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Cryptocurrency

BTC bounty: 69,000 Bitcoins worth $700 million waiting for you

A BTC wallet said to hold about $700 million worth of BTC is being passed around.

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Bitcoin price drops $1400 in minutes, Binance, BTC wallets holdings 0.1 BTC reaches all time high, 13,000 BTC wallets are now worth more than $1,000,000

The race to claim the most prized crypto bounty is on.

A BTC wallet said to hold about $700 million worth of BTC is being passed around a community of opportunistic hackers.

Alon Gal, the CTO of network security firm, Hudson Rock, disclosed via Twitter he currently is in possession of the wallet that is said to hold 69,000 BTC.

READ: Population of holders of at least 0.1 Bitcoin surpasses 3 million

Coders are trying to figure out the password that will crack the Bitcoin Core wallet.dat file. Gal jokes that Google should help him out by lending out its quantum computer.

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“There is a Bitcoin wallet with 69,000 Bitcoins ($693,207,618) that is being passed around between hackers/crackers for the past 2 years for the purpose of cracking the password, no success so far,” Gal tweeted.

READ: $30 billion worth of BTCs disappears forever 

However, the chances of claiming the Bitcoin bounty are very low.

Nairametrics is aware that present-day supercomputers are not powerful enough in breaking cryptographic systems, as seen in the world’s most valuable crypto by market value though global tech brands like Google, IBM continue to develop stronger quantum computing systems in the present day.

READ: Google to pay online publishers for high quality contents

While Google had in recent times said it will take about 10,000 years for a conventional computer to complete such computation, IBM  however shared a different opinion, “We argue that an ideal simulation of the same task can be performed on a classical system in 2.5 days and with far greater fidelity.”

That said, it’s a fact now that quantum computing has not found the quantum leap forward for such advances that could trouble Bitcoin’s present encryption codes.

Crypto wallet owners should always learn to be vigilant in keeping their private keys, passwords safe as the chance of reclaiming their prized BTCs after such loss is almost impossible.

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The race is on …

Olumide Adesina is a French-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Member of the Chartered Financial Analyst Society. Behavioral Finance, Duke University. You can follow Olumide on twitter @tokunboadesina or email [email protected]

1 Comment

1 Comment

  1. Carl

    September 13, 2020 at 1:23 pm

    There are a few alternatives to get in this race.
    one is bloom filters.
    and others like Bitcanner, some other scripts out there etc.

    I’m just saying if really want to give it a try.

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Cryptocurrency

Ethereum Miners earn a staggering $1 million in 1 hour

ETH miners on the network earned a staggering $1 million in just one hour.

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Two Ethereum Whales move 53,455 ETH, as DeFi tokens gain popularity

Ethereum miners seem to be smiling to the bank now. This feat is triggered by transaction costs on the Ethereum network recently reaching a new hourly record. Data retrieved from Glassnode, a crypto analytics firm, revealed that ETH miners on the network earned a staggering $1 million in just one hour.

Following UniswapProtocol’s announcement of the UNI token recently, Ethereum saw a massive surge in miner fees. Almost $1M USD in fees was spent in a single hour, thereby setting a new record high.

Explore the Nairametrics Research Website for Economic and Financial Data

This prevailing macro is positive for Ether miners whose turnovers have been increased by higher fees and more transactions. In fact, Ethereum’s network hash rate has been growing consistently, having reached a near two-year high.

Meanwhile, the median Ethereum gas price has massively spiked as well, reaching levels as high as 700 Gwei.

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READ: 88.0% of all Bitcoins mined, as 2.5 million BTCs left to be mine

READ: Like Gabon, Congo, Jumia shuts down operations in Cameroon

What is Gas? On Ethereum, all transactions and smart contract executions require a small fee to be paid, called Gas. In technical terms, Gas refers to the unit of measurement on the amount of computational effort required to execute an operation or a smart contract. The more complex the execution operation is, the more gas is required to fulfill that operation. Gas fees are paid entirely in ETH.

However, the Ethereum network has been having constant issues with high transaction fees and congestion since the rise of DeFi tokens. Recently, the network increased the limit of maximum gas per block from 10,000,000 gases to 12,500,000 gases. However, it is not the only network whose fees have been rising.

READ: Apple, Tesla share prices drop massively from record highs

Is mining Ethereum mining worth it? When it comes to most crypto assets, mining difficulty and costs related to it are only going upwards.

However, as ETH mining becomes more difficult based on more miners joining the process, it is expected that cost will move upward, as more computing power, software, and electricity are needed.

Nairametrics, however, believes that ETH’s value in recent months has gained exponentially and will most likely continue to do so, thus making mining potentially profitable in the long term.

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Cryptocurrency

 Ethereum whale transfers $78 million worth of Cryptos

ETH whale moving 201,136 ETH worth $78  million, transferred from an unknown wallet.

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Investors are now rushing into Ethereum, as gains surge by 262% in 4 months

The number of Ethereum whales has been on the rise since the beginning of the COVID-19 pandemic and they have been making headlines, as larger entities cash in on the second most valuable crypto market by market value.

Data from advanced crypto tracker, Whale Alert, revealed an unknown ETH whale moving 201,136 ETH worth $78 million, transferring from an unknown wallet to another unknown wallet just a few hours ago.

READ: BTC bounty: 69,000 Bitcoins worth $700 million waiting for you

READ: Crypto: Financial market that never sleeps, or is under any central authority

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At the time this report was drafted, data retrieved from Coingecko, showed that Ethereum traded at $386.10 with a daily trading volume of $15 billion. ETH price is up 2.0% in the last 24 hours. It has a circulating supply of 110 million coins, and a max supply of ∞ coins.

What it means: Nairametrics had earlier observed the high movement by these Ethereum whales, as these large entities have purchased almost half of all the Ethereum mined so far in 2020.

READ: Bullish Signs: 2.6 million Bitcoins are being held on crypto exchanges

This is clear evidence that major investors are now looking at the future potential of ETH as an investment, despite the recent sell-offs recorded in the second most capitalized crypto market.

What is an Ethereum Whale? Traders or entities who own a large number of Ethereum are typically called whales. This means than an Ethereum whale would be a single Ethereum address owning around 1,000 Ethereum or more.

READ: YFI: Yearn Finance becomes the most expensive cryptocurrency, surges past $27,000

What you need to know: Ethereum is a global, open-source platform for decentralized applications. In other words, the vision is to create a world computer that anyone can build applications in a decentralized manner, while all states and data are distributed and publicly accessible.

Ethereum supports smart contracts in which developers can write code in order to program digital value. Examples of decentralized apps (dapps) that are built on Ethereum include tokens, non-fungible tokens, decentralized finance apps, lending protocol, decentralized exchanges, and much more.

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Cryptocurrency

Major reasons why XRP is better than Bitcoin

Ripple (XRP) plays dual roles as a payment platform and a currency.

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Ripple, the world’s fast-growing crypto payment powerhouse and owner of the fourth most valuable crypto by market size, is showing some of its advantages over the flagship crypto token(Bitcoin).

A popularly known crypto analyst, with the pseudo name Crypto Whale, spoke on XRP’s unique advantages over Bitcoin. Crypto Whale went on, saying;

1.XRP is x1000 faster than $BTC (3-4 seconds)
2.XRP is x1000 cheaper than $BTC (> $0.01)
3.XRP is better for the environment (no mining)
4.XRP is more scalable

READ: Binance offers DeFi coders $100,000; DeFi market value hits $8 billion

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At the time this report was drafted the fourth most valuable crypto, XRP price traded at$0.249510 with a daily trading volume of $1,859,495,081. XRP price is up 2.4% in the last 24 hours.

What you should know; Ripple is a privately-held fintech company that provides a global payment solution via its patented payment network called Ripple Network (also known as RippleNet). XRP is the digital token that has a circulating supply of 45 Billion coins and a max supply of 100 Billion coins.

READ: Nigeria total public debt hits N31 trillion as debt service gulp over N1.2 trillion in H1 2020 

Ripple (XRP) plays dual roles as a payment platform and a currency. It is an open-source platform that was created to allow quick and cheap transactions.

XRP still remains the only crypto gaining traction among global banks as Japan-based Mitsubishi UFJ Financial Group, with assets of more than USD 2.8 trillion, announced in November 2018 that, in cooperation with Ripple, it would provide an international money transfer service on the payment corridor from Japan to Brazil.

READ: Buying signs: Ethereum’s total coin supply held off exchanges continues to rise

Other leading global banks using Ripple include Europe’s banking giant, HSBC Holdings Plc, with assets of about $2.5 trillion, which disclosed in 2019 that it would use the XRP payment solution.

Japan Post Bank with assets of USD 1.9 trillion, Sumitomo Mitsui Financial Group, and Mizuho Financial Group with trillions of dollars in assets, also have a close relationship with Ripple Asia. Others having a relationship with Ripple include Banco Santander, Barclays PLC, Royal Bank of Canada, and Toronto-Dominion Bank.

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