Crypto News: July 31, 2019 - August 10, 2019

1. Bitcoin's hash rate hits all-time high

During the month of August, the bitcoin network hit a new all time high in terms of hash rate, reaching a staggering 80,000,000 TH/s (rounded).

The hash rate is the number of calculations that can be performed by network per second.

This means that the bitcoin network is continuously growing stronger as time goes by, increasing its overall security. Indeed, the possibility of a successful 51% attack of the bitcoin network, whereby a malicious actor manages to acquire at least 51% of the total hash rate of the bitcoin network, is becoming increasingly unlikely.

2. Blockfi raises $18 million in Series A round

Startup BlockFi announced that it closed a $18 million Series A funding round led by Valar Ventures, a fund co-founded by legendary silicon valley investor Peter Thiel.

Winklevoss Capital, Galaxy Digital, Morgan Creek, Akuna Capital, Susquehanna, ConsenSys, CMT Digital, Avon Ventures and PJC also participated in the funding round.

BlockFi aims at bringing basic financial products to the crypto space, by providing access to high-interest crypto accounts and low-cost credit products to clients worldwide.

According to BlockFi, the company plans on using the newly raised funds for expanding its product line.

 

3. Blockstream announces bitcoin mining service

It was announced on Thursday that bitcoin company Blockstream has launched a colocation mining service, by making a 300 megawatts bitcoin mining facility available for paying customers.

Blockstream aims to leverage its world-class mining infrastructure and expertise to provide companies with a turnkey mining solution at scale. Fidelity is reported to be one of the first customers taking advantage of Blockstream's new mining service.

Blockstream's goal is to improve the decentralization of the bitcoin network. Blockstream CSO Samson Mow stated in this regard:

We began self-mining back in 2017 after being motivated by widespread concern that mining decentralization was declining. At the time it appeared that parties involved in ASIC manufacture, hosting, and pool operations were becoming a centralizing force and holding back Bitcoin from reaching its full potential. We figured we could use our Bitcoin expertise to improve the situation.

Blockstream's mining pool is based on the cutting-edge BetterHash protocol. BetterHash provides individual miners with full control over the transactions included in blocks, improving the overall censorship resistance of the bitcoin network.


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