Bitcoin Cash Difficulty Algorithm Debate Heats Up With Fears of Another Chain Split

Ursprünglich erschienen auf: https://thebitcoinnews.com/bitcoin-cash-difficulty-algorithm-debate-heats-up-with-fears-of-another-chain-split/

With a touch more than three months left until the next Bitcoin Cash upgrade, crypto proponents have been witnessing a new quarrel rise after last year’s contentious Infrastructure Funding Proposal (IFP). This time around, the tensions derive from the Difficulty Algorithm Adjustment (DAA) discussion which is a conversation about replacing the network’s current DAA.

Every six months the BCH community plans for an upgrade and this coming November, a number of users are concerned about another chain split. There is a lot of infighting within the community at present and among BCH developers as well. The story allegedly derives from the DAA discussion, but there has been tension ever since the last quarrel over the IFP.

A Difficulty Algorithm Adjustment (DAA) is basically an algorithm that adjusts the mining difficulty parameter. Bitcoin (BTC) adjusts the mining difficulty parameter every 2016 blocks, but on August 1, 2017, Bitcoin Cash (BCH) added an Emergency Difficulty Adjustment (EDA) algorithm that ran alongside the DAA. In November 2017, the DAA was changed on the BCH chain to adjust the mining difficulty parameter after every block. It also leverages a moving window of the last 144 blocks in order to calculate difficulty.

During the last year and a half, people have been complaining about the DAA as people believe it can be gamed. In the last year, the DAA subject has come up often and just recently the conversation has become more contentious. Recently, software developer Jonathan Toomim introduced a DAA concept called Aserti3-2d and the specification is available on Gitlab. The BCHN full node team has the code hosted on the “Bitcoin Cash upgrade specifications” page.

On July 23, 2020, Bitcoin ABC developer Amaury Séchet announced the DAA called Grasberg via the Bitcoin ABC blog website. Following the release, Toomim published an article on the read.cash blog that argues against Grasberg. The engineer also described how members of the development teams have been squabbling in various online discussions. Toomim asserts that Grasberg is “a big step on the path to corruption” and it “was not properly simulated.”

On August 3, Bitcoin Cash developers met for a DAA meeting and BCHD developer, Chris Pacia, tweeted that the meeting did not go so well. “Bitcoin Cash developer meeting blew up with multiple people walking out,” Pacia tweeted after the meeting. Following Pacia’s statement, Ethereum’s Vitalik Buterin discussed the subject at length with BCH supporters from both sides of the argument.

“I don’t understand BCH people care so much about difficulty adjustment minutiae…. I would say “just use ethereum’s” but honestly your algo is fine as is…,” Buterin tweeted. “I will be honest; being optimistic that BCH development would improve once they got Craig out definitely is looking like one of my worst predictions,” the Ethereum developer added.

Discussions about the quarrels between developers who work on the Bitcoin ABC implementation and the BCHN full node project are littered all over the Reddit forum r/btc. Additionally, there are lots of discussions on the read.cash blog and BCH fans are discussing the issue on Twitter as well. Most of the arguments pit the BCHN developers against the ABC developers, alongside the pros and cons of both Jonathan Toomim’s Asert DAA and the Grasberg DAA.

On August 5, 2020, a “consortium of node implementations, infrastructure providers, services, engineers, and stakeholders” published a post on the read.cash blog which explained that a number of actors will “deploy the aserti3-2d difficulty adjustment algorithm (Asert DAA).” We will deploy the aserti3-2d difficulty adjustment algorithm (Asert DAA) on Bitcoin Cash (BCH) on November 15th, 2020, as designed by Mark Lundeberg and implemented by Jonathan Toomim alongside other accredited contributors of the ecosystem,” the consortium wrote. The announcement added:

The Aserti3-2d DAA is simple to implement, well-tested, and extensively simulated. It incentivizes consistent mining, achieves stability for transaction confirmations with low-variance 10-minute block targets, and is resistant to future drift.

The consortium announcement was digitally signed by Andrea Suisani (Bitcoin Unlimited), Andrew Stone (BU), Axel Gembe (Electron Cash), BCHD, Bitcoin Cash Node (BCHN), Calin A. Culianu (Electron Cash), Cashaddress.org, Cashfusion, Cashshuffle, Corentin Mercier (bitcash), Dagur Valberg Johannsson (BCHN, BU), Electron Cash, Fernando Pelliccioni (Knuth node), Freetrader (BCHN), Imaginary_username, James Cramer (SLP), John Nieri (General Protocols), Jonathan Silverblood (CashAccounts), Jonathan Toomim, Josh Green (Bitcoin Verde), Mark B. Lundeberg, Pokkst (bitcoincashj), Rosco Kalis (Cashscript), Tom Zander (Flowee), and Oscar Salas of Instabitcoin.net.

Many BCH supporters have said they don’t want to see a split, while others believe that a split is inevitable. Bitcoin.com’s CEO Dennis Jarvis discussed the situation on Twitter and said that the situation was “sad to hear.”

“I hope everyone can come back together to work on the future roadmap. There are no good outcomes from forking/splitting for anyone who believes in the long-term value and usefulness of Bitcoin Cash,” Jarvis tweeted. Bitcoin.com’s CTO Emil Oldenburg also gave his opinion on Twitter.

“A chain split would be terrible for BCH,” Oldenburg said. “We want BCH to win by being the easiest, most used, and most convenient payment option. Not win the crypto Darwin awards.”

It’s uncertain what will happen come November when the upgrade is planned if the signatories mentioned above choose to go with the aserti3-2d DAA and if ABC chooses to roll with Grasberg. Moreover, in ten days it is expected that a code freeze will take place on August 15, as it usually happens before the official upgrade. Additionally, Viabtc’s founder Yang Haipo’s Weibo account allegedly said that Coinex and Viabtc will initiate a fork as well by leveraging the ticker “BCC.” On August 5, 2020, Bitcoin ABC developer Amaury Séchet tweeted about Yang Haipo’s statements.

“Viabtc’s [Yang Haipo] announced a fork of Bitcoin Cash under the ticker BCC,” Séchet tweeted on Wednesday. “This is unfortunate, but also an amazing opportunity for those who have been unhappy with how things are going. Some will want to start a war. Those who want freedom must not let them.”

What do you think about the arguments that are happening between Bitcoin Cash developers and community members? Let us know what you think in the comments section below.

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Orchid: Bringing Decentralization to VPNs

Ursprünglich erschienen auf: https://thebitcoinnews.com/orchid-bringing-decentralization-to-vpns/

Whenever we browse the web, read news online, or purchase a new pair of glasses from an e-commerce store, we leave traces. These traces sometimes show us content that actually provides us with value, but more often the information we leave is used in concerning ways with scandals like Cambridge Analytica just forming the tip of the iceberg.

Fortunately, tools like VPNs allow everyone to easily gain more privacy and increase the security of their network connection. A VPN (a virtual private network) sends your data through an encrypted tunnel that cannot be accessed from outside. Initially especially used by companies to connect employers securely to the company network, nowadays VPNs are readily available to anyone. However, many VPNs are centralized services that themselves log and sell users’ data even while claiming not to, and that are vulnerable to being blocked and shut down, all while locking users into high-priced, long-term subscriptions and hoping they forget about the recurring payments.

One company that is working on offering a VPN solution tackling these problems is Orchid. Orchid offers a decentralized VPN service built on the Ethereum network and powered by the Orchid network.

To use Orchid’s VPN you can simply download it for Android, iOS (currently in Testflight), macOS, Linux, and soon for Windows. To get started, just fund your wallet with Orchid tokens and you’re good to go. The app acts as a VPN client that allows anyone to start using the VPN services by connecting them to a pool of decentralized bandwidth providers.

The network consists of users on one hand who want to access the VPN services and bandwidth providers that are running network nodes and providing the bandwidth on the other hand. To bring those two together and align their interests, Orchid has issued the orchid token (OXT). The token allows users to pay for services on the go, and bandwidth providers stake Orchid tokens as a reward for acting as a network node. All nodes run a software VPN daemon that speaks the Orchid protocol and is registered in a node registry. This registry is stored in an Ethereum smart contract, accessible to anyone, and allows the app to find servers and different geolocations in the decentralized network of providers.

Unlike other VPN services where you have to pay on a subscription basis, Orchid allows you to pay only the bandwidth you actually use when you use it. This is made possible by a technology called nano payments. As the name suggests, these are tiny fractional payments and as you can imagine, wouldn’t be feasible on Ethereum’s layer 1. Therefore the team behind Orchid developed their own technology loosely based on a technology that was already developed in the 90s: probabilistic nano payments. Probabilistic nano payments aim to reduce the transaction costs on small payments by amortizing these costs across users and transactions. In Orchid, instead of sending $1 directly to a node a ticket with a 1% chance of winning, $100 is sent. Once the ticket has been verified by the node, it holds cryptographic proof of being paid. The chance of winning is entirely random and can be influenced by neither the user nor the node. Only when a ticket is winning is the transaction recorded on the public Ethereum blockchain.

By operating this way, Orchid remains highly scalable, fast, and user-friendly. You won’t have to wait for your payments to go through. When using the Orchid App, the default setting is a single-hop circuit configuration, which protects you from websites seeing your IP and your ISP from seeing which websites you access, and you can enjoy the internet without any ISP firewall restrictions.

For an even higher level of privacy, you can choose the advanced feature of a multi-hop configuration, that ensures that no one bandwidth provider could put together a full picture of your activity, adding an extra layer of protection from having your data or identity known.

All in all, Orchid is an easy-to-use privacy-enhancing VPN that combines the benefits of a decentralized network with a cryptocurrency and a p2p marketplace of bandwidth providers to empower anyone to more securely and openly access the web.

The Orchid token (OXT) will be listed on the Bitcoin.com Exchange on Wednesday, August 5th, at 10:00 am UTC with OXT/BTC and OXT/USDT trading pairs.

About Orchid

Orchid takes a new approach to digital privacy with the first peer-to-peer, incentivized privacy network. On the network, anyone can buy and sell bandwidth using the Orchid digital currency (OXT). Users can browse privately and access content without being limited by their geography. With its decentralized design, multi-hop architecture, and Open Source ethos, Orchid offers users unprecedented digital privacy in a trustless context.

You can learn more on the Orchid Website.


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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The Complete Guide To Forex Trading In Kenya

Ursprünglich erschienen auf: https://thebitcoinnews.com/the-complete-guide-to-forex-trading-in-kenya/

Are you a Kenyan interested in forex trading? This guide will cover all the major things you need to know about the world’s largest financial market. 

What Is Forex Trading?

Forex is short for Foreign Exchange; it is also sometimes abbreviated as FX. When Forex trading is mentioned, it implies the buying and selling of foreign currencies. 

The Forex market is primarily over the counter and as a Forex trader, you trade on currency pairs i.e, two currencies. Examples of such currency pairs include EUR/USD, USD/JPY, GBP/USD, KES/EUR, USD/CAD, etc. The USD (United States Dollar) is the most traded currency in the Forex market. 

In the Forex market, a currency is exchanged for another currency, unlike normal trading that involves money (currency) being exchanged for goods/services. In fact, profit is made from the appreciation or depreciation of currencies.

Making Deposits & Withdrawals

To trade in the Forex market, you have to make some deposits. For example, you want to trade KES/USD, you have to deposit some Kenyan Shillings (the base currency) into your account before you can use it to trade for United State Dollars (the quote currency). 

There are different deposit methods and their availability will depend on your broker. With that being said, according to a guide to forex trading in Kenya using mobile money, the most popular deposit and withdrawal methods in this country are mobile payments (namely M-Pesa). However, popular are also Credit/debit cards, Bank wire transfers and E-wallets (PayPal, Skrill, Neteller, Webmoney, etc)

Forex Trading Regulation In Kenya

There’s not much regulation for Forex trading in Africa compared to Europe and America. However, with more people picking up interest in the industry, such is bound to change and for Kenya, it’s already in motion. 

The Capital Markets Authority regulates forex trading in Kenya by the authorization of the National Treasury through the Finance Act 2016. This came after the body released a report which showed that over 50,000 Kenya Forex traders were investing with unregulated brokers. This also led to an increase in financial fraud. Conversely, the regulated ones were offshore. 

Following the authorization was the birth of the Capital Markets Online Foreign Exchange Trading Regulations 2017. This regulation is one of the key reasons why Forex exchange is gaining more popularity in the country. 

It is best you note that Kenyans are directed not to trade with any local forex broker that is not regulated by the CMA.

Selecting a Broker 

To start forex trading, you have to carefully select a forex broker. Here are some tips to get started.

  • Regulation 

For a hassle-free forex trading experience, it is best that you opt for a regulated forex broker. Lots of forex scams and fraud activities are linked to unregulated brokers.  

  • Security

Forex trading involves real money. If the broker website is attacked by hackers, you could lose your funds if their security level is poor. Go for Forex brokers that prioritize security and users’ privacy.

  • Independency 

Your account needs to be independent so that you are in charge of all trading activities. Some brokers handle trading actions on behalf of traders and while this has its advantage, an independent account gives you the flexibility to act on every market move. 

  • Tools and Analysis

You cannot survive in the forex market without effective trading tools and market analysis. Check out the trading platforms offered by brokers and examine their tools and market analysis they provide. Real-time updates are also essential. 

  • Commissions and Spreads

Brokers make money from commissions and trading spreads. You have to consider what spreads is more beneficial to your trading strategy. Brokers normally set fixed or variable spreads. For major currency pairs, the fixed spreads range from 1 – 5 pips while variable spreads can be from 0.2 – 0.8. 

Forex Trading Positions

Trading positions in the Forex market is the amount of currency owned by a trader that allows them to monitor its value against other currencies. There are two major forex trading positions – long and short positions. 

Long Position

You open a long position when you expect the value of the base currency to appreciate. For instance, if you trade the currency pair KES/USD; with a long position, you hold on to the KES, expecting it to gain value more than the USD. That way, you can sell it at a later time and make profits. 

Short Position 

For a short position, the price of the base currency is expected to decrease after a period of time. For instance, if you trade the currency pair KES/USD; with a short position, you deposit and exchange the KES for USD quickly. You expect the USD to gain more value than the KES, so you can purchase the amount of KES you deposited initially and keep the profits. 

Conclusion 

By applying effective trading strategies, you can make money trading forex in Kenya. The information in this guide will help set you on your path. 

However, forex trading is not a get quick-money scheme. While you should be profit-driven, the chances of winning or losing are 50/50. 

You can increase your winning chances by studying the market and developing tactical trading strategies. Most importantly, you should know when to stop trading if events are not going according to plan. 

The post The Complete Guide To Forex Trading In Kenya appeared first on BlockNewsAfrica.

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This Newly Formed Structure Could Cause Bitcoin to See Major Losses

Ursprünglich erschienen auf: https://thebitcoinnews.com/this-newly-formed-structure-could-cause-bitcoin-to-see-major-losses/

  • Bitcoin and the aggregated cryptocurrency market are currently in a precarious position following the series of strong rejections seen yesterday evening
  • The selling pressure incurred as a result of these rejections has not yet been enough to force BTC or other assets below their crucial support levels
  • That being said, analysts are growing increasingly cautious on BTC’s near-term outlook
  • One trader explained that a recently emerged technical pattern seems to indicate downside is imminent
  • It is important to note that there is one fundamental development that could invalidate this pattern

Bitcoin rallied up to highs of $11,500 overnight before facing an influx of selling pressure that slowed its ascent.

The cryptocurrency is now trading just above its crucial support at $11,000.

Although buyers have been in firm control of Bitcoin throughout the past few weeks, ever since it posted a rejection at $12,000, its momentum has been slowing.

This may indicate that it needs to undergo another consolidation phase before it can push higher.

One pattern resulting from this recent price action is quite bearish, suggesting that the benchmark crypto could be poised to see notable downside.

Bitcoin Struggles to Maintain Momentum as Selling Pressure Grows 

At the time of writing, Bitcoin is trading down just over 1% at its current price of $11,100.

Buyers tried to spark a fresh leg higher yesterday, but only led BTC as high as $11,500 before it lost its strength and reeled lower.

This is the second firm rejection seen in the past several days – the first being BTC’s massive selloff seen when it tapped $12,000 on Saturday evening.

Analysts are now noting that the cryptocurrency could be well-positioned to see further near-term downside.

While speaking about this possibility, one trader said that the selloff recently seen at $12,000 is not “momentum to disregard.”

“I expected a stronger Monday session for BTC to be bullish, disappointing, it even dumped late Western session hours before the close. We dumped over 1’500$ [on] Sunday after tapping 12.2k, it’s not momentum to disregard, could very well be rolling in our faces.”

Image Courtesy of SalsaTekila. Chart via TradingView.

Here’s What Could Work to Invalidate This Weakness

Bitcoin is in a precarious position now, but the tides may quickly shift back into buyers’ favor in the coming days.

The same trader later noted that one development that could invalidate the sentiment he shared is a $120 million Tether mint that just took place.

He even went so far as to note that this fresh stablecoin supply could help propel BTC significantly higher.

“Closed my BTC short on 11,110$: woke up to a 120MM$ tether mint, which changes my [perspective] altogether: new highs much more likely just because of it IMO. Side lined for now.”

How Bitcoin trends throughout the coming couple of hours as its daily close approaches may provide investors with greater insight into its near-term trend.

Featured image from Unsplash.
Charts from TradingView.

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Flooding Threatens China’s Bitcoin Miners, Chinese Billionaire Says ‘Three Gorges Dam Collapse Imminent’

Ursprünglich erschienen auf: https://thebitcoinnews.com/flooding-threatens-chinas-bitcoin-miners-chinese-billionaire-says-three-gorges-dam-collapse-imminent/

This week cryptocurrency enthusiasts are still focused on the severe flooding in China during the 2020 monsoon season. The flooding has already displaced millions of Chinese citizens and skeptics are concerned about the vast number of bitcoin miners located in the Sichuan province.

The landlocked province in Southwest China, Sichuan is located upstream of the Three Gorges Dam. During the last two months, the 2020 monsoon season ravaged the region.

Reports note that by the end of June, flooding from the rainy season has displaced 744,000 Chinese residents stemming from 26 provinces. The latest reports highlight that 54 million citizens from China have been affected by the floods and 41,000 homes have collapsed to-date.

Estimates show that roughly 50% of the world’s bitcoin miners are located in China and a deep concentration of miners are located in the Sichuan province. Last year, Coinshares reported the concentration in China was around 64%.

Bitcoin mining map via Coinshares Research shows China and Sichuan’s density is quite large compared to the rest of the world. The Beijing-based data firm Bitooda published recent findings that said China only accounts for 50% of the world’s hashrate this year.

New estimates from Bitooda stress that China only accounts for 50% of the world’s hashrate in 2020. Every year, reports also explain how Chinese miners migrate in order to obtain cheap hydropower resources during the rainy season.

Moreover, every 12-months during the last few years, reports have shown the raining season in China wreaked havoc on mining facilities.

On July 27, 2020, the mining operation F2pool, a pool that commands the second-largest share of BTC hashrate, described how bitcoin miners completed the “‘Great Migration’ to prepare for the Sichuan hydro season.” F2pool’s report stresses that halfway through 2020 “the mining industry has already faced several enormous challenges.”

Despite the dangers of flooding, the rainy season gives Chinese miners “an average [power supply] price of less than 0.23 RMB (approx. $0.033).” The Great Migration, F2pool said took two weeks to accomplish, and the “annual hydro Season” started right after the third block reward halving.

“The extremely competitive hydro season prices have led the Bitcoin network hashrate to push to an all-time high again,” F2pool’s research highlights.

China’s Three Gorges Dam has been controversial even well before it was completed. Xinhuanet.com reports that 30 billion cubic meters of floodwater have been held back by the large dam since the first week of July.

One of the fears Sichuan miners face today is how mining facilities are situated next to the infamous Three Gorges Dam. News outlets in Asia have been reporting on the massive flooding caused by the 2020 monsoon season, and a great number of people are concerned about the dam’s structural soundness.

Three Gorges Dam is by far the largest dam in the world and it was completed in 2003. According to the Changjiang Ministry of Water Resources, both the Gezhou Dam and the Three Gorges Dam stopped 30 billion cubic meters of floodwater during the last 30-days.

The 2020 monsoon season has also made people think that the Three Gorges Dam is being put to extreme tests. Last month the mysterious, exiled Chinese billionaire and whistleblower Miles Guo said that the Three Gorges Dam could collapse soon.

People have even created simulations of the dam collapsing and one recent video went viral on social media. Miles Guo allegedly also said on August 2 that “the collapse of the Three Gorges Dam was almost imminent.”

However, experts and a few other studies disagree with Miles Guo and the collapse theories. Some speculators have said the Three Gorges Dam “is a highly unlikely issue.”

Another issue is the fact that the Chinese government has deemed the Three Gorges Dam a “no-flight zone,” since the start of the flooding. The mandate was enforced immediately after discussions about structural issues started on social media.

Xinhuanet.com managed to get aerial snapshots of the dam on Sunday, but the dam is also monitored by the army. Aerial photography of Three Gorges Dam is strictly prohibited.

Financial columnist Wolfie Zhao also discussed the subject with Tokeninsight’s chief analyst, Johnson Xu, who explained that Chinese farms have prepared ahead of time for the flood risks.

New.Bitcoin.com reported last month how digital currency proponents have been keenly watching the Three Gorges Dam and the flooding in China. Meanwhile, BTC’s hashrate has climbed higher and the global hashpower today is around 120-125 exahash per second (EH/s).

What do you think about the rainy season in China and the Three Gorges Dam troubles? Let us know what you think in the comments section below.

The post Flooding Threatens China’s Bitcoin Miners, Chinese Billionaire Says ‘Three Gorges Dam Collapse Imminent’ appeared first on Bitcoin News.

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Flooding Threatens China’s Bitcoin Miners, Chinese Billionaire Says ‘Three Gorges Dam Collapse Imminent’

Ursprünglich erschienen auf: https://thebitcoinnews.com/flooding-threatens-chinas-bitcoin-miners-chinese-billionaire-says-three-gorges-dam-collapse-imminent/

This week cryptocurrency enthusiasts are still focused on the severe flooding in China during the 2020 monsoon season. The flooding has already displaced millions of Chinese citizens and skeptics are concerned about the vast number of bitcoin miners located in the Sichuan province.

The landlocked province in Southwest China, Sichuan is located upstream of the Three Gorges Dam. During the last two months, the 2020 monsoon season ravaged the region.

Reports note that by the end of June, flooding from the rainy season has displaced 744,000 Chinese residents stemming from 26 provinces. The latest reports highlight that 54 million citizens from China have been affected by the floods and 41,000 homes have collapsed to-date.

Estimates show that roughly 50% of the world’s bitcoin miners are located in China and a deep concentration of miners are located in the Sichuan province. Last year, Coinshares reported the concentration in China was around 64%.

Bitcoin mining map via Coinshares Research shows China and Sichuan’s density is quite large compared to the rest of the world. The Beijing-based data firm Bitooda published recent findings that said China only accounts for 50% of the world’s hashrate this year.

New estimates from Bitooda stress that China only accounts for 50% of the world’s hashrate in 2020. Every year, reports also explain how Chinese miners migrate in order to obtain cheap hydropower resources during the rainy season.

Moreover, every 12-months during the last few years, reports have shown the raining season in China wreaked havoc on mining facilities.

On July 27, 2020, the mining operation F2pool, a pool that commands the second-largest share of BTC hashrate, described how bitcoin miners completed the “‘Great Migration’ to prepare for the Sichuan hydro season.” F2pool’s report stresses that halfway through 2020 “the mining industry has already faced several enormous challenges.”

Despite the dangers of flooding, the rainy season gives Chinese miners “an average [power supply] price of less than 0.23 RMB (approx. $0.033).” The Great Migration, F2pool said took two weeks to accomplish, and the “annual hydro Season” started right after the third block reward halving.

“The extremely competitive hydro season prices have led the Bitcoin network hashrate to push to an all-time high again,” F2pool’s research highlights.

China’s Three Gorges Dam has been controversial even well before it was completed. Xinhuanet.com reports that 30 billion cubic meters of floodwater have been held back by the large dam since the first week of July.

One of the fears Sichuan miners face today is how mining facilities are situated next to the infamous Three Gorges Dam. News outlets in Asia have been reporting on the massive flooding caused by the 2020 monsoon season, and a great number of people are concerned about the dam’s structural soundness.

Three Gorges Dam is by far the largest dam in the world and it was completed in 2003. According to the Changjiang Ministry of Water Resources, both the Gezhou Dam and the Three Gorges Dam stopped 30 billion cubic meters of floodwater during the last 30-days.

The 2020 monsoon season has also made people think that the Three Gorges Dam is being put to extreme tests. Last month the mysterious, exiled Chinese billionaire and whistleblower Miles Guo said that the Three Gorges Dam could collapse soon.

People have even created simulations of the dam collapsing and one recent video went viral on social media. Miles Guo allegedly also said on August 2 that “the collapse of the Three Gorges Dam was almost imminent.”

However, experts and a few other studies disagree with Miles Guo and the collapse theories. Some speculators have said the Three Gorges Dam “is a highly unlikely issue.”

Another issue is the fact that the Chinese government has deemed the Three Gorges Dam a “no-flight zone,” since the start of the flooding. The mandate was enforced immediately after discussions about structural issues started on social media.

Xinhuanet.com managed to get aerial snapshots of the dam on Sunday, but the dam is also monitored by the army. Aerial photography of Three Gorges Dam is strictly prohibited.

Financial columnist Wolfie Zhao also discussed the subject with Tokeninsight’s chief analyst, Johnson Xu, who explained that Chinese farms have prepared ahead of time for the flood risks.

New.Bitcoin.com reported last month how digital currency proponents have been keenly watching the Three Gorges Dam and the flooding in China. Meanwhile, BTC’s hashrate has climbed higher and the global hashpower today is around 120-125 exahash per second (EH/s).

What do you think about the rainy season in China and the Three Gorges Dam troubles? Let us know what you think in the comments section below.

The post Flooding Threatens China’s Bitcoin Miners, Chinese Billionaire Says ‘Three Gorges Dam Collapse Imminent’ appeared first on Bitcoin News.

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