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CoinDesk Podcast Network

800k Bitcoin Miners Recently Shut Down

CoinDesk Podcast Network

CoinDesk

Cryptocurrencies, Cryptocurrency, Dlt, Tokenization, Coindesk, Distributed Ledger, Blockchain, Tech News, Business News, Ethereum, Bitcoin, News, Digitalassets, Daily News, Decentralization, Defi, Crypto, Business

4.8689 Ratings

🗓️ 26 November 2018

⏱️ 7 minutes

🧾️ Download transcript

Summary


Late Confirmation is a CoinDesk production.

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Transcript

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0:00.0

As many as 800,000 Bitcoin miners may have shut down in the last few weeks.

0:08.0

Good evening. I'm Mark Hoxton. And this is late confirmation from CoinDesk, bringing you the top stories from Monday, November 26th.

0:17.7

Also on today's show, Ripple is making it easier for customers to integrate the XRP cryptocurrency.

0:25.4

But customers aren't fighting yet.

0:27.9

Spank Chain has paid out $70,000 to Camgirls already.

0:33.2

And the U.S. state of Ohio is allowing taxes to be paid in Bitcoin.

0:38.3

We'll have more on these and other stories on today's show.

0:47.1

The third largest Bitcoin mining pool, F2 Pool, believes that anywhere from 600,000 to 800,000 Bitcoin miners have shut down since

0:57.3

mid-November, as the Bitcoin network's hash rate and the cryptocurrency's price have declined.

1:04.5

F2Pool founder Mao Xijing told CoinDesk that his firm arrived at these figures by looking at the total

1:12.4

hash rate drop and the average hash power of older mining machines, which may now have

1:18.3

difficulty generating a profit.

1:20.9

The Bitcoin Network's overall hash rate dropped from about 47 million terra-hashes per second on November

1:30.5

10th to 41 million on November 24th, a decline of almost 13%.

1:37.1

Mao believes that older model Bitcoin miners, such as BitMain's Ant Minor T9 Plus, and Canaan Creatives Avalon Miner 741,

1:48.7

are probably losing money right now.

1:52.8

Next up, Ripple has released the latest version of its most popular product, Xcurrent.

1:59.4

And unlike previous iterations of the Interbank Transfer Software, this one can be integrated

2:05.9

with Ripple's X Rapid, allowing customers to conduct transactions with the XRP cryptocurrency.

2:13.1

The company began rolling out X Current in September, and customers like American Express,

2:19.2

Banko Santerre, and Itau Bank are already transitioning to the new version.

2:24.3

However, there's no timeline yet available for when all customers will receive it, given

...

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