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Coingeek says over 200 Bitcoin Cash [BCH] miners pre-registered ahead of SVPool launch

Anvita M V

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Bitcoin Cash [BCH] proponents Coingeek says over 200 BCH miners preregister ahead of SVPool launch
Source: Unsplash

On 19th September, Calvin Ayre, the Founder of Ayre Group and Calvin Ayre Foundation, announced on Twitter that over 200 Bitcoin Cash [BCH] miners have pre-registered themselves to join the SVPool, ahead of its launch this month.

CoinGeek explained on its official website that SVPool will represent the “original Satoshi Nakamoto vision” through the Bitcoin SV implementation of the BCH protocol. It stated that SVPool is a personal innovative of nChain’s Chief Scientist Dr. Craig Wright.

According to CoinGeek, the pre-registration for the SVPool marks a “sign of a growing appetite in the community” for the Bitcoin Satoshi Vision. Furthermore, they said that the SVPool will be managed by CoinGeek Mining. The blog stated:

“[SVPool] will help and remunerate miners—large or small—to ensure BCH remains a truly trustless and decentralized system, in accordance with the original Nakamoto white paper.”

Presenting his opinion on the same, Ayre said:

“as we expected, the appetite is there for #SatoshiVision and #MinersChoice.”

Over the past few weeks, Bitcoin Cash supporters have been debating about the upcoming hard fork scheduled for November 15th of this year. At present, the BCH community has understood that the altercation is between two groups, that are arguing on the features that will be on-boarded.

The Bitcoin ABC team is on one side of the debate while CoinGeek and Craig Wright’s NChain stand on the other side, with Bitcoin Satoshi Vision [SV].

The nChain development team has released an alpha version codebase and has started a Bitcoin SV mining pool, to allow people to directly hashrate to nChain. Recently, Coingeek and BMG pool managed to reach a height of 58% indicating that the two pools collectively control more than 5o% of the global Bitcoin Cash hash rate over the last week.

The primary reason why a chain-split was being considered in the community was due to nChain developers disagreeing with Bitcoin ABC on several terms. The biggest issue at hand is the Canonical Transaction Ordering [CTOR].

Earlier this month, a community-driven stress test was conducted by Bitcoin Cash’s team. The test consisted of an overall number of transactions equivalent to 2.1 million with a block size of 10MB for most of the transactions and above 21MB for the rest of them.



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Anvita Mysore Vadiraj is a full-time content writer at AMBCrypto. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies.

Bitcoin

Winklevoss Twins launch new app; say they are “at home” with the crypto-winter

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Winklevoss Twins launch new app; say they are "at home" with the crypto-winter
Source: Unsplash

Even though the cryptocurrency market has been brutal and tough, the well-known Winklevoss twins think otherwise with their new application which allows users to buy Bitcoin [BTC] and other virtual currencies.

Earlier today, Cameron Winklevoss published a blog in which he talks about the new app which is up and running on Google Play and App Store. The app allows purchase of Gemini’s five cryptocurrencies. The app also includes Know-Your-Customer [KYC] with facial scanning and other biometric proofs in order to comply with the AML laws and avoid money laundering.

Tyler and Cameron Winklevoss are very bullish on the future of Bitcoin and instead of HODLing and waiting for a bull run, they said that they were working on making the ecosystem better. They also added that they had recently employed new Park Avenue offices.

The mobile comes as a new way to face the crypto-verse after getting their ETFs rejected by the U.S. Securities and Exchange Commission [SEC] multiple times.

The twins said that they were right at home with the crypto-winter and Cameron added that “We can weather this downturn”.

Apart from the mobile app, the twins have also launched an investment fund in the mobile app that consists of multiple cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], Zcash [ZEC], and Bitcoin Cash [BCH].

All of the above-mentioned cryptocurrencies are added to their listings only after a thorough approval from the New York Department of Financial Services [NYDFS].

Cameron said:

“For many years when we were building Gemini, price wasn’t a thing. Bitcoin was a $200 coin. Then, last year is actually an anomaly, and almost, you could argue, a distraction.”

Unlike Coinbase’s or Kraken’s mobile apps, Gemini has been targeting institutional investors by building financial infrastructures.

The decision by the twins comes in the bear market that has sliced off a large chunk of the market cap from most of the cryptocurrencies.

Bitcoin, the largest cryptocurrencies has witnessed a collapse of 82% since its all-time high and the market cap of all the cryptocurrencies which was $200 billion short of reaching $1 trillion dollar mark. However, the brutal bear market of 2018 has caused the overall market cap to slide down to a mere $107.84 billion.

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Bitcoin Cash

Bitcoin SV [BSV] plunged by 3.42% while Litecoin [LTC] falls by 24.21% over the week

Namrata Shukla

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Bitcoin SV [BSV] plunged by 3.42% while Litecoin [LTC] falls by 24.21% over the week
Source: Pixabay

The cryptocurrency market has been going through some tough time for the past few and on December 11, the market saw a different color of red. Two of the coins which faced the brunt of this vermilion market were Bitcoin SV [BSV] and Litecoin [LTC].

Source: CoinMarketCap

Source: CoinMarketCap

According to CoinMarketCap, BSV, which ranks eighth on the list, was valued at $89.68 with a market cap of $1 billion. The coin’s 24-hour trade volume was $57 million and had plunged by 8.96% over the past seven days. However, the coin slipped by only 1.69% over the past hour, at the time of press.

According to the 24-hour trade volume, GDAC registered the highest trading volume of $15 million with BSV/KRW. GDAC is followed by BitMart for the second and the third position. On the second position, BitMart registered a trading volume of $7.28 million with BSV/BTC pair. The third position recorded a trading volume of $7.23 million with BSV/USDT pair.

Source: CoinMarketCap

Source: CoinMarketCap

LTC, which ranks ninth on the CoinMarketCap list, was valued at $1 billion with a market cap of $4million. The coin recorded a 24-hour trade volume of $4 million with a dip of 4.67% over the past seven days. However, the coin dove nose first by 0.87% over the past one hour.

According to the 24-hour trade volume, the maximum trading volume was registered by DOBI trade, with a market cap of $84 million for LTC/BTC pair. It was followed by Bibox, which registered a trading volume of $23.8 million with LTC/USDT pair. On the third place was OKEx, which noted a volume of $23.4 million with LTC/BTC pair.

Amongst the highs and lows of the market, the two coins suffered a loss of 3.42% for BSV and 24.21% for LTC. The coins are being ravaged by the bear and it looks bitter at the moment.

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