Casper upgrade released

The first draft of the Casper proof-of-stake protocol upgrade from Ethereum developer Vlad Zamfir has been presented
22 November 2017   1074

Published on Tuesday, the code – following its presentation at the Devcon3 event earlier this month – intends to radically revise how blocks are created and distributed on the ethereum network. It is one of two concurrent applications to develop code for Casper, with the other arm being led by network creator Vitalik Buterin.

Zamfir's take on Casper comes several days after the publication of  a white paper, titled "Casper the Friendly Ghost".

The paper focuses on "correct-by-construction consensus protocols", seeking to facilitate how blockchains achieve consensus in a "partially synchronous network". This is an attempt to reduce the total complexity of the blockchain.

At the time when Zamfir's code release may represent on a small part of a bigger effort, its publication demonstrates a new phase of development that will lead ethereum a step closer to transforming the infrastructure that underlies the network.

Currently, miners discover and add new blocks through the proof-of-work process, which is energy-intensive process, driving miners to buy expensive power-hungry graphics cards.

Casper aims to get out of this model. Nodes could mine by essentially having funds deposited– the "stake" in proof-of-stake – and held over time, generating rewards as the node discovers each new block.

Largest mining farm to be built in the UK

The well-known UK tech company Bladetec is building the first large Bitcoin mining farm in Europe
20 March 2018   162

Bladetec had already got an experience in IT support for NATO and the Ministry of Defence of the UK in the past. Today its idea is funded by investors in a limited company which is protected by UK law.

The facility - Third Bladetec Bitcoin Mining Company (TBBMC), situated on the Southeast of the country, is going to cover 3,500 square feet in three different places: in London, Suffolk and Surrey.

Today the company is raising £10 million from investors for building and operating the farm for up 2 years. The farm will become global and significant, also it is supposed to be introduced in the world`s top 25 and produce considerable return for shareholders (as a result of its dominant position).

The minimum investment to TBBMC project set by the company is £ 5,000 from each applicant. The project allows the capital growth up to even 45 % within a period of 2-3 years. The returns for the shareholders at that stage would be based on the Bitcoins sales`proceeds and the ASIC machines. If the price of Bitcoin does drop by 40 %, an investor may lose 22 % of his capital.

The company declared that it is going to mine 1,280 bitcoins within a period of two years. Nowadays it's difficult to predict how much those Bitcoins may be worth in two years. According to current prices, they will be valued at £ 7,8 million. But the situation may probably change before 2021. As for the raised funds, they would mostly be spent on the energy costs, despite the low energy bills' agreement between Bladetec company and the intended wind farm.

Bitcoin mining is more popular in the countries where the weather is cold (such as Iceland and China). The government of Iceland can implement a tax on mining because of the energy consumption. Chinese authorities insists on the ending of the cryptocurrency trading and mining in the country.