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Chinese Mining Giant Bitmain Is Closing Another Overseas Office



China-based cryptocurrency mining giant Bitmain has decided to close yet another overseas office – this time in Amsterdam – as part of its ongoing business adjustments.

In a statement shared with CoinDesk, a Bitmain spokesperson said that, while the company has not yet shut down its Amsterdam operation, the decision has already been made and the process is underway.

“As we build a long-term, sustainable and scalable business, we are making adjustments to our staff and operations. This includes the decision to close our Amsterdam and Israel offices,” the spokesperson added.

Bitmain has not yet specified the timeline of the closure, or how many staff will be impacted as a result. However, according to information on LinkedIn, at least nine people are identified as Bitmain employees in the Dutch capital, and their responsibilities mostly focus on the operations and development of Bitmain’s flagship mining pool

“We are really focusing on things that are core to our mission and not things that are auxiliary. We will continue to hire the best talent from a diverse range of backgrounds,” the firm added.

In early December, Bitmain confirmed the closure of its Israeli office, with the layoff of over 20 staff who were mainly in charge of development of blockchain technology and artificial intelligence. The firm cited the steep decline of the overall cryptocurrency market in 2018 as the reason for the move.

And, on Thursday last week, Texas Public Radio reported that Bitmain had halted its mining operations in Rockdale in the state’s Milam County, just months after it announced the new site that was said to be bringing 400 jobs via a $500 million investment.

Bitmain confirmed the workforce reduction at Rockdale’s mining farm site in a statement, saying “no location/teams are excluded from” the company-wide cut backs. However, it emphasized that it’s not abandoning the Rockdale site.

Milam County judge Steve Young said that all of Bitmain’s staff at the mining site, bar two engineers and a human resource director, had been laid off, while “all operations had been suspended.”

“I’m really disappointed because we had advertised this. We had waited for this. We had wanted this. We had welcomed this,” Young was quoted as saying.

The news comes at a time when the Chinese mining firm has been whittling down its team at its home offices as well, including staff focusing on its miner equipment, artificial intelligence and mining pool businesses, after a rapid expansion in 2018. A plan to replace its current co-CEOs, Jihan Wu and Micree Zhan, is also reportedly underway.




Huobi Token Price Surge Continues as Value Surpasses $2.50



Not all momentum in the cryptocurrency industry makes sense at first. While there are some interesting price changes taking place right now, few currencies note nay real bullish momentum. The Huobi Token price, on the other hand, has noted very strong gains all week long and seemingly continues down the same path without too much resistance.

Huobi Token Price Run isn’t Over

Holders of Huobi Token will be quite pleased with the way the value of their token is going lately. After what seemed to be an extended period of sideways trading, HT suddenly decided to break out a few days ago. So far, the momentum hasn’t let up, as today’s gains clearly illustrate. In this day and age, tokens associated with popular crypto exchanges all tend to do quite well, it would appear.

Huobi Token (HT)
2,53 USD (14,99%)
0,00062715 BTC



$126,70 M USD


$146,68 M USD

Powered by CoinMarketCap

Over the past 24 hours, the Huobi Token price has increased by another 14.5% in USD, BTC, and ETH value alike. These gains push the value to $2.52, 62,234 Satoshi, or 0.0148 Ether. A very interesting turn of events, as Huobi is not talked about that often in comparison to some other big trading platforms. There is also a heavy increase in HT trading volume right now, as its volume has surpassed the Huobi Token market cap.

Speaking of trading volume, Huobi Global is not the only place noting an increase in HT trading. LBank and are both in the top 4 as well with their USDT pairs. This is in line with what happens on Huobi Global, as the USDT pair on that platform is also generating the most volume. It is evident this price run may continue for quite some time to come, as there doesn’t appear to be any real price resistance to contend with at this time.

On social media, it seems some traders are ready to ditch Huobi Token and look for greener pastures. Klondike confirmed their Telegram channel called out HT a while ago and took a lot of profit in the process. With the position now almost entirely liquidated, it may be a good time to look at other markets in search of further profits. It will be interesting to see how this will affect the overall HT momentum over the coming hours and days.

View image on Twitter

View image on Twitter

Huobi Token gave us more than 40% profit since we called it 11 days ago in our Telegram Channel. Really nice results, just as expected. We’ve closed 75% of the position.

For those merely interested in the price chart, even Huobi Global seems to confirm things are not looking that promising in terms of sustaining this uptrend. While there are clearly strong gains in HT/USDT, it would appear this momentum may not remain in place for very long. Depending on what happens to Bitcoin and the HT trading volume, the coming hours will prove to be rather interesting. No massive setback is to be expected at this time, but one never knows what the future will hold.

As is always the case in this strange and volatile industry, making sense of individual markets is difficult, if not nigh impossible. For Huobi Token, an interesting trend has formed. Hardly ever does one see a market generate more trading volume than its overall market cap. Only time will tell if that is a good thing for HT, as there is a good chance that aspect may come back to harm this particular market before the day is over.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.



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Bakkt and ErisX are not the same, clarify Adam White and Thomas Chippas



Bakkt, the digital asset platform spearheaded by Intercontinental Exchange [ICE] and ErisX, the cryptocurrency exchange, are often clubbed together because of their converging visions for publicly traded Bitcoin products. However, their executives recently came forward to clearly demarcate the two.

The two platforms are launching their own Bitcoin Futures soon, prior to which they want to clear the air, so that customers know what they’re getting into with each service.

At a recent conference, Adam White, the COO of Bakkt, and Thomas Chippas, the CEO of ErisX, spoke about the growth of digital assets, and its foray into the mainstream realm of financial products.

White stated that Bakkt’s goal was to further cryptocurrency adoption, while also creating a wider market through which the public can trade cryptocurrencies. He added that the digital assets platform should not be considered business for institutional infrastructure alone.

The COO stated,“To me, it is not enough just to say we are going to invest a ton of money into market infrastructure and hope someone else figures out why we’re going to use [virtual currencies]”

White added that the need for wider cryptocurrency application was key to thee growing adoption of the underlying blockchain technology. He stated,“We are going to see volumes continue to flatten, price probably to trend to zero, because everyone is baking in that the future public blockchains are going to be more efficient, they are going to be cheaper, they are going to be faster … but it requires companies building actual use cases and applications on top of that.”

The Bakkt COO brushed off any concerns about the delay in regulatory approval, which was expected in January, 2019. White also stated that the complexities of the cryptocurrency space cannot be understood within a short period, stating,“It’s partnering and working with the regulators to help them understand what is hard fork, what a deep chain reorg is, why one blockchain or public blockchain may be sufficient and capable while another one isn’t.”

Contrarily, the CEO of ErisX, Thomas Chippas, stated that his exchange wanted to cement itself as a marketplace. Referring to virtual currencies as “commodities,” Chippas said that the creation of a marketplace was a pertinent precursor to the development of the larger asset-class.

In his own words,“Our view more is we want to provide a marketplace where these commodities can be traded, futures can be provided so that others can actually go develop.”

According to Chippas, Bakkt is also on a path to the development of the cryptocurrency market. However, it is taking a different route, he said. Veering away from being solely a marketplace for digital assets, Bakkt, in Chippas’ opinion, will play the dual role of being a payment intermediary, as well as a clearing house.

He added,“Bakkt believes that being both a clearing house as well as a payment processor in competition with Visa and MasterCard is the way to go because they think they need to push the development.”

ErisX’s application for a DCO license was still awaiting approval from the Commodities Futures Trading Commission [CFTC], at press time. However, Chippas remained patient, stating,“The right answer is going to be when the regulators are ready and they feel that the requirements have been met.”

Source. ambcrypto.

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CoinMarketCap Adds Crypto Ratings, Grades Bitcoin, Ethereum, XRP, Tron, Litecoin and Dozens of Altcoins



One of the biggest websites in crypto just added a new ratings system that grades the top coins on the market.

The real-time price tracking site CoinMarketCap partnered with blockchain analytics firm Flipside Crypto to bring crypto asset letter grades to its platform. The ratings system is called the Fundamental Crypto Asset Score (FCAS), and is designed to measure developer activity, user engagement and market maturity.

The highest grade is an “S”, which stands for “Superb.” The next-highest rating is an “A”, which stands for “Attractive.” Here’s a look at some of the highest rated coins, according to the FCAS.

Flipside Crypto’s ratings are also featured on MarketWatch, Stocktwits and TheStreet.

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