Nigeria will not insure crypto transactions

This was announced by The Nigerian Deposit Insurance Corporation
28 November 2017   1077

The Nigerian Deposit Insurance Corporation (NDIC) warns that the state will not provide insurance protection to transactions made with the help of any cryptocurrencies (for example, bitcoin), not issued by the Central Bank of the country.

If you can buy a bitcoin, nobody will stop you. It is at your own risk. A bitcoin is not covered by the CBN [Central Bank of Nigeria] rules and NDIC will not insure it. We have consistently warned Nigerians that anyone who trades in bitcoin does so at his own risk.

 

Mohammed Umar

NDIC’s director of research for policy and international relations

Five specific currencies figured in the circular: Bitcoin, Ripple, Monero, Litecoin and Dogecoin. Earlier, Nigeria's central bank notified the financial institutions of the country about the need to limit crypto-transactions or other related transactions.

Despite these statements, it is clear that Nigeria lacks any means to limit the use of cryptocurrency by citizens or everyday investors. At the same time, countries such as Japan, Iran and Bahrain are ready to legally recognize bitcoin as an official form of payment.

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   241

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.