Category: Crypto

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Crypto Markets News

Cryptocurrency Mining Entrepreneurs To Enjoy A New Energy Plan From Hydro-Quebec, in Canada

Hydro-Quebec will finally make 500 megawatts (MW) available to cryptocurrency mining, leaving many contractors hungry. “We think we can connect customers this fall,” stated the Hydro-Quebec spokesman Jonathan Cote, on Thursday.

In the coming days, Hydro-Quebec will file a request for proposals with the Energy Department but it is the regulatory tribunal that will have to set a new electricity rate for this class of Canadian corporation’s customers.

Annually, Hydro-Quebec plans to supply 5 terawatt-hours (TWh) to meet this rapidly growing sector, even though it has significant energy surpluses.

A ministerial decree, tabled last week, now regulates the sale of energy to cryptocurrency mining projects, a technology that, as it is well-known already, requires powerful computers which consume a lot of energy.

Over 300 cryptocurrency mining projects have applied for the upcoming Hydro-Quebec energy plan

Hydro-Quebec says it has received more than 300 cryptocurrency mining projects applications in the recent months for a potential demand of more than 15,000 MW on its system.

Recently, Hydro-Quebec senior management met in Montreal with leaders of the Chinese cryptocurrency mining giant Bitmain, which wants to establish itself in Quebec, Canada.

Hydro-Quebec currently offers a 120 MW block to the cryptocurrency mining industry but several cryptocurrency entrepreneurs informed on Thursday that they are very disappointed with this new government policy and they demanded for more. Some of these local cryptocurrency miners fear they won’t be able to compete with the big players of the cryptocurrency mining industry as some of them, such as the before-mentioned Bitmain, are already in the picture and in discussion with the Canadian government.

The Crown corporation, on the other hand, plans to use “forced load shedding” to have access for 300 hours in winter to electricity from these companies while the Quebec power grid is operating at maximum capacity.

Quebec province is the ideal place in Canada, and one of the few in the world, as the annual average temperature is ideal for cryptocurrency mining equipment to work flawlessly and cost-effective, and this is why many cryptocurrency miners are drawn to this region.

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Crypto Markets

Bitcoin (BTC) To Be Trading At $25K by The End Of 2018, According To Fundstrat’s Tom Lee

Although it may start to look like a track played in a loop, Tom Lee from Fundstrat has not yet dismissed his $25,000 prediction regarding the Bitcoin (BTC). At the beginning of the year, Lee declared that Bitcoin (BTC) will be traded at $20,000 by mid-2018 just to end the year at $25,000.

Now, even though the mid-2018 is here alright and Bitcoin (BTC) is traded at  $7,245 (-4.83 in the last 24 hours), thus, pretty much behind Lee’s $20,000 prediction for the mid-year, Tom Lee still refuses to change his mind regarding his $25,000 prediction for the end of the year.

According to him, it is very achievable for BTC to grow about 250% in the following 5-6 months to reach $25,000 by the end of 2018. However, even though Bitcoin (BTC) did it once, this year’s cryptocurrencies market is different and, as we speak, it follows a sort of a long-lasting downtrend.

Bitcoin (BTC) to be trading at $25,000 by the end of 2018, predicts Tom Lee

In a recent interview Tom Lee had on Bloomberg, he showed himself very comfy and confident with its predictions, despite the fact that he has already mistaken half of the forecast, as BTC hasn’t reached $20,000 in mid-2018 and is quite impossible for it to grow so much in only a month or two.

Based on what did Lee say, the cryptocurrencies count is supposed to surpass its former all-time high. The Fundstrat’s market analysts pointed to the rise of increased exposure in institutional work. In the last few months, businesses both within and beyond the mainstream cryptocurrency environment have released products and services targeted to big institutional investors. He gave Nasdaq and Goldman Sachs as examples.

Additionally, he also thinks that well-established cryptocurrency regulations, such as those in Japan, will, in fact, help the cryptocurrencies market on the long-term, especially the Bitcoin (BTC).

Tom Lee is completely sure the Bitcoin (BTC) will be trading at $25,000 by the end of 2018 also because Bitcoin mining will become costly, reaching around 13,000 by the end of the year, therefore the cryptocurrency has to be twice as valuable.

 

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Crypto

IOTA (MIOTA) To Become A Fierce Competitor For Ethereum (ETH), Thanks To Qubic

There is ongoing excitement in the just-released IOTA (MIOTA) Qubic, as the community lists potential examples of using the technology, such as oracle computers, subcontracted calculations, and smart contracts, which makes it a prospective contender for Ethereum.

As a result of the introduction of Qubic, the staff behind IOTA (MIOTA) is currently preparing an expanded AMA to shed light on the ongoing strategies for advancing Qubic.

Very soon we will have an extensive #AMA on #IOTA, Qubic, strategy and so on. I encourage a healthy and constructive discussion about #Qubic (microHash is a good example), but if you are not sure, etc., wait for WADA.

David Sonstenbo, IOTA (MIOTA) co-founder, on Twitter

Since Qubic was disclosed, IOTA enthusiasts have been full of hope. Several analysts have been speculating on the different applications involving the product and their implications. But no one appeared to be completely correct until the crew behind the concept came out to thoroughly discuss what technology has to say in the blockchain universe.

Qubic makes IOTA (MIOTA) a fierce competitor for Ethereum (ETH)

Qubic is reputedly a standard protocol that defines the IOTA standard for quorum-based calculations, including systems such as oracle machines, subcontracted computing, and smart contracts.

One of Qubic’s greatest benefits is its smart computing power, which will put IOTA (MIOTA) at the same level to Ethereum (ETH) that has taken advantage of the development of its new market for ERC20 tokens which are completely reliant on ETH.

As many have grumbled about the poor scalability of Ethereum (ETH) system, which has a high transactional fee that leaves it relatively undesirable for the applications, IOTA (MIOTA) Qubic has the chance to surpass the ETH platform with its outstanding characteristics.

Qubic, that will totally follow the IOTA (MIOTA) protocol, is reported to be much more satisfying and proactive than the Ethereum (ETH) platform. Also, amazingly, Qubic provides tokens which are referred to as “toqens” on the platform.

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Crypto

RippleNet Secures Its Position In The Middle East With Two More Partnerships

Ripple presence in the Middle East is more secure than ever with two new partnerships Ripple has recently signed with two main Kuwaiti banks. In the last months, Ripple dealt with banks from Saudi Arabia and the United Arabian Emirates, movements that showed the increasing interest the Middle East presented for the RippleNet transactions platforms.

More specifically, in 2017, UAE-based RAK Bank (National Bank of Ras Al-Khaimah) accepted RippleNet for immediate and safe cross-border payments, especially for transfers to India’s Axis Bank. This partnership triggered another one, as well, and Ripple (XRP) was accepted by the UAE Exchange.

More recently, in April, BankDhofar, a bank based in Oman, accepted the Ripple’s blockchain network, the so-called RippleNet, thus becoming the first financial institution in the country (Oman) to accept the blockchain technology operated by Ripple.

Immediately after that partnership, a period of silence began and everybody thought that the Middle East is done with Ripple and the company will focus on another region.

RippleNet accepted by two main Kuwaiti banks

But the Middle East is like it is addicted to RippleNet and everybody wants it. Recently, Kuwait Finance House (KFH) reported they signed a deal with Ripple and joined RippleNet. KFH is the first Kuwaiti bank to join RippleNet and the first Islamic bank to adopt a cryptocurrency’s blockchain for running transactions.

Now, in another sudden announcement, the National Bank of Kuwait (NBK) has hinted that adopted RippleNet, too, becoming the first Kuwaiti bank to adopt the platform for faster and cheaper cross-border payments.

The Middle East countries depend on RippleNet for conducting transactions because they are willing to evolve in terms of financial services in order to offer their residents faster and, more importantly, cheaper cross-border transactions.

As for the Ripple (XRP), the massive RippleNet’s adoption in the Middle East will also assist the cryptocurrency which will become more stable. As we speak, XRP is traded at $0.67, after decreasing by about 1.10% in the last 24 hours.

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Crypto

Bitcoin Cash (BCH) Might Soon Implement Zero Mining Fees And FREE Transactions

CoinGeek and nChain joined into a new initiative dedicated to Bitcoin Cash (BCH) miners and which would permit BCH miners to personally reduce their own mining fees’ minimums, as well as their transactions prices. The two consider adjusting the Bitcoin Cash (BCH) mining software to implement the new settings.

First, CoinGeek and nChain must ditch the 546 Satoshis dust limit and set the software to accept values as small as 1 Satoshi for one transaction on the platform.

The second change in BCH mining software would be to allow the acceptance of several FREE transactions on each block the miner mined. This setting would mean that each miner will now have the right to accept FREE transactions and the platform can run with zero mining fees.

Why zero mining fees and FREE transactions on the Bitcoin Cash (BCH) mining software?

Both CoinGeek and nChain thought that such important changes, like zero mining fees and free transactions, will boost the Bitcoin Cash (BCH) adoption rate within the cryptocurrencies market. As the platform will have lower fees for transactions plus several free transactions, while, at the same time, there will be zero mining fees, more and more BCH holders will be drawn to the platform.

In the meantime, Bitcoin Jesus, Roger Ver, a renowned Bitcoin Cash (BCH) crusader, recently forecasted that Ethereum (ETH) will surpass Bitcoin (BTC) very soon. Even more, Roger Ver would’ve also said that by 2020 Bitcoin Cash (BCH) will surpass both Bitcoin (BTC) and Ethereum (ETH) and will become the leader of the cryptocurrencies market.

At the moment, Roger Ver, a.k.a Bitcoin Jesus, is the advisor for the FinTech startup MoneyToken which will also accept BCH.

At the moment of this writing, Bitcoin Cash (BCH) is traded at $1,122, recording a slight decrease of 1.82% in the last 24 hours. However, according to CoinGeek and nChain, Bitcoin Cash (BCH) will keep on gaining strength and value and will soon be a true force in the cryptocurrencies market.

 

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