September 22, 2018
QUOTE OF THE DAY 
“The bitcoin world is this new ecosystem where it doesn’t cost that much to start a new bitcoin company, it doesn’t cost much to start owning bitcoin either, and it is a much more efficient way of moving money around the world.”
- Tim Draper
| COIN | PRICE | 24H |
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| BTC | $6,682.560054 | -0.74% |
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| ETH | $238.575964 | +4.68% |
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| XRP | $0.580686 | +2.31% |
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| BCH | $478.884031 | -1.29% |
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| EOS | $5.936586 | +1.32% |
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*Information as of 9:30 AM EST
Bitmain Unveils Next-Generation 7nm Chip
Kings stay king
Bitmain, a producer of cryptocurrency mining hardware, is the most valuable cryptocurrency company in the world. On Friday, the company’s CEO Jihan Wu, unveiled its newest innovation, a 7nm application-specific integrated circuit (ASIC) chip.
The chip is designed for the SHA256 algorithm so it will be able to mine Bitcoin and Bitcoin Cash, among other cryptocurrencies. It will be called the BM1391 and will be available in the company’s next generation of miners.
How does it stack up against competitors?
Bitmain has been the market leader for cryptocurrency mining hardware in the past and with its newest announcement, should be able to hold the top spot.
In June, a Japanese firm by the name of GMO Internet released a similar 7nm chip. However, GMO’s chip has an energy consumption of 81W/TH, while Bitmain’s is only 42W/TH - almost half the amount.
Also, Bitmain’s announcement was just two days after its competitor Bitfury, unveiled a SHA256 14nm chip. Bitmain’s BM1391 chip should blow Bitfury’s chip out of the water. Smaller sized chips are capable of faster clock speeds.
Hong Kong Stock Exchange Eyes Blockchain Firm Acquisition Targets
Stepping in a new direction
Yesterday, Bloomberg reported that the Hong Kong Stock Exchange (HKEX) is looking to acquire blockchain-focused firms to help spur growth according to a source close to the matter.
Last year, the stock exchange generated more than $12 billion in revenue and almost 100% of it was from trading and settlement fees.
However, with fears of worsening trade relations between China and the U.S., HKEX is turning to the venture capital arms of CME Group Inc. and Nasdaq Inc. to model what a tech acquisition would look like.
For now, no specific acquisition targets have been released but Bloomberg's anonymous source believes HKEX will use these acquisitions to pivot towards becoming an international technology platform.
Pushing innovation or keeping up with the Joneses?
HKEX's move to invest in blockchain-based firms isn't as surprising as it may seem since many stock exchanges have plans to adopt the technology in some way.
Within China alone, the Shanghai Stock Exchange (SSE) announced earlier this year that it plans to use blockchain technology to facilitate securities transactions.
Additionally, ICE, the owner of the NYSE (the world's largest stock exchange), is currently in the process of launching a global, all-inclusive, digital asset platform.
Meet 'Bitcoin Girl', the Digital Currency's Latest Advocate
0.21 Bitcoin for 21 days
Bitcoin Girl, a new Chinese documentary follows the story of a young woman who is attempting to survive on 0.21 Bitcoin (roughly $1400) for 21 days.
In the documentary, she is known only by her online identity "He Youbing" which translates to "Why Insane?" to showcase her enthusiasm for cryptocurrencies.
He Youbing's inspiration behind the film is to spread the adoption of cryptocurrencies across China while educating viewers about the benefits of Bitcoin.
This is no easy feat guys
As He Youbing travels and spreads Bitcoin awareness, one thing is clear: Bitcoin is far from mass adoption in China.
Not only is China's ban on cryptocurrencies inhibiting blockchain sector growth, but many Chinese merchants have no plans to adopt or use the cryptocurrency for day to day transactions any time soon.
However, so far, He Youbing has continued strong and is proving to the world that it's possible to live on cryptocurrencies, even if the right infrastructure isn't in place yet.
Congressman Introduces 3 Bills that Aim to Promote Blockchain Development
Good to know we have at least one blockchain proponent in Congress
On Friday, Tom Emmer, a Republican Congressman from Minnesota, announced the introduction of three new bill proposals centered around blockchain development. Emmer’s mission is to push the United States to the forefront of blockchain development and thinks that we need the right regulatory environment to facilitate it.
Emmer is maybe the U.S. legislator most focused on blockchain and cryptocurrencies. In addition to proposing these new pro-blockchain bills, he was recently appointed to be the co-chair of the Congressional Blockchain Caucus.
The Congressman explained the reasoning for his introduction of these bills:
“The United States should prioritize accelerating the development of blockchain technology, and create an environment that enables the American private sector to lead on innovation and further growth, which is why I am introducing these bills.”
So what are the bills?
The first bill proposed by Emmer is a “House Resolution” that simply states Congress’ support for cryptocurrencies and blockchain technologies. Emmer takes the stance that the U.S. government has no way of stopping crypto, so it might as well embrace it.
The next bill is titled the Blockchain Regulatory Certainty Act. This bill would relinquish crypto miners’ title of being a ‘money transmitter’. Without this classification, miners would not have to legally register with authorities and would be subject to far less regulations.
Finally, the third bill is the Safe Harbor for Taxpayers with Forked Assets Act of 2018. This bill aims to clarify how cryptocurrency forks should be reported to the IRS for taxation purposes.
- Michael Novogratz, the founder of the cryptocurrency asset management firm Galaxy Digital, believes the market has hit a bottom.
- The largest brokerage in Brazil will enter the crypto space by launching an exchange for Bitcoin (BTC) and Ethereum (ETH) in the near future.
- Mining giant Antpool has entered into a sponsorship agreement with popular NBA team Houston Rockets.
FunFair (FUN)
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