Giga Watt to Declare Bankruptcy

Mining company ows million of dollars to investors
21 November 2018   389

The American mining company Giga Watt filed bankruptcy documents in a court of the Eastern District of Washington, CoinDesk reports.

Giga Watt's lenders include approximately 20 companies, including utilities and electricity providers. The total liabilities range from 10 to 50 million US dollars. At the same time, the company's assets are estimated at only $ 50 thousand.

According to Crypto News, in August 2018, the company reduced its staff from 63 to 16.

Giga Watt was founded by bitcoin miner Dave Carlson. In May, the company held a tokensale during which it managed to raise $ 22 million.

The company raised funds for the launch of mining and the creation of a vault for cryptocurrency. In exchange for the investment, investors should have received either Giga Watt tokens or mining equipment. Tokens would give investors exclusive rights to use the company's premises without a lease for 50 years.

However, at the beginning of this year, it became known that a class action was filed against Giga Watt, in which the company was accused of conducting an unregistered offer of securities. Also, the lawsuit states that the construction deadlines were not met, and promises to refund the funds were not fulfilled.

Zcoin to Implement Hard Fork to Fight ASIC Mining

After update, which implement new  Merkle Tree Proof algorithm, the cost of mining on ASIC devices will be significantly increased
10 December 2018   78

On Monday, December 10, a planned hardfork will be held in the Zcoin cryptocurrency network (XZC), the purpose of which is to oppose mining on ASIC devices. As expected, the upgrade will take place at 12:00 GMT.

As a result, the upgrade will activate a new algorithm called Merkle Tree Proof (MTP), the development of which has been carried out over the past few years.

It is noted that the MTP algorithm provides for increased use of RAM, which significantly increases the cost of mining on ASIC devices and thereby eliminates their advantages.

The FAQ section says that before hardfork users and operators of the nodes need to upgrade to the latest version of the Zcoin software (0.13.7.4). Earlier versions will continue to work, but the new release not only contains important fixes for various bugs, but also significantly improves network performance and throughput.

In addition, the developers warn that if after the hard forks the user still has an earlier version of the software, this can lead to incorrect display of balances in the Zcoin wallet.

Znode operators, in turn, will be excluded from the queue and will not be able to receive the award until they update the software to the latest version.

Zcoin Price
Zcoin Price

These news don't have any big effect on Zcoin's rate.