Cryptocurrency & Mining News - Page 1
If Kim Dotcom is to believed, Bitcoin will replace the USD as the world's reserve currency by 2030 -- so mining Bitcoin right now in a super-cold location with cheap power is a really, really good idea... and that's exactly what Russian crypto firm BitCluster is doing right now:
The company has built a new Bitcoin mining farm in the extreme cold environment of the Arctic Circle in the Siberian city of Norilsk. The city is a place that is called home to 180,000 people and has an insane 9-month-long winter which is why BitCluster built the Bitcoin mining farm there.
Norilsk will see temperatures plunge to -40C which is a big reason why BitCluster opened up the Bitcoin mining farm in the Arctic Circle, alongside power costs being considerably cheaper. The economy of Norilsk has been driven by nickel mining for many years but that might change as the city is powered by an independent power grid that is 25% cheaper than the rest of Russia -- so we should expect more mining firms to follow in the steps of BitCluster.
Kim Dotcom has come out swinging, with the MEGA founder tweeting out that within the next 10 years "the USD will be replaced by Bitcoin as the world's reserve currency".
He started off by saying "After WW2 the US was the largest holder of gold and other countries linked their currencies to USD. The gold standard is long gone but 61% of all foreign bank reserves and 40% of global debt are in USD. That's why the US had the luxury of printing USD to finance its debt".
But then it swung directly into cryptocurrency as the answer, where he replied to his original tweet saying: "Within the next 10 years the USD will be replaced by Bitcoin as the world's reserve currency. Nations can no longer rely on USD because of out of control US debt and excessive USD printing by the US for its own benefit. The fall of US Empire is near. Experts know and buy Bitcoin".
But now we have JPMorgan Chase & Co throwing fuel onto the crypto fire, with strategists at JPMorgan saying that Bitcoin could skyrocket up to $146,000 in its "long-term target". At the time of writing, Bitcoin was sitting steady at around $35,330 or so.
The JPMorgan strategists explained: "A crowding out of gold as an 'alternative' currency implies big upside for Bitcoin over the long term, a convergence in volatilities between Bitcoin and gold is unlikely to happen quickly and is in our mind a multiyear process. This implies that the above-$146,000 theoretical Bitcoin price target should be considered as a long-term target, and thus an unsustainable price target for this year".
One of the stories from last week blew up, with Simon Byrne and his huge 78 x GeForce RTX 3080 graphics card crypto mining rig. But now... it has RGB lighting turned on and it is the most beautiful personal mine I've ever seen. Check it out:
But now the story has changed a bit, as the price of Bitcoin has exploded up to $34,000 -- as too as Ethereum. This means that those early numbers of around $10,000 per month or $128,000 per year are a little on the low side, and Bryne would now be making up in excess of $20,000 per month and around $250,000+ per year.
Byrne's total mining system power is 143 GPUs with 28.46 kW of power consumption, 9.665GH/s of ETH mining power -- and around $900 profit per day... all with RGB lighting on top!
Bitcoin was flirting with $30,000 on the edge of 2021 but it easily broke $30,000 and went up and above to a new all-time high of just over $33,000 before stabilizing at around $32,000 at the time of writing.
With this meteoric rise to $33,000 it means that Bitcoin is more valuable than some of the largest companies in the world, with BTC market value at around $580 billion. To put it into comparison TSMC (Taiwan Semiconductor Manufacturing Company) is worth $488 billion, Tesla Motors is worth $668 billion, Facebook is worth $778 billion, Alphabet (Google) is worth $1.18 trillion and Apple at a whopping $2.25 trillion.
Russian natural gas giant Gazprom is getting into a new business: Bitcoin mining. The company is using the oil and gas reserves in Mother Russia to mine Bitcoin.
The company is Russia's gas monopolist and world's 10th-biggest oil producer, with Gazprom leading up major projects with cross-border gas pipelines like the Nord Stream and the South Stream, which delivers gas from Europe to Russia. But now, Gazprom is pushing into crypto mining with its direct subsidiary Gazpromneft.
Gazpromneft's new facility is in Khanty-Mansiysk region of northwestern Siberia, and is using local gas from oil fields as the energy source -- not only that, but it has its own power plant that is transforming that gas, into electricity. All of this is for mining Bitcoin.
John McAfee very famously said back in 2017 that he predicted Bitcoin would be "$500,000 by the end of 2020" and that if he didn't, he would "eat my dick if wrong".
Bitcoin has just reached a new all-time high of $29,000 and could soon breach $30,000 but we're not quite at the $500,000 level where McAfee would like it. Far from it -- but McAfee did promise he'd eat his own meat if BTC wasn't at $500,000 by the end of 2020 -- where it would need to burst out 10x over its current price to reach $500K.
Bitcoin has been rallying right up to $29,000 in the last 24 hours hitting a new all-time high but not quite breaching the $30,000 barrier -- but there's still around 24 hours left of 2020.
BTC had a high volume push right through the $28,500 resistance level, and now the new sights are on the juicy $30,000 target. Material Indicators have data that shows there are large sell walls at the $30,000 level at major cryptocurrency exchanges like Binance.
But what happens once BTC breaches $30K?
Well, many experts think that once BTC has passed $30,000 then the sky is literally the limit -- we might not get to John McAfee eating his own dick on national TV big like he said he would 3 years ago, but it could go a good chunk into the $30-something-thousand market easily.
As the price of Bitcoin (BTC) hits a new all-time high, the prices of bitcoin mining machines are also going up -- around 35% since the beginning of November.
Bitmain and Microbt are reportedly totally out of bitcoin mining rigs until at least May 2021, which is 6 months away. This means that knowing there's no new mining machines arriving for 6 months, demand for machines is as solid as it can be -- and now miners are looking at second hand market to pick up hardware.
John Lee Quigley on Hashr8 explained that "everybody is bullish on bitcoin and the rise in the price of mining machines is certainly reflecting that". He adds that Marathon Patent Group got its hands-on a "purchase agreement for latest-generation" mining rigs that include 6000 x Antminer S-19J Pro mining rigs that will arrive in August 2021, and 4000 in September 2021.
Pornhub enacted the "most comprehensive safeguards in user-generated platform history" when it purged millions of videos from its website that were uploaded by unverified uploaders.
The company saw Visa and MasterCard remove support for payments on their website, so Pornhub turned to cryptocurrency almost instantly. Pornhub is now crypto-exclusive in the US, UK, Australia, Singapore, and other markets -- where credit cards will no longer work as they're not accepted.
Pornhub is the 10th biggest website on the internet, with 42 billion visitors in 2019 alone. The site estimates that over 11,000 hours of video is watched per minute, with traffic to Pornhub going on a stiff incline over millions more people being glued to their homes because of the on-going COVID-19 pandemic worldwide.