blog

Latest from the Quantamize Blog

Cryptocurrencies Negative after Mining Calculator Shows BTC Mining Unprofitable

Aug 02, 2018

Start Your Free Trial Today

Movers By 24 Hour Price Change %

Name Ticker Price 1H% CHG 24H%CHG 7D%CHG MARKET CAP 24H VOLUME
Monero XMR USD$123.92 -0.59% -0.66% -12.47% USD$2,015,768,796.0 USD$25,466,472.77
Bitcoin BTC USD$7537.44 -0.43% -0.95% -8.2% USD$129,536,967,047.0 USD$4,441,910,500.73
Litecoin LTC USD$76.09 -0.15% -2.12% -12.33% USD$4,388,614,790.0 USD$273,433,873.76
Ethereum ETH USD$411.66 -0.73% -2.58% -13.63% USD$41,609,518,232.0 USD$1,715,684,987.97
Bitcoin Cash BCH USD$738.38 -1.35% -2.75% -11.45% USD$12,752,601,672.0 USD$425,345,187.43

Movers By 24 Hour Volume

Name Ticker Price 1H% CHG 24H%CHG 7D%CHG MARKET CAP 24H VOLUME
Bitcoin BTC USD$7537.44 -0.43% -0.95% -8.2% USD$129,536,967,047.0 USD$4,441,910,500.73
Ethereum ETH USD$411.66 -0.73% -2.58% -13.63% USD$41,609,518,232.0 USD$1,715,684,987.97
EOS EOS USD$6.97 -0.86% -4.63% -18.99% USD$6,316,421,217.0 USD$648,586,998.89
Bitcoin Cash BCH USD$738.38 -1.35% -2.75% -11.45% USD$12,752,601,672.0 USD$425,345,187.43
Litecoin LTC USD$76.09 -0.15% -2.12% -12.33% USD$4,388,614,790.0 USD$273,433,873.76
  • RandomCrypto, a fintech firm working with cryptocurrencies has released a Bitcoin (BTC) mining calculator, which improves upon the details given by competing products. Random Crypto CEO Josh Metnick says he developed this product after “many years of getting screwed… by mining companies,” and that his goal is to “bring more truth, accuracy, and transparency to [proof-of-work] mining.”1 The calculator shows that at today’s current BTC prices, most bitcoin mining hardware on the markets is unprofitable.
  • The U.S. Consumer financial Protection Bureau (CFPB) has created an Office of Innovation. The Office of innovation is responsible for the development of a regulatory framework surrounding new products and services in the cryptocurrency, blockchain, and microlending fields. This regulatory sandbox could give some guidance on creation of regulatory frameworks around innovative fintech companies.
  • Chinese company Seven Stars Cloud, has announced plans to build a USD$300 million crypto hub in Hartford, CT. Seven Stars Cloud is a fintech company hoping to create a community for itself and other fintech firms to collaborate on machine-learning, robotics, and crypto-related projects. The firm is also trying to launch a fintech college at schools near Hartford, CT such as Yale University, University of Hartford, University of New Haven, and University of Connecticut.
  • Japanese companies Cryptolinc Co. and Miroku Information Service have partnered to create a corporate cryptocurrency accounting tool for accounting companies to use.  Miroku is a financial and accounting system management company and will use an API connection by Cryptolinc, a cryptocurrency management and calculation platform.

Sources

  1. https://www.coindesk.com/a-new-bitcoin-mining-calculator-aims-to-tell-truth-on-profitability/
  2. https://bitcoinmagazine.com/articles/good-start-us-introduces-office-innovation-and-sandbox-fintech/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+BitcoinMagazine+%28Bitcoin+Magazine%29#1533223412
  3. https://www.businessinsider.com/fintech-college-being-built-2018-7?r=UK&IR=Tv
  4. https://news.bitcoin.com/japanese-firms-jointly-launch-corporate-crypto-accounting-tool/