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Cryptocurrency Midday Report

Jun 15, 2018

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  • The EOS blockchain has officially launched. The network has produced its first block however there are concerns over voting statistics. It is reported that 50% of EOS tokens are held by 10 addresses and 85.81% of tokens are held by 1000 addresses. Only 17% of tokens have been used to vote so far.
  • Coinshares has recently released a whitepaper helping readers understand the cost of mining Bitcoin (BTC). The research displayed figures showing composition, efficiency, electricity consumption and electricity sources of the Bitcoin mining network. Additionally, the paper showed trends in hashrate, hardware cost and hardware efficiency. The research showed an estimated energy usage of 35 Twh in May 2018 – much lower than prior estimates of 65 Twh.
  • The Netherlands Authority for the Financial Markets (AFM) has raised doubts on whether cryptocurrencies abide by the country’s laws. The AFM sent a letter to market participants who offer cryptocurrency investment opportunities and said that the companies could fall short of licensing obligations. The regulatory body stated that currently investing in cryptocurrencies is not subject to regulations, but certain activities may require licenses.
  • A recent patent by retail giant, Walmart, shows the company is exploring ways to let households manage their electricity bills using cryptocurrencies. Walmart filed a patent in December 2017 which shows that the company is developing a system to connect household devices with electricity providers over a blockchain. Walmart is looking to address a growing difference between energy provided and energy that is consumed, stating that there is an imbalance.