BITCOIN, BLOCKCHAIN

Cryptocurrency Market Expected to Reach $6.7 Trillion by 2025

According to Transparency Market Research, the global Cryptocurrency market is anticipated to expand at a compound annual growth rate of 31.3 percent, or $6.7 trillion by 2025.

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According to Transparency Market Research (TMR), major companies are investing towards increasing adoption of cryptocurrency for payment.

To achieve this, most cryptocurrency firms are developing payment gateways and platforms for payment processes, noted TMR.

Along with this, players are undertaking collaborations, mergers and product launches to strengthen their market position.

Prominent players operating in the global cryptocurrency market include Bitmain, Xilinx, NVIDIA, Intel, Ripple Labs, Advanced Micro Devices, Ethereum Foundation, Coinbase, Bitfury Group, and BitGo.

Based on geography, Europe is likely to account for a larger market share in the forecast period, mainly due to the existence of numerous cryptocurrency mining pools in the region.

Cryptocurrency Market to Expand Owing to Faster Transaction Ability

Major financial bodies are turning towards cryptocurrency to help save on labor-intensive procedures.

According to the report, payment through cryptocurrency allows for enhanced transactional security, protection from fraud, decentralized system, low fees, protection from consumer chargebacks, and quick international transfers.

For some developing regions, the cryptocurrency market has not taken any definite shape, mainly because of the ambiguity among consumers regarding authenticity of cryptocurrency.

Trading cryptocurrency has been banned by some governments in developing regions. TMR believes this is because of the lack of awareness and technical understanding of cryptocurrency.

However, TMR states the cryptocurrency market depicts a lucrative avenue throughout the forecast period.

Owing to these factors, the cryptocurrency market could attracted extensive venture funding from key players in future.

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BLOCKCHAIN, ETHEREUM

Bitmain Introduces ‘Most Powerful and Efficient’ Ethereum Miner

Chinese cryptocurrency mining company Bitmain has announced the release of a new Ethash ASIC miner.

Touted as the “world’s most powerful and efficient EtHash ASIC miner,” Bitmain’s Antminer E3 has an advertised hashrate of 180MH/s, consumes approximately 800 watts, and retails for $800.

Bitmain has stated they will only be accepting US dollars and Bitcoin Cash as payments.

Members of the Ethereum community proposed the option to fork the cryptocurreny in order to nullify application-specific integrated circuit (ASIC) miners, such as the Antminer E3, but Vitalik Buterin, creator of the Ethereum blockchain, implies the protocol is already resilient to mining centralization, according to the Ethereum White Paper:

Vitalik Buterin

“First, Ethereum contracts can include any kind of computation, so an Ethereum ASIC would essentially be an ASIC for general computation – ie. a better CPU… [The algorithm] allows anyone to “poison the well”, by introducing a large number of contracts into the Blockchain specifically designed to stymie certain ASICs.”

In 2017, Bitmain surpassed Nvidia in overall profits with earnings reaching an estimated $3-4 billion, making up approximately 70-80 percent of the bitcoin mining market, as well as ASIC’s.

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BITCOIN, BLOCKCHAIN

Crypto Mining Company Bitmain May Move Operations to Washington State

China-based cryptocurrency mining company Bitmain may be creating new facilities in Washington state, according to public business data site companies-number.com.

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Bitmain co-founder, Jihan Wu, is the sole governing operator behind a new company called Ant Creek, LLC, located in the Port of Walla Walla in Washington state.

Ant Creek was founded on June 28, 2017 and is shown as a for-profit entity in Washington state.

According to the Walla Walla Union-Bulletin, Ant Creek could purchase up to 40 acres beginning in 2019.

Ant Creek would bring 15-20 jobs and $7-$10 million to Walla Walla.

A local official in the city said he has been working with Bitmain for approximately six months already.

As previously reported by Blockchain Daily, Bitmain recently announced an effort to expand in Canada and has already launched a Swiss subsidiary, Bitmain Switzerland.

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BITCOIN, BLOCKCHAIN

Chinese Bitcoin Mining Company Bitmain Announces Switzerland Move

Chinese Bitcoin mining company, Bitmain, has announced a new subsidiary in Switzerland called Bitmain Switzerland.

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“Bitmain Switzerland will play a key role in our global expansion,” Bitmain told Handelszeitung, a Switzerland news service.

Bitmain Switzerland will be located in Zug, which is quickly becoming the home of the “Crypto Valley”, as numerous blockchain startups begin pouring in due to relaxed regulations.

The move is in part due to reports that the Chinese government wants to get end the countries mining network.

Bitmain stated the company plans to develop its involvement in Switzerland by working with the government and the Swiss Financial Market Supervisory Authority.

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