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Bitcoin Mining Firm Riot Rakes in Record $281M in Revenues in 2023, Producing 6,626 BTC
2 days ago
Coinpedia
Coinpedia
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The post Bitcoin Halving Sparks Bullish Sentiment as Analysts Predict BTC Price Surge to $273,000 appeared first on Coinpedia Fintech News Bitcoin is set to undergo its Fourth halving, a phenomenon that has historically been associated with significant price rallies. Meanwhile, some analysts are now predicting that the world’s leading cryptocurrency could skyrocket to an impressive $273,000, citing a robust demand-supply ratio and historical market trends. Daily Investments Inflow vs. New Bitcoin  In a recent tweet post, crypto analyst Willy Woo shared some important information about Bitcoin. He mentioned that every day, around $607 million in new investments is coming into the Bitcoin network.  The #Bitcoin network is receiving an average of $607m per day of new investor demand** while this is being met by $46m per day of new supply in the form of new coins being mined. We are now 60 days away from seeing new supply being halved. pic.twitter.com/oZGkrXeFt0 — Willy Woo (@woonomic) February 23, 2024 On the flip side, only about $46 million in new Bitcoin is being created each day through mining. What makes this interesting is that we’re approaching a moment when the creation of new Bitcoin will be cut in half.  According to his analysis, this supply reduction is just 60 days away, signifying a potential turning point for the leading cryptocurrency.  However, to calculate new demand, Woo employs the change in the realized cap, a metric that reflects the cumulative price investors paid for their Bitcoin holdings. However, it’s important to know that this method might not capture all the buying and selling happening off the main Bitcoin network. MacronautBTC Arithmetic Calculation In response to Woo’s data on daily demand and new supply, MacronautBTC performed arithmetic, where the daily demand for Bitcoin, estimated at $607 million, exceeds the daily new supply by $23 million. Further, by deducting the daily new supply from the daily demand, we get a notable $584 million daily demand.  Hows my arithmetic:Assume from halving:$607M daily demand minus $23M daily new supply =$584M daily demand * 250 trading days in a year = $1.46T new ADD'L mkt cap.~every 1T in market cap is $50k in $BTC price, right? So that would be a new #bitcoin price of $123k.(cont'd) — MacronautBTC (@Macronaut_) February 23, 2024 When projected over 250 trading days, this translates to a substantial additional market capitalization of $1.46 trillion. According to MacronautBTC’s calculations, every $1 trillion increase in market capitalization corresponds to a $50,000 surge in Bitcoin’s price. Using this metric, the expected additional market capitalization of $1.46 trillion could potentially drive Bitcoin’s price to reach $123,000. Bitcoin at $273,000! Further taking a cautious approach, MacronautBTC adopts a “multiplier” method, in line with fellow analyst Willy Woo. This method suggests a potential threefold increase in Bitcoin’s value relative to the USD inflow.  By combining this multiplier with the projected additional market capitalization, MacronautBTC envisions an overall market capitalization of $5.38 trillion within a year, leading to a Bitcoin price surge to $273,000. While projections in the crypto market are speculative and contingent on various factors, MacronautBTC’s response underscores the positive sentiment surrounding Bitcoin, especially as the halving event approaches.

2 days ago
MarsBit News
MarsBit News
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01 ——Notice on rectifying “mining” activities—— China's Bitcoin mining volume once accounted for two-thirds of the global total. From September 2019 to April 2020, Chinese miners accounted for more than 71% of the total network computing power. Abundant and cheap electricity and hardware equipment have made China a popular destination for cryptocurrency companies. Earlier, Bitcoin mining was mainly concentrated in Sichuan Province, Inner Mongolia Autonomous Region, Xinjiang Uygur Autonomous Region, Yunnan Province and other regions, and these provinces are rich in power resources and low prices. On April 14, 2021, the price of Bitcoin once reached a historical high of approximately US$64,870 per coin. However, just over a month later, the price of the world’s most popular digital currency plummeted to $34,259. The plunge in Bitcoin prices in a short period of time is closely related to the Chinese government’s remedial measures against virtual currency “mining” activities. An important reason behind the plunge in Bitcoin prices is that China has begun a comprehensive crackdown on the cryptocurrency industry out of concerns about related financial risks and excessive energy consumption. The process of Bitcoin "mining" is very energy-intensive, and the machine-specific integrated circuits (ASICs) used to mine Bitcoin consume a large amount of energy. In May 2021, China announced at a State Council meeting that the Chinese government planned to “crack down on Bitcoin mining and trading.” Subsequently, local governments moved quickly to revoke the licenses of companies involved in cryptocurrency mining and cut off mining facilities.

6 days ago
TopCryptoNews
TopCryptoNews
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The next bitcoin halving is just around the corner. This event will halve the rewards miners receive for each new block added to the network’s blockchain. But what exactly does all of this mean? Blockworks breaks down the technical details around what happens during the halving. The basics of bitcoin The bitcoin network operates on a decentralized ledger known as a blockchain, which is run by a network of computer nodes. These nodes are designed in a way that records and verifies the validity of each transaction on the network. More computer nodes often means that the stability and security of the network are higher. According to Bitnode, there are currently 18,454 nodes running on bitcoin today. Running a node requires the operator to have enough computer storage to download a full record of the network’s blockchain. This record includes every transaction processed since Bitcoin’s creation in January 2009. As the blockchain grows, so does the need for storage. At the time of publication, the bitcoin blockchain size was over 551 gigabytes. Transactions on the Bitcoin network are grouped into “blocks.” Miners, who use powerful computers to solve cryptographic challenges, compete to find a specific 64-digit hexadecimal number, or “hash.” Successfully discovering this hash allows a miner to add a new block to the blockchain, for which they are rewarded with newly minted bitcoins. This process not only secures the network by verifying transactions but also introduces new bitcoins into circulation, adhering to a predefined issuance rate. What does this have to do with bitcoin halving? There have been three previous halving events. The first occurred on Nov. 28, 2012, when bitcoin rewards went from 50 bitcoins to 25 bitcoins. The second happened in July 2016, when rewards went from 25 bitcoins to 12.5 bitcoins. The most recent bitcoin halving event occurred in May 2020, when 12.5 bitcoin rewards were reduced to 6.25. These events are significant because bitcoin has a hard limited supply of 21 million distributable coins, and there is already an estimated circulating supply of over 19 million. A new halving occurs each time the network mines 210,000 blocks. By design, these events are meant to occur roughly every four years. In practice, however, this has not always been the case. Bitcoin’s protocol aims for a new block to be mined every 10 minutes. The network adjusts the mining difficulty every 2,016 blocks in an attempt to maintain this pace. Increases in miner computing power can lead to faster block discovery, while decreases can slow it down. Over the years, these shifts in capacity have led to deviations from the anticipated four-year interval between each halving. This upcoming halving, however, appears to be aligning closely with its scheduled timeline. According to a Flipside Crypto report, the next bitcoin halving event will most likely occur on April 20, 2024. What does this mean for bitcoin miners? Some argue that the fewer the rewards, the fewer incentives there may be for bitcoin miners to continue their operations. “The current hash rate, the current mining difficulty, a miner’s electricity cost and the current bitcoin price — play a tremendous role in determining if bitcoin miners are profitable and can keep operating older ASICs,” Matthew Niemerg, co-founder of layer-1 network Aleph Zero told Bockworks. Sanjay Gupta, the strategy lead at Auradin, a blockchain web infrastructure solutions company, shares this sentiment. “With bitcoin halving, the need for energy-efficient bitcoin, demand response with the grid becomes even more critical. Older, lower efficient miners without rapid energy response will become obsolete,” Gupta said. Even so, Sukhveer Sanghera, Earth Wallet’s founder and CEO, highlights DeFi solutions on bitcoin’s layer-2 networks as a beacon for new revenue streams and incentives for miners, including MEV. “Bitcoin’s hardcoded monetary policy ensures continued trust and stability, while layer-2 innovations like social network layer-2 can provide the incentives to complement base layer immutability,” Sanghera said. The potential for an increase in bitcoin’s value post-halving could also offset these reduced rewards, maintaining mining’s appeal despite the challenges. $BTC #BTC #Halving #Write2Earn #TrendingTopic

3 days ago
区块链研究者老林
区块链研究者老林
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In the coming April, Bitcoin mining rewards will be halved again, which is called the Bitcoin halving plan. Bitcoin’s designers adjust mining rewards approximately every four years to combat inflation. The last halving was in May 2020. As the halving approaches, Bitcoin’s mining rewards will decrease from 6.25 BTC per block to 3.125 BTC. This change could lead to a drop in hash rate, as less efficient miners may choose to stop mining because they are unable to cover their costs. A drop in hash rate could lead to a reduction in Bitcoin mining difficulty, as the network aims to maintain a steady rate of one block every 10 minutes. Some analysts predict that the hash rate, currently as high as 20%, could drop after Bitcoin's halving, leaving the most efficient miners to continue mining. This halving event could have an impact on Bitcoin's price, as reduced mining rewards could lead to a reduction in supply, driving prices higher. On the other hand, if the hash rate drops, it could lead to longer transaction confirmation times, which could create a level of uncertainty in the market. However, the Bitcoin community is generally optimistic about the halving event, believing that it is the normal operation of the network and will be beneficial to improving the stability and value of Bitcoin in the long term. #BTC‬ #减半 #PIXEL #WLD $BTC $WLD $ETH

5 days ago
CaptainAltcoin
CaptainAltcoin
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Solana (SOL) has been having a decent time this month, with some major gains – even more so than some other tokens. On top of that, there may be even more gains in sight for the crypto asset. However, there are some tokens that are overshadowing SOL because they are even more lucrative. The two tokens in question are Bitcoin Minetrix (BTCMTX) and Smog (SMOG), which have the potential for significant growth. We give you all the details on these projects here. Solana Price Prediction: Major Gains Coming In? According to the technical analysis on the weekly time frame, SOL reached its highest point of $126 in 2023, but then declined. The drop reached its lowest point of $79 in January 2024. Since then, the SOL price has risen, forming consecutive positive weekly candlesticks. It hit a peak of $119 on February 14, 2024. The weekly Relative Strength Index (RSI) also shows a negative sign. Market traders use the RSI to measure the momentum of the price and to determine if it is overbought or oversold. They use this information to decide when to buy or sell an asset. If the RSI is above 50 and rising, it means that the bulls have more power, while if it is below 50 and falling, it means the opposite. However, the indicator is also showing a bearish divergence (green trend line), which is a common signal of a downward trend. Bitcoin Minetrix Has A Great Future Ahead of It Bitcoin Minetrix (BTCMTX) is a remarkable tokenized cloud mining platform, known for its efficiency and easy-to-use interface. The project has built a solid reputation by ensuring security and transparency. Users can conveniently get and stake BTCMTX tokens within the platform’s ecosystem, using user-friendly wallets like MetaMask, which are smoothly integrated with Ethereum. Bitcoin mining has usually been difficult for the average person. However, this platform and its token make it possible for anyone who wants to mine the most popular cryptocurrency in the world. This method improves accessibility, allowing investors to stake BTCMTX and get credits for more BTC mining. It also solves the problem of cloud mining reliability and reduces the chance of fraud in the industry. The project has many advantages, such as low startup costs, a safe and simple user interface, and an easy onboarding process. The process consists of buying tokens, choosing the buy-and-stake option, and then getting rewards in Bitcoin. The team has clearly defined an initial roadmap, showing a smart view on the project’s development. After the presale, their main objectives are to get listings on exchanges, start a full-scale marketing campaign, and begin the creation of desktop and mobile apps, which will need more team members. Ongoing talks with trustworthy cloud mining companies show great potential for significant growth, with an emphasis on creating the stake-to-mine contract. The next stage will concentrate on launching stake-to-mine desktop and mobile dashboards and enabling the first Bitcoin withdrawals to wallets. Future plans include adding the feature to exchange mining credits for hash power. The team’s top priorities going forward are marketing activities, possible expansion into cloud mining rentals, and other strategic business operations. Bitcoin Minetrix has reached impressive achievements during its presale, with the BTCMTX token currently worth $0.0136, raising almost $11.3 million. BTCMTX tokens can be bought through credit card transactions, ETH, USDT, and BNB. Also, a tempting Gleam contest offers a $30,000 mine drop reward. Smog (SMOG) Is A Meme Coin That Will Revolutionize The Niche We won’t hesitate to say it: Smog (SMOG) could be one of the biggest meme coins of all time. This Solana-based meme coin has rapidly gained popularity on decentralized exchanges (DEXs), reaching a $2 million market cap on Jupiter. The upcoming airdrop suggests the possibility of huge growth, and the staking option gives an APY of 42%. Do remember that meme coins are always vying for the crown of the fastest growing crypto tokens. This trend has been very clear in the last year, with many meme coins consistently beating the wider market. This trend is likely to persist in the future, with the meme coin niche staying one of the most lively and efficient in terms of producing returns. SMOG is following the footsteps of successful predecessors like Bonk and Myro, which have experienced amazing growth. Notably, SMOG’s DEX trading volumes have lately exceeded those of Uniswap. With its impressive growth, SMOG has the chance to outdo the accomplishments of SPONGE, which saw a 50x increase from $2 million to $100 million. SMOG is certainly one of the most attractive cryptocurrencies to invest in right now, with the upcoming airdrop possibly boosting it to become the top meme coin of 2024. Conclusion Solana (SOL) may have some upward momentum, but Bitcoin Minetrix (BTCMTX) and Smog (SMOG) are set to grow even further this year. We highly recommend keeping an eye on these tokens, joining their presales, and following their social media channels to keep up with the latest news. Check Out Smog Disclaimer: We advise readers to do their own research before interacting with any featured companies. The information provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in cryptoassets is high-risk; consider the potential for loss. CaptainAltcoin is not liable for any damages or losses from using or relying on this content. The post Solana (SOL) Price Prediction: Positive Outlook, But Potential Gains Overshadowed By These Two Lucrative Tokens appeared first on CaptainAltcoin.

3 days ago
Todayq News
Todayq News
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Bitcoin (BTC), the original crypto, received a heavy backlash from the European Central Bank (ECB), while, it received a spot Exchange-Traded Fund (ETF) approval in the United States. An ECB blog suggests that Bitcoin has failed to become a global decentralised digital currency, instead falling victim to fraud and manipulation. Bitcoin faces backlash The US Securities and Exchange Commission (SEC) approved ETFs for Bitcoin on January 10 sparking optimism in the market. However, the ECB warns against viewing this assent as proof of Bitcoin’s safety and unstoppable success. The Central Bank suggests that Bitcoin’s fair value remains zero despite the ongoing surge. According to the blog, society faces potentially dire consequences due to this. This includes environmental damage and wealth redistribution. The Europen regulators highlighted that Bitcoin has failed to fulfill its original promise of becoming a global decentralized digital currency. It points out that BTC transactions are still inconvenient, slow, and costly.  ECB raised a crucial issue of regulatory efforts to curb criminal activities on the Bitcoin network. However, this also proved to be unsuccessful. The authority underlined that Bitcoin is not a suitable investment as it lacks the essential characteristics of traditional assets.  This is because BTC doesn’t generate cash flow, dividends, or offer social benefits. The blog calls it the allure for retail investors that often stems from the fear of missing out (FOMO). It exposes them to potential financial losses. BTC on its way up? Bitcoin has come a long way from trading around the $16,000 price level in January 2023 to breaching the $52,000 level in February 2024. BTC price is up by around 113% over the last year. The biggest crypto is up by another 28% in the last 30 days. BTC is trading at an average price of $51,625, at the press time. However, Bitcoin is aiming to hit a new all time high (ATH). Its 24 hour trading volume stands at around $29 billion. Bitcoin is nearing its major halving event. Meanwhile, the ECB seems to have a problem regarding BTC’s proof-of-work mining mechanism. The regulator mentions that it continues to have an environmental impact. Higher Bitcoin prices are correlated with increased energy consumption, as miners seek to cover higher operational costs. The ECB further warns of a renewed boom-bust cycle. It cautioned small investors from re-entering the crypto market. However, the cumulative crypto market cap is nearing to reclaim $2 trillion mark with a bullish momentum. Get Premium Crypto Trading Signals from Real Crypto Analysts. Join our official Waiting List at todayq.com.

3 days ago
CryptoNewsLand
CryptoNewsLand
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Skepticism surrounds the likelihood of a significant Bitcoin correction pre-halving. Expectations set on Bitcoin’s price climbing further in the 60 days leading to the halving. Anticipated correction post-halving could pave the way for a robust climb to new ATHs. As Bitcoin inches closer to its much-anticipated halving event, set to occur in just 60 days, the crypto community is abuzz with speculation regarding the market’s direction. While some voices call for a significant correction, the prevailing sentiment suggests that the run-up to the halving will be characterized by further price appreciation rather than a downturn. People call for a big correction now?Its only 60 days before halving, you expect to see a big correction? Take your bets, my bet is we will see more upside now, and correction after halving in 60 daysAfter correction full speed up to ATH — Doctor Profit (@DrProfitCrypto) February 21, 2024 The logic behind the skepticism of a pre-halving correction is grounded in historical patterns and the unique market dynamics surrounding halving events. Bitcoin’s halving, which reduces the reward for mining new blocks by half, has traditionally been a catalyst for bullish market activity. This anticipation of reduced supply coupled with steady or increasing demand tends to push prices higher. Betting against a major correction in the lead-up to the halving, many in the community, including seasoned investors and analysts, foresee a period of sustained upward momentum. This optimism is not unfounded, as previous halvings have demonstrated similar trends, with the real corrective phases occurring only after the event itself, once the initial excitement has tapered off. Following the expected post-halving correction, the market is anticipated to shift gears and accelerate towards new all-time highs (ATHs). This projection is based on the premise that the halving will have instilled a renewed confidence in Bitcoin’s scarcity and value proposition, laying the foundation for robust long-term growth. In conclusion, the 60 days leading up to Bitcoin’s halving are viewed by many as a window of opportunity for significant gains, with the potential for a correction seen as more likely to occur after the halving event. This strategic perspective encourages a bullish outlook for Bitcoin in the near term, followed by a healthy market correction that could ultimately set the stage for an aggressive push to new ATHs. As always, investors are reminded to approach the market with caution and to consider the inherent volatility and risks associated with cryptocurrency investments. Recommended News : Bitcoin’s Predictable Dance: BMSB Dip and SPX Decline in Pre-Halving Year Bitcoin Hashrate Reaches New ATH, Resembles 2020 Pre-Halving Surge How To Spot the 5 Phases of the Bitcoin Halving Cycle Bitcoin Halving: Why Bitcoin Halving Matters Bitcoin Halving Nears: 94% Progress Made The post Pre-Halving Surge Expected: Betting on Bitcoin’s Rise appeared first on Crypto News Land.

4 days ago
Cointelegraph
Cointelegraph
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The Bitcoin BTC mining difficulty, which indicates how challenging it is to solve the mathematical problem associated with a block, passed 80 trillion on Friday, Feb. 16.  The network’s hash rate, which measures miners’ total computational power, reached 562.81 exahashes per second (EH/s), and the mining difficulty hit a record 81.73 trillion, according to BTC.com. The Bitcoin mining difficulty has been steadily rising since January 2023 and is expected to reach 100 trillion in the next few months. In Bitcoin’s proof-of-work system, mining difficulty measures how hard it is to add a new block to the blockchain. A higher difficulty means miners require more computational power and energy to find the correct hash. In the last year, Bitcoin’s difficulty level has more than doubled. Bitcoin mining difficulty as of Feb. 16.            Source: BTC.com At its automated readjustment on Feb. 15, Bitcoin mining difficulty was due to increase by an estimated 6%. According to data from monitoring resource BTC.com, if it comes to pass, it will take the difficulty to new all-time highs and above 80 trillion for the first time. Bitcoin stuck to $52,000 at the Feb. 16 Wall Street open as the latest United States macro data ran above expectations. Data from Cointelegraph Markets Pro and TradingView showed stagnant BTC price action into the week’s last TradFi trading session. Related: Bitcoin's market structure beneficial to price post-halving Bitcoin’s mining rewards will be cut in half in late April in what’s known as the ‘Bitcoin Halving.' To fight inflation, Bitcoin’s programmers baked the reduction into the token’s structure roughly every four years. The last time Bitcoin’s mining reward halved was in May 2020. Bitcoin’s rewards will decrease from 6.25 BTC to 3.125 BTC during the upcoming halving. This change might result in a lower hash rate as less efficient miners find it challenging to cover their costs and exit. A reduced hash rate is likely to cause a decrease in Bitcoin mining difficulty as the network aims to keep a steady block production every 10 minutes. According to Galaxy’s mining analysts, as much as 20% of Bitcoin’s current hash rate could go offline after the Bitcoin halving, which will see block rewards slashed in half and leave only the most efficient mining rigs standing. Magazine: Nic Carter vs the Bitcoin Maxis, ‘no regrets’ about losing $10M DOGE

8 days ago

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