All About BTC, LTC, ETH mining as well as other alternative crypto currencies
The U.S. Marshals are auctioning approximately 44341 Bitcoins, the last remaining Bitcoins in its custody in connection with the criminal conviction of and civil forfeiture action against Ross Ulbricht and Silk Road.
The auction will take place during a six-hour period Nov. 5 from 8 a.m. to 2 p.m. EST. Bids will be accepted by email from pre-registered bidders only. The bitcoins are being offered in 22 blocks: 21 blocks of 2,000 bitcoins and 1 block of just over 2,341 bitcoins. The winning bidder(s) will be notified Nov. 6.
The registration period starts Oct. 19 and runs until noon Nov. 2, at which time potential bidders must have completed all registration requirements. Registration documents that were submitted for the Marshals’ previous bitcoin auctions are not valid for this auction; interested bidders must submit new registration documents to be considered for this auction.
The USMS has announced that they are going to be holding another auction for 50000 more Bitcoins from the BTC seized as a part of the Silk Road bust. The auction will be held on March 5th, but the bidders that are interested to participate in the BTC auction need to register not later than March 2nd. This will be the third and most likely not the last auction that the US Marshals Service will for confiscated Bitcoins associated with the Silk Road case now that Ross Ulbricht has been found guilty as the operator of the Silk Road black market. It will be interesting to see what will be the interest this time and to see what will be the price of the winning big now that the Bitcoin exchange rate is not that high, especially compared to the first auction where the price per BTC was probably in the 700 USD range.
After a pretty long period of keeping low prices Bitcoin and Litecoin may have started to finally recover to a higher levels, currently the BTC exchange rate is back to over $300 USD and LTC is above $2 USD. Definitely good news for people with small mining operations or using cloud mining services that were worried about their investments that were at risk with the possibility of contracts getting terminated. A quick look at CEX.IO however shows that cloud mining there is still unprofitable even at the current prices with the automatic settings to turn on cloud mining when it is again profitable. At the same time however we are still seeing a trend for the network difficulty of Bitcoin to go down and for Litecoin to keep at pretty much the same level after getting down significantly lately. With the current prices we are expecting to see some mining operations getting back online after being stopped due to the low exchange rate, especially mining operations that are working on the mine and sell immediately model. We’ll have to wait and see how things will go from here on…