The participation of institutional investors in the topic of bitcoin does not really stimulate its price growth. Everything is just the opposite. What they offer under bitcoin lending and other financial products has one dangerous aspect: all these tools are designed for an outdated system. Until sound commercial banking designed for the free market leads to the creation of a new type of wealth and, as a result, new non-inflationary money representing this new wealth is created, bitcoin will remain a worthless store of value, which nothing better than cash.
The development of multiple payment solutions is now possible thanks to blockchain technology. The Bitcoin network was in first place. All users of the system are equipped with bitcoin wallets. You must specify the address to send BTCcurrency there. Some other blockchains use cryptocurrency banknotes in special circumstances. To make transactions, you will also need to specify this identifier and your address. Otherwise, there is a possibility that the delivered digital materials may be lost.
A large number of ASICs and video cards go on the secondary market when the value of bitcoin drops. To make money, some people put fully built farms up for sale. The Fear and Greed Index often reaches 0 during crypto-winter (the “extreme fear” zone). However, not all miners close their doors because of low lending rates. Other factors, such as upgrades or personal circumstances, may apply to sellers. Experienced market players continue mining until they can make at least enough money to cover their power costs. In this post, we’ll explain why mining farms sell out when they are profitable. Investing in old equipment can be successful.
Bitmain released firmware for ETC mining on ASIC-miner E9. On September 2, cryptocurrency mining equipment manufacturer Bitmain added new firmware for the Antminer E9, released in July. This version will allow mining Ethereum Classic (ETC). The firmware comes ahead of Ethereum’s transition from Proof-of-Work (PoW) consensus algorithm to Proof-of-Stake (PoS), which will change the way coins are earned on the network from mining to stacking. The firmware only supports Antpool, Poolin and F2pool for now, versions for other mining pools are under development and will appear on the network soon.
A website that sold personal information for bitcoins was shut down in the United States. The Department of Justice explained that in addition to the SSNDOB trading site, a number of sites were shut down where criminals had been selling names, birthdates and Social Security numbers belonging to U.S. citizens for years.
HIVE Blockchain Technologies has used the proceeds from the sale of approximately 10,000 ETH to “fund a strategic relationship with Intel and create new bitcoin miners.” Representatives of the firm justified the decision by the volatility of the second cryptocurrency in terms of capitalization, as well as the fact that it “surpassed bitcoin at the end of last year.”
An Etherium transition to PoS is scheduled for as early as August of this year. At the Permissionless conference, the Etherium Developer Council said that the transition to Proof-of-Stake consensus could happen as early as August this year, “if everything goes according to plan. The team hopes to make the transition before a so-called “complexity bomb” worsens the network’s performance. A “difficulty bomb” is a procedure that gradually makes mining ETH coins more difficult. It is divided into several stages, each of which increases the time for block validation. As of today, the speed of creating a new block is about 13 seconds. “Complexity bomb” – made on purpose to gradually force miners to leave the first generation network and switch to the new one. The information about the merger was also confirmed by Vitalik Buterin, the founder of the Etherium network.