A new partnership between Samsung Electronics and a Canadian firm named Squire Mining Ltd. is in today’s cryptocurrency news. Under this partnership, the tech giant aims to manufacture ASIC chips which will be used to mine cryptocurrencies.
This puts Samsung on the ASIC chip train and places it as a direct rival to many companies (including Bitmain). According to the press release, Squire Mining Ltd. has already established a design house in South Korea. Samsung, on the other hand, is also headquartered in the East Asian country and will lend its foundry services to the said design house to mass produce the crypto mining chips.
Meanwhile, ASIC stands for Application-Specific Integrated Circuit and is practically a random access memory chip that is widely used for its smaller size, computation power, and lower power consumption.
In May this year, Samsung confirmed that the growth in the demand for these chips contributed to 73% of its earnings in the first quarter of 2018. However, during that time, Bitcoin was maintaining its price support above $10,000 which explains why mining companies wanted to buy more ASIC machines.
Squire Mining Ltd., on the other hand, is also aiming at a mass scale production of ASIC mining chips. As the company revealed in its statement to the press:
“Our front-end development team of engineers and programmers is currently working with Gaonchips to develop the Company’s initial ASIC chip to mine Bitcoin Cash, Bitcoin, and other associated cryptocurrencies using a wafer process technology that, once confirmed and accepted as meeting certain prescribed specifications and criteria, will form the basis of an initial mass production test run of the ASIC chip by Samsung Electronics.”
We will wait and see if a mass scale production of the ASIC chips will also promise a mass scale adoption of the chips – something that Samsung certainly hopes to achieve with the new partnership.
BitMEX CEO Arthur Hayes: Bitcoin Will Test $10,000 In 2019
“The 2019 chop will be intense, but the markets will claw back to $10,000. That is a very significant psychological barrier. [...] $20,000 is the ultimate recovery. However, it took 11 months from $1,000 to $10,000, but less than one month from $10,000 to $20,000 back to $10,000.”He also talked about the atomic swaps and distributed exchanges, the tracking of ICO tokens, the anatomy of the next global financial crisis and many other topics. In the report named "The Road To $10k" Hayes said:
"All is not lost; nothing goes up or down in a straight line. 2019 will be boring, but green shoots will appear towards year end. The mighty central bank printing presses paused for a while, but economic sophists could not resist the siren call of free money. They are busy inventing the academic crutches (here’s looking at your MMT), to justify the next global money printing orgy."While pointing to the last quarter of this year as the crucial for BTC, Hayes concluded:
"Green shoots will begin to appear in early Q4. Free money and collective amnesia are powerful drugs. Also after two years of wage cucking, punters should have a few sheckles to rub together."Earlier in March, BitMEX revealed that its own Ethereum Parity full note contained a "potential bug" and reported that the same node “sometimes reports that it is in sync, despite being several hundred thousand blocks behind the chain tip.” The authors claimed that this bug could be exploited by an attacker in some cases, but that is "highly unlikely to happen." In another analysis, BitMEX revealed that the 2018 crypto bear market accounted for 54% of the losses as well as $1.5 billion worth of transfers to external addresses and other factors that have brought projects' holdings down even further.
Bitwise To SEC: 95% Of Volume On Unregulated Exchanges Is Suspect
“Under the hood the exchanges that report the highest volumes are unrecognizable. The vast majority of this reported volume is fake and/or non-economic wash trading.”Bitwise sources its data from the widely known statistics tracker CoinMarketCap (CMC) which claims to include a large amount of this suspect data, “thereby giving a fundamentally mistaken impression” on the true size of the Bitcoin marketplace. The claims also cite that 95% of the reported volume is fake and that the real market for BTC is “significantly smaller, more orderly, and more regulated than commonly understood” - which roughly amounts to $273 million. After analyzing the regulated exchanges - using Coinbase Pro as a case study - Bitwise reveals the nature of the trading patterns that is trustworthy. The key characteristics include an “unequal and streaky” mix of red and green (sell and buy orders) whose distribution fluctuates considerably at any given time. The report also cites that the trading patterns on Coinbase Pro reveal “a greater-than-random number of round trade sizes,” which it characterizes as “more natural,” typically human behavior. Bitwise noted:
“It’s [the spread is] $0.01. At the time this screenshot was taken, bitcoin was trading at $3,419. That means bitcoin was trading at a 0.0003% spread, making it amongst the tightest quoted spread of any financial instrument in the world.”In the conclusion of Bitwise's report you can see that the overall findings “demonstrate that this ETF application [for its Bitwise Bitcoin ETF Trust] meets both” of the conditions requested by the SEC on how a Bitcoin ETF could satisfy the requirements of the Exchange Act.
Warning: Fake Wasabi Wallet Appears On The Market
Bitcoin Goes Below And Above $4,000 Again: What’s Causing This Fluctuation?
- Hourly MACD – The MACD is slowly moving in the bullish zone, with a positive bias.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting higher, but it is still well below the 50 level.
- Major Support Levels – $3,950 followed by $3,920.
- Major Resistance Levels – $4,000, $4,020 and $4,060
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- BitMEX CEO Arthur Hayes: Bitcoin Will Test $10,000 In 2019
- Bitwise To SEC: 95% Of Volume On Unregulated Exchanges Is Suspect
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