Archive November 2020

Long In China’s Shadow, The U.S. Is Once Again Becoming A Bitcoin Mining Powerhouse

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China may have dominated the crypto-mining space by now, thanks to cheap labor and the excessive construction of dams and hydroelectric generation infrastructure. But the U.S. has begun to draw the attention of Chinese players looking to diversify, according to Peter Wall, CEO of Argo Blockchain, listed on the London Stock Exchange.

Bitcoin mining is advantageous thanks to its gigantic energy consumption, but less attention is paid to the fact that it is also at the forefront of energy innovation. Colyer calls the Bitcoin system's mining algorithm “relentless” in always seeking the lowest possible cost, which is generally geared towards renewable energy such as hydropower - the reason for a migration of up to 40,000 Chinese mining platforms at the end of the season rainy season in Szechuan.

Greenidge is a hybrid facility where bitcoin mining can be used to add stability to the grid. Being connected to the Millennium Pipeline system, a very liquid forward market, or over-the-counter market, also allows Greenidge to protect variable input costs over several years, said Tim Rainey, Greenidge's chief financial officer, at the Bitmain summit .

Read the full story at: nasdaq.com.

The Great Manifestation Of Ethereum May Simply Be Beginning

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The price of bitcoin rose to close to its highest highs of 2017 this week, close to $20,000 per bitcoin, as Wall Street banks and high-profile traders consider bitcoin a possible hedge against inflation.

In the meantime, the price of ethereum continues to be removed from its excess of virtually $1,500 in 2017, however, it has recovered laboriously as the main part of ethereum's multi-year improvement looms.

Ethereum 2.0 — designed to increase scalability and security — will see the ethereum community transferred from the proof-of-work consensus algorithm (PoW) to the bet proof (PoS) algorithm. This can basically mean that those who obtain ethereum tokens as a reward for sustaining the community may be distant from the method with the aim of optimizing the settlement of transactions.

Read the full story at: fintechzoom.com.

Blockchain Proponent Nigel Hughes Bets Heater Stakes High On Stablecoins Defi

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Created as an alternative to the inherent volatility of cryptocurrencies such as Bitcoin and Ethereum, stablecoins are marketed as viable payment solutions for corporate blockchain use cases, since traders should - in theory - not hesitate to accept them. Speaking of traders, there are rumors that PayPal (NASDAQ: PYPL) could implement its own stablecoin, having recently announced support for a variety of cryptocurrencies.

The emergence of decentralized finance (defi) - a subset of the crypto market comprising tools to interact without confidence with open financial protocols such as savings and lending - highlighted stable currencies such as DAI and USDT, providing them with a myriad of use cases.

An anonymous community-oriented defi protocol, BXTB wants to transform the stable currency market through a yield-generating currency suitable for corporate use cases. Initially, his ambition is to unify the payment and settlement systems of the multibillion-dollar gambling industry, partnering with operators, platform providers and publishers to ensure a reliable and continuous betting experience.

Read the full story at: finance.yahoo.com.

The U.S. Treasury Could Destroy The True Nature Of Blockchain By Going After Self-Hosted Cryptocurrency Wallets

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Since its inception, the blockchain industry has stood out among other technologies because of the power it gives users, ensuring a consistent flow of data. The emergence of self-hosted wallets, also known as self-custody portfolios, allows individuals to have full control over their cryptoassets.

Coinbase CEO Brian Armstrong has surfaced rumors that the U.S. Treasury and Secretary Steven Mnuchin are rushing to pass a law that will directly affect self-hosted digital asset portfolios before the end of his term.

The executive expressed his concerns via Twitter on Wednesday and pointed out some of the "unintended side effects" that the regulation may bring.

Read the full story at: fxstreet.com.

Can China’s DCEP Challenge Bitcoin?

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For cryptocurrency advocates such as Bitcoin, the rise of central bank digital currencies such as DCEP is a mixed blessing. On the one hand, it is a resounding endorsement of the concept of digital currencies, and the prevailing adoption of CBDCs could help drive broader adoption of encryption. On the other hand, the centralized nature of CBDCs is totally contrary to the decentralized etho of cryptocurrencies such as Bitcoin.

If DCEP gets broad adoption, can it threaten to replace Bitcoin as the peer-to-peer box system that Satoshi Nakatomo dreamed of? It is unlikely and, to understand why, it is necessary to analyze the fundamentals behind the two currencies.

Both Bitcoin and DCEP are a form of digital currency but are issued by completely different entities, with extremely divergent philosophies. Bitcoin was launched by a single anonymous founder, Satoshi Nakamoto, and is designed to facilitate transactions without borders, regardless of any centralized entities.

Read the full story at: decrypt.co.

Oxford And Cambridge Students Take Part In Bitcoin Trade Competition

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The company has made it clear that participants will be required to build trading algorithms that can conduct arbitrage trading, predict market movements through neural networks trained in historical data, momentum-driven strategies, time-based forecasting-based investment trends using deep learning models, and high-frequency momentum trading in volatile digital assets.

It is important to note that the participating teams will be accessed by a panel of experts in the crypto industry based on the return on investment generated by their trading systems, trading strategy and the technicality of their algorithm design.

The organizers will provide commercial capital to the participants and the winning team will have all the profit earned from the year plus the initial capital.

Commenting on the initiative, USMAN Khan, CEO of APEX: E3 expressed his enthusiasm with the level of enthusiasm shown by the participants, adding that the company will expand the scope of the project and the number of participating universities next year.

Read the full story at: btcmanager.com.

Former Microsoft Engineer Says Nigerian Expatriates Are Using Bitcoin To Bypass The Country’s Overvalued Exchange Rate

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The software engineer explains that Nigerian authorities, before this year's events, such as endsars' protests, "were owe owe to the immense potential of bitcoin." During the blocking period, the use of cryptocurrencies in Nigeria grew and the country is now ranked as one of the main cryptocurrency markets. It is the events in the cryptographic world in the last twelve months that may have helped change the Nigerian government's perception of cryptocurrencies.

Consequently, as Lasebikan acknowledges, the authorities may now want to take steps to slow the adoption of digital currencies by Nigerians. According to Lasebikan, a simple way for authorities to achieve this is by restricting centralized crypto exchanges, imposing stricter KYCs, or expelling encryption companies from traditional banking infrastructure.

Read the full story at: news.bitcoin.com.

Ethereum 2.0 Deposit Contract Fully Loaded, IRS Sends Disconcerting Letters – Again

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In case you lost, the CEO of PayPal, Dan Schulman, is optimistic about bitcoin as a real currency. Luckily for him, the PayPal will soon allow his network of merchants to accept bitcoin payments. Appearing on CNBC's Squawk Box on Monday, Schulman said the usefulness of bitcoin as a currency will coexist with its buying and maintenance status. The CEO also said that the central bank's digital currency is a global inevitability, although this may increase the usefulness of bitcoin. "I think there will be more and more use cases for cryptocurrencies" that make bitcoin more widely accepted, more stable and probably "more valuable" over time.

JPMorgan analysts say institutions are investing in bitcoins at a stronger pace this quarter than in the third quarter, according to the banking giant's "Flows & Liquidity" report. Published on Friday, the analyst's report likets institutional and retail buying. For example, in the third quarter, retail customers bought $1.6 billion in bitcoin using Square's Cash app, nearly three times more than what was invested in the grayscale bitcoin product.

Although in the fourth quarter, the Bitcoin Trust in shades of grey is with three times its numbers in the third quarter. To be sure, Square has not yet released figures related to customers' bitcoin purchases in the fourth quarter. (Shades of grey, like CoinDesk, is the full property of the Digital Currency Group).

Read the full story at: nasdaq.com.

What The Western World Should Understand About The Asian Crypto Market

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A variety of new altcoins have been added alongside the cryptogiants Bitcoin and Ethereum to allow financial freedom outside institutions and to give more opportunities to bankless populations around the world.

Those in the Western world who may be familiar only with Bitcoin may be surprised to learn that 31% of all cryptocurrency transactions from mid-2019 to mid-2020 occurred in East Asia, totaling $107 billion – 77% more than in Europe. There is also a broader investment in a number of cryptographic assets than those normally found in the West. In addition, Asia is an encryption mining center, containing more than half the world's hash rate.

Asian countries are not only embracing investment in crypto assets, but also applying unique encryption and blockchain technology applications with excellent growth opportunities. Here are some examples of why Asia will be a center of encryption – and in many ways why it already is.

Read the full story at: nasdaq.com.

Gold Price Falls As Bitcoin Nears New Record High

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Economic uncertainty caused by the global health crisis increased the glow of the yellow metal in the eyes of investors who were also seeking an inflation hedge amid the central bank's rampant intervention. While such impulses took the spot gold to an all-time high of $2,075 per troy ounce in August, hopes that the end of the coronavirus crisis is on the horizon have dragged it down. Metal's down 7% in the last three months.

Other evidence of a strong recovery in the U.S. economy triggered a nearly $40 fall in the price of gold on Monday. The preliminary survey of IHS Markit's Purchasing Managers' Index (PMI) recorded the biggest jump in the service sector in more than five years and a healthy recovery in American industry.

The fall comes at the same time that Bitcoin, often described as a digital equivalent to gold, broke $19,000 for the second time in its history. Although gold has fallen 7 percent since the beginning of September, the cryptocurrency has risen more than 61 percent.

Read the full story at: capital.com.