SBI Holdings to Issue S Coin for Mobile Payments

Companies Orb and Glory Corporations will be the partners of the project
27 September 2018   609

In October, the Japanese financial giant SBI Holdings will launch a token called "S Coin" in a test mode. The coin will be available for mobile payments, CCN reports.

Orb and Glory Corporation will act as partners of the holding. SBI employees are the first to test the token when calculating in corporate restaurants. The authors of the project believe that this will allow to study the possibilities of blocking technology for non-cash transfers and to study the details of the process.

During the test, SBI will introduce ATM technology from Glory to the S Coin platform. Latter, credit cards and coin wallets will be integrated.

The developers promise that the solution will allow to carry out transactions with fast conversion of the currency into tokens. Also, the S Coin platform will allow users to produce their own digital coins.

In turn, the provider Orb will provide blockchain based solutions for payment transactions.

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.