Bitcoin hashrate slump by more than 35% – what happened?

Mining is very common, especially in China. Mining is mostly done with GPU (graphics cards) or specialized devices (ASIC). The picture shows a GPU mining farm.

The Bitcoin hashrate fell by more than 35% within a few days. According to Core Scientific, this slump was due to the end of the rainy season in Sichuan, China.

Bitcoin hashrate slump due to the end of the rainy season

In China, Bitcoin mining is operated in rainy areas with cheap hydropower. During the rainy season, from June to October, the dams are full and there is a healthy supply of electricity. During this time, the Bitcoin miners are working at full speed and can fall back on cheaper electricity prices.

However, when the rain in the region subsides, bitcoin mining will become far less profitable as prices triple or quadruple, according to Tarak Kulyk, senior vice president of blockchain business development at Core Scientific. Kulyk said in an interview:

The weather is a major profit driver for many Chinese miners as they can buy old equipment cheaply but can only be profitable for five months a year.

Bitcoin’s hashrate is a measure of the collective computing power of BTC miners. Ingo Fiedler, co-founder of the Blockchain Research Lab, said the following:

Since Bitcoin mining is energy-intensive, miners look for where the energy is cheapest. As soon as energy prices change, for example because of the rainy season in China, the miners move.

In other words, when BTC miners move, they are offline and therefore unable to contribute to the Bitcoin hashrate.

Moving to North America?

In other countries where Bitcoin is mined, environmental factors do not necessarily play such a big role compared to China.

As a result of this relative instability, some Chinese miners are eager to relocate their operations. „Core Scientific is working with several Chinese players to move part of their fleet to North America as our performance is stable and does not change significantly over the course of the year,“ said Kulyk.

In the United States, Bitcoin miners also benefit from more stable regulatory policies, according to Kulyk.

Regulatory policies are far more stable in North America and can accelerate the digital asset space as changing attitudes about digital asset mining and the sector are a national security priority.

Over the course of 2020, China’s dominance in Bitcoin mining has waned somewhat, although it still controls a sizable chunk of Bitcoin’s hashrate. The local mining industry has been partially restricted by the authorities. Access to subsidized electricity was blocked in some regions after a report found that Bitcoin mining „has nothing to do with the real economy“.

Bitcoin Difficulty Adjustment will help

So there is currently no need to worry about the security of Bitcoin. The hashrate is still extremely high and secures the network sufficiently. However, it must currently be expected that Bitcoin blocks will now be found more slowly because the difficulty has not yet adjusted. This can currently lead to higher transaction fees and longer waiting times.

As soon as the difficulty has adjusted, this will also motivate other miners to get into Bitcoin mining. The game theory behind Bitcoin still works excellently. In addition, the hashrate should normalize again after the miners have moved.

Are altcoins totally different from Bitcoin?

Although they have enriched the crypto world in recent years, some consider altcoins to be totally different from Bitcoin.

Since the birth of Bitcoin almost twelve years ago, rival cryptomontages have emerged that have relied on BTC code to offer what they consider more advanced features. This is a natural consequence of the fact that Bitcoin’s code is free and transparent. However, for much of the community, altcoins are totally different from Bitcoin, as Udi Wertheimer says in the Tweet of the Day:

Vitalik Buterin: Ethereum is not an alt

Bitcoin and its relationship with the altcoins

Bitcoin is, without a doubt, the most important and famous crypto currency in the world. However, it’s not perfect, which is why since its birth developers from all over the world have been striving to create their own cryptomontages. With these, they hope to offer superior features to those that Bitcoin has by default.

Thanks to this innovative impulse in the crypto world, initiatives such as Ethereum, XRP, Tron, Cardano, among other cryptomonies generically known as altcoins, have emerged. These have enriched the crypto world, multiplying the applications of the Blockchain technology. They are not universally accepted.

On the contrary, many Bitcoin users consider altcoins to be nothing more than a deviation from Satoshi Nakamoto’s initial purpose. Well, unlike BTC, whose code is practically unalterable. Altcoins often undergo updates, which although they improve their capabilities, also change the rules of the game for users. As Wertheimer commented through his Twitter account:

„Bitcoin’s goal is to set the rules of the game once and never change them, so that players can focus on creating value. The goal of the „shitcoins“ is to keep creating new rules so that a few players can benefit without creating value. They couldn’t be more different.

Thus, referring to altcoins with the pejorative name „shitcoins“, Wertheimer accuses coins like Ethereum of serving particular interests, unlike Bitcoin. Establishing that altcoins are totally different from Bitcoin. And rejecting them, even though they may serve to strengthen the crypt coin ecosystem.

Over 40 million ounces of gold are ‚discovered‘ in Siberia

While new gold reserves are discovered, increasing their supply, there is less Bitcoin to be mined each day.

More than 540 million tons of ore, containing an estimated 40 million troy ounces of gold with an average content of 2.3 grams of gold per ton of ore, have been „discovered“ in Sukhoi Log’s reserves in Siberia, according to the Polyus mining company.

If the Russian company’s revelation is true, Sukhoi Log’s reserves will become the largest in the world.

Before the „discovery“ there was already an estimate of how much gold the place could hold, up to 1/5 of Russia’s reserves, i.e. far below the revealed estimate.

„This estimate ranks Sukhoi Log as the largest gold deposit between greenfield assets and operating gold mines,“ Polyus said in a statement.

Sukhoi Log, located in the isolated Irkutsk region of Siberia, was discovered by Soviet geologists in 1961 and studied in the 1970s. The government had long considered exploring the deposit and, in 2017, sold the field at auction to Polyus and a state partner, whose stake was later bought by the mining company.

While gold ‚has no end‘ Bitcoin is scarce

The revelation about the trillion dollar amount of gold in Siberia (each troy ounce of gold is valued at $1,400 at the time of writing) shows that the argument that gold would be a scarce material with limited supply may not be so valid.

Although the underground stock of gold reserves in the world is currently estimated at about 50,000 tons, according to the US Geological Survey new gold deposits have been discovered every year.

Furthermore, in the case of gold mining there are „two types“ of „production“: mineral reserves, which are the economically viable gold to extract at the listed price; and mineral resources, which are the gold that will become economically viable after further research or at a higher price.

In this way it is practically impossible to determine how much gold there really is and how much can be extracted.

While „new gold“ is discovered every day and with it its supply only increases in the case of Bitcoin is the reverse: every day there are fewer Bitcoins to be mined and there will never be the discovery of „new Bitcoins“ beyond the supply estimated in the 21 million code.

According to data from the Coindance portal 18,525,931.25 Bitcoins have already been mined, so at the time of writing there are only 2,474,068.8 Bitcoins to be discovered.

With a post-halving rate of 900 Bitcoins mined per day, at the time of writing 88,219% of possible Bitcoins have already been discovered.

So if the main argument of gold as a store of value is the shortage of ore, the Bitcoin Trend App outperforms the precious metal as it will never be possible to „create“ more Bitcoins than the 21 million programmed in the code created by Satoshi Nakamoto.

Gold in space

If it weren’t for the quantity of gold still undefined on Earth, entrepreneurs and researchers are already keeping an eye on the gold that is outside our world.

Along these lines, US President Donald Trump and the founder of Tesla, Elon Musk, already have a strategy planned.

This year, the US president signed an executive order declaring that the US can mine mineral resources on the Moon or on any asteroid.

The order called „Encouraging International Support for the Recovery and Use of Space Resources“ also allows US companies to collect, exploit and ‚pull‘ any resource from any natural satellite and also from asteroids in the Solar System.

Trump’s act includes the 16 Psyche asteroid, which contains no less than $10,000,000,000,000 in gold and precious metals.

Located between Mars and Jupiter, orbiting the Sun, the asteroid is virtually an entire structure made of gold and metals.

It is about 120 kilometres wide made of gold, nickel, iron, platinum and other metals.

The American space agency, NASA, and SpaceX of Elon Musk signed an agreement to launch the Psyche probe (the same name as the asteroid) in 2022, which should reach the asteroid ground in 2026.

According to NASA, the objective of the mission is to study the structure of the 16 Psyche and not to ‚mine‘ it, however, neither NASA nor SpaceX has guaranteed that no asteroid artifacts will be brought to Earth.

Bitcoin está en un mercado alcista, la capitación fue el año pasado a 3.000 dólares – Analista

Toma rápida:

  • El veterano analista de Bitcoin, Willy Woo, ha explicado que la capitulación de Bitcoin fue el año pasado de 3.000 dólares
  • Bitcoin ha estado en un mercado alcista desde entonces
  • El mercado alcista fue enmascarado por los cambios salvajes de los comerciantes de Bitmex
  • La CFTC que persigue a Bitmex podría aportar una orden muy necesaria en el entorno comercial de Bitcoin y posiblemente un ETF

El veterano analista de Bitcoin Era Willy Woo, ha explicado que la mayor capitulación de Bitcoin fue el año pasado con 3.000 dólares. Además, Bitcoin ha estado en un mercado alcista desde entonces.

Sin embargo, los cambios salvajes de los comerciantes de Bitmex han camuflado la temporada alcista y han dificultado a los entusiastas de la criptografía identificar el tipo de mercado en el que se encuentra Bitcoin.

El Sr. Woo respondía a un tweet de @IrishCryptoWolf en el que estaba a favor de la idea de que Bitcoin necesitaba otra ronda de capitulación de inversores antes de un gran movimiento en la dirección ascendente. A continuación, ambos tweets discuten el asunto.

La CFTC y el DoJ Charging BitMex podrían abrir la puerta a un ETF de Bitcoin

A principios de la semana, Willy Woo se había enterado de la reciente noticia de que Bitmex y sus propietarios habían sido acusados por la CFTC y el Departamento de Justicia de dirigir una bolsa de derivados ilegal y de violar la Ley de Secreto Bancario.

Según el Sr. Woo, las acciones de la CFTC fueron un paso adelante por parte del organismo regulador para limpiar la industria del comercio encriptada y preparar el camino para un ETF de Bitcoin. Su declaración exacta fue la siguiente.

La CFTC está destrozando a BitMEX por destrozar a los Bitcoiners.

Es un paso de limpieza necesario antes de que un ETF pueda ser aprobado. Este es uno de esos eventos de „la manada viene“.

Bitcoin todavía se mantiene en los mercados criptográficos

Esta semana ha sido dura para los comerciantes de Bitcoin debido a dos acontecimientos. El primero es que la CFTC le cobra a Bitmex los cargos mencionados. El segundo evento que sacudió el mercado fue el Presidente Trump dando positivo para COVID19.

Debido a estos dos eventos consecutivos, muchos operadores criptográficos opinaron que Bitcoin caería por debajo del nivel de precios psicológico de 10.000$. Sin embargo, Bitcoin ha continuado con su carrera récord de casi 70 días por encima de los 10.000 dólares y actualmente está cotizando a 10.600 dólares.

Con la nueva semana que se avecina, el progreso positivo con respecto a la salud del Presidente Donald Trump tendrá probablemente un efecto positivo similar tanto en el mercado tradicional como en el criptográfico.

Esquema da Era Bitcoin: Alerta da Polícia colombiana após o presidente aparecer para endossar Bitcoin

A polícia na Colômbia emitiu um aviso sobre uma oportunidade de investimento fraudulento em bitcoin. O esquema visa os usuários das mídias sociais, convencendo-os de que o presidente colombiano Ivan Duque endossou um sistema de fazer dinheiro relacionado ao bitcoin.

O site do esquema em espanhol „anuncia“ a notícia, afirmando que Duque aprova o sistema de investimento e endossa oficialmente o bitcoin. Ele foi projetado para parecer um anúncio de notícias genuíno.

De acordo com a página, a Duque não apenas endossa o esquema: ele afirma que o acordo de investimento irá aliviar a crise econômica desencadeada pela pandemia do coronavírus.

Em uma foto no topo da página do golpe, Duque está entregando um pacote a um guarda. A imagem parece sugerir que a Duque está entregando um pacote de dinheiro de alívio para o coronavírus ao guarda.

A página de vendas acrescenta que a oportunidade de investimento assinada pela Duque é „o maior negócio do século para a Colômbia“:

„O magnata dos negócios colombiano, filantropo, investidor e presidente da Colômbia, assinou o maior negócio do século para a Colômbia“. Dando um grande passo em direção à tecnologia, o governo da Colômbia aprovou este acordo, e é isso que vem trabalhando para mudar a economia e o sistema monetário da Colômbia enquanto dura o estado de alerta para o vírus“.

A Era Bitcoin é um algoritmo projetado para tirar dinheiro das pessoas mais ricas do mundo e redistribuí-lo entre as pessoas comuns da Colômbia

A plataforma da Era Bitcoin supostamente permite aos cidadãos da Colômbia começar a gerar renda via moeda criptográfica. Usando um „algoritmo“, o site irá „pegar dinheiro“ dos bilionários do mundo e distribuí-lo entre os demais:

„Com base nessas trocas comerciais, o sistema opera automaticamente por conta própria para produzir uma taxa de lucro de 80%… A Era Bitcoin é um algoritmo projetado para tirar dinheiro das pessoas mais ricas do mundo e redistribuí-lo entre as pessoas comuns da Colômbia. Este algoritmo literalmente supera o mercado de ações com uma precisão de 80%, o que significa que você ganhará 8 em cada 10 transações“.

Como o esquema se espalhou pela mídia social colombiana, a polícia foi forçada a emitir um aviso em 2 de setembro.

A oportunidade de investimento no esquema Bitcoin Era

Colombia Check cita uma declaração do Centro de Polícia Cibernética descrevendo como o esquema funciona. O post explica uma oportunidade de investimento em bitcoin relacionada a uma plataforma chamada Era Bitcoin. A empresa está se preparando para lançar a plataforma, e os investidores que enviam dinheiro para a empresa hoje podem „gerar receitas via moedas criptográficas“ à medida que a plataforma é lançada.

A página de vendas da Era Bitcoin contém outros sinais aparentes de um esquema, incluindo uma entrevista com o CEO da Era Bitcoin „Diego Garcia“, que explica como funciona o sistema de investimento em bitcoin. A entrevista foi copiada e colada de um esquema similar de 2019 chamado Crypto Genius.

Outros notaram que outra foto na página é uma foto do YouTuber e do ator de voz Pete Acceturo. Outra imagem rotulada como „Jose Ruiz“, que é um estudante mexicano chamado Adan Cortes, que ganhou fama após invadir a cerimônia do Prêmio Nobel da Paz de Malala Yousafzai.

Para ser claro, o presidente da Colômbia não endossou a Era Bitcoin ou qualquer outra oportunidade de investimento em bitcoin.

Já vimos golpes como este em todo o espaço criptográfico. Os golpes pegam uma pessoa famosa, afirmam que essa pessoa endossou o golpe e promovem a página em toda a mídia social. Vimos isso no início deste ano com o apresentador de TV britânico e ex-estrela do X-Factor Rylan Clark-Neal. Eles pareciam afirmar que ele fez „milhões de bitcoin“ com uma oportunidade única de investimento. A estrela foi depois forçada a tweetar um aviso sobre o esquema.

Outros nomes notáveis usados em esquemas de bitcoin incluem Hugh Jackman, Gordon Ramsay e Martin Lewis, todos eles processaram o Facebook depois que os golpistas usaram suas semelhanças em um esquema de bitcoin e espalharam a campanha pelo Facebook.

Bitcoin tem se tornado cada vez mais popular na Colômbia nos últimos anos. Embora não seja tão popular quanto na vizinha Venezuela, a Colômbia tem dezenas de caixas eletrônicos criptográficos e várias trocas populares de criptografia online. A Colômbia também construiu uma estrutura legal para negócios de criptografia, incluindo as trocas de criptografia que procuram operar legalmente no país.

Bitcoin anfällig für weitere Verluste nach erneuter Ablehnung

Bitcoin anfällig für weitere Verluste nach erneuter Ablehnung in der Nähe des $10,9K-Hochs

Der Bitcoin-Preis ist um mehr als 2 % gesunken, und das Unternehmen sah sich einer weiteren Ablehnung von weniger als 11.000 Dollar gegenüber dem US-Dollar gegenüber. BTC ist nach wie vor dem Risiko weiterer Verluste laut BitQT unter 10.350 $ und 10.250 $ ausgesetzt.

  • Bitcoin ist erneut daran gescheitert, die Hauptwiderstandswerte von $10.950 und $11.000 zu überwinden.
  • Der Preis ist um mehr als 2 % gefallen und wird unter dem Niveau von 10.700 $ und dem 100-Stunden-Durchschnitt der einfachen gleitenden Bewegung gehandelt.
  • Es gab einen Durchbruch unterhalb einer bedeutenden zinsbullischen Trendlinie mit Unterstützung bei $10.690 auf der Stunden-Chart der BTC/USD-Paarung (Daten-Feed von Kraken).
  • Das Paar korrigiert derzeit Verluste, könnte jedoch seinen Rückgang unter $10.500 wieder aufnehmen.

Bitcoin-Preis färbt sich rot

Gestern verzeichneten wir einen stetigen Anstieg des Bitcoin-Preises über die 10.800 $-Marke gegenüber dem US-Dollar. Der BTC-Preis kletterte sogar über die 10.900 $-Marke und den 100-Stunden-Durchschnitt des einfachen gleitenden Durchschnitts.

Die Haussiers konnten jedoch nicht an Stärke gewinnen, und es gab keinen Aufwärtsbruch über 11.000 $. Infolgedessen kam es zu einer erneuten rückläufigen Reaktion, und der Preis fiel deutlich unter die Unterstützung von $10.800.

Es gab auch einen Durchbruch unter eine wichtige zinsbullische Trendlinie mit Unterstützung bei $10.690 auf der Stunden-Chart des BTC/USD-Paares. Das Paar fiel unter den Wert von $10.500 und pendelte sich deutlich unter dem einfachen 100-Stunden-Bewegungsdurchschnitt ein.

Ein Tief bildet sich in der Nähe von 10.451 $, und der Preis korrigiert derzeit nach oben. Er durchbrach die Marke von $10.550 sowie das 23,6% Fib-Retracement-Level des jüngsten Rückgangs vom Hoch bei $10.931 auf $10.451.

Der erste wichtige Widerstand auf der oberen Seite befindet sich nahe der durchbrochenen Trendlinie bei $10.700. Er befindet sich nahe dem 50% Fib-Retracement-Level des jüngsten Rückgangs vom $10.931-Hoch auf $10.451-Tief. Der nächste wichtige Widerstand befindet sich nahe dem $10.800-Level, oberhalb dessen die Haussiers einen weiteren Aufwärtsbruch bei $11.000 versuchen könnten.

Weitere Verluste bei BTC?

Sollte sich die Bitcoin nicht über die Niveaus von $10.650 und $10.700 hinaus erholen, sind die Chancen auf weitere Abwärtstrends laut BitQT in naher Zukunft hoch. Eine erste Unterstützung liegt nahe dem Tiefststand von $10.451.

Die erste große Unterstützung liegt nahe dem Niveau von $ 10.350, unter dem der Preis in Richtung der Hauptunterstützung bei $ 10.250 fallen könnte. Weitere Verluste könnten vielleicht einen Test bei 10.000 $ erforderlich machen.

Technische Indikatoren:

  • Stündlicher MACD – Der MACD zeigt einige Anzeichen einer Erholung in der bärischen Zone.
  • Stündlicher RSI (Relative Strength Index) – Der RSI für BTC/USD liegt derzeit nahe der 40er Marke.
  • Die wichtigsten Unterstützungsniveaus – $10.450, gefolgt von $10.250.
  • Haupt-Widerstandsebenen – $10.700, $10.800 und $11.000.