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Chinese BTC Miners Can Oust Western Competition

Over the past 30 days, miners have been coming back to BTC in troves, and on Jul. 8, broke the all time record of 126 Exahashes. One reason behind the spike is the implementation of the latest mining hardware as a response to the increased difficulty-to-reward ratio caused by the halving event in May.  Newer

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Over the past 30 days, miners have been coming back to BTC in troves, and on Jul. 8, broke the all time record of 126 Exahashes.

One reason behind the spike is the implementation of the latest mining hardware as a response to the increased difficulty-to-reward ratio caused by the halving event in May. 

Newer mining models are far more profitable, and with the increase of difficulty post halving, some say mandatory. The Antminer S9 still remains barely profitable in China, but for the rest of the world, it’s outdated. 

The latest Antminer S19 Pro leads the pack with the best possible performance on the market of 30 W/T.

Source: F2Pool

Current Bitcoin prices are not profitable for western miners because they often have to pay more than $0.10 per kWh of electricity. The exception are mining farms that operate using geothermal or hydropower sources. 

Conversely, Chinese mining farms enjoy low energy prices year-round, ranging from $0.03 to $0.05 per kWh. These low costs enable them to compete effortlessly against their western counterparts. 

Using the best miner at the time of writing, Chinese miners are making a monthly profit of $180, while their western counterparts are barely scraping by with a monthly profit of $14.

Assuming the cost of $0.03 per kWh, Chinese miners can sell profitably as long as BTC’s price is over $4,453. 

At the same time, most western miners would lose money if they sold below $8,900. 

The figures above only take into consideration the bare minimum. Electricity costs and Antminer S19 Pro’s hardware profile. Rent, staff salaries, cooling costs, and any other expenses that mining farms experience are not considered.

Looking at data from Glassnode we come to the conclusion that BTC (old and new) is mostly leaving the exchanges, likely to be kept at more secure locations such as hardware wallets.

Data from ByteTree starts to show a different story, one that shows BTC miners are selling more than what they produce. If this trend catches on, BTC price will correct to a lower support level, potentially pushing western miners off the network should the price fall below $8,900.

Core Scientific is one of the major US-based competitors, who recently ordered more than 14,000 Antminer S9s due to deliver by September. The rest, unless they secure sources of cheap electricity and the latest hardware, will be driven out of the industry.

The situation is dire, Chinese miners are dominating and have the opportunity to earn a greater share of the mining industry. Chinese monopoly on BTC mining is unlikely, but with limited sources of cheap electricity for the rest of the world is at a serious disadvantage in the race to claim the world’s most trusted digital asset.

Source: https://www.crypto-news.net/chinese-btc-miners-can-oust-western-competition/

Blockchain

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.”

This image has an empty alt attribute; its file name is a0l8zUyF.png
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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