Day: February 11, 2018

In a parody of the mid-1800’s gold boom techno miners are following their predecessors to the banks of the Columbia River to Mine Bitcoin.

Go west Young Man

The small town of Wenatchee in rural North, Western Washington State is being tagged in tech blogs and major network coverage as a hub of Bitcoin mining.

We may normally picture hanger sized buildings full of servers in industrial China when thinking of Bitcoin mines. Wenatchee though is a picturesque small town set along the banks of the Columbia River surrounded by the foothills of the Cascade Mountains.

And that location is exactly why it is becoming the Bitcoin mining boom town of America. There are several hydroelectric dams along the Columbia River that provides Wenatchee and the surrounding area with cheap electricity.

Electricity runs at 3-4 cents a kilowatt compared to the average cost in the US of 12 cents per kilowatt and the highest on the East and West coasts being around 20 cents, or Hawaii for that matter at over 30.

Cheap electricity, cool temperatures, and very fast internet connectivity.

This combination of cheap power and cool average yearly temperatures that keep the servers from overheating makes the area a very choice spot for mining.

“So we have not only low-cost electricity but also very good access to internet. People put those two together and think ‘opportunity for bitcoin’.”

Steve Wright, Director of Power.

Already home to a dozen of the largest Bitcoin mining operations in the country, with more scheduled to open up shop in late 2018, there has been no mention of any second thoughts due to the Dec. – Jan. price correction.

Malachi Salcido was one of the first to start mining in the Wenatchee region. His operation of 3 facilities currently mines 5-7 coins a day. Using 7.5 megawatts daily – enough to power 11,000 average homes – he is looking to expand his operation to mine 50 coins a day which would suck up an estimated 42 megawatts.

Local regulators have welcomed the mining operations but say at this point the town and more specifically the infrastructure to deliver the huge amount of electricity mines need is at capacity.

Though the electric is cheap Salcido’s monthly bill still exceeds $100,000. To him its worth it. He sees mining Bitcoin as not only a profitable business but also building part of the future.

“We mine bitcoin because bitcoin blockchain is becoming the cashless, peer-to-peer payment settlement system of the future. This is a true peer-to-peer settlement tech that once it’s mature is going to significantly disrupt these existing markets.”

Salcido said.

The post Bitcoin Miners Head to Rural Washington State appeared first on NewsBTC.

A relatively obscure Italian cryptocurrency exchange is claiming a major hack involving Nano tokens but critics are calling it an exit scam.

Another multi-million dollar hack?

Bitgrail claims it was hacked last week of 17 million customers owned Nano Tokens equal on the day to about $195 Million dollars. Bitgrail was one of the main portals for trading the Nano token, previously known as RaiBlocks.

The claim made by founder Francesco Firano has been met with serious skepticism though created in part by suspicious moves made by Bitgrail itself. In January the exchange put a halt to all withdrawals and deposits of Nano, Lisk, and Crytpoforecast tokens. Then they announced identity verification and anti-money laundering protocols and the possibility of blocking non-European users.

These moves generated rumors that the site was setting up what some call an exit scam causing the price of the Nano to drop by 20%. In the wake of the alleged hack, Firano asked the developers of the Nano token to ‘fork’ their records. That is to change the transaction records in order to restore the lost tokens.

The Nano team immediately took to social media to quash the suggestion that the loss was due in any part to their tech.

“…Firano informed us of missing funds from BitGrail’s wallet. An option suggested by Firano was to modify the ledger in order to cover his losses — which is not possible, nor is it a direction we would ever pursue,”

Followed shortly by this tweet;

We now have sufficient reason to believe that Firano has been misleading the Nano Core Team and the community regarding the solvency of the BitGrail exchange for a significant period of time.

Hack, scam or bug?

The implication was that Bitgrail had mismanaged customer funds and was claiming they had been hacked in order to cover up their mistakes.

Since the initial announcement Firan who tweets @bomberfrancy has continued to put the blame on the Nano developers and claims that he has had several death threats made against him by irate customers who are left holding the bag.

The latest word though is that there was a withdrawal bug that was crediting customers with a double balance allowing thefts to diminish the wallet over months. Traders took to the Twitterverse to connect the bug with the exist scam theory, some saying that bugs like that would most likely be recognized and exploited by someone on the inside.

“Whoa, if true, this is mind boggling. It’s the equivalent of “you have access to the entire working capital of our bank. please check your own balance and don’t draw more than you should.”

Tweeted Cornel Professor Emin Gun Siren.

The post Bitgrail Exchange Claims $195 Million Hack in Face of Serious Skepticism appeared first on NewsBTC.

China’s National Internet Finance Association said it will normalize the efforts in overseeing ICOs in its 2018 agenda.

Key Highlights

• Ripple price recently corrected lower and found support near the $0.8400 level against the US dollar.
• There is a crucial bullish trend line forming with support at $0.9350 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
• The pair may continue to rise in the near term and it could gain upside momentum above $1.0000.

Ripple price is slowly moving higher against the US Dollar and Bitcoin. XRP/USD looks set to gain upside momentum once there is a break above the $1.0000 level.

Ripple Price Support

After trading above the $1.1700 level, Ripple price faced sellers and started a downside move against the US Dollar. The price declined and traded below the $1.0000 and $0.9000 support levels. The decline was substantial, but the $0.8400 area managed to act as a strong support. XRP found bids near $0.8400 and $0.8500, and later it started an upside move.

There was a break above a bearish trend line with resistance at $0.9200 on the hourly chart of the XRP/USD pair. The pair also moved above the 23.6% Fib retracement level of the last decline from the $1.1755 high to $0.8398 low. At the moment, the price is trading just around the $1.0000 level and is currently facing resistance. Once there is a break above the $1.0000 level, there could be more gains. An intermediate resistance could be the 50% Fib retracement level of the last decline from the $1.1755 high to $0.8398 low at $1.0076.

On the downside, there is a crucial bullish trend line forming with support at $0.9350 on the same chart. As long as the trend line support and the $0.8400 level is intact, the price remains in an uptrend.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving higher in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level.

Major Support Level – $0.9000

Major Resistance Level – $1.0000

Charts courtesy – SimpleFX

The post Ripple Price Technical Analysis – XRP/USD Poised to Gain Above $1.00 appeared first on NewsBTC.

Key Highlights

• ETH price has formed a decent support base at $770 and is currently moving higher against the US Dollar.
• There was a break above a short term bearish trend line with resistance at $800 on the hourly chart of ETH/USD (data feed via SimpleFX).
• The pair is likely to gain upside momentum and it could soon move above the $860 resistance.

Ethereum price is moving nicely in the bullish zone against the US Dollar and Bitcoin. ETH/USD is currently gaining pace and it could move above the $860 level.

Ethereum Price Support Base

There were a couple of swing moves in ETH price from the $840 level against the US Dollar. The price traded towards the $760-770 support area where buyers prevented declines on many occasions. A support base was formed near $770 and the price started an upside move. It traded above the $780 resistance and the 23.6% Fib retracement level of the last decline from the $897 high to $768 low.

More importantly, there was a break above a short term bearish trend line with resistance at $800 on the hourly chart of ETH/USD. The pair is now closing towards the $840 resistance and is currently trading near the 100 hourly simple moving average. At present, the pair is testing the 50% Fib retracement level of the last decline from the $897 high to $768 low. A break above the $840 and $850 resistance levels could ignite further gains in the near term. The next resistance could the $890 zone and the $897 high.

On the downside, an initial support is at $800 and the 100 hourly SMA. However, the most important support remains near the $760-770 zone.

Hourly MACD – The MACD is moving higher and gaining pace in the bullish zone.

Hourly RSI – The RSI has just moved above the 50 level and is gaining momentum.

Major Support Level – $770

Major Resistance Level – $850

Charts courtesy – SimpleFX

The post Ethereum Price Technical Analysis – ETH/USD To Gain Upside Momentum appeared first on NewsBTC.

Schnorr signatures are seeing renewed interest from bitcoin developers. But what is the technology and why is it seeing so much attention?

The first law of Thermodynamics states “Energy is neither created nor destroyed. It simply transforms itself from one form to another.” Nowhere is this law better applied than in the case of 4NEW, the world’s first waste to energy power plant entirely integrated on the blockchain.

When interviewing for this story with the founder, Mr. Varun Datta, the elegant architecture of the 4NEW vision became crystal clear. Most companies tend to take a two-dimensional view at solving a problem. For example, if there are energy inefficiencies within the marketplace, as is the case with our world today, then exchanges prop up to help alleviate inefficiencies by matching buyers to sellers and acting as an intermediary. While there is great scalability in this business model, nevertheless, its impact is limited to creating efficiency. This business model is similar to that of Dell Inc., whereby inventory is matched with a real-time order book thereby limiting the need for inventory management or storage. Nevertheless, while scalability is the strength of this business model, lack of long-term retention of the customer base is its weakness.

In contrast, 4NEW’s view is that of building an ecosystem. 4NEW’s business model resembles that of Apple Inc, where you have the ability to avail numerous services all powered and sustained by the 4NEW power plant entirely dedicated to its blockchain. This comprehensive, encompassing approach to sustaining the blockchain was exactly why the blockchain came into existence in the first place. Armed with the ability to provide free energy through its Waste to Energy power plant, 4NEW is equipped not only with the first mover advantage but also an unmatchable competitive edge that will propel the company into cementing itself as one of the dominant players within the crypto-community.

4NEW’s coin, KWATT, which is currently undergoing an ICO, will be in utilization by healthcare companies, money transfer companies, and telecommunication companies all slated for active operations upon completion of 4NEW’s blockchain this spring. Moreover, there is significant interest from other industry actors that don’t care for ICOs but rather be integrated on a blockchain that is truly energy efficient for long-term sustenance. This comprehensive, encompassing, energy efficient blockchain solution is what will catapult 4NEW to become a one-stop shop just as Apple Inc has become in our lives.

4NEW’s waste to energy power plant will be installed and in operational use by summer this year. As we are all aware, energy consumption is at the heart of all problems related to cryptocurrencies. Revenue generated from the collection of waste truly allows 4NEW to not only generate and produce free energy but also solve two global crisis’, Waste Surplus and Energy Shortfall.

Since 4NEW acts as a producer of energy, they own the energy they produce, unlike other players who may rely on power plants like 4NEW to provide them with energy. In this capacity, 4NEW is not only a pioneer at tokenizing electricity, however, they are also the first infrastructure project dedicated to the blockchain. In the evolution of cryptography, it is finally refreshing to see the next leap forward, whereby free energy will power the next wave of blockchains which will inherently enable widespread and mainstream adoption of the blockchain at a nominal cost.

The post 4NEW: Blockchain Powered by Free Energy appeared first on NewsBTC.

FOMO Moments

We start the week on a positive note with all altcoins trading higher during this morning’s Asian session. Bitcoin has remained steadily above $8,000 and is up 4.4% on the day, this has created confidence in the altcoins which are also enjoying positive price action this morning. Looking through the top 25 we can see a couple of contenders with double digit increases but Icon is performing the best at the time of writing.

According to Coinmarketcap ICX is up 16.5% in the past 24 hours and has moved from $3.52 this time yesterday to $4.23 today. Icon has been a solid performer over the past week rising from the February 6 dip at $2.50 by over 75% to where it trades today. It has yet to reach the heights of its record of just over $12 on January 10 however.

The ambitious project aims to weave all of the cryptocurrencies together into one large decentralized co-existing network. The grand plan for this South Korean blockchain team is to interconnect various organizations including financial institutions, insurance companies, healthcare, and universities together. As yet Icon has no major partners however traders are evidently interested in the token as reflected in its performance today.

Unsurprisingly ICX is traded largely in Southeast Asia with Binance taking over 90% of the total trade volume. It has a market capacity of $1.6 billion and a low supply of only 400 million tokens. Over $65 million has been traded in ICX over the past 24 hours and it is currently ranked at 21^st in the charts.

Other altcoins enjoying double digit increases this morning are Ripple, Neo, Ethereum Classic, and Bitcoin Gold. An unknown coin called U.Cash has surged up the charts with over 900% increase in 24 hours seemingly on the back of its recently completed ICO.

More on Icon can be found here: https://www.icon.foundation

FOMO Moments is a new section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals. 

The post Morning Asian Altcoin Trading Roundup: the leader is Icon appeared first on NewsBTC.

Key Points

• Bitcoin cash price is trading inside a range, but it is holding the $1,150 support area against the US Dollar.
• There is a short-term connecting bearish trend line forming with resistance at $1,240 on the hourly chart of BCH/USD (data feed from SimpleFX).
• The pair has to move above the $1,250 and $1,350 levels to gain upside momentum.

Bitcoin cash price is currently consolidating above $1,150 against the US Dollar. BCH/USD must break a couple of key resistance such as $1,350 to trade further higher.

Bitcoin Cash Price Range

There was a short-term high formed around the $1,370 level in bitcoin cash price against the US Dollar. The price started a minor downside correction from the $1,370 high and declined below $1,300. There was also a break below the 23.6% Fib retracement level of the upside wave from the $935 low to $1,370 high. It opened the doors for more declines and the price tested the $1,150 support along with the 100 hourly simple moving average.

Moreover, the price almost tested the 50% Fib retracement level of the upside wave from the $935 low to $1,370 high. The mentioned $1,150 support is a major buy zone and it seems like the price is holding the stated level very well. At the moment, the price is trading inside a range above the $1,150 level. On the upside, there is a short-term connecting bearish trend line forming with resistance at $1,240 on the hourly chart of BCH/USD. The pair has to move above the trend line and settle above $1,250 to retest the $1,300 level. Above $1,300, the price may retest the $1,350 resistance.

On the downside, the $1,150 support holds a lot of importance and it must hold to avoid further slides.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is mostly flat.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is attempting to move above the 50 level.

Major Support Level – $1,150

Major Resistance Level – $1,350

Charts courtesy – SimpleFX

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