TenX raises $80m in cryptocurrency sale

Singapore startup raises $80 million for cryptocurrency payment system for everyday life
30 June 2017   2008

Singaporean based startup TenX was founded in order to solve the problem of cryptocurrences being not much usable in everyday life.


Is an open-source blockchain-based distributed computing platform featuring smart contract functionality, which facilitates online contractual agreements 

According to a company blog post, TenX raised the equivalent of 245,832 Ether with a value of around US$80 million. These were exchanged for the company’s own PAY tokens, at a rate of 350 PAY to 1 ETH.These PAY tokens provide access to part of the revenue that TenX generates from its payments service, in addition to serving as a loyalty scheme to its users.

The participants had only 7 minutes to submit their contributions to TenX’s receiving address before TenX stopped accepting further offers at 1:07 p.m. UTC. Thus, around 4,000 people directly participated in the token sale. Roughly 40,000 people did not manage to swap their tokens and will have to wait until July to get another chance to do so when the PAY tokens will be tradeable on cryptocurrency exchanges all over the world.


Distributed database that is used to maintain a continuously growing list of records, called blocks

According to TenX, the funds raised will be used to the further development of the payment system. This will include the creation of mobile and web applications, the expansion of the list of payment services, as well as the ability to connect any blockchain system, which, accordingly, will lead to the addition of new crypto-currencies.

Below you can see a table with all the currencies that were received during the pre- and tokensale:

Financial Summary TenX Tokensale

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.