SBI Ripple Asia brings together 61 banks

SBI Ripple Asia brings together 61 banks representing 80% of Japan's total assets
11 June 2017   3989
Ripple

Is a real-time payment protocol, a shared public database with a built-in distributed currency exchange operating as the world's universal translator for money

A year ago SBI Ripple Asia announced the creation of a Japanese consortium of banks which was to use Ripple’s technology for payments and settlement.

A few months later, the consortium grew to 47 banks that successfully completed a pilot implementation of Ripple to enable real-time money transfers both domestically and internationally – with the goal of going live by year end.

Now, in less than a year, SBI Ripple Asia brings together 61 banks representing 80% of Japan's total assets. All three of Japan’s largest banks have now joined the Japan bank consortium using Ripple, including Sumitomo Mitsui Banking Corporation (SMBC), MUFG and Mizuho. 

Moreover, the consortium intends to expand further and non-Japanese banks based in Japan interested in joining can contact the consortium. As the copmpany reports, banks outside of Japan are also welcome to contact Ripple to be connected.

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.