Author: dfmines

Binance, the leading cryptocurrency exchange by trading volumes, announced it is discontinuing its derivatives and futures products in Germany, Italy, and the Netherlands. This is likely the consequence of the regulatory crackdown that governments all over the world have exerted on Binance lately. The company also stressed this was the start of a complete plan […]

Did China make the mistake of a lifetime by banning Bitcoin mining or do they have a secret plan? That’s the question the whole Bitcoin ecosystem is struggling to answer. And today, we got another piece of the puzzle. In the article titled “It’s Over, It’s All Over” – The Death Of China’s Bitcoin Mining Industry,” a pseudonymous manager by the name of Ye Lang tells his story. And in his tale, a bigger story is reflected. Related Reading | Bitcoin Hash Rate Goes On Death Spiral Post China’s Crackdown On Miners On May 21st, in a “meeting of the State Council’s Financial Stability and Development Committee, a top-level economic and financial policymaking body chaired by Vice Premier Liu He,” China decided to ban Bitcoin mining. Less than a month later, on June 19th, the Sichuan government ordered “the closure of Ye’s facility, along with 25 other cryptocurrency mining projects in the province.” That story started like this: Ye decided to jump on the Bitcoin mining bandwagon in 2018 when he closed down the majority of his internet café business, mortgaged his apartment in Anqing, Anhui province, borrowed money from relatives and left his wife and daughters to move to Sichuan What can we learn from Ye’s first-hand experience? 1.- It Only Takes 80 Employees To Manage An 80,000 Bitcoin Miners Operation At the peak of the facility’s Bitcoin mining operations, Ye was in charge of 80 employees and a total of 80,000 mining machines, with the entire project estimated to be earning more than 90 million yuan ($14 million) during the peak six months when Sichuan’s rivers are glutted and electricity is especially cheap The numbers are staggering. Evidently, supersizing mining operations offers a huge advantage. Especially in regions with cheap electricity. 2.- Clean An Renewable Energy Didn’t Save Sichuan The fact that the electricity for crypto mining in Sichuan came from clean hydropower meant that many thought the province would be a safe haven for Bitcoin miners. As pressure on local governments to cut carbon emissions mounts, projects were successfully shuttered in some other provincial-level regions — such as Xinjiang and Inner Mongolia — where the mining was chiefly fueled by coal.  The only thing we can know for sure about the Chinese government’s plan is this: the environment is not on their radar. They’re closing these mining operations for other reasons altogether.  3.- Bitcoin’s Energy Use Is Not The Issue The fact that the Sichuan crackdown was about to hit, confirms what everyone has known: the “justification” for cracking down bitcoin miners, the cold shoulder on bitcoin by social luminaries (such as Elon Musk) and the use of the ESG bullshit excuse that crypto is “dirty” have always been merely a socially-acceptable smoke screen for a regulatory crackdown on cryptos when they become too big. Enough said. ZeroHedge nailed it on the head.  It’s also worth noting that Nic Carter also nailed it on the head regarding China’s energy mix when it came to Bitcoin mining. 4.- Individuals Can Still Mine Bitcoin In China Despite the government’s hardline approach, Ye is determined to carry on: “This industry is extremely volatile. High emotions and stress are involved, but that’s also its appeal. Companies are banned from mining Bitcoin, but individuals aren’t,” Ye said, adding that he plans to turn around his operation by purchasing old equipment and downsizing. The Chinese government was only worried about industrial-sized private mining operations. The question is why. What are they planning? Nobody seems to have figured that out. 5.- One Owner Mined Between 70 and 80 Bitcoins Per Day Another character enters the scene, the owner of the mine. We’ll call him Liu Weimin, also a pseudonym.  Liu owned more than 10 Bitcoin mining farms, which industry insiders estimated accounted for one-eighth of the total electricity consumed by all Bitcoin mines in the province. During peak seasons, Liu said his farms could mine 70 to 80 Bitcoins every day. About 900 Bitcoins are issued each day globally, according to an industry information platform. Almost 10% of the total daily issuance seems like too much for a single individual. The Bitcoin world scored a huge win with the Chinese ban on Bitcoin mining.  BTC price chart on Bitstamp | Source: BTC/USD on TradingView.com 6.- A Industrial-Sized Mine Can Break Even In A Year “Mining farms are somewhat like conventional crop farms. No matter how the Bitcoin market changes, the mining process remains. Opening such facilities is a relatively stable investment, and I can generally break even in a year,” Liu told Caixin. There are few businesses in the world that can give you that ROI. At least among the legal ones. Food for thought for the young entrepreneurs out there. Related Reading | How China Bitcoin FUD Is Lowering The Cost To Produce BTC 7.- Bitcoin Mining Used To Be A Respected Business In China Thanks to the Sichuan government’s mining-friendly policies back then, Liu’s business continued to flourish for the past three years. He quickly made a name for himself, and was a frequent guest at government events and meetings, where he was recognized as one of many model energy consumers who had helped lift locals out of poverty. From a respected businessman to a social pariah. It would be easy to feel sorry for Liu if he wasn’t on his way to restore his business. Following the government’s May 21 crackdown announcement, he arranged teams of employees to scout for new venues in North America and Kazakhstan. In mid-June, his company bought an oilfield in Canada that could potentially provide fuel for his Bitcoin mining business. So, why did China banned Bitcoin mining? We have no idea. We know, however, that their hold over the industry was already waning and that entrepreneurs are selling small hydropower stations. And we have both Ye and Liu’s stories. Is the picture clearer? Are we closer to the real deal? Featured Image by Лечение Наркомании from Pixabay – Charts by TradingView

Nonfungible tokens appear to be bubbling again, with marketplace OpenSea now processing more volume daily than it did for the entirety of 2020.

Per the passing of the Moon Week Governance Poll, this is your reminder that tomorrow is the snapshot and beginning of Moon Week (Round 16). All Moon Week polls will be compiled in a sticky from Thursday until Tuesday. Please submit any governance proposals for this month before Thursday so they can be promoted in…
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Bitcoin price struggled to recover above $40,000 and extended its decline against the US Dollar. BTC could dive below $38,500 if it continues to stay below $40,000. Bitcoin extended its decline below the $40,000 and $39,200 support levels. The price is now trading well below $40,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $39,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must break $39,250 and $40,000 to start a fresh increase in the near term. Bitcoin Price is Struggling Bitcoin price started a fresh decline from well above $42,000 level. BTC broke the key $40,500 support level to move into a short-term bearish zone. The price even settled below the $40,000 level and the 100 hourly simple moving average. It even broke the $39,200 support zone and traded as low as $38,711. The price is now consolidating gains above the $38,700 level. An initial resistance is near the $39,250 level. There is also a major bearish trend line forming with resistance near $39,250 on the hourly chart of the BTC/USD pair. The first major resistance is near the $39,600 level. It is close to the 23.6% Fib retracement level of the recent decline from the $42,630 swing high to $38,711 low. Source: BTCUSD on TradingView.com The main resistance is now forming near the $40,500 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the $42,630 swing high to $38,711 low. If there is an upside break above the trend line and then $40,000, bitcoin could rise towards $40,500. The next major resistance on the upside is near the $41,200 zone. More Losses in BTC? If bitcoin fails to climb above the $39,250 and $40,500 resistance levels, it could continue to move down. An initial support on the downside is near the $38,700 level. The first major support is now near the $38,500 zone. A clear downside break below the $38,500 support might encourage the bears for more losses. The next major support is near the $37,000 zone. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level. Major Support Levels – $38,500, followed by $37,000. Major Resistance Levels – $39,250, $40,000 and $40,500.

And you should too, helping others was never easier thanks to Moons. Also, you can be getting awesome info first hand, so you can make better decisions. I strongly believe that information changes situations, so if you can have free access to (sometimes) great information, why wouldn’t you do it? And why not be one…
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After receiving pushback from cryptocurrency lobbyists, lawmakers revised that section of the bill to “clarify” the definition of a broker rather than expand upon it. The legislation also removed language that explicitly targeted “any decentralized exchange or peer-to-peer marketplace.” It replaced that with a broader definition that characterizes brokers as anyone “responsible for regularly providing…
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