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Slushpool CTO says Bitcoin mining is ‘pretty scary’, claims institutional mining is on the rise




Slushpool CTO says Bitcoin mining "pretty scary"; claims increase in institutional mining
Source: Pixabay

The company behind Slushpool, Braiins, had launched the ASIC miner firmware: Braiins OS last year in a bid to “redefine open source ming software” to “take back control” of the mining industry. The Co-founder & Co-CEO at Braiins Systems, Pavel Moravec, who is a “pro-open sourced”, said that the current mining scenario was “pretty scary”.

In the latest edition of a panel discussion recorded at the Magical Crypto Conference 2019, Moravec spoke about the closed open source miner firmware. The Chief Technology Officer of Slushpool said that the closed open source miner firmware mining space was similar to “having your keys under your control”.

He admitted that mining was “pretty scary” from a security point of view and asserted that miners should have an opportunity to audit the firmware. He said,

“We just basically think a user should have the opportunity to choose what firmware it runs, it allows the new features or whatever but the security thing is the critical one.”

Speaking about the rising trend of a “switch from retail to institutions” foraying into the mining space, Moravec said that miners were getting larger. He noted that there was an increase in institutional mining and added that these entities were involved in the purchase of hardware and running ASICs which were in contrast to the earlier times when a lot of Bitcoin enthusiasts mined.

According to the CTO of the oldest mining pool, the “shift was pretty clear”. However, he admitted,

“But still, we face a lot of miners who cannot do the security right, so every single piece of the infrastructure which can help everybody in the space getting more secured would be would be fine.”

Besides, he also emphasized that a “better protocol” was one of the critical aspects of the infrastructure which needs to be scaled.

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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.


ErisX goes all hands on deck to launch a Bitcoin Futures market




ErisX goes all-hands on deck to launch a Bitcoin Futures market
Source: Unsplash

ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.

ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.

The CSO explained the benefit of this, stating,

“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “

Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,

“… so there is some efficiency in terms of managing collateral, if you don’t have assets on  multiple platforms, it can all be in our clearinghouse.”

Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,

“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”

Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.

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