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Home » Interesting » How Does Mining Develop In 2018?

Crypto Space Over The Past Week From 8 To 14 Of October, 2018

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At the end of the week, we resume everything that the cryptocommunity talked about over the past seven days. This week Vitalik Buterin predicted the global financial crisis and demonstrated its reserves of Ethereum, former Ripple CEO Chris Larsen was on the Forbes list and SEC is ready to reconsider its decisions on applications for Bitcoin-ETF.


Nouriel Roubini, the famous American economist, made several extremely critical comments on Twitter this week to Ethereum creator, Vitalik Buterin, whom he called the “lifelong dictator”. A few days later, in response to the fact that Buterin predicted the global financial crisis, Roubini accused him of incompetence and called along with Joseph Lubin, another Ethereum co-founder, criminals who appropriated 75% of the broadcast and became “fake billionaires”. Vitalik replied to these statements that he had never stored more than 0.9% of the total ether broadcast, and showed his reserves.

In his recent speech, Jack Ma, head of Alibaba and Ant Financial, a financial conglomerate worth $ 150 billion, said he was paying special attention to bitcoin and the blockchain, since he considered them to be key technologies in creating a "cashless" society.


Specialists of Chainalysis, a blockchain analytics company, believe that “bitcoin whales” are not as bad as they are usually thought of, rather the opposite: they contribute to the market stabilization.

Grayscale Investments has posted up-to-date data on digital currencies that most attract institutional investors. The company claims that 12% of investors tend to buy XRP in its subsidiary, Digital Large Cap, and that this figure rose 9.9% over the previous quarter.

According to the research company Crypto Fund Research, in terms of the number of cryptocurrency hedge funds created, 2018 has become the absolute leader. During the first three quarters of 2018, 90 hedge funds focused on digital assets were launched. At the end of the year, the number of such organizations could grow to 120 one.

According to the analytical company Autonomous Next, the volume of funds raised during the ICO in 2018 decreased by 90%.

A recent study by Juniper Research entitled “The Future of Cryptocurrencies: Trends and Challenges of Bitcoin and Altcoins 2018-2023” indicates a possible collapse of the cryptocurrency market. In its document, Juniper Research drew attention to the fall in the average daily transaction volumes on the Bitcoin network and the rapid decline in the cryptocurrency market.

According to analysts of the International Monetary Fund (IMF), the rapid development of the cryptocurrency industry is a threat to the global financial system. The document notes that the more digital currencies will integrate into the modern economy, the higher the risks of its destabilization. At the same time, the latest report of the Financial Stability Board (FSB) states that cryptocurrency does not threaten financial stability.


Researchers have introduced a new Ethereum solution on scalability outside of the Ethereum blockchain - sidechain, based on Snark. It will allow users to transfer tokens and broadcasts outside the network at a transaction rate of up to 17,000 per second. This speed compared with the Visa indicator and promises the blockchain and cryptocurrency in general a transition to a new level.

Co-founder and former CEO of Ripple, Chris Larsen, was on the list of 400 of the world's leading rich according to Forbes, taking 383rd place in it. He became the first person in the history of the rating, whose fortune has obtained solely thanks to cryptocurrency.

Starting from the outgoing week, Venezuelans must pay state fees for passports exclusively in the state cryptocurrency Petro. This was stated by the country's vice president Delsy Rodriguez. At the same time, US senators demanded that Petro strengthen sanctions against the cryptocurrency.

TRON network software, Odyssey 3.1,  will not only speed up transactions, but also reduce their cost, says Justin Sun, leader of the TRON Foundation team. Updating the network will provide an opportunity to perform operations 100 times faster and cheaper than in the EOS network. And if you compare with the Ethereum network, then the operations of TRON will be 200 times faster and more economical.

GMO Internet, a Japanese online conglomerate, confirmed its plans to issue a stablecoin tied to the Japanese yen. In a statement, GMO notes that the main incentive for the development of stablecoin will use for international money transfers.

Cryptocurrency Exchanges

Coinbase has added a 0x protocol token (ZRX) to its Coinbase Pro trading platform (formerly GDAX). This is the first ERC20 token supported by Coinbase.

Bitfinex administration denied reports of financial problems the site allegedly encountered. In the past few days, such rumors have spread in the cryptocurrency space much more actively than before.

The largest South Korean cryptocurrency exchange Bithumb announced the launch of indicators of the movement of the digital assets market. These indices will allow traders to control the price movement of all coins that are traded on the platform. Bithumb also confirmed the information that more than 38% in its capital was sold to the Singapore blockchain consortium BK Global.

Binance has announced the upcoming delist of four cryptocurrencies and will direct to charity all the fees that it charges for listing new digital assets. All commission operations will be completely transparent. Also this week, user Reddit with the nickname expertguyfx reported that access to his wallet on Binance has been suspended for more than a month. He says that it contained 1,200 bitcoins.

OKEx, one of the largest cryptocurrency exchanges, has announced delisting of Bytecoin. The press service of the platform notes that the decision to delist was made after a vulnerability has discovered in the network of a cryptocurrency project.

Coinfloor, the UK's oldest cryptocurrency exchange, has decided to the reduction in staff  by half due to the unstable market situation. Over the past few years, Coinfloor has not experienced financial difficulties, but now, against the background of the overall negative dynamics of the crypto market, revenues from the trading floor have dropped dramatically.

The Omniex business platform and the Gemini exchange, founded by the Winklevoss brothers, have signed a partnership agreement to create an infrastructure for institutional cryptocurrency investors. Gemini also announced the launch of Litecoin trading.

Unocoin, the largest Indian cryptocurrency exchange with 1.2 million users, launches its own cryptomatics. Images of her first digital asset operations began to appear on social networks.

The Japanese cryptocurrency exchange Zaif revealed details of how it will compensate customers for losses incurred as a result of platform robbery in the past month.


According to the Diar report, the fees and commissions for miners of Bitcoin in the first three quarters of 2018 reached $ 4.7 billion, which is about $ 1.4 billion more than in the whole of 2017. Nevertheless, gradually this activity becomes profitable only for large players, as electricity prices rise. Diar estimates show that miners paying at retail rates became unprofitable for the first time in September.

The staff of MyBroadband (South Africa) studied the profitability of several installations for mining and came to the expected conclusion that the payback period of the equipment has increased dramatically, since the prices for the main cryptocurrencies have decreased significantly.


In an interview with the technology publication DeepTech, the director of the China Electronics Standardization Institute (CESI), Lee Min, said that his organization is working on the release of three standards on smart contracts, the protection of confidential information and deposits. The laboratory is supported by the Ministry of Industry and Information Technology of China.

Seoul Mayor Pak Wonsun presented a five-year plan to invest $ 108 million in the development of the South Korean capital as a “smart blockchain-city”. Speaking last week in Zurich, Pak Wonsun said that 14 state services will be involved in his plan for the blockchain-city in 2018-2022, and the state budget will be 123.3 billion Korean won.

IBM and the Central Bank of Azerbaijan intend to jointly introduce the blockchain technology into the country's economy. During the Azerbaijani-German business forum in Baku, Director of the Information Technology Department of the Central Bank Farid Osmanov spoke about a five-year cooperation program. This is a “digital transformation” of the country's economy.


According to the report of the American company CipherTrace, over the past nine months, the amount of funds stolen from cryptocurrency exchanges reached $ 927 million, which is almost 250% more than in 2017 ($ 266 million). Over the past three years, South Korean law enforcement agencies have recorded seven hacks of cryptocurrency exchanges. This is stated in a study by the South Korean National Police Agency.

A Chinese court sentenced a mining man to jail for stealing electricity. The judge sent a man named Xu Xing Hua into prison for 3.5 years. In addition, the miner must pay a fine of 100,000 yuan ($ 14,500).

SpankChain's cryptocurrency project, focused on the adult entertainment industry, suffered from unauthorized access, as a result of which it lost about $ 40,000 in ETH. However, the hacker who stole these funds eventually returned them.

A Russian citizen Yevgeny Nikulin who is suspected of having stolen a BitMarket cryptobirth can be considered insane. Nikulin will be transparented from prison to hospital, where he will stay for six months. According to the lawyer, the judge made such a decision, since Nikulin "did not obey the court orders."

According to a study released by the cybersecurity team Unit 42 of Palo Alto Networks, malware that pretends to be an Adobe Flash update is secretly installing an XMRig miner on a computer. He gets Monero cryptocurrency (XMR). The most popular browser miner XMR remains Coinhive, which is particularly active in Brazil.