Category Archives: Data Mining
Data Aggregation Platform SimplyMustard Teams Up With Junior Mining Association – TechFinancials
Virtual Assessment Centre and Data Aggregation Platform, SimplyMustard, has partnered with Junior Mining Association (JMA) to provide a range of best-in-class cognitive, behavioural, technical, and developmental assessments. This will be available through SimplyMustaPlatform, which will both support and empower the junior mining sector and its members. It will also facilitate growth.
The SimplyMustard Virtual Assessment centre offers a fully functional digital solution that simulates a traditional assessment process by assessing candidates skills and behaviours in a controlled environment, thus enabling better decisions about recruiting, developing, and optimising a business or organizations talent pool.
We are delighted to partner with JMA and bring SimplyMustards Smart Virtual Assessment Platform to their members. Our platform not only removes administrative burden when it comes to recruitment but will also help with talent management, said Karin Williams, CEO of QBIT.
SimplyMustard is the joint creation of QBIT, a respected product solution house, and Fastcomm, an innovative technology solutions provider.
The intent of the partnership is not only to provide Junior Miners with access to this world-leading platform, at reduced rates, but it will also allow the JMA to play an active role to collaborate and assist the SimplyMustard team to research and develop bespoke and unique products and services required by junior miners.
As a sector upon which our economy is dependent on for job creation and economic growth, we are excited of the value that this partnership can hold for junior miners as well as the economy as a whole said John-Ernest Fogwell, COO of the Junior Mining Association NPC.
The Junior Mining Association NPC (The JMA) was formed with the sole intent to support and empower the Junior Mining sector in South Africa. As this industry serves as an important catalyst of economic growth and a key job creator in South Africa, we believe there is a dire need for a united and specific voice to duly represent the industry.
Also read: How Digital Transformation Is Crucial To The Future Of Mining In South Africa
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Data Aggregation Platform SimplyMustard Teams Up With Junior Mining Association - TechFinancials
Crowdsourced Resources on Museums & Creative Aging American Alliance of Museums – aam-us.org
IMHO, the best thing about webinarsa feature not replicated by live eventsis the chat room. Chat offers the thrill of passing notes in class, but with the explicit validation of the teacher. Last months virtual Summit on Museums and Creative Aging was no exception. During the keynote, discussions and panels, participants shared a wealth of observations, affirmations, and resources with the 400-some people in our virtual room. It has taken me some time to go through the chat transcripts and track down linkswith this post Im sharing the consolidated wisdom of that crowd. Elizabeth Merritt, VP Strategic Foresight and Founding Director, Center for the Future of Museums, American Alliance of Museums.
Attendees were delighted with the video shorts, some produced by Aroha Philanthropies, some by AARP, that ran between the main talks, and asked for links. Here you go:
Aroha Philanthropies has commissioned a great collection of videos about the practice of Creative Aging, most around three minutes long, featuring staff from the Heard Museum, Louisiana State Museum, and the Craft Contemporary, among others. During the Summit we aired:
Creative Aging: The Essentials
Creative Aging: Untapped Opportunity
Creative Aging: Isolated to Connected
From the folks at AARP we shared:
No Donuts For You! Fake Age Limit Targets Ageism: a Candid Camera-type setup in which, well, I wont spoil it. Just watch.
AARP What Age Do Millennials Think Is Old? To file under, its only funny because its true.
Not shown during the Summit itself, but recommended by a participant, Baile de los Viejitos: The Dance of the Elders, from the 2015 Da de los Muertos Festival at the National Museum of the American Indian.
(Regarding videos of the Summit itselfeveryone who preregistered for the free Summit received a link to view the recording, and videos of the presentations will go up on the AAM web site as member resources later this fall.)
Susie Wilkening joined us to discuss her Data Story on Older Adult Museum-Goers, reporting that, contrary to many expectations, adults over the age of 50 are the least likely age group to visit museums, and summarizing what museums could do to better serve this demographic. (You can find all of Susies excellent Data Story infographics on the Wilkening Consulting website.)
Creativity and Aging Study: The Impact of Professionally Conducted Cultural Programs on Older Adults, NEA 2006. This seminal research launched the NEAs work on creative aging by measuring the benefits of professionally conducted, community-based cultural programs for the health and well-being of people aged 65 and over. The research was directed by Dr. Gene Cohen at the Center on Aging, Health & Humanities at The George Washington University.
Interventions to Reduce Ageism Against Older Adults: A Systematic Review and Meta-Analysis. AM J Public Health 2019. This metadata analysis examined 63 studies to compare the effectiveness of three approaches to combatting ageism: education, intergenerational contact, and a combination of those two. (Spoiler alert: the combination approach worked best.)
One participant recommended keeping an eye on Culture + Community in a Time of Transformation, a research project being conducted by Slover Linett Audience Research and LaPlaca Cohen, noting that future data mining may include analysis of how different age cohorts interacted with arts and culture organizations during the pandemic, including stats on digital engagement. (The project has already published a report analyzing the data to illuminate BIPOC perspectives.)
The exhibit Building Bridges: Breaking Barriers, part 1 and part 2, hosted by Ruths Table, aims to help break barriers in perception by recognizing the unique agility and skill possessed by professional older artists at the pinnacle of their careers, their continued value and contribution to the arts and society, leading us to building bridges of an intergenerational nature.
The Minneapolis Institute of Art is working with The Cultural Wellness Center (CWC) and their artists and scholars to offer art-making around the theme of legacy for MIAs existing audiences and community members of African heritage served by CWC. (This came up in a discussion around how recruiting community culture bearers as teaching artists was a way for museums to share power and authority.)
The Frye Art Museum in Seattle offers a suite of creative aging programs and related resources to explore the rich potential of aging and offer opportunities to impact the communitys health and wellbeing, with an emphasis on serving adults living with dementia. (You might also be interested in related articles on their Frye from Home blog.)
Here are some resources and links related to specific segments of the Summit:
The Summit keynote Creating Belonging to Combat Anti-Asian Hate and Protect our Elders was delivered by Daphne Kwok, Vice President of Diversity Equity & Inclusion, Asian American & Pacific Islander Audience Strategy at AARP. One of the panelists in the discussion following the keynote was Edward Tepporn, Executive Director of the Angel Island Immigration Station Foundation, and attendees recommended the Immigrant Voices archive maintain by the Foundation, pointing in particular to My Sorrowful Journey to Gold Mountain, a memory recorded in 2018 with Calvin Ong, who came through Angel Island as a 10-year-old in 1937. Other resources mentioned in chat during this panel were:
Annie Montgomery and Maura OMalley of Lifetime Arts presented a workshop on The Societal and Personal Impacts of Creative Aging, during which they shared a lot of resources, including:
In addition to these materials shared during the Summit, you may want to browse the compilation of museums and creative aging resources on the Alliances website, not least, Marjorie Schwarzers report, Museums and Creative Aging: A Healthful Partnership. Please add your own recommendations in the comments below, or by tweeting links and tagging @futureofmuseums #creativeaging. Thank you!
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Crowdsourced Resources on Museums & Creative Aging American Alliance of Museums - aam-us.org
Burgess Again Named Sample Vendor for Prospective Payment Integrity Solutions in Gartner Hype Cycle for U.S. Healthcare Payers, 2021 – Business Wire
ALEXANDRIA, Va.--(BUSINESS WIRE)--The Burgess Group, an innovator in healthcare payment operations for more than 20 years, said today it has been named a Sample Vendor in the Prospective Payment Integrity Solutions category in the Gartner report: Hype Cycle for U.S. Healthcare Payers, 2021.i
According to the Gartner report, Prospective payment integrity (PPI) solutions enable payers to proactively avoid paying claims improperly, versus paying and then chasing claims dollars. These technologies facilitate accurate claims processing with minimal payment leakage, addressing contracts and services, eligibility, and payment accountability along with fraud, waste and abuse (FWA). They incorporate claims editing, data mining and complex clinical review, as well as advanced analytics and AI.
The Burgess Group, acquired last year by HealthEdge, offers a cloud-based platform called Burgess Source, which is the first solution to natively bring together claim payment automation with business intelligence. The platform enables payers with Medicare, Medicaid and commercial lines of business to have better relationships with providers, reduce waste and improve their financial performance. Parent company HealthEdge is a provider of the industrys leading financial, administrative and clinical platform for health insurers.
We are delighted to be recognized this way for the third consecutive year by Gartner, and even more excited about our future as part of the HealthEdge family of companies, said Ryan Mooney, Burgess Executive Vice President and General Manager. Our solution is extraordinary on its own, but can also be integrated with the industry-leading, cloud-based technologies in the claims administrative processing offered by HealthEdge, and the care management capabilities of Altruista Health. Together, these address the three most important value streams within a health plan, and this integration represents a unique value proposition in the industry.
Parent company HealthEdge has just surpassed the decade mark in being named a Sample Vendor in the Gartner report: Hype Cycle for U.S. Healthcare Payers, 2021, in the Next Generation Core Administrative Processing Solutions category.
DisclaimeriGartner, Hype Cycle for U.S. Healthcare Payers, 2021, Bryan Cole, Jeff Cribbs, Mandi Bishop, 13 July 2021. Gartner and Hype Cycle are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved. Gartner does not endorse any vendor, product, or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of their research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About The Burgess GroupBurgess operates at the intersection of healthcare, finance and technology. The company helps leading American health insurers and ACOs set a new standard: Payment Accountability. The Burgess Source platform is the only solution that natively brings together up-to-date regulatory data, claims pricing and editing and real-time analytics tools. This unified approach allows clients to make payments with total confidence and make business decisions with real intelligence. The company is headquartered in Alexandria, Virginia, and online at http://www.burgessgroup.com.
About HealthEdgeHealthEdge is the health insurance industrys first digital nervous system to provide automation and seamless connectivity between all parts of a payers administrative and clinical systems. HealthEdge provides modern, disruptive healthcare IT solutions that health insurers use to leverage new business models, improve outcomes, drastically reduce administrative costs, and connect everyone in the healthcare delivery cycle. Its next-generation enterprise solution suite is built on modern, patented technology and is delivered to customers via the HealthEdge Cloud or onsite deployment. In 2020, Blackstone became the majority owner. HealthEdge and its portfolio of mission-critical technology assets for payers, including The Burgess Group and Altruista Health, are collectively driving a digital transformation in healthcare. Follow HealthEdge on Twitter or LinkedIn.
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Yield10 (YTEN) gains 7.47% in Active Trading on August 25 – Equities.com
Last Price$ Last TradeChange$ Change Percent %Open$ Prev Close$ High$ low$ 52 Week High$ 52 Week Low$ Market CapPE RatioVolumeExchange
YTEN - Market Data & News
Yield10 Bioscience Inc (NASDAQ: YTEN) shares gained 7.47%, or $0.47 per share, to close Wednesday at $6.76. After opening the day at $6.22, shares of Yield10 fluctuated between $6.86 and $6.26. 53,282 shares traded hands an increase from their 30 day average of 42,011. Wednesday's activity brought Yield10s market cap to $32,930,143.
Yield10 is headquartered in Woburn, Massachusetts..
Yield10 Bioscience, Inc. is an agricultural bioscience company developing crop innovations aligned with trends in global food security, social responsibility, and sustainability. The Company is using its 'Trait Factory,' a differentiated trait gene discovery platform including the 'GRAIN' big data mining trait gene discovery tool as well as the Camelina oilseed 'Fast Field Testing' system, to develop improved Camelina varieties to produce proprietary products, and to produce high value seed traits for the agriculture and food industries. The Company's goals are to efficiently develop and commercialize a high value crop products business based on superior varieties of Camelina for producing feedstock oils, nutritional oils, and PHA bioplastics. As a path toward commercialization of novel traits, Yield10 is pursuing a partnering approach with major agricultural companies to drive new traits into development for canola, soybean, corn, and other commercial crops. Yield10 is headquartered in Woburn, MA and has an Oilseeds Center of Excellence in Saskatoon, Canada.
Visit Yield10 Bioscience Incs profile for more information.
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Yield10 (YTEN) gains 7.47% in Active Trading on August 25 - Equities.com
BizVibe Highlights Key Challenges Facing the Non-metallic Mineral Mining and Quarrying Industry | Monitor Business Risk and View Company Insights -…
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Are the ESG values your clients want actually in their portfolios? – Wealth Professional
Capgemini is a $24 billion global tech services company that operates in nearly 50 countries. It supports companies with everything from creating software development and creating applications to maintaining desktops by harnessing cloud, data, AI, connectivity, and digital engineering. Krishnan noted that, while many pre-digital systems couldnt capture someones ESG impact, Capgemini now is fast-tracking the tech for it.
Capgeminis new products require clients to state their ESG values, so its tech can measure how well those are reflected in their portfolios.
Weve designed a very personalized product, which goes to the heart of what ESG means to each and every individual, said Krishnan. We can create those streams of portfolios, making it easy for them to track the data and portfolio performance in terms of how the ESG market is behaving.
Capgemini works with the advisors to design a plan to capture their customers ESG attributes and improve their ESG attribute segmentation. Clients can then answer a questionnaire, stating what they like, and want, in an ESG. Then, using AI and natural language processing, the app looks for key themes and compares what customers said they want to what is in their portfolio. It points out discrepancies, so advisors can get a portrait of whats there and needs to be aligned. People can also download their portfolio on the app and check it daily to take corrective action.
So, a lot of people are able to look at their customer with a 360-degree view in terms of what theyre all about rather than just from an academic perspective, said Krishnan, because at the end of the day, it is a very personal choice in terms of what customers want to make the difference.
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Are the ESG values your clients want actually in their portfolios? - Wealth Professional
Data Mining Tools Fight COVID-19 Misinformation and Identify Symptoms – Health Bollyinside – BollyInside
Much of the work using Google Trends for flu has focused on forecasting the flu season, Papalexakis said. We, on the other hand, used it to see if we could find a needle in a haystack: symptoms unique to COVID-19 among all the flu-like symptoms people search for. The researchers located symptoms on Google Trends for 2019 and 2020 and used a technique they called nonnegative discriminative analysis, or DNA, to extract terms that were unique to one dataset relative to the other.
We assumed that symptom searches in 2019 would lead to influenza or other respiratory ailments, while searches for the same symptoms in 2020 could be either, Chen said. Using DNA, we were able to find the difference between the two datasets. This happened to be terms clinicians have already identified as unique to COVID-19, showing that our approach works. The paper, COVID-19 or Flu? Discriminative Knowledge Discovery of COVID-19 Symptoms from Google Trends Data, was presented at epiDAMIK 2021, a workshop on data mining for advancing epidemiological knowledge. The workshop was organized as part of the largest annual data science conference, the Association for Computing Machinerys, or ACM, Special Interest Group on Knowledge Discovery and Data Mining. The paper is available here.
Chen said that the algorithm is simple and easy to implement as part of a potential tool that can help scientists researching other diseases learn about potential symptoms. Papalexakis and UC Riverside doctoral student William Shiao are also developing a tool that not only identifies COVID-19 misinformation but shows why the information is flagged as false in relation to a database of scientific articles about research on coronaviruses.
Google trends data is very noisy, but hospital data is not publicly available. People might search for symptoms because they are experiencing them or because they have heard of them and want to know more, Papalexakis said. Searches reflect interest in symptoms better than people actively experiencing them, but given the lack of other data, we think this tool could help researchers understand symptoms better. Papalexakis and Chen expect their work will help epidemiologists and other public health experts track and monitor COVID-19 using Google Trends as a proxy for hospital data.
When tested on articles that had been labeled by humans as false or identified by Google Fact Check as false, their method not only correctly identified the false stories but also pointed to the scientific sources that corroborated the systems decision. Papalexakis and Shiao used 90,000 articles from the COVID-19 Open Research Dataset Challenge (CORD-19) prepared by the White House and a coalition of research groups, and collected 20,000 articles in the wild with misinformation about the novel coronavirus. Using a similarity matrix-based embedding method they called KI2TE, the articles were linked to a set of reference documents and interpreted. The documents used for reference were a set of academic papers on coronavirus research included in the CORD-19 dataset.
Although the tool developed by Papalexakis and Shiao is a prototype under active research development, it could eventually be incorporated into a smartphone app or into social media platforms like Facebook. The results of this research were presented at the Knowledge Graphs for Online Discourse Analysis workshop organized as part of the ACM Web Conference, and the paper, KI2TE: Knowledge-Infused InterpreTable Embeddings for COVID-19 Misinformation Detection, is available here. We are not interested in censoring what people see. We want to go beyond hiding something altogether or simply showing a warning label, Papalexakis said. We want to also show them sources to educate them.
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3 Reasons to Buy Palantir, and 1 Reason to Sell – Motley Fool
Palantir's (NYSE:PLTR) stock surged on Aug. 12 after the data mining and analytics company posted its second-quarter earnings. It beat Wall Street's estimates on the top and bottom lines, then provided a rosy outlook for the third quarter that surpassed analysts' expectations.
Should investors consider buying Palantir, which has been a volatile stock since its direct listing last September? Let's weigh three reasons to buy the stock -- against one reason to sell it -- to decide.
Palantir's second-quarter revenue rose 49% year over year to $376 million, beating estimates by $14.5 million and matching its growth in the first quarter. It closed 62 deals worth $1 million or more, gained 20 new customers, and its average revenue per customer rose 19% year over year to $7.9 million.
Image source: Getty Images.
Palantir's government revenue rose 66% to $232 million, while its commercial revenue increased 28% to $144 million. The growth of its government business decelerated slightly from the first quarter, but the growth of its commercial business accelerated significantly.
Revenue Growth (YOY)
FY 2019
FY 2020
Q1 2021
Q2 2021
Government
35%
77%
76%
66%
Commercial
17%
22%
19%
28%
Total
25%
47%
49%
49%
Data source: Palantir. YOY = year over year.
The commercial segment's acceleration counters the bearish argument that Palantir will struggle to expand its commercial business to reduce its dependence on government contracts. Government contracts, the bears often argue, have less long-term growth potential than commercial contracts.
Palantir mainly attributed its commercial growth to the U.S. market. Its U.S. commercial revenue surged 90% year over year, accelerating from the segment's 72% growth in the first quarter of 2021.
Palantir remains unprofitable on a GAAP basis, and its net loss widened year over year in the second quarter, from $110.5 million to $138.6 million.
However, its adjusted gross margin, which excludes its stock-based compensation and other one-time expenses, expanded from 80% to 82%. Its adjusted operating margin jumped from 11% to 31%.
Those expanding margins suggest Palantir has plenty of pricing power in the competitive data mining and analytics market, and that its experience with the U.S. government -- for which it aims to become the "default operating system" -- is impressing large enterprise customers.
Palantir is also profitable on an adjusted EBITDA basis. Its adjusted EBITDA nearly quadrupled year over year to $121.5 million, which boosted its adjusted EBITDA margin from 13% to 32%. Its adjusted earnings of $0.04 per share also beat Wall Street's estimates by a penny.
Palantir expects to generate $385 million in revenue in the third quarter, which surpasses the consensus estimate of $380 million.
It expects its revenue to rise at least 30% "for 2021 through 2025" -- which suggests it could nearly quadruple its annual revenue from $1.09 billion in fiscal 2020 to about $4 billion in fiscal 2025. It also raised its adjusted free cash flow forecast for 2021 from over $150 million to over $300 million.
That confident long-term forecast suggests Palantir's stock might not be as expensive as it initially seems, at about 30 times this year's sales.
Palantir's platform, which gathers data on individuals from disparate sources to make AI-driven decisions, is powerful but controversial.
Palantir's Gotham platform is used by all branches of the U.S. military, as well as government agencies like the FBI, CIA, and ICE. It was even reportedly used to hunt down Osama Bin Laden back in 2011.
ICE uses Palantir's software to track down and report undocumented immigrants in the U.S. That controversial contract sparked protests from activists and Palantir's own employees, while employees at Amazon Web Services -- which hosts Palantir -- called for its shutdown.
Palantir withstood those protests, but it could still face more controversies as investors learn more about its government contracts.
I started a position in Palantir shortly after its direct listing, and sold a third of my shares after it more than tripled during the meme stock rally in January. But I plan to hold on to my remaining shares.
I'm staying bullish on Palantir because it's clearly a "best in breed" player in the data mining, analytics, and security space. Governments will require more of its services to solve domestic and foreign problems, and that hardened reputation will attract a growing number of enterprise customers.
Palantir has set clear goals for the future, and it could easily surpass its 2025 targets as it expands its government and commercial businesses. Those strengths should justify its premium valuation and offset any additional concerns about its more controversial contracts.
This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.
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3 Reasons to Buy Palantir, and 1 Reason to Sell - Motley Fool
Bitcoin miners earn over 50% total revenue mining 2GB block on the blockchain – ZDNet
By Olivier Le Moal shutterstock
Bitcoin SV (BSV) and Bitcoin Association confirmed this week that a 2 gigabyte (GB) block was mined on the BSV blockchain public network.
This is the largest block to date to be mined on a public blockchain, according to the Switzerland-based digital currency organisation. The block 700606 was recorded on August 16, 2021 at 15:20:11 (UTC), and contains 1,999,941,397 bytes of data.
This block earned the winning miner more in transaction fees than was earned from the current 6.25 coin Bitcoin block reward. Miners compete to mine a block and, if successful, receive a fixed subsidy, 6.25 coins in addition to the transaction fees for the mined block.
Larger blocks can contain more transactions (this particular block contained 5,869 separate transactions), with each network transaction paying a small fee to have the block mined.
The larger the block, and the more transactions in it, the larger the fee for the miner. In May 2020, the number of new Bitcoins entering circulation dropped by half meaning that the expected revenue from each block also drops by half from 12.5 to 6.25 coins.
As each halving event happens approximately every four years, the expected block revenue will be cut in half, eventually reducing to near-zero. Growing the transaction fee revenue will offset the decline in revenue from the block reward.
Earlier in August 2021, the BSV blockchain mined five 1GB blocks, showing that large blocks can exist and be mined on the blockchain public network and not solely in isolation in a test lab.
Miners have raised their block size 'hard cap' limits to mine more and more of these larger blocks. Large blocks such as this 1.247GB block have been mined earning transaction fees (6.33 coins) that are higher than the fixed subsidy amount (6.25 coins) for the block, and giving a total reward for the miner of 12.58 BSV.
The appearance of another large (1.737GB block) shows that similar-sized blocks are starting to appear on the public blockchain. Blockchain-based identity protocol users of MetaID and applications such as ShowBuzz, upload larger-size image files to the blockchain and need larger blocks to operate.
What type of data the block contains is irrelevant. Data might include large video files, raw metadata or even pictures of cats.
The block size is the key factor here, and the transaction fees, now at more than the block's total reward for blocks this size, show that the landscape is changing towards transaction-rich blocks on the blockchain. A quick scroll down the list shows several blocks over 100MB being mined by different miners.
Miners earn fees for every transaction contained in a block, so as the transaction fee revenue increases over time it will compensate for the decreasing fixed subsidy amount.
If you are interested in the economics of how this works, see this explanation showing why the economics of network transaction fees are important.
Technical Director of the Bitcoin SV Infrastructure Team Steve Shadders said: "On the BTC network, it took years of Bitcoin scaling battles to get nowhere and remain restricted at 1 megabyte blocks that can handle 7 transactions per second."
"On BSV, it took less than a week for miners to see value in opening the door to 2 GB blocks. While this sounds big, we are really just getting started on our journey towards terabyte 1 million megabyte sized blocks so that BSV can process millions of payment and data transactions per second."
Users are starting to demand greater data capacity and miners want to to generate greater fee revenue, so expect to see more and more gigabyte-sized blocks appearing on the public blockchain.
Being able to transact large blocks and increase throughput to thousands of transactions per second will encourage enterprise adoption.
Imagine scenarios as diverse as fast moving consumer goods (FMCG) organisational asset tracking, music or film library storage with user download and tracking, or IoT data warehousing for consumer products.
There is even scope for an integrated healthcare system that can store all patients entire healthcare history and prescription records throughout their whole lifespan all stored permanently as immutable data on the blockchain, owned by the patient themselves.
Scaling Bitcoin with bigger blocks containing more transactions and data, and minimising transaction fees will ensure that ordinary users of the blockchain will use it for everyday activities and contribute to its everyday adoption and ultimate growth.
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Bitcoin miners earn over 50% total revenue mining 2GB block on the blockchain - ZDNet
Bitcoin volatility will drive investors back to gold, says mining firm chairman – CNBC
Wild swings in cryptocurrencies will eventually drive bitcoin investors to return to gold, says the executive chairman of gold mining firm Evolution Mining.
Jake Klein said bitcoin still has a "long way to go" before it demonstrates the kind of "longevity and security" that gold has proven to offer investors over the last 70 years.
Cryptocurrencies are "running a massive amount of speculative money," he told CNBC's "Squawk Box Asia" on Thursday.
"I think that the volatility in the crypto space is going to ultimately lead to people coming back to gold," Klein said.
Gold prices fell last week, and analysts say they will likely drop further. Hedge fund manager David Neuhauser told CNBC earlier this week that the decline in gold prices is a "massive buying opportunity" for investors now.
Still, Klein said the two can coexist there are opportunities for gold to "sit alongside" bitcoin, as opposed to bitcoin posing a threat to the precious metal.
Bullish investors view bitcoin as digital gold and a hedge against inflation, expecting the cryptocurrency to appreciate over time.
American investor Tyler Winklevoss, who founded Winklevoss Capital Management as well as Gemini cryptocurrency exchange, said last year that "bitcoin is gold 2.0" and that it will disrupt gold.
Billionaire investor Kevin O'Leary said in April that "bitcoin will always be the 'gold.' Ethereum will always be the 'silver.'"
However, there are also other investors who disagree.
Hedge fund manager Ray Dalio, despite owning an undisclosed amount of bitcoin, said earlier this month: "If you put a gun to my head, and you said, I can only have one, I would choose gold."
Bitcoin topped $48,000 over the weekend the highest level since May. As of Thursday morning during Asia hours, however, it pared some gains to last trade above $44,000, according to CoinDesk data.
The weekend spike followed a sell-off in June and July, when bitcoin fell below $30,000.
Gold prices have also been swinging between gains and losses this year. From levels above $1,900 in January, prices fell to above $1,700 in March.
In June, the precious metal spiked to nearly $1,900 again, before paring gains to trade above $1,700 in August.
CNBC's Arjun Kharpal and Jade Scipioni contributed to this report.
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Bitcoin volatility will drive investors back to gold, says mining firm chairman - CNBC