ViaBTC unveils Bitcoin Cash Token and BTC ABC mining pool

ViaBTC exchange introduces the Bitcoin Cash (BCC) Token and launches a Bitcoin Cash mining pool 
17 July 2017   1831
Bitcoin

Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen

On August the 1st, the Bitcoin User Activated Soft Fork (UASF) is to be activated. The UASF is intended to address scaling issues faced by the Bitcoin network by accelerating the adoption of Segregated Witness. 

Recently, at “The Future of Bitcoin Conference 2017”, big block of supporters presented a BitcoinABC solution, which has an 8mb block size default, but does not include the upgrade for Segregated Witness (Segwit).

Since then, as ViaBTC reports, the exchange have received multiple inquiries from miners and users, asking if ViaBTC would be supporting BitcoinABC mining. Thus, ViaBTC published a statement concerning the possible upcoming Bitcoin User Activated Hard Fork (UAHF):

We decide to make precautions for the upcoming UAHF and provide a new option for users, on the basis of our support of SegWit2x under New York Agreement. We will designate the token “Bitcoin Cash” (BCC) to the possible split coin led by the activation of UAHF.
 

ViaBTC on Medium.com

 Viabtc is also launching a BCC mining pool:

On 22nd July 2017, we will be launching a brand new BCC mining pool and lock the activation time of UAHF at 12:20 1st August 2017 (UTC Time).
 

ViaBTC on Medium.com

Blockchain

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

Those who want to mine on the new BCC blockchain can begin mining in the new pool on July 22th, but they can only mine bitcoins since the fork has not taken place yet. On August the 1st, the new pool will automatically switch from mining bitcoin to BCC, ViaBTC detailed.

On July 22th, the company’s cloud mining division is to start offering BCC-mining contracts. On this day, the customers will be also given an opportunity to trade their bitcoins for two new assets on Viabtc’s exchange: the new BCC token and a temporary asset called Btc_Frozen2, which “represents frozen BTC assets and is not available for trading.” 

According to Viabtc, the customers could trade 1 BTC into 1 BCC token and 1 Btc_Frozen2 token, or vice versa. After UAHF activates at 12:20 UTC time on August 1st, all of the Btc_Frozen2 assets will be redeemed as bitcoins and it will be decided on the best timing to allow deposit and withdrawal for BCC, as ViaBTC reports. 

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.