Bitcoin Mining News in Review: October 24, 2014
by Jerome Morrow | Oct 24, 2014 | Crypto News
Although there haven’t been any huge announcements for new Bitcoin mining hardware lately, there’s still been plenty of Bitcoin mining-related news that has come out recently. The first-ever Bitcoin conference that focused on mining above everything else took place in Las Vegas, and Butterfly Labs is still trying to figure out how to keep operating while they are under investigation. Let’s take a look at the biggest news stories in Bitcoin mining from the past few weeks.
Hasher’s United Hosts Bitcoin Miners in Vegas
There’s been a lot of Bitcoin-related action taking place in Las Vegas recently, and Hasher’s United was only one of three conferences in “Sin City” during the week. The event took place at the Tuscany Hotel and Casino, and it brought together such big names in the Bitcoin mining space as Tim Draper, Josh Garza, Michael Terpin and many more. The largest Bitcoin mining companies were represented, and everyone from Bitmain to GAWMiners was willing to spill the beans on the future of Bitcoin mining. Although this event was not as popular as some of the other events in the city during the same week, there will still over 100 people involved in this meeting of the minds behind Bitcoin and altcoin mining.
One of the most interesting parts of the Hasher’s United conference was when Tim Draper noted that his original price prediction of $10,000 per bitcoin may end up being a bit low. He explained that Bitcoin miners should not be selling their bitcoins whenever they receive a new block reward due to the long-term gains that he sees coming to bitcoin holders in the future. Draper is the individual who was able to win the auction for bitcoins seized from Silk Road earlier this year, and he’s made a large bet on the future of cryptocurrency.
Butterfly Labs Still Trying to Save Face
It’s been roughly a month since the Federal Trade Commission shutdown Butterfly Labs, but the company is still trying to claim that they’re a legitimate business that has done nothing wrong. The Bitcoin community as a whole was generally not surprised to hear the accusations of fraud from the FTC, as many individuals saw the writing on the wall after countless delays in shipping Bitcoin mining hardware over the past two years. Butterfly Labs released a statement related to the claims made about them in the original report filed by the FTC, and the fact that the statement was issued by a public relations company contracted by Butterfly Labs may actually do more harm than good. The disgraced Bitcoin mining company has filed a motion to dismiss the claims made against Butterfly Labs by the FTC. In the statement released by their public relations team, they claimed, “The motion to dismiss describes how the FTC’s claims are insufficient as a matter of law and consequently should be dismissed with prejudice.” Butterfly Labs will undoubtedly continue to try to make their case to the FTC and the general public, but the chance for them to save face in the Bitcoin community has probably already vanished.
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