The British Hull city launches its own coins

New cryptocurrency will be used for pay to volunteers and active citizens
24 November 2017   722

The Hull, an English port city in east Yorkshire, uses an blockchain technology application. The HullCoins are digital and people can take them by “good works”, rather than bought or sold with hard cash. A description of the work done is permanently attached to the “coin”. With this technology volunteers and community workers would be able to obtain discounts at local retailers and even reductions in their council tax.

People receiving HullCoins have discounts between 10 and 50 per cent from local companies. This concept attracts customers and simultaneously increases social responsibility. People can earn coins by helping children to read, running youth clubs and arranging activities for pensioners. In addition, they can be obtained by giving up smoking count, because they reduce the burden on the medical sphere. Then the coins are given out as QR codes on mobile phones.

To release HullCoin will be able to community groups, charities, schools, public health bodies, jobcentres and prisons. HullCoins retain their value indefinitely. They can be passed between people and reused. HullCoins cannot be used for cigarettes or alcohol.

Now HullCoin is in the beta testing stage and has 800 volunteer users, 73 issuing organizations and 140 retailers offering discounts. The plan is to launch the currency in January 2018.

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.