As you’ve probably seen on Twitter, the #iamaminer contest has been up and running for a week now. We’ve had a great turnout so far, and love how diverse and wide-ranging your tweets have been. The humor and intelligence of not just our users, but the mining community as a whole, has been made evident in the quality of your output, and we are proud to have had a hand in this process.
The idea for this flashmob contest came to fruition last month after we conducted an online poll of our users. We weren’t quite sure what to expect from the poll, but when we started reading what our miners had to say we were truly captivated. Miners constitute the basis of the crypto industry, and yet, perhaps because what they do is fundamental and far from the “glamour” of trading, their contributions go largely unsung.
Our poll provided us with a glimpse into the numerous lives and stories that lie behind each and every mining rig, and we have to tell you that the old saying rings true; still, waters indeed do run deep. Beneath the unobtrusive surface perception most people have of the mining world, there is a fabric being weaved of infinite variety, stretching to all corners of the earth. We felt like we had to share what we’d gleaned and provide our miners with a platform to speak out. They should be proud of the work they do and get recognition for it. And so we thought up the #iamaminer contest to introduce to the world the passionate and talented people who have built the foundation of the crypto world brick-by-brick.
Well, the contest kicked off on Twitter on Monday, October 15 with prizes of $1,000 and $500 earmarked for the winners, who will be determined by our special jury. In addition to all that, we launched a referral program, in which users who get their friends to sign up with us will be able to enjoy commission-free mining on our platform. The contest will run until Friday 26th at 5 pm GMT, so, if you haven’t yet, you’ve still got a week to get in on the action! Check out the official rules of the contest here and remember to be considered for a prize your tweetsmust include three #iamaminer hashtags: #iamaminer, #minergate, and either #mamaimaminer or #mememiningand you must retweet our pinned tweet linking to the contest’s rules.
Ripple price declined sharply, but the $0.4340 support acted as a solid support against the US dollar.
There is a connecting bearish trend line formed with resistance at $0.4485 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could find sellers near the $0.4485 and $0.4500 levels, but dips remain supported.
Ripple price declined recently against the US Dollar and Bitcoin. However, XRP/USD found a strong buying interest near $0.4340 and recovered nicely.
Ripple Price Analysis
There was yet another rejection noted near the $0.4600 level in ripple price against the US Dollar. As a result, there was a sharp downside move in the XRP/USD pair below the $0.4500 support. The price surpassed a major bullish trend line with support at $0.4550 on the hourly chart. Moreover, there was a break below the $0.4480 level and the 100 hourly simple moving average.
The decline was such that there was a spike below the $0.4340 support area. However, the price recovered sharply and moved back above $0.4340 and $0.4400. The current price action is positive above the 50% Fib retracement level of the last decline from the $0.4603 high to $0.4263 low. On the upside, the price may face sellers near the $0.4500 level. There is also a connecting bearish trend line formed with resistance at $0.4485 on the hourly chart of the XRP/USD pair. Besides, the 61.8% Fib retracement level of the last decline from the $0.4603 high to $0.4263 low is at $0.4473. Therefore, the price may find a strong selling interest near $0.4480 and $0.4500.
Looking at the chart, ripple price is showing positive signs above $0.4400. If it declines once again, the $0.4340 support is likely to hold losses in the near term. To the topside, a break above $0.4500 is needed for an upside acceleration towards $0.4600.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is back above the 50 level.
Firstly, please note that this post is not intended as financial advice and one should always try to do their own research before making any final decisions. Investing in Cryptocurrencies and Initial Coin Offerings (ICO’s) can be speculative, and the market is quite unregulated.
How to find a promising new coin
First of all, using Coinmarketcap’s “recently added” page can help you stay alert on which new coins are being registered. Coinmarkecap is a trusted resource that conducts its research on the projects before listing their tokens and has specific requirements in order for the projects to fulfill.
Secondly, Binance is an exchange that charges significant sums for the projects to get listed, so it is likely that the added tokens are thoroughly scrutinized by a trusted authority. Binance’s listings and contest winners are also available and worth a checkout regularly. Other resources growing in popularity are messengers such as Discord and Telegram, used to build a community around the projects.
Is it better to mine new coins or to buy and HODL?
If you are a miner, finding a new coin and mining those early blocks can be quite rewarding. However, such an approach is often likely to result in a waste of vast amounts of computing power and time on fruitless enterprises.
Even though it is impossible to safeguard from losses completely, several measures can still be taken. Prior to mining, we suggest you research:
The reputation of the developers’ team
Technological breakthroughs or approaches
Media coverage and marketing activity of the project
The number of notable third-party companies involved
After you’ve placed a decision to support a particular project, it is advisable to look for the most effective approach to investing in it. Obtaining strong mining hardware is likely to get you a certain amount of tokens at a cheaper price than from classic investment, especially for the newer projects. It is also worth running various applications to test your hardware, such as GPU’s and ASIC’s.
If the particular coin that you found promising is currently experiencing troubles in terms of price and capitalization, research the underlying reasons for it – market correction or minor accidents might allow you to gain some profit from its recovery.
Before investing in a project you admire, it’s easy to check the overall mood of its community on Reddit and Twitter and engage with and it directly. Make sure to read the white-papers and check the road-maps and, after all, remember that not all of those projects you may find will be viable in the long run, and not all of them will turn out to be legit.
ETH price declined sharply and broke the important $197 support against the US Dollar.
There was a break below a crucial contracting triangle with support at $199 on the hourly chart of ETH/USD (data feed via Kraken).
The pair traded as low as $190 and it is currently correcting higher in the near term.
Ethereum price declined sharply against the US Dollar and bitcoin. ETH/USD moved into a bearish zone below the $200 and $197 support levels.
Ethereum Price Analysis
After trading in a range for a few days, ETH price started a downside move against the US Dollar. The ETH/USD pair declined sharply after it failed to move past the $203 and $204 resistance levels. The price broke the $201, $200 and $197 support levels to move into a bearish zone. There was even a close below the $197 support and the 100 hourly simple moving average.
During the decline, there was a break below a crucial contracting triangle with support at $199 on the hourly chart of ETH/USD. The pair traded close to the $190 support and it is currently correcting higher. It moved above the 23.6% Fib retracement level of the recent decline from the $203 high to $190 low. On the upside, there are many resistances near the $197 level, which acted as a support earlier. It also represents the 50% Fib retracement level of the recent decline from the $203 high to $190 low. Therefore, if the pair continues to correct higher, it is likely to face a lot of offers near the $197 level. Above $197, the next resistance is near $200 and the 100 hourly SMA.
Looking at the chart, ETH price is under a lot of pressure below the $197 level. If sellers remain in action, there are high chances of more declines below the recent $190 low.
Hourly MACD – The MACD is slowly moving in the bullish zone.
Hourly RSI – The RSI is recovering towards the 40 level.
Ethereum classic price declined further and broke the $9.40 support against the US dollar.
There is a major bearish trend line in place with resistance at $9.35 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
The pair may correct higher in the short term, but sellers remain in control near $9.30 and $9.40.
Ethereum classic price fell sharply against the US Dollar and Bitcoin. ETC/USD remains sell on rallies near the $9.30 and $9.40 resistance levels.
Ethereum Classic Price Analysis
In the last analysis, we discussed that ETC price remains sell on rallies below $10.00 against the US dollar. The ETC/USD pair remained in a bearish zone and it declined below the $9.50 and $9.40 support levels. The recent decline was such that the price even broke the $9.00 support and settled below the 100 hourly simple moving average. A low was formed at $8.81 before the price started an upside correction.
It moved above the 23.6% Fib retracement level of the recent decline from the $9.60 high to $8.81 low. It seems like the pair may correct further higher, but there are many hurdles near $9.20, $9.30 and $9.40. There is also a major bearish trend line in place with resistance at $9.35 on the hourly chart of the ETC/USD pair. Moreover, the 50% Fib retracement level of the recent decline from the $9.60 high to $8.81 low is near $9.20 to act as a solid resistance. Therefore, if the price corrects higher, it could face sellers near $9.20, $9.30 and $9.40.
The chart suggests that ETC price is back in a bearish zone below the $10.00 handle. On the downside, a proper break and close below the $9.00 level may push the price towards the $8.50 level.
Hourly MACD – The MACD for ETC/USD is currently moving in the bullish zone.
Hourly RSI – The RSI for ETC/USD is still well below the 50 level.
ZCash is soon to make a forthcoming upgrade. ZCash’s official website says that a new version of the blockchain will start after an activation of block 419200, that will supposedly be mined on October 29.
The new fork is aimed at making the improvements of shielded transactions’ efficiency. The ZCash team expects the upgrade to make the shielded transactions of the network more approachable for “broad mobile, exchange and vendor adoption”.
The MinerGate team is fully supporting an update and will continue providing you with the best mining experience of ZCash. All the necessary updates will only affect the backend of the ZCash mining pool so the MinerGate users won’t have to update their software to continue mining on the new chain.
As Bitcoin adoption increases, a new study published Monday by Nature Climate Change warns that energy-demanding Bitcoin transactions would easily sling the global temperature past the 2-degree threshold set under the Paris Climate Agreement. But, is it true that Bitcoin is this energy inefficient that the mainstream media portrays?
While Bitcoin’s precipitous rise has been stunning, many are still ignorant of the Bitcoin phenomenon saying it is still too arduous, complex and even too libertarian. Add this to the border-less and global nature of Bitcoin, and we quickly have a regulatory concern that different governments are not willing to take a risk on. Initially, the very objective of Bitcoin was to create a better alternative to fiat and even if adoption is still low, that objective is still in line. And encouragingly, governments are beginning to embrace blockchain formulating new laws that classify Bitcoin as commodities, subject to taxation.
The Bitcoin Mining Energy Debate
But even in the face of increasing adoption, scientists are raising the alarm. Complementing this are trackers such as the Bitcoin Energy Consumption Index relaying estimates on the prodigious amount of energy required and raising awareness of “how unsustainable proof of work systems is”. The creators of these trackers go on to say it is not the amount of energy that the network uses but the realization that most of these mining rigs are powered by coal-fired generators from China.
Bitcoin Energy Consumption Statistics
According to BECI, each transaction requires 812 KWH translating to an annual demand of 73.12 TWH. This is around 404.89 KG of Carbon-dioxide per transaction that is pumped to the atmosphere edging the global temperature closer to the 2-percent threshold.
Researchers said greenhouse emissions from Bitcoin mining rigs was around 69 million metric tons in 2017. However, that was not enough to propel Bitcoin to the mainstream as it contributed a mere 0.033 percent of the world’s cashless transactions.
At this rate, scientists from the University of Hawaii at Manoa said it was enough to push global temperatures above pre-industrial levels assuming the same energy sources, which is mainly coal, were used.
Bitcoin Miners are Green Energy Promoters
Regardless, Bitcoin maximalists are desirous and working towards an ecosystem that is crypto powered insisting that it is better and will slowly eat up the $8.7 trillion of political money called fiat.
Supporters, such as Eric Masanet of the Northwestern University, insist that the recent study is “fundamentally flawed” laying out fact that the global energy is actually de-carbonizing and more efficient rigs are in the pipeline. Besides, he adds that it is hard to predict rates of adoption, future efficiencies and sources of energy of which the study bases its conclusion on.
Furthermore, making the basis of this study shallow, is the is the assumption that Bitcoin would in the future act as a medium of exchange. Though novel and ideal, it is likely that Bitcoin will end up as an investment vehicle acting as a store of value.
Additionally, since Bitcoin is a global phenomenon, environmentalists shift away from the energy intensity drum beating to the realization that while Bitcoin mining is concentrated in China, there are other geographies like Iceland that make use of 100 percent renewables like geothermal and wind energy.
According to Katrina Kelly-Pitou, Strategy Manager at the University of Pittsburgh’s Center for Energy, energy production can increase without negatively impacting the environment. She adds that even if Bitcoin market cap is to increase hundred-folds, it would still be more energy efficient than traditional banking systems.
“Even if Bitcoin technology were to mature by more than 100 times its current market size, it would still equal only 2 percent of all energy consumption.”
Bitcoin and Blockchain Here to Stay
It’s increasingly becoming clear that Bitcoin is here to stay. Needless to say, Bitcoin is ingenious and potentially transformative, but at the same turn adopters cannot turn a blind eye to the negative effect of Bitcoin’s energy requirements. Considering that there is a direct relationship between adoption and energy demands, blockchain promoters and enthusiasts are always on the innovation front researching and implementing new energy efficient technologies.
After all, it is the miner’s responsibility to stay profitable even as energy requirements and fossil fuel prices sky rocket. In fact, the need of efficiency is so strong transportation costs are incurred as miners migrate from time to time to new jurisdictions with more favorable energy rates. This is why the miners are charting new territories, advocating for the need of green energy sources, and are not the axis of evil as the study implies.
Bytecoin is a cryptocurrency that was first to implement the CryptoNote protocol. Bytecoin made a significant impact on the cryptocurrency industry and remains to be one of the most popular coins on the market to this day. Bytecoin became a base for multiple forks, some of which are Monero, AEON, and Fantomcoin.
Bytecoin has most of the features inherent to Bitcoin but compliments it with its own ideas and technological solutions that make it faster, safer and add a focus on the privacy of the users. Bytecoin, similarly to Bitcoin, is decentralized and has no central authority. Its development is community driven and its governance is performed by the miners of the coin.
Why was it needed?
Bytecoin was established as an alternative to Bitcoin with its SHA-256-based Proof-of-Work to fix a problem of very high demands on the computing power of user’s equipment that PoW-based networks make on the later stages of functioning. In 2014, when Bytecoin was publicly announced, it was already very hard to mine Bitcoin with mediocre equipment and the ASIC miners became extensively used, excluding the ordinary users from the participating in the governance of Bitcoin. The Bytecoin team implemented the CryptoNote protocol, upgrading it into the CryptoNight proof-of-work algorithm, which allowed the Bytecoin network to be ASIC-resistant, CPU-minable and approachable for the users with the average mining gear.
In addition to the huge advantages in terms of mining, CryptoNight provided the cryptocurrency with untraceable payments, unlinkable transactions, blockchain analysis resistance, and several other privacy and security-centered features that were missed in Bitcoin.
Who did it?
The CryptoNote protocol, which is a foundation of Bytecoin, was developed by Nicolas van Saberhagen. The team behind the Bytecoin development remained anonymous and operates under the nicknames of PACIFIC_SKYLINE, AMJUAREZ and several others.
Bytecoin is a very popular cryptocurrency ranking 38 in terms of market capitalization according to CoinMarketCap.com at the time of writing this article. It currently has a market cap of $245 441 281. It is traded on the majority of the cryptocurrency exchanges and is an often choice for transactions that demand additional privacy. However, despite the significant popularity in the community, Bytecoin is not very successful in the connections with enterprises and traditional institutions. It is possibly the case due to the reputation of a go-to crypto for illegal transactions and the lack of public representation from the development team.
Bytecoin and its competitors
Bytecoin is far from being an only crypto with a focus on the privacy of transactions. It is in rivalry with many popular coins including such crucial parts of the cryptocurrency industry as Monero, Zcash, Komodo, and others. Both Monero and Zcash are more popular cryptocurrencies that Bytecoin, they are significantly bigger in terms of capitalization and the trading volume. However, Bytecoin managed to build a loyal and active community that constantly participates in the development of the coin. The updates and forks of Bytecoin often gather a lot of attention from the cryptocurrency community. The Bytecoin team is a major contributor to the development of CryptoNote protocol and is a producer of important technological solutions, that helps it stand out in the blockchain world.
Bytecoin is a prominent part of the cryptocurrency history. It has made a major contribution to the blockchain world, starting a race of privacy, accessibility, and ASIC-resistance between blockchain projects. Its advantages were acclaimed by the blockchain analysts and cryptographers. However, for quite some time Bytecoin didn’t provide any noticeable product and is in need of some substantial breakthrough to remain relevant. The good thing for Bytecoin is that its development community is famous for a strong technical background, creative approach and sincere concerns about the privacy of users.
The mining of Bytecoin is still very approachable in contrast to Bitcoin’s and is possible to perform profitably on almost every category of mining gear. It is a good option for the new participants of the cryptocurrency community and is a good choice to spend some computing power in terms of the possible future outcomes.
In today’s edition of The Daily, we focus on the crypto community’s alarm over the de-platforming of a social media network in response to a shooting incident in the U.S. We also look at a recent Bitcoin book recommendation on a Chinese TV show, as well as a North Korean attempt to scam investors.
Over the past two days, the Gab social network has been “no-platformed” by a handful of mobile app stores, web hosting providers and payment processors, in response to the murder of 11 people at a synagogue in Pittsburgh. The suspect in the mass shooting was a user of the service, which reportedly has been cooperating with investigators.
Paypal and rival payments processor Stripe have blocked Gab’s ability to receive funds since the shooting, even though they did not take similar action against Facebook, Twitter and Youtube after it was revealed that they had enabled terrorist groups to recruit new members on their own platforms. However, as a much smaller social network, Gab — which has publicly condemned the Pittsburgh atrocity — is not being given the same benefit of the doubt by Silicon Valley. In response, noted social media influencer Cøbra has called on freedom-loving cypherpunks and others in the Bitcoin community to stand behind Gab.
Chinese TV Show Promotes ‘Mastering Bitcoin’
A program on CCTV2, the economy-focused channel of state broadcaster China Central Television, recently recommended Andreas Antonopoulos’ book, “Mastering Bitcoin,” according to local media reports. Developments in the Chinese cryptocurrency community usually draw a lot of attention beyond the borders of the world’s second-biggest economy, which is home to numerous Bitcoin miners and investors, and this was no exception.
Controversy has erupted over claims that the program apparently changed the book’s title in Chinese to mention “blockchain” instead of “Bitcoin.” This has driven speculation among commentators about how the TV show might reflect the Chinese government’s current thoughts about the two terms. But beyond the title, the actual content of the book does not appear to have changed, according to Antonopoulos, who cited local sources.
Security Company Claims North Korea Behind Cryptocurrency Scam
The North Korean government has long been suspected of using illicit means to secure cryptocurrencies for its own use. However, while most reports have pointed to evidence that the hermit kingdom is using hackers to steal funds — particularly from South Korean exchanges — the regime has apparently resorted to other means, as well.
Recorded Future, a cyber-security company with offices in the U.S. and Sweden, said last week that it has discovered an asset-backed token-sale scam called Marine Chain, allegedly run by a Singapore-based “network of North Korea enablers.” The group behind Marine Chain claimed that it was an asset-backed cryptocurrency to tokenize sea vessels used and owned by different parties. Recorded Future has argued that the move into cryptocurrencies is a “natural” progression for the regime of Kim Jong-un, which is eager to identify new revenue streams in the face of strict international sanctions.
What do you think about today’s news tidbits? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.
As we previously announced, the #iamaminer flashmob contest came to a close on Friday, October 26th. We would like to once again thank everyone who participated. The results were impressive and we are proud to have helped miners share their stories with the world. Your tweets and memes have been insightful and funny and inspiring. We are as always, grateful for such a user base and such a deep and wide-ranging community.
After thoughtful consideration and deliberation by our jury, they have selected two grand prize winners. The first winner, in the #mamaimaminer category, was @YoungMoneyYMC. The goal of this category was to come up with the best tweet that would explain why you are a miner or shed some light on the mining experience.
Humor, of course, was welcome. The second winner, in the #mememining category, was @marcofurlanetto. The goal of this category was to design the best mining meme possible. After a heated discussion, our jury finally came to an agreement. It wasn’t simple and we had to choose between people who have quite a sense of humor but @marcofurlanetto was undefeated. He presented a meme about Winston Churchill which conquered the hearts and minds of our judges. Here’s the whole series of memes by @marcofurlanetto:
The competition was fierce in both of these categories so it wasn’t an easy choice for our jury. The #mamaimaminer winner will get $1000 in winnings and the #mememining winner will get $500.
What about commission-free mining?
But, that’s not it. As promised, everyone who took part in the contest is eligible for two weeks of fee-free mining. All you have to do is log in to your account at MinerGate, go to your dashboard, and enter the link to your tweet as a promo code. After you submit the link you’ll be granted two weeks of commissionless mining. This offer only lasts for two weeks so make sure you activate it right away! And although the deadline for submissions in our contest was 5 PM GMT on October 26th, we are also grateful to the people who posted a little late and therefore we are amending the eligibility rule for fee-free mining. Anyone who posted as part of #iamaminer before this blog post was published is now eligible for 2 weeks of fee-free mining.
Fee-free mining for those who took part in the contest will last for the next two weeks. We have had a great time with this contest and the previous poll we did. We hope that everyone enjoys their prizes and we are looking at different ways to bring the community together and reward our loyal users in the future. Stay tuned for our future plans!