Bitcoin price above $34,000 as places accepting cryptocurrency rises

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Fox Business 07 July, 2021 - 04:31am 41 views

When is London hard fork?

Ethereum's long-awaited London hard fork is likely to launch on Aug. 4 between 13:00 UTC (9 a.m. ET) and 17:00 UTC, with block 12,965,000. Many Ethereum enthusiasts are excited for the delayed release, while some are watching on with “cautious optimism.” Yahoo FinanceEthereum’s London Hard Fork Expected to Launch on Aug. 4

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SlateStone Wealth chief market strategist Kenny Polcari provide insight into the markets, Bitcoin and big banks laying out their back-to-work plans. 

There's another place where you can use cryptocurrencies to pay your tab.

The Pavilions Hotels & Resorts, a high-end hotels group, will begin accepting cryptocurrency to book accommodations on Wednesday, according to a press release reported by Coindesk.

The company is partnering with crypto payment services provider Coindirect to allow customers to book rooms using bitcoin, ethereum and 40 other digital currencies.

Pavilions’ portfolio of 14 properties in Europe and the Asia Pacific region includes locations in Madrid, Rome, Lisbon, Bali, Thailand, Mongolia and the Himalayas.

If you are in El Salvador, be in the lookout for new cryptocurrency ATMs.

Athena Bitcoin, has made public its plan to install a total of 1,500 ATMs in El Salvador, as the activation date of the Bitcoin Law - approved last month - approaches, according to Reuters via the Latin America News Agency.

Dozens of test machines have been installed throughout the country. The plan is expected to cost $1 million.

The Salvadoran territory already had an ATM installed in El Zonte, the region where Bitcoin Beach is located, and the second ATM in the country was installed on June 24 in La Gran Vía. 

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Bitcoin Miner Profitability Could Double After Record Drop in Network Difficulty - CoinDesk

Coindesk 06 July, 2021 - 04:31pm

Mining economics have improved significantly, according to one analyst.

The North American hash spread – an index invented by digital asset financial services platform BitOoda to measure the difference between bitcoin mining revenue per megawatt-hour and the cost of the needed power – has almost doubled to $449 from $225. 

“Mining economics have improved significantly,” Sam Doctor, chief strategy officer at BitOoda, wrote Monday in a newsletter.

Such projections follow the record downward adjustment in the Bitcoin blockchain’s mining difficulty. The adjustment process, which was coded into the network’s original programming, is designed to stabilize the blockchain by incentivizing miners back to the network whenever there’s a significant drop in the hashrate, which is the amount of computational activity working to secure data and finalize transactions.

China’s recent crackdown on the crypto industry forced many miners to shut down, cutting the total hash power by more than half from record levels earlier this year. The seven-day average hashrate fell to 84.3 exahashes per second on Friday, before the difficulty reset, the lowest since September 2019. But it has since jumped back to about 90.7 exahashes per second, according to Glassnode.

Miners may see similar profitability levels as in April, when bitcoin was trading at nearly double its current level, according to an analysis by Glassnode. While prices are much lower now, fewer miners are splitting the revenue. 

Meanwhile, as some Chinese miners have been selling their mining computers or “rigs” at discounts, prices for the machines have dropped. According to Luxor Mining, newer and next-generation rigs have lost 32% of resale value, while the oldest machines saw price declines of 36%.

Remaining miners will continue to see profitability boosts, until the infrastructure catches up, according to industry experts. 

“It’s become both easier and more profitable to mine bitcoin,” said Nick Spanos, co-founder of Zap Protocol, an infrastructure provider for decentralized apps. “That’s a recipe for enticing more miners back in.”

Staking in crypto explained as $14 billion sent to Ethereum 2.0 network

Newsweek 06 July, 2021 - 12:33pm

It marks a rise from around $13.5 billion staked on Monday, as reported by Markets Insider, which highlights the pace of the shift towards Ethereum 2.0.

Ethereum 2.0 represents a fundamental change in how the Ethereum blockchain works.

In order to remain decentralized—that is, operating without a central authority—cryptocurrency networks work by incorporating a consensus mechanism, which means all computers on that network can agree on what's going on at any given time without a central bank intermediary.

This means everyone's computer can agree on which transactions have taken place, for example, instead of a bank keeping track of it.

Ethereum, like Bitcoin, uses a consensus mechanism known as proof of work (PoW), in which people use computing power to keep the network up to date in return for new tokens. This process is better known as mining.

But proof of work has issues, such as high energy consumption and prohibitively strict hardware requirements. It sees network users compete for the chance to update the network by updating it with all the new transactions that have taken place.

Another consensus mechanism, called proof of stake (PoS), may eliminate some of the problems associated with proof of work.

A proof of stake mechanism sees cryptocurrency users contribute to network validation by depositing a certain amount of cryptocurrency into that network as a stake.

They are potentially rewarded for this by being given new tokens in return for their stake, if they are the user that is chosen to update the network. A bigger stake means they are more likely to be chosen.

Conversely, they will be punished by losing part of their stake if they attempt to attack the network, go offline, or fail to validate the network. Once a stake is made, it is essentially locked.

A users' staked tokens act as a guarantee of the legitimacy of any new transactions they update the network with.

The new version of Ethereum that is using PoS is called Ethereum 2.0. Users can stake their tokens in the Ethereum 2.0 network by sending their Ether to a deposit contract, which they must do by following instructions on Ethereum's Launchpad product.

Generally, Ethereum users are required to stake 32 Ether—worth roughly $73,600 as of 10:45 a.m. EDT on Tuesday—if they want to become validators on the new network.

The Ethereum 2.0 beacon chain was launched by network developers in December 2020.

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