Bitcoin (BTC) Mining Is More Profitable Than Craig Wright’s BCH Fork, Bitcoin SV (BSV) | ELEVENEWS
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Bitcoin (BTC) Mining Is More Profitable Than Craig Wright’s BCH Fork, Bitcoin SV (BSV)

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Bitcoin Mining More Profitable Than BCH Fork
Craig Wright partnered with CoinCeek CEO Calvin Ayre to takeover the Bitcoin Cash Network, and as a result, Bitcoin SV appeared. Bitcoin SV is known for being miner-friendly and the two partners predicted that that BCH would meet its end. Of course, that is not the case.

When it comes to Bitcoin Cash and Bitcoin SV, their ash rates are similar, but BCHgathered 28.9 percent more proof of work. Another major difference is their economics concerning mining, even though they both use the SHA-256 algorithm.

Several baseline factors include coin price, block rewards, and network challenges. Coin Dance, when taking these factors into account, estimates that BTC is more profitable to mine than BSV by a whopping 43 percent. As a result, BSV miners are losing more money as they continue to mine.

The irony is not lost – BSV is touted as being miner-friendly and an alternative to BTC in such space. However, at this point, BCH is quite profitable, more so than BTC. As a result, it is fair to estimate that it is more lucrative for miners, by at least 47 percent.

Further, Bitcoin is not only secure, but its hash rate is decentralized. It’s largest mining pool mines the most blocks as well. When it comes to on-chain scaling, both BSV and BCHare processing fewer blocks than Bitcoin.

Bitcoin

Roubini on BitMex: “95 percent of all bitcoin transactions are fake”

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Anti-crypto personality Nouriel Roubini has lashed out at BitMex exchange following the recent announcement that the exchange had achieved US$1 Billion open interest on the Bitcoin perpetual swap contract, for the first time.


Roubini, who always has a lot of negative things to say about the cryptocurrency industry, took to Twitter to express his discontent about the recent record set by BitMex. 

BitMex announced that the exchange had achieved US$1 Billion open interest on the Bitcoin perpetual swap contract, for the first time. Roubini commented saying “How can one believe ANY of these figures when 95 percent of all bitcoin transactions on a typical exchange are fake? Fake-coins, shit-coins, fake-transactions, fake-pricing. The only true thing in crypto space is manipulation, pump n dump, front-running, wash trading, etc…”

The two will be meeting in Taipei on July 3 at the Asia Blockchain Summit 2019, where they will have an open debate.View image on Twitter


Source.chepicap

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

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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.

Source :ambcrypto

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Bitcoin’s fantastic run contributes to a new milestone for BitMEX

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The cryptocurrency market has been rife with news about Bitcoin, the world’s largest cryptocurrency, and its massive bullish movement. In a matter of just 3 months, Bitcoin has recovered from the bearish zone near the $4000 market, to currently trade near the $12,000 zone.

This price rise has prompted popular figures in the cryptocurrency industry to voice their opinions about the king coin and where it could go from its current market situation. Alex Kruger, a popular economist and analyst, is one of them and he tweeted,

“The hourly bar that marked tonight’s bitcoin $12,972 top had the highest hourly volume in Bitmex’s history. When such high volume prints come after an extended run, they often mark a local top. One could appreciate an intra-day blow-off top on the 5 minute as well.”

Kruger’s tweet comes in the wake of information that suggests that Bitcoin’s trading volume on the popular cryptocurrency exchange had skyrocketed over the course of the past few months. It was spotted in January of this year, when the trading volume found it difficult to breach the $1 billion mark. However, the present price hike has contributed to the volume spiking by a factor of 9 to amass a trading volume of more than $9 billion.

Kruger’s tweet also had comments from other Bitcoin enthusiasts, with @rufus666, saying,

“Gonna wait for Friday when these CME shorters gonna dump the corns they had to buy on spot after weekend rallies to hedge their positions.”

BitMEX had touched another milestone recently after the exchange clocked in a trading volume of a whopping $10 billion. This feat was also marked with requests from the community, asking BitMEX to include margin trading to its fold like the Changpeng Zhao-led Binance.

At press time, Bitcoin was trading at $12,595, on the back of a significant 11.19 percent growth over 24 hours. The cryptocurrency held a market cap of $223.96 billion, and a 24 hour trading volume of 32.23 billion.

Source :ambcrypto

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