When this payment optioned popped up on Friday, XMR gained close to 10% on the excitement. It has since lost a lot of those gains, which is pretty understandable.

So there you have it. You can’t buy merch anymore on Retail Row using XMR. That very brief three-day window has now closed. What a Monero mistake to make.

Featured Image: Depositphotos © gstockstudio

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BTT Token Coming Soon | First Step in Supporting Decentralized Internet

On Thursday, January 3rd, BitTorrent, Inc. said that it plans to launch a crypto token, called the BitTorrent token (BTT). While many have done something similar, CEO Justin Sun described the BTT token as having a competitive edge.

BTT Token Coming Soon

According to Sun, the BTT token is “the first in a series of steps to support a decentralized internet.” For the most part, the BitTorrent token will be used to achieve quicker download speeds. It can be bought, sold, and traded.

Speaking further on the matter, Sun said that “the BitTorrent client can introduce blockchain to hundreds of millions of users around the world.” The CEO, who also founded TRON, said it can also “empower a new generation of content creators.”

Things to Note

The BTT token will be available on Binance Launchpad, to non-US accounts. “We created Launchpad to help entrepreneurs launch their best projects and bring more use cases to the industry,” explains the CEO of Binance, Changpeng Zhao.

In Case You Don’t Know

Founded in 2004, BitTorrent was acquired by TRON in July of last year. The goal of the acquisition was to create “the largest decentralized Internet ecosystem in the world.” TRON paid around $140 million for the acquisition.

Speaking of TRON

Hearing the news of the BTT token, it’s hard not to wonder how TRON is doing on the market, considering Justin Sun leads both.

>> Bitcoin Price: Holding Steady Near $3,800, Corrections Across the Market

In the past twenty-four hours, TRON is up nearly 5%, currently at 4.82%.

BTT token
Source: CoinMarketCap

The Takeaway

What do you think about BitTorrent launching a BTT token? Do you think it will prove to be as successful as Justin Sun believes it to be? Will it be a game changer in 2019?

Let us know what you think in the comments below, and make sure you stay updated with this story for new announcements, especially if you’re interested in cryptocurrency tokens!

Featured Image: Depositphotos © belchonock

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Dark Overlord | Hacker Group Demands Bitcoin or 9/11 “Truth” Comes Out

We’ll be providing many answers about 9/11 conspiracies through our 18,000 secret documents leak.

The group has already published a “teaser” that names law firms and gives out email addresses. It also mentions the Transport Security Administration and the Federal Aviation Administration, with promises of more to come.

Those targeted are expected to pay an unspecified Bitcoin ransom. If they don’t pay up, the group claims “we’re going to bury you with this.

The Dark Overlord

The Dark Overlord is a “professional adversarial threat group” that has struck many times before.

The hacker group has previously hacked Netflix—releasing an entire new season of ‘Orange is the New Black’ last year. It has also hacked a number of plastic surgery clinics with threats to reveal customer identities. It has reportedly hacked over 50 businesses thus far, selling back the stolen data for a fee.

Now the group has released a link to a 10GB encrypted archive of documents that reportedly detail the truth about 9/11. If their demands are not met, the hacker group promises to release the encryption keys.

Bitcoin Price

Bitcoin price is on the rise today. Starting 2019 with a bang, BTC is selling for $3,900 USD and is up over 4% on the day.

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Samsung Crypto Wallet | Is the New Wallet Rumor or Reality?

2019 is supposed to bring a lot of things, but is a Samsung crypto wallet one of them? Maybe. According to reports, the company recently filed a UK trademark for a crypto wallet. 

Samsung Crypto Wallet: Rumor or Reality?

On December 27th, the UK Intellectual Property Office published a filing. It details how Samsung, a South Korean electronics behemoth, has applied for a UK trademark for a crypto wallet. For those who don’t know (and according to blockgeeks.com) a cryptocurrency wallet is a software program that stores both public and private keys. It also allows users to send and receive virtual currencies.

According to various reports, the company—if approved—would use the trademark to develop computer software for a Samsung crypto wallet. The application still has examination status. While the remaining details are unknown, this potential move by Samsung seems reasonable. Moving forward, the cryptocurrency industry will need more innovation if it wants to maintain the reputation established in 2017. And if smartphones start operating crypto features, that will likely be the next big thing to happen.

Not the First Time

Samsung has dabbled in the blockchain and crypto industry before. Last month, the company filed three separate trademark applications in the EU. They were for crypto and blockchain-based software.

>> Stellar vs. TRON: Is there Really Any Competition?

It’s Up to Samsung

The published UK filing makes it seem as if this is a done deal. But Samsung has recently denied the rumors of having a crypto wallet in their next smartphone model, so, at the end of the day, all we can do is wait for an official announcement.

The Takeaway

How would you feel if a Samsung crypto wallet were to be rolled out in 2019? Do you think it’s a smart move for smartphone operators to dip their feet in the waters of cryptocurrency? Or, do you think it could cost them in the long-run?

Let us know what you think in the comments below! And don’t forget to stay updated with this story. 

Featured Image: Depositphotos/dennizn

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