REPORTLINKER: THE MINING EQUIPMENT MARKET WILL GROW IN THE COMING YEARS

Research company Reportlinker reports that the market for mining equipment will grow at least until 2023.

According to the report, the increase in the number of products for the production of cryptocurrencies will lead to an increase in the mining market by 10% annually. To encourage such growth will be the demand for FPGA-CPUs and ASIC miners.

According to the researchers, the main problems faced by the industry will be high operating costs and low profits. In addition, it is expected to stop the work of a large number of cryptocurrency startups, which will also leave its mark on the industry.

Analysts also noted quite a lot of competition in the market. Some companies are trying to move from mining on special equipment to mobile mining of cryptocurrencies – that is, to launch smartphones for mining.

Note that the fall of the cryptocurrency market last year greatly affected miners and equipment manufacturers for the production of cryptocurrencies. For example, Nvidia noted a decline in GPU miner sales in Q3 2018, and by the end of the year, the company’s share price fell significantly. However, this year the manufacturer of computer equipment expects the growth of the cryptocurrency market.

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BITPAY WILL ALLOW US CITIZENS TO RECEIVE TAX DEDUCTION IN BITCOINS

Cryptocurrency payment service BitPay has announced a partnership with the financial company Refundo in order to provide US citizens with the opportunity to receive a tax deduction in bitcoins.

In this case, the user can choose whether the payment will be made in bitcoins in whole or in part. The use of cryptocurrency will allow you to receive money quickly, with low fees and without the participation of banks.

To use the service, the user must create an account and provide the address of the cryptocurrency wallet, after which he will receive a special number that will need to be specified in the tax return. Also, the user must pass the verification of identity. After that, all tax deductions received from the tax service will be sent to the user’s cryptocurrency wallet.

Recall that in March, the audit firm Ernst & Young presented a tool for calculating and preparing a tax return on cryptocurrency savings, and earlier, in February, the TurboTax tax service began working with cryptocurrencies. In addition, the US state of Ohio was the first to allow businesses to pay taxes using cryptocurrencies.

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AMAZON HAS OPENED PUBLIC ACCESS TO THE SERVICE FOR THE DEVELOPMENT OF BLOCKCHAIN NETWORKS

Amazon Web Services (AWS), a cloud computing platform owned by the tech giant Amazon, has opened up public access to the Amazon Managed Blockchain (AMB) service.

According to the statement, the product will allow the company’s customers to develop blockchain networks based on Ethereum and Hyperledger platforms. As Amazon claims, AMB can scale to support millions of transactions.

According to the company, the BaaS concept will allow businesses to develop their own networks faster and at a lower cost, as the service eliminates the need to “provide hardware, install software, create and manage certificates for access, and monitor and configure network settings.”

Amazon first introduced the service for the development of networks of blockchain last fall. At the same time, the company announced the launch of the ICON Development Network project, which will allow developers to “easily launch a private icon blockchain through AWS”.

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IN THE BLOCKCHAIN WALLET THERE IS ALREADY A SUPPORT OF STABLON PAXOS

Popular cryptocurrency web wallet Blockchain this Wednesday announced the beginning of cooperation with the Issuer of stablecoin Paxos.

As a result, its users will have access to the Paxos Standard stablecoin, secured by us dollars in a ratio of 1 to 1 and regulated by the Department oFinancial Services of the state of New York.

“Starting today, you can store, send and receive a dollar-reflecting asset in your wallet, without banks, regardless of nationality, race, documentary support or philosophy, anywhere in the world,” commented blockchain President Marco Santori at today’s announcement.

To use the tool, the user must have a verified account. Earlier stabilini in the service of the Blockchain has not been submitted.

In mid-April, the company announced the complete cessation of support for bitcoin SV cryptocurrency.

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BANK OF ENGLAND: CRYPTOCURRENCIES ARE OF NO VALUE

Deputy Governor of the Central Bank of the United Kingdom Dave Ramsden said that cryptocurrencies are too volatile to be of value.

More than a year ago, the UK Financial Policy Committee (FPC) concluded that cryptocurrencies cannot be a means of preserving value due to their high volatility.

Ramsden noted that today the Bank’s attitude to this issue has not changed. In addition, the FPC reports that cryptocurrency is not a practical medium of exchange, as the cost of transactions is too high.

“FPC cannot be equated with cryptocurrencies to the currency because they do not meet this definition. The Committee is not worried about the impact of cryptocurrencies on financial stability – the small size of the market does not pose a threat to it,” Ramsden said.

Note that in January, senior adviser to the Bank of England Huw van Steenis and President of the Bank Mark Carney reported that cryptocurrencies do not pass the basic financial tests.

However, a survey conducted by the Bank in the social network Twitter about the preferred currency for a Christmas gift, showed that 70% of respondents want to become owners of digital currency.

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TENCENT AND WATERDROP WILL USE BLOCKCHAIN IN THE INSURANCE INDUSTRY

Chinese Internet giant Tencent will cooperate with a local insurance company to develop new solutions based on blockchain.

According to the latest information, waterdrop health insurance Company will use Tencent’s experience in this area to create as yet unnamed blockchain-based tools. This move followed the closure of the Waterdrop B -Series funding round, led by Tencent, in which the firm raised $74.2 million. At the same time, it is reported that the company plans to attract new funding in the amount of at least $1 billion.

“The company will spend money on the automation of compensatory payments and the development of the blockchain technology with Tencent,” said founder and CEO of Shen Peng.

The use of blockchain in the insurance industry is becoming more and more popular. Recently, it became known that providing insurance brokerage services and risk management services, Marsh LLC is introducing blockchain into its business processes.

 

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TOM LEE: “BITCOIN WILL REACH NEW HEIGHTS IN 2020”

The founder of the company Fundstrat Global Advisors and well-known cryptocurrency enthusiast Tom Lee said that next year bitcoin will reach new heights.

In an interview with CNBC, Lee said that the first cryptocurrency did not complete the upward movement and will reach new heights in 2020. According to him, this is indicated by 11 signs, which were observed only in the “bull” market. He also reiterated his opinion that “a new cycle of the bull market is beginning”.

Lee said that 3 out of 11 indicators are technical indicators, trading volumes and blockchain indicators. All of them signal the end of the market decline cycle. In January, his team found that year-on-year trading volumes began to increase, and in April, the bitcoin exchange rate crossed the 200-day moving average. In addition, volumes are increasing on the stock exchanges, where large and institutional investors trade.

“I think that you can see the improvement of fundamental factors and technical indicators, and now the activity of cryptocurrency owners has begun. So I think bitcoin will reach the $14,000 mark,” Lee said.

At the end of last year, Tom Lee expressed the view that the fair price of bitcoin is in the range of $13,800-$14,800.

 

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