Market Update 5.08.19 – Bitmain’s Hashrate Has Declined Significantly

| Publish date: 05/08/2019
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Bitmain’s Hashrate Has Declined Significantly

The cryptocurrency mining major Bitmain has seen a noticeable decline in its hashrate in the last 30 days. The company disclosed the data on May 7. According to the data, which analyzed all Bitmain-owned mining equipment, the company’s hashrate, which is calculated from the SHA256 hashing algorithm that is used in the BTC mining network, has fallen from 1692.35 quadrillion PH/s (hashes per second) to 237.29 PH/s in the last 30 days.

The two mining pools that are operated by Bitmain – BTC.com and Antpool – contributed almost 41% of the total hashing power of the complete BTC mining pool in mid-2018. By January 2019, that percentage had dropped to just 23%.

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Binance May Look at BTC Rollback After Hack Attack

The founder and CEO of the major cryptocurrency exchange Binance, Changpeng Zhao stated that his team was contemplating doing a rollback on the BTC (Bitcoin) network after the exchange was hit by a hack attack on Wednesday that led to the theft of almost $41 million in BTC.

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It was during the Ask-Me-Anything live Q&A session that Zhao held at 03:00 UTC post the announcement of the attack that the CEO addressed a question related to this subject.

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BAU Opens Blockchain Center at Boston’s NEU

According to local news reports, Bahcesehir University (BAU) from Turkey has opened a new center at the Northeastern University (NEU) in Boston to give support via information on Blockchain technology.

Besides providing informational support, the new BAU-NEU Blockchain Laboratory will be applying for funds in the US, Turkey as well as the European Union in order to boost Turkey’s presence in the industry and also attract experts from this field. The Chairman of the BAU Board of Trustees Enver Yucel stated that he would also like to begin Blockchain-related education programs at the Masters and Doctorate levels.

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Total Market Cap: May 08

After the big drop when the news of the hack attack on crypto exchange broke, the capitalization of the cryptocurrency market has recovered somewhat and is now at $185.21 billion. Trading volumes are at $51.26 billion.

Bitcoin Price Analysis: May 08

After falling by almost $290 on the news of the Binance hack, the price of Bitcoin has stabilized somewhat and is now down by 0.74% to $5892.18. Capitalization is at $104.22 billion and the crypto is seeing trading volumes of $16.50 billion.

Ethereum Price Analysis: May 08

Since yesterday’s highs, the price of ETH is down by 3.87% to $170.74. The altcoin’s experiencing trading volumes of $7.46 billion and its capitalization is now $18.09 billion.

State of the Top 10 Cryptocurrencies: May 08

While most of the market struggles with the news of the Binance hack attack and remains down, one coin, ABBC Coin, currently at 44th place in terms of capitalization, has jumped up by 43.54% in the last 24 hours. For the top ten cryptocurrencies, all are trading in the red, with Binance Coin leading the losses with a 4.98% decline in its token price.

  • Bitcoin’s trading at $5892.18, down 0.74%. In the crypto market, the asset is now worth $104.22 billion.
  • Ethereum’s trading at $170.74, down 3.87%. In the crypto market, the asset is now worth $18.09 billion.
  • Ripple’s trading at $0.300791, down 1.45%. In the crypto market, the asset is now worth $12.67 billion.
  • Bitcoin Cash’s trading at $285.10, down 3.21%. In the crypto market, the asset is now worth $5.06 billion.
  • Litecoin’s trading at $74.65, down 3%. In the crypto market, the asset is now worth $4.60 billion.
  • EOS’s trading at $4.90, down 1.27%. In the crypto market, the asset is now worth $4.46 billion.
  • Binance Coin’s trading at $21.06, down 4.98%. In the crypto market, the asset is now worth $2.97 billion.
  • Tether’s trading at $0.996029, down 0.28%. In the crypto market, the asset is now worth $2.76 billion.
  • Stellar’s trading at $0.094103, down 4.35%. In the crypto market, the asset is now worth $1.80 billion.
  • Cardano’s trading at $0.064358, down 4.44%. In the crypto market, the asset is now worth $1.66 billion.
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