Canaan Narrows Q1 Loss to $5.6 Million Amid Weakening Demand for Mining Hardware

Bitcoin mining rig manufacturer Canaan Creative reported a net loss of $5.6 million for the first quarter of 2020, down from $9.5 million a year earlier. The Chinese company cut prices of its ASIC-based machines by over 50% in an effort to improve sales, but that wasn’t enough to prevent the heavy loss. Demand slumped as the coronavirus pandemic, which disrupted the movement of goods worldwide, took its toll. Shares of Canaan fell as much as 3.51% to $3.85 on the Nasdaq Stock Exchange, at Press time. The stock has…

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Bitcoin Worth $282K from the 2016 Bitfinex Hack on the Move

The cryptocurrency community has noticed a number of bitcoins from the August 2, 2016, Bitfinex breach has been moved. A small 30 BTC transaction ($282,000) from the stash has moved from the hacker’s address to an unknown bitcoin address. The last time coins from the Bitfinex incident moved was June and August 2019, as the bitcoins hadn’t transferred for three years since then. On August 2, 2016 the popular cryptocurrency exchange Bitfinex was hacked for approximately 119,756 BTC, which is worth a touch over $1 billion using today’s exchange rates.…

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Craig Wright Submits List of Bitcoin Addresses to the Court – Roster Contains Spent Blocks

On May 21, 2020, the infamous Craig Wright, the man who claims to be Satoshi Nakamoto, submitted a list of blocks and bitcoin addresses to the court that stem from the alleged Tulip Trust. However, armchair sleuths and blockchain analysis shows that a few blocks recorded in Wright’s recently filed list have been spent. Craig Wright Files a New List of Bitcoin Blocks and Addresses That Allegedly Belong to the Tulip Trust(s) The ongoing Kleiman vs. Wright lawsuit is heating up once again, as Craig Wright submitted a list on…

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Illegal to Own Gold? Hedge Fund Manager Warns Governments May Ban Gold Ownership

A well-known hedge fund manager has warned that governments may ban private gold ownership. He explained that central banks may attempt to demonetize gold, making it illegal for private individuals to own, as the authorities lose control of inflation amid the coronavirus-led economic crisis. Is Gold Safe? Governments May Make Owning Gold Illegal for Private Individuals Central banks might outlaw private gold ownership if they lose control of inflation amid the coronavirus crisis, London-based hedge fund manager Crispin Odey warned clients in a letter seen by Bloomberg on Wednesday. He…

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Bitcoin Hashrate Slides 33% Since Halving – Difficulty Drops, Issues in Sichuan China

It’s been 11 days since the third bitcoin block reward halving. Data now shows that the overall SHA256 hashrate lost around 47 exahash per second (EH/s), since the all-time high of 140 EH/s on May 3. With more than 33% of the hashrate lost, reports stemming from Sichuan China indicate that bitcoin mining operations have been dealing with electrical shortages, and some operations have been forced to shut down machines. Bitcoin Hashrate Lost 47 Exahash of Hashrate Since the ATH, Difficulty Sees a 6% Downward Adjustment Just before the third…

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South Africa Leads Crypto Revolution in Africa – Challenges Spur and Slow Adoption

Africans rank atop global cryptocurrency ownership rates, according to a new report by Arcade Research. South Africa ranks third globally with 13% of its internet users owning or using cryptocurrencies, while 11% of connected Nigerians own cryptocurrencies in the fifth-placed populous West African country. Uganda, Nigeria, South Africa, Kenya, and Ghana are listed in the report among the top 10 countries where “cryptocurrency” is most searched on Google. Economic challenges work both ways, as the digital divide slows the adoption of cryptocurrency while high financial fees make virtual currencies an…

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