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Bitcoin free fall amid China crackdown

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Bitcoin is in a free fall – tumbling to a two-week low amid an intensifying cryptocurrency crackdown in China.

China’s crackdown on mining has been an ongoing story since around 2013. But this time might be different.

Bitcoin fell to a two-week low amid an intensifying cryptocurrency crackdown in China.

The largest virtual currency fell 10% to $32,350 as of 8:50 a.m. in New York. Ether declined 13% to $1,950.

China announced on Monday that it summoned officials from its biggest banks to a meeting to reiterate a ban on providing cryptocurrency services. It’s the latest sign that China plan to do whatever it takes to close any loopholes left in crypto trading.

According to bitcoin aficionado Stephan Livera this latest crackdown, on one of the main regions for bitcoin mining, is the real deal.

This time seems like a more serious time. The largest mining pool operators have come out…so for example the leader of F2Pool (has said) from our numbers we’re seeing a very large drop in the amount of hash rate that’s coming to our pool out of China.” 

STEPHAN LIVERA, MINISTRY OF NODES

Bitcoin has many complex layers, it’s important to remember we’re talking specifically about bitcoin mining.

Mining is simply the process that sees new bitcoins entered into circulation. It’s also a critical component of the maintenance and development of the blockchain ledger. Mining is performed using very sophisticated computers that solve extremely complex computational math problems.

Chinese authorities are clamping down on the local mining operations that accounted for over 65% of Bitcoin’s global hash rate in 2020.

You might want to Google ‘bitcoin hash rate’, essentially it’s how often computers verify bitcoin transactions to secure the network.

The total hash rate has hit a new six-month low as China continues its clampdown on operations within the country.

What does this change mean for the future of bitcoin mining?

Livera says “it might be a turning point, an actual change in the industry. In terms of the composition in terms of where does the mining hash-rate come from. Because bitcoin is a decentralised project, what we ideally want to see is the hash-rate distributed around the world.”

So where to next?

Miners in China say their firms will pack up shop and move to North America with some predicting that China will lose crypto computing power to foreign markets.

Livera predicts short-term pain for long-term gain.

“Yes there is a short-term drop in the hash rate in the here and now. It’s unfortunately bad for Chinese miners. But it is good for anybody outside of China who is able to set up a mining operation, and be more profitable on the margin.”

A sell-off across the crypto markets took hold over the weekend. The world’s two dominant tokens bitcoin and ethereum both declined following China’s continuing crackdown particularly on the southwest province of Sichuan.

How these changes in bitcoin mining affect the long term price is a wait and see.

Business

Snapchat is growing faster than it has in years

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Snapchat announces new climate plan

Snapchat’s parent company has continued to see record growth – and profit – of the platform

Just a couple of years ago, there were concerns that Snap, the parent company of Snapchat, wouldn’t survive as a standalone company, but the social media platform is growing faster than it has since 2017.

The camera-based messaging app stated it added 13 million daily users during the second quarter of this year – a 23 percent increase from the same time a year ago.

That means 293 million people use Snapchat every day around the world, up from 173 million this time four years ago.

Snapchat’s revenue has also soared 116 percent to $982 million – making it a faster growing business than Twitter or Facebook

Snap CEO Evan Spiegel has said he expects the app’s user base to actually grow faster as pandemic lockdowns end, since Snapchat is designed to be used out and about with friends.

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Battle of the Crown: Star Entertainment ditches bid

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Australia’s Star Entertainment Group has ditched a bid to merge with Crown Resorts

In the latest showdown in the battle for the Aussie Casinos – Star proposed a merger bid back in May worth $12 billion.

Star Entertainment operates casinos in Sydney, Gold Coast, and Brisbane while Crown operates venues in Melbourne and Perth, while a built casino in Sydney hasn’t been granted permission to open.

The Star merger with Crown would have created an Australian gaming and hospitality giant with a total market value of $12 billion AUD.

Crown shares dive following Star’s announcement

Shares fell as much as 4.2% in early trading today, cleaving its market value to $6.7 billion.

Star, which is best known for its casino in Sydney, said it “remains open to exploring potential value-enhancing opportunities with Crown,” though engagement with Crown on the merger plan had been “limited.” It said it will closely monitor the outcome of the Melbourne investigation, as well as a concurrent probe into Crown’s Perth casino.

In a separate statement, Crown said it remains “willing to engage” with Star in relation to a potential merger. “The board is committed to maximizing value for all Crown shareholders and will carefully consider any proposal that is consistent with this objective,” it said.

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Why businesses should be tapping into the world of eSports

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Gaming has run a parallel race with tech businesses for years now with many industries embracing the competitive advantages.

CARLOS ALIMURUNG EXPLAINS THE PERKS OF MOBILE GAMING

It’s no secret that eSports is an area that many gamers imagined thriving since the early days of couch multiplayer – Businesses are now witnessing the momentum first-hand with companies such as ONE eSports acting as a vanguard to this new era.

CEO of ONE eSports, Carlos Alimurung was able to shine some light on the industry looking to explain the benefits for players, sponsors, and streamers.

Mobile gaming, whilst often considered “beneath” many traditional gamers have seen exponential growth with the power of smartphones and mobile devices increasing significantly, and eSports teams have noticed the potential of the games on offer and the convenience with which the platforms contain.

Celebrating the narrative of content creators and players within the industry is another area boasted by ONE eSports as they encourage and promote the players, seeing them as no different to athletes seen on a field, court, or even the Olympics. Though as Carlos explains “eSports doesn’t need the Olympics” – A wonderful expression of confidence for a passionate group of gamers desiring to be taken seriously.

Balancing a traditionally male-dominated industry can be a challenging task for a lot of big businesses which look to make a difference.

Articles outlining the struggles of female employees within game development are rife and deeply troubling, with major developers coming under fire for their response to the traumatic experiences inflicted upon women in the gaming industry.

INCLUSION IS PART OF THEIR INDUSTRY MISSION

They seek to enable and uplift players, streamers, and content creators of all genders to succeed – a breath of fresh air in an otherwise tainted space.

The numbers of female players look to increase with nearly 47% of gamers already being female there is plenty of room to see growth within eSports. (It doesn’t matter what gender you are when you’re on the business end of a no-scope trick shot in the arena!)

carlos alimurung gives insight into the business branding within esports

With brands like Netflix looking to get involved in the gaming industry, it is no longer a question of how but when other major companies will look to plug in and play.

Brands will also need to get smart about how their marketing will be presented to a younger more active audience (without hitting players over the head with it) Games like the basketball simulator: NBA 2K21 integrated unskippible advertising during loading screens which saw fans upset with being force-fed content onto their screens.

And whilst some could argue this made the game more authentic as advertising of course coats the sporting space, there are definitely more clever ways to do this… the spectacle of an esports arena for instance and the opportunities available have untapped potential, again the key is to be clever with the integration of marketing to Gen Z.

EXPANDING REACH

eSport will continue to expand its traditional reach from North America and Southeast Asia through onto Australian shores the question again, is not how but when this will occur as many Aussie gamers go without representation and limited faculty on home soil.

With the pandemic and vaccine rollout yet to play out in full there is a great opportunity to expand the digital market and competitive gaming space worldwide.

For the full chat with Carlos and more gaming goodness check out the rest of Ticker Gaming

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