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Posts Tagged ‘BTC

It seems that due to the peak of price and interest in Bitcoin (BTC) even the largest cloud mining companies like Genesis Mining are having trouble securing enough mining equipment in larger quantities fast in order to satisfy the growing demand. The company has started a limited pre-sale of Bitcoin cloud mining contracts with mining expected to start on 28.02.2018 or roughly more than 3 and a half months from now when you can purchase hashrate. As a regular customer if you want to purchase a Bitcoin mining ASIC from Bitmain you would still need to pre-order with current batches scheduled for early 2018 shipping as well, though you can manage to find some overpriced Antminer S9 units in stock currently for sale as well. Unfortunately alternatives to Bitmain such as Canaan’s AvalonMiner 741 are also out of stock at the moment and that goes even for the less know and popular Ebit E9 miners as well.

Securing Bitcoin mining hardware or even cloud mining contract for such seems to be not so easy at the moment, and even the GPU mining craze from earlier this year has calmed down and profits through altcoin mining and selling for BTC are not as high and attractive for many users. Aside from Bitcoin cloud mining hashrate the company is also selling Ethereum cloud mining contracts with immediate start and the same goes for Monero and Zcash mining contracts. Currently DASH and Litecoin mining contracts are not available, though we would be extra careful with DASH specially due to the inflow of many new X11 ASIC miners on the market and difficulty skyrocketing on a daily basis. Litecoin has been more active lately and things are moving there as well and the user interest is higher in mining capacity for Scrypt ASIC miners as well as even for cloud mining options.

If you are interested in checking out the current cloud mining offers of Genesis Mining…

The fears of unintentional Bitcoin split due to the activation of SegWit may have been averted and chances of this happening may be low, but that does not stop people from actually doing intentional fork of Bitcoin (BTC). Bitcoin Cash (BCC) has been announced as an upcoming split from Bitcoin with a protocol upgrade to fix on-chain capacity, without changing the economic rules of the Bitcoin and without SegWit. Bitcoin Cash (BCC), apparently driven mostly by Asian miners and crypto community members, will fork on August 1st as per the announced plans for the project.

Bitcoin Cash (BCC) will be a fork of the Bitcoin blockchain 1:1, meaning that on August 1st you will get as many BCC coins as you have Bitcoins in your wallet. It is advised that you keep your Bitcoins in a personal wallet where you control the private key in order to be able to claim any Bitcoin Cash coins as keeping coins on an exchange will not work unless of course that exchange adds support for BCC. It is yet to be seen what the value of the new Bitcoin Cash coins will be and if it will get enough user traction. We could be looking to something like the Ethereum and Ethereum Classic split from last year, and this is what will most likely happen with Bitcoin still remaining strong.

Bitcoin Cash (BCC) will come with an immediate increase of the block size limit to 8MB from the current limit of 1MB that Bitcoin currently has. It should offer Replay and Wipeout Protection permitting the safe and peaceful coexistence of the two chains. Bitcoin Cash introduces a new transaction type as well as a bit different difficulty adjustment algorithm. After the fork happens miners will need to switch to different pools in order to be able to mine BCC coins and initially the hashrate on these will be pretty low, making it attractive for miners to temporary switch hashing power from Bitcoin mining to BCC. Then again it is also important what the price will be and which exchanges will jump on the train supporting the new fork.

For more details about the upcoming Bitcoin Cash (BCC) fork on Bitcointalk…

Do you remember the time when Bitcoin was advertised as a fast and easy way to transfer money all over the world with a minimal transaction fee. Well, these times are long gone now that we are seeing the 1MB blocks full with transactions, a backlog of almost 200000 unconfirmed transactions and over 100 BTC in fees alone with almost 100MB backlog (100 blocks behind with 1MB block size). As a result there are high transaction fees that start at more than a dollar and can go as high as a couple of dollars just to have your transaction included in a block in a reasonable time. Things are not looking good, unless a consensus for a solution (even temporary) to the small block size is found as with the increase of the price of Bitcoin. Services such as online Bitcoin wallets and such have started to increase the transaction fees already so, that there will be no extra delay for their customers, the problem is that these extra costs are usually covered by the users.

For example the online Bitcoin wallet and a Bitcoin-powered debit card issuer Xapo has recently informed its customers about their plans to actually have the transaction fees for withdraws paid by the users. Prior to that the service did not have users paying the fees for outgoing transactions, but the high fees associated with transfers on the Bitcoin blockchain have forced this change. With low transaction fees covering the extra cost is not a problem for some services, but with the constantly growing transaction fees you can even end up paying more for the actual transaction to be included in the blockchain than the amount you are transferring if it is just a couple of dollars.

Do you remember those promo images comparing Bitcoin to Western Union, PayPal and other popular payment services and talking about how BTC is better with the very low transaction fees cited as one of the key advantages. Well, if this trend continues and a solution is not found soon, then things might end up with Bitcoin transaction fees actually making transfers more expensive than to use a more established alternative payment method like the ones mentioned…


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