Bitcoin 

‘Never Use BitPay’ — Hong Kong Free Press Slams Bitcoin Donation Block

Cryptocurrency payment processor BitPay faces another publicity nightmare amid claims it blocked donations to Hong Kong for several weeks. According to a complaint on social media by Tom Grundy on Sept. 11, founder of crowdfunded media outlet Hong Kong Free Press (HKFP), BitPay suddenly began failing to pass on funds from donors.  Press CEO: “Never use BitPay” HKFP has accepted Bitcoin (BTC) support since 2015. Since that time, BitPay has processed payments worth just under 15,000 HKD ($1,900). For the past three weeks, however, the company has blocked access, Grundy…

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Bitcoin 

Bitcoin SV Splits Into Three Chains Following 210 MB Block

Following a recent hard fork of Bitcoin SV (BSV), the network saw a three-chain split after a massive 210 megabytes (MB) block was mined. As reported by BitMEX Research on Aug. 3, Bitcoin SV nodes divided into three groups on Saturday, making the network to split into three separate chains. According to the report, 65% of nodes were located on the current tip, while 17% were stuck on the 210 MB  block and 19% had not even upgraded and were on the old pre-hard fork chain. Bitcoin SV node chart.…

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Ethereum 

Bitcoin Block Size, Explained | Cointelegraph

3. Over the years, Bitcoin has seen numerous proposals advocating that an increase is needed in order to reduce fees, process more transactions per second and allow Bitcoin to scale to compete with mainstream payments technologies.   On May 4, 2015, Gavin Andresen published an article titled “Why increasing the max block size is urgent,” further escalating the perceived gravity of the block size debate, despite the average BTC block then being only 30-40% full. Andresen warned: “If the number of transactions waiting gets large enough, the end result will be…

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Bitcoin 

Spam Attack? Bitcoin Average Block Size Suddenly Spikes to Over 3MB

Blockchain validation platform VeriBlock produced almost 25% of on-chain Bitcoin (BTC) transactions in 24 hours July 14, the company confirmed on social media. VeriBlock, which uses its own ‘Proof-of-Proof’ protocol to validate blockchains using Bitcoin’s computing power, launched its mainnet implementation in March.  The service allows miners to compete for block rewards on altcoin blockchains, while tapping into Bitcoin’s superior levels of security due to the computing power sustaining its Proof-of-Work algorithm.  The roughly one-quarter figure signalled by VeriBlock this weekend equates to around 68,000 transactions.  Veriblock had previously generated…

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Cryptocurrency 

25 Bitcoin Transactions Worth $6 Billion Included in One Block

Several high-value bitcoin (BTC) transactions were included in a single block on June 30. Bitcoin Block Bot, a Twitter account dedicated to reporting significant bitcoin (BTC) transactions reported that 25 bitcoin transactions worth $6 billion were included in block 583,139 on June 30. Cryptocurrency news outlet AmbCrypto reported that all the transactions formed a bigger, linear transaction. Wallet 1 initiating the transaction sent 24,392.93062596 BTC to wallet 2, and 300 BTC to wallet 3. This last address received a total of 5,800 BTC, and was a receiving wallet in all…

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Bitcoin 

Russian Exchange Aggregator to Resume Operations After Recent Block by Gov’t

Popular Russian crypto exchange aggregator BestChange will soon resume operations after being blocked by the government, crypto news outlet Forklog reports May 7. The firm’s head of public relations and marketing Nikita Zuborev told Forklog that the block is expected to be lifted in the coming days following a court hearing. Russian telecommunications watchdog Roskomnadzor (RKN) blocked the BestChange website on March 12, following an order from a district court in Omsk, Russia’s seventh largest city. Despite the recent block by RKN, BestChange has still been operational in Russia through…

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Bitcoin 

Bitcoin SV Experiences Blockchain Reorganizations, Possibly Due to Unwieldy Block Size

The Bitcoin Satoshi Vision (BSV) blockchain is struggling with its large block size following a series of block re-organizations, cryptocurrency exchange BitMEX tweeted on April 19. In the post, BitMEX reveals that on April 18 its BSV node “experienced 2 block re-organizations. First a 3 block re-organisation, followed by a 6 block re-organisation.” BitMEX provided a diagram in the post: Bitcoin SV block reorganization. Source: BitMEX Blockchain re-organization is a situation when two miners discover a block simultaneously in a blockchain which causes a temporary forking in the network, with…

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Bitcoin 

Bitmain Eyes 2020 Bitcoin Block Halving as Pivotal Moment for Mining Fortunes

Embattled cryptocurrency mining giant Bitmain has allegedly hinted the release of its new mining hardware could hinge on the 2020 Bitcoin (BTC) block reward halving. The news was reported by English-language Asia news outlet South China Morning Post (SCMP) on March 27. Bitmain, which has seen a testing six months as market volatility triggered redundancies and a failed public flotation, reportedly said next year’s event could reverse its fortunes. SCMP cited a “a company source with knowledge of the plan.” Block reward halvings reduce the amount of BTC awarded to…

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