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With The Third Bitcoin Halving Already Here, Bitcoin Bulls Are Showing No Signs Of Support For The World’s Leading Cryptocurrency
While the crypto world was frantic about Bitcoin’s third halving event, which occurred on May 12, it came with a bullish sentiment among traders and holders. However, the halving produced 5%-8% price swings in both directions prior to the halving. The market didn’t seem to respond to the much-anticipated halving. The weekend saw $1,3 billion in liquidations, which put pressure on Bitcoin bulls. Shortly after Bitcoin’s reward cut, Bitcoin’s price peaked, before correcting itself to currently trading at $8,745.98
Meanwhile, the Bitcoin mining industry seems to be going all-in on validating blocks, as the computing power on Bitcoin’s network, or hashrate, increased to a new all-time high. The 140 terra hash-per-second (TH/s) all-time high surpassed the recent 135 TH/s all-time high of March 2020, meaning that miners deployed all their recourses to celebrate the halving event.
The crypto community welcomed the halving, as TIE published data, showing the word “halving” being present in over 2,900 tweets. Reddit also showed signs of buzzing in the moments prior to the halving and shortly after it. Joshua Frank, TIE’s founder commented on the data, stating that “Bitcoin became a hot topic in the past 30 days, with a 72-percent conversation surge, and with peaks in search terms of Bitcoin and halving crypto related terms in Twitter. Bitcoin also surpassed 50,000 daily tweets, which is a new six-month high.”
“In the 30-day window prior to the halving, the word “halving” appears to be dominant in the conversations, regarding Bitcoin,” Frank added.
Google searches for “bitcoin halving also increased four times, as opposed to the 2016 halving event.
However, most crypto enthusiasts believed Bitcoin would record double, or even triple-digit price increase, due to the halving. The short rally proved them wrong, but many consider the real price surge to start in the following 18 to 24 months. Historically, Bitcoin showed an initial decrease in value before skyrocketing in both price and trading volumes.
The halving event drove an increase in daily trading volumes in the month before the reward cut. However, trading volumes have increased 50 times since the last halving in 2016. Spot market volumes received a boost from a peak of $1,5 billion in June 2016, and it was close to $30 billion in April 2020.
Nevertheless, market players are still stagnant about making strong predictions about Bitcoin’s future price, as this time it would take longer for the market to gain from the bullish momentum the halving created.
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The Average Price Per Bitcoin Transaction Reached $3,19 On 8th May, After Increasing With 300% From $0,62 Per BTC Transaction, As Of 26th April
The world of cryptocurrencies is franticly preparing for Bitcoin’s third halving event, which would cut down the reward that miners receive for validating transactions.
Historically, prior to a halving event, transaction fees skyrocket. The last halving resulted in peak transaction fee of $0,62, with transactions costing a mere $0,10 just weeks before.
However, the halving event means something more than just transaction fees increase. Bitcoin suffered from increased volatility over the past weekend, with prices swinging from close to $9,700 on May 10, to shrink as low as $8,466 on May 11. Nevertheless, Bitcoin’s price is still 40% up year-to-date (YTD), which implies strong support from Bitcoin bulls. The price swing outperforms serious investment assets like gold (XAU) and U.S. dollars.
Speculators expect the halving event to boost Bitcoin’s price, as the price inflation reduces when the reward for mining a Bitcoin block reduces in half. Тhe primary reason behind both Bitcoin’s price increase and inflation reduction is a term, called scarcity. Scarcity resembles how rare to obtain a given asset is. Meantime, Bitcoin’s user base is exponentially increasing. The current 1,800 BTC-per-day premium would be reduced to 900 BTC per day.
Joe Llisteri, the co-founder of crypto derivatives exchange Interdax, stated that over time, the reduction of BTC supply would ultimately lead to a reduction in sell pressure. “The factors add up to an increase in upwards momentum for Bitcoin’s price.”, Llisteri added.
Llisteri also noted that this time Bitcoin’s upwards momentum may see a slower effect, due to progressively longer life cycles for Bitcoin after a halving event. “Currently, we are looking at 18-24 months until a possible all-time high. Timewise, Bitcoin may reach an all-time high between October-November 2021 and May-June 2022.”, Llisteri concluded.
However, small and medium-sized miners may take a serious hit, as the price reward cut may mitigate all possible earnings from small mining enthusiasts and mid-sized mining rigs. Even with the much-anticipated Bitcoin price boost, much of the miners may shut down operations prior to the price increase.
Speaking of mining, Bitcoin’s hash rate continues to keep a steady growth, slightly declining from its yearly high of 123.2 terra hash-per-second (TH/s). There are two possible scenarios – either more miners are joining the Bitcoin network, or current miners are driving their existing rigs to a maximum.
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Ukraine’s Nuclear Power Plants Are Storing Electricity Surplus Due To The Lower Amounts Of Power Consumption
As the crypto world prepares for the third Bitcoin halving, the Ukrainian Ministry of Energy and Environment (MEE) proposed the excess electrical power generated from the power plants to be relocated into processing transactions.
Currently, Ukraine has dropped its power consumption drastically, as many businesses are shutting down operations due to the COVID-19 virus outbreak. The MEE suggested transaction processing as a “perfect tool for using leftover electricity, as well as economic and social development.”
“Having such excess means we can direct it to various sectors like cryptocurrencies. This way, we would keep the minimal loads on the nuclear power plants, as well as grant the chance of crypto-oriented businesses to receive fresh funds from transaction processing. Also, by directing the power into transaction processing, we are creating an entirely new approach to the world of cryptocurrencies and digital economies,” the Ministry stated.
The problem with excess electricity occurs because Ukrainian nuclear power plants have to produce a guaranteed minimum of electricity each month. However, due to widespread energy-consuming businesses shutdowns, the quantity of electric power remains unused. The current power cost per Kilowatt of electricity in Ukraine is around $75/MWh.
The news comes amid more countries opening their doors to digital currency transaction processing companies. Recently, the Iranian government gave the “thumbs up” and licensed Turkish transaction processing company iMiner. The license means iMiner would become the largest crypto transaction processor in Iran. iMiner’s license also covers trading and custodial services. The Turkish payment processor is going to facilitate a $7,3 million investment into the mining farm. The farm itself is expected to be able to work with a maximum load of 96,000 terra hash per second (TH/s). Over 6,000 machines would do the computing power. In 2019 alone, the Iranian government gave over 1,000 licenses to both individuals and companies, which process transactions with a reported 148,000 ASIC-based mining rigs.
Furthermore, governments, which are usually harder to adopt new technologies, seem to find the benefits of granting transaction processors to works, are now focusing on creating the foundations of their digital economies. Iran, for example, needs a digital economy if a new war conflict with the U.S. arises. Ukraine also sees its geopolitical dependence from Russia and seeks alternative funding routes.
Terragreen is an energy saving cryptocurrency that focuses on sustainable economic system. Terragreen has an open source & it is decentralized & distributed system too.submitted by tgncoin to ICOAnalysis [link] [comments]
These Terrageen cryptocurrency is based on a blockchain and smart-contracts where the token can be generated.
These functional systems create financial contracts. TerraGeen cryptocurrency generates token and this token would trade as a cryptocurrency.
Terragreen Cryptocurrency platform is an open source to the public to use, purchase, Trade, mine, develop and many more!
Cryptocurrencies are encrypted, decentralized digital currency which has been transferred peer to peer and established in a pubic ledger through a process known as mining.
As we look through its benefits, one can create its own personal finance!
Here are the 5 Stunning Benefits of Terragreen Cryptocurrency: A NEW DIGITAL CASH!
Well, In today’s generation Cryptocurrency is an eye-catcher to all. We have known that these currencies plays a vast role in making huge profits!!!
Scam: Cryptocurrencies of public are digital and cannot be forged or reversed by any sender as with any credit card or any other medium.
Acquiring genuine property commonly includes some third parties, postponements, and payment of fees. From numerous points of view, the digital money blockchain resembles a "huge property rights database". Bitcoin contracts can be structured and authorized to take out or include third party approvals, reference outer realities, or to be finished at a future date or time for a small amount of the cost and time required to finish customary resource exchanges.
Too less fees: There aren't normally exchange expenses for cryptocurrency exchanges because the miners are compensated by the network. Even though there’s no cryptographic money transaction fee, many expect that most clients will draw in a third-party service, such as Coinbase, making and keeping up their bitcoin wallets.
These services demonstrate like Paypal improves the situation money or Mastercard clients, giving the online trade framework to bitcoin, and all things considered, they're probably going to charge expenses.
It's really interesting to take note of that Paypal does not acknowledge or exchange bitcoins.
Secured Identity: The assurance of delicate records and validation of the identity of a user, particularly in the banking sector: Data control can be spotted with the assistance of blockchain technology empowering banks to go beyond asymmetric encryption and caching in public keys. The arrangement of blockchain empowers authentication of users and devices without password protection. Though the security through block-chain is awesome. Stay safe, stay protected.
Accessible & decentralized: There are roughly billion people with access to the Internet or cell phones who don't right now approach conventional trade, these individuals are prepared for the Cryptocurrency market.
A worldwide system of PCs use blockchain innovation to together deal with the database that records Bitcoin exchanges. Therefore, Terragreen is overseen by its system, and no one focal expert. Decentralization implies the system works on a client to-client (or distributed) premise. The types of mass coordinated effort this makes conceivable are simply starting to be researched.
digital currency isn't bound by the trade rates, financing costs, interest rates, transactions fees or different charges of any nation; in this manner it tends to be utilized at a universal dimension without encountering any issues. This, thus, spares loads of time and additionally cash with respect to any business which is generally spent in exchanging cash from one nation to the next. Digital currency works at the all inclusive dimension and subsequently makes exchanges very simple.
In general, digital forms of money have far to go before they can supplant Mastercards and customary monetary forms as a device for worldwide trade.
Actuality is, numerous individuals are as yet unconscious of cryptographic money otherwise known as Digital Currency. Individuals should be taught about it to have the capacity to apply it to their lives. Organizations need to begin tolerating it They have to make it simpler to join and begin.
The future intrigue of cryptographic forms of money lies in permitting you extreme command over your cash, with quick secure worldwide exchanges, and lower exchange charges when contrasted with every single existing money.
At the point when utilized legitimately and completely comprehended it would be the initiator of many rising frameworks that will on a very basic level change our worldwide financial framework.
Bitcoin Exchange Guide is a hyperactive hybrid of heavy-handed cryptocurrency content curation creators from christened community contributors who focus on delivering today's bitcoin news, cryptoasset user guides and latest blockchain updates. Latest News. Prontapay (ProPay Token): Smart Legal Invoice (SLI) Blockchain Payment System? Trading & Investing Bitcoin Exchange Guide News Team-June 11 ... This ASIC Bitcoin miner comes in at 1TH/s or (1000 GH/s) and will be one of the highest mining speeds on the market. Looks like they have raised the bar for the retail consumer (average Joe) on this one. The unit will weigh in at about 27lbs and come self-configured, and plug and play ready with the companies signature GoldStrike1 technology. Price: $3,499. Key Features: 4U Enclosure 19″ x 7 ... What is Terra coin? Created on October 26th, 2012, TRC is one of the oldest cryptocoins in existence. Unlike traditional fiat currencies, TRC is decentralized meaning there is no central bank. The Terracoin Foundation is dedicated to helping the world through donations. Decentralized governance allows masternode owners to control the future of TRC. Launched: October 26, 2012; SHA256 hashing ... ASIC-Anbieter. Bitmain gehört seit vielen Jahren zu den führenden Anbietern von ASIC-Chips. Der chinesische Exporteur bietet gleich mehrere Bitcoin Miner zum Kaufen an. Bitmain verbaut seine MiningHardware mit leistungsstarken Ventilatoren. Sie sind bekannt dafür, durchweg gute Hash-Rates zu liefern. Das neueste Modell stellt der Antminer T9 dar, eine Weiterentwicklung des bereits sehr gut How much can a miner earn from mining Bitcoin? Bitcoin are mined in units called “blocks.” As of the time of writing, the reward for completing a block is 12.5 Bitcoin. At today’s price of about $10,000 per Bitcoin, this means you’d earn (12.5 x 10,000)=$125,000. When Bitcoin was first mined in 2009, mining one block would earn you 50 BTC. In 2012, this was halved to 25 BTC. in 2016 ...
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