Cryptocurrency & Mining News - Page 20
Can you believe that we're edging closer to $10,000 per Bitcoin right after Thanksgiving, which will end 2017 in a spectacular fashion. It was only yesterday that I was writing that Bitcoin hit a record price of $9483 and here we are again, with a new record price of BTC.
Bitcoin started off the year priced at under $1000 and reached a new peak of $9739 today, just $261 short of the $10,000 milestone. Back on November 12 the price of Bitcoin dropped down to $5857 with many thinking it was on its way back down to sub-$5000 as it had just reached its then-record peak of $7458 on November 8.
Just weeks later, and we're now edging close to $10,000. Amazing. Just don't be this guy, who threw away a HDD with over $71 million of Bitcoin away.
Now that Bitcoin has reached record heights of $9483, it made me remember the story of someone throwing away a HDD with a bunch of Bitcoin on it back in 2009.
The original story is that James Howells had 7500 Bitcoins in 2009, stored the HDD with the cryptocurrency on it until 2013, and then threw it in the trash. The story was picked up in 2013 as Bitcoin was reaching the then-dizzying heights of $1000, Howells at the time said he'd "never thrown a hard drive out before" had taken his PC apart as he spilled a drink on it.
He took the HDD out and threw it out amongst other hardware as party of a "clearout of old IT equipment", but not long after Howells said he took interested in Bitcoin and reached out to the dump where his rubbish ended up. The dump manager said that the HDD "could be 3 to 5 feet deep" in landfill, the size of a soccer field.
But now that Bitcoin is worth $9483, Howells would have $71,122,500 if he had that HDD. Who wants to go dumpster diving with me?
It has been one of the most amazing weeks in the short life of cryptocurrency, with Ethereum reaching record highs and now Bitcoin hitting a new high of over $9000. An incredible journey this year, and over the last five years.
Bitcoin reached its record high of $9483 on November 26 at 7PM, floating back down to $9344 at the time of writing. BTC opened at $8763 and hit a high of $9484 giving it a market cap of an incredible $151 billion. This means the entire cryptocurrency market value now stands at a mammoth $285 billion, with BTC responsible for well over 50% of that alone.
Ethereum has had an explosive year that has culminated in the cryptocurrency reaching a record new high of $424, increasing in price by over 12% in just 24 hours.
ETH is continuing its upward trend as the second largest cryptocurrency by market capitalization, and has bounced back since its record high $414 price in mid-June. Back in June is when we saw Ethereum mining explode, resulting in me setting up and continuously upgrading a 60-graphics-card strong Ethereum mine. I have culled the mine a bit, and I'm down to 40-something cards.
Ethereum is currently processing more transactions per day than all of the other cryptocurrencies combined, with Ethereum mining difficulty on pause for the next year. It actually dropped significantly on October 16, relieving pressure from miners that would've other wise given up. BCH (Bitcoin Cash) is also able to be mined on consumer GPUs, as it doesn't need ASIC-specific hardware like its big brother Bitcoin (BTC).
Bitcoin continues its path towards $10,000 USD and while it might not have reached it yet, it has been edging into the mid $8000s for a while now. Most people don't realize that Bitcoin mining is a very big deal in China, as too with Russia.
China has put their foot down with Bitcoin miners, with the country set to cut your electricity supply if you're draining power mining Bitcoin, since miners would be using the lions share of electricity in the area. It's being reported in the country that China is noticing massive power consumption in some areas, and if they find out it's because someone is mining Bitcoin, they will limit electricity supply to some users in some areas during peak times.
The Chinese government have issued warnings to people in Danba County, Sichuan, which is one county where Bitcoin miners are gathered in China. There's also Tibet, Inner Mongolia, and others which leverage hydroelectricity and wind power to generate electricity, making it an easy decision for massive Bitcoin miners.
The list of websites that are mining cryptocurrency on users' CPUs is growing, with the phenomenon seeing the creation of the term 'cryptojacking' to fit this new hijacking of users' computers.
But then there's the concern of having multiple websites open in different tabs all trying to secure your CPU resources at once, it could cause problems. ArsTechnica is now reporting that th ere are at least 2500 websites that have embedded cryptocurrency miners that are hidden away from users.
One of the pillars of users' PCs being hijacked for crypto mining is Coinhive, which is a company that sells easy-to-integrate cryptocurrency miners into websites, giving site owners a nice boost in income.
Bitcoin has been steadily rising every single day for the last couple of weeks, breaking through barriers like $6500, and even $7000 - reaching a peak of $7600 before landing at $7621 at the time of writing.
The market cap of Bitcoin is now an incredible $124 billion, while the total value of all cryptocurrencies flew past $200 billion, largely driven by Bitcoin's near unstoppable charge into notoriety. But, this is where things get exciting.
Fundstrat co-founder Tom Lee says that the number of unique Bitcoin addresses has exploded in August, blowing their expectations out of the water, and reaching their mid-2018 expectations, now. Investor interest in cryptocurrency has been mooning lately, and has driven the price of Bitcoin up by 700% from earlier this year when it was under $1000.
Bitcoin has hit a new record of $6000, with the largest cryptocurrency reaching a total market value of $100 billion. If we compare this to credit card company American Express, which has a market value of $96 billion, Bitcoin is a serious thing now more than ever before.
A single Bitcoin reached $6064, reaching a market value of $100.81 billion or so, which is all leading up towards the upcoming Bitcoin fork that's expected on October 25. Then weeks later on November 18, Bitcoin will roll through SegWit2x, which is going to cause more instability (good, or bad) in the price of BTC.
With some people saying Bitcoin could be worth $100,000 or even $1 million per BTC, that reality could be here much sooner, rather than later. Just imagine being that person who traded 40,000 BTC back in the day for some pizza... that is worth $240 million right now. Ugh.
It is the new rage of 2017 to have your website mining Monero, or other forms of cryptocurrency, riding users' CPUs to make money. There's a good way of doing this, and a bad way... but now PolitiFact is joining in on the crypto mining fun, unintentionally.
Bitcoin has reached the heights of $4500 once again, for the first time in a month, and right now it has no signs of stopping. Bitcoin is headed towards a hard folk, which in very simple terms is a software upgrade that "introduces a new rule to the network that isn't compatible with the older software. You can think of a hard fork as an expansion of the rules. (A new rule that allows block size to be 2MB instead of 1MB would require a hard fork)", explains CoinDesk.
At the time of writing, BTC was trading at $4576 USD, with a high today of $4626. The Bitcoin fork takes place on October 25. We could see the price of BTC rising past $5000, or higher, as owners of 'altcoins' begin selling or trading their currency for BTC, wanting to ride the high. Altcoins are also taking a hit in price already with many on Facebook groups that I follow worried about the downtrend in altcoin pricing, but the big uptick in BTC pricing.
There are a few things happening on October 25, with the Bitcoin hard fork leading us right into the arms of Bitcoin Gold (BTG). BTG is the result of the Bitcoin fork, with BTC holders to receive the same amount of BTC as you have in BTC on the day that the Bitcoin blockchain snapshot is being taken, October 25 in this case.
BTG will be something very interesting for miners, because it's based on Equihash it can be mined on consumer GPUs. Bitcoin was like that at first, but moved towards ASIC specific hardware and into the control of mega miners who spend millions on gigantic setups with ASIC hardware and professional cooling, sometimes even underground.