GMO turns off production, Bank of America patent, Clovr survey

GMO Internet Group will no longer issue ASICs; Bank of America has received a new patent. According to Clovr, 16% of international transfers go to cryptocurrency.

GMO Internet Group stops the issue of ASICs

The company GMO Internet Group announced the shutdown of lines for the production of equipment for the extraction of cryptocurrency. In the fourth quarter, financial losses amounted to $ 320 million. The official statement notes that the losses incurred will not cause fatal damage to the activities of the Japanese company. Against this background, the news that its main competitor, Bitmain, will cut some of its staff, no longer looks sensational.

At the same time, GMO Internet Group will continue to use its existing technical capacity for mining. However, they voiced plans to transfer the activities of their farms to regions with cheaper electricity. Back in the third quarter of 2018, GMO reported record earnings.

What awaiting for mainers in 2019

Another patent from Bank of America

The banking giant owns a number of blockchain patents. This time Bank of America received the copyright to the cash management system. This system should simplify communication between different departments of the bank when working with large amounts of funds. Through the use of a distributed registry, you can avoid data loss and speed up data collection.

Prior to this, Bank of America has patented cryptocurrency asset storage systems. Moreover, the research concerned how to create a wallet for large companies, where they will be able to keep the coins of their customers.

Clovr study: 16% of international transfers are made in cryptocurrency

The American company Clovr conducted a survey, during which it was found out that residents of the country began to use cryptocurrencies more frequently for international transfers. Of the 707 respondents, 16% admitted that they prefer to transfer money in just this way. By popularity it overtook paid cards, checks and postal services.

The reason is rather low transaction cost, not more than 0.1%. At the same time, a larger amount will have to be paid for converting coins into fiat money and vice versa. But it is still cheaper than using mail services. Here you will have to give service services more than 10% of the initial amount.

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