ICON & SK Planet to Sign Cooperation Memorandum

Parties plan to transform the existing structure of digital marketing and develop a medium-term and long-term plan to improve the quality of customer service
20 September 2018   779

Representatives of the ICON blockchain project signed a memorandum of understanding with the South Korean telecommunications giant SKPlanet. The goal of the cooperation was the opening of new market opportunities and the introduction of distributed ledger technology into the telecom industry.

It is noteworthy that about 50% of South Korea's population use SK Planet services. In many ways, the decision to cooperate with ICON was made in connection with the desire to transfer the business to work with cryptocurrencies.

Leading South Korean mobile services, such as OK Cashbag and Syrup (operated by SK Planet), use the blockchain technology.

As part of the cooperation, the parties plan to transform the existing structure of digital marketing, as well as develop a medium-term and long-term plan to improve the quality of customer service in online and offline zones.

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.