A founder of Chinese mining pool Poolin predicted that the price of Bitcoin could reach nearly $740,000. Zhu Fa, co-founder of Poolin, a Chinese-based crypto mining pool, predicted that the Bitcoin (BTC) price could hit 5 million Chinese yuan ($738,000 (USD), crypto news outlet 8BTC reported on Feb.11.While Zhu noted that “it now feels more like a bear market,” he reportedly predicted that in the next bull run, prices will be 10–20 times higher than previous ones. Zhu also noted that massive prices spikes like the one that resulted in the $20,000 per BTC high in 2017, will not always exist, adding that the next bull run could be the last. Predictions from experts in various aspects of the crypto space have ranged from bullish to extremely bearish. During a…
By CCN.com: A report by JPMorgan suggests that for over four weeks during the fourth quarter, bitcoin’s market price was lower than its mining costs on average. According to the JPMorgan analysts, the cost of mining bitcoin during Q4 was averaging about $4,060 around the world, Bloomberg reports. According to them, starting late November when the price of bitcoin went below $4,000, it became uneconomical to mine bitcoin. Bitcoin Price Still Below the Globe’s Average Cost of Mining Currently, bitcoin is trading at around the $3,650 level after falling off the $3,700 resistance level which it touched earlier. Chinese miners were The post JPMorgan Takes Another Shot at Bitcoin, Claims Mining Isn’t Worth the Value of the Cryptocurrency appeared first on CCN
By CCN.com: China’s sprawling bitcoin mining industry is being targeted by a terrifying new ransomware strain that is threatening the economy of the Sichuan river basin where most mining farms are located, housing a huge percentage of the bitcoin blockchain’s hashpower. First detected in August 2018, the ransomware which is called “hAnt” has been observed to target a wide variety of mining rigs including Bitmain‘s Antminer S9, T9 and L3 and Avalon equipment. Its initial method of introduction remains unclear at the moment, but it is its method of propagation that is especially concerning for an already fragile industry, pummelled The post Could This Crypto Ransomware Cripple China’s Bitcoin Mining Industry? appeared first on CCN
By CCN.com: Suspects in the “Big Bitcoin Heist” of 2018 have been sentenced to various prison terms based on their level of involvement in the much-publicised theft of more than three-quarters of a million dollars worth of crypto mining equipment. Crypto Mining Thieves Jailed in Iceland Ringleader Sindri Stefanson bagged the longest sentence with a jail term of four-and-a-half years. In all, seven people were charged in the case that saw over 600 cryptocurrency mining rigs stolen. The equipment, which was valued at ISK 96 million (roughly $800,000) has still not been found, with speculation that it could be in The post ‘Big Bitcoin Heist’ Ringleader Jailed for Massive Crypto Mining Rig Theft appeared first on CCN
A user contacted CCN with information related to Giga Watt, a Bitcoin mining company finally going out of business after declaring bankruptcy in November 2018. The firm lasted a little over a year, launching with an ICO model in September 2017. The business model of Giga Watt was slightly different than other hosted mining solutions. The post Giga Watt: Bitcoin Mining Company Finally Shutting Down Amid Unpaid Power Bills and Bankruptcy Hearings: Token To Be Worthless appeared first on CCN
Bitmain, the world’s largest cryptocurrency mining hardware manufacturer, has had tumultuous few months. The company is going through a significant senior management shuffle and is now reported to shut suspend operations in Rockdale, Texas. Operations Suspended? Bitmain is reportedly suspending its’ its operations in the town of Rockdale located east of the city of Austin, Texas. The future of what was once supposed to be the biggest US-based cryptocurrency mine now seems uncertain at best. Speaking on the matter was Milam County Judge Steve Young, who said: “I’m really disappointed because we had advertised this. We had waited for this. We had wanted this. We had welcomed this. […] This was huge; we need some positive news here. We need some jobs here. We need a tax base here, and…
A bitcoin miner in Taiwan was arrested and charged for mining 100 million yuan (roughly $14.5 million) in crypto using NT$100 million (or $3.2 million) in stolen electricity. The man, whose surname is Yang, is accused of operating 17 illegal cryptocurrency mining centers using fake storefronts across Taiwan. The bootleg mines were located in the The post Bitcoin Miner Raked in $14.5 Million in Crypto Using $3 Million in Stolen Electricity: Police appeared first on CCN
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