Energy Company to Perform Blockchain Rebranding

Company had already lost more than $1 million of its cryptocurrency investments
22 August 2018   450

The energy company Global Energy Resources International Group, despite millions of dollars losses on crypto-currency investments, announced plans for rebranding, within which its new name will indicate a link with the blockchain industry. This is reported by CoinDesk.

The application for the change of name has already been submitted to the Hong Kong Stock Exchange, where its shares are traded. The Chinese company name will be changed to Global Token Limited.

The application states that the company has launched crypto-currency trading platforms in Hong Kong in recent months, and has also made several investments in crypto-currencies and technologies based on the blockchain.

According to Global Energy Resources International Group, the total volume of its investment in crypto-currency assets at the end of June was $ 2.4 million. Due to the fall of the market, the company lost almost 50% ($ 1.02 million). At the moment, among the company's crypto-currency assets are 2 135 ETH and more than 20 million XPA tokens.

Global Energy Resources International Group is headed by Chinese billionaire Chen Ping.

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.