Someone with a good knowledge/experience in mining, I would appreciate picking your brain Firstly, I know shares are random and minute per minute are meaningless, but it seems like the average shares per minute over the course of 24 hours would have meaning (on the same pool), and that leads me to my question. I…
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This is pretty simple but i dont think reddit would adopt it because where “not good”. But they should make Fortnite bricks, and rcryptocurrency moons a rvn asset. The simple fees. Wallets and even reddit nft assets would be a great adoption and simple fix to them moving these moons and bricks to the eth…
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Pretty much the title. I guess I’ll have my answer if this gets deleted, but I can’t help but feel like no meaningful or interesting discussion about Ethereum takes place on this sub. It’s just headline after headline of “good” things happening for Ethereum holders, that just see this as an opportunity to make a…
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I have spent years in this space and have grown to love so much about this community. One thing I can’t understand is the scummy element that inevitably comes when there is some money to gain. Rug pulls, shitcoins, etc. Now plagarism can be added to the fray. The other day I wrote an original…
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Miners determine more of bitcoin price than most investors understand. The price at which miners are willing to sell usually correlates with how much profit that they can make from selling the coins that they have mined. Depending on the price of the asset, miners usually choose to sell or hold it. This could influence the market price of bitcoin. Related Reading | Number Of Short-Term Bitcoin Holders Hits All-Time Low, How This Affects The Price Profitability is the major reason for mining. But when profitability goes down, miners either sell and cut their losses, or the other option, where they can hold on to their coins and wait for the price to get a point where profitability increases. According to the Puell Multiple, miners are currently choosing the latter. Holding their coins instead of selling for lesser profitability. Miner Profitability Drops Data shows that miner profitability has dropped in comparison to the last time that bitcoin was at this price. The profitability for bitcoin back in April at $50K had been 40% higher than it is right now when bitcoin hit $50K again. This means that miner profitability is hitting the lows at all-time highs. This drop in profitability has seen miners refusing to sell the BTC they are rewarded with for mining blocks. Instead choosing to hold these coins in wait for much higher prices. Miners are selling less compared to the previous bull market | Source: CryptoQuant The Miner Position Index (MPI) tells us the ratio of the bitcoins leaving miners’ wallets compared to the one-year moving average. This year, the Miner Position Index shows that this number has fallen to a negative 0.405. A Miner Position Index of 2 or higher means most miners are selling their coins. Below 2 means some are selling. But at a negative 0.405 number, it means almost all of the miners are choosing not to sell their coins. Bitcoin Price Staggers As Miners Refuse To Sell Bitcoin price has been on an upward trajectory for the better part of the weekend. Finally breaking the $50K price point on Monday as market sentiment rose into extreme greed. After the break, the price quickly went into a downward correction that dragged the price of BTC back down into the $47K range. A hard-won battle had been fought to get the price above this resistance point. But now it seems the whole process is to be repeated again due to the current dip in price. BTC price back up above $49,000 | Source: BTCUSD on TradingView.com Another uptrend on Wednesday has put the digital asset on a path to taking back its position over $50K. Indicators show that the bulls still have complete control of the market. Despite the dip, sentiments have not turned into the negative. Buy pressures continue to be the order of the day as both institutional and individual investors clamor for a position in the leading cryptocurrency. Related Reading | Why An 18% Drop In Bitcoin Could Still Be Bullish Despite this, miners do not find this a profitable point to sell. With price projections so high, going up to over $100,000 by the end of the year, it is no surprise that miners are choosing to hold on to their coins for better prices. Featured image from Bitcoin News, chart from CryptoQuant and TradingView.com
The U.K. financial regulator, the Financial Conduct Authority (FCA), has announced that cryptocurrency exchange Binance has complied with the requirements it imposed on the company in June. The FCA further clarified that while Binance is allowed to provide some investment services, it is not authorized to provide services related to crypto assets in the U.K.
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Title sums it up. I have some computer/mining rigs in an APT with only an AC to cool things down. It does ok, on the hottest days it doesn't keep up really (Temps get to 75/76 degrees C in some of the gpus. Anyway, the electricity bill makes it consume enough electricity to essentially count…
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Interoperability-focused projects that offer cross-chain bridges and lucrative liquidity mining pools are seeing an influx of funds right as DeFi’s TVL hit a new all-time high.
