Crypto Mining Activity Surges Despite Changing Economic Climate

The cryptocurrency Mining sectors is seen to continue to grow despite several market conditions not in favor of its growth.

The year 2018 has seen tremendous decline on market prices of two of the most valuable and mined cryptocurrency in the world, Bitcoin and Ether.

However this has not stop miners from continuing to do their business and mine the said digital assets.

Some even continue to operate at a lost with other firms even expanding their operations.

New players also entered demonstrating their supreme confidence in the new cryptocurrency market to rebound in value in the near future.

This is proven by looking at the Bitcoin Network total hash power which has increase from 15 million TH/s to over 50 Million TH/s from January to October.

This increase of hashing power can be attributed to several events in the space.

The first and most obvious reason is the increase of processing power of new mining equipment brought about by new and old mining companies.

Because of this increase of competition some speculators postulates that Bitmain has been selling their mining equipment way below ideal selling prices to make it difficult for other companies to compete in the same market.

These can be viewed as the second reason why there had been an increase in the number of hashing power worldwide.

The lowering of cost to procure mining equipment due to aggressive pricing of mining gear manufacturers and the increase of available supply due to overstocking or over estimating demand for the equipment created a conducive condition for startup companies in making their crypto mining farms where there a natural advantage to do so such as cheap electricity and cold climates which helps lower the cost of operating such a facility.

Two good example of these kind of startups is a facility in Armenia which is being led by Omnia Tech international Company and another one in Colorado, which will be led by MGT, the largest mining facility operator in the US.

This can be seen as the third reason why there is a surging increase of activity in mining operations despite markets not being Ideal for the mining sector.

Coinbase Pro Lists Basic Attention Token (BAT)

After the listing of Ethereum-based token 0x , Coinbase is now supporting Basic Attention Token (BAT), which is also a Ethereum-based token and the utility token for Brave, the alternative web browser based in Chrome.

Coinbase reveals that the trading will commence when enough liquidity is reached on its platform.

However the token will only be available to a select jurisdiction.

Notably it will not initially be available for the residents of New York, due to regulatory concerns.

BAT, the token that reached its hard cap in less the 32 minutes during its ICO, has been getting a lot of attention from the cryptocurrency community of late.

This is partly due to the attention it has been getting from Coinbase which has been teasing it to be one of the assets that it might listed soon.

However, the positive attention it has been getting can be attributed to its recent announcement of rolling out one of its promise use-case as a rewards mechanism for different social media outlets like Youtube, Twitter and Facebook.

The YouTube tipping and subscription mechanism has been implemented with other features to follow sometime in December 2018.

Only time will tell if the momentum of BAT can carry it over to a new all-time-high of $.6 which it has reached in early 2018.

However current developments and media attention it has been getting as well as the very receptive crypto community of its use-case and implementation makes it a very realistic possibility.

Whatever the result is it seems BAT is becoming one of the most exciting crypto project to keep an eye on at the moment.

OKEx Becomes Crypto Exchange Of The Year Edges Binance In Malta Blockchain Summit

The second largest exchange in the world OKEx has been awarded the Crypto Exchange of the Year during the Malta Blockchain Summit’s Blockchain Awards.

The Malta Blockchain Summit is part of the country’s effort to become a major hub in this nascent industry.

The awards was aimed to recognize industry leaders who made outstanding contribution to Malta in the area of Blockchain development.

The award was decided by a panel of 32 jurors who gave their evaluation of the nominees.

The exchange was able to beat two formidable contenders. Binance, who many considers the largest and most important cryptocurrency in the world as well as BitBay one of the most important and prominent exchange in Europe.

OKEx’s Head of Operations, Andy Cheung was elated by the decision and states that it is a vote of confidence from industry leaders, who recognize their efforts and continually innovate in the space to give users the best possible experience.

He also said that receiving the award is a testament of their commitment to continue to improve the ecosystem and will be their responsibility as a leader to do so.

Malta in a very short period of time has made itself as one of the major hub of blockchain and cryptocurrency initiatives in the world.

This is mostly due to the receptiveness of the government towards the emerging sector as well as its very positive stance in terms of regulating the new asset type.

So much so that its President was the only one to be able to speak about the potential of crypto and blockchain technologies at the United Nations General Assembly.

Nasdaq Wants To Protect Crypto Investors

In a recent report, the world’s second largest stock exchange with market cap of $10 trillion USD, Nasdaq reports it is building transparency and investor protection in the emerging market.

It reveals that major players have not entered this new market due to potential risk involved.

There are risk of fraud, hacking, market manipulations as well other activities that are deemed illegal.

The Exchange also states that as this emerging market matures and becomes mainstream, there is a possibility that trading would become so fast that humans will not be able to analyze events effectively risking investors to potential exposure to market manipulations of other market forces that statistical techniques and data aggregation tools cannot detect.

In this regard Nasdag presents its own solution SMARTS.

It is a market surveillance technology that enables surveillance teams to detect illicit activities that might be occurring in real time.

This approach is a combination of traditional alerts-based monitoring and risk-based discovery.

It uses machine intelligence and cloud in order to monitor the market effectively.

The said technology has been implemented in Gemini one o f the leading cryptocurrency exchange that primarily caters to institutional clients.

Bitcoin Price Movement More Stable Now Than U.S. S&P 500 Price Index

According to Bloomberg, the price of Bitcoin has achieve a lower price volatility compared to Standard and Poor’s 500 Price Index.

The index is a collection of large market cap companies that have been useful in the past to gauge the health of the wider market.

According to the news outlet the price index of S&P 500 Price index was at 27 while Bitcoin was at 15.7.

While this attribute can be a fleeting moment for Bitcoin it does quell some concerns about the new asset type to be too volatile.

The dropping price volatility of Bitcoin helps to improve its image as an asset type.

While most of the investor seeks to benefit for its price volatility in the past as demonstrated in the astronomical appreciation of its price in the late 2017 it should also benefit from trading sideways.

The less volatility legitimizes Bitcoin as a currency that can be used on a daily basis without worrying too much about wild price swings.

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