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Investment of 3.6m Euros for Terabyte

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Coingeek Funds Terabyte Block Initiative for Bitcoin Cash With 3.6M Euro

On January 15 the digital currency media outlet and blockchain organization Coingeek owned and worked by the financial tycoon Calvin Ayre declared financing an initiative called the ‘Terab Project’ with 3.6 million euro. Coingeek and its partners Nchain and Lokad, plan to enormously scale the bitcoin money blockchain to terabyte (1 million MB) estimate squares which could permit 7 million exchanges for every second.

Coingeek funds the Terab Project with 3.6Mn euro.

Coingeek.com has uncovered to people in general that it is financing the open source advancement of 1 terabyte blocks for the bitcoin money (BCH) convention. The organization is teaming up with the French quantitative store network technology provider, Lokad, and additionally bolster from Nchain and its central researcher Craig Wright.

“The legacy Segwit bitcoin has shackled its own progress by refusing to allow the current block size cap (1MB) that only allows for 3-4 transactions per second to be lifted and thus has fated the coin to the dustbin of cryptocurrency history,” Coingeek’s declared. In any case, last October, the BCH people group welcomed the news that a 1 gigabyte (GB) piece was effectively mined and engendered through the ‘Gigablock Testnet Initiative,’ the joint effort between Bitcoin Unlimited and Nchain.”

Millions of  Transactions Per Second

Lokad author, Joannes Vermorel has as of late investigated and clarified that terabyte-size blocks are practical on the BCH chain. By subsidizing the Terab Project with 3.6 million euro, Coingeek believes this kind of scaling could enhance exchange throughput exponentially expressing amid the declaration:

 

A single terabyte block (added every 10 minutes) can contain about 4 billion Bitcoin transactions, and provide capacity of 7 million transactions per second — The scale of a network with 1 TB blocks would be immense, and enable BCH to power not just monetary transactions but machine-to-machine data transactions of many types.

 

The Terab Project Is Only Meant for a Peer-to-Peer Electronic Cash System

Coingeek says that Nchain’s main researcher Craig Wright will work intimately with the Terab Project, and Lokad will enlist and deal with a group to build up the Terab programming. The Terab Project and its features will oly be build for the BCH chain. Coingeek’s owner, Calvin Ayre believes this kind of advancement is intended to be connected to Satoshi’s vision a “peer to peer cash system.”

“The reactions of cryptographic forms of money are exceptionally valuable as they enable us to perceive what obstacles we need to bring down to accomplish low-fee smaller scale exchanges — They are a couple of more which we will address at the appropriate time however rest guaranteed we will demonstrate that BCH is the one true chain,” Ayre points of interest amid the Coingeek declaration.

Additionally, Coingeek reveals that it plans to fund more projects that are focused on enabling the growth and adoption of the bitcoin cash network. The company says that if developers within the open source community have ideas or applications they would like to create for BCH they can contact Coingeek for possible funding.

 

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Crypto market stabilizing gradually

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Crypto market is stabilizing around $450 billion market cap after gradual increase in overall value in recent weeks.

Leading crypto currencies are on the rise, lead by Bitcoin, Ethereum, Bitcoin Cash and Ripple. Although increase in bitcoin value is less as compared to other crypto currencies but overall market is on rise with current market of $440 billion.

Bitcoin is currently hovering around the $9300 mark after being rejected at $10000 mark couple of times in last days, Ethereum is on the charge as well but the most surprising one is Bitcoin cash. Bitcoin cash was at $600 couple of weeks ago and now at $1600, shows rapid growth in recent weeks.

EOS

Crypto currency of the month has to be EOS, investors of EOS are enjoying a massive rise in value in past few weeks, EOS started April at $5 mark and now is at $18 , value of EOS increased more than 3 times within one month.

Current top 5 crypto currencies

  1. Bitcoin : $9388
  2. Ethereum: $741
  3. Ripple: $0.83
  4. Bitcoin Cash: $1630
  5. EOS: $18.28

 

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Take a Crypto Pill

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Crypto Pills

Crypto market is crashing, we all know that, panic sellers are taking over the market with massive sell-off. You can’t control that, just calm down and take a Crypto Pill to make things easy.

Crypto Pill is the term being used by industry leaders to make things calm down from recent fiasco, yesterday a leaked news from CFTC about Bitfinex and Tether made things even more difficult for crypto traders, short sellers went all into the market with massive short bets, and they won, Bitcoin price slipped below $10000 level to as low as $9500, but later on recovered to $10K , but selling pressure is still there.

First South Korea and now US

First it was South Korea, the country with massive trading volumes in crypto market, they announced to ban anonymous crypto trading and ban took place effective from 30th Jan 2018, then a sudden news came from US market when Bloomberg broke the news that US financial regulatory authority CFTC investigating Tether and Bitfinex, but later on it was confirmed that news was from December last year, which made market calm down a little bit after all that tension and hype about US crackdown on crypto currencies.

HODLers will take over market soon

Despite of all this fiasco, Hodlers are still holding their Crypto currencies, they are not giving up and they holding for their dear life, it is very much possible that they take over this market in near future, making another uptrend in coming months.

 

 

 

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Venezuela is the cheapest country to mine Bitcoin

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Cost of mining one Bitcoin in Venezuela is just $531 

Most expensive country to mine Bitcoin is South Korea, where cost of mining one bitcoin is $26,170

After recent crackdown by Chinese Government on Bitcoin miners, most talked about topic in bitcoin community is that which country would Chinese Bitcoin miners chose to shift, as many research firms were working to find the best possible option for the miners, one of the best option is Venezuela, where cost of mining one bitcoin is the cheapest, just $531, as compared to China where cost of mining one bitcoin $3172.

Others with lower costs are Bangladesh, Belarus, Paraguay, Serbia and Trinidad & Tobago. The most expensive is South Korea at $26,170 per coin. The U.S. cost is $4,675.
Calculations for the amount of energy consumed were based on the average usage of three popular types of mining equipment: the AntMiner S7, the AntMiner S9 and the Avalon.

Bitcoin mining consumes a lot of energy and according to one estimate, Bitcoin mining currently consuming energy which is more than 159 countries, including countries like Ireland

Bitcoin mining leading surge in global electricity consumption

 

 

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