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Libra Association actions, SWIFT and cryptocurrencies, Bitmain new models

09/12/2019
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  • Libra_Association_SWIFT_Bitmain
News list

Libra Association took a new step in its development; SWIFT does not believe in cryptocurrencies’ possibilities. Bitmain starts selling Antminer S17e and T17e with 7 Nm chip.

Libra Association Plans Obtaining Payment System License in Switzerland

The association controlling Libra project announced its plans to obtain a payment system license from the Swiss Financial Market Supervisory Authority (FINMA). Dante Disparte, Libra’s Head of Communication and Policy, said the company is now engaging in the constructive dialogue with the regulator. It is Switzerland that shows the most loyalty to cryptocurrency companies; moreover, it has even issued a banking license to some of them.

At the same time, Jerome Powell, FRS Chairman, stated the lack of consumer demand for cryptocurrency. According to him, individuals and organizations already have a fair amount of ways to conduct various types of settlement transactions. It was noted that FRS is not actively engaged in studying digital financial assets, but it monitors the cryptocurrency market.

In the same speech, Jerome Powell was forced to admit the fact that Libra by Facebook can quite quickly become a systemically important product on the financial market. Due to the huge number of users, it will not be difficult for it to get widespread in the social network. Therefore, it is necessary to adhere to the highest safety standards, and it is unlikely that regulators will say yes to the rapid approval of this asset.

At the same time, Facebook announced the starting Libra collateral currencies list. Yuan was not included in this list and it caused some discussion. However, US and Singapore dollars, euro, pound and the Japanese yen are in the list. Somewhat surprising is the fact that the Swiss franc was not included in it as the Libra Association headquarters is located in this country. However, Facebook said that this is just an initial list and its final version will be agreed with all the association members.

Another piece of news on Libra project came from OpenZeppelin auditing company. It revealed Move programming language vulnerability. This language should form the basis of the new cryptocurrency. The error was found back on August 6, but it was reported only after solving the issue. This vulnerability is now eliminated; however, there is no guarantee that no faults will be identified during the further research.

 Libra Association Plans Obtaining Payment System License in Switzerland

SWIFT Expresses no Alarm on Cryptocurrency Competition

SWIFT interbank payment operator held a special event in London dedicated to the new payment solution. Now, some transfers within one region can be completed during one minute. Serious cryptocurrencies criticism was voiced at this event; they were called useless and unstable. However, a company representative was forced to accept the technology used by SWIFT as far from ideal.

In particular, it allows transactions to be conducted only during business hours, so some transnational transfers cannot be received in less than 12 hours after sending, while the usual transfer time in SWIFT system is about 24 hours. However, now the special clients can take advantage of the new technology and carry out the operation just within a minute.

It is expected that the first results of SWIFT and R3 blockchain consortium cooperation will be announced at Sibos conference on September 23. The consortium founded in 2015 has united 70 world’s largest credit organizations. Such giants as Credit Suisse, Bank of America, Deutsche Bank and Morgan Stanley are among its participants.

The opinion about the insufficient cryptocurrencies popularity among the large market players is also confirmed by the first week of VanEck SolidX Bitcoin Trust asset sales. The company found a way to bypass SEC ban on launching Bitcoin ETF fund by offering a new financial instrument to institutional investors. Only 4 BTC were sold per week, which actually indicates a complete demand lack.

More positive news on cryptocurrency market came from Bakkt. The company launched Warehouse platform, which is positioned as a secure bitcoin repository. This was carried out in anticipation of deliverable futures sales start sc

SWIFT Expresses no Alarm on Cryptocurrency Competition

Bitmain Updates Bitcoin Mining Equipment Line

Bitmain, one of the largest manufacturers of cryptocurrency mining equipment based in China, announced the next update of its product line. So, Antminer S17e and T17e, which produce 64 TH/s and 53 TH/s with an energy efficiency of 45 J/TH and 55 J/TH, respectively, were presented to the public. Both devices are based on 7 Nm chips, which is not a novelty.

Really important update was the new firmware, which has enhanced cyberattack protection and optimizes system performance, while two tubes heat dissipation system allows dealing with overheating more effectively. Despite Bitmain is already accepting orders for the new version of Antminer, their shipment will only begin in early November. The cost of T17e model is $ 1,665, while the older version will cost as much as $ 2,784 to the buyer.

After cryptocurrency price increase in 2019, the complexity of bitcoin mining reached its historic highs, and now the reward has approached the level of 12.5 BTC per block. This indicator largely depends on the overall network hashrate and is automatically adjusted every two weeks in order to maintain the production at the level of 1 block every 10 minutes.

Bitmain completed the first quarter of 2019 with a loss of $ 310 million. However, it is hoped that the situation will change due to the rise in cryptocurrency market. Despite the company’s own mining capacities continue to decline, it makes active attempts to turn the tide.

It became known that Bitmain placed an order for the production of 600,000 chips on 7 Nm process technology and this will allow it to double its own farms productivity. According to experts, this operation will allow it to make a profit of $ 1.2 billion and raise the business capitalization to $ 12 billion. Unsuccessful attempts to enter ICO together with investors’ legal actions force Bitmain to display activity. Apparently, they rest hopes on a new chip and complete product line update.

Bitmain Updates Bitcoin Mining Equipment Line

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