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Best Bitcoin Bonuses July 2020

Bitcoin seems to be the name of the game this year, and we all know why!… read more

The post Best Bitcoin Bonuses July 2020 appeared first on BitcoinChaser.

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Bitcoin seems to be the name of the game this year, and we all know why! Bitcoin adds excitement to whatever it touches, and that includes gambling. With quick and cheap transactions, gamblers get more out of their gambling than just the wins.  Let’s take a look at the best bitcoin bonuses this July. 

Why Gamble with Bitcoin?

Gambling and Bitcoin go hand in hand. Why may you ask? Well, with seamless and safe transactions, players can expect access to their funds quicker than most other currencies. Another aspect that works for online gambling is the high-security factor. Bitcoin transactions are near impossible to hack as you do not have to hand over any personal information. Lastly, Bitcoin is currently tax-free although governments are trying to change this, as of right now, players can indulge in some tax-free gains. Bitcoin bonuses are also becoming a more popular trend in the online gambling world, allowing even further bitcoin gains.

Best Bitcoin Bonuses this July 

Although any gambling with Bitcoin is rewarding, we thought why not add a bit more fun to the mix. Taking factors such as the casino credibility, the focus put on Bitcoin, and the game selection into account when creating this list of the best Bitcoin bonuses for July 2020.

CryptoWild

cryptowild casino

Get ready for a wild adventure. Loaded with some brilliant Bitcoin bonuses, CryptoWild is ready to push the limits of your gambling game. Not only are there bonuses on offer, but some exhilarating games to help bring in the big wins. 

CryptoWild has taken its warm welcome bonus and split into four wholesome Bitcoin bonuses. 

  • Deposit One: 150% up to the value of 1 BTC + 150 Free Spins
  • Deposit Two: 50% up to the value of 1 BTC
  • Deposit Three: 50% up to the value of 1 BTC
  • Deposit Four: 50% up to the value of 1 BTC

Play at CryptoWild

Betchain

betchain casino

Betchain is bringing the heat. With years of experience, there is no doubt Betchain knows how to wow the crowd, and a clear example of this is the enticing welcome bonus up for grabs. On your first deposit, of a minimum of 2mBTC, players will qualify for a bonus of 100% up to the value of 1 BTC plus 200 FREE spins!

Betchain is one of the most impressive online casinos, constantly achieving in the world of gambling. Giving players a chance to experience an authentic gambling adventure.

Play at BetChain

BitStarz Casino

bitstarz casino review

BitStarz Casino is once again placing in a lucrative list, and this time it is for their incredible Bitcoin bonuses. As the name points out, Bitcoin is the main focus of this crypto gambling haven. Start gambling with some power behind your name, Bitstarz has Bitcoin bonuses that will change your world of crypto gambling.

With a welcoming bonus big enough to knock your socks off, Bitstarz is the ultimate Bitcoin Casino. Split into two parts, Gamblers can look forward to a gift on the first two deposits.

Deposit one: 100% bonus up to the value of 1BTC plus 180 FREE SPINS. 

Play at BitStarz

Source: https://bitcoinchaser.com/best-bitcoin-bonuses-july-2020/

Blockchain

Further Declines in Bitcoin Price Possible Though Grayscale is Crucial, Notes JPM Analyst

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Although Bitcoin has recovered from its vigorous price losses during the Thanksgiving massacre, analysts from JPMorgan Chase & Co believe that further declines may still occur.

The strategists pointed out that Grayscale, through its Bitcoin Trust, will play a significant role in future BTC price developments.

Is Bitcoin To Head Further South?

The primary cryptocurrency reached a new yearly high of $19,500 last week; thus, it came less than 3% away from the 2017 all-time high of $20,000. As the community began speculating on how long it will take to surpass that level, the trend reversed viciously.

Bitcoin headed south and lost over $3,000 of value in hours. Nevertheless, the cryptocurrency has recovered most of its losses and trades north of $18,000.

A JPM analysis, led by Nikolaos Panigirtzoglou, recently said that the Thanksgiving price drops had cleared the “previous froth in momentum traders’ positioning.” However, the strategists hinted that Bitcoin could still go lower.

“Momentum traders such as commodity trading advisors and other quantitative funds likely played a big role in the slide by unwinding long Bitcoin futures positions. Momentum traders have room to further propagate” the Bitcoin decline, noted the analysts cited by Bloomberg.

Apart from broaching “momentum traders,” the strategists also discussed various other reasons behind the price developments. Those included the rumors of new regulations proposed by the Trump administration and profit-taking.

Grayscale Is Key

The JPM strategists also highlighted the significant role of Grayscale and its Grayscale Bitcoin Trust on the market. The cryptocurrency manager is the most preferred company for institutional investors to receive exposure to Bitcoin (and other digital assets) without worrying about storing the funds.

This has been exemplified through 2020 as Grayscale has reported back-to-back recording-breaking quarterly results. The assets under management (AUM) have exploded in the past 12 months to over $10 billion. Somewhat expectedly, the Grayscale Bitcoin Trust has the most substantial share.

The analysts asserted that if there’s a decline in the interest towards GBTC, this could damage the narrative that Bitcoin has become a favorite among institutional investors:

“A failure by the Grayscale Bitcoin Trust to receive additional inflows over the coming weeks would also cast doubt to the idea that institutional investors such as family offices have embarked on a trend of embracing Bitcoin as digital gold replacing traditional gold as a long-term investment.”

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Source: https://cryptopotato.com/further-declines-in-bitcoin-price-possible-though-grayscale-is-crucial-notes-jpm-analyst/

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Blockchain

Canaan Sees Over 75% Decline in Net Revenue in Q3 as Bitcoin’s Price Surge

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Chinese Bitcoin mining firm Canaan has recorded a loss in yet another quarter but is showing positive signs of a recovery as share price and market capitalization spikes. Following a disappointing initial public offering (IPO) last year and declining inventory sales, the company has seen the balance of power shift considerably to major competitors MicroBT and Bitmain.

$12.7 Million Loss for Q3 2020

Bitcoin miner maker Canaan has reported a 75.7% year-on-year (YOY) decline in net revenue as part of its Q3 2020 financials published on Nov. 30. In the report, Canaan revealed that its net revenue for the period was $24 million, which also amounts to an 8.5% reduction from the earnings recorded in the previous quarter.

Following the significant drop in quarter-on-quarter (QOQ) net revenue, it is unsurprising to see Canaan post another quarterly net loss in 2020. According to its Q3 2020 financials, the bitcoin mining chip maker recorded a net loss of $12.7 million, compared to a $2.5 million loss in Q2 2020 and $14.3 million in Q3 2019.

Commenting on the firm’s Q3 financial performance, Nangeng Zhang, Canaan’s CEO and Chairman said:

“During the third quarter of 2020, we remained undeterred by the pandemic to strengthen our research and development capabilities, expand our AI business, and execute new business initiatives. By leveraging our enhanced R&D capabilities in the third quarter, we launched our A1246 product series, which continues to lead the industry with its energy efficiency, computing power, and unit cost.”

Canaan Market Cap on the Rise

Net loss aside, Canaan has been recording some positives in the latter part of 2020. Indeed, the company’s market capitalization has more than tripled from $300 million in September to about $900.8 million as of press time.

Canaan’s share price has also been on a tear in recent months, rising over 200% within the same period. With one-third of Q4 remaining, the company’s stock has risen over 170%. Maintaining the current price action could see the Bitcoin miner manufacturer’s stock price challenge its IPO float price of $9, which incidentally is its all-time high share price.

Tweeting on Canaan’s Q3 performance, @WuBlockchain identified rising inventory sales and the release of the company’s A1246 miners are contributing factors to the firm’s recent resurgence.

Canaan was also among a group of Chinese mining hopefuls looking to float IPOs in the last couple of years. However, Canaan’s offerings fell short of the mark, failing to even realize a quarter of the $400 million estimate.

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Source: https://cryptopotato.com/canaan-sees-over-75-decline-in-net-revenue-in-q3-as-bitcoins-price-surge/

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Authorities shut off electricity to Bitcoin miners in China’s Yunnan province

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Local sources report that authorities from the city of Baoshan in the Chinese province of Yunnan are escalating efforts to crack down on Bitcoin miners, ordering electricity producers to cease supplying power to the city’s miners.

On Nov. 30, Chinese crypto reporter Colin Wu tweeted that several miners had informed him of the ban, sharing what appear to be scanned copies of official documents issued to power producers:

However, Wu added that the ban was probably informed by localized “economic interests,” and probably is not indicative of a desire to quash crypto mining on the part of Beijing: 

“There is no need to overestimate the impact of this incident. The attitude of China local power companies towards crypto mining is often changing. It is more a demand for economic interests than political pressure.”

The ban appears to have coincided with a 24-hour drop in global hash rate of roughly 10% from 140 exahashes per second to 125 EX/s, though correlation is far from causation.

According to Cambridge University’s Bitcoin Electricity Consumption Index, or BECI, Yunnan was China’s fourth-largest region by mining hash rate, behind Xinjian, Sichuan, and Inner Mongolia as of April 2020. Yunnan then represented 5.42% of global hash rate — ranking it above all countries except for China, the United States, Russia, and Kazakhstan.

In June, Wu reported that Yunnan’s government had ordered 64 unauthorized mining operations to shut down, including seven that were still under construction. The government cited tax evasion and security risks including how the mines were wired to local hydropower stations.

During that same month, a local Bitcoin mine caught on fire, resulting in the incineration of thousands of units.

The mid-year crackdown also followed a May 29 explosion at a hydropower station in Yunnan that killed six people and injured five. The explosion was believed to have prompted greater enforcement of safety standards concerning hydropower plants in the region.

In April, Yunnan’s state grid also issued a document warning electricity producers against the unauthorized diversion of power to Bitcoin mines.

Source: https://cointelegraph.com/news/authorities-shut-off-electricity-to-bitcoin-miners-in-china-s-yunnan-province

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