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Bitcoin miners earn $305M in April as transaction fees jump 250%

Bitcoin BTC miners earned $291 million through ‘block rewards’ in April, marking a 30-percent monthly revenue increase, reports research unit Diar. They collected an additional $14 million with Bitcoin transaction fees, 250 percent more than in March. Courtesy of DiarThe Bitcoin network rewards miners for successfully adding blocks to its blockchain with 12.5 BTC ($73.6K). In less…

Bitcoin miners earn $305M in April as transaction fees jump 250%

Bitcoin BTC miners earned $291 million through ‘block rewards’ in April, marking a 30-percent monthly revenue increase, reports research unit Diar.

They collected an additional $14 million with Bitcoin transaction fees, 250 percent more than in March.

Courtesy of Diar

The Bitcoin network rewards miners for successfully adding blocks to its blockchain with 12.5 BTC ($73.6K). In less than 400 days, that amount will halve to just 6.25 BTC.

With this in mind, last month’s income jump can be attributed to Bitcoin’s steadily-increasing value, which has risen from $4,100 to over $5,900 since the start of April.

Diar also highlighted a significant uptick in Bitcoin usage, which it tied to traders sending cryptocurrency to and from exchanges as they seek to profit from recent price surges.

Courtesy of Diar

In fact, the number of “on-chain” transactions is just short of the all-time-high recorded in December 2017.

Large amounts of on-chain activity has kept the size of Bitcoin blocks consistently full, which pushed transaction fees to more than double throughout April.

In the past, this would’ve caused transaction fees to skyrocket even higher. Thanks to rising Segregated Witness (SegWit) usage, Bitcoin fees remained 84 percent lower than all-time-highs.

Courtesy of Diar

Diar researchers estimated that if Bitcoin traffic does suddenly mirror the mania of 2017’s end, transaction fees would still triple – even with current rates of SegWit adoption.

They calculated fees would be 55-percent cheaper than in December last year, as SegWit has been ultimately effective in keeping them manageable.

Last week, a major Bitcoin whale leveraged the scaling technology to move $212 million worth of Bitcoin for the measly cost of $3.93 – so yeah, it sure seems SegWit is working as intended.

Did you know? Hard Fork has its own stage at TNW2019, our tech conference in Amsterdam. Check it out. 

Published May 7, 2019 — 10:29 UTC

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Moonday Mornings: Binance to resume deposits and withdrawals after $40M Bitcoin hack

It’s time for Moonday Mornings, Hard Fork’s wrap-up of the weekend’s top cryptocurrency and blockchain headlines. Here’s what happened. 1. Binance says it will resume deposits and withdrawals on its platform on Tuesday. The cryptocurrency exchange had suspended the functions following an attack in which hackers stole over $40 million worth of Bitcoin. 2. The…

Moonday Mornings: Binance to resume deposits and withdrawals after $40M Bitcoin hack

It’s time for Moonday Mornings, Hard Fork’s wrap-up of the weekend’s top cryptocurrency and blockchain headlines.

Here’s what happened.

1. Binance says it will resume deposits and withdrawals on its platform on Tuesday. The cryptocurrency exchange had suspended the functions following an attack in which hackers stole over $40 million worth of Bitcoin.

2. The figureheads of the fake cryptocurrency scheme, OneCoin, are being sued. Brother and sister duo, Konstantin Ignatov and Ruja Ignatova are facing a class action law suit for their involvement in the scam which was “based completely on lies and deceit,” ZDNet reports.

3. A Bitcoin BTC fueled ransomware attack hit the Baltimore City government last week. Despite being cleaned of the ransomware, hackers are allegedly still accessing the infected computers, ZeroHedge reports. The Federal Bureau of Investigation is now investigating the attack.

4. The creator of the Bitcoin treasure hunt Satoshi’s Treasure is claiming nearly 60,000 people are following the global challenge, CoinDesk reports. One player has already claimed the first prize, and didn’t even have to go anywhere to claim it.

And finally.

5. William Shatner is putting William Shatners on the blockchain. The former Star Trek actor is joining Mattereum, a legaltech firm, to document the authenticity of science collectibles and memorabilia from a range of franchises on the blockchain.

That’s another weekend’s headlines for you. Live long and prosper.

Published May 13, 2019 — 07:58 UTC

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Amazon granted patent for Bitcoin-style system to fight DDoS attacks

Cryptocurrency rumor mongers are likely to be dancing today as Amazon has successfully filed a patent for a Bitcoin-styled Proof-of-Work system. But don’t get ahead of yourself, it doesn’t look like the Seattle-based ecommerce giant will be accepting Bitcoin for payments. Despite first being filed in December 2016, Amazon’s patent application was granted earlier this…

Amazon granted patent for Bitcoin-style system to fight DDoS attacks

Cryptocurrency rumor mongers are likely to be dancing today as Amazon has successfully filed a patent for a Bitcoin-styled Proof-of-Work system. But don’t get ahead of yourself, it doesn’t look like the Seattle-based ecommerce giant will be accepting Bitcoin for payments.

Despite first being filed in December 2016, Amazon’s patent application was granted earlier this week and appears to outline a system that uses Proof-of-Work to prevent distributed denial-of-service (DDoS) attacks.

“One way to mitigate against such attacks is to configure a service such that requests to the service incur some sort of expense, thereby providing a disincentive to participating in the attack,” the application reads.

Planting a Merkle Tree

Amazon proposes to use Merkle Trees to present a Proof-of-Work challenge and make it too costly for a series of computers to perform a DDoS attack.

But what’s a Merkle Tree? In short, Merkle Trees are cryptographic tools where blocks of data are manipulated to give them a unique identifier also known as a hash.

These hashes are then manipulated again to create a parent hash. Parent hashes are always a combination of two or more child hashes. It’s layers on layers of hashed data.

Since computing power is required to build a Merkle Tree, performing such hashes could get very costly in terms of time, electricity, and resources. In turn, this makes DDoS attacks economically unfeasible.

In the case of Amazon’s patent, imagine having to construct a Merkle Tree before you’re allowed to access a website hosted on one of its servers. To an individual the cost might be insignificant, but to an organization trying to carry out a DDoS attack – which might involve many hundreds of computers – it could become prohibitively expensive.

Amazon’s Merkle Tree

Merkle Trees are also used in Proof-of-Work blockchains like Bitcoin as part of its consensus mechanism. But for now that’s as close as Amazon will get to Bitcoin.

Indeed, with this news it seems Amazon is still of the “blockchain, not Bitcoin” mantra. Earlier this month, the web giant said that AT&T, Accenture, and Nestlé are all using its cloud-based blockchain tools.

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