The Daily: Bitmain Reflects on 2018, Memo Releases Mobile App

In today’s edition of The Daily, we cover a reflection on the passing year by the cryptocurrency mining technology giant Bitmain, a mobile app released by social network Memo and new turnover figures from a Bitcoin ATM network in Australia.



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Bitmain Reflects on 2018

Bitmain, the Beijing-headquartered bitcoin mining technology giant, has been the topic of many discussions recently relating to its IPO application process, downsizing and more. A lengthy new blog post the company published today touches on these subjects and highlights some of the milestones the company has achieved in 2018. These achievements include the development of a 7nm ASIC chip for SHA-256 mining, launching hardware for powering artificial intelligence applications, investing in Circle and funding open-source projects.

The Bitmain team explains that the consolidating actions they took recently were done to make the company leaner, more focused and to streamline the business in preparation for the challenges of the future. “Our wide portfolio and varied lines of work have expanded to a point where we have the problem of choice and this year was the time to choose. We started to optimize the business and streamline our flows to focus back on the core missions and activities that best rally behind our vision. We as a company will be lean and more focused towards our goals and we look forward to a 2019 where we can see what our collective efforts can achieve in this manner.”

The company also made this comment about the contentious BSV fork: “It goes without saying that the BCH and BSV split was a significant topic within the global cryptocurrency space last year. It was exciting to see different passions clash for the future and betterment of cryptocurrencies without the purported ‘hash war’ being fought. Having ourselves been through a similar (but much longer!) conflict over the future of Bitcoin just about 18 months back, we understand the BSV community’s decision to split and freely pursue its own dream. Adoption will come through power, flexibility and sophistication of the ecosystem and we look forward to what 2019 has in store for cryptocurrencies.”

Memo Releases Mobile App

BCH-based social media network Memo.cash has released a mobile app on Sunday. The first app is designed for Android devices but the developers promise that an iOS version is coming soon too. Reactions to the announcement on the platform itself are positive and so are the few reviews already on the Google Play store.

If you are not yet familiar with it, Memo.cash is a decentralized app powered by Bitcoin Cash blockchain technology. It gives users the ability to create a profile and post messages, images and videos using hashtags as well as to give tips instead of just likes. With Twitter being infected with scammers and bots, supporters hope that the growing platform will be able to provide an alternative and releasing a mobile app is a step forward in the long road that it will take.

Australian ATM Network Sees ‘Insane’ Turnover

According to a newspaper report from down under, a local Bitcoin ATM network with only about 30 machines is now handling volumes of $2 million a month. This is despite the fact that the company failed to raise a targeted $30 million in an initial coin offering (ICO) due to the market cool-down.

“We raised just shy of $2 million, so just over 5 per cent of our initial goal – the rollout didn’t work out as we hoped,” Sam Karagiozis, the founder of Auscoin, told Daily Mail Australia. “But we currently have 31 Auscoin ATMs in Australia… and our turnover is $500,000 a week, which is just insane considering how much the price of Bitcoin has dropped. It just shows there really is a market for it and cryptocurrency is seen as a way of the future for many.”

What do you think about today’s news tidbits? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

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