Cryptocurrency & Mining - Page 19

Despite the price of Bitcoin plummeting in recent weeks, Mexico's third-richest individual has said that the cryptocurrency is the "new gold".

Ricardo Salinas Pliego is Mexico's third-richest individual and has amassed a net worth of more than $15 billion through several business interests under the conglomerate Group Salinas. Pliego showed his backing for Bitcoin on Twitter, where he confirmed the recommendation to purchase Bitcoin over fiat currencies if an investment is the goal of the buyer.

Pliego responded to Michael Saylor, the CEO for MicroStrategy, where he said, "That's totally right, Bitcoin is the new gold, but too much more portable, transport Bitcoin is so much easier than having your in pockets gold bars ... and i know that I'm going to be attacked by gold lovers". Saylors tweet referenced an interview with Pliego where he states that Bitcoin can outperform the US dollar in wealth preservation. If you are interested in reading more about this story, check out this link here.

Elon Musk has been a center point for the cryptocurrency market for some time now, and after the events of Tesla accepting and then denying Bitcoin as payment for its electric vehicles, some people have questioned Musk's motives for being involved in the cryptocurrency market.

One individual who has questioned Musk's motives is CEO Alex Mashinsky, the head of a centralized cryptocurrency lending platform called Celsius. Mashinsky says that Musk isn't helping the cryptocurrency community and suggests that he is manipulating the market by saying that he is a "tourist" that visits and leaves the the land of cryptocurrencies.

Additionally, Mashinsky says that Musk is the one benefiting from accepting Bitcoin as payment for its vehicles and not the person doing the purchasing. Here's what Mashinsky said, "If the richest guy in the world is willing to exchange a Bitcoin for a Tesla, you have to ask yourself, who is getting the good deal? The minute you buy that Tesla, it's worth less than what you paid for it, but Bitcoin is going to continue to increase in value. So that transaction is good for Elon, but it's not good for you."

The price of Bitcoin (BTC) is suffering, and everyone that is involved in the cryptocurrency market has felt its effects.

However, the suffering of BTC's price may come to an end relatively soon, or at least according to Celsius, a centralized cryptocurrency lending platform CEO Alex Mashinsky. The Celsius head has pinned BTC to reach $160,000 before the end of the year, saying to Cointelegraph that "we haven't seen the highs yet for 2021". Additionally, Mashinsky said that in the past, he called that the price of BTC will correct and that this happens when "When you go too high, too fast".

Mashinsky goes on to use a metaphor for the price of BTC, saying that BTC is much like a spring "Bitcoin is like a spring - we stretch it too much and we put too much leverage. Too many people got greedy." Using Mashinsky's metaphor, it seemingly appears the current stage of the market is after the spring has reached the apex of its stretch and has now recoiled back to its normal tension. For more information on this story, check out this link here.

Twitter CEO Jack Dorsey will be holding what has been dubbed at "The B Word" summit in the coming weeks, and there will be a special guest appearance.

Dorsey announced the news of "The B Word" summit on his personal Twitter account, where he posted a link to the website that says the summit will be focused around bringing thought-provoking Bitcoin information to the masses. The summit also aims to "demystify and destigmatize mainstream narratives about Bitcoin" and also provide reasons why institutions should embrace as well as bring attention to the parts of the network that require support.

Tesla CEO Elon Musk jokingly replied to the initial tweet by Dorsey with a fantastically lame pun "Bicurious?" to which Dorsey said, "Bizarre! Let's you and I have a conversation at the event. You can share all your curiosities..." Dorsey went on to say that Musk and he should have "THE talk", and Musk agreed. "The B Word" summit will be a live event and commence on July 21. For more information, check out this link here.

Iran has just granted permission for 30 crypto mining farms to operate across the country, while on the other hand clamping down on crypto mining farms.

Iran's Ministry of Industry, Mine and Trade has exempted 30 crypto mining farms to operate, issuing them all licenses. The crypto mining farms that were granted permission to crank up their hash power, with 6 licenses in the Semnan province, while Alborz, Mazandaran, East Azarbaijan and Zanjan each receiving 4 licenses. There's only a single crypto mining farm prohibited to operate in the Tehran province.

The country has been fighting power shortages and blackouts, blaming them on crypto mining since 4.5% of all global Bitcoin mining between January and April 2021 place in Iran, according to blockchain analytics firm Elliptic. The Iranian government says that 85% of Bitcoin mining in the country is done so illegally, with licensed Bitcoin mining farms shutting down their operations voluntarily last month to lower the pressure on Iran's electricity grid.

Bitmain is about to unleash its new ASIC crypto mining rig with some serious horsepower behind it, with Bitmain teasing it will have 9500MH/s of power to mine Dogecoin, Litecoin, and other cryptocurrencies.

The most profitable scrypt miner on the market right now is the Innosilicon A6+ LTC Master, which has 2200MH/s of hash power -- Bitmain has a gigantic upgrade here on its hands with the new Antminer ASIC which has 9500MH/sec of hash rate power -- close to 4x.

Bitmain's new Antminer ASIC was revealed during the week, with China-based journalist Colin Wu having the exclusive. He revealed on Twitter: "On June 19th, Bitmain released the new Litecoin/Dogecoin mining machine L7, with a hashrate of 9500MH/s and 3425W, equivalent to 19 sets of L3+, and the price is $15000, overseas purchase price is reduced by 13%. The delivery time is November 2021".

El Salvador is already the first country in the world to adopt Bitcoin as legal tender, but now the country will be giving every single citizen $30 in Bitcoin which is only going to do wonders for the country... and cryptocurrency in general.

Salvadorans will need to simply sign up for the Chivo e-wallet -- with one big cavaet: you'll need facial recognition to sign up for that e-wallet in order to get your $30 in free Bitcoin. El Salvador will need to buy over $100 million in Bitcoin required to give each adult in El Salvador (there's 6.5 million Salvadorans) their $30 worth of BTC.

President Nayib Bukele explained: "The wallet app will even work anywhere with a cell connection, and you won't have to have a cell plan for the app".

One of the world's biggest cryptocurrency seizures just happened as authorities announced hundreds of millions of dollars of cryptocurrencies had been seized.

The announcement comes from the UK Metropolitan Police's Economic Crime Command, who said that the seizure of $158.8 million in virtual currencies is the largest seizure to ever happen in the country. The authorities also believe the seizure could be one of the largest seizures of cryptocurrency to ever happen in the world. The seizure was reportedly related to a money laundering case that was being investigated.

Details of the operation to seize the assets were kept to a minimum, but authorities did say that Crime Command was able to perform the operation after receiving intelligence on asset transfers. Joe Ryan, Detective Constable, said, "Criminals need to legitimize their money; otherwise, it risks being seized by law enforcement. The proceeds of crime are almost always laundered to hide the origin, but by disrupting the flow of funds before they are reinvested, we can make London an incredibly difficult place for criminals to operate." For more information on this story, check out this link here.

MSI has just launched its new CMP 50HX MINER which is the most interesting crypto mining GPU released so far, as it has the same TU104 GPU as the GeForce RTX 2080 Ti -- but with some tweaks.

The new MSI CMP 50HX MINER has the same Turing TU102 GPU as the GeForce RTX 2080 Ti, but with less CUDA cores: 3584 CUDA cores on the CMP 50HX MINER, versus the 4352 CUDA cores on the GeForce RTX 2080 Ti. Another change is that the MSI CMP 50HX MINER has 10GB of GDDR6, versus the 11GB of GDDR6 on the RTX 2080 Ti.

NVIDIA's tweaked Turing TU102 GPU for the MSI CMP 50HX MINER with its 1024 less CUDA cores and 1GB less GDDR6 has lowered power consumption down to 225W -- down from 250W on the GeForce RTX 2080 Ti. MSI requires dual 8-pin PCIe power connectors for its CMP 50HX MINER.

The price has Bitcoin sharply declined in recent days/weeks, and the drop in price across basically the entire cryptocurrency market can be attributed to one thing.

The price of the following cryptocurrencies plummeted on Monday; bitcoin, Ethereum, Cardano, dogecoin, and more, after China announced that it was targeting Bitcoin miners located in Sichaun. The effort made by China to shut down Bitcoin miners in Sichaun is a part of a nationwide effort to reduce electricity. According to Forbes, China is the number one country when it comes to Bitcoin operations, accounting for nearly 80% of all operations globally.

Additionally, Sichaun is the province that holds the second most Bitcoin mining, and due to the shutdown, Bitcoin's hash rate plummeted. According to Chinese state media, the Global Times, local Chinese authorities have said that the country's latest crackdown on the cryptocurrency has reduced China's Bitcoin production by more than 90%. For more information on this story, check out this link here.

Iranian police have just performed their largest cryptocurrency mining farm bust ever, with 7000 computer miners seized in the raid.

State media reports that crypto mining farms have been behind the recent power outages across Iran, with Tehran police chief General Hossein Rahimi explaining that they seized the 7000 computer miners in the west of the capital, inside of an abandoned factory.

General Rahimi said: "The computer miners were found at an abandoned factory in Iran's capital. It was used to carry out illegal cryptocurrency mining activities".

The cryptocurrency market has taken a sharp dive almost across the board. Even people such as Mark Cuban have said he has felt the "hit".

Cuban isn't alone when it comes to feeling the effects of the market dropping, and if you are involved in cryptocurrency in any way, you certainly know how it feels. Vitalik Buterin, the co-creator of Ethereum (ETH), and the world's youngest crypto billionaire, felt a loss of $400 million as Ethereum's value dropped by more than 50% in just 5 weeks.

Forbes reports that Buterin holds 325,001 and 1,366 ETH in two addresses currently valued at around $632,000,000. On May 3, his stack of ETH was valued at $1.09 billion, meaning that around $457,000,000 was lost in between May 3 and now. Ethereum is still ranked the no.2 coin when it comes to market capitalization, Bitcoin being the first with a $606,843,934,844 market cap, and Ethereum with $223,752,321,616. If you are interested in reading more about this story, check out this link here.

Bitcoin has taken a sharp dive in value as of late, but now there might be big some news that could add to its value.

The National Republican Congressional Committee (NRCC), an arm of House Republicans, announced on Thursday that they would be accepting cryptocurrency as a form of donation to the party. In addition, the announcement revealed that cryptocurrency donations will be accepted through a Bitcoin payment service provider called BitPay.

It should be noted that the NRCC won't be storing any cryptocurrency, but instead, the cryptocurrency that is donated will be converted to US dollars before it will become available to the NRCC. Tom Emmer, NRCC head, said that "We are focused on pursuing every avenue possible to further our mission of stopping Nancy Pelosi's socialist agenda and retaking the House majority, and this innovative technology will help provide Republicans the resources we need to succeed."

The entire cryptocurrency market has tumbled, with Bitcoin down 20% in the last 24 hours -- losing $60 billion+ in market cap in the process.

Bitcoin took its huge tumble for a few different reasons: 90% of the crypto mining farms in China are winding down, China is clamping down on cryptocurrencies from all angles, and in the middle of it Bitcoin and every other crypto is being ripped a new one.

It's good to see the media not solely blaming Elon Musk for the streets being turned red with crypto blood, but things are beginning to turn green as I'm typing this news. Bitcoin dropped to $31,000 or so down from $36,000 or so 24 hours ago -- but bounced up from $31,000 up to $32,500 or so at the time of writing.

Texas supermarket giant H-E-B is deploying crypto ATMs at its grocery stores in Texas, with 29 new Coin Cloud ATMs to be setup at H-E-B stores across Texas.

The new Coin Cloud ATMs will allow Texans to buy and sell over 30 different cryptocurrencies, including major cryptos like Bitcoin and Ethereum -- as well as another big crypto: Dogecoin. Coin Cloud is a digital currency provider, which will be providing H-E-B stores with its 29 new crypto ATMs.

Not only will the new Coin Cloud ATMs allow people to buy and sell Bitcoin, Ethereum and Dogecoin -- among other cryptocurrencies, but it will also offer multiple US dollar stablecoins, as well as a variety of DeFi tokens.

The price of virtually every single cryptocurrency has dropped dramatically, with fan favorite Dogecoin plummeting from $0.30 down to $0.17 and there's no stopping it yet -- everything is bleeding right now.

Dogecoin hit a peak of just over $0.44 on June 4 and since then has been tumbling down, finding support between $0.32 and $0.34 over the last few days -- but then the entire market bottomed out and Dogecoin went into freefall.

In the last week Dogecoin has lost over $20 billion market cap, where it was sitting at around $42 billion market cap on June 16 before the steady downhill drop to $23 billion market cap at the time of writing. Dogecoin is down 36% over the last 24 hours at the time of writing (this will change depending on when you read this).

ASRock has just unveiled its latest crypto mining motherboard, with the introduction of the H510 Pro BTC+ motherboard that is very well endowed... check it out:

Yeah, it's a gigantic motherboard (50.1 x 22.4cm or 20.1 x 8.8 inches) that won't fit in a regular case -- with 6 x full-sized PCIe 3.0 x16 slots that would let you install 6 x beast NVIDIA GeForce RTX 3090 Founders Edition -- or any other high-end triple-slot graphics cards.

Just because there are 6 x PCIe 3.0 x16 ports that doesn't mean all of them run at x16... as that would mean you'd need 96 PCIe 3.0 lanes and that ain't gonna happen on this, or even a high-end chipset. The first slot runs at full-speed x16 while the other five slots run at x1 speeds.

No one is safe from the unpredictable cryptocurrency market drops, not even people who are already billionaires and could be considered "whales".

Mark Cuban is one example, as a coin that he has personally backed saw a sharp decline in value as a massive sell-off wave occurred, reducing the value of the coin by 100%. The token in reference is Iron Titanium, and on Wednesday morning, the value begun to crash, driving the price from $64 on Wednesday to less than 0.01% of a penny by the time Thursday rolled around.

Large investors into the coin began to sell off their holding, causing the token's value to plummet, but Iron Titanium isn't the only coin to have done this. According to CoinMarketCap, around one-third of the world's top 100 most valuable cryptocurrencies on the market dropped by at least 40% in value over the past month and a bit. Additionally, twelve of the most valuable crypto's have reduced in value by more than 50% on average.

A professional NASCAR driver will be receiving at least part of his salary in cryptocurrencies, according to a new sponsorship deal that has been struck.

The professional NASCAR driver is Landon Cassill, who says he was already "very active" in the Litecoin market, and according to a report from Associated Press, Cassill will be receiving his entire sponsorship deal with Voyage in Bitcoin and Litecoin. The deal between Cassill and Voyage spans 19 years, and Cassill will receive a "portfolio of various digital assets" that contains Bitcoin and Litecoin.

Cassill states, "There are a handful of pilots who like crypto, but I am probably one of the ones who has been around long enough and I am quite comfortable with how it works. I can trade it right away before the market changes or hold on to it while the market goes up or down, take out a little, pay my bills with it and keep the rest."

The price of Bitcoin has been suffering as of late, but now a rebound is seemingly occurring, according to some projections.

May was a dark month for the world of cryptocurrency as many, if not all coins, plunged in value after Bitcoin saw a considerable correction in price. Now, reports are indicating that the dip in price has come to an end as researchers are pointing towards spent output profit ratio (SOPR) and stock-to-flow deviation as evidence.

PlanB, the creator of stock-flow-deviation, has said it would be a "surprise" if Bitcoin didn't recorrect to the stock-flow-deviation line. Here's what was stated, "So we may well see price make its way back up to the stock to flow line in the coming months. This would mean new all-time highs for $BTC before the end of this year, as the Stock to Flow line is currently sitting at $85,000." If you are interested in reading more about this story, check out this link here.