The government of China has decided that cryptocurrency mining is not on the list of industries that needs to be eliminated. This is in contrast to a report issued earlier this year and a good sign for the cryptocurrency industry. Although certain provinces like Inner Mongolia are still unfriendly towards Bitcoin mining, China as a whole seems to be more accepting and thus not put Bitcoin Hashrate in danger.
Tag: mining
Montana issues new rules from Crypto Mining
The county of Missoula in Montana has just issued new rules for Cryptocurrency mining that spells trouble in the future for proof of work(POW) coins. The new regulations state that you have to get certification and are only able to expand or establish new mining facilities in heavy or light industrial areas of the county and can only exclusively use renewable energy for mining purposes. This will make mining more expensive and if other areas follow, Proof of Work may soon go out of fashion.
SiaCoin to block ASIC miners — Well, sort of
Siacoin will soon change their algorithm to block most ASIC miners as they believe it is harmful to the community. However, there is a stipulation that leads me to believe that they are not doing this for the benefit of the community but instead doing this to create and benefit themselves. That stipulation is the fact that they are not blocking their own ASIC miners. The blocking of ASIC miners follows a pattern that other coins, such as Monero, have already taken and that coins at ETH, are planning on taking to break the monopoly that companies like Bitmain have over mining. However Bitmain can just produce another set of ASIC miners to get around the issue and the fact that he is just blocking ASIC miners that are not from his own company signals to me that he is mainly doing it to monopolize the market with his own miners and so I do not trust this move as I believe it is a self-serving move and not one that helps the community.
IOTA(MIOTA) aims for $5, partners with Nordic Semiconductors and NTNU
In a bid to reach a $5 price point, IOTA has partnered with Nordic Semiconductors and NTNU to expand their data marketplace. The partnership with NTNU allows students to mine data with devices made with Nordic Semiconductors. The data can then be sold on the IOTA marketplace giving it a solid stream of revenue once this comes online. I see this as a very profitable partnership with IOTA and a great move to generate revenue and returns for its investors. This, in addition to its partnerships with Taipei and the automobile industry could very well drive their price to the $5 target, representing a 900% gain for investors.
Kik brings Crypto to 100 million in Beauty industry, Crypto-reward Electric vehicles launched
Beauty platform Perfect 365 has teamed up with Kin to bring cryptocurrency to its 100 million(mostly female) users. The beauty app will reward users with cryptocurrency for completing a variety of tasks including surveys. The fact that this is targeting the female population is important as only 8 percent of all cryptocurrency investors are female. However, there are limitations on how much you can earn and at the current exchange rate, it comes to less than a penny per day of the cryptocurrency, so this will almost force people to hold on and hope the cryptocurrency gains momentum. This is the biggest user of the Kin ecosystem so far and a good start to get more women familiar with cryptocurrency.
Cyclean is launching a electric vehicle that combines blockchain and cryptocurrency software with electric powered vehicles. Cyclean will allow people to rent these products and get cryptocurrency as a reward. The reward will be based on how many miles you have traveled with these vehicles. This is a interesting idea, although somewhat ironic as cryptocurrency mining is devastating for the environment. Cyclean has completed its ICO and is listed on HitBTC.
Ormeus Coin(ORME), is it a good buy?
Ormeus Coin is a coin based on industrial Cryptocurrency mining. They use much of the money gained from mining to buy more hardware to increase their hashing power and they have a good roadmap of cards, wallets, and other services they want to provide but their main product is tied to cryptocurrency mining. They are a fully audited operation and are built on the ERC20 platform. They’ve achieved 60 pentahash and are looking to go as high as 250 pentahash by the end of this year. This currently produces over 8 million dollars in revenue per month and they are targeting over $500 million in revenue per month by Q1 of 2019.
Right now the price has recently increased by over 100% and is slowly coming back down so I would not buy it until it comes down a little further towards its center line of $1.20 but it could shoot way up if the price of Bitcoin rises. Since the profits generated from this mining operation is tied to Bitcoin, Dash, and Litecoin, it will go up and down with the price of those coins. This, however, brings up the issue that as you get further along in the Blockchain, those coins are going to become harder and harder to mine and will require more hashing power and energy costs. The value of your company is also tied directly to the value of other Cryptocurrencies and not your own operations so there is danger involved. Also, many popular new coins are becoming proof of stake and not proof of work which cuts mining largely out of the equation. These facts make mining operations questionable investments beyond the 1.5 year timeframe.
I do think, however, that at least through the rest of this year and early next year, it will be a profitable venture and would be a good investment in that time frame but beyond 2019, I am not sure about the Crypto mining industry so if I was looking to cash in on this coin, I would look to the next 1 to 1.5 years as the timeframe.
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