Cryptocurrency & Mining - Page 22

Ever since Tesla announced that they wouldn't be accepting Bitcoin as payment for its electric vehicles and the dreaded news out of China, Bitcoin has dropped in value considerably.

Tesla CEO Elon Musk has taken quite a lot of heat since the drop in Bitcoin price, but the billionaire has stood his ground when it comes to people claiming that he has sold his holdings in cryptocurrency. Musk has publicly advocated for the meme-cryptocurrency Dogecoin, causing the price of the coin to reach new highs.

Now, Musk has agreed with a Twitter user that claimed that Musk has a very large number of Dogecoin in his crypto-wallet, and that he "has major skin in the game". Additionally, the Twitter user said that he doesn't think Musk "would ever sell his Doge holdings. He's the ultimate hodler". To this Tweet, Musk replied by saying, "Yeah, I haven't & won't sell any Doge".

Chia cryptocurrency blew into the scene weeks ago, melting storage and eating up SSD supplies worldwide -- but just how much storage has Chia eaten through in the last few months? 10 exabytes.

1 exabyte is 1 million terabytes. That means 10 million terabytes or 10,000,000 TB of storage has been eaten up by Chia cryptocurrency mining so far. These numbers have skyrocketed recently, as Chia had only chomped into around 6 exabytes of storage, but it has close to doubled that inside of a week.

Another huge fact here is that most of this is being done on ultra-fast NVMe SSD drives, thanks to their superior flash-based storage compared to mechanical HDDs. If you want to write 100 terabytes of plots (1010 plots) then you're going to eat into 1.6 petabytes of NVMe writes which is insane.

Elon Musk is back at it, with the SpaceX and Tesla boss tweeting out "How much is that Doge in the window" and seeing the people's crypto price leap by close to 20% instantly.

The post was out of nowhere after hundreds of billions of dollars was bled out from the entire cryptocurrency market and hundreds of billions of dollars of cryptocurrency market capitalization was wiped off the market in hours. The price of Dogecoin was at $0.36 before Musk's tweet and it flew up to $0.420 (of course) with his tweet.

At the time of writing the price of Dogecoin was sitting at $0.405 and was on the uptick, we could expect Dogecoin to fly past $0.50 and back up towards its trajectory of $0.69 and beyond up to $1 -- but that might need many more random tweets from Elon Musk at this point.

We are in the middle of a gigantic wave in the cryptocurrency market, with nearly $1 trillion in crypto market cap wiped in hours just a couple of days ago -- and now the U.S. Treasury Department is stepping in.

The Treasury Department has announced major crackdowns on cryptocurrencies, the crypto markets and exchanges, and every single crypto transaction. The Treasury Department has new rules that require Americans to report any transfer of cryptocurrency over $10,000 to the IRS (Internal Revenue Service).

The U.S. Treasury Department explained in a press release: "Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion. This is why the President's proposal includes additional resources for the IRS to address the growth of cryptoassets".

The price of Bitcoin has been hit hard recently, and there are many factors at play that may have caused the dip.

China recently cracked down on the cryptocurrency market by banning financial institutions and payment companies from providing any and all services to cryptocurrency-related transactions. Along with that announcement is Elon Musk saying that Tesla is no longer accepting Bitcoin as payment for its electric vehicles. Both of these announcements impacted the price of Bitcoin, and now the currency is seemingly in free fall.

Now, a 4Chan user who claims he is an insider for a massive financial firm has said that the price reduction "will be a coordinated sell-off to drop the prices below a certain threshold and liquidate one certain stakeholder (can't outright say who he is but he bought a lot at the dip that he was partly responsible for)." The 4Chan user goes on to say that once the price of Bitcoin is reduced "plan is then to buy up all the reserves and essentially leave him bankrupted".

The entire cryptocurrency market took a gigantic dive in the last 12-24 hours, with hundreds of billions wiped from Bitcoin, Ethereum, Dogecoin, XRP, and everything in between.

Why? Well, China did just completely ban financial institutions and payment companies from providing any and all services to cryptocurrency-related transactions, going as far as warning investors against speculative cryptocurrency trading. Banks and online payment companies cannot offer people crypto-related services, including registration, trading, clearing and settlement, and more. Goooo China!

National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China -- 3 industry bodies said in a joint statement on Tuesday: "Recently, crypto currency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people's property and disrupting the normal economic and financial order".

Update: Now the entire mining dashboard is broken for me, I can see all of my mining rigs but they're all disabled/off in the eyes of NiceHash. The "current actual profitability calculator is still ticking away in real-time, as well as my unpaid mining balance. But there's some funny stuff going on with NiceHash right now.

NiceHash is the world's leading cryptocurrency platform for mining and trading, and in the middle of a gigantic crypto crash the company has halted any and all crypto wallet withdrawals and people are pissed.

I noticed it myself personally when I refreshed my NiceHash dashboard and noticed the new blue bar at the top that reads: "Wallet withdrawals are disabled as per our security protocols. Please read this article for more details". Well, right in the middle -- in the exact moment that the crypto market crashes and hundreds of billions of dollars is wiped off the market -- NiceHash is hacked and wallet withdrawals are disabled because of it.

If you're into cryptocurrency at all you would've noticed the last few days hasn't been good at all, but in the last 8-12 hours it has been a total bloodbath. But never fear, Elon Musk is here -- and Tesla, too with their diamond hands.

The SpaceX and Tesla boss tweeted out something fairly simple, saying that Tesla has diamond hands -- using a diamond + hands emoji on Twitter to tell the world that Tesla HOLD'd their Bitcoin during that flash crash seeing Bitcoin fall into its own footprint from $40K+ to $30K in hours.

Bitcoin and other cryptocurrencies including a Musk favorite in Dogecoin, recovered in the hours after -- with Bitcoin climbing back up from $30,000 to $38,000 or so at the time of writing -- meanwhile Dogecoin dipped into the dark world of $0.22 after falling from $0.44 and has since recovered to around $0.36 at the time of writing.

The price of Bitcoin is currently in a downwards trend, and all of the price gains the cryptocurrency made after Tesla announced it accepts the coin as a form of payment.

Elon Musk announced back on February 8th that Tesla were now accepting Bitcoin as a form of payment for Tesla vehicles. With that announcement, the price of Bitcoin began to trend upwards, making a record high of almost $65,000. Since then, the price has maintained its volatility, but has now started to trend downwards following Musk's announcement that Tesla would be suspending Bitcoin payments due to environmental concerns.

At the time of writing this, the price of Bitcoin is currently sitting at around the $39,500 mark, which is the same price as a day before Tesla announced that it would be accepting it as a form of payment. Essentially, all of the gains that have been made in terms of Bitcoin's price increasing have now been wiped out, as the price of the coin continues its downwards spiral.

Vitalik Burterin is one of the co-founders of Ethereum, and on May 16, he burned around $6.6 billion worth of the Dogecoin-killer Shiba Inu tokens.

Shiba Inu tokens were created after the meme cryptocurrency Dogecoin began to gain immense popularity. The Shiba Inu token (SHIB) is a new ERC-20 project that the developers behind the coin say "ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking)." Buterin didn't sell $6.6 billion worth of Shiba coins, he actually burned them by removing them from circulation.

Burterin said that he has decided to burn 90% of the remaining Shiba token in his wallet, and the remaining 10% will be donated to a not yet decided charity that supports cryptorelief. Burterin goes on to say that he doesn't want to receive any coins or power in your project with his prior consent, as he says he doesn't "want to be a locus of power". How did Burterin burn his 410.24 trillion SHIB coins? He sent them to a dead blockchain address that can't be accessed by anyone, and is not a part of the circulating supply of coins.

We all know the topic of power consumption concerns with cryptocurrency usage, the blockchain, mining, and everything in between -- but did you know Ethereum's power consumption is about to plummet.

Ethereum is soon transitioning from mining to staking with the move to proof-of-stake reducing power consumption of Ethereum. The Ethereum Foundation says that the blockchain's power consumption will drop by over 99% making it around 7000% more energy-efficient than Bitcoin which is still reliant on mining.

In a new post on the Ethereum Foundation Blog, Carl Beekhuizen said: "Ethereum will be completing the transition to Proof-of-Stake in the upcoming months, which brings a myriad of improvements that have been theorized for years. But now that the Beacon chain has been running for a few months, we can actually dig into the numbers. One area that we're excited to explore involves new energy-use estimates, as we end the process of expending a country's worth of energy on consensus".

According to a report from New York Post's Page Six, Elon Musk, Grimes, and Miley Cyrus all attended a crypto-themed party after filming Saturday Night Live (SNL).

Elon Musk attended the after-party with his musician girlfriend, Grimes, and the musician Miley Cyrus. Sources said that women at the party were dressed as aliens and served Dogecoin cupcakes. The source added that a dog handler brought out a Shibu Inu, which is the breed of dog that is seen on the front of the Dogecoin.

The source said to New York Post's Page Six that the Shibu Inu was brought in as a "like a good-luck token." As for the location of the party, according to the source, the party was held at The Public in New York City's Lower East Side, and was the first time in the 14 months that the hotel had been opened by the owner Ian Schrager. "Ian opened it just for Elon and his guests," said the source. For more information on this story, check out this link here.

Charles Hoskinson, the co-founder of Ethereum and founder of Cardano, has posted a step-by-step video guide on how Elon Musk can help Dogecoin developers fix Dogecoin.

Tesla CEO Elon Musk recently announced that he was working with Dogecoin developers to improve the currency and that it's "potentially promising". The founder of Cardona has suggested that Dogecoin needs to replace the Scrypt protocol with Prism protocol to improve its transaction efficiency. Hoskinson goes on to say that Dogecoin could reach up to 10,000 transactions per second if it implemented Prism.

Hoskinson goes on to recommend that Dogecoin adopts the HashCore algorithm, as well as the ErgoScript. The HashCore algorithm will keep Dogecoin ASIC-resistant, and the ErgoScript algorithm will usher in smart contracts for Dogecoin. As for Musk's recommendations for improving Dogecoin, the Tesla CEO has proposed increasing the Dogecoin block size by ten times. For more information on this story, check out this link here.

Tesla CEO Elon Musk has taken quite a lot of heat over his recent tweets that impacted the price of bitcoin, which has led to the price to trend downwards.

Now, American surfing legend Kelly Slater has taken to his Instagram story to put Musk on blast, claiming that the Tesla CEO is actually "bad for crypto", and that he hopes the "SEC is taking a good look at this (and all of them who might be buying the dip today and this week in their private accounts)." The statements from Slater come after Musk suspended vehicle purchases using bitcoin, citing the impact bitcoin mining has on the environment.

Since then, Musk has hinted towards Tesla selling its bitcoin holdings in the next quarter but clarified then clarified that Tesla hasn't sold any of its holdings. Slater goes on to say, "Elon Musk and Tesla Motors proudly bought $1.5B worth of Bitcoin for around $34K in Feb. Elon comes out this week and says BTC mining is bad for the environment and they dump their bitcoin for an estimated $804M in profits (but he's still pushing dogecoin, a useless s***coin)".

The price of Bitcoin (BTC), at the time of writing this, is currently in a downwards trend after a series of tweets from Tesla CEO Elon Musk.

On May 16, Twitter user Mr. Whale posted a tweet that stated, "Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their Bitcoin holdings. With the amount of hate @elonmusk is getting, I wouldn't blame him...". Musk replied to the tweet with a simple "Indeed", and later followed up with another reply to a post where he said that Tesla hasn't sold any of its Bitcoin.

You don't need to be a genius to see some sort of connection between the price of bitcoin and Musk's Twitter posts. The question that is raised now is how do you quantify the level of impact a single tweet from Musk can cause on the market, and is this healthy for the cryptosphere as a whole? Cryptocurrency is still in its infancy, and as it continues to grow and be adopted, answers to the above questions will undoubtedly be found as governments become involved.

Two brothers who have remained annoymous have told CNN that they became millionaires almost overnight with one simple investment.

The two brothers named Tommy and James who are 38 and 42 years-old, respectively, invested into Shiba inu coin, which is a parody coin of the now extremely popular cryptocurrency Dogecoin. Any cryptocurrency is a gamble as the market is extremely volatile. But while volatility is risky there is also the chance of making high levels of profit. James and Tommy each purchased $200 worth of Shiba coin back in February.

Tommy said, "My mother and sister were skeptical but they each put in $100, too. After a few weeks, when it was up about 300% they put another $100 in each, and then it kept going up." In total, the group put $7,300 into the cryptocurrency. Due to the COVID-19 pandemic, the brother's main source of income - wedding videography - basically came to a halt. In April the brothers' investment reached $100,000, and continued to climb higher. "We woke up the next morning and it doubled. We were like, 'Oh my god,' Then it went up to $700,000 and I told my brother it's going to hit a million. I kept refreshing my phone."

Last week, Elon Musk stopped accepting Bitcoin (BTC) as payment for Tesla vehicles, and since then, speculation has started that Musk sold Tesla's Bitcoin holdings for a profit.

Musk announced that Tesla will no longer accept BTC as payment, citing the cryptocurrency's fossil fuel usage for Bitcoin mining and transactions. Tesla's announcement caused BTC's value to tumble downwards, which sparked a lot of controversy online where people speculated that Musk was manipulating the price of BTC for profit.

Now, the Twitter account Bitcoin archive posted the above Tweet, stating "Bitcoin is down 20% since Elon Musk started sh*tposting. And you wonder why some people are mad?". Musk replied to this tweet, stating the following, "To clarify speculation, Tesla has not sold any Bitcoin". As you may expect, this Tweet from Musk clarifying that Tesla is still holding its BTC will no doubt affect the price of BTC, which at the time of writing this is sitting at around $44,000.

We all know Elon Musk is a huge Dogecoin enthusiast as he is often referred to now as the Dogefather, with the SpaceX and Tesla boss giving some tips to Dogecoin developers.

In a recent tweet, Musk said he was "working with Doge devs to improve system transaction efficiency. Potentially promising" -- but that was May 14 and that is an eternity in the world of cryptocurrencies, and the life of Elon Musk. In his latest tweet, Musk was replying to someone who said Dogecoin was superior to Bitcoin in many ways.

Musk replied to a tweet that said "Dogecoin has faster transaction speeds, lower fees, and less environmental impact" than Bitcoin. The tweet continued, saying Doge is "affordable for regular folks because of its high supply" to which Musk replied: "Ideally, doge speeds up block time 10X, increases block size 10X and drops fee 100X. Then it wins hands down".

Uh oh... a huge kerfuffle has taken place on Twitter between Elon Musk and podcaster Peter McCormack, with Musk replying to McCormack's huge Twitter thread. You can check out that thread here:

But in reply to that thread, Musk says "obnoxious thread like this make me want to go all in on Doge" and I'm sure that has people in a state of shock. Musk is the type of person who would just flex billions of dollars into Dogecoin in an instant and see the price not just skyrocket -- but go through a freaking wormhole to somewhere lightyears away.

I don't think the Tesla and SpaceX boss would go "all-in" with Dogecoin but holy hell would that be insane to see, billions of dollars flowing into Dogecoin. Musk is already the face of Dogecoin as it is, and wants to send a "literal Dogecoin to the literal moon" and then made it a much bigger step (and soon a giant leap) into reality with SpaceX announcing its DOGE-1 Mission to the Moon.

Elon Musk's tweet about Tesla now not taking any Bitcoin as payment for Tesla vehicles caused a significant dip in cryptocurrencies value.

It was only a few days ago that Musk announced that Tesla would not be taking any Bitcoin as payment for Tesla vehicles, citing the energy needed to mine Bitcoin. Musk said that Tesla still intends to use the currency for transactions "as soon as mining transitions to more sustainable energy". Since Musk has halted Bitcoin payments to Tesla due to environmental concerns, Tesla is now looking towards other cryptocurrencies that use much less energy.

According to attorney, John E Deaton, Musk has handed "the best ad campaign" to Ripple's (XRP) executives. Ripple CEO Brad Garlinghouse and other executives aren't strangers to promoting how energy-efficient Ripple is, with Garlinghouse recently stating that XRP is 10,000 times more energy-efficient than Bitcoin. XRP isn't the only energy-efficient cryptocurrency on the market. Other options include one of Musk's personal favorites - Dogecoin.