Archive for the ‘Crypto News’ Category

MtGox Has Announced the Resuming of BTC Withdraws Soon

17, Feb 2014

mtgox-logo

MtGox has released an official statement today that they will be resuming full operations soon as they have apparently implemented a solution that should enable withdrawals and mitigate any issues caused by transaction malleability. MtGox apparently has developed a workaround that will use a unique identifier created by Blockchain to show whether transactions have been modified or not. This is supposed to prevent any fraudulent use of the malleability issue and protect the assets of MtGox customers.

Resuming Withdrawals
With this new system in place, MtGox should be able to resume withdrawals soon. At the beginning we will do so at a moderated pace and with new daily/monthly limits in place to prevent any problems with the new system and to take into account current market conditions.

In order to launch the new system, we are going through the following steps:
– Re-indexing the entire Blockchain (approx. 32 million entries)
– Fully deploying the new NTX ID
– Implementing a new bitcoin withdrawal queue that needs to be tested
– We will update everyone again by Thursday at the latest.

Additionally, you may have noticed that we have added a new login system that sends you an email when you successfully access your account. This is an additional security layer, but as always we strongly encourage our customers to use the 2-step authorization options available in our Security Center.

Hopefully this will help in stabilizing BTC exchange rate in the next few days, especially after MtGox resumes full trading operations including BTC withdraws and this will calm the situation that has gone crazy. Bitstamp has already restored their automated Bitcoin withdraws, so this announcement from MtGox should also help in restore things back to normal.

Cosmoscoin (CMC) Generating a Lot of Attention

15, Feb 2014

cosmoscoin-scrypt-crypto

With the currently low profitability of DOGE a lot of miners are looking at some other alternative cryptos with higher profitability to mine instead of DOGE and LTC and an interesting alt coin pops up called Cosmoscoin (CMC). This scrypt crypto has a profitability that is currently about 3 times higher than that of DOGE, so a lot of people are looking for mining pools and exchanges where they can mine for Cosmoscoin, but unfortunately there are not that many of these available.

Aside form the recent spike in interest CMC hasn’t been very active lately and many of the previously available pools are not working anymore, so there are just a few left that are experiencing various problems due to the many users trying to mine and the instability of the CMC network. Furthermore Cryptsy, the main exchange trading CMC currently is experiencing some sort of issues with Cosmoscoin as you are unable to generate a deposit address, so you are not able to send and trade the mined CMC there. An alternative exchange that supports CMC is Bter and they have temporary taken down CMC deposits, and there is another one that works called CoinEx, but there a deposit address generated there was not accepted by the pool we tried to mine at. So be careful with CMC as although it may seem as a good idea to mine it now due to the higher profitability it apparently has at the moment, the problems you may face trying to get and trade your coins might not be worth it. So we recommend to AVOID Cosmoscoin (CMC) for the moment!

DOGE Coin Block Reward Now Halved, Lower Profitability

14, Feb 2014

dogecoin-scrypt-crypto-coin

We have passed the 100000 block mark being discovered on the DOGE network and what that does is halving the mined number of coins per found block between 0 and 1 million previously to 0 to 0.5 million for the next 100000 blocks before the next halving of the reward. The result of the reward halving per found block for DOGE is that the current profitability is pretty much in half than before and it is lower that LTC at the moment due to the difficulty remaining the same and the exchange rate going a little lower than in the previous day. So it will be wise to move to another alternative crypto coin for the moment and even mining directly Litecoin will be more profitable than for DOGE at this particular point in time. What can bring DOGE back on the scene is reduction of difficulty, or less people mining it, or increase inn the exchange rate now that the rewards per found block are less. We’ll hack to see what will happen, but for now think about switching your scrypt miners temporary to another crypto currency that offers better profit and LTC or mine directly LTC.


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