Úno 29

Bitcoinist Weekly News Re-Hash: Bitcoin Classic Gaining Steam

Source: bitcoin


This past week saw a lot of hot news stories coming from the Bitcoin community and the organizations powering the growth of the ecosystem. Bitcoin Classic appeared in the news a few times throughout the week, reminding us that the block size debate is far from over. In terms of price, not much happened at the macro level. Hardly any change took place between the open and close of the week, with the price falling less than one percent in total. However, the day-to-day activity certainly gave traders a lot to be excited about, with a lot of big declines and welcome gains.

Also read: Tendermint Thinks it Will Be Better Than Bitcoin 

Daily Bitcoin Price Action

  • February 22: $437.07
  • February 23: $437.96
  • February 24: $419
  • February 25: $419.92
  • February 26: $420.32
  • February 27: $431.46
  • February 28 Open: $424.81
  • February 28 Close: $436.65

Total Change: -0.10%

Weekly News Re-Hash: Bitcoin Core Gains Momentum

Our week began on Monday, February 22, 2015 with the bitcoin price at $437.07, holding on to the gains made in the previous week. Monday saw fairly calm market activity, the price hovering in the mid-to-high $430s. Bitcoin peaked at $440 in the evening, but quickly returned to that $430s range that characterized the day’s activity.

In the news, we reported on Multipool.us launching a Bitcoin Classic mining pool. Multipool.us dedicated on petahash of mining power to the Classic pool, which represents a large amount of mining support for Bitcoin Core’s newest competitor.

Tuesday started at $437.96, but would quickly fall dramatically. At 3 AM, the markets took a dive, and the bitcoin price fell from $435 at the top of the hour to $422 at the close, with an hourly low of $416. The price stayed in this lower range for the rest of the day, floating between the high $410s and the mid $420s.

Meanwhile, on Bitcoinist, we reported about the new release of Bitcoin Core version 0.12.0 and its new improvements. Additionally, we reported on a development from the Free Ross campaign. FreeRoss.org released a rare home video of Ross Ulbricht. The Free Ross campaign is ran by Ulbricht’s mother, who is fighting to help her son get an appeal for what they believe was an unfair sentencing for his involvement with Silk Road.

The 24th started out on a negative note, the price plunging from $419 to the low $410s in the opening hour of the day. Throughout the rest of the day, though, the markets staged a modest recovery from this dive, rising back into the mid $420s. Towards the end of the day, the price took a small dip, falling to the low $420s to close out the day.

More Bitcoin Classic news came to light on Wednesday the 24th. We reported that five Bitcoin ATM operators switched to Classic. Sumbits, Tobitcoin, Herocoin, Coinucopia and Bitlove switched to the Bitcoin Core competitor. This change affected 29 Bitcoin ATMs in North America.

Bitcoin mining pool F2Pool threatened to withdraw consensus support from the February 21 roundtable due to allegations regarding Adam Back’s self-designation as an “individual” rather than the CEO of BlockStream when announcing his support for consensus.

February 25 opened with the price at $419.22, almost no change over the start of the previous day. The markets stayed quiet during the 25th, staying well within the low $420s range.

In the news, we reported on newly-surfaced court documents suggesting that the United States Federal Bureau of Investigation and Carnegie Mellon University colluded to attack the TOR network. In November 2015, the Tor Project accused the FBI of paying $1 million USD to the university in exchange for its help in revealing users on the TOR network. These court documents at least partially confirmed these claims, reporting that the FBI did in fact use the university’s academic resources to aid in the takedown of the Silk Road 2.0 marketplace.

E-Coin announced a major rebranding, changing its name to Wirex and adding new services to its platform. These services, including a new mobile app and two-way bitcoin debit cards, are aimed at “bridging the gap between blockchain technology and traditional finance.”

Friday the 26th kicked off with the bitcoin price at $420.32, a little more than a dollar above the opening price on Thursday. The first half of the day saw extremely flat trading activity, with the price refusing to budge above or below $424. However, the price jumped upwards heading into the evening hours, reaching a peak of $435 at 7 PM. This explosion in buying leveled out, as the day came to a close, bringing the price down to the low $430s.

At Bitcoinist, we posted a new job listing. We are looking for a sales manager to lead the charge on securing ad deals for our website to help build revenue. We are looking for someone with experience in online sales who can help build one of the most trusted websites in the Bitcoin news industry.

Also on the 26th, popular wallet-exchange hybrid Coinbase published a blog post telling the public that it is “not a wallet.” Responding to criticism regarding the company’s privacy policies and exchange-hosted wallets in general, Coinbase explained that it is not meant to be a place to store large amounts of bitcoins. Instead, the company’s goal is to bridge the gap between the legacy financial system and the bitcoin economy, and then later evolving into a “retail exchange” as Bitcoin becomes more prominent in the mainstream.

February 27 started out at $431.46, a significant gain over the start of the previous day. Coming off the high of Friday’s rally, the markets stayed very calm for most of the day, with very little fluctuation in the bitcoin price. The fell into the mid $420s at 7 PM, though, where it would stay for the remainder of the night.

Sunday, February 28 began with the bitcoin price at $424.81, remaining in the mid $420s range following the late-day fall on Saturday. After minimal activity during the early morning hours, the markets picked up at 9 AM and the price began moving upwards. Bitcoin returned to the mid $430s and then plateaued at midday, staying in that range until the evening hours. The price began moving upwards again, climbing to $437. The day closed at $436.65, making for a very small decline of 0.10% for the entire week.

  What do you think will happen in the Bitcoin world in the coming week? Let us know in the comments below!

The post Bitcoinist Weekly News Re-Hash: Bitcoin Classic Gaining Steam appeared first on Bitcoinist.net.

Bitcoinist Weekly News Re-Hash: Bitcoin Classic Gaining Steam

Úno 22

Multipool.us Launches Bitcoin Classic Mining Pool As Network Hashrate Decreases

Source: bitcoin

Bitcoinist_Bitcoin Classic

By the look of things, support for Bitcoin Classic is growing in the mining scene, as Multipool.us has opened up a new mining pool for this so-called “altcoin”. With over one petahash of mining power directed to this Bitcoin Classic pool alone, the competition with Bitcoin Core is being taken to a whole new level. However, only three blocks have been mined so far, and there is still a long way to go before Multipool.us will become a major contender.

Also read: Lisk Announces ICO With ShapeShift, Dapps Made Easy

Multipool.US Supports Bitcoin Classic Mining

While it is positive to see further competition between developmental solutions, the big question is how much effect these mining pools will have overall. Not just regarding adopting Bitcoin Classic itself, but also how they let miners generate these “alternative” blocks on the network.

So far, only three Bitcoin Classic blocks have been mined on the network, between the dates of October 28, 2015, and right now. That is not a great sign to stimulate adoption of this alternative development solution to the Bitcoin block size debate. After all, Bitcoin Classic will not activate the block size increase unless they reach a large majority of the network hashpower.

That situation might be getting one step closer to reality in the near future, though, as Multipool.us has opened up their Bitcoin Classic mining pool. Based on the statistics at the time of publication, their BTC_C mining pool has over one petahash of mining power pointed towards it, which is quite a margin.

With over 40 users active on the Multipool.us Bitcoin Classic pool already, there appears to be a growing demand for mining pools supporting this solution. It will be quite difficult to reach a majority mining consensus on the Bitcoin network, though, but over one petahash of mining, support is a big step in the right direction.

Multipool.us is not the first to launch a Bitcoin Classic mining pool either. A topic has surfaced on the Bitcoin.com forum detailing how interested miners can solo mine on a particular server without running their own node. This pool has over one petahash of hashpower as well and operates on a 1% fee structure.

Bitcoin Hashrate Is Decreasing

As these Bitcoin Classic mining pools seem to gain more popularity, the overall Bitcoin mining power appears to be decreasing. The way things stand right now, BitcoinWisdom is reporting slightly over 1.5 petahash for the entire Bitcoin network, which would mean Bitcoin Classic mining is at close to 100% of the total mining capacity.

The statistics project by Multipool and the other mining pool can not be entirely correct, as they seem to display the total network hashrate rather than the dedicated numbers for their own mining pools. However, the decline in overall Bitcoin hashrate can not be denied, as things are starting to drop off slowly for some unknown reason.

What are your thoughts on these new Bitcoin Classic mining pools popping up? Will the miners favor this solution over Bitcoin Core? Let us know in the comments below!

Source: Multipool.us

Images courtesy of Multipool, Shutterstock

The post Multipool.us Launches Bitcoin Classic Mining Pool As Network Hashrate Decreases appeared first on Bitcoinist.net.

Multipool.us Launches Bitcoin Classic Mining Pool As Network Hashrate Decreases