#Blockchain Samsung Begins 7nm Chip Production, Easing Miner Demand for Improved Semiconductors

While Miners Increase Semiconductor Demand, Samsung Reveals 7nm Chip Production

After delivering 10nm semiconductor technology, the electronics giant Samsung has announced the firm’s foundry has started production of its EUV-based 7nm LPP process. Lately, Bitcoin mining rig manufacturers have added more pressure to the significant global demand for high-performance chips. At the moment there are only a couple of foundries producing them.

Also Read: Bitmain Offers Wi-Fi Routers Mining Cryptocurrencies  

Samsung Announces Commercialization of Its 7nm Process Node

While Miners Increase Semiconductor Demand, Samsung Reveals 7nm Chip Production Samsung has announced it has completed all the processes involved with the 7-nanometer LPP (Low Power Plus) with extreme ultraviolet (EUV) lithography technology. Now the Korean company has started the wafer production for these next-generation semiconductors. 2018 has seen a lot of sophisticated semiconductor technology, as some of the world’s leading manufacturers have been producing 10nm and 7nm chips for companies worldwide. Over the last year, bitcoin mining rig manufacturers from all around the globe have been in need of these high-performance chips.

For instance, Canaan, Bitmain, Ebang, GMO and other firms have announced the production of a few sets of new mining rigs that utilize either 10nm or 7nm semiconductor technology. Some of the mining companies have revealed the firms are either working with the Taiwan Semiconductor Manufacturing Company (TSMC) or Samsung when it comes to building these new machines. This past August, Globalfoundries announced it had decided to stop its 7LP (7nm) fabrication processes. Samsung’s latest announcement should help ease demand for these chips with the commercialization of its newest process node.

Charlie Bae, the executive vice president of Samsung’s foundry sales, explained during the announcement that the production will not only help mobile and high-performance computing (HPC) technology “but also for a wide range of cutting-edge applications.”

“This fundamental shift in how wafers are manufactured gives our customers the opportunity to significantly improve their products’ time to market with superior throughput, reduced layers, and better yields,” Bae emphasized.

While Miners Increase Semiconductor Demand, Samsung Reveals 7nm Chip Production
This year bitcoin mining rig producers such as Ebang, Bitmain, GMO, Innosilicon, Canaan, and others have revealed machines that use 10nm and 7nm chips.

Two Firms Now Produce Next-Generation Chips

In addition to its 7nm production announcement, the firm also explained that the process will provide customers with confidence that Samsung’s 3nm technology is coming soon. Last June, TSMC, the world’s largest semiconductor manufacturer, announced that its “5nm Fin Field-Effect Transistor process technology” should be ready by the third quarter of 2019. Both TSMC and Samsung are working with different bitcoin mining rig manufacturers but there’s a lot of demand stemming from other technology sectors worldwide. TSMC is producing 7nm chips for the latest Huawei and Apple phones, and Samsung’s mobile phone lineup as well will be using next-generation semiconductors.

With all the demand, Samsung adding another manufacturing source for next-generation 7nm chips should help bitcoin mining rig makers get their hands on faster semiconductors. Samsung details that the initial 7nm production has started in its fabrication plant in Hwaseong, Korea. For the past nine months, the firm has been introducing its semiconductor improvements and new EUV lineup at events in Japan, Korea and China. The 7nm production announcement was revealed to Samsung’s European investors at the last 2018 Foundry Forum event held on Oct. 18 in Munich, Germany.

What do you think about Samsung announcing it has started wafer production on next-generation 7nm semiconductors? Let us know what you think about this subject in the comments section below.


Images via Shutterstock, and Samsung.


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#Blockchain Bitmain Launches Asicboost Firmware Support for Antminers

Bitmain Launches Firmware Containing Asicboost Support for Antminers

On Oct. 20, Bitmain launched a new firmware upgrade for the company’s Antminer S9 mining rigs that allows for the activation of overt Asicboost. The firm also explained that in roughly one week the company will release overt Asicboost firmware for all BM1387-based models manufactured by Bitmain. The China-based company joins a slew of other cryptocurrency mining organizations that have been overtly processing blocks with the once-controversial Asicboost software.

Also read: Markets Update: A Narrowing Range of Consolidation and Lower Trade Volumes

Bitmain Miners Will Feature Overt Asicboost Technology

Bitmain Launches Firmware Containing Asicboost Support for AntminersBitmain has revealed the firm’s developers have finished creating a new version of firmware for the company’s Antminer S9 mining rigs. Now, S9s have the ability to use overt Asicboost while mining SHA265-based networks like Bitcoin Cash (BCH) and Bitcoin Core (BTC). Well over a year ago the Asicboost technology was considered controversial, because critics assumed the protocol was being used covertly in a secretive fashion. Asicboost gives mining rigs roughly 20-30 percent more efficiency processing blocks compared to mining devices not equipped with the protocol. Even though many BTC supporters accused Bitmain of using the software in a stealth manner, this has never been proven. Additionally, no other mining pools have been caught using the protocol covertly since the contentious argument against Asicboost optimization began in 2017.  

Bitmain notes in its recent announcement that the firm had detailed back in April 2017 that its ASIC chip BM1387 already had the ability to process Asicboost. However, because of possible patent infringements and other third-party IP violations, they refrained from using the protocol.

“Initially, we decided against activating this mathematical function in mining hardware produced by us, largely because of the legal uncertainty surrounding the use of Asicboost,” the Bitmain blog post details. “As an organization, we didn’t want to violate patent laws or act in any way that was untoward. Instead, we continued to focus our efforts on R&D and building the industry’s most efficient mining chips.”

Bitmain Launches Firmware Containing Asicboost Support for Antminers
According to data, Asicboost improves efficiency by 20-30 percent.

The Use of Asicboost Has Increased Significantly

Bitmain states they are now pleased to give Antminer owners the ability to utilize the Asicboost mining advantage and that the technology doesn’t give “any negative impact on the Bitcoin protocol.” Additionally, the mining manufacturer emphasizes that the use of the software is completely transparent and can be noticed on the blockheader of any ‘version-rolling boosted’ blocks. Bitmain also says the firm has sought legal advice across various jurisdictions and the company believes Asicboost technology is not currently, and may never be, officially patented.

“By activating Asicboost, our customers’ hardware will increase in effectiveness while the future hardware we make continues to be the industry gold standard — Utilizing this technology will be very beneficial for the mining,” explains the firm’s blog post.

Bitmain concludes by stating:  

Asicboost has the potential to reduce the J/TH cost and increase the total hashrate of the network — By activating this upgrade widely, we are making the Bitcoin network stronger than ever before.

Many mining pools have been mining SHA256-based blocks with the overt ‘version-rolling’ Asicboost protocol for months now. According to the data site Asicboost.dance, last week 6.65 percent of the BTC network’s blocks were mined by overt Asicboost mining. That’s roughly 67 version-rolled blocks and about 3.4 exahash a second which stems from the BTC network’s total 58EH/s hashrate. At the time of writing, there are about six pools mining with Asicboost including Slushpool, Ckpool, Poolin, F2pool, Bitclub, and an unknown pool.

Bitmain Launches Firmware Containing Asicboost Support for Antminers
Blocks processed with overt ‘version rolling’ Asicboost on the Bitcoin Core (BTC) network.

It is uncertain whether or not Bitcoin Cash network miners will be using the Asicboost technology going forward, and there is no data showing ‘version-rolled’ blocks on the BCH chain yet. According to Bitmain, in addition to the BM1387-based models getting new firmware, the mining pools Btc.com and Antpool now have the ability to utilize Asicboost.

What do you think about Bitmain adding Asicboost to the company’s mining rigs? Let us know what you think in the comments section below.


Images via Shutterstock, Asicboost.dance, Pixabay, and Bitmain Technologies. 


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#Blockchain Genesis Global’s Bitcoin Loans Hit $553M in 6 Months

Bitcoin Lender Genesis Advances $553 Million Loans in Six Months

Genesis Global Trading has released a financial report for the third quarter that shows the U.S. cryptocurrency lender provided $553 million worth of digital asset loans. These were issued to corporate borrowers such as hedge funds and trading firms in the form of BTC, BCH, ETH and other cryptocurrencies. 

Also read: World’s Biggest Banks Helped Clients Steal $63 Billion in Taxes in Europe

Institutional Investors Borrow to Boost
Working Capital, Short Cryptocurrencies

Genesis Global Trading — an affiliate of Los Angeles-based Genesis Capital — said it has $130 million in active loans outstanding, from a total of $553 million in originations. since it started providing digital currency loans to its customers in March of this year. About 50 percent of the total loan portfolio is denominated in bitcoin core, while 25 percent is ethereum loans, according to an online statement published on Oct. 18. Nine other cryptocurrencies, including bitcoin cash, accounted for the remaining 25 percent of the loans it offered throughout the period.

Bitcoin Lender Genesis Advances $553 Million Loans in Six Months

The registered over-the-counter digital currency dealer said that borrowers typically use its loans to fund their business operations, hedge derivative investments or to bet that the price of certain cryptocurrencies will fall. “At launch, lending activity was driven largely by speculative hedge funds,” the company said. “BTC loans primarily serviced working capital needs, while ETH loans were primarily used for short interest.”

Most of the funds that Genesis Global Trading provides as loans are borrowed from elsewhere at interest rates of between 5 to 7 percent. The company then goes on to charge rates of 10 to 11 percent when it lends, Michael Moro, chief executive officer of Genesis Global Trading, recently told Bloomberg. At the beginning of the third quarter in July, BTC dominated the company’s loan portfolio, followed by ETH. But as the price of ether has fallen more than 80 percent since March, interest in the cryptocurrency has started to decline.

BTC Dominates Loan Portfolio as ETH Declines

By the end of September, ether accounted for just 3.7 percent of the company’s loan book, while BTC rose to 70 percent. Borrowers took out about 3.5 percent in BCH-denominated loans, up from 1.9 percent three months earlier.

Bitcoin Lender Genesis Advances $553 Million Loans in Six Months

Genesis Global Trading said it has observed various changes in the composition of its clients, as well as the way in which they use the funds they borrow. Early in the third quarter, the majority of the company’s loans were used by clients to shore up their working capital, it said. But in September, hedge funds became more active on the short-side and added to their speculative long-term positions.

“Trading firms also saw increased opportunities for arbitrage and market-making as derivative liquidity increased across markets,” the company added. “These firms generally borrow digital assets to trade against derivatives like futures and swaps. We believe this kind of activity will continue to pick up as derivative markets mature.”

Cryptocurrency loans are emerging as an increasingly viable alternative to borrowing fiat. For example, data from Genesis Global Trading shows that the interest in bitcoin-denominated loans has risen largely on account of the currency’s use as an asset for non-speculative purposes.

What do you think about cryptocurrency loans? Let us know in the comments section below.


Images courtesy of Shutterstock and Genesis Global Trading.


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The post Genesis Global’s Bitcoin Loans Hit $553M in 6 Months appeared first on Bitcoin News.

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#Blockchain Russian Lawmakers Drop ‘Mining’ References in Digital Assets Bill

Russian Lawmakers Drop References to ‘Mining’ in Digital Assets Bill

Russian lawmakers have dropped the term “mining” from a bill to regulate digital assets, following the earlier removal of references to “cryptocurrency.” In addition, the proposed legislation no longer covers the taxation of mining profits, as such matters will fall under the oversight of the Federal Tax Service.

Also read: Despite Setbacks Crypto Wages Still an Option for Russians, Poll Finds

State Tax Authority to Determine
Taxes on Mining Profits

Russian Government Drops References to ‘Mining’ in Digital Assets BillAnatoly Aksakov, head of Russia’s parliamentary Financial Market Committee, announced the latest amendment to the bill, which is expected to regulate Russia’s growing crypto industry, on the sidelines of Finopolis 2018. Roughly 1,500 people participated in the annual event, which is held by the Bank of Russia. Attendees included government officials and representatives from domestic and foreign companies in the financial and IT sectors.

Aksakov said that the long-awaited bill, “On Digital Financial Assets,” will not resolve lingering questions about the taxation of profits generated by cryptocurrency mining companies, the number of which increased by 15 percent in the first half of this year. Rather, the Federal Tax Service will have to decide on its own whether it will tax such operations. According to Aksakov, it would not make any sense to refer to mining in the revamped bill, given that it no longer includes any mention of cryptocurrencies. The proposed legislation is scheduled for a second reading in the State Duma following public discussions later this fall.

This past spring, three bills were filed in the lower house of Russia’s parliament to establish comprehensive rules and regulations for digital assets, the fintech industry and related sectors such as cryptocurrency mining. However, Russian lawmakers have struggled to synchronize the different legal terms used in the bills. After adopting them on first reading, they decided to postpone the final votes for the fall session. In the meantime, the drafts have been compiled into a single legal framework that differs significantly from the original versions.

Few Options on the Table

The decision to remove references to “mining” in the draft follows earlier reports that lawmakers had dropped the term “cryptocurrency” from the merged bill. Previously, the law had defined “mining” as the process of creating cryptocurrency, as well as the practice of rewarding entities for validating cryptocurrency transactions. Mining was also recognized as an economic activity that could be performed by both companies and individual entrepreneurs, meaning it would be subject to taxation when an operation’s electricity consumption exceeds certain limits.

However, Aksakov noted that Russian officials are no longer thinking about integrating cryptocurrencies into the national economy. “Since we decided we don’t need them, mining is not needed either,” Interfax quoted him as saying.

Other reports suggest that Moscow plans to regulate the crypto space in cooperation with the Financial Action Task Force, which is soon expected to present a new set of anti-money laundering standards for cryptocurrencies. Aksakov’s comments came after President Vladimir Putin’s special representative for digital and technological development, Dmitry Peskov, justified the decision to wait for the new standards to be released, pointing to the high risks associated with the nascent cryptocurrency sector. Peskov also recently claimed that the cryptocurrency market is evolving much more quickly than the government can write new laws, and hinted that Moscow might not even adopt comprehensive legislation for the sector at all.

Russian Government Drops References to ‘Mining’ in Digital Assets Bill

If anything, the comments of both officials betray their limited knowledge about cryptocurrencies and the industry that has evolved around them. In truth, very little has changed in regard to the core principles that underlie cryptocurrencies. A decade after the creation of Bitcoin, cryptocurrency is still seen as a decentralized, electronic form of money that can be transferred on a peer-to-peer network. Most politicians fail to understand these principles and the mechanisms like mining that underpin cryptocurrencies.

Within this context, the Russian authorities actually have a limited set of options. The centralized state needs to control what’s entering the borders of the “sovereign democracy” built under Putin. Following in the footsteps of China, however, is not what some influential business players want. In contrast to the state-sponsored draft legislation, an alternative bill proposed by the Russian Union of Industrialists and Entrepreneurs not only mentions cryptocurrency, but also grants it special status.

What are your expectations about the future of the crypto space in Russia? Let us know in the comments section below.


Images courtesy of Shutterstock.


Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post Russian Lawmakers Drop ‘Mining’ References in Digital Assets Bill appeared first on Bitcoin News.

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#Blockchain Russian Lawmakers Drop ‘Mining’ References in Digital Assets Bill

Russian Lawmakers Drop References to ‘Mining’ in Digital Assets Bill

Russian lawmakers have dropped the term “mining” from a bill to regulate digital assets, following the earlier removal of references to “cryptocurrency.” In addition, the proposed legislation no longer covers the taxation of mining profits, as such matters will fall under the oversight of the Federal Tax Service.

Also read: Despite Setbacks Crypto Wages Still an Option for Russians, Poll Finds

State Tax Authority to Determine
Taxes on Mining Profits

Russian Government Drops References to ‘Mining’ in Digital Assets BillAnatoly Aksakov, head of Russia’s parliamentary Financial Market Committee, announced the latest amendment to the bill, which is expected to regulate Russia’s growing crypto industry, on the sidelines of Finopolis 2018. Roughly 1,500 people participated in the annual event, which is held by the Bank of Russia. Attendees included government officials and representatives from domestic and foreign companies in the financial and IT sectors.

Aksakov said that the long-awaited bill, “On Digital Financial Assets,” will not resolve lingering questions about the taxation of profits generated by cryptocurrency mining companies, the number of which increased by 15 percent in the first half of this year. Rather, the Federal Tax Service will have to decide on its own whether it will tax such operations. According to Aksakov, it would not make any sense to refer to mining in the revamped bill, given that it no longer includes any mention of cryptocurrencies. The proposed legislation is scheduled for a second reading in the State Duma following public discussions later this fall.

This past spring, three bills were filed in the lower house of Russia’s parliament to establish comprehensive rules and regulations for digital assets, the fintech industry and related sectors such as cryptocurrency mining. However, Russian lawmakers have struggled to synchronize the different legal terms used in the bills. After adopting them on first reading, they decided to postpone the final votes for the fall session. In the meantime, the drafts have been compiled into a single legal framework that differs significantly from the original versions.

Few Options on the Table

The decision to remove references to “mining” in the draft follows earlier reports that lawmakers had dropped the term “cryptocurrency” from the merged bill. Previously, the law had defined “mining” as the process of creating cryptocurrency, as well as the practice of rewarding entities for validating cryptocurrency transactions. Mining was also recognized as an economic activity that could be performed by both companies and individual entrepreneurs, meaning it would be subject to taxation when an operation’s electricity consumption exceeds certain limits.

However, Aksakov noted that Russian officials are no longer thinking about integrating cryptocurrencies into the national economy. “Since we decided we don’t need them, mining is not needed either,” Interfax quoted him as saying.

Other reports suggest that Moscow plans to regulate the crypto space in cooperation with the Financial Action Task Force, which is soon expected to present a new set of anti-money laundering standards for cryptocurrencies. Aksakov’s comments came after President Vladimir Putin’s special representative for digital and technological development, Dmitry Peskov, justified the decision to wait for the new standards to be released, pointing to the high risks associated with the nascent cryptocurrency sector. Peskov also recently claimed that the cryptocurrency market is evolving much more quickly than the government can write new laws, and hinted that Moscow might not even adopt comprehensive legislation for the sector at all.

Russian Government Drops References to ‘Mining’ in Digital Assets Bill

If anything, the comments of both officials betray their limited knowledge about cryptocurrencies and the industry that has evolved around them. In truth, very little has changed in regard to the core principles that underlie cryptocurrencies. A decade after the creation of Bitcoin, cryptocurrency is still seen as a decentralized, electronic form of money that can be transferred on a peer-to-peer network. Most politicians fail to understand these principles and the mechanisms like mining that underpin cryptocurrencies.

Within this context, the Russian authorities actually have a limited set of options. The centralized state needs to control what’s entering the borders of the “sovereign democracy” built under Putin. Following in the footsteps of China, however, is not what some influential business players want. In contrast to the state-sponsored draft legislation, an alternative bill proposed by the Russian Union of Industrialists and Entrepreneurs not only mentions cryptocurrency, but also grants it special status.

What are your expectations about the future of the crypto space in Russia? Let us know in the comments section below.


Images courtesy of Shutterstock.


Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post Russian Lawmakers Drop ‘Mining’ References in Digital Assets Bill appeared first on Bitcoin News.

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#Blockchain Russian Lawmakers Drop ‘Mining’ References in Digital Assets Bill

Russian Lawmakers Drop References to ‘Mining’ in Digital Assets Bill

Russian lawmakers have dropped the term “mining” from a bill to regulate digital assets, following the earlier removal of references to “cryptocurrency.” In addition, the proposed legislation no longer covers the taxation of mining profits, as such matters will fall under the oversight of the Federal Tax Service.

Also read: Despite Setbacks Crypto Wages Still an Option for Russians, Poll Finds

State Tax Authority to Determine
Taxes on Mining Profits

Russian Government Drops References to ‘Mining’ in Digital Assets BillAnatoly Aksakov, head of Russia’s parliamentary Financial Market Committee, announced the latest amendment to the bill, which is expected to regulate Russia’s growing crypto industry, on the sidelines of Finopolis 2018. Roughly 1,500 people participated in the annual event, which is held by the Bank of Russia. Attendees included government officials and representatives from domestic and foreign companies in the financial and IT sectors.

Aksakov said that the long-awaited bill, “On Digital Financial Assets,” will not resolve lingering questions about the taxation of profits generated by cryptocurrency mining companies, the number of which increased by 15 percent in the first half of this year. Rather, the Federal Tax Service will have to decide on its own whether it will tax such operations. According to Aksakov, it would not make any sense to refer to mining in the revamped bill, given that it no longer includes any mention of cryptocurrencies. The proposed legislation is scheduled for a second reading in the State Duma following public discussions later this fall.

This past spring, three bills were filed in the lower house of Russia’s parliament to establish comprehensive rules and regulations for digital assets, the fintech industry and related sectors such as cryptocurrency mining. However, Russian lawmakers have struggled to synchronize the different legal terms used in the bills. After adopting them on first reading, they decided to postpone the final votes for the fall session. In the meantime, the drafts have been compiled into a single legal framework that differs significantly from the original versions.

Few Options on the Table

The decision to remove references to “mining” in the draft follows earlier reports that lawmakers had dropped the term “cryptocurrency” from the merged bill. Previously, the law had defined “mining” as the process of creating cryptocurrency, as well as the practice of rewarding entities for validating cryptocurrency transactions. Mining was also recognized as an economic activity that could be performed by both companies and individual entrepreneurs, meaning it would be subject to taxation when an operation’s electricity consumption exceeds certain limits.

However, Aksakov noted that Russian officials are no longer thinking about integrating cryptocurrencies into the national economy. “Since we decided we don’t need them, mining is not needed either,” Interfax quoted him as saying.

Other reports suggest that Moscow plans to regulate the crypto space in cooperation with the Financial Action Task Force, which is soon expected to present a new set of anti-money laundering standards for cryptocurrencies. Aksakov’s comments came after President Vladimir Putin’s special representative for digital and technological development, Dmitry Peskov, justified the decision to wait for the new standards to be released, pointing to the high risks associated with the nascent cryptocurrency sector. Peskov also recently claimed that the cryptocurrency market is evolving much more quickly than the government can write new laws, and hinted that Moscow might not even adopt comprehensive legislation for the sector at all.

Russian Government Drops References to ‘Mining’ in Digital Assets Bill

If anything, the comments of both officials betray their limited knowledge about cryptocurrencies and the industry that has evolved around them. In truth, very little has changed in regard to the core principles that underlie cryptocurrencies. A decade after the creation of Bitcoin, cryptocurrency is still seen as a decentralized, electronic form of money that can be transferred on a peer-to-peer network. Most politicians fail to understand these principles and the mechanisms like mining that underpin cryptocurrencies.

Within this context, the Russian authorities actually have a limited set of options. The centralized state needs to control what’s entering the borders of the “sovereign democracy” built under Putin. Following in the footsteps of China, however, is not what some influential business players want. In contrast to the state-sponsored draft legislation, an alternative bill proposed by the Russian Union of Industrialists and Entrepreneurs not only mentions cryptocurrency, but also grants it special status.

What are your expectations about the future of the crypto space in Russia? Let us know in the comments section below.


Images courtesy of Shutterstock.


Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post Russian Lawmakers Drop ‘Mining’ References in Digital Assets Bill appeared first on Bitcoin News.

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#Blockchain Russian Lawmakers Drop ‘Mining’ References in Digital Assets Bill

Russian Lawmakers Drop References to ‘Mining’ in Digital Assets Bill

Russian lawmakers have dropped the term “mining” from a bill to regulate digital assets, following the earlier removal of references to “cryptocurrency.” In addition, the proposed legislation no longer covers the taxation of mining profits, as such matters will fall under the oversight of the Federal Tax Service.

Also read: Despite Setbacks Crypto Wages Still an Option for Russians, Poll Finds

State Tax Authority to Determine
Taxes on Mining Profits

Russian Government Drops References to ‘Mining’ in Digital Assets BillAnatoly Aksakov, head of Russia’s parliamentary Financial Market Committee, announced the latest amendment to the bill, which is expected to regulate Russia’s growing crypto industry, on the sidelines of Finopolis 2018. Roughly 1,500 people participated in the annual event, which is held by the Bank of Russia. Attendees included government officials and representatives from domestic and foreign companies in the financial and IT sectors.

Aksakov said that the long-awaited bill, “On Digital Financial Assets,” will not resolve lingering questions about the taxation of profits generated by cryptocurrency mining companies, the number of which increased by 15 percent in the first half of this year. Rather, the Federal Tax Service will have to decide on its own whether it will tax such operations. According to Aksakov, it would not make any sense to refer to mining in the revamped bill, given that it no longer includes any mention of cryptocurrencies. The proposed legislation is scheduled for a second reading in the State Duma following public discussions later this fall.

This past spring, three bills were filed in the lower house of Russia’s parliament to establish comprehensive rules and regulations for digital assets, the fintech industry and related sectors such as cryptocurrency mining. However, Russian lawmakers have struggled to synchronize the different legal terms used in the bills. After adopting them on first reading, they decided to postpone the final votes for the fall session. In the meantime, the drafts have been compiled into a single legal framework that differs significantly from the original versions.

Few Options on the Table

The decision to remove references to “mining” in the draft follows earlier reports that lawmakers had dropped the term “cryptocurrency” from the merged bill. Previously, the law had defined “mining” as the process of creating cryptocurrency, as well as the practice of rewarding entities for validating cryptocurrency transactions. Mining was also recognized as an economic activity that could be performed by both companies and individual entrepreneurs, meaning it would be subject to taxation when an operation’s electricity consumption exceeds certain limits.

However, Aksakov noted that Russian officials are no longer thinking about integrating cryptocurrencies into the national economy. “Since we decided we don’t need them, mining is not needed either,” Interfax quoted him as saying.

Other reports suggest that Moscow plans to regulate the crypto space in cooperation with the Financial Action Task Force, which is soon expected to present a new set of anti-money laundering standards for cryptocurrencies. Aksakov’s comments came after President Vladimir Putin’s special representative for digital and technological development, Dmitry Peskov, justified the decision to wait for the new standards to be released, pointing to the high risks associated with the nascent cryptocurrency sector. Peskov also recently claimed that the cryptocurrency market is evolving much more quickly than the government can write new laws, and hinted that Moscow might not even adopt comprehensive legislation for the sector at all.

Russian Government Drops References to ‘Mining’ in Digital Assets Bill

If anything, the comments of both officials betray their limited knowledge about cryptocurrencies and the industry that has evolved around them. In truth, very little has changed in regard to the core principles that underlie cryptocurrencies. A decade after the creation of Bitcoin, cryptocurrency is still seen as a decentralized, electronic form of money that can be transferred on a peer-to-peer network. Most politicians fail to understand these principles and the mechanisms like mining that underpin cryptocurrencies.

Within this context, the Russian authorities actually have a limited set of options. The centralized state needs to control what’s entering the borders of the “sovereign democracy” built under Putin. Following in the footsteps of China, however, is not what some influential business players want. In contrast to the state-sponsored draft legislation, an alternative bill proposed by the Russian Union of Industrialists and Entrepreneurs not only mentions cryptocurrency, but also grants it special status.

What are your expectations about the future of the crypto space in Russia? Let us know in the comments section below.


Images courtesy of Shutterstock.


Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post Russian Lawmakers Drop ‘Mining’ References in Digital Assets Bill appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2CZoMMu Russian Lawmakers Drop ‘Mining’ References in Digital Assets Bill

#Blockchain Russian Lawmakers Drop ‘Mining’ References in Digital Assets Bill

Russian Lawmakers Drop References to ‘Mining’ in Digital Assets Bill

Russian lawmakers have dropped the term “mining” from a bill to regulate digital assets, following the earlier removal of references to “cryptocurrency.” In addition, the proposed legislation no longer covers the taxation of mining profits, as such matters will fall under the oversight of the Federal Tax Service.

Also read: Despite Setbacks Crypto Wages Still an Option for Russians, Poll Finds

State Tax Authority to Determine
Taxes on Mining Profits

Russian Government Drops References to ‘Mining’ in Digital Assets BillAnatoly Aksakov, head of Russia’s parliamentary Financial Market Committee, announced the latest amendment to the bill, which is expected to regulate Russia’s growing crypto industry, on the sidelines of Finopolis 2018. Roughly 1,500 people participated in the annual event, which is held by the Bank of Russia. Attendees included government officials and representatives from domestic and foreign companies in the financial and IT sectors.

Aksakov said that the long-awaited bill, “On Digital Financial Assets,” will not resolve lingering questions about the taxation of profits generated by cryptocurrency mining companies, the number of which increased by 15 percent in the first half of this year. Rather, the Federal Tax Service will have to decide on its own whether it will tax such operations. According to Aksakov, it would not make any sense to refer to mining in the revamped bill, given that it no longer includes any mention of cryptocurrencies. The proposed legislation is scheduled for a second reading in the State Duma following public discussions later this fall.

This past spring, three bills were filed in the lower house of Russia’s parliament to establish comprehensive rules and regulations for digital assets, the fintech industry and related sectors such as cryptocurrency mining. However, Russian lawmakers have struggled to synchronize the different legal terms used in the bills. After adopting them on first reading, they decided to postpone the final votes for the fall session. In the meantime, the drafts have been compiled into a single legal framework that differs significantly from the original versions.

Few Options on the Table

The decision to remove references to “mining” in the draft follows earlier reports that lawmakers had dropped the term “cryptocurrency” from the merged bill. Previously, the law had defined “mining” as the process of creating cryptocurrency, as well as the practice of rewarding entities for validating cryptocurrency transactions. Mining was also recognized as an economic activity that could be performed by both companies and individual entrepreneurs, meaning it would be subject to taxation when an operation’s electricity consumption exceeds certain limits.

However, Aksakov noted that Russian officials are no longer thinking about integrating cryptocurrencies into the national economy. “Since we decided we don’t need them, mining is not needed either,” Interfax quoted him as saying.

Other reports suggest that Moscow plans to regulate the crypto space in cooperation with the Financial Action Task Force, which is soon expected to present a new set of anti-money laundering standards for cryptocurrencies. Aksakov’s comments came after President Vladimir Putin’s special representative for digital and technological development, Dmitry Peskov, justified the decision to wait for the new standards to be released, pointing to the high risks associated with the nascent cryptocurrency sector. Peskov also recently claimed that the cryptocurrency market is evolving much more quickly than the government can write new laws, and hinted that Moscow might not even adopt comprehensive legislation for the sector at all.

Russian Government Drops References to ‘Mining’ in Digital Assets Bill

If anything, the comments of both officials betray their limited knowledge about cryptocurrencies and the industry that has evolved around them. In truth, very little has changed in regard to the core principles that underlie cryptocurrencies. A decade after the creation of Bitcoin, cryptocurrency is still seen as a decentralized, electronic form of money that can be transferred on a peer-to-peer network. Most politicians fail to understand these principles and the mechanisms like mining that underpin cryptocurrencies.

Within this context, the Russian authorities actually have a limited set of options. The centralized state needs to control what’s entering the borders of the “sovereign democracy” built under Putin. Following in the footsteps of China, however, is not what some influential business players want. In contrast to the state-sponsored draft legislation, an alternative bill proposed by the Russian Union of Industrialists and Entrepreneurs not only mentions cryptocurrency, but also grants it special status.

What are your expectations about the future of the crypto space in Russia? Let us know in the comments section below.


Images courtesy of Shutterstock.


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#Blockchain PR: Xsolla Adds MobileGO (MGO) as New Payment Method for Developers and Gamers Globally

Xsolla Adds MobileGO (MGO) as New Payment Method for Developers and Gamers Globally

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

OCTOBER 22, 2018 — LOS ANGELES — Xsolla, which provides game developers with a comprehensive suite of flexible tools and services to help launch, monetize and scale their games globally, today started accepting made-for-gaming cryptocurrency — MobileGO (MGO) — for its PC and mobile games partners.

For the first time ever, developers are able to receive royalty payouts in a cryptocurrency, MGO, on a sliding scale percentage of their choice. As more and more digital entrepreneurs move their savings and retirement investments to the blockchain, Xsolla is there to help its clients cash out in whatever currency is most convenient for them.

“Xsolla’s mission is to always be at the forefront of innovative technology, continuously adding tools and services that enable developers to grow and monetize their games globally,” said Aleksandr Agapitov, founder and CEO of Xsolla. “MGO will accelerate transformative opportunities for our community. Game developers will now receive their royalty payouts much faster, and owners of MGO will soon be able to engage in peer-to-peer match play and organize decentralized gaming tournaments in a way never before possible. MGO is essentially the Bitcoin of the gaming industry, the most trusted cryptocurrency that Xsolla is making available to more than half a billion gamers today.”

Gamers now have more choice to pay for games and in-game transactions with the addition of MGO to Xsolla’s over 700 payment methods. With a current roster of over 500 games — and more added daily — that can accept the tokens, the audience continues to grow. Xsolla’s tools and services operate in over 200 countries and territories, more than 20 languages, and 130 currencies. It is the only payment platform and end-to-end product suite focusing solely on the game development community worldwide.

In addition to gaining popularity with gamers, preparing for this massive adoption MGO tokens have managed to secure their position on major exchanges such as Bitfinex, DigiFinex, BitForex, HitBtc and GateCoin.

About MGO
MGO is Etherium based ERC223 token created to foster a new era in the gaming industry. Its ultimate goal is massive adoption becoming a universal currency for 2.6 billion gamers worldwide, and help both large and small game developers to grow their business as well as to provide gamers with benefits of smart contracts and transparency. For more information, visit https://www.mobilego.io or watch this video.

About Xsolla
Xsolla gives video game developers, publishers, and platform partners access to the flexible tools, services, and collaboration needed to launch, monetize, and scale their games and products globally. Serving only the video game industry, the Xsolla product suite caters to businesses from indie to enterprise, with: Pay Station and its #1 Anti-fraud solution, Partner Network, Site Builder, Store, Login, and Launcher. Headquartered in Los Angeles, with offices worldwide, Xsolla operates as a merchant and seller of record for major gaming entities like Valve, Twitch, Ubisoft, Epic Games, and PUBG Corporation. For more information, visit www.xsolla.com.

Contact Email Address
info@gamecredits.com
Supporting Link
https://www.mobilego.io/

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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#Blockchain Report: Cryptocurrency Job Market Continues to Grow

Cryptocurrency Talent Continues to Be in High Demand

Glassdoor, a California-based company that runs a recruiting and employer-review website, has published a report by its economic research department that shows growing demand for talent in the cryptocurrency industry, with U.S. job openings soaring by 300 percent year on year.

Also Read: The Daily: Global Cryptocurrency M&As Rise, US Town Halts Mining

Talent Search

Cryptocurrency Talent Continues to Be in High DemandThe report, based on a large sample of online job postings, identified 1,775 openings in the U.S. that included the terms “Bitcoin,” “cryptocurrency” and “blockchain” as of August 2018, up from just 446 such ads a year earlier. “Continued growth in job openings suggests that blockchain employers remain confident in the market opportunity and continue to make long-term investments in their teams,” the researchers said.

New York City and San Francisco lead as the best locations in which to find a job in the U.S. cryptocurrency industry, accounting for 24 percent and 21 percent of all job openings, respectively. In total, the top five cities — which include San Jose, Chicago and Seattle — dominate a combined 59 percent of all job openings on the Glassdoor website. Outside of the U.S., London tops the list of cities with 189 job openings, followed by Singapore, Toronto and Hong Kong.

Among the top 15 companies that are searching for new recruits, Consensys and IBM both have 214 related job listings. Coinbase comes in third with 63 related vacancies. Other familiar names such as Kraken, Circle, Bitgo and Abra are also on the list.

Cryptocurrency Talent Continues to Be in High Demand
Source: Glassdoor Economic Research

Learn to Program

Cryptocurrency Talent Continues to Be in High DemandFor anyone looking to enter the cryptocurrency space, it seems you can’t go wrong by acquiring software programming skills. Software engineers are the most in-demand individuals, with such jobs accounting for 19 percent of all listings. These openings are followed by more specialized positions, such as vacancies for front-end engineers and technology architects; in total, engineering-related positions account for 55 percent of the entire crypto-jobs segment.

The researchers identified a median base salary of $84,884 per year in the cryptocurrency industry, which is considerably higher than the U.S. median salary of $32,423. However, the report cautions that due to the wide range of jobs that are available, salaries can range widely, from just $36,046 to $223,667 per year.

“The reason we see higher salaries for blockchain jobs is due to the location and nature of the jobs available. High cost-of-living cities like New York City and San Francisco dominate the blockchain job market and employers there must offer higher salaries in order to attract talent. Additionally, high skill occupations like software engineers already demand high salaries, compounding this location effect,” the researchers explained. “After accounting for those effects, the high salaries we see for these roles are not unusual.”

Cryptocurrency Talent Continues to Be in High Demand

How should companies reach more people that have cryptocurrency development skills? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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