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Satoshi Wasn’t The Only Mining Whale, 2010 Data Reveals

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Since 2021 began, there have been a slew of suspicious whale moves by miners that mined bitcoins in the early days. A miner in particular has spent 11,000 bitcoin since last year, and 1,000 bitcoin from 2010 was moved last week. Despite the fact that Satoshi Nakamoto is thought to have mined over a million bitcoins, many other network participants also mined millions of currencies.

2010 Saw Low Mining Difficulty Created More Whales

On June 9, 2021, an early miner transferred 1,000 bitcoin to a variety of addresses, resulting from 20 block rewards from 2010. So far in 2021, Bitcoin.com News has captured this whale six times, spending 6,000 decade-old bitcoin. Furthermore, before 2021, when 5,000 decade-old coins were spent in 2020, our newsdesk caught the prior five strings. Since we revealed our findings, some have speculated that the whale could be Satoshi Nakamoto, the creator of Bitcoin.

The mystery whale is unlikely to be Nakamoto, and even though the inventor mined a million bitcoins, many others were mining alongside him. Nakamoto most likely mined bitcoin in 2010, but throughout Bitcoin’s second year, a large number of other miners processed block rewards as well. In 2010, 3.39 million bitcoins were mined, and up until mid-2010, an individual could mine bitcoin using a central processing unit (CPU). This suggests that out of the 67,920 blocks solved in 2010, a simple computer with a reasonable CPU may find block rewards.

Up to the first quarter of 2011, graphics processing units (GPUs) were used to mine bitcoins between that time and the end of 2010. Many more people may mine bitcoin alongside the developer, who left the community in December 2010, during the CPU and GPU periods.

We also know that throughout the second year of Bitcoin’s existence, the network mining difficulty was quite low. By computing specific fields included in coinbase payouts, analysts can determine the total hashrate. Version, prevblockhash, merkleroot, timestamp, difficulty target, and nonce are all included in this data.

Related article | Why It’s Unlikely the 50 Bitcoin Transaction From the 2009 Address is Satoshi

Bitcoin Mining Had Leaders, Not Satoshi Alone

Many people were mining bitcoin by July 2010, according to forum discussions on bitcointalk.org. In December 2009, it was clear that people were mining bitcoin with GPU mining rigs, and it was also clear that ASIC mining was on the way. That year, Satoshi even cautioned about a “GPU arms race,” suggesting that the community should agree not to hurry this sort of mining.

“We should have a gentleman’s agreement to postpone the GPU arms race as long as we can for the good of the network. It’s much easier to get new users up to speed if they don’t have to worry about GPU drivers and compatibility. It’s nice how anyone with just a CPU can compete fairly equally right now,” Nakamoto said.

By the summer of 2010, it was too late, and in mid-July, the pseudonymous miner Artforz, along with Laszlo Hanyecz, was claimed to be one of the first GPU miners. Artforz appears to be the first person to set up a GPU mining farm.

Back in 2010, his private code, dubbed “Artfarm,” was utilized to mine thousands of bitcoins using his own code. On July 25, 2010, the infamous Artforz claimed to have mined 1,700 bitcoin in six days. Artforz became a contentious leader in the space, with reports claiming that he controlled around 20-30% of the network’s computer power in October 2010.

We can assume that many others mined bitcoin with Satoshi throughout his period as the network’s founder, from January to December 2010. It doesn’t mean it was Nakamoto who shifted a few thousand BTC from 2010. And, as far as we know, Bitcoin’s founder has never used any of the estimated 1.1 million coins they mined at the time.

BTC/USD still yet to break $40k. Source: TradingView

Related article | Abridged Version: The Last Days of Satoshi

Featured image from Pixabay, Chart from TradingView.com

Source: https://bitcoinist.com/satoshi-wasnt-the-only-mining-whale-2010-data-reveals/?utm_source=rss&utm_medium=rss&utm_campaign=satoshi-wasnt-the-only-mining-whale-2010-data-reveals

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Chinese Banks Received $1t in Forex Deposits in May

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According to the People’s Bank of China’s announcement, foreign exchange deposits in China have crossed the $1 trillion mark for the first time. Economists believe that this will give the Chinese government a lot more freedom to allow the outflow of capital from the country.

A major reason for this increase in foreign exchange flowing into China is a rise in demand for certain Chinese products during the pandemic-related restrictions. Chinese exporters have performed exceedingly well in the past few months and have gathered a large foreign currency store.

Chinese Banks Received $1t in Forex Deposits in May

The rising trend in the Chinese market is also attracting more investors. Many foreign investors exchange dollar currency for the Chinese Yuan to purchase shares in the Chinese stock market. But now China is facing a different problem. It does not have many avenues to invest its foreign currency. Experts believe that the Chinese government needs to urgently introduce some policy reforms in the country so that Chinese investors can spend more of their foreign currency in overseas markets.

At present Chinese banks and lenders are using most of their foreign exchange deposits to fund loans in the country as well as overseas. The heavy inflow of dollars into China, but a relatively lower outflow rate, is now pushing down dollar value in China very fast. So banks are now buying Yuan instead of the dollar currency. This is strengthening the Chinese Yuan. But investors fear that if the Yuan becomes too strong, hot money will flow into the country, and the Chinese import business will face a devastating situation.

Chinese Banks Received $1t in Forex Deposits in May

To curb the issue, China is already trying to control the liquidity of the dollar. The ceiling for investing overseas has been increased to record levels. It has also put in place investment schemes for capital outflow that will allow Chinese investors to invest more than ever before in overseas markets.

George Magnus of Oxford University’s China Center, speaking about the Chinese situation, has said that foreign exchange inflow surges can benefit an economy. Still, these surges are usually temporary and can reverse at any time leading to dire consequences for the economy. It now remains to see how well China can utilize its Forex inflow to prepare itself against potential future reversals.

Source: https://www.cryptonewsz.com/chinese-banks-received-1t-in-forex-deposits-in-may/

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In Times of Volatility: You Should Choose a Stable Exchange

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On June 21st, the negative news from China pulled a turbulent decline in Bitcoin once again. The price of Bitcoin once collapsed to $28,000,  beating May’s price bottom.

Since the start of Q2, Bitcoin’s price fluctuations have been continuing. The correction of the bull market, contradictory statements of KOLs, and the tighter regulations from different countries have made the cryptocurrency market more sensitive and volatile.

In Times of Volatility: You Should Choose a Stable Exchange

The roller-coaster price swings reveal that the cryptocurrency market is far more fragile and unstable than traders expected. Yet, compared with market volatility, the more catastrophic thing is that traders cannot respond in time to the rapid changes in real-time price.

On May 19th, along with the slump in the price of cryptocurrencies such as Bitcoin, Coinbase, the so-called largest digital cryptocurrency exchange in the United States, crashed as well. Coinbase later said in a statement that they had found some problems in Coinbase and Coinbase Pro, and they would provide an update as soon as possible.

In Times of Volatility: You Should Choose a Stable Exchange

Facing the collapse of Coinbase’s website and App, some users expressed complaints on social networks because when the price of digital cryptocurrencies was plummeting, they wanted to take the opportunity to buy the dip but did not succeed, thus suffering huge losses. Affected by this, Coinbase’s stock price fell 10% that day.

Confronted with system outages, server overloads, and unexpected crashes that occur from time to time, users often can do nothing but be exposed to forced liquidation or miss the best time to buy the dip and escape the top.

In a time of volatility, the market fluctuates greatly, and it is easy to suffer great losses if you fail to time the market. According to incomplete statistics, more than 15 system crashes(large or small) of Binance’s servers each year. It means that there will be one collapse of Binance’s servers every month on average. Each system crash could make at least millions of users unable to take action. Therefore, traders need to choose a stable and safe exchange. Bitwells will be the option for you.

Bitwells is a futures trading platform focusing on the Bitcoin market, providing futures leveraged trading of mainstream digital currencies like Bitcoin, Ethereum, Litecoin, Ripple, etc. The company is registered in the UK and is jointly developed by Internet experts, cryptocurrency traders, and financial professionals, trusted by more than 200,000 traders in over 200 countries/regions worldwide. No KYC, no deposit fees, App and PC available, traders can get the most attentive services, including 24/7 customer support on Bitwells.

Bitwells Platform Interface
Bitwells Platform Interface

Why Choose Bitwells?

Simplicity And Security

Bitwells runs a professional technology team and financial operation to provide you with an experience of simplicity and security. The lightning-speed execution ensures speedy and highly efficient trading on your smartphones, tablets, and computers, which largely avoids overload problems. Even in a period of great volatility, you don’t need to worry about being unable to log in due to a system crash.

Accurate Quote

Over 15 market makers guarantee the market liquidity and immediate transaction, which provides users with an accurate price. The Price index on Bitwells is based on calculating the weighted data from 5 major exchanges in the world – Binance, Poloniex, Bitfinex, Huobi, and Coinbase. Suppose any exchange fails to provide quotes due to its service performance or any problems. In that case, Bitwells reserves the right to apply a new Price Index based on the weighted average of the remaining working exchanges immediately.

Transaction Security

Amazon’s super transaction engine and strong basic support ensure that users’ every transaction is accurate, fast, and safe. Bitwells takes security measures similar to banks to ensure that the security of customer assets stored in trading exchanges reaches the highest standards. Several layers of protection have been implemented, such as multi-signature withdrawals and two-factor authentication (2FA).

Low Service Fee

Bitwells does not require deposit fees from users. According to this report, it charges 0.0005 BTC per BTC-withdrawal, which is below the global industry average (being 0.00059 BTC per BTC-withdrawal according to this report).

Demo Account With 10 BTC

Once registered, users on Bitwells will be offered a real trading account and a demo account with 10 BTC. The simulation pattern is user-friendly, which prevents beginners from losing money without knowing the rules. Users can use the demo account to get familiar with the trading process and test trading strategies to improve accuracy.

100X Leverage

Bitwells offers users trading with 100X Leverage. With 100X Leverage, traders can make 100 times of profits from both directions( long or short).

100 Deposit Bonus

Bitwells now offers a 100% deposit bonus as a thank-you gift for every user. When you deposit into Bitwells, the same amount of Bitcoin will be accredited to your account (max. 10 BTC each deposit). If you deposit 1 BTC, you will get 2 BTC, which you can use for transactions and earn more profits.

Explore and Get 100% Bonus at Bitwells
Explore and Get 100% Bonus at Bitwells

During periods of high volatility, a stable and professional exchange will allow you to hedge losses and make profits for yourself. Bitwells is committed to bringing a good trading experience to every user.

Sign up on Bitwells and maximize profits out of your Bitcoin.

Source: https://www.cryptonewsz.com/in-times-of-volatility-you-should-choose-a-stable-exchange/

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Ethereum’s much-awaited EIP-1559 gets deployed on Ropsen testnet

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As announced by Ethereum (ETH) core developer Tim Beiko, the London hardfork upgrade was successfully activated on the Ropsten test network.

Following the last Berlin upgrade, Ethereum’s London hardfork is anticipated to solve the network’s congestion and high transaction fee issues, which raised concerns and criticism regarding its scalability and performance.

We have a block!

“We have a block! Took a bit longer than expected, but London is live on Ropsten,” said Beiko, adding he is “pretty stoked to have sent the first 1559-style transaction included on a public Ethereum network *ever*.”

Beiko noted that blocks were a bit slow at first, due to the lack of miners upgrading: 

“Because mining is altruistic on Ropsten (block rewards are worthless), it can be hard to get folks to upgrade in a timely fashion.”

Following Ropsten, on June 30, the update will be implemented on the Goerli test network and finally Rinkeby will upgrade on July 7.

Controversial EIP-1559

London hardfork is one of the latest network upgrades proceeding the migration of Ethereum (ETH) towards Ethereum 2.0 and implements the Ethereum Improvement Proposal (EIP) 1559:

“The proposal in this EIP is to start with a base fee amount which is adjusted up and down by the protocol based on how congested the network is. When the network exceeds the target per-block gas usage, the base fee increases slightly and when capacity is below the target, it decreases slightly. Because these base fee changes are constrained, the maximum difference in base fee from block to block is predictable.”

Historically, Ethereum priced transaction fees using the ‘first price auction’ model and in order to tackle major inefficiencies, the controversial improvement initiates a dynamic fee structure and periodical fee burnings.

The new fee system means the miners only get to keep the priority fee, with the base fee always being burned (destroyed by the protocol), while ensuring only ETH is used to pay for transactions on Ethereum, cementing its economic value within the platform.

This will largely reduce miner extractable value risks and counterbalance Ethereum inflation.

A major day for Ethereum, as it takes another big leap from its Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus mechanism. 

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Source: https://cryptoslate.com/ethereums-much-awaited-eip-1559-gets-deployed-on-ropsen-testnet/

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