Cryptocurrency is all over the place now and the Nordic countries are definitely not an exception to it. Norway, Sweden, Finland, and Denmark are now considered to be countries with the best standards of living. However, they can also offer a lot in terms of cryptocurrencies and blockchain technologies.
That is a no-surprise anymore that those countries are the first ones when it comes to commodities, innovations, etc. For instance, Swedes are known for supplying the whole world, especially the EU with vibrant furniture and cars. At the same time, there is Norway which is literally an ‘economic powerhouse’ within Europe.
Apart from that, it seems like the Nordic countries are slowly but surely moving towards the legalization of the gambling industry. The online gambling market is booming right now. And, therefore, it might be gaining momentum for platforms with no wagering casino bonuses to start establishing certain agreements are relationships with the Nordic authorities. Many people in Scandinavia believe that blockchain can use in the financial sector as well as outside of it. And the entertainment industry is definitely one of those areas that can largely benefit from the implementation of blockchain technology. Thus, Scandinavians are now actively working on developing ways to use innovations in the gaming sector. It might start with eSports and can end with gambling websites.
Generally speaking, Scandinavia is a very attractive region for blockchain developers who are thinking about establishing a blockchain-powered society. The investments are easy to make and the energy is relatively cheap there. Scandinavia is gradually becoming a crypto paradise, especially thanks to the Nordic Blockchain Association’s efforts.
Basically, there is now a major leader that is setting trends for crypto development in Scandinavia. That is a Denmark-based startup Coinify that is now not only offering a cryptocurrency exchange platform but also an integrated API for businesses. It is also the company thanks to which many merchants are now eligible for accepting payment in crypto.
The government in Norway is still being very cautious with cryptocurrencies and the risky nature of these digital assets. It all started in 2013 when they got warnings about Initial Coin Offerings in the country.
The taxation system in Norway is pretty smart and based on complete trust between the government and authorities. Every Norwegian citizen owning cryptocurrency should report it to the relevant authorities. Also, they indicate the number of coins he/she holds and the amount she/he makes through trading with there per month.
However, the majority of crypto investors were still trying to avoid this taxation system. That is why the government of the country decided to exempt cryptocurrencies from VAT tax and, therefore, show its intention to switch to a more crypto-friendly regime.
Notably, Norway now has the very first smart city, Liberstad, where the cryptocurrencies will be used as a main medium of exchange.
Earlier this year, a Norwegian savings bank has invested in a cryptocurrency exchange. And that was launched by local business magnate Bjorn Kjos.
Sweden is similar to Norway in a way that it has no particular cryptocurrency regulations. It doesn’t require local crypto companies to register as investment service providers or disclose data about their customers.
However, all citizens here are still obliged to provide authorities with the information regarding how many crypto coins they hold and whether they trade with those. After, the tax will be calculated accordingly.
There is also no VAT taxes for cryptocurrency companies existent here. But the future of the asset is still a bit blurry and unclear. As recently the Swedish Central Bank has mentioned one more time that Bitcoin is a very risky investment and not a subject to any compensation policy from the government. Therefore, the hopes that the crypto will be ever fully adopted there are pretty much dead right now.
However, Swedish citizens are the ones who have been trying their best to implement crypto in the most creative way possible. One such was the creation of microchips that are supposed to store certain data using blockchain technology. And now thousands of Swedes are implanting those chips under their skin to replace their IDs, credit cards, and even train tickets with them.
The project is still being worked on as right now it can only store fiat currencies, but Swedish citizens already can pay in restaurants, retail stores, and everywhere where they can find a terminal.
Generally speaking, Sweden can be named a leader in crypto among other Nordic countries. And presumably, that is coming from the Swedish government’s open-mindedness. The Riksbank (one of the Swedish banks) has already started talking about the possible creation of a complement to cash, ‘e-krona’.
The Finnish government has not yet established any certain regulations on cryptocurrency. However, the central bank and other financial regulators of the country keep warning citizens about the risks associated with digital assets.
The only authority that keeps silent for obvious reasons is the Finnish Tax Authority that has gained millions in capital gain tax. The principle of the tax is pretty easy to gras. If the city decided to convert crypto (especially Bitcoin) into fiat currency, then that would be a capital gain and would fall under taxation.
People in Finland are now concerned that the government might want to ban cryptocurrencies due to the disruption. Also, It is causing in the country’s state-run gaming monopoly. All Nordic countries, except Denmark, have a state-run gaming industry that is supposed to minimize the citizens’ participation in it.
Regardless of all of that, Finland’s crypto regulation is now starting to be in its full effect. The first five crypto service providers were officially registered and approved for legal operation in Finland.
Even though Denmark, like other Nordic countries, does not have any official regulatory framework for cryptocurrencies, it has a number of guidelines for capital gains and VAT taxes.
The capital gain tax works exactly as it does in Sweden or Finland. But when it comes to VAT tax, it’s getting a bit more complicated. Crypto payments are not usually subject to this kind of tax, but when selling a certain product or service is being operated through crypto, then it is a different deal.
As already mentioned, Denmark is the only one out of the Nordic countries that do not have a state-run gaming monopoly. A Denmark-based decentralized exchange OpenLedger, for instance, has received an investment of $1.6 million to develop its projects. One of those was GetGame which was a blockchain-based Kickstarter for both gamers and developers. However, regardless of its revolutionary nature, the platform is not available anymore.
That is pretty much everything you need to know about the cryptocurrency in Scandinavia. There is definitely a positive and crypto-friendly environment in all of those countries, but crypto has still a long way to go until it will be fully accepted and popularized.
Ripple based money transfer startup SendFriend is supposed to save 80% remittance fees. David Lighton, the co-founder and chief executive of SendFriend explained how XRP impacts the payment process. As per Lighton, traditional money transfer firms usually charge up to 10 percent of the total amount being transferred from end to end. However, when SendFriend’s customers use XRP money transfer, the percentage is reduced to 2%. To increase the speed and reduce the cost of this process, the platform leverages RippleNet’s On-Demand Liquidity (ODL).
The Platform uses Ripple’s xRapid product for cross-border payments, converting between the United States dollar, XRP and Philippine pesos.
Fintech investments have seen a great rise in 2019. Many startups have emerged attracting Venture Capitals to invest more in fintech sector. Singapore and Vietnam countries have emerged as winners in South-East Asia Fintech Investments. Singapore companies have received 51% of the total investment in South East Asia. Vietnam is second with an investment of 36%. Next in the line is Indonesia with 12% while remaining 2% is made up of Thailand, Malaysia, and the Philippines. Meanwhile, Coming to individual fintech company, VNPay, a Vietnamese e-payment solutions provider was at the top. The total capital accounted for US$300 million this year.
Waves is partnering up with Rosseti, Russia’s national energy grid operator, to put the sector on blockchain rails. First results are successful. Will the pilot go nationwide?
In the era of the #MeToo Movement, sex and relationships at work have become a taboo subject. Integrative health and sexuality educator and founder of the Sex and Medicine Summit Anita Teresa join us on this episode of #ProofofLove to answer some tough questions such as:How do we approach sexuality in the workplace?What are some ways to distinguish between flirting and harassment?How do we create better environments to bring up touchy subjects?Is it ok to date in the workplace in this day and age?How can a company implement a more modern policy concerning dating and relationships in the workplace?We investigate the recent cases of Harvey Weinstein and Jeffrey Epstein and the cultural conditioning of women to stay silent, the need for setting clear boundaries, and the steps people can take to have conversations and develop compassion and empathy for the opposite sex. About the Guests:Anita Teresa Boeninger is a New York-based integrative health & sexuality educator with a background in Clinical Social Work, Mind-Body Therapies, Performing Arts, and Somatic Movement Education. She was a Heath Educator in the Department of Integrative Health Programs at NYU Hospital for nearly five years, and is the founder of The Sex & Medicine Summit, an education platform reaching tens of thousands of health and wellness professionals globally. During her tenure at NYU Langone Medical Center (NYULMC), she innovated an extensive array of staff wellness education, corporate wellness (for clients of NYULMC), and administered a pre-surgical preparation program to thousands of patients. She continues to collaborate with experts in the field of neurobiology, sex therapy and mind-body integration.Do you have a burning question, or a show idea for us? Please email us at firstname.lastname@example.org!More Info: https://www.TatianaMoroz.comhttps://www.CryptoMediaHub.comhttps://www.embodiedintel.com/https://www.facebook.com/sexandmedicinesummit/Friends and Sponsors of the Show:https://celsius.network/get-the-app/ use code LOVEhttps://www.Vaultoro.gold/tatianahttps://www.LetsTalkBitcoin.com/https://www.TheTatianaShow.comRemember, this is a new show, so if you like it, please be sure to tell 3 friends! Leave a good review on Itunes, and be sure to follow us on our socials!*You have been listening to Proof of Love. This show may contain adult content, language, and humor and is intended for mature audiences. If that’s not you, please stop listening. Nothing you hear on Proof of Love is intended as financial advice, legal advice, therapy or really, anything other than entertainment. Take everything you hear with a grain of salt. Oh, and if you’re hearing to us on an affiliate network, the ideas and views expressed on this show, are not necessarily of the those of the network you are listening on, or of any sponsors or any affiliate products you may hear about on the show.
The New York Attorney General and Bitfinex had it out with each other in filings with the State Supreme Court
Around half of European countries, over 20, now have 0% interest rates and a few are already in negative territory. Ukraine, which has the highest benchmark interest rate on the continent, has just reduced it again, for the fifth time this year. The race between central banks to cut rates, when there is inflation, has made it costly to keep fiat money in a bank account or under the mattress.
Ukraine Slashes Interest Rate by 2 Percentage Points
There are over 40 countries in Europe but only half of them nowadays have their interest rates above 0%, and just a few come close to Ukraine’s high rates. But the Eastern European nation, which has also been facing high inflation amid political turmoil, economic crisis and an unresolved military conflict, has reduced its benchmark rate five times this year.
This past Thursday, the National Bank of Ukraine (NBU) slashed its key interest rate again, from 15.5% to 13.5%, which is its lowest level in two years. As Reuters and local media noted, the decision has been motivated by Ukraine’s inflation that is slowing faster than expected, to 5.1% year-on-year last month, a strengthening hryvnia, and prospects of new loans.
Kiev reached a provisional agreement with the International Monetary Fund (IMF) on Saturday. But a new deal, expected in the first months of 2020, will depend on the progress of important reforms. For example, the IMF wants to make sure the government gets its money back from bailed out banks and ban the return of failed institutions that have been nationalized to their previous owners, as in the case with Ukraine’s largest lender, Privatbank.
Ukraine has maintained double-digit interest rates since 2014, when protests led to a change of the government administration in Kiev, followed by Crimea’s annexation by Russia, and the eruption of a bitter conflict with pro-Russian separatists in the country’s Eastern regions of Donetsk and Lugansk. Only a couple of countries in Europe come close to Ukraine’s interest rate figures, like Turkey with 12% and Belarus at 9%.
Europe’s Low Interest Rate Pandemic
Nations such as Sweden, Switzerland and Denmark are at the other end of the spectrum. Sweden’s key interest rate is currently at -0.25% but there have been reports of even lower rates imposed by Swedish banks on euro accounts, -0.40%. The other two countries have their interest rates set at -0.75%. Both Switzerland and Denmark have kept them below zero since early 2015 and they are currently at their record lows. None of the three countries belongs to Europe’s single currency area.
According to the Trading Economics website, 21 European countries currently have 0% policy rates and the majority of them, including the region’s largest economies, are members of the Eurozone. The benchmark refinancing rate in the monetary union reached its all-time low in March 2016 and has remained there. The main deposit rate, at which banks leave money at the ECB, was cut to a record low of -0.5% in September. During its Dec. 12 policy meeting, the European Central Bank (ECB) left its key rates and stimulus measures unchanged. They are likely to remain so or be slashed even further until inflation moves closer to the 2% target.
Most of these countries have a positive inflation rate, however, which averages 1% in the euro area and 1.1% for the whole European Union. In Sweden the annual inflation rate increased to 1.8% in November, from 1.6% the previous month and above market expectations of 1.7%. This means the citizens of the majority of European nations are losing on their savings every day, regardless of how they store their funds, in a bank account, in a safe deposit box, or at home.
Inflation goes hand in hand with fiat money and attempts to stimulate the economy through quantitative easing and interest rate cutting is the recipe of choice for most governments nowadays. Decentralized cryptocurrencies, on the other hand, come with a limited supply. By design, bitcoin’s inflation rate follows a steady long-term downward trend.
A quick look at the Bitcoin.com Charts shows that the BCH inflation rate has been hovering around 3.74% in the last month and that of BTC has negligibly increased from 3.85% in early November to 3.89% now. At the same time, the growing crypto banking industry offers interest rates that are quite higher than what you’d get in the fiat world. For example, the global financial services platform Cred lets you earn up to 10% on your BTC and BCH holdings. And let’s not forget that the prices of cryptocurrencies can increase as well.
Do you think the interest rate cutting spiral is going to end in the foreseeable future? Share your expectations and thoughts on the subject in the comments section below.
Images courtesy of Shutterstock, Bitcoin.com.
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The post The Country With Europe’s Highest Interest Rate Has Cut It 5 Times This Year appeared first on Bitcoin News.
SendFriend has managed to save up to 80% in remittance fees using XRP
Data shows that whales and institutional investors accumulated Bitcoin throughout its 2-year long bearish phase, should retail investors follow?
Data from CoinMetrics shows that crypto whales now hold 42.1% of Bitcoin’s current supply. This is a slight increase compared to 37.9% two years back and analysts have interpreted the increase as a positive sign, as it shows large investors have been accumulating Bitcoin during its bear phase. There is, however, no major change in the top 1,000 addresses, as their holdings only inched up from 34.4% at the end of 2017 to 34.8%, according to Flipside.
While retail traders have been worried about picking a bottom, large investors are looking at the possible upside to be attained over the next few years. Mark Yusko, the chief executive and chief investment officer at Morgan Creek Capital Management, anticipates Bitcoin to rally to $100,000 by 2021 and to $250,000 by 2025. By 2030, Yusko expects Bitcoin to reach “gold equivalence” and rise to $400,000 or $500,000.
Daily cryptocurrency market performance. Source: Coin360
Major financial firms have recognized the increasing demand from institutional investors and have been working towards offering custody and other services for cryptocurrencies. The latest to join the bandwagon is Amsterdam-based bank ING, which is reportedly in the early stages of developing cryptocurrency custody technology.
With increasing institutional involvement, should retail investors also jump in and buy at the current levels or could the prices fall further and provide a better entry point later? Let’s analyze the charts to find out.
The bulls have been defending the immediate support at $7,085.80 for the past two days but have failed to secure a sharp bounce off it. This shows hesitation among the bulls to buy aggressively at these levels. However, if the bears fail to sink Bitcoin (BTC) below $7,085.80 within the next few days, we anticipate buying to pick up.
BTC USD daily chart. Source: Tradingview
The first sign of strength would be a close (UTC time) above the 20-day EMA. Above this level, a move to $7,856.76 is likely. If the bulls can scale above this resistance, a rally to the downtrend line is possible.
We expect that the bears will mount a stiff resistance at the downtrend line but if the bulls can propel the price above it, the BTC/USD pair could move up to $10,360.89. Therefore, we retain the buy recommended in our earlier analysis.
On the other hand, if the recovery attempt from the current level fizzles out at the 20-day EMA, the bears will make another attempt to break below $7,085. If successful, a drop to $6,512.01 will be on the cards.
Ether (ETH) dipped below the support at $143.259 on Dec. 12 but managed to recover and close (UTC time) above it. This shows buying at lower levels. The bulls will now try to push the price to the overhead resistance zone of $151.829 to $157.50.
ETH USD daily chart. Source: Tradingview
A breakout of the resistance zone can propel the altcoin to $173.841 and above it to $197.75. Traders can attempt to ride this move by initiating long positions as suggested in our earlier analysis.
However, if the bounce from the current levels fails to find buyers above the resistance zone, the bears will make another attempt to sink the price below $143.259. If successful, the ETH/USD pair might drop to $131.484.
Although XRP slipped below the first support at $0.22 on Dec. 12, the bulls defended the next support at $0.20946. Currently, the bulls are trying to push the price back above the uptrend line of the ascending triangle and $0.22. If successful, a move to the 20-day EMA and above it to $0.23260 is possible.
XRP USD daily chart. Source: Tradingview
A breakout of $0.23260 will be the first indication that the buyers are making a comeback. We would wait for the price to sustain above $0.23260 before suggesting a trade in it.
Nonetheless, if the bulls fail to propel the price above the 20-day EMA, the bears will again attempt to sink the price below $0.20946. If successful, a drop to $0.20041 is possible.
Bitcoin Cash (BCH) has been trading close to the $203.36 support for the past three days. The failure of the bears to sink the price below it shows that the selling pressure is waning. We now expect the bulls to push the price to the 20-day EMA.
BCH USD daily chart. Source: Tradingview
A breakout of the 20-day EMA could carry the price to $227.01. If the bulls succeed in pushing the price above this resistance, the BCH/USD pair might start a rally to $306.78. Therefore, traders can attempt a long position above $227.01 as suggested in our earlier analysis.
On the other hand, if the bulls fail to carry the price above the 20-day EMA, a break below $203.36 is likely. The next support on the downside is $192.52, below which the downtrend will resume.
Litecoin (LTC) made a doji candlestick pattern near the support of $42.0599 on Dec. 12, which shows indecision among bulls and bears. If the bears sink the price below the support, a drop to $36 is possible.
LTC USD daily chart. Source: Tradingview
Conversely, if the bulls manage to push the price above the small downtrend line and the 20-day EMA, a range-bound action between $50 and $42.0599 will ensue.
We spot a possible bullish divergence on the RSI, which is a positive sign. The LTC/USD pair could pick up momentum above $50. Therefore, traders can buy on a close (UTC time) above $50 with a stop loss below $42. The target objective is a rally to $66.
Although EOS dipped below the support at $2.5804 for the past two days, the bears have not managed to close (UTC time) below it. This shows buying at lower levels. The bulls will now try to push the price above the 20-day EMA. If successful, the range-bound action between $2.5804 to $2.5695 is likely to continue for a few more days.
EOS USD daily chart. Source: Tradingview
A breakout of $2.8695 will be the first sign of strength. Above this level, a rally to the downtrend line and above it to $3.69 is possible. The short-term traders can ride this up move as suggested in our earlier analysis.
Contrary to our assumption, if the EOS/USD pair turns down from the current levels or the 20-day EMA and plummets below $2.5804, a drop to $2.4001 is possible.
Binance Coin (BNB) bounced off the support at $14.2555 on Dec.12 but the bounce has been shallow, which suggests a lack of aggressive buying at these levels. We anticipate the bears to again attempt a breakdown of the support. If successful, a drop to $11.30 is possible.
BNB USD daily chart. Source: Tradingview
Conversely, if the bulls can carry the price above the 20-day EMA, the BNB/USD pair might remain range-bound for a few more days. A break above $16.50 will be the first indication that the buyers are back in the game. Above this level, a rally to $21.80 is likely.
As the risk to reward ratio is attractive, we retain the buy recommendation given in the previous analysis. The bullish divergence on the RSI is the only positive setup on the chart.
Bitcoin SV (BSV) is struggling to stay above the support at $92.693. This shows a lack of buyers even at these levels because they are not confident that a bottom is in place yet. If the price does not rise above the 20-day EMA within the next few days, the possibility of a breakdown to $78.506 increases.
BSV USD daily chart. Source: Tradingview
However, if the BSV/USD pair bounces off the current levels and rises above the 20-day EMA, a move to $113.960 is possible. The pair might consolidate in this range for a few days and pick up momentum on a breakout and close (UTC time) above $113.960. We would wait for a new buy setup to form or the price to sustain above the 50-day SMA before proposing a trade in it.
Tezos (XTZ) rebounded sharply from the 20-day EMA on Dec. 12, which shows that the sentiment is to buy the dips. We anticipate the bulls to face a minor resistance at $1.6555 but as the momentum is strong, a move to $1.85 is likely.
XTZ USD daily chart. Source: Tradingview
Previously, the rallies have turned down from close to $1.85, hence, we anticipate the bears to mount a stiff resistance at this level. If the price turns down from $1.85 once again, we expect the buyers to step in at $1.65 and below it at the 20-day EMA.
Contrary to our assumption, if the bulls propel the price above $1.85, it will signal a major bottom and the next target could be $2.95. We remain bullish and would suggest a trade if we find a buy setup with an attractive risk to reward ratio.
The bulls are attempting to defend the support at $0.051014 but the failure to achieve a strong bounce is likely to attract further selling. If the bears break below the support at $0.051014, Stellar (XLM) could drop to the next support at $0.041748.
XLM USD daily chart. Source: Tradingview
The downsloping moving averages and the RSI close to the oversold zone shows that bears are in command.
Our negative view will be invalidated if the XLM/USD pair rises sharply from the current levels and breaks out of the 20-day EMA. Such a move will keep the price range-bound for a few days. The pair could pick up momentum above $0.060, hence, traders can initiate long positions as suggested in our earlier analysis.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.
High-powered bitcoin miners and next-generation semiconductors go hand in hand and as process node technology grows, SHA256 hashrate follows. Coinshares’ recent bi-annual mining report highlights that newly introduced mining rigs have “as much as 5x the hashrate per unit as their generational predecessors.” Advanced chip technology has grown relentlessly and it’s significantly bolstered ASIC device manufacturing. Moreover, news from the International Electron Devices Meeting (IEDM) held on December 7-11 shows that the semiconductor industry is moving beyond the 7nm, 5nm, and 3nm processes and expects to design 2nm, and 1.4 nm chips by 2029.
2019’s Bitcoin Mining Rigs Produce Far More Hashrate Than Last Year’s Models
As far as the bitcoin mining industry is concerned, the ASIC device manufacturing industry is growing fast. Today’s devices produce far more hashrate than the mining rigs produced years ago and a number of them produce far more hashpower than last year’s models. Coinshares Research published a report this week that highlights how today’s mining rigs have “5x the hashrate per unit” compared to the earlier-generation units produced. News.Bitcoin.com covered the rising hashrates per unit from devices sold in 2018 and the hashrate increase in 2019 has been exponential. For instance, in 2017-2018 many mining rigs shifted from the 16nm semiconductor standard to the lower 12nm, 10nm and 7nm processes. On December 27, 2018, top bitcoin mining machines produced an average of 44 terahash per second (TH/s). Top 2018 machines included the Ebang Ebit E11+ (44TH/s), Innosilicon’s Terminator 2 (25TH/s), Bitmain’s Antminer S15 (28TH/s) and the Microbt Whatsminer M10 (33TH/s).
In December 2019, a number of mining devices now produce 50TH/s to 73TH/s. There are high-powered mining rigs like Bitmain’s Antminer S17+ (73TH/s), and the S17 50TH/s-53TH/s models. Innosilicon has Terminator 3, which claims to produce 52TH/s and 2800W of power off the wall. Then there’s rigs like the Strongu STU-U8 Pro (60TH/s), Microbt Whatsminer M20S (68TH/s) and Bitmain’s Antminer T17+ (64TH/s). At today’s prices and an electrical cost of roughly $0.12 per kilowatt-hour (kWh), all of these high powered mining devices are profiting if they mine the SHA256 networks BTC or BCH. At the end of the Coinshares Research mining report, the study discusses many of the next-generation miners available, alongside older machines being sold on secondary markets or still being used today. The report covers machine logistics and prices from manufacturers like Bitfury, Bitmain, Canaan and Ebang. Each mining product is given an “Assumption Rating Strength from 0 – 10,” the report notes.
While Bitcoin Miners Leverage 7nm to 12nm Chips, Semiconductor Manufacturers Have a Roadmap for 2nm and 1.4nm Processes
In addition to the notable performance increase with 2019 mining rigs compared to models produced last year, the semiconductor industry’s recent IEDM event shows ASIC miners will likely continue to improve as the years continue. The five-day conference underlined the growth of 7nm, 5nm, and 3nm processes within the industry, but more innovation is on the way. Slides from Intel, one of the top semiconductor manufacturers in the world, indicates the company plans to accelerate its 10nm and 7nm processes and expects to have a 1.4nm node by 2029. This week saw the first mention of the 1.4nm infrastructure in an Intel slide and anandtech.com says the node would “be the equivalent of 12 silicon atoms across.” The IEDM event slideshow from Intel also shows a 5nm node for 2023 and a 2nm node within the 2029 timeframe as well.
Right now the ASIC mining rigs produced by manufacturers like Bitmain, Canaan, Ebang, and Microbt mostly leverage 12nm, 10nm, and 7nm chips. The 2019 units that utilize these chips are producing upwards of 50TH/s to 73TH/s per unit. This means as 5nm and 3nm processes fortify in the next two years, mining devices should improve a great deal as well. It’s hard to conceptualize how fast mining rigs packed with 2nm and 1.4 nm chips will perform, but they will likely be significantly faster than today’s machines.
Moreover, the majority of mining companies are using chip processes by the Taiwan Semiconductor Manufacturing Company (TSMC). The Taiwan semiconductor foundry plans to accelerate processes just like Intel and it’s possible that TSMC might be ahead of the game in that regard. Despite which semiconductor firm creates better chips faster, the improvements within the chip industry as a whole will most definitely bolster bitcoin mining rigs being built over the next two decades.
What do you think about the growth of high powered bitcoin mining rigs between 2018 and 2019? What do you think about the improvement of 7nm, 5nm, 3nm processes and the possibility of 2nm, and 1.4nm chips by 2029? Let us know what you think about this subject in the comments section below.
Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Image credits: Shutterstock, Wiki Commons, Fair Use, Bitmain, Innosilicon, and Pixabay.
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