BitMEX Aims to Achieve ‘Near-Zero Downtime’ with ‘Aggressive’ Hiring After Major Outage

BitMEX has released the postmortem of the downtime it suffered on May 19 ensuring that “at no point during this event were any customer funds at risk,” and that no liquidations occurred while the exchange was offline.

The event resulted in 38,437 cancel-order instructions just 17 minutes before the resuming full functionality of the platform. Also, all the pending and new customer withdrawals were processed within 90 minutes of coming back online.

Working on improvements

As per its report, the exchange’s trading engine server “unexpectedly restarted” because of underlying hardware issues, which took the platform offline. After being recovered partially, it restarted a second time prompting the team to trigger a recovery procedure that utilized a new failover mechanism introduced earlier this year.

The whole ordeal took less than 2 hours while withdrawal wasn’t processed until an hour and a half after the trading resume successfully.

The crypto derivatives platform says it is taking steps to minimize the risk of any downtime which involves making architectural improvements so that the impact of hardware/software failures on the platform is reduced.

They have already replaced the technology behind its primary database that improves recovery times 4x and opens opportunities to scale it 15x over the next few months.

BitMEX is also growing its teams “aggressively” with most of its positions that involve data engineer, developer, analysts, and AML operations managers among others for primarily Hong Kong, Singapore, and San Francisco locations.

Trying to live up to the expectations

BitMEX’s market share has been declining ever since the March sell-off when the crypto derivatives platform reportedly suffered two DoS attacks and the price of bitcoin went down to $3,600 on it and could have crashed to zero, compared to $3,800 on other exchanges.

But still when BitMEX that offers 100x leverage went down, the market felt the effects as Crypto Twitter came alive.

“The burden of being on top. And no guarantee it lasts forever. This is just complacency,” said trader Ledger Status.

While Binance has been capturing its market share, BitMEX’s BTC balance also took a hit and diminished by 32% since then, although exchanges’ bitcoin balance has been on a downtrend on almost all the exchanges.

“The cryptocurrency industry has come a long way in a short amount of time. We know that the expectations on us have risen and we’re working 24/7 to further improve the resiliency of our platform,” said the company which aims to achieve “near zero down-time.”

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Author: AnTy

Ethereum Classic (ETC) Mining Profitability Has Been Growing Steadily (Stats Inside)

Ethereum-Classic-ETC-Mining-Profitability-Has-Been-Growing-Steadily-Stats-Inside
  • At one point, ETC was ranked in the list of top -10 crypto assets by overall market capitalization. However, the digital currency is now ranked 20th on the same list.
  • Supporters of ETC claim that it is the only ETH hard fork to have stayed true to the original vision of the currency.

As most of our regular readers are probably well aware of, Ethereum Classic [ETC] first came into existence during the latter half of 2016. Upon its inception, the currency was viewed as a fork of ETH that stuck to the original Ethereum blockchain and could be used by developers to create a host of novel dApps (decentralized applications) as well as smart contracts.

With that being said, it bears mentioning that over the past couple of years, the currency has been sliding in value — with a single token currently trading around the $7.79 mark. Additionally, the once sought after altcoin currently possesses a total market cap worth $870 million. However, despite all this, over the last 12-14 months, ETC mining activity has been on the rise, with many crypto enthusiasts claiming that the currency is on the verge of a serious breakout.

As can be seen from the chart above, Ethereum Classic’s [ETC] mining profitability has been on a steady rise since the start of the year. Not only that, a number of independent research studies have shown that the most profitable ETC-oriented mining pool right now is ’2Miners’ — which recorded a profitability ratio of 100% and displayed a weekly income of 21.391 ETC [$164.50]/1 GH/s.

Ethermine — another extremely popular mining pool — also registered returns of over 98% during the last week or so. To be a bit more specific, we can see that the pool’s weekly income stands at 20.486 ETC [$162.06]/1 GH/s.

Lastly, Nanopool was able to rake in profits of around 95% (estimated returns of $20.486 ETC [$157.54] /1 GH/s) over the week gone by.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Shiraz J