Coinbase to add support for Bitcoin Cash

Coinbase and GDAX announce their plans for supporting Bitcoin Cash 
04 August 2017   2168
Bitcoin Cash

A new cryptocurrency representing a hard-forked version of Bitcoin, different from it in the blocksize limits

The GDAX cryptocurrency exchange (which is a subdivision of Coinbase), announces its plans on adding support for Bitcoin Cash by January 1st, 2018.

According to David Farmer, Coinbase director of communications, the company has examined all of the relevant issues and has decided to work on adding support for bitcoin cash for Coinbase customers. As Farmer claims, they made this decision based on factors such as the security of the network, customer demand, trading volumes, and regulatory considerations.

We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time.
 

David Farmer
Director of communications at Coinbase

Bitcoin

Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen

He also makes clear that for now the customers who want immediate access to their Bitcoin Cash, the company advises to withdraw their Bitcoin from the Coinbase platform. There are several points the team wants to make clear for their customers:

  1. Both Bitcoin and Bitcoin Cash remain safely stored on Coinbase.
  2. Customers with balances of Bitcoin at the time of the fork now have an equal quantity of bitcoin cash stored by Coinbase.
  3. The company operates by the general principle that the customers should benefit to the greatest extent possible from hard forks or other unexpected events.

*The same patterns apply to GDAX exchange  

Once supported, customers will be able to withdraw Bitcoin Cash. 

 

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.