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Decentralization of mining capacity in the Bitcoin network is increasing, Canaccord

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A new study by the Canadian financial company Canaccord Genuity Group shows that Bitcoin decentralization (BTC) is increasing.

The company noted in a report that in former times, the distribution of the bitcoin of the Bitcoin network was more concentrated. However, over the past few years, increasing competition between manufacturers of ASIC chips has led to a decrease in centralization.

Analysts stressed that in mid-2014, the GHash.io mining pool controlled about half of the total bitcoin hashrate , which made the first cryptocurrency vulnerable to attack 51% (that is, the owners of the pool that accumulates more than half of the network’s hashrate are potentially able to confirm only the transactions they need and carry out "double spending").

But in 2019, representatives of a research company say, not a single mining BTC-pool does not control more than 20% of the bitcoin of the Bitcoin network. At the same time, the five largest pools provide 70% of hashrate (from 10 to 19% each), and the rest do not reach the level of 10%.

The largest player remains Antpool, which, like ViaBTC, belongs to the mining giant Bitmain. But the company experienced a difficult last year, and its share in the mining of Bitcoin has declined markedly.

With reference to the ARK Invest study, the Canaccord report states that bitcoin centralization, as measured by the Herfindahl-Hirschman index (HHI), is steadily declining from about 3000 in 2013 to about 1200 at present.

The HHI index is used to assess the degree of market monopolization. HHI less than 1500 means “competitive market”, an index in the range of 1500–2500 corresponds to a “moderately concentrated market”, and an index of more than 2500 indicates that the market is “highly concentrated,” explained the Canadian firm.

Recall that according to a research by CoinShares, in China, up to 60% of Bitcoin mining capacity is located in China, although some have cited a large figure. Previously, this led Ripple chief Brad Garlinghouse (Brad Garlinghouse) to state that the first cryptocurrency is controlled by the Chinese government.

Publication date 07.02.2019
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Residents of South Korea have become more active in investing in cryptocurrencies

The average amount of investments of investors from South Korea in cryptocurrency is $ 6,100, which is 64% more than last year, reports Cointelegraph. According to a survey conducted by the Korean Fund for the Protection of Portfolio Investors, in addition to the investment amounts, the percentage of those interested in investing in digital assets also increased. Thus, 7.4% of the 2500 respondents have already acquired cryptocurrency (last year there were 6.4% of those). Remarkably, […]

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The average amount of investments of investors from South Korea in cryptocurrency is $ 6,100, which is 64% more than last year, reports Cointelegraph .

According to a survey conducted by the Korean Fund for the Protection of Portfolio Investors, in addition to the investment amounts, the percentage of those interested in investing in digital assets also increased. Thus, 7.4% of the 2500 respondents have already acquired cryptocurrency (last year there were 6.4% of those). It is noteworthy that this figure has increased, despite several major break-ins of the South Korean crypto-burg, as well as tougher regulation of the industry.

Analysts connect the market with a recent bitcoin price hike and hope for a new bull rally.

Recall recently it became known that 94% of trust capital funds invest in cryptocurrency.

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Central Bank of Tunisia and Afghanistan can create crypto bonds to attract investment

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The heads of central banks of Afghanistan and Tunisia said that their countries are considering the possibility of issuing sovereign cryptocurrency bonds. Officials reported this at the annual Spring Meetings of the Board of Governors of the International Monetary Fund and the World Bank Group in Washington.

Governor of the Central Bank of Afghanistan, Khalil Sediq, said they are seriously considering crypto bonds as a tool to attract the $ 5.8 billion private investment needed by the country's mining, energy and agricultural sectors.

Since the country is limited in opportunities for concessional lending due to the ongoing internal armed conflict, the issue could be the issue of bonds and futures for metals, said Sedik. The country hopes to use for this its reserves of lithium, estimated at more than $ 3 trillion.

The head of the Central Bank of Tunisia, Marouane El Abassi, in turn, said that the country has already established a working group, which is also seriously studying the issue of issuing sovereign bonds to Bitcoin . He recalled that Tunisia was one of the first countries in the world to issue electronic currency, an e-dinar, in which payments are received by national mail.

Publication date 04/22/2019
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How do transactions occur in the Bitcoin network? The whole cycle from start to finish

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Bitcoin (BTC) and its complexity have become a concept that many cryptocurrency users have been trying to understand since its inception. In his latest video, the famous Bitcoin enthusiast Andreas Antonopoulos and the author of the book “Mastering Bitcoin,” spoke about the life cycle of a Bitcoin transaction with a wallet from start to finish.

Antonopoulos said that since the transaction was sent from the wallet for confirmation to the Bitcoin network , the wallet creates a transaction, accumulating BTC in the user's wallet and assigning addresses. Then the user's wallet transfers the transaction information to one of the many nodes to which it is connected, from where it can be sent to “1, 2 or even 8 other nodes”.

“Then the transaction is transferred to other nodes, which can be mining nodes, e-commerce payment gateways and other options. Each of these nodes will receive a transaction from yours, and each will verify each transaction. When nodes receive transactions, they do not know whether it was created by you or was redirected, and therefore each of these transactions must be checked individually. ”

Then Antonopoulos said that if all the nodes are checked, i.e. if the payment details are correct and it is confirmed that there were no double costs in the blockchain, then the transaction information will be sent to every other node.

“As soon as a transaction reaches the mining pool , it enters the pool of unconfirmed transactions, for example, a basket in which all unconfirmed data is stored. In another way it is called mempul. The information in individual memoplahs may coincide by 99%, but there will never be complete similarity. ”

According to the expert, the memory also serves to submit the transaction to the BTC miner to add a new block, after which the race is turned on for the next block. As a rule, miners have to build a block, and then solve it with the help of Proof-of-Work , making it ultimately confirmed.

Once the unit is ready, the information will be sent mayningovomu equipment to solve the problem in this particular block, and probably after the "billion hashes" miners will block.

“As soon as PoW is resolved, the mining node will return the node back in the same way as it received. The nodes check the block on the way back, and as soon as all the nodes confirm its validity, the user's wallet will know about the confirmation of the transaction. This is the full life cycle of a transaction. ”

Publication date 04/22/2019
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Name Price24H (%)
Bitcoin (BTC)
$5,302.00
1.19%
Ethereum (ETH)
$170.99
2.12%
XRP (XRP)
$0.325517
1.98%
Bitcoin Cash (BCH)
$292.10
2.80%
EOS (EOS)
$5.21
2.12%
Stellar (XLM)
$0.114022
2.79%
Litecoin (LTC)
$76.61
1.58%
Cardano (ADA)
$0.076430
5.86%
Tether (USDT)
$1.00
-0.17%
Monero (XMR)
$69.46
1.79%
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