Bitcoin fork SegWit2x cancelled

Co-founder of Bitcoin wallet software provider BitGo announced suspension of higly anticipated Bitcoin fork SegWit2x
08 November 2017   1425

On November 8, Mike Belshe, one of the leaders of the Segwit2x project and CEO and co-founder of Bitcoin wallet software provider BitGo announced in an email that Bitcoin fork SegWit2x is currently being suspended. The fork was expected to occur sometime in November 2017.

The aim of the project was an upgrade of Bitcoin, though the developers of the project state that the current aim they posses is keeping the community together. SegWit2x was not higly supported by miners and exchanges, for instance SurBTC left SegWit2x agreement in October, and Charlie Lee, Litecoin creator, announced his rejection of the fork. Moreover, crypto specialist and researcher Nick Szabo posed himself as an opponent of SegWit2x too.

Unfortunately, it is clear that we have not built sufficient consensus for  a clean blocksize upgrade at this time. Continuing on the current path  could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x.

Mike Belshe

BitGo Inc., CEO 

The announcement was signed by CEO and co-founder Mike Belshe, mining pool Bitmain co-founder Jihan Wu, Xapo CEO Wences Casares, Bloq CEO and co-founder Jeff Garzik, Blockchain CEO and co-founder Peter Smith and Shapeshift CEO and founder Erik Voorhees.

A long-awaited Bitcoin fork SegWit2x was aimed at the increase of size of block 494784 to 2MB and improving Bitcoin scalability.

Bitcoin charts november 2017Bitcoin Charts

It is worth mentioning that Bitcoin price rose immediately after the announcement had been made, rising by almost 5% in one hour from $7484 to $7776, but then started falling down and at the press-time is traded at $7639 having market capitalisation of $127 billion.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   97

Users of HashFlare mining pool can't withdraw their funds, while their contracts are threatened with a temporary ban. Even lower restrictions on withdrawal of funds in the amount of 0.03 BTC caused problems for users, but the service raised the threshold to 0.05 BTC and 0.1 ETH . This is reported by Cryptovest.

In addition, financial pyramids are often promoted under the guise of mining contracts for cloud mining. For last few months, there was a big jump in mining difficulty of many cryptocurrencies, so, old contacts had become unprofitable.

As reported, the reason for the locked funds dates back further - at the beginning of June, so much hashing power was flowing into the Bitcoin network that contracts saw all the mined coins go toward their maintenance fee.

Currently, more and more users who have purchased contracts at earlier stages are facing the fact that they can not withdraw their funds. One of them managed to return the money spent through the bank card operator after filing a corresponding complaint.

To anybody that purchased a Hashflare cloud mining contract with a credit card, it might be possible to get a refund with that credit card as one of my followers tipped me. He bought his contracts at the end of 2017.

bccponzi at Twitter

The hash rate of bitcoin increased from 13 EHash / s at the beginning of the year to more than 40 EHash / s in recent months. The difficulty of mining in the present conditions depends on the circumstances of the specific miner. The cost of bitcoin mining for some of them is $ 4,400, while others spend about $ 5,800. However, in 2018, cloudy mining is called an even more dubious occupation than before, especially when it comes to mining bitcoin.