Tag Archives: Cryptocurrency

Binance Establishes a Blockchain Research Institute in China

Binance Establishes a Blockchain Research Institute in China

 Binance Academy, the non-profit educational arm of crypto exchange Binance,

which had its beta launch in August 2018, announced on Sunday (March 29) that it has established a blockchain research institute in Shanghai, China.Binance says that Lingang Blockchain Technology and Industry Research Institute (aka "Lingang Research Institute") will be "the hub for blockchain talent, shaping for breakthroughs in blockchain technology, and accelerating the application of blockchain technology through integrations with artificial intelligence (AI), big data, the Internet of Things (IoT), and other cutting-edge technologies."

Helen Hai, who is leading this initiative, had this to say:

"Blockchain revolution will fundamentally alter the way we live, work, and relate to one another. Nevertheless, technology should work for people and it should lift humanity into a new collective and moral consciousness based sense of common destiny. "Therefore, we must shape a future that works for all of us by putting people first and empowering them.

"In establishing the Lingang Research Institute with our local partners, Binance Academy endeavors to build a leading think tank and research hub that contributes to large-scale developments in blockchain technology to further the growth of the industry. "Leveraging Binance’s blockchain ecosystem and industry resources, we are committed to building the blockchain industry, driving blockchain research, and cultivating top blockchain talent.” Don Tapscott the Canadian business executive, author, and consultant, who is the CEO of the Tapscott Group and the Co-Founder and Executive Chairman of the Blockchain Research Institute (BRI), will have the title of "Honorary Dean" at Liang Research Institute.

Tapscott said:

"Blockchain represents the second era of the Internet – the Internet of Value — and can help us build more innovative and productive organizations. Research, education, and skill development are all critical to moving forward, and we look forward to collaborating with Lingang Blockchain Academy in helping achieve this transformation in China."

Article Produced By
Siamak Masnavi

Siamak received his PhD in Computer Science from University of London in 1992. He has worked as a research scientist, technical author, software developer, and journalist. Since 2014, he has been researching cryptocurrencies and other applications of blockchain technology.

https://www.cryptoglobe.com/latest/2020/03/binance-establishes-a-blockchain-research-institute-in-china/

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Bitcoin’s Bull Run May Now Immediately Follow Halving, Jihan Wu Says

Bitcoin's Bull Run May Now Immediately Follow Halving, Jihan Wu Says

Bitmain co-founder Jihan Wu expects the bull run on bitcoin prices to be delayed following May's Halving.Wu is bullish on bitcoin's outlook, in light of government economic bailouts in response to the Coronavirus pandemic. 

Bitmain co-founder Jihan Wu says the bull run for bitcoin prices may not come immediately after the halving event in May.

Wu, who co-founded and served as CEO of mining rig manufacturing giant Bitmain before stepping down last year, told 8BTC the price run for bitcoin will likely be delayed following the halving. Wu said he was positive about the future of bitcoin, and explained that recent economic policies such as government “quantitative easing” packages could lead to crypto-assets becoming more valuable. Despite the potential, Wu cautioned that bitcoin has a price top like any other asset and would undergo periods of fluctuating growth. 

He said, 

As bitcoin’s market cap grows, its volatility decreases and becomes more stable. That means we may not see abrupt spikes in its price. No matter how high bitcoin goes, one day it will reach a top. Before that, it will see prices [with] flatline growth with some twists in the next few years.

He continued, 

I think the bull this time around may not come immediately after the halving. There likely will be a delay in time.

Wu also disputed the notion that bitcoin serves as a “safe haven” asset against traditional market volatility. Instead, he argued that bitcoin has become intertwined with the broader financial market and responds to similar impacts on global economic stability.

Article Produced By
Michael LaVere

Mike is a financial and cryptocurrency journalist for CryptoGlobe covering the industry since 2017. Mike is an alumnus of the University of North Carolina Chapel Hill.

https://www.cryptoglobe.com/latest/2020/03/jihan-wu-bull-run-may-not-come-immediately-after-bitcoin-halving/

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BitAngels Converts its Blockchain Events Into an Online Format

BitAngels Converts its Blockchain Events Into an Online Format

crypto conference

Most global events around the globe have now been canceled due to the novel coronavirus crisis.

BitAngels is shifting its attention to virtual events in an effort to engage the blockchain community as a whole. Now is the time to cancel all physical events and transition to an online-oriented solution.

A Smart Approach by BitAngels

Several companies and organizers have already made that decision in recent weeks. BitAngels is one of the more recent firms to explore this particular option. Its focus lies on connecting global blockchain enthusiasts in a meaningful manner. By organizing several virtual events, like-minded individuals can still come together to exchange ideas and promote projects. Considering how BitAngels’ network spans 15 chapters across different countries, this option can be very interesting to explore.

More and more countries are entering full lockdown mode due to the novel coronavirus crisis. Events are shifting to online versions, and a lot of employees now fully embrace teleworking as well. BitAngels Virtual Events will be hosted in the same way was regular events, but in an online environment. A maximum of 5 companies will present during each event, following by a panel or keynote speech. Anyone in the world can access these events, whereas investor members can benefit from on-demand recordings.

Article Produced By
JP Buntinx

https://nulltx.com/bitangels-converts-its-blockchain-events-into-an-online-format/

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TRON Users get TronLink Browser Extension for Bitcasino Deposits and Withdrawals

TRON Users get TronLink Browser Extension for Bitcasino Deposits and Withdrawals

NullTX Bitcasino

Expanding on an already bustling e-gaming ecosystem,

Bitcasino has integrated the TronLink browser extension to its platform, granting greater accessibility and security for TRON (TRX) users.

E-Gaming and Crypto

As Bitcoin and cryptocurrencies overall have risen in value and popularity over the past few years, the new digital economy has attracted swathes of users, spurring on the creation of innovative platforms, services, and solutions to this new exciting space. One of the most popular and earliest ways for people to interact with their cryptos has been e-gaming, with Bitcasino being a leader in this area.

Since 2014, Bitcasino has supplied players with a whopping variety of options boasting more than 2,000 traditional and modern games from slots to live dealer casinos. The latest addition to the already robust platform is a web browser extension designed for the TRON community. Being one of the more popular cryptocurrencies on the market, this extension broadens the potential scope of Bitcasino’s users as well as creating a smooth deposit and withdrawal system for TRON users. Commenting on the development, Tauri Tiitsaar,

Director of Bitcasino said: 

“Crucially TronLink offers our players both security and speed with deposits and withdrawals; it is the next innovative step in ensuring our players have the best possible experience with Bitcasino. Gone is the need to deposit or withdraw TRON to hardware wallets, open an app on your phone or any other website. Players can easily manage their instantaneous deposits and withdrawals without any extra hassle.”

According to a press release, the TronLink extension connects Bitcasino players to TRON blockchain network, enabling simple and secure deposits and withdrawals, with funds and private keys protected. 

The TRON Connection

While considered a novelty by many, cryptocurrencies and blockchain technology bring truly impactful changes to the way in which people interact with technology and their finances overall. Blockchain technology has enabled the creation of digital economies that thrive thanks to the privacy and sovereignty they give to users. Furthermore, there is a lot to be said about the trust it builds between players and the house.

Thanks to the immutable and transparent nature of blockchain technology, e-gaming platforms such as Bitcasino can easily prove that they aren’t scamming users out of their money. Furthermore, blockchain and cryptocurrencies offer players anonymity, financial sovereignty and a novel means to gamble online. With this latest development, following the partnership with the Tron Foundation in 2019 to allow for easy use of TRX on all Coingaming brands of casino and sportsbook, Bitcasino continues to set the standards in the crypto gaming industry for fast, secure and easy transactions.

Article Produced By
James Woods

Cryptophile, Tech Geek, and an avid developer.

https://nulltx.com/tron-users-get-tronlink-browser-extension-for-bitcasino-deposits-and-withdrawals/

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Biggest Bubble in the Economy Isn’t Bitcoin (BTC) – It’s the Bond Market: Max Keiser

Biggest Bubble in the Economy Isn’t Bitcoin (BTC) – It’s the Bond Market: Max Keiser

TP

Santander and Ripple Launching Blockchain-Powered Payment Service in Mexico

Santander and Ripple Launching Blockchain-Powered Payment Service in Mexico

Santander, the 16th largest bank in the world with $1.74 trillion assets under management,

is planning to launch its Ripple-powered payments app One Pay FX in Mexico this year. The blockchain-based international payment solution, which went live in 2018, has already added six countries: Spain, the United Kingdom, Brazil, Poland, Portugal and Chile.

According to a filing submitted to the US Securities and Exchange Commission, Santander’s multi-corridor international blockchain app aims to offer customers increased transparency and predictability, and improve “the current sub-optimal customer experience and client stickiness through a best-in-class global payment system.” Traditional borderless payments can take up to five days to process. One Pay FX says its users can expect their payments to arrive on the same day while benefiting from competitive rates.

The app also provides a seamless digital experience with several details about each transaction including bank fees, exchange rates, estimated delivery time and a notification that the money has been received. One Pay FX uses Ripple’s payment messaging system, as opposed to Ripple’s native token XRP, to move money between currencies. The tech product, which is a competitor to the international financial network Swift, helps banks settle fiat-to-fiat transactions in real time by using messaging to clarify and verify transaction details.

Article Produced By
Daily Hodl Staff

https://dailyhodl.com/2020/03/28/santander-and-ripple-launching-blockchain-powered-payment-service-in-mexico/

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Markethive Banners, Slides, Infographics – Free And Available

Markethive Banners, Slides, Infographics – Free And Available 

Where Are They Located On The Markethive Platform? 

Markethive Banners Available FREE

Markethive has an expansive suite of marketing tools freely available for you to use, including a large assortment of banners designed for placing and promoting Markethive outside the Markethive platform on any advertising site or web page you choose. Sites such as Google Ad-sense, Warriorforum, IBOtoolbox, wahm.com, forums in general, most importantly, sites that have traffic. 

 

ecosystem for entrepreneurs

 

The Markethive banners come in many sizes that meet the criteria of the various sites. You have a choice of Animated and Static hosted that are hot-linked to you personally for your unconditional usage. There are also numerous Markethive Slides you can use for videos, PowerPoint presentations, and Articles.  The Infographics which have a plethora of information about Markethive are hot-linked for your references and can be used in your advertisements. 

All of these eye-catching banners and images can be found in the Markethive.Banners Group in the Blog Posts section. 

 

An array of banners are also accessible in the Referral Program section which can be found on the Markethive Home Page menu. This is also where you can remotely share your referral link to your social media profiles. Your referral link will be automatically included so you get the referral.

Note: There are more social networks to be added to the sharing interface as Markethive moves forward with its integrations. 

 

ecosystem for entrepreneurs

The Banner Program

The Banner Program is predominantly for advertising any other independent business or Markethive’s special offers to members on the Markethive platform and not to be confused with the Markethive Banners explained above. 

These banners are displayed at the top of Markethive’s pages internally and also on the complete Markethive Network which includes the many websites Markethive owns. This is Prime real estate and means your banners are not just viewed by members within Markethive, but also to the vast internet traffic and onlookers. 

At present, there is one banner size of 960×80 accepted on this platform and unlike the Markethive Banners, which are accepted on other advertising sites, they must be on a white background whether they are animated or static. Research shows this to be very appealing to the onlooker and sets a high professional standard for the Markethive Platform. They must fit visually with the rest of the content.

These banners are not predesigned for you. You must either create the banner or appoint someone to create it for you. If you would like to design one, here are two sites you can utilize;

https://www.canva.com/
https://www.bannersnack.com

 

Guidelines To Adhere To When Creating A Banner

Markethive.com and its affiliated media web sites receive large amounts of website traffic. To display one banner is included with your Entrepreneur One level membership. Until we deliver “impressions” you are limited to 1 banner with a duration maximum of 7 days (renewable). Compare pricing with AMBcrypto Banner Ad (Top Content) at $5,500 per month.

 

 

Banner rules and standards are as follows:

  • No adult content, hate speech, porn or otherwise controversial material.
  • Ensure your banner is sized to 960px x 80px.
  • No Borders
  • Backgrounds must be white
  • Images must not touch the border and can only be 20% of the banner area
  • Unprofessional banners or those that violate these guidelines will be rejected.
  • Animated banners (gif) are accepted.
  • Low resolution, chopping edged fonts, will be rejected.

Every banner must be approved by the banner quality control team. This is to your advantage and improves the success of your banner and keeps the level of quality design in Markethive high.

 

The Hive Keep Group 

Alternatively, you may get one of Markethive’s designers to create one for you. We are open for business right now. As we build out to the supergroup "upgrade" we will have a splash page with payment options. Once the new Vault is completed, additional options will occur. When the wallet gets delivered we will also be accepting MHV coin.

Entrepreneur One Upgrades get one free banner designed by the Hive Keep design group. Additional banner redesign or designs are $100 per banner job. Furthermore, The Hive Keep Group will operate as a professional Ad Agency which will require a retainer, and to assist you with your advertising and business needs are award-winning designers, top-notch engineers, and proven copywriters. Everything you need to build and facilitate your business with the utmost professionalism. We will be configuring the system to offer a $100 credit per month for Entrepreneur subscribers.

 

 

Conclusion

There are so many facets to Markethive, as it is a complete Market Network with a Social Media interface. It has everything you need to succeed in whatever it is that you do online, including the potential of extra revenue made available to Entrepreneur One (E1) associates through the Banner Program. Even as a free member you can access all the inbound marketing tools and Markethive, the company, will pay you via the micropayment faucet system. This is activated by just referring 3 people to join you on this platform where your privacy and sovereignty are of the highest priority.   

There have been 20+ years of high energy poured into Markethive. This is a Divine inspiration and places all of the members of Markethive first and foremost. So get busy, check out the available Markethive banners you can freely and unconditionally use to promote Markethive across the World Wide Web. 

 
 
 

Happy Marketing! 

 

Deb Williams
A Crypto/Blockchain enthusiast and a strong advocate for technology, progress, and freedom of speech. I embrace "change" with a passion and my purpose in life is to help people understand, accept and move forward with enthusiasm to achieve their goals. 

 

TP

Bitcoin Stalls in the Mid-$6,000s as Stock Market Rally Continues

For over 48 hours, Bitcoin has flatlined — establishing a tight, less-than-10% range in the mid-$6,000s.

This comes after BTC embarked on a 25% rally from the $5,000s to a price as high as $7,100 that transpired this weekend and early this week, which coincided with a smaller but equally-as-notable increase in the value of gold. Bitcoin’s lack of direction comes as the stock market has rebounded hard. Really hard. Since the bottom near 18,000 points, the Dow Jones Index has rallied to 21,780 as of the time of writing this, marking a jaw-dropping recovery of 20%. Global indices have reflected this move, rallying almost as hard as the Dow.

This surge comes despite record-level unemployment claims around the world; in fact, numbers released Thursday morning revealed that 3.3 million Americans have filed for unemployment over the past week, which is four times higher than any previous record of this metric, and seemingly a sign that Great Depression-level unemployment is a possibility. So, it seems that Bitcoin seems to be mostly nonreactive to news regarding traditional markets or traditional markets themselves, leaving many wondering what’s next for the cryptocurrency.

Bearish Below $8,000

Despite the rally, most seem to be convinced that this is but a deviation from the $5,000s, where a majority of analysts expect Bitcoin to accumulate around prior to a bull market breakout. Indeed, in a recent analysis published to TradingView,  cryptocurrency analyst Filb Filb explained that as long as Bitcoin remains below $7,000 and $8,000, it is leaning bearish. He cited the fact that there exists likely the “worst cluster of resistance seen since the bear market of 2018” at $8,000:

  • The 200-day moving average.
  • The 100-day moving average.
  • The 50-day moving average.
  • The 20-month moving average.
  • Bitcoin’s 61.8% Fibonacci Retracement of the February high to the $3,800 bottom.
  • And the yearly pivot level.

Furthermore, Nunya Bizniz on March 26th noted that Bitcoin’s weekly candle is currently below the bottom band of the non-linear regression curve that has acted as support for Bitcoin for over eight years of price action, suggesting that the BTC’s secular growth trend may be coming to an end, at least for the time being.

Long-Term Outlook is Anything But Bearish

Some have ignored the short-term directionality entirely, arguing that whether it be $4,000 or $7,000, Bitcoin’s fundamental strength is only growing. Per previous reports from Blockonomi, Galaxy Digital founder Mike Novogratz told CNBC on Monday that he has been buying the dips in both gold and Bitcoin for one key reason: central banks have started to “run amok” with their policies amid these times of economic distress.

He explained further:

If there was ever a time — debasement of fiat currencies, monetization of trillions of dollars of debt, this is the time for Bitcoin.

This was echoed by Placeholder Capital’s Chris Burniske, the analyst who coined the term “crypto-assets.” He wrote on Twitter that this crisis “will pass, and crypto’s fundamentals will have strengthened through it.” Burniske highlighted how “new technologies rise as old systems break, and often it takes a crisis to reveal the flaws of the old system in full,” presumably referencing the issues fiat money and financial markets have seen as they’ve come under the record-level economic stress posed by the coronavirus outbreak.

Article Produced By
Nick Chong

Since 2013, Nick has shown interest in Bitcoin and cryptocurrencies. He has since become involved in the industry as a full-time content creator, working for NewsBTC, Bitcoinist, LongHash, among other outlets. Aside from covering the news, Nick is a Creative at Taiwanese technology company HTC.

https://blockonomi.com/bitcoin-stalls-in-the-mid-6000s/

 

TP

Coronavirus, the Halving and a Price Drop: Bitcoin Mining Marches On

Coronavirus, the Halving and a Price Drop: Bitcoin Mining Marches On

mining and coronavirus

CoinShares, a Jersey-based asset management firm with offices in London and New York

that provides advice and other services for investors, released a statement on the state of Bitcoin mining during the global uncertainty caused by the coronavirus, ahead of a planned, more thorough June 2020 mining report. In it, CoinShares’ research director Christopher Bendiksen wrote that the current talk of a possible mining “death spiral” due to coronavirus-based lockdowns makes for dramatic reading, but is not at all based in reality.

“‘Mining death spirals’ do not actually happen in real life,” Bendiksen wrote in the statement. “They are highly theoretical edge cases without any historical real-world precedent … Mining is here to stay.” Confidence in the mining space and in bitcoin generally, despite economic uncertainty around the world, is high at the firm. “Bitcoin is arguably the only financial asset that can operate remotely — nobody needs to go to work to make bitcoin work,” Danny Masters, executive chairman of CoinShares, wrote in a supplementary statement sent to Bitcoin Magazine. “Nobody needs to fill an ATM machine. While things look bleak for everything, I can’t think of a better asset to buy than bitcoin.”

Difficulty, Block Frequency and Hashrate

The cost of Bitcoin mining is largely a function of the difficulty — a dynamic metric determined by the protocol itself that can adjust both up and down to keep block times at 10 minutes on average. The difficulty has reset downwards many times — sometimes dramatically as the result of a pullback in price, as in November and December of 2018 — but the network has never ground to a complete halt or even come anywhere close to doing so. “There is no price level that could cause Bitcoin’s emission rate to increase,” reads Benedickson’s statement. “When the dust settles on the current financial crisis, the Bitcoin monetary system will have created exactly as many bitcoins as originally intended.” In essence, the Bitcoin mining difficulty adjustment keeps Bitcoin block frequency steady, no matter the amount of total network hashrate.

What About the Halving?

“If prices do not recover, the hashrate will fall — and when the halving hits, it will fall again,” wrote Bendiksen. “This is not a problem for Bitcoin, nor is it unprecedented.”  And it’s not always the biggest bitcoin mining groups that will survive a major bitcoin price recession, contrary to what you may be hearing. It will be the groups that have the cheapest energy costs and the newest, most efficient hardware. “The halving is still a couple months away and many miners are already closing up shop,” Bendiksen said in a follow-up interview with Bitcoin Magazine. “So, at the time of the halving, we will likely be in a completely different difficulty environment than now. Recent estimates show that as much as 25 percent of the peak-level hashrate may already have been turned off.”

While CoinShares suggests that post-halving mining will be different than the current and near-future mining environment, Bendiksen does believe today’s status offers an insightful window. “For all of those who are worried about the halving, this is a perfect prelude because the end effect on miners is the exact same,” he wrote in his statement. “Hence, the hashrate dynamics we’re likely to see in the upcoming weeks will be an excellent parallel to those we might also see after the halving in May.” Bendiksen acknowledged that some of the higher-cost miners may drop out after the halving, but he also sees mining companies stabilizing and building for the foreseeable future.

Building the Mining Infrastructure of the Future

Meanwhile, Blockstream Mining is quietly building its mining business with facilities in Quebec, Canada and Georgia, USA, with over 300 MW of energy and a thriving colocation service offering equipment, space, bandwidth and power rental for miners who can benefit from inexpensive energy without needing to negotiate separately with local authorities. According to Blockstream CSO Samson Mow, the company has taken steps to be ready for the halving, come what may. Despite the current turmoil, it is focused on the long term. “For Blockstream’s mining operations, our electricity and operational costs are low enough that we can outlast most miners and be the last ones standing,” Mow told Bitcoin Magazine in an interview. “Also, we’ve mined bitcoins for quite some time and we HODL for the medium term, so a price drop during the halving would actually have no impact for us.” Mow noted that, while it’s hard to predict the price, he believes some inefficient miners may need to shut off, while most miners will be fine through the halving.

“I think the bitcoin price will recover to a point where, post-halving, it will still be profitable to mine BTC,” Mow said. “Even if that doesn’t happen, it’s not likely we will see a massive drop in hashrate. Many miners are already on the latest generation of equipment and have already recouped those costs, so they only have to deal with opex [operational expenditures].” CoinShares, a Jersey-based asset management firm with offices in London and New York that provides advice and other services for investors, released a statement on the state of Bitcoin mining during the global uncertainty caused by the coronavirus, ahead of a planned, more thorough June 2020 mining report. In it, CoinShares’ research director Christopher Bendiksen wrote that the current talk of a possible mining “death spiral” due to coronavirus-based lockdowns makes for dramatic reading, but is not at all based in reality.

“‘Mining death spirals’ do not actually happen in real life,” Bendiksen wrote in the statement. “They are highly theoretical edge cases without any historical real-world precedent … Mining is here to stay.” Confidence in the mining space and in bitcoin generally, despite economic uncertainty around the world, is high at the firm. “Bitcoin is arguably the only financial asset that can operate remotely — nobody needs to go to work to make bitcoin work,” Danny Masters, executive chairman of CoinShares, wrote in a supplementary statement sent to Bitcoin Magazine. “Nobody needs to fill an ATM machine. While things look bleak for everything, I can’t think of a better asset to buy than bitcoin.”

Difficulty, Block Frequency and Hashrate

The cost of Bitcoin mining is largely a function of the difficulty — a dynamic metric determined by the protocol itself that can adjust both up and down to keep block times at 10 minutes on average. The difficulty has reset downwards many times — sometimes dramatically as the result of a pullback in price, as in November and December of 2018 — but the network has never ground to a complete halt or even come anywhere close to doing so. “There is no price level that could cause Bitcoin’s emission rate to increase,” reads Benedickson’s statement. “When the dust settles on the current financial crisis, the Bitcoin monetary system will have created exactly as many bitcoins as originally intended.” In essence, the Bitcoin mining difficulty adjustment keeps Bitcoin block frequency steady, no matter the amount of total network hashrate.

What About the Halving?

“If prices do not recover, the hashrate will fall — and when the halving hits, it will fall again,” wrote Bendiksen. “This is not a problem for Bitcoin, nor is it unprecedented.” And it’s not always the biggest bitcoin mining groups that will survive a major bitcoin price recession, contrary to what you may be hearing. It will be the groups that have the cheapest energy costs and the newest, most efficient hardware. “The halving is still a couple months away and many miners are already closing up shop,” Bendiksen said in a follow-up interview with Bitcoin Magazine. “So, at the time of the halving, we will likely be in a completely different difficulty environment than now. Recent estimates show that as much as 25 percent of the peak-level hashrate may already have been turned off.”

While CoinShares suggests that post-halving mining will be different than the current and near-future mining environment, Bendiksen does believe today’s status offers an insightful window. “For all of those who are worried about the halving, this is a perfect prelude because the end effect on miners is the exact same,” he wrote in his statement. “Hence, the hashrate dynamics we’re likely to see in the upcoming weeks will be an excellent parallel to those we might also see after the halving in May.” Bendiksen acknowledged that some of the higher-cost miners may drop out after the halving, but he also sees mining companies stabilizing and building for the foreseeable future.

Building the Mining Infrastructure of the Future

Meanwhile, Blockstream Mining is quietly building its mining business with facilities in Quebec, Canada and Georgia, USA, with over 300 MW of energy and a thriving colocation service offering equipment, space, bandwidth and power rental for miners who can benefit from inexpensive energy without needing to negotiate separately with local authorities. According to Blockstream CSO Samson Mow, the company has taken steps to be ready for the halving, come what may. Despite the current turmoil, it is focused on the long term.

“For Blockstream’s mining operations, our electricity and operational costs are low enough that we can outlast most miners and be the last ones standing,” Mow told Bitcoin Magazine in an interview. “Also, we’ve mined bitcoins for quite some time and we HODL for the medium term, so a price drop during the halving would actually have no impact for us.” Mow noted that, while it’s hard to predict the price, he believes some inefficient miners may need to shut off, while most miners will be fine through the halving. “I think the bitcoin price will recover to a point where, post-halving, it will still be profitable to mine BTC,” Mow said. “Even if that doesn’t happen, it’s not likely we will see a massive drop in hashrate. Many miners are already on the latest generation of equipment and have already recouped those costs, so they only have to deal with opex [operational expenditures].” 

Investors Are More Cautious But Still Interested in Bitcoin Mining

Ryan Porter, head of business development for mining-focused financial services and brokerage firm BitOoda, was busy fielding inquiries about new North American mining opportunities in December 2019. Now, he said, he’s still getting inquiries but potential mining companies are more cautious and want to lock in competitive energy pricing. “Overall, what we’re seeing is the miners that were well positioned to be profitable after the halving are still well positioned now, where the miners that would have needed to shutter operations have had to fast track those plans,” Porter told Bitcoin Magazine in a phone interview. “We’ve seen hashrate fall precipitously as now unprofitable mining rigs are being taken offline, and conservative operators who were thoughtful about managing their bitcoin price risk are now looking to purchase hardware at distressed prices.”

Porter is confident that the best-managed mining operations that have inexpensive power sources and efficient computers will survive the halving. What he’s seeing is the next stage in the evolution and maturation of the mining industry. “Where we are starting to see a change in planning for miners is how they’re approaching risk management,” he added. “We had previously engaged with miners on implementing BTC price-hedging programs, and we’ve had quite a few of those firms reach out to us over the past week to start a meaningful risk management engagement.”

The CoinShares team is confident that bitcoin and its critical mining industry will ride out the coronavirus storm. In his interview with Bitcoin Magazine, Bendiksen noted that, unlike the fiat monetary system, the bitcoin system is “run coldly and unemotionally by a network of computers according to pre-set rules.” “These computers never need to work from home, never get sick, scared or panicked and can not be influenced to print money by charismatic or powerful politicians, even in the most challenging times,” he said. “They simply execute their code as prescribed, no matter what is happening in the world.”

Article Produced By
Jessie Willms

Jessie Willms is a planet earth based former government and political researcher and communications officer helping to document the FinTech revolution and its impact on traditional institutions and governments.

https://bitcoinmagazine.com/articles/coronavirus-the-halving-and-a-price-drop-bitcoin-mining-marches-on

TP

The King of Blockchains, Bitcoin Can Become the Foundation for Web 3.0

The King of Blockchains, Bitcoin Can Become the Foundation for Web 3.0

bitcoin web 3.0

Bitcoin remains the undisputed “king” of blockchains.

Bitcoin’s dominance has increased significantly since the experimental times of 2017. Bitcoin has survived many attempted forks and “civil wars” and has established itself as the reserve cryptocurrency; people fall back to Bitcoin in bear markets. The production network has stood the test of time for over 10 years now. However, the crypto industry has dismissed Bitcoin when it comes to smart contracts or Web 3.0. I believe this is going to change.

It’s true that Bitcoin cannot do everything. Bitcoin is secure because it has a limited scripting language. Bitcoin is reliable and durable because it doesn’t change. This does not mean that the developer ecosystem around Bitcoin cannot innovate and enable support for Web 3.0. As the crypto industry makes progress toward Web 3.0, we’ll come to realize that it’s hard to beat the security and network effects of Bitcoin. Despite several initiatives by potential competitors, the hashrate of the Bitcoin network and the security offered by its proof-of-work (PoW) mining remain unparalleled to this day. For years, new cryptocurrencies have attempted to launch their own native PoW networks; none has approached Bitcoin’s success.

Bitcoin has network effects. Most people are introduced to cryptocurrencies through Bitcoin. If something can be done on top of Bitcoin, it will eventually get done on top of Bitcoin rather than a smaller ecosystem. Network effects make Bitcoin’s success self-reinforcing: Miners see that the network is established, that the community is strong and that the currency is the “hardest” money in the crypto space. Miners join or expand their commitment, increasing hashpower and network reliability; their entry inspires still more holders and businesses, increasing community support. The cycle goes on.

Smart Contracts on Bitcoin

Despite the success of Bitcoin, critics who question Bitcoin’s capacity for innovation have some valid points. There are aspects of Bitcoin that frustrate developers who wish to explore the world of smart contracts and decentralized apps. Many projects have created their own blockchains because they perceive Bitcoin’s scripting limitations as a dealbreaker. They cannot deny the original chain’s security, but they also wish they could write more expressive smart contracts. New blockchains find themselves struggling with poor, native PoW security, and often attempt jumps to proof of stake (PoS) or delegated PoS setups which may be less secure and tend toward centralization.

As a result, several crypto projects have concluded that they must pick their poison: They must either attempt to bootstrap a native PoW chain or else establish a PoS chain, with all of the tradeoffs that entails. But these are not the only options. There is a different path available: Smart contract platforms can employ Bitcoin’s PoW security to safeguard new blockchains. New protocols can anchor to the security of Bitcoin and extend Bitcoin’s utility. Transactions that settle on Bitcoin are harder to reorganize than they are on any other network. This is an under-explored design space but one which is beginning to change. 

The Bitcoin blockchain already has security derived from its energy expenditure and this security may be passed on to the interconnected chain by using concepts like proof-of-transfer (PoX). It’s important to recognize that interconnected chains differ from traditional sidechains; interconnected chains create their own crypto assets, but they utilize the Bitcoin chain for broadcasting mining operations and consensus steps. An interconnected chain anchored to Bitcoin is a win-win proposition for all parties as the new blockchain benefits from the reliability, and longevity of Bitcoin while providing freedom and flexibility to developers working with the interconnected chain.

The Bitcoin blockchain can also reap benefits, acquiring new and powerful use cases. These can attract new miners and new network participants, further solidifying Bitcoin’s place as the reserve cryptocurrency. Smart contract platforms, and I include my own project, Blockstack, in this, understand how powerful on-chain contracts can be. But just as you don’t need to build all new roads to drive new cars, there’s no need to reinvent PoW or PoS chains to employ robust smart contracts or to launch new blockchains. The solid foundation we need to realize our vision for Web 3.0 is already here; a future Web 3.0 can anchor on Bitcoin.

Article Produced By
Muneeb Ali

A PhD graduate from Princeton University, Dr. Muneeb Ali is the co-founder of Blockstack, a project on a mission to build a user owned internet, as well as the CEO of Blockstack PBC, a Public Benefit Corp that has raised more than $75 million to develop the core protocols for Blockstack.

https://bitcoinmagazine.com/articles/the-king-of-blockchains-bitcoin-can-become-the-foundation-for-web-3-0

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