Eid al-Adha Celebrated with First Shariah Crypto Exchange
From now on Muslim crypto investors will have a “halal” crypto exchange operating under Shariah moral regulations. This news came right on time during the Islamic holy days and could be perceived as a gift to Muslims all around the world. United Arab Emirates-based ADAB solutions made a move to launch the First Islamic Crypto Exchange (FICE). FICE will give the opportunity to approximately 2 billion Muslims in the world to trade crypto within the principles of Islamic Finance system.
WHY IS IT IMPORTANT?
- There are zero crypto exchanges operating within Islamic Finance Model. FICE will attract Islamic investors who were not participating in crypto revolution due to religious reasons.
- Muslims make up more than 22% of the world's population, and assets controlled by Islamic communities are estimated at 3.8 trillion dollars. The creation of a special site will ensure their access to the crypto-currency market.
S. Korea Sets Up Blockchain Law Society
South Korean law experts are set to form an organization dubbed the “Blockchain Law Society”, that will hold an official opening ceremony and conference on August 24 in the Seoul District Court. During the conference, regulatory issues will be discussed, as well as ways of applying technology in the legal field itself.
WHY IS IT IMPORTANT?
- One of the most significant problems that the country faces is the legal aspect when it comes to new technologies. In mid-July, several South Korean parties submitted legislative bills, calling to organize an institutional, governmental discussion that would result in an introduction of a legal consensus.
- The government of South Korea plans to invest more than $880 million (1 trillion won) in accelerating the development of innovative technologies next year. Investments will be directed to blockchain technology, artificial intelligence (AI) and Big Data.
- Earlier in April The Korean Blockchain Industry Association has announced a set of rules for 14 of its exchanges, such as Bithumb, Coinone, Upbit, Korbit, and others. Its main purpose is to boost transparency and counter money laundering attempts.
Nvidia Introduces New Generation of GPU
Just a day before Gamescom 2018 - the annual international computer games show traditionally held in the German city of Cologne- Nvidia and its head Jen-Hsun Huang presented a long-awaited new generation of GPU. The new 20-series of graphic cards stand under the RTX index.
WHY IS IT IMPORTANT?
- Cryptocurrency courses regularly fluctuate in one direction or another. And the demand for mining equipment regulates pricing. As soon as the GPU starts to stand out in terms of profitability, it instantly becomes scarce, and the prices for it soar.
- Miners always have a choice to buy ASIC or to build a GPU farm. In this case, video cards have a number of advantages. They are all available in stores. Such farms can be placed at home. They do not make a noise and do not get very warm. Video cards can always be sold: all components, as they are used in conventional computers and are in demand among gamers.
- At the same time Nvidia earlier reported a decrease in sales of video cards for mining. The revenue from the sales of GPUs in the second quarter was $2.66 billion, which is 40% more than in the same period last year. However, compared to the previous quarter, this indicator is less by 4%.
No One Needs Bitcoin Cash Anymore?
Experts of the Chainalysis project analyzed the trade turnover of the most influential crypto payment services. It turns out that the number of transactions in Bitcoin Cash has dropped significantly. Since January 2018, the value of Roger Ver’s cryptocurrency has dropped down by about 75%. In March, Bitcoin Cash turnover was $10.5 million, and in May it fell to $3.7 million.
WHY IS IT IMPORTANT?
- Bitcoin Cash network plans to hardfork on November 15. Today Bitcoin ABC team has released an obligatory update 0.18.0 which has to be undertaken before 15 November in order to continue operating.
- Upgrade will allow access to third parties or decentralized data feed services as well as decentralized cryptocurrency-to-cryptocurrency trading, and the introduction of traditional transaction ordering. This system removes an entire class of scalability challenges in order to process very large blocks.
Crypto Mining Won’t Lead to Ecological Disaster
The researcher Katrina Kelly of the University of Pittsburgh expressed the opinion that the danger of mining for the environment is greatly overrated. She believes that all environmental concerns about cryptocurrencies are far-fetched and are due to a lack of understanding of the new technology. The expert on electric power industry noted that new technological solutions such as trains, planes and cars were always at first considered too energy intensive. However, over time, as they developed, they were at the same time more effective than traditional solutions.
WHY IS IT IMPORTANT?
- Katrina Kelly is convinced that even if the energy costs of mining enterprises increase by hundred times, they will account for no more than 2% of the total electricity consumption in the world.
- While the total cost of miners is estimated at 30 TW, the world financial and banking sector spends an average of 100 TW per year. However, these figures never appear in the reports and studies of skeptical critics.
At 20:30 (GMT+1) total cryptocurrency market capitalization stands at $210 billion
VeChain (+9,64%) showed the best growth in the top-100
Market Dynamics
The trading volume of cryptocurrencies for 24 hours reached $11,04 (-0,41 billion per day)
Mining Profitability
- BTC $2,6 for 10 TH/s
- ETH $0,20 for 10 MH/s
- BCH $0,27 for 1 TH/s
- LTC $3,1 for 1 GH/s
- DASH $0,08 for 1 GH/s
Ongoing ICOs:
Expected ICOs:
- 31 August BetOnChart
- 5 September Cryptocean
- 8 September AEN Token
- 15 September COTI
- 15 September GOODWORK