Day: July 29, 2018

A new 85 MW capacity transfer and electrical substation are currently being constructed in Canada by DMG Blockchain Solutions Inc, making its crypto mining installation one of the largest in North America.

DMG describes itself as a diversified blockchain and cryptocurrency company that works on end-to-end solutions to monetize blockchain’s ecosystem.

The substation, when complete, will come online in September and be connected to the power grid providing 60 MW for energizing mining rigs. The facility is said to be the company’s flagship Canadian crypto mining operation expanding its hosting capability more than 20 times.

Steven Eliscu, executive vice president for Corporate Development, said that such “leading-edge mining equipment and access to low-cost power” augers well for the company’s further development and gives him great optimism for DMG’s future.

As part of this optimism, the company is planning to branch out by building a platform which will ensure “complete provenance of controlled products” through the supply chain, also hoping to become “domain experts” in fields such as agriculture, energy, precious metals, financial services, and manufacturing, as illustrated on the company’s website.

The new facility will be used for in-house operations and for DMG clients engaged in Mining-as-a-Service (MaaS), using faster scaling than a pure mining model with the new installation under construction.

Also, in North America during a subcommittee for the House of Representatives Financial Services Committee on Wednesday, California Democrat Brad Sherman boldly declared his belief that all cryptocurrency mining and trades should be banned across the US. The views were clearly not those of the majority of the subcommittee hearing, however.

A current issue in parts of the US and Canada with the increase in mining is the fear of rising electricity rates in areas that were attractive to miners because of the low energy costs. Worries are that rates are being pushed up for local residents causing jurisdictions to increasingly need to deal with some of these community concerns.

Regulators in New York State, for example, have given approval to a new electricity rate scheme for cryptocurrency miners. In response to the permission given earlier by New York state to 36 municipal power authorities to charge higher rates to crypto miners, the Massena municipal utility has come up with its own plan. A new rate structure will allow crypto miners operating there to negotiate their own contracts to pay a “fair price”, thereby protecting other consumers from inflated rates being enforced because of crypto mining.

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The post One of North America’s Largest Crypto Mining Facilities is Underway appeared first on BitcoinNews.com.

Bitcoin Press Release: Smart-tech company OraSaifu announces a revolutionary payment product; a hardware cryptocurrency wallet with a digital card screen display, packed with state-of-the-art security. It will enter the market in mid-July 2018.

July 20th, 2018, Tokyo, Japan  – The number of active blockchain wallet users today exceeds 26 million. In 2018 to date, Bitcoin wallet holders grew  to over 10 million. Furthermore, the daily trading volume of the top ten cryptocurrencies has risen to $3 Billion, and it’s about time a truly innovative cryptocurrency wallet enter the world.

All-in-One Digital Wallet with Cross Functional Payment Methods

OraSaifu has developed an all in one solution for those seeking a means to store their crypto without resorting to hardware, software or paper wallets. The OraSaifu wallet enhances all the present safety advantages of contemporary USB wallets like Ledger and Trezor, and also turns traditional bank payment cards into a mobile payment mode. For financial asset storage, transactions, and recovery, OraSaifu has created one card with two modes where all crypto digital currency exchange and bank card payment functions co-exist.

The Most Secure and Cutting Edge Wallet Hardware on the Market

What sets OraSaifu apart from any other wallet is its proprietary reliance on both a Trusted Execution Environment  (TEE) and SE technology on one secure chip, ensuring 100% security over assets and Near Field Communication (NFC) payments. OraSaifu provides a cold-wallet mode by using NFC and Offline QR code reading technology, which means it can be completely isolated from online connections. It also has unlimited storage, beating the majority of the competition that offer limited storage and single currency use.

In terms of security, all cryptocurrencies on the device are stored offline and require 2 step authentication for transactions, the USB port required to charge the device doesn’t have data transfer capabilities, thereby keeping private keys isolated from even your computer and reducing the risk of theft to near zero. Presently, OraSaifu supports the following digital currencies: Bitcoin, Ethereum, Litecoin, Zcash, Dash and over 20 other cryptocurrencies. It supports sending payments, receiving, checking account details and managing multiple addresses.

Unprecedented Artistic Design and Features

In addition to its ground-breaking security and functionalities, OraSaifu’s offers the sleekest design of any product in its class. With a diameter of a bank card, feather-like weight 4-inch bezeless display with an 83.37% screen to body ratio, beating out even the latest iPhone. Alongside the nifty asset storage and transaction features described above, the OraSaifu wallet also supports membership cards, business cards, door passes, Gym membership cards and so on. Everything is NFC enabled and OraSaifu can copy, store the data in one ultra-secure place.

Ora wallet also embedded the function of business cards, club membership cards management and door pass for user’s further exploration. Costo, Dicson, Walmart, Gym membership card, a work badge, a smart lock, anything NFC enabled, OraSaifu can copy it and store it, so users don’t have to go through millions of cards just to make through a door.

The OraSaifu hardware wallet is bound to exceed the expectation of most digital currency enthusiasts. It offers an artistic palm-sized interface, unlimited digital payment accessibility, and the highest of security features. Ultimately, the OraSaifu wallet will become a leader in the market for a reason: it is a product users trust with protecting their crypto and ushers in a new seamlessly efficient professional lifestyle.

About ORA

Ora Inc.was founded in 2013, with an ambitious concept to change the world of payments. Our R&D team members are former employees from Microsoft, IBM, Oracle, Nokia and Huawei, all with extensive experience in blockchain, big data, internet security, and mobile hardware fields. The UI design team is from Japan. OraSaifu has gained millions of USD first round angel investment, and is planning for its next round of fundraising from top global investors and institutions. Ora is actively building a connection with industry-leading blockchain technology parties and is looking forward to speaking with more potential business partners. Please contact us for more information.

Early Bird Sale

The OraSaifu smart wallet global launch will start on Indiegogo on July 19th, 2018, if interested in purchasing the OraSaifu wallet, the company has opened registrations for early bird sales here.

Visit the Website: https://orasaifu.io/
OraSaifu Early Bird Registrations: https://www.indiegogo.com/projects/orasaifu-first-all-in-one-smart-wallet-design/x/19011277#/
Follow on Facebook: https://www.facebook.com/OraSaifu/

Media Contact Details
Contact Name: Yan
Contact Email: [email protected]
Location: Japan

OraSaifu is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.

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The post PR: A Cutting-Edge Multi-Cryptocurrency Hardware Crypto-Wallet from OraSaifu is About to Hit the Global Market appeared first on BitcoinNews.com.

Experts believe China is far from uninterested in cryptocurrency despite its overt efforts at bans of one kind or another. In fact, it is widely believed the communist government is contemplating its own version of a state backed cryptocurrency. Should that be the case, analysts assume it could potentially be bigger than Bitcoin.

Also read: Coinbase Flexes Muscle, Creates Political Action Committee

IG: China Creating Government-Backed Cryptocurrency

Moving from speculation to near assurance, UK-headquartered online trading provider, IG Group (LON: IGG), posted a subtitle, “China to introduce a national cryptocurrency.” In all but assuming such was imminent, the report continued, “In a contradictory move to banning bitcoin, the People’s Bank of China (PBoC) initiated plans to create its own official digital currency.”

That’s a heck of a statement, and there seems to be little outside of this assertion to verify IG’s claims. The financial group itself has been around since 1974, and it provides clients with educational resources on leveraged FX products and CFDs, hoping they will earn in times of up or down markets.

The company further acknowledges, “There has been no official statement regarding the national cryptocurrency’s name or launch date, which makes it difficult to prepare for. It would likely be introduced alongside China’s primary currency, the yuan, with the intention of catering to the millions of citizens who lack access to standard banking services.”

The Chinese government has been making noise of late, however. Its Center for Information Industry Development continues to release crypto rankings for some odd reason. It recently inked a crypto regulation deal with South Korea. And with a reported 3 million Chinese citizens continuing to hold their digital assets even despite bans, there does seem to be something of an appetite.

What If?   

“The PBoC’s vision for its own cryptocurrency is based on taking back control of the finance sector. It has argued that without government control, a cryptocurrency could become a tool for drug dealers and terrorists,” IG insists.

So far, the only government to roll out a state-backed crypto, Venezuela, hasn’t exactly seen dividends. Admittedly, China has over a billion people, and their economy is in far better shape. But there is something to running up against the exact lure of crypto to begin with: folks seek it to be free of government minders. A state crypto just might be the worst of all worlds for those using it. Every transaction would be easily scrutinized, for example.

Before the ban, in fact, China alone was basically the global crypto trading market for all intents and purposes. Just before the huge rise in prices, the government in September of 2017 lowered the boom. Something like 6% dropped off of BTC’s exchange rate, at least in the short term, as a result. The authors do admit, “It is unlikely that any government-backed cryptocurrency would kill off bitcoin or other large cryptos completely, but some of the smaller alt-coins could have a tougher time of it.” 

However, IG muses, “The PBoC have stated that only the digital currency issued by them will be recognised nationally, excluding other coins such as bitcoin or ether. As foreign cryptos are already banned in China, the government would essentially force mining operations to switch to the national crypto. This could impact global mining communities, and reduce the value of bitcoin as it becomes less popular. A government endorsement could see the crypto gain popularity worldwide, as it becomes seen as credible in the eyes of the public.” And there is more to consider, of course. IG lays out some interesting, moving infographics worth checking out. For now, it’s all just good fun. 

What are your thoughts on a China state-backed crypto? Let us know in the comments section below. 

Images via Pixabay.

Be sure to check out the podcast, Blockchain 2025; latest episode here. 

The post Analysts: China’s Cryptocurrency Could Be Bigger Than Bitcoin appeared first on Bitcoin News.

On July 29, Ethereum co-founder and renowned blockchain developer Vitalik Buterin discussed the necessity of infrastructure around Bitcoin and Ethereum, and the need to create better ways for the public to invest in major digital assets.

Easier Methods of Purchasing Crypto

Specifically, Buterin addressed the more institutionally-connected Bitcoin exchange traded funds (ETFs). In his Tweet, Buterin inferred that the institutional direction is not where the cryptocurrency industry needs to go. Instead, he said that the industry needs to focus more on the practical applications for digital currencies for people on the street, to make crypto as widely available as possible, and make digital asset purchases as easy as it is to buy gift/debit cards today. The Tweet reads as follows:

I think there's too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.

— Vitalik Non-giver of Ether (@VitalikButerin) July 29, 2018

In contrast to this statement by Buterin, General Counsel and CCO of Huobi UK, Josh Goodbody, spoke with NewsBTC earlier this month about the importance of institutional investors and related ETFs for the crypto industry.

Goodbody said that the crypto industry cannot mature if investors do not have confidence in the infrastructure they are using, commenting on both the importance of decentralized operations and larger investors. In relation, he said that recent news from the Securities and Exchange Commission (SEC) that more Bitcoin ETFs are on the way is a “natural progression in the cryptocurrency industry.”

Goodbody said: “Bringing in asset classes and financial vehicles into the crypto space will give investors the exposure they’re comfortable with. Not everyone wants to hold private keys. As long as it’s launched by a reputable market participant, we think it’s a positive development for the industry.”

Going back to Buterin, he is focusing more on the “actual adoption” of cryptocurrencies. Looking at both arguments, it’s easy to see that, in fact, both parts are necessary to complete the whole. Consider, for example, that a Gallup poll from last year that indicated that only 2% of Americans currently own Bitcoin.

In relation, and even more telling, is CareerBuilder’s 2017 survey, which revealed that around 80% of American workers live paycheck to paycheck. What’s worth considering is that, for these folks, “ETFs” and “Bitcoin futures” may as well be a foreign language.

ETFs

Over the past week, Bitcoin rallied to a two-month high of over $8,300. Some within the cryptocurrency community believe that the price increases were related to speculation that one of the several ETF proposals submitted to the SEC recently was soon be accepted.

Unfortunately, that wasn’t the case. What happened? The U.S. financial watchdog rejected the ETF proposal of Cameron and Tyler Winklevoss – owners of the Gemini Exchange platform.

As noted by NewsBTC, whilst the Winklevoss effort wasn’t the most anticipated application for a Bitcoin ETF, the ruling from the SEC could be seen to be directed at the cryptocurrency industry itself rather than a specific proposal. It therefore seems possible that other high-profile applications, like those from the VanEck and SolidX partnership, could also be rejected on similar grounds. August 16 is the SEC’s deadline to act on these specific proposals.

The post Buterin: Bitcoin, Ethereum ETFs are Good, But Need Easier Ways For Public to Buy appeared first on NewsBTC.

Key Highlights

• Ripple price is trading in a range above the $0.4300 support area against the US dollar.
• There is a short-term contracting triangle formed with resistance near $0.4560 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could accelerate gains once it breaks the $0.4600 and $0.4700 resistance levels in the near term.

Ripple price is briefly consolidating in a range against the US Dollar and Bitcoin. XRP/USD could explode once the current consolidation phase is over.

Ripple Price Resistances

During the past few days, Ripple price mostly traded in a range above the $0.4300 level against the US Dollar. The XRP/USD pair made a few attempts to break the $0.4600 and $0.4700 resistance levels, but it failed. At the moment, it is consolidating above the $0.4400 level and is likely preparing for the next move. A successful close above the $0.4700 hurdle is must for ripple buyers to take control.

An initial resistance is near the 50% Fib retracement level of the last decline from the $0.4690 high to $0.4437 low. There is also a short-term contracting triangle formed with resistance near $0.4560 on the hourly chart of the XRP/USD pair. The triangle resistance at $0.4560 is positioned near the 100 hourly simple moving average. A break above this could push the price towards the $0.4700 resistance. An intermediate resistance is the 76.4% Fib retracement level of the last decline from the $0.4690 high to $0.4437 low.

Looking at the chart, the price may continue to trade in a range below $0.4700 for the next few sessions. Above $0.4700, the price may well accelerate above $0.5000 towards $0.5500. On the downside, the price must stay above the $0.4400 and $0.4300 support levels to avoid more declines.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is not moving much in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is not signaling any major move.

Major Support Level – $0.4500

Major Resistance Level – $0.4700

The post Ripple Price Analysis: XRP/USD Could Explode Soon? appeared first on NewsBTC.

The Medical School of the Mount Sinai hospital system announced it will explore the use of blockchain in healthcare on Tuesday.

EOS Price Key Highlights

• EOS has formed lower highs and higher lows to consolidate inside a symmetrical triangle.
• Price is approaching the peak of the formation, so a breakout could be due soon.
• Technical indicators are showing mixed clues on which way price might break out, though.

EOS price is consolidating in a symmetrical triangle pattern and is approaching the peak to signal that a breakout is looming.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to suggest that the path of least resistance is to the downside. However, the gap has narrowed enough to signal that a bullish crossover is in the works, likely allowing support to hold or even for resistance to be broken.

The chart pattern spans 6.500 to 9.000 so the resulting breakout could be of the same height. In other words, a move below support and the moving averages’ dynamic inflection points could lead to downtrend of 2.500 or a break past the 8.500 resistance could spur a rally of the same height.

RSI is moving sideways at the middle of its band to reflect further consolidation. Stochastic is on the move up and has some room to climb before hitting overbought levels, which suggests that buyers could stay in control for a bit longer.

EOSUSD Chart from TradingView

Market Factors

Most cryptocurrencies like bitcoin and EOS are currently stuck in consolidation patterns as they await the next set of market clues. Another round of positive updates, such as those pertaining to stronger institutional interest or regulatory support, could bring in more bullish momentum.

On the other hand, industry threats coming from security concerns or hacking incidents could lead to another wave lower. NEO

The post EOS Price Watch: Watch Out for a Triangle Breakout appeared first on NewsBTC.