Binance Pool Set to Scale Hashrate in Russia as Physical Node Gets Added by BitRiver

BitRiver, one of the leading BTC mining hosting provider, has added a Binance physical node to its data center based in Bratsk, Russia.

The move will see Binance increase its hashrate power in the Central Asia region and Russia as the CZ led exchange looks to scale its footprint in crypto mining activities. This comes after Binance launched its mining pool in April, and has since achieved a 7,000 PH/s BTC hash, making it the eighth largest Bitcoin mining pool as of press date.

The move will benefit both Binance and BitRiver in terms of business growth as more mining activity is diversified away from China. Notably, its BTC hashrate dominance has dropped to 71% compared to 75% back in 2019 Q3.

Meanwhile, Russia’s hashrate has risen to 6.08%, an improvement from the 5.93% back in September 2019. Now that Binance has integrated with the Commonwealth of Independent States (CIS) based crypto mining service provider, the shift might happen sooner than expected.

Binance’s Director in Russia, Gleb Kostaev, acknowledged the potential in collaborating with BitRiver:

“Bitriver is one of the largest data centers in Russia and CIS, and we highly appreciate that the Company tested and evaluated our range of services for cryptocurrency miners. Binance and BitRiver’s collaboration allows strengthening the level of services and expanding access to our customers”.

BitRiver also stands to gain from the new partnership with Binance. For example, its clients will have exposure to Binance’s wide range of crypto products, including advanced tools such as derivatives and futures. BitRiver’s CEO, Igor Runets, further added that the exchange’s competitive fee structure would come in handy to its institutional-scale miners,

“Binance Pool offers a highly competitive fee structure to institutional-scale miners, who are the customers of our data center. By having Binance Pool’s node in our data center, our customers from across the globe can now enjoy a more reliable and higher quality connection from Binance Pool.”

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Author: Edwin Munyui

Ethereum Muir Glacier Update: Parity Upgrade Alert Due to Attack, 75.7% of Node Operators Ready

  • Those running Parity nodes are asked to update their clients “ASAP”
  • 75.7% of the node operators are ready for Muir Glacier
  • Down 92% from ATH, it is still one of the best performers of the decade, with nearly 18,000% gains

Just a day before Ethereum’s latest and unexpected network upgrade Muir Glacier, Ethereum client Parity came under attack.

Parity Ethereum took to Twitter to announce that on investigating the reports of some of the Parity Ethereum nodes not syncing, they came to believe there may be an attack underway.

Reportedly, valid blocks with manipulated directions, added or replaced, caused the client to stall, according to GitHub. Sergio Demian Lerner, a cryptocurrency security consultant, explained:

“The attack is simple: you send to a Parity node a block with invalid transactions, but valid header (borrowed from another block). The node will mark the block header as invalid and ban this block header forever but the header is still valid.”

New versions v2.6.8-beta & v2.5.13-stable have been released that will protect against this attack. As per this upgrade,

“Make sure to not mark block header hash as invalid if only the body is wrong.”

Those running Parity nodes are asked to update their clients “ASAP.”

Parties involved were already unhappy with the situation as Ethereum chose New Year’s Day for the upgrade. And now Parity underwent an attack.

Moreover, currently, 75.7% of the node operators are ready for Muir Glacier, as per Ethernodes.org.

Binance however, has announced its support for the ETH Muir Glacier upgrade. Because of which, deposits and withdrawals of ETH will be suspended.

When it comes to mining pools, only one, Ethermine is ready while the rest Sparkpool, F2Pool, Nanopool, Zhizhu, and MiningPoolHub still showing ‘no information’.

Earlier this month, the Ethereum network has its Istanbul upgrade and now they are ready for another. Ethereum was forced to have another update (EIP-2387) in less than a month due to a mistake and to delay the difficulty bomb feature that will slow down the Ice Age by about 611 days.

2020 to be the year of Ethereum?

The second-largest cryptocurrency by market cap is currently trading at $131, down 92% from its all-time high of $1,570. Ethereum’s 2019 performance surely has turned negative by 3.50% but it is still one of the best performers of the decade, with nearly 18,000% gains.

For the next year, Ethereum might be in for some good time as it might have hit the bottom.

Trader Crypto Michaël also sees 2020 a good year for Ether as he says, “Each massive breakout of ETH in January showed a significant move.”

Historically, he says Q1 of the year has been a great period for altcoins and their dominance bottoming. So “Let’s rock in Q1 2020!”

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Author: AnTy

IOTA Foundation Fixes Mainnet Issue But Puts A Question Mark On Its Decentralization

  • Those running the IRI node need to update to version 1.8.3
  • The incident puts the network’s decentralization in question
  • IOTA tanks 55% in 2019, everyone is returning to Bitcoin

IOTA Foundation has fixed an issue related to its mainnet, announced the non-profit behind the IOTA network on Dec. 30. The Foundation has asked those running an IRI node to update to version 1.8.3, available on GitHub.

The issue here was that IRI didn’t account for a transaction that was shared between two distinct bundles. What led to a corrupt ledger state was that once the transaction was marked as “counted” on one bundle, it was ignored for the next bundle.

The decentralized ledger for zero-cost transactions for the Internet of Things was reportedly unable to process transactions for about 21 hours due to the issue.

Now that the issue is resolved, transactions on the network are back to processing.

Yesterday, cryptocurrency exchange Huobi that “temporarily suspended” deposit and withdrawals of IOTA due to mainnet upgrade has now resumed its services for the cryptocurrency.

IOTA’s Decentralization or the lack of it in Question

This incident however, has the community questioning the decentralized nature of the IOTA network. Jake Chervinksy, General Counsel at Compound Finance said,

“Is it fair to say IOTAholders are relying solely on the efforts of the IOTA Foundation to fix mainnet? Just wondering if that’s Howey can look at this situation.”

Back in 2017, Nick Johnson, a developer at the Ethereum Foundation said he finds IOTA “deeply alarming.”

At that time Tuur Deemester, Founding Partner Adamant Capital said,

“I’m not sure the IOTA team has the required cryptographic pedigree for long term success.”

IOTA tanks 55% in 2019, everyone is returning to Bitcoin

Instead of using blockchain technology like other cryptocurrencies, IOTA uses Tangle which is a stream of interlinked and individual transactions. The cryptocurrency uses DAG to store its ledger, with scalability as the main motivation.

Currently, the IOTA Foundation is working on Coordicide, the death of the Coordinator, to realize the “dream of a permissionless and scalable distributed ledger technology (DLT).”

Now coming onto the price part, IOTA is currently trading at $0.161, down 97% from its all-time high of $5.54, as per Coincodex. In 2019, to date, it is down by 55%.

This Mati Greenspan, founder of investment firm Quantum Economics says is because,

“People are realizing that many of the altcoins had exaggerated valuations beyond what the projects were worth.”

The market has moved beyond winter, summer, or spring and we’re currently in a period of “great consolidation” where everyone is returning to Bitcoin, said Greenspan.

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Author: AnTy

Launch of New Node Monitoring Tool lndmon Announced by Lightning Network Dev

Launch-of-New-Node-Monitoring-Tool-lndmon-Announced-by-Lightning-Network-Dev
  • The new node monitoring tool has been dubbed ‘Indom’ by its creators.
  • It is being said that through the use of Indom, some of today’s existing peer-to-peer network problems can be avoided completely.

As per an all new blog post published by software developer Valentine Wallace a couple of days back, second-layer payment protocol — The Lightning Network — now has a new node monitoring tool available for use. The technology in question is called Indmon and it has been described as a “drop-in, dockerized monitoring solution” by its creators.

The primary goal of this tool, as per its developers, is to help avoid some niche’ network issues before they even arise. In regards to this development, it is worth highlighting that all through 2019, the market saw the emergence of various peer-to-peer network related problems that could have easily been avoided through the use of node monitors.

On the subject Wallace added:

“A routing node operator may want to be notified if multiple channels are closed in rapid succession or if their peer connections show signs of instability.”

In addition to avoiding potential network problems, Valentine’s above stated post also talks about other use cases for this technology.

For example, the monitoring tool can also be used for a host of financial reasons — such as trend observations, cost analysis etc.

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Author: Shiraz J