Utopia P2P Ecosystem and its Crypton Cryptocurrency Have Officially Launched

Utopia P2P Ecosystem and its Crypton Cryptocurrency Have Officially Launched

The Utopia is an exclusive software that was developed by a team…

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Uber Founder Dumps 56% of Stock in a Month, But He Can’t Be Sued

Travis Kalanick has now disposed of more than 42 million Uber shares…

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Swiss Startup Amun Wins Regulatory Approval to Sell Crypto-ETPs to EU Retailers

Swiss startup Anum has won a regulatory approval to widen its offerings of crypto-based financial products to retail investors in the European Union.

Bitcoin History Part 21: Miners Pour One out for Satoshi

Bitcoin History Part 21: Miners Pour One out for Satoshi

There are a few ways of looking at bitcoin mining. As an ostensibly selfish enterprise, wherein miners are seeking to extract precious coins for profit. And as a community of individuals who envisage a better way of generating, handling and using money, and are motivated to secure the Bitcoin network. The truth is probably somewhere in between. Whatever the case, greed was not the motive for the bitcoin miners who took it upon themselves to claim less than their allotted coinbase reward. Why would anyone do such a thing?

Also read: Bitcoin History Part 20: BTC Reaches $1

The First Miner to ‘Pour One Out’

Paying homage to the legends who have gone before is not unusual. It nevertheless came as a surprise when Bitcointalk user ‘midnightmagic’ decided not to claim his coinbase reward for BTC block 124,724 as a token of respect to Bitcoin’s departed founder. Midnightmagic publicized his tribute on June 8, 2011, about six months after Satoshi’s final Bitcointalk message.

Coinbase rewards are awarded to miners of a valid bitcoin block, and until they were halved on November 28, 2012 they stood at 50 BTC. While each node verifies that miners don’t attempt to claim more than they are allowed, the software does not prevent them from claiming less than their earned share. Midnightmagic spoke for many when he wrote that he viewed this “as a freedom in the protocol, not a drawback.”

He added, “To make absolutely sure that I was doing it on purpose, I set the reward value to 49.99999999, which meant that I inadvertently threw away the transaction fees which I could have allocated to myself. I did it as a tribute to our missing Satoshi: we are missing Satoshi, and now the blockchain is missing 1 Satoshi too, for all time.”

Underpaying oneself to symbolically honor a shadowy figure who got the ball rolling on Bitcoin may seem like an odd move. But midnightmagic didn’t want to claim credit for the idea, saying years later that he merely implemented something Bitcoin developer Matt Corralo had “lobbed over the wall at me.”

Bitcoin History Part 21: Miners Pour One out for Satoshi

A Tidal Wave of Poured Liquor

Midnightmagic may have been the first but he certainly wasn’t the last. Miners have foregone their coinbase rewards at various block heights, with the most generous being 12.5 unclaimed BTC (the full block reward) at 501,726. Another miner tipped half of his reward, a sum totalling 6.25 BTC, in Satoshi’s direction at block height 526,591. The most intense patterns of such behavior occurred at heights 162,000, 180,000-230,000 and 530,000, with over 1,200 anomalies recorded.

Of course, BTC is not only lost when miners purposefully claim less than they are entitled to. Due to an early glitch in Bitcoin (later rectified by BIP-30), it was possible to create a coinbase transaction which duplicated a previous coinbase, thereby causing the coins created by the older coinbase to be irreversibly overwritten. These duplicate coinbase transactions wiped 100 BTC from Bitcoin’s ledger before the 2012 fix was put in place.

What would Satoshi have thought of miners deliberately reducing the number of spendable coins in existence? We can only speculate. While many factors affect Bitcoin’s actual circulating supply, from lost keys to coins sent to the genesis address, unclaimed rewards speaks to the enduring depth of feeling towards the enigmatic Nakamoto. Tipping their 40 ounce towards the kerb by reducing their coinbase reward is a gesture of miner gratitude, indelibly recorded onchain.

Bitcoin History is a multipart series from news.Bitcoin.com charting pivotal moments in the evolution of the world’s first and finest cryptocurrency. Read part 20 here.


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Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

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Bitmain Shifts Miner Sales Tactics, Betting Big on Bitcoin Halving Pump

Bitmain has retooled its strategy for selling bitcoin miners, betting big that the cryptocurrency’s price will rally with next year’s halving.

UP Alliance Members to Lock Mega-Utility Tokens for a Year

UP Alliance Members to Lock Mega-Utility Tokens for a Year

Universal Protocol Token is a mega-utility token offering attractive interest rates when lending and borrowing, lower exchange fees, cashback and discounts on trading. The large holders of UPT in the UP Alliance have gotten together and committed to lock their tokens and not sell any UPT for at least a year.

Also Read: Mega-Utility Token UPT Will Offer Interest and Discounts on Trading

UP Alliance Members to Lock UPT Tokens

The Universal Protocol Alliance is a group of like-minded cryptocurrency companies and blockchain organizations that want to connect different digital assets in a single network including Bittrex, Brave, Certik, Omisego, Blockchain at Berkeley, Uphold, and Cred. The Universal Protocol Token (UPT) is the native token of the Universal Protocol Platform, and is the underlying utility token for the Universal Protocol ecosystem. Consumers can use it to make transactions with the additional tokens and stablecoins that Universal Protocol has released.

The large UPT holders in the UP Alliance have now gotten together and committed to lock their tokens for a certain period of time. The group says that members and investors are united in their decision to hold UPT for the good of the project — as this will allow the Alliance the runway it needs to operationalize its ambitious project with merchants, government officials, developers and customers of UPT. In total, 82.5% of all UPT is already locked for a period of over three years, vesting monthly. In addition, all UP Alliance members and investors representing over 96% of all UPT holdings have agreed to hold UPT for period of at least one year. The Alliance is also offering all UPT holders up to 4% interest on the tokens.

Mike Arrington, CEO of Arrington XRP Capital, stated: “As an investor in UPT and in some of the companies that comprise the Alliance, I have conviction that the Alliance members involved in this project have the vision, business know-how and grit to achieve mainstream adoption. This project can help everyone understand the very practical impact blockchain solutions can have on commerce, financial services and government tax collection. I wholeheartedly support long term holdling of UPT and encourage everyone to support the companies in the Alliance.”

UP Alliance Members to Lock Mega-Utility Tokens for a Year

 

Universal Protocol recently demonstrated a new service for vendors called Cred Merchant Solutions, which allowed elected California officials, along with members of the community, to purchase goods at a vendor with bitcoin cash (BCH). This mechanism permits merchants to settle transactions in the Universal Dollar in real-time, and transmits the tax remittance to the appropriate government authorities.

“We are thrilled to support the Alliance and UPT long term as we collectively build technology that solves real problems for customers, merchants, and elected officials to help usher in the next billion users of blockchain. The significant long term support from all Alliance members is a result of the very practical work of the Alliance, which will result in significant cost reduction for consumers and merchants, and enable highly productive tax collection, transparency, and predictability for city and state governments,” said Dan Schatt, co-founder of the Universal Protocol Alliance and CEO of Cred.

Bitcoin.com Exchange to Support Family of UP Tokens

Founded in 2018 to accelerate mainstream adoption of blockchain technology, the Universal Protocol Alliance is aiming to produce viable and pragmatic use cases that can benefit consumers, businesses, and governments globally. The group has identified that many users need innovative solutions to move digital assets seamlessly across different wallets, exchanges, and networks. In addition to the contributions made by alliance members, each member organization will integrate and incorporate UPT directly into their businesses.

Vansa Chatikavanji, CEO of Omisego said: “Omisego’s goal is to build fair and accessible financial services infrastructure. We are excited about the disruptive potential of the Alliance integration to the Omisego network, allowing for compelling scalable payment solutions for customers, merchants and governments. We are a firm believer in the long-term vision and the capabilities of the Alliance members.”

Daryl Hok, COO of Certik, explained: “The overall impact of the Alliance gains strength from the unified commitment of Alliance Members. CertiK has pledged to lock up all tokens for the comping year, demonstrating a commitment to the mission of the Alliance and the future of the Universal Protocol initiative. We believe in a future that empowers individuals to become the next generation of stablecoin auditors, and global confidence and standards this will bring to the Alliance.”

UP Alliance Members to Lock Mega-Utility Tokens for a Year

Digital assets like bitcoin cash and ethereum operate on disparate networks that currently cannot communicate with each other. Collaboration in meaningful ways without costly workarounds remains difficult, resulting in critical inefficiencies. Universal Protocol Platform has a solution to solve this communication problem, one that will enable all existing cryptocurrencies to become available, and fungible, on one blockchain network: the introduction of Proxy Tokens.

JP Thieriot, CEO of Uphold, added: “The early days of the internet were very similar to the world of blockchain today, with many different technology platforms fragmented and incapable of communicating with each other. We believe that the Universal Protocol Platform is a technology that has the potential to connect blockchain technologies – much like the breakthrough of the TCP and IP protocols that drove the internet towards mass adoption. We are long term hodlers of UPT and look forward to supporting the Alliance for the long term.”

Howard Wu, Managing Director of Dekrypt and Founder of Blockchain at Berkeley, commented: “The group of companies and investors coming together to make this project a reality is impressive and shows the potential of this technology to solve the issue of cross-chain transactions. Dekrypt is excited to be a part of this initiative, help bring a highly-scalable solution to blockchain interoperability to market and support the Alliance as long term hodlers of UPT.”

UP Alliance Members to Lock Mega-Utility Tokens for a Year

Bitcoin.com Exchange has provided an initial exchange listing for UPT in November and will also support Universal Protocol Stablecoins, including the Universal Dollar (UPUSD), Universal Euro (UPEUR), in addition to a tokenized version of bitcoin core, the Universal Bitcoin (UPBTC). The platform will also support interoperability between the Ethereum protocol and the Simple Ledger protocol on Bitcoin Cash, as well as work to develop the Universal Yen (UPYEN).

David Shin, CEO of Bitcoin.com Exchange, commented: “UPT is a perfect example of how an alliance of strong and active members can come together to create higher utility for its respective users. The very concrete and practical work the Alliance has done, the successful track record of its members, and the overarching mission of the Alliance aligns well with the key criteria we look for at the Bitcoin.com Exchange and we look forward to supporting the family of UP tokens for the long term.”

Is this development good for the ecosystem? 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 Bitcoin.com Markets, another original and free service from Bitcoin.com.

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With Kevin Love in Play, Here Are 5 Teams That Should Trade for Him

Kevin Love is finally on the trade block, and these are the teams that should try to get the veteran big-man on their roster ASAP.

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Nayuta Claims Its Android Lightning Wallet Is the First to Build in a Bitcoin Full Node

Japan-based startup Nayuta has released what it says is the first lightning network wallet with a built-in bitcoin “full node.”

Bitcoin Mining Operations Offer New Strategies Before Reward Reduction

Bitcoin Mining Operations Offer New Strategies Before the Reward Reduction

As the reward halving approaches, bitcoin miners are preparing new strategies so customers can reap the most profits from their hashrate services. On December 3, the mining operation Poolin introduced a hashrate auto-switch feature so clients can automatically switch between BTC and BCH mining. Moreover, a few days later at Bitmain’s annual customer appreciation meeting, the company’s CEO Jihan Wu explained the firm is offering three strategic mining offerings.

Also read: Mining Chip Maker Ebang Next in Line to File for US IPO

Poolin’s Auto-Switch Feature

Bitcoin mining is extremely competitive, and currently there’s a lot of processing power pointed at the SHA256 consensus networks BTC, BCH, and BSV. Ever since miners could choose between the BTC chain and the BCH chain, the profitability between those two networks has varied. For instance, at the time of publication, it is 2.5% more profitable to mine on the Bitcoin Cash blockchain, but this metric can change often.

Bitcoin Mining Operations Offer New Strategies Before the Reward Reduction
Do you want to maximize your bitcoin mining potential? Plug your hardware into Bitcoin.com’s profitable Bitcoin mining pool.

Similarly, the profitability between BTC and BCH can vary against BSV as well. Most miners process blocks on both the BCH and BTC chains, but a few operations mine all three chains depending on profit changes. Just recently, the mining operation Poolin announced a new hashrate auto-switch feature that will automatically connect to the most profitable chain between BCH and BTC. Poolin says that BSV will be included in the near future as well. According to Poolin, the hashrate auto-switch functionality will only work with cryptocurrencies using the same algorithm.

“We are thrilled to provide this feature that will increase profits for our miners, this hashrate auto-switch continues in the direction that Poolin has been forging, mainly, bringing excellence to this industry and customer-first service,” Poolin’s VP Alejandro De La Torre announced.

Bitcoin Mining Operations Offer New Strategies Before the Reward Reduction
The mining operation Poolin mines both the BTC and BCH chain. Poolin also has dedicated hashrate on the BSV chain and will be offering auto-switch for BSV as well.

The hashrate auto-switch feature was discussed on crypto-centric forums and one person asked if the switching feature would “make block time variance worse.” “Not really since just 2.8% of BCH miners are from Poolin. It’s mostly annoying for Bitcoin since its difficulty won’t adjust as fast to switching miners,” a BCH supporter replied.

Bitcoin Mining Operations Offer New Strategies Before the Reward Reduction
BCH mining profitability at 2:30 p.m. EST on December 9, 2019, using Coin Dance statistics.

Bitmain’s Three Strategies

Following the announcement from Poolin, Bitmain’s Jihan Wu revealed three new strategies for customers at the company’s annual customer appreciation meeting. Regional reports from China say that the Bitmain CEO introduced “installment payments,” “option hedging” and “joint mining” services. With the installment payment system, big facilities that purchase 100+ mining devices can put 50% down. Let’s say they want to purchase 5,000 mining rigs, then only a 20% down payment is required. However, the buyer needs to settle up seven days before the items are delivered. Jihan Wu also told attendees about the option hedging plan that will protect the price of bitcoin. He said that Bitmain plans to purchase options from the company Matrixport in order to combat price dumping. Local reports detail that the Bitmain option product is called the “Bitcoin 2020 / 3 / 27 35000 CNY Put Option.”

Bitcoin Mining Operations Offer New Strategies Before the Reward Reduction
Bitmain’s Jihan Wu.

In addition to the installment payments and option hedging, Jihan Wu spoke about offering a joint mining service that lasts 12 months. Reportedly, Bitmain will provide S17 mining rigs and pay the electrical costs, but the buyer needs to provide a facility and maintenance personnel. “The income during the cooperation period is settled on a monthly basis, which is distributed as 25% for the partners and 75% for Bitmain,” 8btc columnist Vincent He explained. “If the revenue cannot offset the electricity charge, no distribution will be made.”

Bitcoin Mining Operations Offer New Strategies Before the Reward Reduction

Structure Changes and New Mining Services Will Be Offered Prior to the Halving

It’s likely that many mining operations will change their structure and offer new features as signs of this trend have been cropping up six months before the reward halving. On Halloween, Bitcoin.com published a video of professional miners from around the world explaining what they think will happen when the block reward shrinks. The film included mining heavyweights like F2Pool’s Global Director Thomas Heller, Hyperblock’s CEO Sean Walsh, and Genesis Mining CEO Marco Streng. Some of the miners’ predictions in the video showed why SHA256 mining operations are trying to profit with new types of provisions like hashrate auto-switching and joint mining services.

“If you look at six months before the halving and six months after the halving in both previous instances you see a massive upward surge in the price of bitcoin,” Sean Walsh remarked in the film. “It is a bit scary being a miner and knowing that your revenue stream is gonna get cut in half overnight, but the exchange rate will more than compensate for the reduction in our bitcoin denominated revenue.”

What do you think about mining operations offering new types of services just before the halving takes place? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Blockchain.com, Coin Dance Cash, news.8btc.com, Wiki Commons, Fair Use, Bitmain, and Pixabay.


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The San Antonio Spurs’ Time to Tear It All Down Is Finally Here

The Spurs are 9-14, with no remedy for their struggles in sight. Finally, it’s time for San Antonio to rebuild.

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