Source for BlockChain News

Monthly archive

February 2008

Bitcoin Mining Manufacturer Canaan Files for IPO in US Worth $200 Million

by
Canaan

Canaan

As per a report, Canaan Creative, the major Bitcoin miner manufacturer, is supposed to have confidentially filed for an IPO in the US.

As Bitcoin has grown into one of the biggest cryptocurrencies in the world, a range of industries have cropped up that are seeking to provide services that will help create a more robust ecosystem, and most of them are bearing fruit.

For instance, new crypto exchanges are cropping up every other day, and it has become an industry in itself. However, not much has yet been talked about the wide range of companies that are solely involved in the mining of Bitcoins, and one of the companies that has made a name for itself in this space is Canaan Creative.

Key Details

It has now emerged that the company is all set to be the first Bitcoin mining company to have its own initial public offering in the United States. It goes without saying this is a significant development for the Bitcoin mining industry at large. It is interesting to note that Canaan had planned to have an IPO in Hong Kong back in 2018 but eventually pulled out. The reason for this probably lies with the state of the crypto market last year. However, 2019 has been a superb year for Bitcoin, and in the first half of the year, the token went on a massive bull run that threatened to replicate the one it had back at the end of 2017.

>> Litecoin Halving: What You Should Know Before the Big Event

Canaan is a Chinese company that is involved in the manufacturing of crypto mining hardware, and in its filing, the company stated that the size of the IPO is going to be $200 million. That being said, the United States Securities and Exchange Commission is going to examine the company’s mining rigs before it allows the listing to take place. This is, without a doubt, another example of the sort of impact that Bitcoin has had on the markets in general, and it is believed that its influence is going to expand in the future.

Featured image: DepositPhotos © zoomteam

If You Liked This Article Click To Share

Crypto Insurance Market to Get Boost in Coming Years

by
crypto insurance

crypto insurance

Around a decade ago, something called crypto insurance would have drawn puzzlement from everyone. The creation of crypto exchanges made it possible for millions of people all over the world to buy crypto tokens with ease.

Key Analysis

However, the creation of exchanges also drew the attention of hackers, who have, over the years, made away with billions of dollars worth of cryptocurrencies. It is something that has dogged crypto exchanges for many years, and it seems that some of the world’s biggest insurers have finally come up with a solution. It has emerged that Aon and the legendary insurance firm Lloyd’s of London are all set to enter the crypto insurance market.

The cryptocurrency market is currently valued at $300 billion, and its value is only expected to rise in the years to come. Hence, crypto insurance is an idea whose time has come. Lloyd’s of London is a company worth $45 billion and remains the biggest insurance broker in the world. It connects clients to insurers. In 2019 alone, Lloyd’s brokered the $255 million insurance value for crypto exchange giant Coinbase and also the $100 million policy that belonged to BitGo. Aon, the second-biggest insurance broker in the world and rival of Lloyd’s, was also part of the Coinbase deal.

>> Which Cryptocurrencies Will Survive the Next Decade?

Over the years, cryptocurrency exchanges have become increasingly vulnerable to attacks from hackers, and to date, as much as $460 million worth of crypto tokens have been stolen. Binance, the world’s biggest crypto exchange by trading volume, was a victim of a hacking attack earlier in 2019 and lost $40 million. It is important to note that Binance is well known for being one of the most secure platforms and the hack on the platform created a lot of panic in the crypto space. However, the insurance companies are raking it in as the crypto space keeps growing. An expert stated that crypto insurance pays out anything between $200 million and $500 million in premiums to the various insurance companies.

Featured image: DepositPhotos © tashatuvango

If You Liked This Article Click To Share

Bitcoin Extends the Fall, Now at One-Month Low Below $8K

by
Bitcoin

Bitcoin

The year commenced with a massive rally in Bitcoin (BTC) that ultimately led to a sustained bull run, and the price of the world’s biggest cryptocurrency eventually reached levels that raised visions of 2017’s climb. However, that eventually came to an end, and the last few months have been pretty tough for the crypto industry at large.

Why the Sudden Reversal?

In a new development that would come as a bit of a shock for many in the crypto space, BTC has collapsed to below $8,000 levels today. This is the lowest level for the cryptocurrency in a month, and the latest plunge comes after BTC had been on a bit of a downward spiral for around a week.

At the start of the year, it had been thought that 2019 was going to be a particularly good year for Bitcoin, since institutional money and fresh investors were going to flock to the cryptocurrency. With new money flowing in, the price of the token would have increased steadily as well. However, that has not come to pass. According to the head of investment at asset manager Acra, BTC has seen very low volumes, and fresh capital has not come into it at all in recent days. At the same time, other asset classes, like stocks or bonds, have generated highly impressive returns.

There is a consensus among experts that money may be moving on from BTC and crypto to other asset classes. Earlier on in November, the CEO of Luno, Marcus Swanepoel, observed in a note, “The downward pressure is being caused by a divergence of investment strategy across all asset classes, which has created indecision and cautiousness.”

>> Binance Drops Out of CryptoCompare’s Top 10 Exchanges

The past few days have definitely given the impression that a hard selloff has been taking place, as money is being taken out of the marketplace by traders. However, it should be noted that Bitcoin has had bigger drops and has come back stronger than ever.

Featured image: DepositPhotos © EdZbarzhyvetsky

If You Liked This Article Click To Share

Which Cryptocurrencies Will Survive the Next Decade?

by
cryptocurrency

cryptocurrency

In the last ten years, we have seen the cryptocurrency and blockchain industry thrive and adapt to our economic and technological landscape. During that period, the global market cap rose from near zero to its all-time-high of $800 billion in early 2018. While the current market cap is nowhere near that number right now, this does not take away from the milestone. During that period, we have also seen the rise of the altcoin market, with one coin even reaching a high enough status as to rival Bitcoin; namely Ethereum. And this is not to even mention the developments that have taken place to the blockchain.

Cryptocurrency has managed to reach a state where it is regularly discussed within financial circles, and constantly featured on economics-based news sites. It is fair to say that cryptocurrency is here to stay, but which coins will make the cut? The last ten years have seen multiple coins and tokens come and go, with many falling into obscurity. This begs the question: which coins will survive the next decade?

Environmentally-Friendly Coins

A 2018 study found that Bitcoin consumes, at a minimum, 2.55 gigawatts, which is near-equivalent to the electricity consumption of Ireland. It is fair to say that this is a large quantity of energy, and this is only for one coin. There are no clear and wide-scale statistics on how all cryptocurrencies have collectively impacted the environment, but considering how Bitcoin is consuming so much, it is likely that the whole industry is harming the environment much further.

In large part, this is due to the way Proof-of-Work blockchains operate, as they rely on excessive processing power. At the start of the industry, there was no way of avoiding this; however, nowadays, there are numerous other consensus algorithms that require less energy. Proof-of-Stake coins, such as DASH, and DAGs, such as IOTA, use considerably less power than the likes of Bitcoin and Ethereum. As society becomes more environmentally conscious, these types of coins will continue to thrive.

AI-Focused Coins

Artificial Intelligence has been steadily improving as a field, and in recent years it has been recognized by the blockchain industry. Cryptocurrencies such as DeepBrainChain and Velas place a high focus on AI, using it to maintain their blockchains and set the agenda for their milestones. AI is an extremely useful asset in this area, as cryptography focuses on large quantities of data, and nothing handles the processing of data like AI. The next ten years will see AI expanding its reach further, and coins that utilize it will go far.

>> Crypto Phone to Be Launched by Samsung: What You Need to Know

Coins Designed for Global Expansion

For a coin to be futureproof, it needs to be ready for global adoption. This means that it needs to have protocols in place to prevent it from slowing down during periods of high traffic, and a mechanism for controlling transaction fees. Without these, coins are set to fail before they even become popular. Even though Bitcoin struggles with both of these features, many of its contemporaries such as Ethereum don’t. Bitcoin is only allowed to survive through these issues because of its name recognition, and the fact that it was the first within the industry. No other coins or tokens are afforded the same privilege.

Cryptocurrencies that adhere to these factors have a high chance of sustained success within the next decade. This type of finance will not be going anywhere, but it is sure to undergo several changes in the time to come. It’s hard to guess which coins will stand the test of time, but a fair assumption would be that the ones that are ready for the future will survive into it.

Disclaimer: I currently hold a small amount of Bitcoin and XRP. I am associated with none of the companies mentioned.

This article was curated through CryptoCurrencyNews’ Contributor Program. If you would like to write for us, send us your submission!

Featured image: DepositPhotos © kentoh

If You Liked This Article Click To Share

Go to Top