Bitcoin Cash Hard Fork Sees Miners ‘Waste’ Money on 14 Invalid Blocks

Bitcoin Cash (BCH) miners appear to have wasted money mining 14 blocks on the wrong chain after the altcoin underwent a hard fork.  According to data from monitoring resource Fork Monitor on Nov. 15, Bitcoin Cash, which itself forked off from Bitcoin (BTC) in 2017, successfully split in two once again on Friday. BitMEX: Miners are “wasting resources” Despite being broadly cleaner than its previous hard fork attempts, it soon became apparent that a large section of miners had not upgraded to the new chain.  In total, miners spent resources…

As Bitcoin Cash Hard Forks, Unknown Mining Pool Continues Old Chain

A rogue chain has developed during a planned bitcoin cash hard fork, as an unknown mining pool failed to update to the new chain’s software. The on-going chain battle, which should be resolved by bitcoin cash’s internal rules, gives an insider look into how proof-of-work (PoW) consensus mechanisms operate. The hard fork occurred on Friday at 16:49:28 UTC at block number 609,135. Two additional blocks broke into two different chains that have been mined for a total of 4 new blocks, according to BitMEX Research’s Fork Monitor. The Bitcoin Cash chain…

Bitcoin Cash Hard Fork Completed as First Invalid Block Detected

The planned hard fork of the Bitcoin Cash network has been completed, as the first block considered invalid by the older client version was noted by BitMEX Research in a tweet on Nov. 15. Fork Monitor detected that the block at height 609,136 was considered invalid by the Bitcoin ABC 0.19.0 client. The block was accepted by Bitcoin ABC 0.20.6, confirming that the hard fork had completed as planned. The block was mined by the BTC.com pool at 13:44 UTC, with a block-size of 0.2MB, and contained 651 transactions. Older…

Central Bank of China Starts Trials to Restrict Large Cash Transactions

The People’s Bank of China (PBOC) announced that it will pilot a restriction on large-scale cash transactions in three different regions across the country, with one expert calling the move paving the way for its upcoming digital Renminbi token (RMB). On Nov. 14, local news outlet Xinhuanet reported that the PBOC intends to carry out a large-scale cash management trial that will last for 2 years and will be implemented in phases in the Hebei Province, Zhejiang Province and Shenzhen City. Guide customers to non-cash payment tools The PBOC explained…

Malaysia to Impose Cash Transaction Limit of $6K in 2020: Report

Malaysia is planning to impose a $6,000 limit on cash transactions in 2020, according to a deputy governor at the country’s central bank. The new restrictions aim to prevent the use of cash in illicit activities, and won’t affect regulated financial institutions or other entities transacting for humanitarian aid purposes. The average Malaysian household spends $1,900 per month Abdul Rasheed, the deputy governor in question who works for Bank Negara Malaysia (BNM), claimed that the measures will apply to all transactions involving physical cash, including payments for goods and services,…

At Current Rates, Cash App To Buy 16% of New BTC Supply After Halving

Square’s mobile payments application Cash App will be buying 16% of Bitcoin’s (BTC) new supply if the company keeps buying at the same rate after the halfing if the price does not go up. Twitter account dedicated to Bitcoin Rhythm pointed out in a tweet from Nov. 7 that the company’s Bitcoin buying rate will account for 16% of the total new Bitcoin per quarter after the block reward halving. The event will see the amount of Bitcoin created with each new block cut in half. Future price changes not…

Bitcoin Buyers for Square’s Cash App Doubled in Q3 2019

According to its Q3 2019 shareholder letter, Square’s Cash App reported many new first-time Bitcoin (BTC) buyers, but low profits related to its Bitcoin business. On Nov. 6, payment processing giant Square issued a letter to shareholders outlining Q3 2019 financial figures, in which it disclosed that the total net revenue for its Cash App was $307 million, while the gross profit resulted in $123 million for Q3. First-time BTC buyers have almost doubled Square’s Cash App saw $148 million in Bitcoin revenue. However, the company endured a whopping $146…

Square’s Cash App Now Charging Fees for Bitcoin Purchases

Jack Dorsey may “love” bitcoin but it looks like Square needs a better margin on it regardless. Square’s Cash App has started charging fees of as much as 1.76 percent on bitcoin purchases, sources have pointed out to CoinDesk. The Cash App’s support website now acknowledges fees, writing: “Cash App may charge a fee when you buy or sell bitcoin. If so, the fee will be listed on the trade confirmation before you complete a transaction.” It is unclear when that language was added but there were no fees associated with…

Genesis Clocks Quarterly Surge in Cash and Stablecoin Lending

Genesis Capital saw another jump in cash and stablecoin lending this quarter. The lending arm of the over-the-counter trading subsidiary of Digital Currency Group (DCG) published its latest “Digital Asset Lending Snapshot” on Wednesday, noting that the surge in cash lending was significant enough to shift the firm’s $450 million lending book. For the first time this year, BTC-denominated loans now represent less than 60 percent of Genesis’ portfolio. The cash lending program grew from 23.5 percent of the firm’s active loan portfolio in the second quarter to 31.2 percent in the third quarter.…

Bahamas to Release Fiat Digital Currency to Counter Cash Dependence

The Central Bank of the Bahamas (CBOB) is planning to release its own fiat digital currency in order to ensure economies’ resilience in the event of a natural disaster. CBOB governor John Rolle made the statement during his speech at the Counsellors Limited’s Exuma Business Outlook at Sandals Emerald Bay, local news publication the Nassau Guardian reported on Oct. 25. According to Rolle, digital currency has the ability to free the country from dependency on cash — particularly useful after a natural disaster. The Project Sand Dollar The digital currency…