The price of bitcoin continues to languish around the $330 mark as cryptocurrency markets stabilise(IBTimes UK)

After a turbulent weekend that saw bitcoin's price fluctuate between $350 and $320, the world's most valuable cryptocurrency has settled back to its late-October levels.

All other major altcoins saw little market movement over the last 24 hours, with litecoin, dogecoin, peercoin, namecoin and darkcoin all shifting by less than 2%.

Cannacoin, the digital currency dedicated to developing and creating innovative new technology for the cannabis industry, saw the biggest movement of any cryptocurrency, surging by 46% since yesterday to take its market capitalisation above $50,000.

Bitcoin mining manufacturer Bitcoin Brothers is launching a cloud-based mining service that it claims uses supercomputers with processing capabilities of over 6 petahash.

It is hoped that the advanced processing power will help reduce mining costs and increase profit margins.

Recent bitcoin price falls have meant that mining the cryptocurrency has become an increasingly cost inefficient process for many mining firms.

"To put our machines in perspective, on the common LINPACK Rpeak and Rmax benchmarks each of our MSEMs outperform the world's fastest supercomputers," Thomas Ackermann, chief technology officer at Bitcoin Brothers, said in a statement.

"We basically have a business model in different stages. The first stage is selling people services for bitcoin mining. People can rent portions of the machines starting at gigahashes, terahashes up to petahashes."

Customers unfamiliar with cryptocurrencies who wish to frequent the caf will be shown how to operate a bitcoin ATM or paper wallet printer that have been installed in the space.

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Cryptocurrency Round-Up: Bitcoin Mining Supercomputers and Syscoin Push Forward Kennedy Case