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Bitcoin Miners Aren’t Fazed By This Price Pullback As Hashrate Hits New Record High

Bitcoin Hashrate Hits Record High As BTC Price Sets New 2020 High Of $12,300

The benchmark cryptocurrency has retraced from $12,500 to around $10K over the past couple of weeks. Nevertheless, the hashrate of the bitcoin network —  which is basically the amount of computing power dedicated to securing the network — has cranked a new all-time high. The increase in the hashrate despite the lull in prices demonstrates […]

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Bitcoin Hashrate Hits Record High As BTC Price Sets New 2020 High Of $12,300

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The benchmark cryptocurrency has retraced from $12,500 to around $10K over the past couple of weeks. Nevertheless, the hashrate of the bitcoin network —  which is basically the amount of computing power dedicated to securing the network — has cranked a new all-time high.

The increase in the hashrate despite the lull in prices demonstrates the confidence that miners have in the long-term trend of bitcoin. According to data put up by Glassnode, BTC’s hashrate broke above 150 exahashes per second (EH/s) for the very first time in history.

Hashrate Is Increasing As Bitcoin Price Slumps

During a market pullback, bitcoin mining can be less lucrative because the same operating costs are incurred. For example, if the hashrate remains constant but the bitcoin price plummets from $12K to $8K, the miner will only be able to sell his minted coins at $8K. This is a massive loss given that the same miner would have sold his coins at $12K at the same costs.

The bitcoin hashrate has experienced a rollercoaster this year, although the general trend has been positive. The hashrate started the year at around 105TH/s. It, however, plunged to 82TH/s during the March coronavirus-fuelled fiasco. The hashrate recovered but then took another dive below 100TH/s shortly after the May halving.

Fast forward to September, as the bitcoin price corrected, some expected the network’s hash power to fall in response to the lackluster prices. However, the hashrate has continued to climb at a time when the dormant cryptocurrency has shed $2,000 of its value in the space of days.

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Is Bitcoin Price Breakout Imminent?

The hashrate is indicative of the security of the bitcoin network. When the amount of computing power that miners are allocating to the network rises, it means that it is getting more and more difficult to 51% attack it.

Most times, an increasing hashrate raises a crucial question: if the hashrate is increasing, will the price of the cryptocurrency follow suit? Some community members have theorized that the hashrate always precedes the price. While this is not a guarantee, it is important to consider other variables like on-chain indicators and fundamentals that could influence the price of the bellwether crypto.

For instance, data shows that miners, who some believe may have been responsible for the ongoing downtrend, have significantly reduced their selling. Moreover, the top crypto’s on-chain signals are turning bullish. On-chain expert Willy Woo recently posited:

“Local on-chain switching bullish (looking at the next few weeks out), not calling this has bottomed, even though it may have. Playing the big swings it’s not a bad time to buy back in.” 

Whether the price of bitcoin increases in tandem with the increasing hashrate remains a wait and see situation. What’s certain at the moment, however, is the fact that the bitcoin network is much more secure and difficult to attack.


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/bitcoin-miners-arent-fazed-by-this-price-pullback-as-hashrate-hits-new-record-high/

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Circle K to Host Bitcoin ATMs Across its Convenience Stores

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Major bitcoin ATM operator Bitcoin Depot has inked a long-term partnership deal with convenience store chain Circle K to install Bitcoin kiosks in the United States and Canada.

Bitcoin Depot and Circle K Partner to Install Bitcoin ATMs

Bitcoin Depot announced the deal via a press release on Thursday (July 22, 2021). According to the company, there are more than 700 Bitcoin ATMs already installed in Circle K locations in 30 states across the U.S.

The partnership provides individuals with a more convenient way to purchase bitcoin, thereby encouraging widespread adoption of the flagship cryptocurrency. Bitcoin Depot already has over 3000 BTC ATM kiosks located in almost every state in the U.S. and also allows users to buy more than 30 cryptocurrencies, including BTC, ETH, and LTC.

Speaking on the latest development, Brandon Mintz, CEO of Bitcoin Depot, said that the partnership deal with Circle K enables the crypto ATM company to expand its services internationally. Mintz also said that the installation of the Bitcoin ATMs would grow the number of customers visiting the convenience store chain while providing financial access to “underserved communities.”

Circle K’s Senior Vice President Global Merchandise and Procurement, Denny Tewell, also made a statement, saying:


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“At Circle K, we are passionate about making our customers’ lives a little easier every day, and we are continually looking at ways to enhance their experience in our stores and be their favorite shop for a growing range of needs and occasions.”

Tewell  added:

“Our partnership with Bitcoin Depot further builds on this commitment, giving our brand an important, early presence in the fast-growing cryptocurrency marketplace as a convenient destination where customers can buy Bitcoin.”

Bitcoin ATMs Continue Exponential Growth

The growth of crypto ATMs globally signals an increasing demand for bitcoin and other cryptocurrency assets. According to data from Coin ATM Radar, there are currently 23,915 crypto ATMs in 75 countries, up from 11,665 ATMs recorded in November 2020. This shows that the number of machines has more than doubled in eight months.

Statistics further show that the United States continues to lead with over 21,000 Bitcoin ATM locations, controlling more than 86% of the market. Canada comes second with BTC ATMs installations in 1696 locations, amounting to 6.8% of the world total.

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Source: https://cryptopotato.com/circle-k-to-host-bitcoin-atms-across-its-convenience-stores/

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Jack Dorsey Sees Bitcoin as a Big Part of Twitter’s Future

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Jack Dorsey, the CEO of Twitter – one of the largest social media platforms on Earth – said that Bitcoin will be a big part of the company’s future.

  • Yesterday, July 22nd, Twitter published its Q2 2021 letter to shareholders, as well as its Q2 Earnings Conference Call.
  • During the call, Jack Dorsey discussed many things, but Bitcoin and digital currencies took somewhat of a central stage, especially in light of current events and the fact that he’s been talking about it quite a bit.

I think this [read: Bitcoin] has a big part of our future. I think there’s a lot of innovation above just currency to be had, especially as we think about decentralizing social media more and providing more economic incentive. So I think it’s hugely important to Twitter and to Twitter shareholders that we continue to look at the space and invest aggressively in it. – Said Dorsey.

  • He also stressed on the fact that if there were a global currency of the Internet, Twitter would benefit a lot because it could move quickly with some of its products such as the Tip Jar, Subscription, Commerce, Super Follows, and so forth.
  • The CEO has been quite vocal about the importance of Bitcoin and its mass adoption.
  • Earlier, as reported by CryptoPotato, the CEO revealed that his financial services company, Square, plans to build a hardware Bitcoin wallet to improve and spread its adoption.
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Source: https://cryptopotato.com/jack-dorsey-sees-bitcoin-as-a-big-part-of-twitters-future/

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‘Wolf Of Wall Street’ Jordan Belfort: Elon Musk Is Filthy Rich To Pump And Dump Bitcoin

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Binance CEO CZ Lambasts Tesla CEO Elon Musk For 'Irresponsibly' Manipulating The Crypto Market

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Jordan Ross Belfort, best known as the “Wolf of Wall Street” portrayed by Leonardo DiCaprio, doesn’t believe that Tesla/SpaceX CEO Elon Musk really manipulates crypto prices contrary to countless claims.  

Speaking with Fox Business on Thursday, Belfort posited that Musk is stinking rich to be pumping and dumping dogecoin, bitcoin, or other cryptocurrencies in order to make a quick buck off of it. 

“I like Elon Musk and I think he’s rich enough. He doesn’t have to make an extra few dollars pumping and dumping.”

Jordan Belfort, the former Wall Street penny-stock broker who pleaded guilty to stock market fraud in 1999, explained that while Musk himself might not be pumping and dumping, traders might be using his endorsement and they pump and dump around the hype that the billionaire tycoon creates.

Musk, famous for his odd-timed tweets, has constantly been accused of being a master manipulator. Notably, his tweets on major cryptocurrencies like DOGE and BTC, have sent their prices up and down within seconds.

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At The B Word conference held on Wednesday, Musk shared details of the three cryptocurrencies that he personally owns as well as the cryptos held by his two companies. He also admitted that he might occasionally pump crypto prices, but he doesn’t dump. “If the price of bitcoin goes down, I lose money,” Musk explained.

The Tesla chief went on to state that he is interested in seeing bitcoin succeed — not just getting the price high and cashing out at higher prices.

Belfort, however, maintains that Musk is most likely “inadvertently being used” to pump and dump cryptocurrencies. 

Belfort Is Hoping Bitcoin Price Rips Lower

During his interview, Belfort also affirmed that he is invested in bitcoin (BTC), and ethereum (ETH) and is in it for the long haul. In fact, he hopes the price of the bellwether cryptocurrency falls again to as low as $5K per coin so that he can grab some more.

“I would love it to go lower because I’m a long-term investor so I don’t care if it goes up or down in the short term. I would love it to go back to $5000 and buy a ton of it here and that would be a great thing.”

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BTCUSD Chart By TradingView

At the time of publication, the bitcoin price is in the process of attempting a sustained breakout above $32,400 where the price has been hovering for 48 hours or so.

The Wall Street criminal-turned-author also noted that no one actually knows where the price of bitcoin goes next and if anyone says they do, they are definitely lying.

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Source: https://zycrypto.com/wolf-of-wall-street-jordan-belfort-elon-musk-is-filthy-rich-to-pump-and-dump-bitcoin/

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