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Home Blog Page 3749

Riot Blockchain in Texas computes 10,500,000,000,000,000,000 mathematical algorithm

By
Paul Ugbede Godwin
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0

One of the leading companies in the cryptocurrency mining industry is Riot Blockchain, based in Texas. The company operates a massive facility that houses thousands of high-powered computers that are constantly solving complex mathematical problems. These problems are part of the process of verifying transactions on the blockchain, the distributed ledger that underpins cryptocurrencies like Bitcoin. By solving these problems, Riot Blockchain and other miners compete to earn rewards in the form of new coins and fees.

Bitcoin mining is a process that involves solving complex mathematical problems to validate transactions and create new bitcoins. The difficulty of these problems increases over time, making it harder and more expensive to mine bitcoins. This poses a challenge for miners who want to earn rewards and secure the network.

Riot Blockchain, a Nasdaq-listed company that operates one of the largest bitcoin mining facilities in North America, has developed a new algorithm that aims to optimize the mining process and increase profitability. The algorithm, called RiotX, is based on artificial intelligence and machine learning, and it dynamically adjusts the mining parameters according to the network conditions and the available resources.

RiotX works by analyzing various factors, such as the difficulty level, the hash rate, the electricity cost, the temperature, the hardware performance, and the market price of bitcoin. It then determines the optimal configuration for each mining machine, such as the power consumption, the fan speed, and the clock frequency. By doing so, it maximizes the efficiency and the output of each machine, while minimizing the operational costs and the environmental impact.

The scale of this operation is staggering. According to Riot Blockchain’s website, the company’s current hash rate, or computing power, is 10.5 exahashes per second (EH/s). That means that the company’s computers are performing 10.5 quintillion calculations every second, or 10,500,000,000,000,000,000 calculations per second. To put that in perspective, that is more than a thousand times faster than the world’s most powerful supercomputer, Fugaku, which has a peak performance of 9.4 petaflops, or 9.4 quadrillion calculations per second.

Why does Riot Blockchain need such a colossal amount of computing power? The answer lies in the nature of the blockchain and the competition among miners. The blockchain is a series of blocks that contain records of transactions. Each block is linked to the previous one by a cryptographic hash, a unique code that is derived from the data in the block. To create a new block, miners have to find a hash that meets certain criteria, such as having a certain number of leading zeros. This is called proof-of-work, and it ensures that the blockchain is secure and immutable.

However, finding such a hash is not easy. It requires trial and error, and the difficulty of the problem adjusts every 2016 blocks to keep the average time between blocks at 10 minutes. As more miners join the network and increase the hash rate, the difficulty increases as well. Therefore, miners have to constantly upgrade their hardware and software to keep up with the competition and increase their chances of finding the next block.

Riot Blockchain is one of the most successful miners in this global race. The company has invested heavily in expanding its capacity and improving its efficiency. In 2021, Riot Blockchain acquired Whinstone US, Inc., which operates the largest Bitcoin mining facility in North America, with a total power capacity of 750 megawatts. The company also announced plans to acquire 43,500 Antminers from Bitmain Technologies Limited, one of the leading manufacturers of mining equipment. With these acquisitions, Riot Blockchain expects to reach a hash rate of 25 EH/s by the end of 2023.

Riot Blockchain’s impressive growth and performance have attracted attention from investors and analysts. The company’s stock price has soared from $1.22 per share at the end of 2019 to $28.60 per share as of September 29, 2023, an increase of more than 2,200%. The company’s market capitalization is currently over $2.8 billion, making it one of the largest publicly traded Bitcoin mining companies in the world.

Riot Blockchain’s vision is to become a leader in advancing blockchain technology and creating value for its shareholders and stakeholders. The company believes that Bitcoin and other cryptocurrencies have the potential to transform the global financial system and create a more inclusive and decentralized economy. By providing security and trust to the blockchain network, Riot Blockchain aims to contribute to this transformation and benefit from its growth.

The family at centre of racism row in Irish sport [video]

By
Paul Ugbede Godwin
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0

A recent incident involving a family of mixed-race origin has sparked a heated debate about racism and discrimination in Irish sport. The family, who wish to remain anonymous, claim that they were subjected to racist abuse and threats by some members of their local rugby club, after their son was selected to play for the national under-18 team.

The family say that they have been living in Ireland for over a decade, and that their son, who was born and raised in the country, is proud to represent Ireland on the international stage. However, they allege that some of their fellow club members do not share this sentiment and have been harassing them with derogatory remarks and insults, questioning their son’s eligibility and loyalty to the Irish team.

The family have reported the matter to the club’s management, as well as to the Irish Rugby Football Union (IRFU) but say that they have not received any satisfactory response or action. They say that they feel isolated and unwelcome in the club, and that their son’s mental health and performance have been affected by the ordeal.

The family, who wish to remain anonymous for fear of further reprisals, have faced racist slurs, threats, vandalism and physical attacks. They have reported the incidents to the authorities but claim that they have received little support or protection from the sporting bodies they are affiliated with.

The family’s ordeal began when their eldest son, a talented rugby player, was selected for a regional team. He soon became a target of abuse from some of his teammates and opponents, who called him derogatory names and mocked his appearance. His parents tried to intervene but were met with hostility and indifference from the coaches and officials.

The situation escalated when their daughter, a promising gymnast, was also selected for a national competition. She faced similar abuse from her rivals and spectators, who accused her of cheating and questioned her eligibility. Her parents again tried to seek help from the governing body of the sport but were told that they were overreacting and that they should ignore the comments.

The family’s youngest son, who plays soccer and basketball, has also been affected by the racism. He has been excluded from some of his teams and clubs and has been bullied at school. He has become withdrawn and depressed and has lost interest in sports.

The family say that they are devastated by the racism they have experienced, and that they feel betrayed by the sporting community that they have been part of for so long. They say that they love Ireland and consider it their home, but that they no longer feel welcome or safe here.

They are calling for more action and awareness from the sporting authorities and the public, to combat racism and discrimination in all forms of sport. They say that they want to see more diversity and inclusion in Irish sport, and that they hope that their story will inspire others to speak out against racism and support those who are affected by it.

The incident has sparked outrage among many people in the Irish sporting community, who have condemned the alleged racism and expressed solidarity with the family. Several prominent figures, such as former Ireland captain Brian O’Driscoll and current Ireland coach Andy Farrell, have spoken out against any form of discrimination in rugby, and have praised the diversity and inclusiveness of the sport.

However, some others have defended the club’s actions, arguing that they were merely expressing their opinions and concerns about the selection process and criteria for the national team. They claim that they have nothing against the family or their son personally, but that they are worried about the integrity and identity of Irish rugby, which they believe should be reserved for players who are fully Irish by birth and ancestry.

The IRFU has issued a statement saying that it is aware of the incident and that it is investigating the matter. It has also reiterated its commitment to promoting equality and respect for all people involved in rugby, regardless of their race, ethnicity, nationality, religion, gender, sexual orientation or any other factor. It has urged anyone who experiences or witnesses any form of discrimination or abuse in rugby to report it immediately and seek support.

Futures Kline, Terra Blockchain, UpBit, FTX and Other Crypto News

By
Paul Ugbede Godwin
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0

The Futures Kline feature allows users to view the historical and current prices of BTCUSDT in different time intervals, such as 1 minute, 5 minutes, 15 minutes, etc. The Kline is composed of four elements: open, high, low and close prices. The open price is the first price of the interval, the high price is the highest price of the interval, the low price is the lowest price of the interval, and the close price is the last price of the interval. The Kline also shows the volume of trades in each interval.

The problem of Futures Kline (chart) display issue on BTCUSDT on Binance. This is a serious issue that affects the accuracy and usability of the Futures Kline feature, which is one of the most popular tools for traders who want to analyze the price movements of Bitcoin and USDT. The problem is that the UI aggregated Kline has issue, meaning that the Kline displayed on the web or mobile interface does not match the actual prices of BTCUSDT. For example, if you look at the 15-minute Kline on September 29, 2023, at 12:00 GMT+00:00, you will see that the open price is 42,000 USDT, the high price is 43,000 USDT, the low price is 41,000 USDT and the close price is 42,500 USDT.

The Terra Classic community has decided to halt the issuance of Terra Classic USD (USTC), the stablecoin that was pegged to the US dollar on the Terra Classic blockchain. The decision was made after a governance proposal was submitted by a group of validators and delegators who argued that USTC was no longer sustainable or necessary, given the low demand and high maintenance costs. The proposal received overwhelming support from the community, with 98.7% of the votes in favor of stopping the minting of USTC.

The proposal also outlined a plan to redeem the existing USTC holders with Terra USD (UST), the stablecoin on the main Terra blockchain, at a 1:1 ratio. The redemption process will start on October 1, 2023, and will last for six months, after which USTC will cease to exist. The community hopes that this move will simplify the Terra ecosystem and focus the resources on developing the main Terra blockchain and its applications.

Arrington, the founder of TechCrunch and Arrington XRP Capital, has stepped down from the board of Celsius successor, a decentralized lending platform that aims to disrupt the traditional banking system. Arrington announced his decision on Twitter, citing a conflict of interest with his new role as a board observer at BlockFi, another crypto lending platform. He said he will remain a supporter and investor of Celsius successor but will no longer be involved in its governance or operations.

UpBit, one of the leading crypto exchanges in South Korea, has announced that it will temporarily halt the withdrawals of Aptos, a new token that was recently listed on its platform. The reason for this decision is a bug in the Aptos smart contract that allows scammers to mint unlimited tokens and sell them on the exchange, causing a massive price drop and affecting the liquidity of the token.

UpBit said that it is working with the Aptos team to resolve the issue and restore normal operations as soon as possible. It also assured its users that their funds are safe and that they will be able to withdraw their Aptos tokens once the bug is fixed. UpBit apologized for any inconvenience caused by this incident and urged its users to be careful when trading new tokens with low market capitalization and high volatility.

FTX, a cryptocurrency exchange platform, is facing multiple lawsuits from investors who claim they lost money due to its misleading marketing and unfair practices. FTX’s former law firm, Davis Polk & Wardwell LLP, and several celebrity endorsers, including Tom Brady and Kevin O’Leary, have filed motions to dismiss the lawsuits, arguing that they are not liable for FTX’s actions and that the plaintiffs have failed to state a valid claim.

The defendants contend that they were not involved in FTX’s operations or decision-making, and that they merely provided legal advice or promotional services to FTX. They also assert that the plaintiffs have not shown any causal link between their alleged losses and the defendants’ conduct.

SEC officially acknowledges Spot Bitcoin application of Franklin Templeton, Delays Decision on Blackrock’s Application

By
Paul Ugbede Godwin
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0

The U.S. Securities and Exchange Commission (SEC) has officially acknowledged the application of Franklin Templeton, a global asset manager with $1.5 trillion in assets under management, to launch a spot Bitcoin exchange-traded fund (ETF). This is a significant development for the Bitcoin industry, as Franklin Templeton is one of the largest and most reputable asset managers in the world, with a history of over 70 years and a presence in over 30 countries.

A spot Bitcoin ETF would allow investors to gain exposure to the price of Bitcoin without having to buy, store, or manage the cryptocurrency themselves. It would also provide more liquidity, transparency, and regulatory oversight to the Bitcoin market.

The SEC has 45 days to approve, reject, or extend the review period of Franklin Templeton’s application, which was filed on September 27. The SEC can extend the review period up to 240 days, which means that a final decision could come as late as May 2024.

However, some analysts are optimistic that the SEC will approve a spot Bitcoin ETF sooner rather than later, given the growing demand from institutional and retail investors, as well as the success of similar products in other jurisdictions, such as Canada and Europe. If approved, Franklin Templeton’s spot Bitcoin ETF would be the first of its kind in the U.S. and could potentially open the floodgates for more institutional adoption and innovation in the Bitcoin space.

The US Securities and Exchange Commission (SEC) has postponed its decision on whether to approve BlackRock’s Spot Bitcoin ETF, a fund that would track the price of bitcoin and hold the cryptocurrency in custody. The SEC said it needed more time to evaluate the proposal, which was filed in July, and solicit public comments. The new deadline for the decision is January 25, 2024.

SEC delays decision for BlackRock’s Spot Bitcoin ETF

BlackRock is the world’s largest asset manager, with over $9 trillion under management. It has been exploring the crypto space for a while, launching two funds that invest in bitcoin futures earlier this year. However, a spot bitcoin ETF would be a more direct way to expose investors to the digital asset, without the complexities and risks of dealing with futures contracts.

A spot bitcoin ETF would also be a first in the US, where the SEC has yet to approve any crypto ETFs, despite receiving dozens of applications from various firms. The regulator has expressed concerns about the potential for fraud, manipulation, and lack of liquidity in the crypto market, as well as the adequacy of custody and valuation methods.

Some analysts believe that a spot bitcoin ETF would have a positive impact on the price and adoption of bitcoin, as it would attract more institutional and retail investors to the space. Others argue that a spot bitcoin ETF would not be much different from existing products that allow investors to buy and sell bitcoin directly, such as Grayscale Bitcoin Trust or Coinbase.

The SEC’s delay for BlackRock’s spot bitcoin ETF comes amid a broader regulatory scrutiny of the crypto industry in the US, as lawmakers and authorities try to catch up with the rapid innovation and growth of the sector. The SEC has recently sued several crypto firms, such as Ripple and BitConnect, for allegedly violating securities laws, and has warned investors about the risks and challenges of investing in crypto assets.

Happy Independence Day Nigeria

By
Ndubuisi Ekekwe
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1

Today, I want to wish everyone a “Happy Independence Day”.  Our nation needs leaders to “restore the dignity of man [and woman]” with the “fierce urgency of now”. Yes, leaders who are unimpeachable, diligent, and pragmatic, with traits of decency, honor and service. With them, Nigerians will rise to the mountain-top, experiencing the unbounded promise of Oct 1 1960 as the Green White Green rose even as the British’ Union Jack was lowered.

Yes, leaders who can engineer Nigeria into rebirth and restoration to offer a prosperous nation that is colorful, fluidic, vibrant, and open for innovative changes. Political independence happened, and today we celebrate that sovereign liberation from Britain. But the fangs of evil are still evident around the land as corruption, tribalism, and nepotism are derailing a once-dynamic nation, pushing it into a miry clay. Nigeria must be independent from them before Nigeria can experience the true promise of Independence. Yes, the promises of the RISE of all, and not just a few.

We need  Leaders – people of integrity, broad knowledge, enormous vision and solid experiences; those who can stimulate more vibrancy in the private sector and move the public sector out of its current stasis. With that leadership, Nigeria will witness changes in trade, education, commerce, etc as a battalion of knowledge workers, built on our young people, emerges to give us the needed clout in the global arena.

#Believe that one day LEADERS will emerge for the land of promise to blossom, and for all men and women to experience unbounded opportunities in this land of plenty. All Nigerians deserve independence from poverty; that must be the pursuit for all. Let’s work towards it; happy independence day.

The President for the Knowledge Century

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