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Bitcoin [BTC] halving will not help Bitmain’s case, claims Blockstream’s Samson Mow

Bitcoin [btc] halving will not help bitmain’s case, claims blockstream’s samson mow

Bitcoin [BTC] halving will not help Bitmain’s case, claims Blockstream’s Samson Mow

Bitmain, the Beijing-based cryptocurrency mining company, recently called off its plan to formally go public with its IPO application at the Hong Kong Stock Exchange after it lapsed. The IPO listing was predicted to be the world’s largest crypto-related IPO, but the collapse of the application added to the news of the firm’s economic retrenchments.

The mining giant is one of many looking forward to the bitcoin halving in 2020.

However, Samson Mow, CSO at Blockstream, stated that bitcoin halving would not help Bitmain’s case if they were still around in May 2020.

Bitcoin [btc] halving will not help bitmain’s case, claims blockstream’s samson mow

Source: Twitter

Mow argued that Bitmain’s main issue was not its failed IPO listing, but the non-competitiveness of Bitmain’s mining machines in the market.

Mow had previously explained that Bitmain’s previous marketing info was misleading. The Antminer S9 chip launched in 2016, for instance, was initially touted to be 75J/TH. However, the mining chip itself ran at 98J/TH, which accounted for a 30% increase in power consumption.

He further raised concerns about S15 as well as the newly announced S17 chip’s efficiency.

The CSO of Blockstream stated that S15’s efficiency was 57 J/TH, whereas it was claimed to be 42 J/TH when announced. Now, Bitmain claims the efficiency of S17 to be 30J/TH. According to Mow, however, it will likely be closer to 41 J/TH, which is similar to Ebang’s E11++ miner chip. The advantage E11 held over Bitmain’s miner was that it was cheaper since it used 10 nm chips.

Mow claimed that the S17 was likely to go down the same path as the S15 and it would be sold at a loss like the giant’s previous products.

The post Bitcoin [BTC] halving will not help Bitmain’s case, claims Blockstream’s Samson Mow appeared first on AMBCrypto.

Published at Fri, 29 Mar 2019 13:17:01 +0000

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Tether Now Supported on the Ethereum Network

Tether has switched from the previously used Omni protocol to the Ethereum network, citing lower fees and faster confirmations for the switch.

“Tethered” to the Dollar

Tethers are a very controversial product in the cryptocurrency space and have been for months on end. They are a cryptocurrency that is backed by traditional fiat currencies, such as the United States Dollar or the Euro. Many exchanges have adopted tethers, as they offer a method of implementing USD pairs without having to use dollars. This loophole can allow exchanges to work with “dollars” without having to jump through regulatory hoops.

The old tether system used the Omni protocol, a system that allows for custom smart contracts using the bitcoin network’s security. The switch to Ethereum is exciting, as they’ve already migrated USDT and EURT to the new network.

Ethereum blockchain

The company announced that the switch was due to high fees and slow confirmations, two problems that Ethereum offers a solution to. Tether has launched the new contracts and is in the process of transferring value across the chains. It may take some time for a full roll out onto Ethereum.

Concerns About the Token

Tether has come under fire as of late for some questionable actions. Many are still awaiting a full third-party audit on the tether reserves. The reserves are bank accounts that Tether claims have a matching number of dollars as the number of USDT in circulation. More eyebrows were raised when it was discovered that tether has a clause in their ToS stating they have no obligation redeem the tethers at face value.

Concerns about the Tether token

Tethers can only be purchased by institutional investors, not the public. So far, over $1.5 trillion has been produced by Tether, which is currently being using in circulation by exchanges and individuals worldwide.

Do you think that Tether’s switch to the Ethereum blockchain was a smart move? Do you use tethers? Let us know in the comments down below!

Images courtesy of Pexels, AdobeStock

The post Tether Now Supported on the Ethereum Network appeared first on Bitcoinist.com.

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