Bitcoin Diamond: another Bitcoin hardfork?

Should we wait for another hardfork of Bitcoin? Let's try to figure out 
23 November 2017   2846

Reports about the launch of another Bitcoin hardfork keeps coming. 

What is Bitcoin Diamond?

According to The Bitcoin News, Bitcoin Diamond, a new cryptocurrency was recently launched by Team EVEY& Team 007, two teams of bitcoin miners who were not happy with some of the major downsides of Bitcoin. After nine years of rapid development and various issues that the miners faced with Bitcoin, such as lack of privacy protection, high transaction fees and slow transaction speed, the teams finally collaborated and rolled out Bitcoin Diamond. 

Bitcoin Diamond is a fork of Bitcoin that occurs at the predetermined height of block 495866” (approx. 24th of November)

Bitcoin Diamond miners will begin creating blocks with a new proof-of-work algorithm, and will consecutively develop and enhance the protection for account transfer and privacy based on original features of BTC. The original Bitcoin blockchain will continue on unaltered, and a new branch of the blockchain will split off from the original chain. It shares the same transaction history with Bitcoin until it starts branching and coming into a unique block from which it diverges. As a result of this process, a new cryptocurrency was created which we call “Bitcoin Diamond”. 
 

Bitcoin Diamond Team

According to the team, Bitcoin Diamond has various benefits, such as:

  • better privacy protection,
  • encryption of the amount
  • balance which protects customers’ privacy and faster transaction confirmations. 

Also, Bitcoin Diamond team reports that BCD is already supported by large anount of exchanges, such as:

  • huobi.pro,
  • okex.com,
  • coinnest.com,
  • gate.io,
  • bitsun,
  • bibox,
  • btctrade,
  • Aex.com,
  • Cex.com,
  • Coinbene.com,
  • Rightbtc.com 

It is worth noting that at Gate .io BCD is traded for $81.46.

And we wasn't able to find any official information about Bitcoin Gold support in the number of above mentioned exchanges. But maybe it will appear when fork will happen? 

Bitcoin Diamond Team 

There isn't much information about Bitcoin Diamond Team.

Bitcoin Diamond Development Team
Bitcoin Diamond Development Team
Bitcoin Diamond Operations Team
Bitcoin Diamond Operations Team
 

These are screenshot from official website of Bitcoin Diamond. As you can see, there isn't a lot of information and those, who stands behind Bitcoin Diamond.  

It is also worth noting that GitHub button at Bitcoin Diamond website doesn't work, and Youtube button just leads to Youtube with "bitcoin diamond" search words. 

Bear Market to Hit Mining Hard

BitMEX research division presented an analysis of the impact of market decline on the mining industry
11 December 2018   75

The cryptocurrency market has experienced a marked decline over the past weeks. The BitMEX research division presented an analysis of the impact of these events on the mining industry. Bitcoin hash rate has fallen by 31% since the beginning of November, which is equivalent to the capacity of 1.3 million Bitmain S9 devices. From this, BitMEX concludes that miners as a class are in a difficult situation, however, they may have different conditions, and those who pay more for electricity, are forced to turn off their equipment first, while others may still be quite viable.

The decrease in the price of Bitcoin by 45% since the beginning of November has already caused two recalculations of the complexity of mining to the lower side - by 7.4% and 15.1% on November 16 and December 3, respectively. The first recalculation turned out to be the largest since January 2013, the second - since October 2011.

Bitcoin mining revenue fell from $ 13 million per day in early November to $ 6 million per day in early December. The fall in the size of the miner's encouragement turned out to be even more rapid than the fall in the price of cryptocurrency. This is due to the delay in recalculating the complexity of mining. For the six-day period ending December 3, 21.8% fewer blocks were mined than expected, since the miners left the network before recalculating the difficulty. As a result, in addition to reducing the size of the miners' encouragement in dollar terms, due to lower asset prices, they received 21.8% less bitcoin awards.

One of the popular reasons for the recent decline in the cryptocurrency market is that miners sold bitcoins to cover their costs of hash warsin the Bitcoin Cash network. The monitoring platform Boltzmann recorded an unusually large sale of Bitcoin by the miner on November 12, that is, 3 days before the hard fork of Bitcoin Cash.

BitMEX assumes that the actions of miners over the past weeks could have played a significant role in reducing the market, however, recommends not overestimating their value and reminds that in a bearish trend, prices continue to fall regardless of asset movements and news.