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Paxtradings Crypto Minute August 7, 2018

PAX Trading > Crypto Minute > Paxtradings Crypto Minute August 7, 2018
August 7

Bitcoin hash rate passes 52 Quintillion

Data from Blockchain.com shows that the Bitcoin hashrate has exceeded 52 quintillion hashes per second. This historic high punctuates the continued hashrate growth seen in cryptocurrency this year. As a comparison to this massive number, there are an estimated 7 quintillion grains of sand on earth.

Goldman Sachs Considers Custody for Crypto

According to Bloomberg, Goldman Sachs is planning to offer custody for crypto funds. By holding the digital assets on behalf of clients, the firm will protect against hacks which have plagued the industry. A spokesman for Goldman Sachs was quoted: “In response to client interest in various digital products we are exploring how best to serve them in this space.”

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Bitmain to Build Mining Facility in Texas

In an August 6 press release, Bitcoin mining firm Bitmain announced the construction of a $500 million blockchain data center and mining facility in Texas. Opening in early 2019, Bitmain’s new data center will take over the former Alcoa smelter in Rockdale, Texas. Valued around $12 billion, Bitmain is reportedly planning an overseas Initial Public Offering (IPO) with U.S. denominated shares.

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