This week in Bitcoin – Oct 28th, 2019

This week in Bitcoin – Oct 28th, 2019


Hi, I’m Nate Martin from 99Bitcoins.com
and here’s what happened this week in Bitcoin.
Bitcoin had a real roller-coaster week.
The price dropped like a stone on Thursday, falling to five-month lows of just over $7,000,
only to bounce back to over $10,000 on Saturday.
This 40% price surge represents
the biggest daily gain since 2011.
In China, President Xi Jinping declared blockchain
technology to be an important innovation.
He said the country must increase investment
and accelerate development in the crypto space.
Following his remarks,
the National People’s Congress
passed new crypto laws
which come into effect next year.
While centralized crypto exchange companies
won’t be legalized, they do encourage crypto
research and education, while promoting
adoption and providing regulatory clarity.
Bitmain, the major ASIC manufacturer and miner,
is converting a disused aluminum smelting plant
in Texas, into a Bitcoin mining farm.
The plant will initially provide
25 megawatts of mining energy
but soon could scale up to 300 megawatts.
Bakkt, the Bitcoin futures exchange backed by the owners of the New York Stock Exchange,
hit a new all-time high in trading volume.
1,131 futures contracts have been traded
representing approximately $9.7 million
in trading capital.
And finally, Andreas Antonopolous tweeted
regarding an issue on the Bitcoin Cash blockchain
that an unknown miner
has majority hashrate control.
This miner found 21 blocks over an hour,
where 6 would be the norm.
It appears the miner is exploiting
BCH’s difficulty adjustment algorithm.
That’s what happened this week in Bitcoin.
See you next week.

6 comments

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