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Chinese Miners to Activate Over 1 Million ASICs Ahead of 2020’s Halving

Chinese miners are confident that crypto currencies provide a strong profit opportunity not only for mining even after Bitcoin suffered one of the most important falls in its history.

According to an article published by the Chinese portal 8BTC, after many miners cancelled their operations due to the heavy losses caused by the bearish streak, a group of miners have decided to restart their operations with very good expectations about the future of the crypto market.

One of those visionaries is Xu Feng, a miner from Ma’anshan, Anhui Province. The experienced investor with more than 5 years of activity in the mining business, commented that BTC is looking very attractive for the business at the moment, and that he expects to initiate operations with the flood season:

“It is estimated that one million units were shut down during the dry season will open operations in Sichuan during the flood season.”

Mining is Still a Profitable Business… Specially If You Live in Sichuan

Miners often choose the Sichuan region because of the low rates they have to pay for public services such as electricity, and water. The cost of electricity is one of the most important points to consider when calculating the ROI of a mining hardware.

So popular is the region for the miners that many made the decision to move there only to operate freely and easily in the region. So explained Li Ping, a “small” miner, owner of two farms with 5000 Antminers S9:

“There are a large number of miners who made their homes in Sichuan. They enjoyed the cost of water and electricity, and they caught up with the good market. They were rich in oil during a flood season. They don’t care about mechanical wear and transportation.”

The Halving Brings a Good Dose of Optimism

Mr. Xu explained that he is optimistic that the price of the BTC could rise dramatically after the halving scheduled for 2020.

“This year, I don’t expect to make money, and wait for next year’s output to be halved.”

Halving consists of a reduction in the reward that miners get for each produced block. By 2020 mining rewards will drop from 12.5 Bitcoins per block, to 6.25. This event could lead to an increase in prices if BTC follows the same behavior as previous halvings.

Xu comments that his team is already working on the construction and adaptation of the infrastructures that will serve to make these farms work. There are already a significant number of facilities ready, while others are still under construction.

However, another problem that keeps miners busy is the handling of equipment and the conditions under which each ASIC arrives at its destination. Xu explains that while maintenance can be easy, sometimes the equipment cannot be repaired only due to damages caused by careless handling

The post Chinese Miners to Activate Over 1 Million ASICs Ahead of 2020’s Halving appeared first on Ethereum World News.

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Drop in Bitcoin (BTC) Mining Increasing Network Risk

Bitcoin (BTC), Cryptocurrency, Mining–As previously reported by EWN, the drop in Bitcoin hash rate which has accompanied the most recent price fall throughout the month of November has raised a debate over the cause of decreased mining, and the potential ramifications.

Some Twitter users pointed to an outright abandonment of cryptocurrency mining, with drop in valuation from $6500 to the recent lof of $3500 (including nearly $100 billion wiped in market cap from all coins) as being the catalyze to spark a mass exodus in miners. Given the state of the cryptocurrency industry just one year ago, where mining rigs were in high demand and even established companies were jumping ship to join the mining craze, the end of 2018 has seen a compelling shift in attitude.

A video published last week, which shows hundreds of expensive mining rigs sitting unused in a warehouse, sparked an uproar in the crypto community, with some believing the footage to be doctored in an attempt to publish more FUD at an already low point for the market.

However, other outlets have vouched their support for the incidence, giving some credence that the industry of crypto mining is in decline with the falling prices. In some respect, it’s not surprise. The cost of equipment in conjunction with the amount of electricity required to mine at a profitable rate had inevitably led some once enterprising individuals to cut their losses and exit the industry. But, as many have pointed out, there could also be a general shift away from BTC at present, with the mainstay of miners seeking out more profitable coins in the interim until Bitcoin prices show a more promising outlook.

For the remaining miners, the decreased competition means an increased chance of coin rewards. However, for the industry of cryptocurrency and the integrity of Bitcoin transactions, the decreased rate of mining and hash rate for the top currency by market cap also increases the network risk for attack. While the direction of the industry was, to the regret of many fans of decentralization, trending towards consolidation prior to the recent dropping hash rate, the most recent exodus has led to a worsening effect.

According to data published by Bloomberg,

At least 100,000 individual miners have shut down, according to Autonomous Research LLP. Fundstrat Global Advisors LLC estimates that about 1.4 million servers have been unplugged since early September.

Malachi Salcido, head of Salcido Enterprises–one of the largest mining groups in North America–says that the falling profitability of crypto mining is shaking out the weak hands, but also causing a concentration of power for the remaining few,

“We are entering in the phase when there’s a flushing out of the market. There will be relatively few operations that come out the other side.”

Bitcoin’s network relies upon the decentralization of mining services. With hash rates falling 36 percent since their peak in August, and problem-solving difficulty down 10 percent, the conglomerate mining networks are raking in newly minted coins, but also posing an increased risk of a 51 percent attack. With less variable rigs contributing to the network’s hash rate, the opportunity for one mining group, or a coalition of miners to gain control of the service also greatly increases.

Not only would controlling miners hold the lion’s share of new coins being produced, but they would also be able to influence the transaction landscape–with the ability to inflate fees, reverse specific transactions, or halt them all together.

Many within the industry have pointed to the mutualism of the Bitcoin ecosystem as being sufficient to prevent such an attack. If miners put a stranglehold on transaction services, the overall usability of the platform plummets which in turn leads to fewer transactions (and fees) in addition to a falling valuation for BTC. According to this logic, miners benefit as much as users for maintaining a fair ecosystem.

However, only time will tell the effects of such consolidation of power. Without true decentralization in its pocket, the appeal of Bitcoin and similar cryptocurrencies begins to fall to that of traditional fiat.

The post Drop in Bitcoin (BTC) Mining Increasing Network Risk appeared first on Ethereum World News.

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3 Facts That Show The ‘Dark Side’ of Bitmain Before Its IPO

Bitmain is the most important company in the mining industry and one of the most succesful companies in the crypto-ecosystem . Jihan Wu’s company has contributed so much to the development of the crypto-verse that many believe no other private business can compare to it.

However, despite these facts, Bitmain’s image is negative within the ecosystem. Last year, Coindesk listed Jihan Wu as one of the ten most influential figures of the Crypto-verse, describing him as “The Villain.

Bitmain recently announced its plans for an IPO, a decision that could further increase its financial value, but after disclosing some facts about its business scheme, the debate about the company quickly reignited.

Here are a 3 interesting facts that show the dark side of Bitmain:

1. ‘Unethical’ Mining Practices

The mining company known for promoting Bitcoin Cash, does so not merely out of love for the advantages of that crypto, but for the ease with which it can dominate most of the mining power.

Bitmain produces most of the mining equipment available on the marketAccording to Trustnodes, Bitmain is very close to owning 51% of BCH’s hashing power. Some sources place the current figure at about 49.64%

Likewise, Bitmain is facing some accusations of secret mining, a practice through which they use their own ASICs to mine crypto before releasing them to the market. This would give Bitmain a substantial competitive advantage over other miners as this would increase hashing power with little competition, ensuring a significant profit. After this practice, they start selling their devices.

Bitmain denies these accusations:

“In the end, Bitmain values transparency and fair competition. We therefore remain opposed to this practice [secret mining] and maintain our long-held zero-tolerance policy regarding same”.

However, in the information they provide on the occasion of the IPO, Bitmain omitted some details about their mining activities.

Recently, SiaCoin’s development team revealed that Bitmain was secretly mining its token before making its ASICs available to the market. Salva Herrera, creator of SiaStats explains:

“The oldest block we can track of Antpool is #132204, dated on November 17th, what means that Bitmain mined Siacoins in secret for exactly 2 months …

 According to some estimations, the development of the A3 costed Bitmain $10 million. If they planned the trades carefully, this means they could have recovered the whole cost of the ASIC development just by secret mining during those 2 months. This, of course, on top of the $74 million in sales profit just from the first 2 batches ($2300 per unit and 33,000 units as we explained above).”


2. The Reasons Behind Their BCH-Pumping Strategies

Bitmain promotes BCH, but this crypto has already caused it at least $500 million in losses.

A leaked prospectus of Bitmain’s IPO shows that Bitmain owns about 1 million BCH; an amount that would be difficult for them to capitalize on given the small market for that altcoin when compared to Bitcoin.

In fact, according to information provided by Trustnodes, the company invested in the altcoin when the token’s price was around $900, so Bitmain’s BCH investments have represented a loss of roughly $500 million.

An increase in the adoption of such token would imply an increment in the budget of Bitmain and other large BCH advocates.

3. The Interest of Large Financial Firms May Not Be As Real As Many Think (or wish)

Some time ago, there was news about the interest of large business firms in participating in Bitmain’s IPO. According to information published by QQ News, an important Chinese news portal, companies such as Tencent, Softbank, and China Gold Investment are interested in investing large sums of money in Bitmain.

However, after telephone contact between Cointelegraph and Kenichi Yuasa of SoftBank Group Corp’s Corporate Communication Office, this information was revealed to be false. In Mr. Kenichi’s words:

Neither the SoftBank Group Corp. nor the SoftBank Vision Fund were in any way involved in the deal.”

Also, Coindesk confirmed that a spokesperson for Tencent Inc. commented via email that the company also claims such rumors to be false

“[Tencent Inc.] is not involved in this investment … The news is not true.”


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Bitcoin Mining Behemoth, Bitmain, Reaches Stratospheric Valuation After Latest Funding Round

Bitmain, the largest cryptocurrency mining company in the world continues to attain even greater heights. The number one manufacturer of application specific integrated circuit (ASIC) bitcoin miners is now valued at $12 billion. This new valuation follows the recently concluded series B funding round which realized $400 million for the company. There are also reports that Bitmain plans to buy a majority stake in the upcoming Opera Ltd. IPO.

Worth $12 Billion

Local Chinese media outlet, Caixin, reported that a conglomerate of investors was able to raise $400 million in a new funding round for the mining giant. China-based Sequoia Capital, U.S.-based Coatue hedge fund, and Singapore government-owned EDBI were the primary investors in the funding drive. Sequoia Capital was also involved in Bitmain’s series A funding back in July 2017 which raised $50 million.

According to reports from the company, Bitmain might be conducting an IPO soon. Inside sources reveal that Hong Kong would likely be the location for the offering. If the company does go through with such a plan, it will join fellow mining company Canaan Creative which announced its IPO earlier in the year.

Bitmain is also gearing up to invest in the upcoming Opera Ltd. IPO. Opera is the company behind the eponymous web browser – Opera internet browser for desktop and smartphones. According to reports, Bitmain wishes to invest $50 million in buying the company’s shares during its $115 million IPO.

In a matter of four years, Bitmain has made itself become one of the most successful companies in the blockchain industry. The company reportedly made profits of about $3 billion to $4 billion in 2017. Bitmain controls the market for Bitcoin mining as the largest manufacturer of mining rig hardware.

Approaching 51 Percent Control of the Bitcoin Hashrate

Bitmain’s monopoly of the Bitcoin mining scene isn’t restricted to the manufacture of ASICs alone. The company also owns AntPool and, the two largest BTC mining pools as well as a controlling stake in ViaBTC, the third largest mining pool. Together all three allow Bitmain to approach nearly 51 percent control of the Bitcoin mining hashrate. With such a level of control, the company could theoretically manipulate the BTC network. Bitmain has, however, maintained that it has no incentive to carry out such an attack, considering the sweeping financial ramifications.

The company also recently became a member of the 21 EOS block producers (BPs). EOS had faced a multitude of issues since its mainnet launch last month. There are widespread concerns about a lack of decentralization in the project. Reports emerged recently that stakeholders were trying to create a new constitution for the project.

Will Bitmain be able to control 51 percent of the Bitcoin network hashrate? Do you think Bitmain will be able to dominate the EOS mainnet? Keep the conversation going in the comment section below

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Cobra Calls for a Change in Bitcoin (BTC) PoW to Fight Centralization

The enigmatic and famous Cobra, co-owner of and, again sparked controversy in the crypto community by publishing a series of tweets questioning the current situation of Bitcoin (BTC).

According to Cobra, one of the main problems with Bitcoin’s blockchain is the fact that it has such centralized mining power.

According to his opinion, a coordinated strike by three mining pools would be enough to successfully carry out a 51% attack on the Bitcoin network.

Cobra: Security is More Important than Profitability

Cobra is one of the main characters warning of the possible dangers of maintaining the current design of Bitcoin’s consensus algorithm (BTC). In February 2018, he had already made specific considerations in an open letter.

For Cobra, the level of centralization and control over the Bitcoin network is essentially a monopoly. He mentioned Bitmain as the villain of the film, not only because of the mining power but also because of other factors such as support for altcoin Bitcoin Cash or the possibility of being controlled by China:

“People talk about “new entrants” to the mining scene, but it’s almost impossible for anyone to catch up to the total domination of the mining space by BITMAIN. They are light years ahead.

The hashrate has already been abused to give political support to reckless and dangerous hard fork attempts. They have questionable allegiance to Bitcoin at best, seeming more interested in supporting Bitcoin Cash, undermining the very network that employs them.”

With this in mind, Cobra called on the community to change the mining algorithm – which he believes is the root cause of all Bitcoin’s problems – in order to get rid of miners and solve the situation that threatens the Bitcoin network:

“This mining problem is the root cause of all of Bitcoin’s problems. It’s the miners that have supported every hostile attempt to take over the network. It’s the miners who block new features for their strange political agenda … We need to get rid of them while we still can, they’re no longer a useful part of our community. Hard forks are scary, but let’s not be afraid to try at least to build consensus when we can all see the problem right in front of us.”

A Personal War?

To emphasize his toughts, Cobra wrote that Bitmain could entirely control the Bitcoin network (BTC) by having a stake in the, AntPool and ViaBTC pools. He questioned Bitmain’s claims that they do not control most of the hashing power.

Does Bitcoin really need another fork?

More than competing against Bitmain, Cobra called for changing the mining algorithm, thus avoiding a repetition of the problem. For him, Bitmain’s power is hard to fight against:

Cobra’s opinions generated diverse responses and reactions. bch-oriented websites and pro-bitmain forums quickly hastened to discredit him while the community proceeded to comment, posting tweets of support and criticism almost equally.

The main argument against Cobra’s statements is that Pools are a group of people and not just a central entity. The main argument in supporting him is precisely the need for a fork that is hard to achieve because of the big number of users already comfortable with BTC’s PoW.


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Coinmint Set to Open Massive Bitcoin Mining Farm in Upstate New York

Coinmint, the cloud mining platform has unveiled its latest Bitcoin mining facility located in upstate New York. The company revealed the new site in a statement released on June 5, 2018. The Coinmint facility becomes the latest Bitcoin mining farm in North America as there continues to be an influx of cryptocurrency miners into the region.

The Proposed Coinmint Bitcoin Mining Facility

Coinmint obtained approval in January to establish a Bitcoin mining farm in the 1,300-acre facility that was once an aluminum smelting plant in Massena, New York. Alcoa owned the plant before shutting down its operations in 2013. Since then, Alcoa had been in search of new tenants for the facility. Coinmint secured a 10-year lease agreement with Alcoa, plus an option to renew. The deal finally came to fruition after a robust back and forth negotiation process.

Mining operations are already ongoing in the facility and will continue under the aegis of the North Country Data Center Corporation – a new Coinmint subsidiary. The company plans to invest about $700 million in repurposing the plant into one of the largest Bitcoin mining centers in the world. The 435-Megawatt complex is expected to be completed in the next one year.

Commenting on the project, Kyle Carlton, a Coinmint spokesperson said:

The start of operations is a key milestone towards the Massena site reaching its full capacity. The area’s citizens and its hydroelectric power – a green alternative to the less sustainable energies used at other digital asset infrastructure data centers – was the catalyst for our move and will be foundational assets for continued expansion. The reduced electricity costs will enable us to compete in the rapidly emerging digital currency global marketplace.

Bitcoin Mining Continues Despite Price Decline

The BTC price has declined significantly in 2018. However, it seems miners aren’t deterred from continuing to mine the number one cryptocurrency. In fact, since the end of negotiations between Alcoa and Coinmint, the price of BTC has declined by more than 30 percent. Speaking on the impact of BTC prices on the company’s operations, Coinmint CTO, Prieur Leary said:

As long as bitcoin network exists we anticipate mining to be profitable. We’ve developed a process to get an edge in the market.

Host Community Excited at the Prospects of Job Opportunities

Massena, the host community is excited at the prospects of the new Coinmint BTC mining complex. According to Town Supervisor, Steve O’Shaughnessy:

We in Massena would like to welcome Coinmint to our town. The thought of 150 jobs and revitalization of the Alcoa East Facility is exciting and what we have been working for. We are ready to provide any assistance we can to move this project to its full potential.

Massena is a town that lies adjacent to the Canadian border. The area is known for its cold climate and cheap electricity, two conditions that are suitable for Bitcoin mining. Large-scale cryptocurrency mining is an energy-intensive process which produces a lot of heat. Thus, miners prefer areas with cold climate to reduce the additional cost of running cooling systems.

Will other firms open up mega Bitcoin mining centers in North America? Keep the conversation going in the comment section below.

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Verge (XVG) Ties Bitcoin (BTC) In China’s New Crypto Rating

In a Cryptocurrency raking issued by a research institute at the Ministry of Industry and Information Technology, China, the crypto don, Bitcoin was not really recognized as it was ranked 13th alongside, Verge (XVG), the secure and anonymous Cryptocurrency.

The listing which was tagged “global public-owned chain technology evaluation index and ranking” placed 28 Cryptocurrencies head-to-head in the table while Ethereum took the lead with a smart contract function technology assessment index of 129.4.

Steem and Lisk according to the table took position 2 and 3 respectively, as Cardano and IOTA were also levelled to position 7. Stellar in the table was in position 6 while Monero and Stratis took sits 9 and 10.

According to the release, the evaluation of the global public-private chain technology was done with a focus on the basic technical level, application level and innovation ability of the public chain.

NEO on position four in the table was given much recognition in the use of smart contract, placing it atop in application assessment because the altcoin has been able to use smart contracts to automate the management of digital assets, and it moves around the world to created solutions.

Examining the evaluation, observers have opined that China is still behind in the area of ​​technological innovation as NEO is the only top-ranked public-chain projects in the listing.

As much as the evaluation is done on both public and private chain, the public chains on the list include are Styme chain, the application chain, NEO and Komodo.

Other altcoins included in the evaluation placed in position 16-28 includes:

Ether Classics, Reverb Chain, Dash, Cloud Storage Chain, Bitcoin, Litecoin, Ark, Big Zero Coin, Nano, Bit Cash, Decred, Super cash and new chain.

While it is ambiguous why China released the rating, some have opined that the country may be making move to give Cryptocurrency another chance after shutting down all exchanges and banned all form of domestic trading in the country last year.

It is believed that the release, which is the world’s first technology-focused public chain assessment index issued intermittently on monthly basis will help enhance the grasp of blockchain technology in innovating.

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Bitcoin (BTC) Supply To Be Increased With Proposed Mining Of 17 Millionth Coins

A data from revealed that there may be an increased supply of Bitcoin due to the 17 millionth bitcoin alleged to be mined in some days. This is a huge progress for bitcoin, due to the fact that Bitcoin’s byelaw stipulates that only 21 million bitcoin can ever be created. The first thing to note is that Bitcoin was made to be scarce economically with the said 21 million which could be created, but now there is potential availability for the coin.

According to different reports, it is easy to guess the time that the bitcoin would be mined due to the common software sync. In the views of many, like Tetras Capital founding partner Alex Sunnarborg, when contacted by . Bitcoin, revealed that the result could best be interpreted as 80 percent of all the bitcoin that will be ever created have now been mined, stating that just 1/5 of the supply is apportioned to future miners and buyers.

Tim Draper sees it as an “awesome,” milestone, for the fact that the founders did not imagine Bitcoin could go this far.

“I would bet the founders wouldn’t have imagined how important bitcoin would become in their wildest dreams.”

Some also, in their observation believe the mine is an enlightenment on the future of the coin and even other cryptocoin. Many do not know that unless those behind Bitcoin make changes, it is impossible to introduce more bitcoin to the crypto space.

The Futures of Bitcoin.

The recent statement that from Nasdaq on Bitcoin give more credence to the coin. People are doubting the legitimacy of Bitcoin and the cryptospace entirely. However, they are now opening their minds to the fact that cryptocurrencies have come to stay.

Yesterday, Adena Friedman, CEO of Nasdaq, made it clear that crypto has no possibility of dying any moment from now.

“I believe that digital currencies will continue to persist…it’s just a matter of how long it will take for that space to mature,” Friedman opined on CBNC.

“Once you look at it and say, ‘do we want to provide a regulated market for this?’ Certainly, Nasdaq would consider it.”

Above statement by Nasdaq CEO is making many people have a rethink of cryptocurrency. Soon, government will start embracing the coin.

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Respected Wall Street Strategist Says Bitcoin (BTC) Will Reach 25k in 2018

The cryptocurrency space has witnessed many FUDs, it has witnessed uncountable ups and downs, but it seems there is a promising future for cryptocurrencies this year. With just a two-day surge in the price of bitcoin, enthusiasts are raising trust in the cryptocurrency space, saying there is igh possibility the space receives increased boost than it witnessed last year.

One very noticeable, respected Wall Street strategist who believes that bitcoin is on the verge of tripling in price is Thomas Lee, co-founder and head of research at Fundstrat.

Mr. Lee reinvented his bullish forecasts on Thursday, April 12, while conversing on CNBC’s program, “Futures Now”. Lee says the price of bitcoin could reach $25,000 within eight months.

“We still feel pretty confident that bitcoin is a great risk-reward and we think it could reach $25,000 by the end of the year.”

Commentators have weighed in on the sudden surge in the price of bitcoin from around $6,800 to over $8000. Many of them are of the opinion that the beginning of the much-awaited bull run has started.

Lee, who also believe it is time bitcoin increased in price, made known that the time is “overdue”.

“It’s overdue. Bitcoin was incredibly oversold,” he said.

“When you look at metrics like price-to-book, which is money cost, or our bitcoin misery index, it’s pretty much what you saw at the end of the 2014 bear market, not the start.”

If bitcoin rises to $25,000, it amounts to a 225 percent increase using its Thursday value as a yardstick.

Meanwhile, the increasing price of cryptocurrency is not only helpful to Bitcoin alone. It reflects in the value of Ethereum, Litecoin, Ripple and so many other altcoins. However, none can really say what is behind the sudden increase after many months of decline. Many are of the opinion that it is just time for the cryptocurrency world to witness another sudden increment.

Ed Cooper, head of mobile at fintech startup Revolut, in a conversation with The Independent, also holds to this assertion. He said the rise “doesn’t appear to be driven by any significant news stories.”

“Most likely there was a change in sentiment today and traders started to buy thus raising the price.”

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Mysteries About @Bitcoin Twitter Account Suspension And Reactivation.

The hit on @bitcoin’s twitter account signals or wholly indicates that it had violated the rule of the social media platform. There is no doubt that bigwig social media like Twitter, Facebook and their contemporary have guidelines which they use in regulating their activity and users so as to keep the platform as modest as possible.

On Sunday, April 8, @bitcoin was suspended. Although a clear reason has not been aired, but it’s suspected to have resulted from the lasting arguments between BTC and BCH enthusiasts as a sizeable number of the former’s lovers lodged complain.

The CEO of Blockchain start-up @Space Chain, Jeff Garzik, in a tweet said:

“The @Twitter curation of its namespace is amazingly poor, @jack. Squatters and bots abound. The @bitcoin account griefer-jacking is just the latest episode”.

Different speculations continue to rouse as the real reason for the ban is still under obscurity but most agreed that it must have resulted from a bad vice.

Jeff Garzik, in another tweet, said:

“Twitter is rewarding bad behavior. To review, #Core fans – Reported @Bitcoin acct for abuse – Reported my Reddit and GitHub accounts for abuse – Drowned Bitpay and Xapo apps with one-star reviews and votes etc. This is how they “debate” with those who disagree”.

Twitter Rules

Twitter’s rule which can be attributed to having caused the embargo includes the following:

  • Targeted harassment of someone or [inciting] other people to do so.
  • You may not promote violence against, threaten, or harass other people on the basis of race, ethnicity, national origin, sexual orientation, gender, gender identity, religious affiliation, age, disability, or serious disease.

While the account is used to promote Bitcoin Cash, another rule of the social media that can be said to have been perpetrated is;

  • You may not impersonate individuals, groups, or organizations in a manner that is intended to or does mislead, confuse, or deceive others.

Therefore, Maybe Twitter attributed promoting Bitcoin Cash on a platform impersonating the coin but not affiliated to it as a deceit.

The Reinstatement Of The Account And The Mystery Of It.

Surely, after every darkness, there is lightening. 16 hours back, the account owner twitted “I’m back”.

Source: Twitter

Not just coming back, but there had been a mysterious journey before the reinstatement and after.

By default, according to the social platform’s policy, after a ban, the owner is granted an appeal while the account name is reserved. Alternatively, the username was made open to the market.

The account owner, after the reinstatement, in a statement tweeted that within 24hrs of the ban, “A new account using the same username began posting nonsense”.

Another controversial event which the ban ushered is the claim that Twitter’s Jack Dorsey, an investor of Lightning Network, a challenger of Bitcoin Cash for low-cost transactions was believed to have underpinned the taking down of the account.

“In any case, I’d love to hear a public explanation from @twittersupport about why #bitcoin competitor #LightningNetwork investor @jack disabled this account, gave it to someone else”, @bitcoin twitted.

Lastly, the account owner complained that its account which previously had about 700, 000 followers, when returned, had been slashed.

Source: Twitter