Connect with us

Blockchain

Ethereum Miners Made $285 Million From Fees in August

Miners on the Ethereum network generated over $285.1 million in revenue this August, representing a month-over-month increase of 98.2% and a 25-month high, according to research from The Block. Ethereum Fees Boom On the back of the booming DeFi market and interest in Ethereum rising as an extension. Miners on the network reaped the benefits

Read MoreRead More. The post by Shaurya Malwa appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

Avatar

Published

on

Miners on the Ethereum network generated over $285.1 million in revenue this August, representing a month-over-month increase of 98.2% and a 25-month high, according to research from The Block.

Ethereum Fees Boom

On the back of the booming DeFi market and interest in Ethereum rising as an extension. Miners on the network reaped the benefits of an in-demand and strained network by enjoying one of the highest-grossing months in terms of revenue from fees.

As the source noted, miners on the Ethereum network generated over $285.1 million in revenue this August, representing a month-over-month increase of 98.2% and an almost two-year high.

The trend of rising fees came after last month when transaction fees on the network increased significantly. Some reasons include the many funny-sounding yield farming apps like Kimchi Finance, SushiSwap, and others that led opportunistic “farmers” to lock up millions in assets.

Last month, transaction fees on Ethereum increased significantly, fueled by the yield farming mania. Fees as a percentage of mining revenue reached an all-time high of over 40.5% of the total revenue, compared to 10% in May, as data from The Block showed.

Gas expenses on the Ethereum blockchain have been unnecessarily high and a couple of days back charges were upwards of $10-15 for each exchange. At the hour of the press, ETH expenses are between 450 to 550 gwei or $3.36 to $4.11 per transaction.

As BTCManager reported earlier, miners earned a record of 30,500 ETH on Aug 12 as revenue from transaction fees – at 17,000 ETH ($6.87 million), exceeded block rewards, which stood at 13,500 ETH.

Devs Propose Lower Fees

Meanwhile, Ethereum developers are already discussing methods to lower the high gas fees involved to run the network – representing a critical point.

One such proposal proposes to offers refunds for gas expenses, which has further caught the developers thinking about whether to make significant changes to the old code.

Called gas tokens, these keen agreement escape clauses are an approach to send exchanges at little to no cost by “tokenizing” gas, the charges paid for running calculations on-chain. The component permits an Ethereum client to purchase up exchange charges when they are low, store them and afterward spend them when the expense cost unavoidably rises once more.

While the issue is as yet being talked about, a few engineers stress tokenized gas might one be able to day go about as a “value floor” for exchange charges and keep them forever high.

Like BTCMANAGER? Send us a tip!
Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4

Source: https://btcmanager.com/ethereum-miners-285-million-fees-august/

Blockchain

Canaan Sees Over 75% Decline in Net Revenue in Q3 as Bitcoin’s Price Surge

Republished by Plato

Published

on

Chinese Bitcoin mining firm Canaan has recorded a loss in yet another quarter but is showing positive signs of a recovery as share price and market capitalization spikes. Following a disappointing initial public offering (IPO) last year and declining inventory sales, the company has seen the balance of power shift considerably to major competitors MicroBT and Bitmain.

$12.7 Million Loss for Q3 2020

Bitcoin miner maker Canaan has reported a 75.7% year-on-year (YOY) decline in net revenue as part of its Q3 2020 financials published on Nov. 30. In the report, Canaan revealed that its net revenue for the period was $24 million, which also amounts to an 8.5% reduction from the earnings recorded in the previous quarter.

Following the significant drop in quarter-on-quarter (QOQ) net revenue, it is unsurprising to see Canaan post another quarterly net loss in 2020. According to its Q3 2020 financials, the bitcoin mining chip maker recorded a net loss of $12.7 million, compared to a $2.5 million loss in Q2 2020 and $14.3 million in Q3 2019.

Commenting on the firm’s Q3 financial performance, Nangeng Zhang, Canaan’s CEO and Chairman said:

“During the third quarter of 2020, we remained undeterred by the pandemic to strengthen our research and development capabilities, expand our AI business, and execute new business initiatives. By leveraging our enhanced R&D capabilities in the third quarter, we launched our A1246 product series, which continues to lead the industry with its energy efficiency, computing power, and unit cost.”

Canaan Market Cap on the Rise

Net loss aside, Canaan has been recording some positives in the latter part of 2020. Indeed, the company’s market capitalization has more than tripled from $300 million in September to about $900.8 million as of press time.

Canaan’s share price has also been on a tear in recent months, rising over 200% within the same period. With one-third of Q4 remaining, the company’s stock has risen over 170%. Maintaining the current price action could see the Bitcoin miner manufacturer’s stock price challenge its IPO float price of $9, which incidentally is its all-time high share price.

Tweeting on Canaan’s Q3 performance, @WuBlockchain identified rising inventory sales and the release of the company’s A1246 miners are contributing factors to the firm’s recent resurgence.

Canaan was also among a group of Chinese mining hopefuls looking to float IPOs in the last couple of years. However, Canaan’s offerings fell short of the mark, failing to even realize a quarter of the $400 million estimate.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/canaan-sees-over-75-decline-in-net-revenue-in-q3-as-bitcoins-price-surge/

Continue Reading

Blockchain

Ethereum Prices Return to $620 Resistance on ETH 2.0 Launch Day

Republished by Plato

Published

on

Today marks the long-awaited genesis of Phase 0 in the Ethereum 2.0 upgrade roadmap which stretches ahead for the next couple of years. According to the Beacon Chain countdown, there is now less than seven hours to go before the genesis event spawns the first block on the new chain.

The Beacon Chain explorer reports that there is currently 872,000 ETH staked which equates to approximately $525,000 at today’s prices.

No Native Scaling For a Year

The excitement over the launch is palpable but many are still unaware that the new blockchain will not actually function as anything other than providing staking rewards to validators. All of the smart contracts, dApps, and transactions will continue as usual on the original ETH 1.0 chain.

Researchers at Messari Crypto pointed out;

“When the Beacon Chain launches tomorrow, outside of bootstrapping a network of proof of stake validators, it will have little functionality.”

This also means that there will still be issues with high gas prices when the existing network comes under heavy load which is bound to happen over the next year if DeFi momentum continues and the space evolves even more.

Phase 1 will introduce scaling through sharding, which will introduce 64 parallel side chains to take the load off the main chain and increase throughput. This is unlikely to occur for at least another year from today, and even then ETH 1.0 and 2.0 will operate independently until Phase 1.5 merges them together sometime in 2022.

Either way, the Ethereum community is hyped up over the event which is the culmination of five years of research and development for the world’s largest smart contract and decentralized application network. In his latest Bankless newsletter, David Hoffman aptly said;

“We were born too late to explore the globe, too early to explore the galaxy, but we were born at the perfect moment to explore the infinite whitespace of Ethereum 2.0.”

Ethereum Prices at Resistance

Ethereum prices have returned to their June 2018 price high of $620 just hours before the launch. This level appears to have formed a double top and heavy resistance zone as it did in early 2018. A next leg up could take prices to $800 where further resistance lies, but on the downside, support can be found at around $520.

At the time of press, ETH prices had retreated a little to trade at $605 but the momentum and potential is still with it.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/ethereum-prices-return-to-620-resistance-on-eth-2-0-launch-day/

Continue Reading

Blockchain

XSigma Makes DeFi History with Nasdaq Backing

Republished by Plato

Published

on

Decentralized finance, or DeFi, has become one of the year’s most remarkable growth stories. As millions of users converge on this new paradigm-shifting technology, questions surrounding the legitimacy and accountability of DeFi platforms are becoming more critical. Although there are hundreds of companies in the DeFi sector, only one is backed by an SEC-regulated, publicly listed enterprise—xSigma Corporation.

Founded in 2018 as a blockchain research and development lab, xSigma is a subsidiary of ZK International Group (NASDAQ: ZKIN), a multinational manufacturing and technology company with a presence in Asia, Europe and North America. Through the support of its parent company, xSigma is building a decentralized marketplace that will allow for the proliferation of affordable financial services, payment solutions and custody.

XSigma’s public backing and world-class development team bring a new level of transparency, accountability and legitimacy to the DeFi sector. Through ZK International, xSigma can bridge the gap between the booming crypto vertical and the functionality of more established trade-fi platforms. The result is a solution that combines the best of both worlds: the trustless design of DeFi coupled with the functionality of traditional finance.

To aid xSigma’s development, ZK International recently announced a partnership with Dentoro Alliance LP, a major European software company that will provide key development and operational resources to the DeFi subsidiary. The Dentoro agreement adds to xSigma’s in-house capacity and reputational strength, ensuring a smooth project rollout over the next several years. XSigma currently employs an award-winning team of software developers, project managers and engineers formerly of Google, Facebook, Amazon, Ripple Labs, 1inch and others.

ZK International provides xSigma the human and capital resources required to address the myriad issues currently undermining DeFi adoption, especially among more traditional mainstream investors. XSigma’s forthcoming decentralized exchange will offer a user-friendly platform for token swapping, farming, governance and account management. Further down the road, these functionalities will be enhanced with new lending and borrowing services, a regulated custodial exchange and a derivatives platform for blockchain assets. XSigma’s enhanced user experience will replace the faulty UI, stuck transactions, pricing error and pooling issues that currently plague DeFi projects.

The DeFi solutions that prevail in the long run will combine outstanding technology with a team, vision and backers of equal caliber. Through ZK International, XSigma is in a position to lead the nascent DeFi industry and onboard a new generation of users.

Get the latest updates on xsigma DeFi by visiting ZK International and following us on social media.

Website: https://xsigma.fi/
Discord: https://discord.com/invite/FpkMHJq
Twitter: https://twitter.com/xSigma5
Telegram: https://t.me/xsigma_global

Source: https://www.newsbtc.com/news/company/xsigma-makes-defi-history-with-nasdaq-backing/

Continue Reading
Blockchain4 days ago

Five Reasons Ethereum Has Entered a New Bull Market

Blockchain5 days ago

Five Reasons Ethereum Has Entered a New Bull Market

Blockchain5 days ago

ViaBTC launches new cloud mining service with BTC and ETH contracts available

Blockchain4 days ago

YFI and UNI are now available for trading on CoinJar!

Blockchain1 day ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain1 day ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain5 days ago

China’s national blockchain project adds Polkadot support

Blockchain4 days ago

Bitcoin Indicator Reaches Historical Extreme: Price Sheds Two Thirds Upon Reversal

Blockchain4 days ago

Majority of Indian investors see ‘no easy way to enter’ crypto

Blockchain4 days ago

Coinbase CEO Fears Rumored Regulations Proposed By The Trump Administration

Blockchain2 days ago

Kraken Daily Market Report for November 28 2020

Blockchain1 day ago

Wall Street Giant Guggenheim Fund Seeks SEC Approval to Buy Bitcoin Worth up to $500 Million

Blockchain1 day ago

Wall Street Giant Guggenheim Fund Seeks SEC Approval to Buy Bitcoin Worth up to $500 Million

Blockchain1 day ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain5 days ago

How One Crypto Player’s Winnings have Reached $275k at CryptoSlots in Two Years

Blockchain4 days ago

B2BinPay Adds LINK to the List of Available Cryptocurrencies

Blockchain2 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain2 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain1 day ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain16 hours ago

Can DeFi indices finally make crypto-based passive investing worthwhile?

Blockchain5 days ago

Five Reasons Ethereum Has Entered a New Bull Market

Blockchain4 days ago

What happens to your Bitcoin when you die?

Blockchain3 days ago

Breaking Down the Effect of Bitcoin’s $3,000 Drop on the Futures Market

Blockchain2 days ago

Bitcoin Climbs 5%, Why $18.2K Holds The Key For More Upsides

Blockchain2 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain1 day ago

Bitcoin mining difficulty approaches ATH as price stabilizes above $18K

Blockchain1 day ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain1 day ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain1 day ago

Ethereum soars 25% from the recent dip, eyes on $625 as bulls swing back into action

Blockchain5 days ago

Coinbase CEO Fears Rumored Regulations Proposed By The Trump Administration

Trending