Cryptokitties enters China, Hong Kong and Taiwan

The most successful consumer product built on blockchain launches with an iOS app limited to 5,000 players
08 March 2018   957

Today, Cryptokitties becomes officially available in China, Hong Kong and Taiwan. It comes from North America, where it blasted with gigantic success in 2017 that also resulted in a massive overload of Ethereum network. In order to address this issue and mitigate the potential risk Cryptokitties is open for 5,000 players only. The game comes in the form of an iOS app and those who wish to play need to join Cryptokitties official account on WeChat and register their email address on a special entry page. Meanwhile, random lucky players will be awarded with open spots. The launch is accompanied with the start of a localized website, native-speaker support and several giveaway events.

The brand ambassador will be renowned Chinese illustrator Momo Wang. As the special edition Cryptokitties Artist series is under development by well-known artists, Momo Wang will be the first such contributor. A significant increase of transactions on Ethereum is expected as these special edition cats are on high demand. Notably, one of the cats will be put on a global auction, and it will be one of the initial examples an artist auctioning ownership of their art via blockchain platform.

We created CryptoKitties to make blockchain technology accessible to everyday consumers. Games like CryptoKitties drive adoption of emerging technologies like blockchain. They also showcase blockchain's potential beyond cryptocurrency, gifting users with a working fluency in the underlying technology by hinting at what the future of digital art ownership may look like.

 

Benny Giang

Co-founder,  CryptoKitties

Cryptokitties is the largest Ethereum network based game that has gained 1.5 mln users registered and been a go-to method for over $40 mln worth transactions. The game is also responsible for approximately 25% of the network traffic at its peak.

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   63

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.