US Mining Firm Plans to Nearly Double Hash Rate After Halving

U.S.-based mining firm, Riot Blockchain, has more than doubled the number of next-generation Bitcoin (BTC) miners it has purchased, buying 1,040 Antminer S19s from Bitmain on May 6.  The additional miners cost the firm $1.9 million, following Riot’s purchase of 1,000 S19s Pros, revealed on April 30. Riot predicts 80% increase in hash rate after deploying S19s Anticipating that the units will have been shipped and deployed during the third quarter of this year, Riot expects the coming 2,040 S19s will increase its operational hashrate by 80% by 2021. In…

Looks Like the Loom Network Has Thrown in the Towel

According to available information at press time, sources show a highly uncertain future for the Loom Network, a platform-as-as-service blockchain project. Cointelegraph investigated a number of Loom Network communication channels, finding no firm proof of a live project.   A May 8 tweet from Bruno Skvorc, owner of blockchain and cryptocurrency education platform, Bitfalls, led Cointelegraph staff down an investigative rabbit hole into the project’s current status. Loom no longer has an active Telegram, Reddit, or blog. The project’s main team has also left, Skvoric said in the tweet. “I’d call it…

Kik’s Drama With The SEC May Soon Be At An End

A new round of documents have been filed in the lengthy dispute between the United States Securities and Exchange Commission, or SEC, and Kik Interactive Inc. over the messaging company’s 2017 initial coin offering, or ICO. Both parties are seeking summary judgment, with the SEC submitting a proposed order that it hopes the court will sign. However, Kik is confident that the judge will rule in its favor, asserting that the SEC’s argument rests heavily on construing the Telegram case as precedent. SEC proposes summary judgment order The SEC filed…

Top Strike Rate Bitcoin Signal That Preceded a 2,000% Rally Just Returned

While it was just eight weeks ago that Bitcoin was trading at $3,700 in the depths of a bear market, key signals are already showing BTC is just entering a bull market. One such signal, an indicator that purportedly has an 8/8 or 100% strike rate, just appeared on Bitcoin’s chart, a top analyst has observed. Bitcoin Prints Extremely Strong Buy Signal According to a top crypto trader, the Super Guppy indicator just flipped green on Bitcoin’s daily chart, which is a sign that “we will likely go higher.” The…

Cryptocurrency News From Japan: May 3

This week’s headlines from Japan included Taotao exchange revealing positive first year numbers, the Japan Crypto Trading Association unveiling crypto asset market rates, Coincheck announcing recent positive fiscal year totals, and Cointelegraph diving into the scene around several exchanges in Japan.  Check out some of this week’s crypto and blockchain headlines, originally reported by Cointelegraph Japan. Taotao exchange sees soaring volume Taotao, a crypto exchanged backed by Yahoo Japan, saw rising customer figures during Q1 2020, seeing over 7,000 total users by the end of March 2020. Glossing performance from a fiscal…

Paradigm Researcher Unveils Fixed-Rate DeFi Lending Protocol

A researcher from the crypto asset investment firm, Paradigm, has co-authored a whitepaper for a new decentralized finance, or DeFi, lending protocol boasting fixed-interest rates. The whitepaper for Yield protocol was written by Paradigm’s Dan Robinson and Allan Niemberg — who announced the project on May 8. Niemberg also announced that Yield Protocol has received seed investment from Paradigm, which will be designated toward building the initial version of the product. New DeFi protocol promises fixed-rate lending The Ethereum (ETH)-based protocol purports to introduce “fixed-term, fixed-rate lending and interest-rate markets…

Bitcoin Halving Means Miners Will No Longer Be Biggest Sellers of BTC

Following the Bitcoin (BTC) halving on May 12, traders generally expect the price of the top-ranking cryptocurrency by market capitalization to drop. According to a prominent on-chain analyst, the selling pressure may come from crypto exchanges. Willy Woo, the co-founder of Hypersheet, said that exchanges will likely begin selling their storage of crypto assets composed of trading fees. Typically, exchanges receive trading fees in the form of cryptocurrencies and sell them to cover operational costs. Considering that the crypto exchange market generates 1,200 BTC a day from fees — equivalent…

New Reports Allege Bitmain Street Brawl Was Overstated

We recently reported that Bitmain’s CFO, Luyao Liu, was arrested after allegedly partaking in a mob attack in Beijing. Recent updates suggest, however, that this was not the case. At the time, sources claimed that the attack was on the company’s ousted co-founder, Micree Zhan. Local reports suggest that Liu was taken away by police after robbing Zhan of a business license meant for the mining giant’s main subsidiary, Bitmain Beijing. What Really Happened According to CaiXin News According to CaiXin news: “According to Caixin reports, the party was Bitmain’s…

CME Could Soon Launch Ethereum Futures and That’s Huge for ETH: Analyst

Ever since the CME launched futures for Bitcoin, investors have been asking for Wall Street-centric Ethereum futures. The reason: cryptocurrency investors believe these derivatives will catalyze ETH buying by an institutional audience. Analyst Expects Ethereum Futures to Send Price Flying According to a prominent crypto trader, “it won’t be long before we see [Ethereum] futures launch [on the CME].” He attributed this sentiment to the belief that with the introduction of Proof of Stake via ETH 2.0, demand for Ethereum derivatives could increase, thereby catalyzing exchanges to respond by listing…

Ripple’s XRP Ushers in Wallet Termination Capability

XRP users can now delete their wallets on the XRP network if they so desire — an update put in place after the community majority voted in favor of the change. “After maintaining an 80% consensus during the mandatory 15-day voting period, the XRPL Deletable Accounts Amendment became enabled on May 8, 2020 at 4:29:30 UTC, through the ledger 55,313,921,” former XRP Center manager, Arturo Portilla, said in a May 8 tweet.  Users can delete accounts on the ledger Ripple’s XRP runs on a distributed ledger. “An account in the…