 QUOTE OF THE DAY  |
| "If you're looking for a home run -- a great investment for five years or 10 years or more -- then the only way to beat this enormous fog that covers the future is to identify a long-term trend that will give a particular business some sort of edge." - Ralph Wagner |
Happy Friday! Quick fact, the Bitcoin volatility index has hit a one year low of 2.78%. Take that as you will we just thought you should know. Anyway, it's Friday so we hope you have a great weekend with time to relax!
Cheers,
Blockchain Brew Team
| COIN | PRICE | 24H |
|
| BTC | $7,572.61 | -1.73% |
|
| ETH | $597.49 | -1.88% |
|
| XRP | $0.665289 | -2.44% |
|
| BCH | $1,105.13 | -3.68% |
|
| EOS | $13.8267 | -0.18% |
|
*Information as of 9:30 AM EST
The Once-Thought Theoretical 51% Attack is Becoming More Prevalent
51% ATTACK
- A 51% attack is an instance where a group of miners or one miner control more than 50% of the network's mining hashrate meaning the attackers could double-spend coins
- The double-spending problem is a hurdle that is jumped when the network is running efficiently, however, in the case of a 51% attack the double-spend problem can be exploited and it is the digital equivalent of counterfeit
- Though acquiring computational power over 50% makes the attack more likely, it does not guarantee success as there are other factors such as transaction history that affect the probability of exploiting a cryptocurrency
RECENT 51% ATTACKS
- In the last month Monacoin, ZenCash, Bitcoin Gold, Litecoin Cash, and Verge have been targets for 51% attacks
- In a majority of these attacks, hackers have targeted exchanges holding millions in the respective cryptocurrency and have exploited the double-spend problem to make off with millions
- Additionally, all cryptocurrencies that have had a 51% attack in the last month have been smaller coins because smaller coins attract fewer miners and it costs less money to take control of the network
HEATING UP
- As 51% attacks were once thought to be theoretical, right conditions, such as the easy ability to rent mining equipment for cheap, have accelerated the rate of 51% attacks in the industry
- Last year, NYU computer science researcher Joseph Bonneau released research that contained estimates of the costs it would take to rent equipment and perform a 51% attack on various cryptocurrencies
- Since then, a website called Crypto51 has published the costs of performing a 51% attack on a handful of coins and shows some coins looking shockingly vulnerable
Bonneau spoke to CoinDesk about his research on 51% attacks:
"Generally, the community thought this was a distant threat. I thought it was much less distant and have been trying to warn of the risk. Even I didn't think it would start happening this soon."
$700 Million Mining Farm Opening Operations in New York
WELCOME TO NEW YORK
- Cryptocurrency mining firm, Coinmint, has put plans in place to open a mining facility in upstate New York
- Coinmint has already spent $50 million to renovate a 1,300 acre aluminum smelting plant in Massena, NY
- The firm plans to invest up to $700 million dollars in the mining facility and if plans come to fruition, it will be the biggest cryptocurrency mining facility in the world
- If plans go accordingly, the facility will be fully operational within the next year and will create as many as 150 jobs, as it needs to be staffed 24/7 by security, IT, and other operational staff
Massena’s mayor, Steve O’Shaughnessy, is ecstatic about the added jobs, saying:
“The thought of 150 jobs and revitalization of the Alcoa East Facility is exciting. We are ready to provide any assistance we can to move this project to its full potential.”
ELECTRICITY COSTS
- Electricity costs is the largest determinant for miners when they are deciding the locations for their operations, because electricity is the only variable cost of mining cryptocurrency
- Upstate New York hopes to compete against China for miners by luring then in with cheap electricity costs they can offer with their hydroelectric and wind power
Kyle Carlton, a Coinmint representative, discussed the electric costs in Massena:
“The area’s citizens and its hydroelectric power — a green alternative to the less sustainable energies used at other digital asset infrastructure data centers — were the catalyst for our move and will be foundational assets for continued expansion. The reduced electricity costs will enable us to compete in the rapidly emerging digital currency global marketplace.”
SAP Launches Blockchain-as-a-Service Platform
SAP
- SAP is a German enterprise software company that was founded in 1972
- The company is headquartered in Weinheim, Germany but has offices in 180 countries around the world
- SAP is the market leader in enterprise resource planning software, but competes with companies like Oracle and Microsoft
BAAS
- SAP has announced the launching of its new blockchain-as-a-service product
- The service will allow SAP’s client to easily create and implement Blockchain networks and applications
- SAP plans to be flexible with its product and at inception is supporting Hyperledger Fabric and Mutlichain, but is open to adding more platforms in the future
JOIN THE PARTY
- SAP is not the first software company to offer a Blockchain-as-a-service product
- Earlier this year, Amazon and Microsoft launched their own blockchain-as-a-service products to their customers
- Blockchain is extremely technical and difficult to implement, enterprise software service offerings are crucial for corporate adoption of Blockchain technologies
Mining Giant Bitmain's CEO Jihan Wu 'Open' to IPO
HONG KONG IPO
- According to a Bloomberg report yesterday, Bitmain CEO Jihan Wu confirmed he is open to a Hong Kong initial public offering (IPO)
- According to Wu, Bitmain booked about $2.5 billion in revenue last year and if compared to a similar public company like Nvidia or MediaTek Inc., Bitmain would have an IPO valuation of roughly $8.8 billion
- Though the 32 year-old CEO shared little details about plans for an IPO, he's open to listing on an overseas market in U.S. dollar-denominated shares because it would give early investors Sequoia Capital and IDG Capital an opportunity to cash out
WU'S SHARE
- Since founding, Bitmain has been shrouded in mystery but the CEO is slowly revealing the success of the Chinese mining giant
- In regards to Wu's ownership, he claims to own about 28% of Bitmain and along with his co-founder Micree Zhan they own about 60% of Bitmain
- With an estimated IPO valuation $8.8 billion, Wu and Zhan are a pair of multi-billionaires and would have a net worth together of $5.3 billion
TRON (TRX)
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Today in Crypto is powered by coinmarketcal.com
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| Paypex (PAYX) |
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