Mapping out crypto mining | Binance plans to fix charity with blockchain | Researchers study crypto pump & dumps

Bitcoin $6,494                    Ethereum $204.07 
Crypto Mkt Cap $210B              BTC Dominance 53.60%       

“The idea of 100 bitcoin companies — when we announced we were going to back 100 bitcoin companies — that was insane. That was an insane thought.” — Adam Draper, co-founder Boost VC

The Big Block

Despite the ongoing bear market, cryptocurrency mining is still a very lucrative business. In less than a decade, crypto mining has become a multi-billion-dollar industry creating entirely new businesses. In 2017 alone, Bitmain, the leading mining-hardware manufacturer, generated $2.5B in revenue.

The role of miners is often debated in the crypto community. Some believe that miners are the ones that determine the changes in a blockchain’s consensus protocol while others believe miners are effectively workers “hired” by a network to provide a service. While the role of miners can be debated in the community, there is one undebatable fact: miners provide a vital service for securing a blockchain network and its transactions.

Read More on The Block (2 Minutes)

Around The Block

Binance plans to fix charitable giving using the blockchain

Binance's CEO Changpeng Zhao (CZ) spoke today at the World Investment Forum, organized by the United Nations Conference on Trade and Development to promote investment for sustainable development. CZ's talk focused on blockchain's potential impact on charity. Citing an estimate that 80% of donations do not reach the intended beneficiaries, CZ said that the transparency of blockchains will greatly improve the effectiveness and transparency of charitable donations. — More

Researchers study over 500 cryptocurrency pump and dump schemes

A group of researchers from major universities released a paper examining 500 crypto-related pump and dump (P&D) schemes. Examining data from May 15, 2017 to August 26, 2018, researchers found 3,400+ P&D announcements from 80 active Telegram channels. Of these announcements 1,747 were unique. The researchers restricted their attention to 500 distinct P&D schemes involving 230+ tokens. — More

Tether redeems and burns 500 million USDT — More

Pledge fulfilled: Boost VC backs 100th crypto startup — More

Japanese financial watchdog approves self-regulation for crypto industry — More

IDEX, (de)centralized exchange, will start blocking New York — More