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Trading Volume Indicates $1M+ Revenue to BTC China in First Week With Fees

One week ago today, rumors began to hit the market of Chinese payment processors no longer being able to serve bitcoin exchanges. BTC China and OKCoin, the leading XBT / CNY exchanges by volume for much of the past few months, also reinstated trading fees on the same day. Those factors combined have led to reduced trading volume at those exchanges, as well as a glimpse into why bitcoin companies have attracted so much venture capital in 2013. On September 24, BTC China temporarily removed trading fees from their exchange. Bitcoin’s popularity in China ballooned dramatically shortly thereafter as other …

Dec 23, 2013 Posted by The Genesis Block In Businesses, Economics, News, Trading Tagged China, Market Dashboard, trading, USD, volume

PBOC Addresses Bitcoin, TGB Measures China’s Behind-the-Scenes Interest

The impact of Chinese enthusiasm for bitcoin in recent months has been felt by effectively all market participants. Since the beginning of October, bitcoin’s exchange rate has climbed roughly 950% vs most government fiat, largely driven by CNY markets. Equally as interesting are the aggregate habits of Chinese market participants visible via a number of non-traditional sources and the signals those metrics may send. Daily XBT/CNY trading volume in China has climbed from approximately 10K XBT per day in early October to more than 150K per day more recently. The drivers of that volume is likely a mix of general …

Dec 5, 2013 Posted by The Genesis Block In Economics, Featured, News, Regulatory, Trading Tagged China, software, US, volume

ASICMiner Blade Prices Reduced 65% After Shares Crash

Considering a bitcoin mining hardware purchase? Make a more informed decision with our Bitcoin Mining Dashboard. ASICMiner, the only company selling ASIC bitcoin mining hardware out of available inventory, just reduced the price of their largest miner to 3.5 BTC. The ASICMiner blade was unavailable for several weeks before Friedcat, CEO of ASICMiner, announced on August 11th that they would be selling them again at the then-reduced rate of 10.5 BTC each. Given that every other ASIC bitcoin mining hardware company sells pre-orders for units months in advance of actual delivery, ASICMiner has used their monopoly over the in-stock market …

Aug 28, 2013 Posted by Phillip Archer In Mining, News Tagged Australia, China, Hong Kong, Price Drop, Switzerland, US

Bitmine Receives First ASICs After Avalon Resumes Shipping

After a month of silence from Avalon on the status of over 800,000 ASIC chips that had been pre-ordered, there were indications that chips may be arriving soon when two group buys announced they received tracking numbers late last week. Application specific integrated circuits (ASIC) are specialized chips that perform bitcoin mining calculations. Starting in mid-April, Avalon sold bulk orders of ASIC chips in batches of 10,000, with each chip hashing at an estimated 400 MH/s overclocked. Today Bitmine.ch posted pictures showing the arrival 10,000 Avalon ASIC chips, indicating that thier Batch #1 pre-orders should be expecting delivery soon. Bitmine.ch …

Aug 26, 2013 Posted by Jonathan Stacke In Businesses, Mining Tagged ASIC, Avalon, China, GH, Today Bitmine

CNY Challenges EUR For Second Largest Bitcoin Exchange Volume

Since the beginning of this year, China has played an increasingly important role in the digital currency universe. After state-run CCTV ran a documentary about bitcoin in May, Chinese adoption grew dramatically. At the time it was unknown whether the interest spike would be a mere blip in bitcoin’s history or a trend that would continue into the future. Since beginning the year at just over one percent of total bitcoin trading volume, CNY trading has recently ballooned to 10% of the total market, claiming the title of second largest bitcoin trading volume for 13 out of 23 days so …

Jul 24, 2013 Posted by Jonathan Stacke In Economics, News, Trading Tagged China, CNY, EUR, trading, volume

US Reaches 1 Million Bitcoin Downloads, Chinese Interest Fades Dramatically

At the end of last month, we noticed remarkable growth in data points surrounding bitcoin adoption in China. During May, China was the only country among the top 10 for most bitcoin client downloads of all time to see month-over-month download growth, taking the top spot for the May. Moreover, CNY as a percentage of total BTC exchange volume more than tripled since the beginning of 2013. Just a few weeks earlier we noted that China was almost dead even with the US for total nodes connected to the bitcoin network. That growth trend tempered quickly in June. Chinese Download Volume …

Jun 25, 2013 Posted by Jonathan Stacke In Economics, Featured, General, News, Uncategorized Tagged China, Global Decline Slowing, US, volume

China Climbs To Top Spot In Monthly Bitcoin Downloads, Second Overall

Last month we showed the initial impact after Chinese state-run broadcaster CCTV ran a piece about bitcoin. The Chinese presence in bitcoin has continued to accelerate since then, even as the rest of the world tempered its rate of adoption. In May, China surpassed the previously-dominant US in number of monthly bitcoin downloads, with 85K compared to 64K in the US. Not only did China climb it’s way to the top spot for the first time, but it was also the only country out of the top 10 highest all-time downloading nations to increase the number of monthly downloads in May. For …

Jun 5, 2013 Posted by Jonathan Stacke In Economics, Featured, General, News, Uncategorized Tagged China, CNY, trading, US, volume

The Time For A Stateless Global Reserve Currency Is Fast Approaching

In recent years the position of the US dollar as the global reserve currency has been increasingly challenged in both the words and actions of international leaders. Disapproval of the unique benefits reserve status offers to the US have led to demand for change, yet viable challengers to that role have yet to arise. The problem is not that the reserve currency is issued by the United States, the problem is that it’s tied to any state at all. So long as the reserve currency is issued by one or more nations and subject to manipulation for the purpose of …

Jun 4, 2013 Posted by Jonathan Stacke In Economics, Featured, General, News Tagged China, trading, US, USD

Bitcoin: The Newest Tool In China’s Currency War Chest

Throughout history wars have been fought for a number of reasons, not the least of which is economic gain. The traditional means to that end has been physical combat, but we’re now in a new era – an era where wars are increasingly fought with technical and financial means. The US has already fallen victim to widespread cyber attacks originating in China and is suspected of conducting its own technological attacks on others. The recent economic crisis showed the world how susceptible even powerful nations are to financial tumult. Displacing the USD as the global reserve currency would put China …

May 6, 2013 Posted by Jonathan Stacke In Featured, General, News, Uncategorized Tagged Bitcoin, China, US, USD