Blockchain technology
Successful Beta Service launch of SOMESING, ‘My Hand-Carry Studio Karaoke App’
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2 years agoon
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adminSep 7, 2022 12:11 UTC
| Updated:
Sep 7, 2022 at 12:11 UTC
By Clark
While the cryptocurrency community prepares for The Merge, the Nasdaq-listed, Hive Blockchain Technologies, disclosed within the company’s August 2022 production update that it plans to re-distribute its hashpower dedicated to Ethereum toward “other GPU mineable coins.”
Hive’s Technical Team Researches alternative GPU Mineable Coins
On September 6, Hive Blockchain Technologies (Nasdaq: HIVE) revealed the company’s August production report that talks of a couple of “record monthly BTC production” and therefore the appointment of a replacement general counsel member. Hive conjointly mentioned the approaching Ethereum network transition from proof-of-work (PoW) to proof-of-stake (PoS).
Hive dedicated 6.49 terahash per second (TH/s) of Ethash hashrate toward the Ethereum chain in August and saw a averege of 6.19 TH/s throughout the last thirty days. The in public listed mining operation conjointly talked concerning the Bellatrix upgrade and therefore the calculable Merge date. the corporate has been making ready for the transition and can dedicate its GPU hashrate elsewhere.
“Hive has already commenced analysis of mining alternative GPU mineable coins with its fleet of GPUs, and is implementing beta-testing on, before [The Merge],” Hive aforesaid on weekday. “The company’s technical team is implementing a technique to optimize the hashrate political economy of the 6.5 Terahash of Ethereum mining capability within the event of Ethereum’s transition to proof-of-stake, across varied alternative GPU mineable coins.”
Most of Hive’s mining capability is devoted to mining bitcoin (BTC) ; however , it conjointly noted that mining ethereum has been profitable. Hive notes that the company’s ethereum mining operations have “historically generated three to four times a lot of revenue per power unit than bitcoin mining.”
In August Hive managed to amass 518.8 BTC and increased 16.7 BTC per day. Hive claims to own on the brink of four exahash or 3,900,000 terahash dedicated to the Bitcoin blockchain. Hive aforesaid it saw “a peak BTC Equivalent Hashrate of 3.92 Exahash in August, with [an] average hashrate of 3.70 Exahash of BTC Equivalent Hashrate throughout August.”
Clark
Head of the technology.
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Bitcoin
The Market Disruptor With 75% Uptrend, Outshining Top 100 Cryptos
Published
4 weeks agoon
April 13, 2024By
adminAmid a widespread price correction affecting the majority of the top 100 cryptocurrencies, one digital asset has defied the trend, surging to impressive heights. Nervos Network, along with its native token CKB, has not only recorded significant gains but has also climbed to the 79th rank in the market, raising questions about the factors behind its surge.
Nervos Network Decoded
Nervos Network is a proof-of-work (PoW) Layer 1 (L1) blockchain designed to optimize application-specific Layer 2 chains. The network aims to establish its native asset, CKB, as a more sustainable store of value (SoV) compared to Bitcoin (BTC) while providing a more secure smart contract platform than Ethereum (ETH).
Bitcoin’s capped supply and decreasing block rewards raise concerns about long-term economic incentives for miners.
Notably, the Nervos Network tackles this issue by introducing a fixed annual secondary issuance of CKBs and the base supply, providing long-term incentives for miners.
Nervos Network also addresses the potential security risk associated with Ethereum. In Ethereum, the value of its native asset, ETH, is not directly linked to the value of Layer 2 apps built on top of it.
Nervos Network aims to mitigate this risk by ensuring that CKB is used for transaction fees and storage, creating a stronger economic relationship between the native asset and the overall network.
How Secondary Issuance And State Rent Drive Sustainability
Nervos utilizes a perpetual secondary issuance model to increase CKB’s SoV properties. This model incentivizes users to continuously lock up CKB in proportion to the size of their applications.
Furthermore, locked CKBs are subject to “state rent” through inflation, which automates state rent payments and ensures a sustainable economic model.
Nervos Network introduces a secondary market for chain space, enabling apps to unlock and sell CKBs without requiring relevant storage.
Investors can offset inflation by purchasing CKBs and depositing them into NervosDAO, a mechanism that receives a portion of the secondary issuance to counterbalance inflation. Interestingly, this resembles “treasury bonds” and offers potential investment opportunities.
Approaching ATH Amidst Bitcoin Integration Announcement
Having delved into the fundamentals, CKB has recently experienced a significant surge in value, breaking out of a long consolidation phase that lasted almost two years.
After trading in a range of $0.0024 to $0.0035, the cryptocurrency has broken through this price level since January 30th and has seen significant gains over the past few months.
Currently trading at $0.032, CKB is close to its all-time high (ATH) of $0.043, which was reached in March 2021. The token has seen notable price increases of 47%, 69%, 75%, and 14% over the past fourteen days, seven days, and 24 hours, respectively.
According to CoinGecko data, CKB has also seen a significant increase in trading volume, reaching $207 million in the last 24 hours, 9.7% from the previous day’s trading.
In addition, CKB’s market capitalization has increased significantly, nearly doubling from $740 million on April 2 to approximately $1.35 billion in just over a week.
The price spike can be attributed to the announcement that Nervos Network’s CKB token will join the Bitcoin network. The token’s introduction of smart contract functionality, along with its interoperability and modularity features scheduled for 2024, has created excitement among investors.
As Bitcoin approaches the Halving that has historically increased its value, Nervos Network is well-positioned to benefit from its strong ties to the largest cryptocurrency in the market.
With its continued bullish momentum and the predicted increase in BTC’s price, CKB may be poised to reach new all-time highs soon.
Featured image from iStock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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AuResources
Classic Minerals And AuResources Drive Blockchain-Backed Funding For Gold Mining Ventures
Published
2 months agoon
March 14, 2024By
adminClassic Minerals Limited, an Australian gold exploration company, and AuResources AG, a Swiss fintech startup, have begun a $60 million funding initiative to leverage blockchain technology to boost the gold mining and fintech sectors.
The collaboration is designed to accelerate the development of Classic’s gold projects, particularly the Kat Gap Project in Western Australia and the Forrestania Gold Project, by avoiding traditional commodity trade funding.
Blockchain-Backed Capital
In a move that bypasses traditional banking channels, AuResources, backed by digital and tokenization-focused bank Black Manta Capital, will provide the initial $10 million in funding.
This capital injection is intended to support Classic’s production capacity at the Kat Gap project and facilitate the development of the Lady Magdalene and Lady Ada deposits. By leveraging blockchain technology, the partnership introduces a new business model that aligns with the companies’ interests.
Classic’s Kat Gap project, situated approximately 170km south of Southern Cross, has demonstrated potential. It boasts a $41 million reserve at 2.5 grams per tonne (g/t) and additional inferred resources of $120 million at 2.19g/t within the area.
Following a successful trial mining phase in mid-August 2023, the project has generated revenue, with gold sales surpassing $967,000 across the September and December 2023 quarters. The collaboration with AuResources aims to build upon this initial success, facilitating further exploration.
In addition, Classic Minerals has acquired full control of the 500 km² Forrestania Gold Project Properties. The Forrestania Project, with a history of production and resources Inferred and Indicated, represents additional exploration and development for blockchain-backed financing.
Gold Financing Enters The Digital Age
After a long period of planning and support from investors, Ian Cooper, CEO of AuResources, expressed his excitement about the partnership by stating the following:
Being able to reach this milestone today is the result of two years of dedicated work and the unwavering support of our investors. The entire team is proud to move forward, and we couldn’t have found a better partner than Classic Minerals.
Furthermore, the financing structure, backed by gold “tokens” using distributed ledger technology, aims to provide investors with increased security and transparency.
On the other hand, John Lester, Chairman of Classic Minerals, expressed his gratitude towards AuResources and Black Manta Capital Partners for their support, stating:
The launch of this funding round firmly establishes Classic on the international stage. We are now poised to deliver exceptional value to AuResources, Black Manta Capital, and our esteemed shareholders.
Overall, the partnership and the new funding strategy underscore the use and wider adoption of blockchain technology within the crypto asset industry and for traditional finance (TradFi) companies such as gold and other commodities.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Blockchain
UN Accuses North Korea Of $3B Crypto Theft To Fund Nuclear Weapons Program
Published
3 months agoon
February 9, 2024By
adminIn a recently reviewed unpublished report by Reuters, United Nations (UN) sanctions monitors have alleged that North Korea engaged in a massive theft of crypto assets, raking in $3 billion through cyberattacks.
Nuclear Upgrades And Crypto Cyberattacks Unveiled
According to Reuters, the independent panel of sanctions monitors revealed that despite international sanctions, North Korea continued to defy regulations by enhancing its nuclear arsenal and producing nuclear fissile materials.
The monitors further noted that the country conducted ballistic missile launches, deployed a “tactical nuclear attack submarine,” and even placed a satellite into orbit.
The UN report points to 58 suspected cyberattacks on crypto-related companies between 2017 and 2023, valued at approximately $3 billion. These attacks allegedly provided crucial funding for North Korea’s weapons of mass destruction (WMD) development.
The report states that hacking groups affiliated with the Reconnaissance General Bureau, North Korea’s primary foreign intelligence agency, were responsible for these cyber assaults.
The monitors highlighted the increasing trend of North Korea targeting defense companies and supply chains and collaborating with other actors by sharing infrastructure and tools. The report also raises concerns about reports of North Korea supplying conventional arms and munitions, which contravenes existing sanctions.
While the UN report is set to be released publicly later this month or early next, North Korea’s mission to the United Nations has not yet responded to requests for comment on the sanctions monitors’ allegations.
The Security Council, traditionally deadlocked on the issue, is unlikely to take immediate action against North Korea, according to Reuters.
China and Russia have advocated for easing the sanctions to “persuade” North Korea to return to denuclearization talks. Furthermore, Russia and North Korea have recently pledged to strengthen military relations, although both countries deny allegations of weapons supply.
North Korea’s Illicit Trade
Per the report, North Korea has slowly begun to emerge despite the lockdown imposed amid the COVID-19 pandemic. The UN report reveals signs of trade recovery, with a higher trade volume in 2023 compared to 2022.
Notably, the United Nations monitors noted the reappearance of foreign consumer goods, including potential luxury items prohibited under Security Council sanctions.
The sanctions monitors also investigated reports of numerous North Korean nationals working overseas violating sanctions, particularly in information technology, restaurants, and construction sectors. These individuals were found to earn income that benefited the North Korean government.
In addition, the report highlights North Korea’s continued access to the international financial system and engagement in illicit financial activities, including crypto assets, in defiance of UN Security Council resolutions.
Featured image from Shutterstock, chart from TradingView.com
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