Japanese regulators plan more raids

Following the massive hack of Coincheck several virtual currency marketplaces are under scrutiny
08 February 2018   1104

Japan’s Financial Services Agency intensifies oversight in hopes the businesses will take stronger security measures for consumers’ protection. On-site inspections are planned for this week, as earlier operators were asked to report on asset management, corporate governance and security. However, many companies provided vague details on their business model or were found to have low security measures in terms of asset management.

Without the scrutiny of the regulator and also the lack of professionals in cybersecurity and internal auditing on the market may lead a slow pace of the improvement. Hopefully, the planned raids will make the necessary push for more security and stronger safety in the virtual currency industry. A reprimand will lead to disciplinary measures such as improvement orders

In the race for customers’ attention, many operators didn’t properly address the security consequences of such actions.Among the total 32 cryptocurrency exchanges, Coincheck is currently one of the 16 platforms that are not formally registered with the FSA because the operation started before the cryptocurrency law went into effect last April in Japan.

Bitmain to Reduce BTC Mining Hashrate by 88%

Total hashrate of Bitmain equipment used for mining on the SHA-256 is 237.29 PH\s; month ago it was 2072 PH/s
08 May 2019   239

The leading manufacturer of mining equipment Bitmain in the past 30 days has reduced the hashrate of bitcoin mining by 88%. This is evidenced by data reporting, which the company publishes monthly.

As of May 7, the total hashrate of the equipment used by Bitmain for mining cryptocurrencies on the SHA-256 algorithm (Bitcoin and Bitcoin Cash) is 237.29 PH/s.

Bitmain's Hashrate on Different Algorithms
Bitmain's Hashrate on Different Algorithms

At the same time, just a month ago, the volume of the respective capacities was 2072 PH/s.

Based in Beijing, Bitmain not only manufactures equipment that is popular among miners, but also mines cryptocurrency using its own resources. The company began to publish reports on the available mining facilities in July last year. At that time, the hashrate of SHA-256 equipment was 1692 PH/s.

By October 2018, the hashrate had risen to 2339 PH/s, but by March it had already dropped to 1700 PH/s. Against this background, the share of Bitmain's computational power in the total bitcoin hashrate decreased from 4% to 0.4%.

After the April BTC price recovery, the amount of computing power of Bitmain began to grow again. At the same time, the total hashrate of the first cryptocurrency network, which has updated the six-month maximum by the beginning of May, began to recover with confidence.