?A shared computing environment that anybody can build and run stuff on is still a totally legitimate and valuable thing to emphasize.? -- Vitalik Buterin on Ethereum to Quartz
Jihan is still Chairman of The Board at Bitmain.
Major China-based bitcoin mining firm Bitmain has confirmed a report that its board of directors has undergone a shakeup but has sought to downplay that impact of these changes ahead of the company’s looming initial public offering (IPO).
Jihan Wu stays in charge of Bitmain. Rumours denied.
In an emailed statement, Nishant Sharma, Bitmain’s international marketing manager, confirmed to CCN that the company had restructured its board but denied key aspects of the initial report, including that more than half the board had departed and that CEO Jihan Wu had relinquished the chairmanship.
Crypto Market Wipes Out $8B, Bitcoin Cash Down 24.4% in 1 Week
Over the past 12 hours, more than $8 billion was wiped out from the crypto market, as several major digital assets including Bitcoin Cash (BCH) and Stellar (XLM) suffered. For the first time in the past ten days, the price of BCH has dropped below the $500 mark to $480. Within the past week, after securing a monthly high at $630, BCH has dropped by more than 24.4 percent.
Why are the fees not rising?
Congestion on the Bitcoin network reached 95% last week, but if you were transacting in BTC, you wouldn’t have experienced an uptick in transaction fees, which remain at approximately $0.1 — even for transactions as large as $194 million. Woo tweeted a comparison of the 2017 congestion of up to 85% versus 2018 peak congestion of 95%, illustrating that despite the higher congestion today fees remain “nominal” and below year-ago levels.
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