Ethereum Could Replace Bitcoin As The Dominant Store Of Value, Says Goldman Sachs - Benzinga

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Benzinga 07 July, 2021 - 10:34am 30 views

When is ETH 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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BTC continues the drawn-out phase of consolidation as it trades sideways inside a short-term symmetrical triangle pattern. It looks as BTC awaits the next huge move as the apex of the triangle draws near – in a matter of days or even hours, and the trading volume decreases, which typically happens before a massive move.

Quick recap: Bitcoin tested the upper boundary of the symmetrical triangle earlier in the week but failed to surpass $35,600 – $36K. From there, it headed south and found support at the lower angle at around $33,500. It has since rebounded, and as the coin continues to coil inside the triangle pattern.

On the larger time frame, BTC reclaimed the 20-day MA, which currently lies around $34.3K, and is once again testing resistance at the upper angle of the triangle, which dates back to the mid-May capitulation.

Additionally, there is a rising trend line beneath the market established in the final weeks of June. The confluence of these forms the triangle that is currently in play. The price consolidates for the past 2.5 weeks around the $33-34K mark.

Lastly, it is important to mention that the RSI is also amid a critical decision as it is retesting the mid-term descending trend line, as can be seen on the following daily chart. This resistance has prevented the RSI from creating any new higher highs since its establishment back in February this year. A break above this line, along with the first higher low, might signal a new short-term move for bitcoin.

As always, in the longer timeframe and since mid-May, Bitcoin price is trapped between $30K and $42K. A breakout from this range could lead to the next big move of the primary cryptocurrency.

Key Support Levels: $34,300, $33,500, $32,700, $31,675, $31,185.

Key Resistance Levels: $35,000, $36,000 – $36,620, $38,000, $39,500, $40,500.

Looking ahead, if the buyers break the $35K resistance, the next major resistance lies between $36,000 (50-day MA) and $36,620 (late-June highs). This is followed by $38,000, $39,500 (early June highs), and $40,500 (bearish .382 Fib).

On the other side, the first support lies at $34,300 (MA-20 line). This is followed by $33,500 (lower angle of the triangle), $32,700, $31,675, and $31,185 (downside 1.618 Fib Extension).

As mentioned, the daily RSI is retesting a long-term descending trendline. A break above this would be huge for the bullish case. On the 4-hour chart, the RSI needs to pass the 60 level to indicate increasing momentum.

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Read full article at Benzinga

TA: Ethereum Gearing For Another Lift-Off, Why Rally Isn't Over Yet

NewsBTC 07 July, 2021 - 01:09pm

After a minor downside correction, ethereum found support near the $2,150 zone. ETH recovered losses and it later formed a decent support base above the $2,200 zone.

It started a fresh increase above the $2,250 resistance level. There was a clear break above the 76.4% Fib retracement level of the key decline from the $2,388 high to $2,158 low. There was also a break above a major contracting triangle with resistance near $2,330 on the hourly chart of ETH/USD.

Ether is now trading above $2,300 and the 100 hourly simple moving average. It is approaching the last swing high near the $2,388 zone. The first major resistance is near the $2,400 level.

If Ethereum fails to surpass the $2,400 resistance zone, it could start a downside correction. An immediate support on the downside is near the $2,330 level and the broken triangle zone.

The first major support is near the $2,300 level. Any more losses might call for a move towards the $2,250 support zone and the 100 hourly SMA. The next major support sits near the $2,200 level, below which there is a risk of a larger decline.

Hourly MACDThe MACD for ETH/USD is now gaining pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently well above the 50 level.

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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Bitcoin Miner Profitability Could Double After Record Drop in Network Difficulty

Yahoo Finance 07 July, 2021 - 01:09pm

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.

Related: Bitcoin Upside Stalls Near Resistance; Support at $33K-$34K

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%.

Related: China’s Crackdown Is Forcing Miners to Dump GPUs on Secondhand Market: Report

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.”

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A look at Bitcoin (BTC) on-chain data as it relates to miners, more specifically the Mean Block Interval and Mining Difficulty, in order to better understand the effects of the current miner migration.

Bitcoin (BTC/USD) Forecast: Bitcoin Remains Range-Bound, Clinging to $34,000

DailyFX 07 July, 2021 - 01:09pm

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Valid Points: The Fate of Ethereum Miners When There’s Nothing Left to Mine

Yahoo Finance 07 July, 2021 - 01:09pm

Welcome to another edition of Valid Points.

Related: CryptoPunks Get Punked

The amount of ETH locked in DeFi applications declined 11.5% during the second quarter. Notably, the total dollar value of all crypto assets under management in DeFi apps remained steady over the same time period, which indicates a rise in other asset types such as stablecoins or governance tokens for DeFi collateral and liquidity. 

In particular, the number of tokenized bitcoin created on Ethereum has been on a steady rise since the start of this year. As of Tuesday, there are more than 250,000 tokens backed by BTC, collectively worth roughly $8.6 billion at the time of writing and representing about 1.2% of total bitcoin supply. 

While there are several protocols issuing bitcoin-backed stablecoins, the most popular one, responsible for over three-quarters of BTC supply on Ethereum, is Wrapped Bitcoin (WBTC). 

WBTC leverages a technology known as “atomic swaps” to facilitate cross-chain cryptocurrency trades. Users on Ethereum can request new WBTC tokens from certified “merchants” after undergoing necessary anti-money-laundering and know-your-customer (AML/KYC) identification procedures. New mints and burns of WBTC are tracked publicly through the blockchain, as is the amount of BTC backing these tokens 1:1 on Bitcoin. 

Related: State of Crypto: Yes, We’re Still Talking About Regulatory Clarity

Speaking to the growing volume of tokenized bitcoin in DeFi, Denis Vinokourov, head of research at Synergia Capital, said in an interview with CoinDesk in June, “It shows the hunt-for-yield trade is nowhere near the exhaustion mark and also underlines the growing comfort, as well as a sense of security, that wrapping bitcoin is a safe method in earning yield on assets, be that by retail or more professional market participants.”

The Merge is one of two upcoming code changes on Ethereum that is expected to radically change network monetary policy and reward dynamics. It seeks to reduce the energy consumption of Ethereum by an estimated 99.95%. The other, Ethereum Improvement Proposal (EIP) 1559, is aimed at improving the transparency and efficiency of Ethereum’s fee market. 

Last week, we discussed miners’ perspectives on EIP 1559. While EIP 1559 is the more imminent upgrade slated for activation on the network early next month, its impact on miner revenue and profitability is minor in comparison with The Merge upgrade, according to Igor Stadnyk, the CEO of Ethereum mining pool Mineral

“Basically, the current EIP is not a huge reduction [to rewards]. A huge reduction was from five to three ether. A huge reduction was from three to two ether,” Stadnyk said in a phone interview with CoinDesk. 

Stadnyk is referring to changes that protocol developers have activated in the past on Ethereum to curb monetary inflation by reducing block subsidy rewards. Block subsidies are a fixed amount of ether awarded to miners for every block they successfully find and append to the blockchain. After The Merge, block subsidies will once again be reduced, only this time from 2 ETH to zero. 

Once Ethereum merges with the Ethereum 2.0 Beacon Chain, mining on the network will become obsolete. For miners, there will be no block subsidies, no transaction fees and certainly no miner extractable value (MEV). Revenue from transaction fees and MEV will instead be awarded to users who contribute to network security by staking their coin holdings in increments of 32 ETH. 

These users, also called “validator node operators,” will most consistently be rewarded on Ethereum in the form of interest on their staked ether. For validator node operators actively running software on Eth 2.0 today, their estimated annual percentage return (APR) for a single 32 ETH deposit is between 6% and 7%. 

For Ethereum miner Brian Lee, those returns aren’t a convincing reason to make the switch from mining to validating post-Merge, given that he would likely have to sell some of his bitcoin holdings in order to have enough ether to stake. Lee’s long-term bets are on bitcoin becoming “a better store for wealth” than ether because of the experimental and frequently changing roadmap of Ethereum. 

“So I’m thinking maybe I’ll switch to [mining] Ethereum Classic,” Lee said during a phone interview with CoinDesk. “There’s a ton of coins out there. I think a lot of guys I talked to [are] thinking about going to Ravencoin after Ethereum merges.” 

As the world’s second-largest blockchain by market capitalization, Ethereum is the most profitable cryptocurrency to mine on graphics processing unit (GPU) devices. These devices are also frequently used for video gaming applications. GPUs, unlike application-specific integrated circuit (ASIC) devices that dominate the Bitcoin blockchain, can be repurposed for different tasks and computations. 

Michael D. Carter, the host of cryptocurrency mining YouTube channel BitsBeTrippin, told CoinDesk in a phone interview that according to his calculations, if all Ethereum GPU miners were to move over to Ravencoin, the price of the coin would have to appreciate roughly 10x in order for miners to remain profitable. 

To Carter’s mind, the more likely scenario post-Merge is that miners end up splitting their computational energy, also called hashrate, across multiple different coins that support GPU mining and stay in business by spreading out to several new blockchain networks. 

“You’re going to see network discovery and you’re going to get buzz around other networks naturally because people are going to want to know: Where are the miners going to be pointing their hashrate? Is there anything as profitable? What’s the value propositions of these other networks?” Carter said.

And it won’t just be miners doing network analysis and profitability projections post-Merge for mining alternatives to Ethereum. 

Wolfgang Spraul, director of operations at Linzhi, a cryptocurrency mining hardware manufacturing company that builds Ethereum ASICs, told CoinDesk in an email, “If nobody on Ethereum is left using Ethash-PoW, [Ethereum’s mining algorithm], we will work with Ethereum Classic. And if no one there wants to use Ethash-PoW any longer, we will work with smaller coins like Ubiq.”

At this stage in the game with The Merge estimated by developers to be ready for activation early next year, mining pools such as 2Miners say it’s “too early to announce anything” concrete. 

Plus, Carter adds, there’s still lots of work to be done on the protocol development side for The Merge; as such, the Ethereum mining community will want to keep a close eye and stay involved in the development process. 

“We’re all investors and have aligned interests with regards to ETH succeeding so it’s a bit counterintuitive to torch that to the ground [prematurely],” Carter said. “Let’s get through [EIP 1559] and then let’s get … back to The Merge.” 

Lending rates and trade volume on DeFi applications have dropped significantly over the past few months. TAKEAWAY: Daily DEX volume declined 55% from May to June, while three-month interest rates for the stablecoin USDC on Aave, the largest decentralized lending platform by total value locked, has declined from a high of over 10% to less than 4% over the same period.”.  User growth for DeFi apps, however, has stayed relatively steady, growing 12% this past month. (Blog post, Glassnode)

Jim Cramer, host of CNBC TV show ‘Mad Money,” announced he’s investing in ether again after selling nearly all of his bitcoin holdings. TAKEAWAY: Cramer announced he had sold “nearly all” of his bitcoin amid concerns over China’s crackdown on bitcoin mining and is turning to buying ether as an alternative crypto investment. The CNBC host said he bought more ether after bitcoin stabilized at around $30,000, adding that he likes Ethereum “because … it’s more of a currency.” (Article, Business Insider)

Big Four accounting firm EY has published code for a new layer 2 scaling system to help battle increasing transaction costs on the Ethereum blockchain. TAKEAWAY: EY’s project, Nightfall 3, builds upon a privacy protocol on Ethereum that the firm “open-sourced” back in May 2019. Nightfall 3 combines the use of zero knowledge proofs (ZKPs) and optimistic rollups for efficient transaction verification. The code is available in the public domain on GitHub for anyone to access. EY global blockchain leader Paul Brody said this was done intentionally to help “speed up enterprise adoption” of Ethereum. (Article, CoinDesk

A review of Ethereum 2.0 validator efficiency, showed the median validator is 98% effective at earning the maximum amount of rewards possible from the protocol. TAKEAWAY: The median validator is receiving 98% of its possible rewards, while no single validator reached 100% efficiency. The review shows that the majority of validator node operators are competent and can hardly improve upon current performance. (Blog Post, Pintail)

A block number has been proposed for activation of the London hard fork upgrade on Ethereum. TAKEAWAY: A GitHub pull request to lock in the release of London at block number 12965000 was submitted by Ethereum Foundation’s Tim Beiko. Block 12965000 is expected to hit between 13:00 UTC and 17:00 UTC on Aug. 4. The proposal comes after two successful activations of the hard fork upgrade on Ethereum test networks Ropsten and Goerli, with a third testnet release scheduled for sometime today on the Rinkeby network. Beiko stated in a GitHub comment, “August 4th should provide enough time to advertise the client releases that are mainnet compatible, and allow infrastructure providers & node operators to upgrade.” (Governance Proposal, GitHub)

Valid Points incorporates information and data directly from CoinDesk’s own Eth 2.0 validator node in weekly analysis. All profits made from this staking venture will be donated to a charity of our choosing once transfers are enabled on the network. For a full overview of the project, check out our announcement post. 

You can verify the activity of the CoinDesk Eth 2.0 validator in real time through our public validator key, which is: 

Search for it on any Eth 2.0 block explorer site.

New episodes of “Mapping Out Eth 2.0.” with Christine Kim and Consensys’ Ben Edgington air every Thursday. Listen and subscribe through the CoinDesk podcast feed on Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, IHeartRadio or RSS.

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Best Cryptocurrencies to Mine in 2021 • Benzinga Crypto

Benzinga 07 July, 2021 - 01:09pm

Mining is the backbone of cryptocurrency. Miners run the network by processing and verifying all transactions and changes of state to it, and they get a cut of transaction fees for their trouble.  Huge warehouses filled with cutting-edge mining technology mine the largest cryptocurrency, Bitcoin, making billions of dollars a year in revenue. Crypto mining usually becomes more difficult as better technology is developed, but Bitcoin mining difficulty has nosedived in the last couple of months. 

Recently, Bitcoin mining experienced a major shift because of an impactful ban on cryptocurrency mining and services in general in China. Mining warehouses in China ran off of cheap electricity (often from burning fossil fuels), turning a massive profit, but they are being forced out of the country. This shift has made it significantly more profitable, at least in the short term, for small miners because they have less competition. It may be the perfect time to get a mining rig running and start earning crypto. 

PoS mechanisms, on the other hand, verify transactions and single states of the network by checking validator nodes that require minimal hardware. Miners on PoS blockchains stake a certain amount of crypto and run validator servers to earn their cut of transaction fees. PoS is generally considered more decentralized than PoW because a network participant’s mining power is limited by the amount of the crypto they stake. For example, if a miner on a PoS blockchain puts up 1% of the total staked crypto, they can only mine 1% of the new blocks. PoW miners instead need to build up computational power to mine more blocks. 

Currently, the 2 largest cryptocurrencies, Ethereum and Bitcoin, both use the PoW mechanism. It’s unlikely Bitcoin will move away from its PoW mechanism, but Ethereum has made the switch to PoS a goal for the upcoming year. Ethereum is slated for a massive round of upgrades called Ethereum 2.0. The updates will alter the architecture of the blockchain to speed up transactions, lower transaction fees, dramatically decrease energy consumption and increase network security. The move to PoS will be one of the biggest alterations allowing for these benefits.

Miners make use of 2 main types of hardware to mine PoW cryptocurrencies, application-specific integrated circuit (ASIC) and graphics processing unit (GPU) rigs. GPUs are designed for video editing and gaming but also happen to mine PoW cryptos well. Many crypto enthusiasts with gaming computers put their devices to use by mining their favorite PoW cryptocurrency when they aren’t gaming. 

ASIC miners are devices that are designed to mine 1 specific cryptocurrency (maybe 2). On the surface, this setup seems ideal. They are devices built exclusively for crypto mining, so they must be the best technology to use, right? The answer is more complicated than you might imagine and rests on the marked difference between these types of mining. 

GPU mining is almost certainly the better option to mine cryptocurrency for small miners without access to underpriced electricity. Some of the main factors in which GPU mining beats out ASIC rigs are its modular components, flexibility and residual value. GPUs can mine pretty much any PoW crypto, unlike ASIC miners, which can only mine whichever crypto they are designed for.

GPUs hold more value than ASICs over time because they can do more than just mining. Older ASIC miners quickly lose value because mining farms constantly upgrade their hardware to solve the cryptographic functions faster, leaving old models in the dust. GPU mining computers can be upgraded easily, unlike ASIC miners, by simply adding more (or better) graphics cards. ASIC miners also use boatloads of electricity, so they are less profitable in regions with high electricity costs. However, for warehouse owners with low electricity costs and fast access to new ASIC models, ASIC miners are much more profitable than scaled-up GPU rigs.

Your potential profit depends on a few main factors: electricity cost and consumption, hash rate (how fast the mining rig can find solutions) and initial hardware costs. If you already have a working computer with one or more relatively modern GPUs, it likely will be profitable, especially while Bitcoin and Ethereum mining difficulty is low. Electricity consumption and costs vary significantly by each region and could make mining unprofitable. For example, mining would lose money in Hawaii where the average price of electricity is $0.31 per kilowatt-hour while the national average is about $0.13. With cheap electricity and a few thousand dollars of hardware, you could start making $600+ a month from a modern mining rig with multiple GPUs. Before purchasing mining equipment, enter your miner’s specifications and electricity costs into a mining profitability calculator to project your profit potential.

Coinbase provides an Ethereum 2.0 (Eth2) staking pool for its users to earn up to 5% APR on their ETH. Coinbase moves your Ether to the Eth2 testnet and stakes it in a validator node to verify transactions and earn fees. There are about 6,000,000 ETH staked on Eth2 validator nodes earning interest. The main downside of staking on Eth2 is that once your Ether is on the testnet, you won’t be able to send it back to the Ethereum mainnet until the 2 networks are merged (planned for late 2021 or early 2022). Also, Coinbase’s Eth2 staking is currently only available to U.S. customers (and not in New York).

Ethereum GPU mining is one of the most profitable and simple ways to mine cryptocurrency. You need a computer with basic PC parts: CPU, power supply, motherboard, RAM, a hard drive and most importantly one or more GPUs. Check a mining profitability calculator to see that your hardware won’t lose you money from high electricity costs. Amazon and other electronics retailers offer already built mining computers, but they are a bit more expensive. Make sure you still have a use for your new rig after Eth2 releases (like mining Bitcoin); otherwise you will just have to sell it. Now that you have the hardware, join a mining pool like Ethermine or Kryptex. It’s pretty simple to join, and each has detailed explanations on their websites. 

Kryptex might be the easiest and fastest way to start mining with your computer. Just go to its website, sign up for an account, install the Kryptex program and start mining. The program runs a benchmark test on your computer to choose the best mining algorithm for your hardware. It even tracks multiple algorithms all the time to ensure you’re running the most profitable one. Payouts from Kryptex are always in Bitcoin, so you don’t need to worry about swapping mined altcoins. It boasts profits of about $95 per month with a modern gaming PC or even up to $615 per month for a mining rig with multiple high-performance GPUs. Like all other mining opportunities, you need to ensure your mining venture will be profitable with the Kryptex mining profitability calculator.

ASIC mining is even simpler than setting up your own GPU miner if you have the necessary starting capital. The most important step of setting up an ASIC rig is choosing the device. ASIC miners are expensive and can become obsolete in a year or less as new technology is developed. Make sure the purchase makes financial sense with a mining profitability calculator. Remember that mining with high electricity costs, especially using ASIC miners, can lose you money. If you decide it is profitable and buy an ASIC device, you need to configure it with a guide from the manufacturer or get help from mining pools with ASIC support to get it running.

Historically, mining Bitcoin and Ethereum has become less and less profitable (in BTC and ETH, not necessarily USD) as more miners join the network. After China’s recent push to remove Bitcoin miners from its country, Bitcoin difficulty, the metric describing the amount of computation required to mine the next BTC block, has plummeted. It fell more than 40% since its peak on May 15, 2021, according to BTC.com. Ethereum difficulty has also dropped significantly since its peak, but it’s only about 20% lower than its high in May. 

While mining difficulty is much lower right now, that likely won’t continue to be the case. This trend doesn’t mean it won’t be profitable for you, especially if you already have the hardware. Joining a mining pool is easy and may be worth your time. If just investing in cryptocurrency isn’t enough, putting your PC to work to earn even more might be perfect for you. 

Mining is not the only way to passively earn cryptocurrency. BlockFi and Celsius each provide interest-bearing crypto accounts offering far higher rates than savings accounts with major banks. With a BlockFi interest-bearing account, you could earn up to 4% APY on Bitcoin and Ethereum deposits and even more with stablecoins like USDC and DAI. Check out the platform’s interest rates to learn what you could make with your crypto. 

Celsius offers similar cryptocurrency interest-earning accounts with an even longer list of supported cryptos. It has great interest rates that are even higher for users outside of the U.S. If you don’t want to go through the trouble of setting up a miner or if your energy costs are too high, BlockFi or Celsius can be alternative passive income streams. 

So many optimal trading platforms offer cryptocurrency trading that it’s difficult to choose the best one. U.S. investors looking for a crypto-specific exchange with incredible security and a multitude of features and supported tokens should check out Coinbase and Gemini. If you are looking for a platform that also offers stock and ETF trading along with cryptocurrencies, Webull and Robinhood are fantastic options. All 4 of these platforms make trading cryptos extremely easy on desktop and with simple apps on iOS and Android. 

Webull offers active traders technical indicators, economic calendars, ratings from research agencies, margin trading and short-selling. Webull’s trading platform is designed for intermediate and experienced traders, although beginning traders can also benefit.

Webull is widely considered one of the best Robinhood alternatives.

If you have a gaming computer (or any PC with solid GPUs) and live in a region where electricity isn’t too expensive, you might want to start mining cryptos with it. Although you need to consider a few downsides to putting your tech to work, the question of investing versus mining gets more complicated if you don’t already have the hardware. Cryptocurrency mining will probably turn less and less profit as time goes on whereas investing in any specific crypto might not. Both options are volatile and you might lose or make money either way. It’s up to you whether you think the start-up cost will be worth more in the long run when invested immediately or built up slowly with a mining rig.

Benzinga crafted a specific methodology to rank cryptocurrency exchanges and tools. We prioritized platforms based on offerings, pricing and promotions, customer service, mobile app, user experience and benefits, and security. To see a comprehensive breakdown of our methodology, please visit see our Cryptocurrency Methodology page.

Gemini builds crypto products to help you buy, sell, and store your bitcoin and cryptocurrency. You can buy bitcoin and crypto instantly and access all the tools you need to understand the crypto market and start investing, all through one clear, attractive interface. Gemini Crypto Platform offers excellent account management options. You can manage your account at a glance, view your account balance 24-hour changes and percent changes. Get started with Gemini now.

What you’ll get: a deep dive into relevant crypto projects, exclusive insights into alt coins from the pros & more!

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Learn more about the best cryptocurrency trading platforms to trade your coins. Rankings are based on usability, fees and more.

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Confused about how bitcoin works? Start with Benzinga’s guide to learn more about the bitcoin system.

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China's central bank office closes software maker over cryptocurrency trading

CGTN 07 July, 2021 - 12:59pm

A Beijing office of China's central bank said on Tuesday it had ordered the shutdown of a Beijing-based software maker over its suspected involvement in cryptocurrency trading.

Authorities ordered Beijing Qudao Cultural Development Co. Ltd. to suspend operations, and its website had been deactivated, the Beijing financial supervision administration and a department of the People's Bank of China said in a joint statement.

The move is to prevent and control the risk of cryptocurrency trading speculation, and protect the safety of the people's property, the statement said.

"Relevant institutions within our jurisdiction shall not provide business premises, commercial displays, marketing, and paid traffic generation for virtual currency-related business activities. Financial institutions and payment institutions within the jurisdiction shall not directly or indirectly provide virtual currency-related services to customers," authorities warned in the statement. 

Authorities also reminded consumers that they should enhance their risk awareness and establish correct investment concepts, not participate in cryptocurrency trading hype nor blindly follow the trend of virtual currency-related speculation.

Copyright © 2020 CGTN. Beijing ICP prepared NO.16065310-3

Copyright © 2020 CGTN. Beijing ICP prepared NO.16065310-3

Copyright © 2020 CGTN. Beijing ICP prepared NO.16065310-3

Analysis: Limited capacity, difficult logistics to slow Chinese bitcoin miners' global shift

Yahoo Finance 07 July, 2021 - 01:04am

HONG KONG/SHANGHAI (Reuters) - Large bitcoin miners fleeing China to escape a state crackdown will take many months to start operating again, as data centres from Texas to Siberia scramble to secure space and power for them, while many smaller players may struggle to move at all.

Bitcoin is created or "mined" by high-powered computers usually at data centres in different parts of the world, competing to solve complex mathematical puzzles in a process that makes intensive use of electricity.

The industry in China, which accounted for as much as 70% of the world's capacity, is in disarray after the State Council, or cabinet, announced a crackdown on bitcoin trading and mining in late May targeting financial risks.

Miners in China are now shutting down or looking to move out, seeking tolerant authorities, low temperatures lest machines overheat and cheap electricity - ideally surplus power from hydro plants or oil fields that would be wasted.

The power consumed by bitcoin mining globally in early July equates to an annual consumption almost as large as Austria's, according to estimates from researchers at the University of Cambridge, even after falling 50% since May.

While the move is set to fuel the emergence of new mining centres in the longer term, for now the miners are running into limited data centre capacity overseas and logistical challenges.

"None of these guys are getting online in June or July," said Thomas Heller, chief business officer of Compass Mining, explaining miners needed to collect machines scattered around China, test, clean and pack them, ship them abroad, and get through customs before installation.

The logistics are harder for smaller Chinese miners with less cash on hand to pay for shipping, and who are also unfamiliar with operating overseas so may struggle to find hosting centres they can trust, miners say.

Nonetheless Compute North, which runs data centres hosting bitcoin miners in Texas, Nebraska and South Dakota, for example, is accelerating expansion plans slated for next year to meet "a massive influx of inquiries" from China.

"There's no doubt in my mind that we're going to see a lot of computers sitting in warehouses for the next six, nine, 12 months as the infrastructure catches up," said Compute North Chief Executive Dave Perrill.

"We are targeting the first and second quarter of 2022 for large scale deployments ... (but) it's not a simple switch, it takes a lot of complex engineering, procurement and construction."

Moscow-based BitRiver, which operates data centres in Siberia hosting bitcoin miners, has accelerated plans to build new facilities and expand existing ones to meet some of the demand from those leaving China.

BitRiver estimates demand for space in its facilities will rise to 1.5 million mining machines requiring up to 2.5 gigawatts of power, dwarfing its current three data centres' 125 megawatts.

"We know companies are leaving China because they are running straight to us," BitRiver spokesperson Roman Zabuga said.

China's ban on bitcoin mining may see up to 90% of all mining in the country go offline, according to an estimate by Adam James, a senior editor at OKEx Insights. Some miners are dumping machines in despair.

Kazakhstan-based hosting centre Hive Mining is receiving about four inquiries daily from Chinese potential clients, asking about prices, availability and regulations, said co-founder Didar Bekbauov.

Kazakhstan simply doesn't have enough ready-to-use space in data centres to host all those miners, he said.

The ructions in Chinese bitcoin mining, however, are not bad news for everyone.

"Our revenue automatically increased after several hundreds of thousands of bitcoin mining machines suddenly went offline in China," said Dale Irwin, president of Greenidge Generation, a New York-based bitcoin mining and power generation facility.

The algorithm governing bitcoin keeps production at a regular pace, adjusting roughly every two weeks to require more computing power to generate bitcoin if many machines are mining, or less if fewer.

Since China's crackdown, the computing power mining bitcoin hit a six-month low.

Kevin Zhang, vice president for business development at U.S.-based Foundry, a crypto mining, financing and advisory firm, said the crackdown could drive geographical diversification in the longer term.

"A lot of countries previously untapped by bitcoin miners, like in Southeast Asia, South America or Australia will be incentivised to use their stranded renewable power," he said, "These energy markets weren't needed before."

(Reporting by Alun John in Hong Kong and Samuel Shen and Andrew Galbraith in Shanghai, additional reporting by Alexander Marrow in Moscow and Allison Lampart in Montreal; Editing by Sumeet Chatterjee and Lincoln Feast.)

Germany's largest consumer protection group filed a lawsuit on Wednesday against car maker Daimler that it said would make it easier for Mercedes owners to gain redress over a diesel emissions scandal. The lawsuit, filed by the VZBV at a regional court in Stuttgart, seeks to set a precedent that would enable owners of Mercedes GLC and GLK cars to gain compensation over software that was allegedly used to trick emissions tests. "Those who may have been affected will obtain certainty over whether Daimler AG deliberately installed illegal defeat devices in several vehicle models," VZBV chief Klaus Mueller said in a statement.

Bitcoin remains in a horrendously low-volume period of price action as volatility slumps to its lowest levels since November 2020.

‘The cheapest I could imagine his overhead being in our market would be about $700 for rent, plus another few hundred dollars for utilities and transportation.'

The number of listings on China's most prominent marketplace apps has increased in the last month and a half.

Li Keqiang, the premier of China, spoke with UK business leaders in a meeting organized by the China-Britain Business Council.

It’s been a mixed start to the day for the majors. Failure to move back through the day’s pivot levels would leave support levels in play.

Nominated by President Jair Bolsonaro, he received approval from the Senate's Economic Affairs Commission.

The dollar was slightly higher on Wednesday as traders held off on big bets ahead of the publication of the minutes of the latest U.S. Federal Reserve meeting, in which it adopted a more hawkish stance, for hints of when monetary policy might shift. The dollar has been supported by the pace of the U.S. economic recovery, which has advanced more quickly than in places like Europe or Japan, helped by an early rollout of vaccinations to curb the COVID-19 pandemic, along with massive amounts of fiscal stimulus. One of the main drivers of foreign exchange in the second half of the year will be the divergence of central banks that begin winding down that stimulus, based on solid economic fundamentals, and those that do not, said Win Thin, global head of currency strategy at Brown Brothers Harriman.

A look at Bitcoin (BTC) on-chain data as it relates to miners, more specifically the Mean Block Interval and Mining Difficulty, in order to better understand the effects of the current miner migration.

Recently minted cryptocurrency millionaires, unsure of what to do with their newfound wealth, can now bid for a $15 million 100-carat diamond at Sotheby's auction — a first for a gem that valuable.

The current agreement on output cuts “heavily penalizes” the United Arab Emirates, forcing it to idle more production capacity than other OPEC+ members, an economist says.

Iceland's four-year experiment with a shorter workweek was declared a huge success in a new report.

Oil futures sink Wednesday, under pressure after a news report indicates the United Arab Emirates is eager to grow market share as a standoff continues between it and fellow OPEC members over a proposed output rise.

(Bloomberg) -- Saudi Arabia is considering revamping the kingdom’s pension system to require citizens to work longer and contribute more, another hit to living standards that could undermine public support for Crown Prince Mohammed bin Salman’s efforts to reshape the oil-reliant economy.The government -- faced with an estimated actuarial gap of 800 billion riyals ($213 billion) at the state-controlled pension fund -- is weighing proposals to increase the retirement age, according to three people

The difference between U.S. and global crude oil benchmarks is compressing while oil prices rise. What investors need to know.

The U.S. Commerce Department on Tuesday released a confidential Trump administration report that was the basis for the former president's threats in 2019 to impose tariffs on imported automobiles on grounds of national security. Then-U.S. President Donald Trump in May 2019 declared that some unidentified imported autos posed national security risks. Republican Senator Pat Toomey, who drafted legislation to require the report's release, said in a statement that "a quick glance confirms what we expected: The justification for these tariffs was so entirely unfounded that even the authors were too embarrassed to let it see the light of day."

The suit is an all but certain loser in light of Brnovich v. DNC.

Bitcoin Daily Trading Volume Nosedives To Lowest Of 2021

NewsBTC 06 July, 2021 - 02:51pm

An Arcane Research report has revealed that Bitcoin daily trading volume has dipped to the lowest point of 2021.

As BTC’s price continues to stagnate, the daily trading volume on the leading spot exchanges has dropped to the lowest it has ever been in the year 2021.

Here is a chart that displays how the Bitcoin daily trading volume has changed over the past one year:

Related Reading | TA: Bitcoin Prints Bearish Technical Pattern, Why It Could Revisit $32.2K

Another notable thing from the chart is that the highest spike was when the BTC market was the most volatile. Which makes sense, as more people move their investments when the price is going up or down.

At the moment, the 7-day average of the Bitcoin daily trading volume stands at around $4 billion.

The data is backed by the fact that the value of the all exchanges flow ratio, another BTC indicator, has hit a 9-month low.

There could be a few possible reasons for the slowdown of Bitcoin’s activity. The most prominent one might be the stagnating market.

For a few weeks now, the coin has been stuck between the $30k and $35k price points. The market is behaving as a rangebound one where investors buy at the support line and sell off at the resistance point.

Many investors aren’t interested in buying BTC in such an environment, and that has lead to the low activity on exchanges.

At the time of writing, Bitcoin is floating around the $34k point. It’s down almost 6% in the past 7 days.

The market has shown no signs of improving from the almost 50% crash that it suffered after China reiterated its crypto ban. The currency has also suffered a few minor crashes afterwards caused by the nation’s crackdowns on BTC mining hubs.

Here is a chart showing the trend of the cryptocurrency over the past 6 months:

It’s unclear when Bitcoin will be able to escape this zone, and it’s also hard to say what lies ahead. There could be a bear market waiting. Or perhaps, another bull run could be happening.

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

© 2020 NewsBTC. All Rights Reserved.

© 2020 NewsBTC. All Rights Reserved.

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