The Ethereum Difficulty Bomb comes into operation and reduces rewards

The Ethereum Difficulty Bomb comes into operation and reduces rewards to 10,000 ETH per day

Contents hide

2 The founder of MicroBT, accused of misappropriating funds

3 Bitcoin Group SE applies for cryptocurrency license

Ethereum block rewards have dropped to their lowest level, with ETH 10,254 worth about $ 1.5 million a day.

The reduction in rewards is due to the activation of the so-called Ethereum network difficulty bomb. This is a protocol-level algorithm that artificially increases the difficulty and thus the amount of hash power required to find a block.

ETH developers are discussing the possibility of postponing the difficulty bomb for two years with the hard fork at the end of this year.

Meanwhile, the ETH price fell to $ 133 during yesterday, as a result of the general decline in cryptocurrency prices.

Bitmain has problems with the law

Bitmain currently has over $ 1 million in frozen assets. Two Chinese courts have approved two seizure requests following complaints from suppliers and distributors.

Read This Now: The Ministry of Energy of Kazakhstan estimated the timing of the full restoration of CPC operation

The first dispute was registered in Shenzhen District with a seller of electronic devices. The second took place in the Fujian region, regarding a subsidiary of Bitmain.

At an internal meeting last month, Jihan Wu, co-founder of Bitmain, acknowledged that the company has suppliers pushing for debt compensation.

The Chinese media speculate that these problems were caused by pressure from co-founder Micree Zhan Ketuan. It was suddenly released by Wu Jihan in October.

The founder of MicroBT, accused of misappropriating funds

The founder of MicroBT mining hardware company, Zuoxing Yang, has been accused of misappropriating funds. According to a statement from Shenzhen prosecutors, the agency recently arrested Yang in an investigation.

Yang worked for Bitmain as director of processor design and was the lead architect for the company’s mining equipment. In 2016, he left Bitmain after Jihan Wu rejected his request to take shares in the company. One month after leaving Bitmain, Yang formed her own bitcoin mining company, MicroBT.

Read This Now: Slovenia called for the introduction of a "ceiling" of prices not only for Russian gas

MicroBT has gained a market share of about 40 percent since its founding and is now the second largest producer of bitcoin miners.

Bitcoin Group SE applies for cryptocurrency license

German crypto company Bitcoin Group SE has announced that it intends to apply to provide cryptocurrency custody services.

Crypto-custody activity will be included in the German Banking Law as a new financial service on behalf of clients. With the law coming into force on January 1, 2020, BaFin will thus create a unified legal framework and allow banks to offer and hold cryptocurrencies in custody.

Bitcoin Group SE operates the largest cryptocurrency trading platform in Europe, Bitcoin.de.

The Federal Financial Supervisory Authority (BaFin) has announced that in 2020 it will implement the fourth EU money laundering directive. This directive provides that service providers associated with cryptocurrencies must be licensed to operate in Germany.