Cryptocurrency & Mining News - Page 35

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.