On 30th August, BTC.com, a web wallet owned by Bitmain Technologies announced that they have added Ethereum [ETH] and Ethereum Classic [ETC] mining pools to their platform. The announcement was made despite the fact that Ethereum has seen a downward spiral in price this year.
According to BTC.com, the move was made to spread their mining portfolio. The web wallet has confirmed that 21% of all the newly mined Bitcoin were produced by them in the past year. Zhuang Zhong, the Director of BTC.com stated that the platform is also working on adding Monero [XMR] to their mining pool.
Currently, Bitmain is said to be the world’s first consumer-grade 16nm ASIC miner and one of the most efficient Bitcoin miners. Earlier this year, Bitmain had released their first Ethereum-based ASIC [Application-Specific Integrated Circuit], an integrated circuit that is customized for a specific purpose. Now, the new mining pools are set to comprise of GPU [Graphics Processing Unit] and CPU mining options as well.
BTC.com alleges that they are one of the largest Bitcoin Cash BCH miners at present. The website is known for performing 16% of the total Bitcoin hash rate [computing power]. Zhuang said:
“We’ve had a lot of customer requests for Ethereum support this year, so it was a clear choice for us,”
He further added:
“By competing to provide the best reward margins along with our product development, we expect mining operations to grow to 12% of ETH total hash rate in the next 12 months.”
Twitter user, GitsummBtc commented:
“It doesn’t get any worse than this. Why would anyone own this coin?”
Another user, CryptoScottyb added:
“When will the Ethereum and Ethereum Classic mining pools be live?”
Redditor named Benefit420 said:
“Yeah, no I’m good. I would literally rather use anything besides Bitmain.”
Another Redditor, Chescos stated:
“This is great news. It’s always good to have more options!”
At present, Bitmain is all set for their IPO [Initial Public Offering] which could value the company to about $50 billion which is a big deal for the platform. Nevertheless, the platform has been under fire after Samson Mow, the Chief Strategy Officer of Blockstream, a blockchain firm exposed Bitmain for suspicious activities. This has lead pre-IPO investors to opt out of the deal.
76284|Ethereum [ETH/USD] Price Analysis: Coin bids adieu to bull market as bears take over
Ethereum [ETH], the second largest cryptocurrency by market cap, indicated the presence of both the bull and the bear. According to CoinMarketCap, the cryptocurrency was trading at $136.39 with a market cap of $14.36 billion, at press time. The coin displayed a trading volume of $5.06 billion, and a rise of 1.47 percentage in the past seven days. The coin also dropped by 2.79 percentage in the last 24 hours.
1-hourIn the one-hour chart, the cryptocurrency demonstrated downtrends from $142.52 to $138.83, and from $138.43 to $134.85. The uptrend for the coin was outlined from $132.91 to $134.49.
The coin’s immediate resistance was pictured at $138.94, and strong resistance was laid at $140.21. The immediate support for the cryptocurrency was found at $132.75, and there was strong support at $130.69.
Parabolic SAR indicated a bullish market for the coin as the dotted lines were below the candlesticks.
Chaikin Money Flow forecast the opposite, as the money flow took the exit route.
Bollinger Bands diverged, suggesting some volatility and price movement for the coin.
1-dayIn the one-day chart, the downtrends were displayed from $218.66 to $157.56, and further from $157.55 to $138.72. The first uptrend for the currency was drawn from $82.92 to $103.22, while the second extended from $103.22 to $134.41.
The immediate resistance for the cryptocurrency was at $140.53, and strong resistance was at $157.60. The coin’s immediate support was at $125.09, and strong support was seen at $103.13 and $82.79.
Klinger Oscillator showed that the bull was losing out as the reading line was pictured below the signal line after a crossover.
RSI indicated that the buying pressure and selling pressure for the cryptocurrency evened each other out.
MACD forecast the bear’s position to be well ahead of the bull, as the moving average line dipped below the signal line right after a crossover.
The market suggested a strong bearish presence for the cryptocurrency, and a fading bullish presence. This was attributed to the MACD and Klinger Oscillator from the one-day chart, and CMF from one-day chart siding with the bear.
76127|Ethereum’s [ETH] Vitalik Buterin says ETH’s crowd sale being classified as securities sale is not worrisome
Vitalik Buterin, Co-founder of Ethereum [ETH], spoke about the recent ‘Ethereum is not a security’ controversy, during the Unchained Live event with Laura Shin.
Earlier this week, U.S. Securities and Exchange Commission Chairman, Jay Clayton, stated in a letter to Coin Center that he agreed with the statements made by William Hinman, the Former Director of Corporate Finance – SEC. The statement he agreed to was that, a token offered for sale could be initially be a security, but its designation could change over time if it did not meet the definition of the investment contract or the Howey framework.
Interestingly, Hinman had used Ethereum’s token, Ether, as an example for this explanation during his speech. Hinman had said, “The present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether,” are not classified as securities transactions. This remark disregarded the fundraising aspect to the creation of Ether.
During the event, Laura Shin stated that based on the SEC’s remarks, it was likely that the crowd sale of Ethereum would be considered a violation of securities laws. This was followed by Shin asking Vitalik Buterin if he was “worried about an enforcement action” against him, and the other co-founders.
To this, Buterin replied,
“It’s something, so far, we haven’t like seen anything suggesting it is, anything like that happening. I mean we definitely have like our lawyers and legal teams and they’re definitely are watching the situation closely but so far we haven’t seen any reason to be worried for ourselves”
Following this, Shin asked Vitalik Buterin whether this was something he would stress about. Buterin responded, “I would say, no. And, probably what mainly listening to our lawyers and legal teams at this point.”
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