Rupee changes its mining algorithm

Rupee is preparing to release renewed algorithm for mining on April 16 featuring ASIC-resistance
07 April 2018   1109

The release date for new code to implement Lyra2REv2 in the Rupee blockchain is set to April 16. Back in February, the development team has successfully begun the testing phase of Lyra2REv2. The progress of the phase can be monitored publicly at the Github testnet. A certain level of alignment with several different third-party providers.

Namely, the code and wallets at all of Rupee-operating exchanges should be updated before the algorithm is available for mining purposes. As the exchanges are busy most of time, the upgrade process will be coordinated with the consideration of the exchanges' schedule. The final review of the code is completed by now.

At the moment of publication, the market parameters for Rupee are as follows:

Average price: $0.069962

Market cap: $1,603,281

Volume (24H): $3,475

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   166

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.