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Nvidia Launches A New GPU Card Set After Announcing Exit From Crypto

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A few days after announcing its exit from crypto, the industry giant Nvidia launched a new GeForce RTX 2000 series of graphics cards. The new GPUs are making the news everywhere because of their versatility and power.

The new lineup of graphics cards by Nvidia includes the RTX 20170, RTX 2080 and RTX 2080 Ti. According to the description, this range can deliver up to six times better performance than its predecessors – mostly because of the Nvidia Turing architecture and the brand new GeForce RTX platform.

From this, it is evident that Nvidia’s new series is aimed at the problems concerning real-time ray tracing, programmable shading as well as artificial intelligence – which the new GPUs will apparently solve at an advanced level. All of these techniques apply to games, whether it’s about adding realism to the virtual world, maxed-out in-play settings, highest frame rates or creating lifelike images and special effects.

The price of the new GPU collection by Nvidia is also taking things up a notch. For the RTX 2080 Ti model (which is the most premium one of all), you should pay $1,199 which is definitely more expensive than the predecessor – the GTX 1080 Ti which is priced around $599 at the time of writing.

According to some technical analysis, RTX is not that better than GTX – which is why as long as the value does not drop, the new GPU collection would remain unattractive to miners. However, Nvidia did not promote this collection as mining equipment (as the previous ones).

As their report read:

“Our revenue outlook had anticipated cryptocurrency-specific products declining to approximately $100 million, while actual crypto-specific product revenue was $18 million. Whereas we had previously anticipated cryptocurrency to be meaningful for the year, we are now projecting no contributions going forward.”

From this, it is clear that Nvidia sticks to their dissatisfaction with crypto mining and are focused solely on the gaming world.

 

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Altcoin News

Gemini Dollar Supply Drops By 97% While Other Assets Soar

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Gemini Dollar supply seems to be dropping immensely over the last 7 months while some of the other pegged-value assets continue to skyrocket as we previously saw in the latest cryptocurrency news. The market cap of the Gemini dollar has been going down since December 20, 2018, and it managed to slip from the all-time high of $103.106 to a stunning $7.981 million at the time of writing. This marks a massive 92% drop in just seven months and in the same period, bitcoin increased from $3,126 to $10,336 which is an increase of more than 230 percent. Other stablecoins are doing much better than the Gemini Dollar. For example, Paxos Standard Token has a market cap of about $168 million while Circle’s USDC is reaching a high supply of more than 405.34 million. The controversial Tether has a total quantity of more than $4.25 billion as at the time of writing. In comparison to its other peers in the United States, the Gemini exchange noticed a lot less trade traffic on the platform according to the data gathered by CoinGecko which shows that the company of the Winklevoss twins is on the 21st rank in the last 24 hours with just $60,274 million in daily volume. Coinbase Pro, which is also based in the United States, has about $602 million worth of trades on its exchange. Kraken is also processing about $340 million worth of trades on its platform. The reason for this could be the lack of adequate competitive platforms which lead to the demand for the Gemini dollar to be dropping. Since it is pegged to the US dollar, the token allows the traders to switch between crypto-assets without having to convert their cryptocurrencies but as it seems, not so many traders demand the Gemini Dollar which could be a consequence because of the strictly regulated financial market. There also many other competitive players as well. Tether’s USDT is now more visible on other exchanges that are not based in the US. Binance as well has a very contentious status while the USDC has a much bigger clientele. Paxos is also among the favorites since it is able to create and redeem stablecoins instantly. The traders are not very keen on the Gemini Dollar as well since the community believes that the program which was launched by Gemini is not really good for them as noted in the altcoin news previously.
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Samsung Coin Is Being Trademarked By An Anonymous Company

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If you are following our altcoin news section, you obviously know that there is no cryptocurrency such as Samsung Coin. However, it seems like after the popularity of Facebook’s long-expected cryptocurrency Libra, someone in South Korea appears to be trying to take advantage of Samsung and their blockchain networks - nabbing the “Samsung Coin” trademark.

As recent filings with the Korean Intellectual Property Office (KIPO) which is an application to register the trademark in both English and Korean show, an individual called Kim Nam-jin submitted them and wants to make the name ‘Samsung Coin’ official.

However, the filing was made under categories which were related to computer programs including “downloadable electronic money computer program,” “electronic money card,” “electronic encryption device,” and “IC card with electronic money function.”

When contacted by many best cryptocurrency news sites, a Samsung representative told the press that the tech giant is not behind any application of this kind. “We don’t work this way,” they said.

Now that the anonymous and fake Samsung Coin trademark application is in the news, it is important to mention that it does not specifically state whether it is related to blockchain or cryptocurrency. The filing follows our previous report that Samsung is developing its own blockchain using Ethereum tech and may eventually issue its own cryptocurrency which is called “Samsung Coin.”

Now, it is a possible clue to their motivation for the filing. The same individual has previously tried to lodge trademarks relating to cryptocurrency work by other major technology companies.

The KIPO database also shows that Kim Nam-Jin also filed an application on July 10 in an attempt to trademark the “ThinkQ Wallet.” He is obviously interested in scamming the companies into creating fake coins.

Based on the LG application details, the wallet would provide a variety of mobile services including a “software platform for blockchain” and “mobile electronic wallet for cryptocurrency.” The Samsung Coin filing was initially covered by a lot of news sources that incorrectly indicated that Samsung is applying for the trademark.

Even though there is no official information about any link between Samsung and a cryptocurrency, the technology giant has always been viral in the news for its links to blockchain and interest in expanding the company in that behalf.

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XRP Support Built Around The $0.2830 Level: Will Ripple Rise?

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Ripple (XRP) has managed to recover against the US dollar, proving that it has what it takes to keep posting gains similar to Bitcoin. However, as the market corrects, the XRP support is not that stable and no one knows if the Ripple gains will continue to be a main topic in the altcoin news. The price of Ripple traded above the $0.2940 resistance and the $0.3000 level which is seen as a pivot level right now. However, the XRP support was built near the $0.2830 momentum and the price is now trading with a few positive signs above the $0.3050 support area. All of that shows that Ripple has a bullish angle against the US dollar and Bitcoin, and that the XRP support could extend its recovery and gain even more - becoming the hottest altcoin in the latest cryptocurrency news. In comparison, the coming altcoin news show that yesterday was a tough day for Bitcoin and Ethereum. However, the dips were limited when it comes to Ripple. The XRP/USD pair broke the $0.2940 level and traded to a new monthly low. A swing low was formed near $0.2833 and recently the price started a new upside correction. The XRP support therefore proved to be important in this manner. However, there are a lot of supports on the downside for Ripple, especially near the $0.3050 and $0.3040 levels. The 50% Fibonacci retracement level also shows that there is a strong wave and a connecting bullish trend line forming with support at $0.3045 on the same chart. Therefore, analysts on many best cryptocurrency news sites think that the XRP support is crucial and that the price is likely to find bids near the $0.3040 and $0.3050 level. Below the trend line, the price of Ripple may perhaps test the $0.3000 pivot level. On the upside, the current resistance is around the $0.3230 and $0.3240 levels. If there is a solid breakout above $0.3240, the price of Ripple (XRP) could accelerate its gains in the near term. When seeing the chart, the Ripple price remains well bid above the $0.3040 level. Currently, Ripple (XRP) is at $0.3173 with a 6% increase and a $13 billion market cap. The total cryptocurrency market cap stands at $268 billion.  
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Grin Cryptocurrency Just Executed Its First Hard Fork

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The privacy altcoin named Grin has just executed its first backward-incompatible upgrade - known as a hard fork. The Grin cryptocurrency upgrade was planned for today and just concluded - introducing key changes to the nearly $60 million worth network that will optimize for maximum miner decentralization and usability. For all of you who haven't followed our coming altcoin news, Grin launched in January 2019. However, as a Grin developer named John Tromp said, the hard fork was planned before.
“It was planned since way before Grin launched. We would do four hard forks in the first two years, at regular six-month intervals, to introduce new features.”
The developer at Grin cryptocurrency was featured in the latest cryptocurrency news for stating that the upgrade did not result in a network split. Rather than that, the Grin network simply halted "in its tracks" which forced users to update their software. The upgrade was completed at 9:45 UTC.
“In a classical fork, the chain can split into two mutually incompatible continuations. … In Grin, there is no way to continue growing the ‘old’ chain since the old code refuses to accept any blocks past the [hard fork] height,” he explained.
One of the most integral changes for the Grin cryptocurrency and the Grin network in general today has been a tweak to one of two mining algorithms. As we previously reported in our altcoin news, Grin supports a mining algorithm which is friendly towards both general-purpose computing devices (GPUs) and specialized hardware called ASICs. Another developer at the Grin cryptocurrency and a software engineer at the blockchain startup BlockCypher named Quentin Le Sceller, recently said:
“It’s not really forking ASICs from the network but ensuring that no one is building ASICs for the [GPU-friendly mining algorithm.]”
Therefore, the Wednesday update ensures that the playing field remains free of ASICs for the short-term future of the Grin protocol, preventing a monopoly on the Grin mining industry. Many best cryptocurrency news sites report that additional tweaks to the newly implemented mining algorithm will be activated by the Grin cryptocurrency developers in the coming months. Tromp also affirmed that for the second Grin fork, developers will add payment channels to the network.
“[Payment channels are] a way for two parties to perform many off-chain transactions between them,” Tromp concluded. “[It requires] one on-chain transaction at the outset and one settlement at the end.”
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