The Raven’s Dispatch – Bitcoin Mining Crash and Burn – 11 January 2019

The Ruthless Bitcoin Mining Industry

And here we thought 2019 was going to bring us riches and glory. It’s OK, nobody is blaming you for sipping on the hopium, it’s only 11 days into the new year. Plenty of time to recover, get things straight and keep on that resolution list (LOL).

But mining looks like it’s taken a turn for the worse. Remember the days when being a Bitcoin miner was about solidarity? About taking it to the man, the system? About being an outsider trying to find a new, better, and more open way to share assets? Ya fuck that. In this world it’s all about the benjamins….errr yuan….errr euro…errrr Bitcoin. Anywho bitcoin mining is now a cutthroat business that is crashing and burning.

So the new year has brought us some sideways movement, which I think we can all agree is welcome. Whatever you call it, it sure as hell beats 2018. Fuck 2018.

Top 5 Crypto

Throughout the first week of the year, most of the coins in the top twenty category according to market capitalization saw green on price analysis charts as investor confidence continued improving in the post fork period.

For a more detailed analysis check out Dennis’s weekly cryptocurrency analysis here.


So much content, where to start. Oh I know:

Crypto 2019 – What to Expect – There’s no denying it – 2018 was a rough year for crypto in many respects. Despite the incredible leaps forward made in the technology, much of the mainstream media coverage focused on the price action of Bitcoin only, detailing the dramatic crash from an ATH of around $20,000 to under $4,000 today.

Crash and Burn: The Ruthless Bitcoin Mining Industry – Put it this way – the Bitcoin mining is not for the faint of heart.

Western Union open to Cryptocurrency adoption – two years ago this news would have excited me. I’m so jaded. Global cash transfer giant Western Union has revealed that it is evaluating options for the integration of blockchain technology and Cryptocurrency services to its platform.

Alipay partners with Malaysian bank to enable cross border Blockchain transactions – Alipay is  abig deal in Asia, right? Right?

How Decentralized is Bitcoin Core? – Bitcoin, Bitcoin Core, whatever. When it comes to talking Bitcoin forks, people tend to get heated. It’s a controversial subject in the cryptocurrency space

Are People Still Flocking to Blockchain Jobs – Even amid the so-called “crypto winter”  blockchain has seen rapid growth as an industry, viewed as exciting and innovative by many onlookers.

South African Finance minister announces push for cryptocurrency regulation – South Africa hopped onto the push for a regulated space for cryptocurrency in her economy.

Abkhazia cuts off power supply to 15 crypto-mining farms – We posted a while back how crypto mining was overwhelming Abkhazia’s electrical network. Well, eff those miners.

Will Bakkt Pump Bitcoin? – Lots has been said about BAKKT, but will it really have a positive effect? Bakkt, the futures market for Bitcoin being rolled out by New York Stock Exchange owner ICE, is close to approval from the US government and could change the cryptocurrency landscape in a major way.

BitMex to take over Exchanger cementing grip on the Crypto-industry – Madison Group Holdings, a Japanese wine-manufacturing giant, has teamed up with BitMex, a Japanese cryptocurrency exchanger to acquire majority shareholding in BitOcean- a leading crypto assets exchanger in Japan.

Zilliqa Denies Facebook Rumors – The cryptocurrency community has been quite enthusiastic about a particular piece of news, as it appears as though Facebook might be developing its own cryptocurrency.

InfoSys Exec Believes In Blockchain – Recently, in an interview, the Senior Vice President (SVP) at Infosys, a world-renowned IT company, praised blockchain, and spoke about how 2019 will be a great year for blockchain adoption.

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Alipay partners with Malaysian bank to enable cross border Blockchain transactions

The world economy is at the moment awash with Financial Technology advancements that have enabled cross-border transactions at the click of a button. To be globally competitive, most economies are speeding up legislations in order to regulate this growing sector while others have steer cleared off the cryptocurrency craze as another passing cloud.

Just last April, Pakistan issued bans on the use of cryptocurrency. This hard stance seems to have been abandoned as it has come out to support the Blockchain technology. On Tuesday, a subsidiary of Norwegian telecoms multinational Telenor Group – Telenor Microfinance Bank, has launched cross-border payments using blockchain technology from payments firm Alipay.

Pakistan’s first Blockchain powered Cross-border transfer service

The product, launched on Tuesday, is Pakistan’s first Blockchain based cross border transfer service. It was born out of a partnership between Telenor Group’s Malaysian Financial Technology Holding company – Valyou and Pakistan mobile bankers – Easypaisa. The partnership will see transactions conducted in real-time between the two nations at a safer, cheaper and more efficient channel powered by Blockchain.

Speaking on the product, the bank elucidated that Blockchain will “significantly boost the speed and efficiency” of payments. It added in a statement that the money transfers will be “highly secure and transparent.”

More efficient transactions

According to Roar Bjærum senior vice president at Telenor Financial Services, Pakistan currently only receives about $1 Billion in home remittances from Malaysia. Going forward, the Easypaisa and Valyou partnership is expected to change things for the better. In the 2017-18 financial year, Home remittances injected only 6% into Pakistan’s Gross Domestic Product (GDP).

According to the state Bank of Pakistan Governor – Tariq Bajwa, the 6% injected to the economy is equivalent to over 50% of the national trade deficit, 85% of all exports and over a third of all imports in that financial year.

One year Trial period

The partnership’s technical implementation will be handled by Alipay, a subsidiary of Alibaba Group and will be operated by Ant Financial who have since announced waiver of all transaction fees during the initial one-year trial. The aim is to eliminate intermediary costs since the product reduces transactional costs. CRYPTO IS COMING!