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Digital Asset Financial Tech Firm BitOoda Reports Recent Increase in Bitcoin Mining Revenue

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The team at BitOoda, a global digital asset financial technology and services platform offering risk management solutions, best-execution brokerage and market analysis, has released their Weekly Hash Report (dated 5/10/2021).

As mentioned in the report from BitOoda, Bitcoin (BTC) surged 3% week on week (WoW), “reaching $58,288 as of 5/9 at midnight UTC.”

The BTC network tracked 186 blocks mined yesterday (May 9, 2021), maintaining levels “over 170 through most of the week,” the report from BitOoda confirmed while adding that the upcoming difficulty reset will “see a large increase in target Hashrate, possibly to new all-time highs.”

The report further noted the total Bitcoin earnings per PH/s “are ~6.47mBTC, down from ~6.55mBTC / PH/s last week on decreased Transaction fees (Tx fees). (1mBTC or milliBTC = 1/1000 BTC.)” The report added that Tx fees “fell 121 bps WoW to 5.6% of miner rewards, as we see low congestion levels in the ‘Mempool’ driven by the high block count.”

The report revealed that Bitcoin mining revenue “increased to $377 / PH/s per day and $409/MWh due to the slightly higher spot price.”

As stated in the report:

“The BitOoda North American Hash Spread™ gained 1.2% WoW from $386 to $390 as BTC price rose and power prices edged up. We define the BitOoda Hash Spread™ as the difference between the cost of power per MWh and the Bitcoin mining revenue per MWh. This gives miners a quick sense of the surplus generated by their business to cover personnel, overhead, depreciation, and profit.”

Bloomberg data reveals that “a weighted average around the clock U.S. wholesale industrial power price of $18.38 / MWh, leading to an aggregate spread of $390 across 5 power markets,” the report noted.

It also mentioned that older-generation S9-class devices “saw their Hash Spread™ stagnate at $97 / MWh. S17-class devices, the bulk of the current installed base, saw a hash spread of about $280 / MWh.”

As noted in the report, the current target Hashrate “of ~147 EH/s implies ~143 MWh power consumption per Bitcoin mined using S19 rigs, and substantially more using older-generation equipment.”

As stated in the latest BitOoda report, current crypto mining economics “leave a significant margin of safety for miners, who can absorb both power price and Bitcoin price fluctuations, even as we expect total network Hashrate to continue to increase.”

The report continued:

“The 143 MWh of power consumption per BTC mined translates into ~$2,600 in power expense mining with S19-class rigs, based on the current average North American power price. It costs $9,325 using S9 rigs, still an 80%+ margin, excluding labor. As a rule of thumb, we estimate labor costs to be (very) approximately $1000 / BTC for S19-class rigs, about $1500 for S17-class rigs, and $4000 for S9-class rigs.”

The main takeaways from BitOoda’s report are:

  • Sustained high block counts “suggest a possible all-time high difficulty reset by Thursday morning, implying an unusually short 11.5-day difficulty epoch.”
  • Mining remains “an attractive way for investors to gain exposure to Bitcoin, although mining rig shipping delays enhance price and difficulty risk.”

BitOoda says it can help customers manage risk via “compliant, systematic, and rigorous hedging programs.”

You can contact the BitOoda team at [email protected] so you can talk about how they can potentially assist you with managing your risk or gain exposure to the blockchain and digital asset space.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/05/175215-digital-asset-financial-tech-firm-bitooda-reports-recent-increase-in-bitcoin-mining-revenue/

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Rsquare Technologies Wins Regtech Recognition from Central Bank of Bahrain

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Rsquare Technologies, a Bahrain-based Regtech, has won the Central Bank of Bahrain’s SuperNova 2021 ‘Regtech Innovation Challenge’.

The Bahrain SuperNova Challenge was launched by the Central Bank of Bahrain (CBB) with the aim to further Bahrain’s Fintech industry’s development.

Rsquare Technologies is a resident of one of MENA’s largest Fintech Hubs, the Bahrain Fintech Bay, which is said to serve over 300 public and governmental entities across various key sectors, such as insurance, banking, education, and more. Rsquare Technologies reportedly has developed 19+ Fintech solutions such as E- Signatures, EICR, Easy Reconciliation, Compuform, CIS, HRMS & Payroll tools.

EasyRecon, the tech that won the aware, is one of RSquare’s software solutions that has been running at various financial institutions as a reconciliation engine that converts, loads, and reconciles automatically. The software also provides users with the reasoning behind the reconciliations, reduces human errors, and saves time that is typically consumed by the long and tedious process.

Shanthini Raja, founder, Chairperson & CEO of Rsquare Technologies, commented:

“This has been such a rewarding journey for us, and we are honored to have gained the winning title for the CBB’s Supernova Challenge which reflects our team’s hard work and underlying vision for the ecosystem. For the past 11 years, we have been developing solutions for the future that goes towards strengthening the thriving industry within the Kingdom. I would like to thank the Central Bank of Bahrain and all the key partners for giving us this opportunity, and especially my team which has tirelessly put their genuine efforts to lead this front within the sector, especially during a challenging time.”

Deepak Nair, CEO of BFC, said that BFC has been using Rsquare’s EICR for around 250 users for the past 6 years.

“Rsquare EICR has completely automated the manual entry into our core system, with 100% accuracy, data consistency and with increased Speed at the counters. Since it was a Robotic Automation Process, it worked with all core system screens and templates, which left us with no integration challenges, it eased implementation and customization with less IT intervention. Since It is a Bahrain made product, the after sales service is always Robust and Reliable. Rsquare`s EICR is a very user-friendly, plug and play product which runs 24/7 efficiently”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176973-rsquare-technologies-wins-regtech-recognition-from-central-bank-of-bahrain/

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Facebook’s QR Code Persistence Could Soon Pay Off

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This time Facebook (NASDAQ:FB) believes its added QR code functionality finally hits the mark.

After earlier attempts at testing the technology, Facebook has added QR code functionality on Messenger, a move analysts see as a direct charge at Venmo and Zelle. What is different this time is functionality extends beyond current Facebook users. If this works analysts at PeerIQ believe it could quickly spread to Marketplace and Instagram.

In a public statement, PeerIQ said this functionality aligns with Facebook’s oft-maligned Diem stablecoin. This Messenger test could be the beginning of a Diem-based payments network.

“With nearly three billion users across its platforms, developing viable payments tools, even if used only within Facebook, could turn into a material business for the social network,” PeerIQ said.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176965-facebooks-qr-code-persistence-could-soon-pay-off/

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Cross River VC Firm Has Fintech Focus

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Cross River Bank seeks to extend its reach as a provider of fintech services through its new venture capital firm. Cross River Digital Ventures looks for companies which blend lending, payments, investing and fintech and which can bring further value to Cross River,

“Cross River already powers some of the largest companies in fintech and this new endeavor will help us identify and make additional strategic investments,” said Gilles Gade, founder, CEO and chairman of Cross River. “Similar to Cross River, we are looking for special companies that are trying to change the world through innovation.”

The move has Cross River hopefully first in line when it comes to accessing the most revolutionary technologies coming in the near future. It has already invested in Innovative Assessments a company using psychometrics to personalize financial inclusion. Another, Lev, is a commercial real estate financing firm, while Finix Payments provides software for businesses developing payment processing capability.

“By providing strategic support to early-stage companies we can build on the Cross River momentum to fuel and strengthen the next wave of fintech innovation,” said Hillel Olivestone, head of Corporate Development at Cross River. “These are promising startups that align with Cross River’s mission and values, and we look forward to working with them to grow and expand the fintech ecosystem.”

“Working with Cross River has been awesome. They understand fintech like few other companies, and their reputation and access to resources is tremendous,” said Lev founder Yaakov Zar. “We’re proud to be working with the leading fintech bank to rebuild commercial real estate finance.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176966-cross-river-vc-firm-has-fintech-focus/

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Wanchain Adds Litecoin to Cross-Chain Infrastructure

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The Wanchain Foundation has fully integrated Litecoin into its cross-chain infrastructure. It joins Bitcoin, Ethereum, Wanchain, EOSIO, Binance Smart Chain, and XRP Ledger.

Wanchain enables truly decentralized cross-chain transactions between isolated heterogeneous blockchain networks. The Litecoin addition allows LTC to be traded cross-chain and used with EVM-compatible smart contracts. 

“Litecoin is one of the world’s most important cryptocurrencies,” Wanchain founder and CEO Jack Lu said. “It is also amongst the largest without smart contract capabilities. Wanchain and several of our enterprise partners are all very pleased at the prospect of what smart contracts and true decentralized cross-chain interoperability can bring to Litecoin and the blockchain community at large.”

“Connecting a truly heterogeneous blockchain like Litecoin to EVM-compatible chains like Ethereum, Wanchain and Binance Smart Chain without sacrificing any security or decentralization is a true feat,” VP of Business Development and Operations Li Ni said. “Integrations like this one and XRP Ledger reaffirm Wanchain’s mission to connect all the siloed blockchains in the world. Wanchain is one step closer to being the Wide Area Network of the blockchain industry.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176970-wanchain-adds-litecoin-to-cross-chain-infrastructure/

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