Blockchain .info announced Segregated Witness support

According to the announcement of one of the most popular Bitcoin wallets, SegWit will be implemented in the 2018 Q1
16 November 2017   1559

Team of the Blockchain .info, one of the most popular Bitcoin wallet, announced that full Segregated Witness (SegWit) support will be implemented in the first quarter of 2018. Also, Bitcoin Cash support is coming in December.

SegWit protocol was activated in August this year, but a number of services and companies have not yet implemented it into their codebase. On the background of a mempool, full with spam transactions and an unprecedented growth in commissions, the representatives of the bitcoin community have recently begun to appeal to large companies like Blockchain .info, Coinbase and BitPay with questions when this happens.

The official answer of Blockchain.info was given on Wednesday, November 15, and although it talks about the upcoming support of SegWit, some points in the statement of the British company raise questions.

In 2018 we will be rolling out support for SegWit within our wallet products. This will be a major and complex update to some of the most sensitive parts of our codebase, across a wide variety of platforms and devices, affecting billions in user transactions with potentially significant privacy implications. We will do this cautiously but also with consideration for the rising miner’s fees within the bitcoin ecosystem. We are excited about the advances SegWit offers and we plan to begin making it available within our wallets in as soon as possible in 2018, with an eye towards rollout in Q1.
 

Blockchain .info Team

At the same time, the company notes a steady demand for Bitcoin Cash and plans to add full support for the altcoin. Until the end of 2017 BCH will appear in the web version of the wallet, and until the end of the first quarter of 2018 - in mobile applications for devices on Android and iOs.

Also, interesting thoughts can be found about the canceled SegWit2x. It is also worth reminding that CEO of Blockchain. info, Peter Smith was one of six supporters of SegWit2x, on behalf of whom last week a statement was issued to cancel this hardfork.

We recently communicated that our service would be unavailable during the Segwit2x hard fork. While plans for the hard fork have been suspended, there may be some network instability at block height 494,784.
We’ll be monitoring the network closely. Should network instability threaten the safety of our users’ funds, we may briefly suspend outgoing bitcoin transactions but anticipate any suspension to last no more than 1h.
 

Blockchain .info Team

 

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.