New York officials looking into four bills about blockchain

New York lawmaker introduced four new bills to research possible uses of blockchain by the state government
04 December 2017   698

Assemblyman Clyde Vanel proposed four new bills in effort to establish legal background of blockchain and study the possible implementation of blockchain protocol in state affairs.

The first bill is centered around legal definition of blockchain and smart contracts. It alows to update New York's technology law to legally recognize blockchain and its digital signatures.

The second bill establishes a research project for state board of elections into possible usage of blockchain technology in protection of voter records and election results. A year is given to make a report whether the platform can prevent or lessen the amount of voter fraud, improve the security on digital voting platforms and more efficiently count and share voting results.

The third bill would, if passed, also create a research team looking into possibility of government using blockchain to securely store records and quickly exchange information. This was already tried in Vermont in 2016, but wasn't approved by local authorities. At least one public hearing would be held during the study.

The fourth bill is proposing the creation of a special digital currency task force to evaluate the impact of cryptocurrencies on New York financial sector.

Similar efforts were made in Arizona earlier this year and in Vermont in 2016. Vermont government in the end declared the cost of blockchain implementation too high to consider any possible benefits. Arizona, in turn, passed the law and updated its Electronic Transaction Act making blockchain signature equal in force to electronic signature and blockchain-driven smart contracts to be legally binding as any other electronic contract.


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   75

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.