This 18-year-old digital-currency millionaire thinks bitcoin could hit $10,000 a coin
Erik Finman may be only 18, but he's a millionaire, thanks to a very shrewd and early investment in bitcoin.
And despite the recent tumult in the world of digital currency and a huge run-up in the value of bitcoin, Finman is still a bitcoin believer. By his reckoning, the cyber currency still has a ton of upside.
Indeed, Finman said recently that buying bitcoin now would be a "very smart financial decision."
The teen mogul is putting his money where his mouth is. He owns 403 bitcoins, which give him a net worth of around $1.7 million. He's not going to college, and he doesn't have a steady job. He's just focusing on his bitcoin investments. Well, that and launching a satellite stocked with a signed Taylor Swift CD into low-earth orbit.
Full story at http://read.bi/2wz4TrS
Source: Business Insider
Monero Price Jumps Over 40 Percent on Rumors It Will Soon Debut on Bithumb Exchange
Monero (XMR) is leading an altcoin resurgence Monday as the anonymity-focused asset explodes 37 percent in hours.
Data from cross-exchange monitoring resource Coinmarketcap shows XMR, which had traded around $52 over the weekend, suddenly hit $71 today.
The uptick appears to be a result of rumors that the South Korean exchange Bithumb will add the coin to its books.
Bithumb remains the biggest volume exchange in the world despite a recent hack, with South Korean appetites for trading coming to the fore in recent months.
Full story at http://bit.ly/2v7j6sg
Source: CoinTelegraph
Bitcoin Cash Mining Difficulty Drops Significantly – Speeding Up The Chain
The game theory for miners begins to get more interesting as the BCH network has become 115 percent more profitable to mine than the Bitcoin blockchain. This is due to the digital currency’s price which is hovering between the $760-790 range and because of the difficulty drop down to 7 percent of the Bitcoin network’s difficulty. Blocks are being processed rapidly now on the BCH chain as each block is being found every 3-7 minutes. BCH average hashrateper day has spiked significantly over the past four days to roughly 10 percent of the Bitcoin network’s seven exahash.
The mystery miner is now capturing fewer blocks over the past few days as other mining pools have picked up the pace. Mining pools like pool.Bitcoin.com, Bitclub, and Viabtc especially have been processing a lot more blocks recently, spreading out hashrate distribution. Viabtc has mined over 27 percent of the last 144 BCH blocks found, and the mystery miner now has only 68 percent. So far since the fork 1507 blocks have been mined and the fork is currently 1349 blocks behind the BTC chain. However, at the current speed of processing blocks and with the BCH network difficulty so low the chain should start to catch up.
In addition to the network difficulty changes, another mining pool has joined in on processing BCH blocks. The mining pool BTC.com mined its first block, 480002, on August 20, being the first pool to join since Bitclub last week. Additionally, accordingto Trustnodes the large mining pool BTC.top will begin mining BCH on Monday, August 21. Jiang Zhuo’er, BTC.TOP’s founder told the publication that there would be an option for miners to choose between BTC or BCH from the pool’s settings.
Full story at http://bit.ly/2wzxn4N
Source: Bitcoin News
Bitcoin In Space: Blockchain Satellite Receives First Transaction
Blockstream’s Blockchain Satellite has forwarded its first transaction, the company’s CEO Adam Back has confirmed on Twitter.
Back was quoting BitcoinVPS creator Grubles, whose satellite node successfully received Blockchain transactions on a computer with networking disabled.
Last week Blockstream announced it would use leased satellites to beam the Bitcoin Blockchain all over the world.
Africa, Europe, South America and North America are first regions where users of the company’s beta can download a fully functional Bitcoin node.
Full story at http://bit.ly/2wzjDqL
Source: CoinTelegraph
Media Granted Access to Bitmain’s Mongolian Bitcoin Mines
Bitcoin mining is a very competitive industry and China’s biggest data centers are leading the way. Most mining centers around the world keep operations private and are usually found in very remote regions. Reporters were allowed to record and photograph the Bitmain mine in the SanShangLiang industrial park located in the heart of Inner Mongolia. Both Bloomberg journalist Tom Mackenzie and Quartzphotographer Aurelien Foucault were granted access to Bitmain’s mine filled with 25,000 machines humming away processing millions of dollars worth of bitcoin.
This particular Bitmain mine employs about fifty people and generates about a quarter of a million dollars a day worth of bitcoin. Most of the employees are local residents of the region called, Ordos, which used to be a coal mining town located just outside the Yellow River of Hukou Falls. Most of the staff live in a dormitory located in one of the warehouses, because machines are operating 24-7 and need constant monitoring and maintenance. Further, as well as mining bitcoin, one of the warehouses at Bitmain’s site is filled with mining rigs dedicated solely to mining litecoin. According to Bitmain, the mine spends about $39,000 daily on electrical costs and mining revenue brings in roughly $250,000 worth of bitcoins a day.
While walking around the Bitmain warehouse, Mackenzie says many of the fresh new bitcoins derived from the mine ends up being traded on one of China’s cryptocurrency exchanges. Bitmain tells Bloomberg it has over 20,000 customers. The company’s valuation is in the billions and the company is preparing for a possible IPO. The company explains it’s also spending over 200 million to expand operations in the U.S. Creating a mine in China is relatively inexpensive Bitmain’s CEO Jihan Wu tells Mackenzie.
Full story at http://bit.ly/2wzaka1
Source: Bitcoin News
Bitcoin Price to Reach $5,000 This Year, Predicts Gatecoin CEO
Gatecoin, a Hong Kong based cryptocurrency exchange, expects bitcoin’s priceto reach $5,000 by the end of the year, according to Bloomberg. The price prediction was headlined on “Bloomberg Daybreak: Asia,” which featured an interview with Aurelien Menant, Gatecoin’s CEO and founder, about the causes of bitcoin’s recent price surge and his expectations for continued growth. He said the markets are driving increasing interest in bitcoin.
“Another factor that is very important is the arrival of more and more institutional investors in bitcoin,” Menant said. “Historically we used to have a few hatch funds trading bitcoin in Europe and the U.S. Now we have around 60 or 70 of them that are starting to trade bitcoin.”
Some funds are now dedicated to digital currencies. “So this is definitely driving a surge in the price,” he said.
Full story at http://bit.ly/2wz8JBc
Source: CryptoCoinsNews
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