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
Ethereum Has Already Surpassed Bitcoin Based On Dollar Holdings: Celsius CEO Alex Mashinsky - Benzinga
07 July, 2021 - 11:37am
Alex Mashinsky, CEO of crypto lending platform Celsius Network, believes that the scenario the crypto community referes to as “the flippening,” where Ethereum (CRYPTO: ETH) surpasses Bitcoin (CRYPTO: BTC) to become the leading cryptocurrency, is already taking place.
What Happened: In an interview with Kitco News, Mashinsky said that Ethereum has already overtaken Bitcoin based on the dollar value of holdings in Celsius’s network of over a million users.
“So, Ethereum just surpassed Bitcoin in the last month or two, the first time ever our million users have [Ethereum than Bitcoin]. We manage about $17 billion in deposits or customer coins, and the number one coin held in dollar terms is Ethereum," said Mashinsky.
Why It Matters: The Celsius CEO noted that while Ethereum already surpassed Bitcoin in dollar terms based on the total holding of the Celsius community, this trend might extend to the broader market in the next year or two.
“I take a look at the Celsius figures and listen to what the Hodler community at Celsius is telling me every day,” he said.
Price Action: At press time, Bitcoin was trading at $34,237, down 0.24% over the past 24-hours.
Ethereum, the leading altcoin, was up by just 0.07% overnight, trading at $2,279 at the time of writing.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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$25 in BTC when you deposit $100
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07 July, 2021 - 11:37am
And depending on the day, it could be a lot more lucrative: at the time of writing (6 July 2021) one Bitcoin was worth $45,149. One ounce of gold is worth around $2,387.
While Bitcoin might be worth more than gold, it’s also a lot more expensive to mine - about four times more.
According to the chief operating officer of Mawson Infrastructure Group - Australia’s largest Bitcoin mining operation, which is actually situated in the US - Liam Wilson, crypto mining involves using supercomputers to provide security to the crypto network.
“By providing security to the network, we are rewarded with Bitcoin,” Wilson told Yahoo Finance correspondent Jason Dundas. “That’s how Bitcoin comes into circulation.”
For reference, there are only 21 million Bitcoins in the world. Nearly 19 of them are in circulation, meaning there are less than three million of them yet to be ‘mined’.
You can think of Bitcoin mining like auditing.
When verified, every Bitcoin transaction, or block, is grouped together to form a chain: a blockchain.
So, the blockchain is like a full transaction history of Bitcoin that dates all the way back to when the first Bitcoin was mined in 2009.
In return for verifying the transaction, miners are rewarded with Bitcoin.
You can’t use your everyday Apple Mac to have a successful Bitcoin mining operation.
“The first thing you need is power, so you need access to an abundance of power,” Wilson said.
“We then go and purchase the miners… chock the container full of miners, turn the power on and begin solving something called the SHA-256, which is the algorithm and then we’re rewarded in Bitcoin.”
And these containers are really hot - and loud.
“They run it between 70 and 85 degrees celsius, and they push out the hot air.”
Just like every human has a unique fingerprint, digital blocks have the same thing: the SHA-256 algorithm.
To solve the algorithm, miners need to cycle through every single possible combination until they find a result that matches the hash.
That code is then used as an identifier for the block, which stops it from being tampered with in the future.
But to do this, these computers need a ton of energy. Literally.
Studies have found crypto mining can produce 3 to 15 million tons of global carbon emissions per year.
And this isn’t good news for the environment.
Not every Bitcoin miner gets Bitcoin in return for verifying transactions. In fact, you need to be the first miner to arrive at the right - or the closest - answer to be rewarded with Bitcoins.
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