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While Beijing Kicks Out Bitcoin Miners, Texas Welcomes Them: What’s Special about the American State?

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Jun 25, 2021 at 08:08 // News

Chinese miners flee to Texas

China, a workshop for more than 65% of the world’s bitcoin, has taken a tough stance against crypto mining and related transactions, including a total crackdown on bitcoin mining.

As a result, China-based miners are being drawn into what is now being called “the great mining migration,” most of which is heading to the U.S. state of Texas. Why Texas?

The great mining migration is happening now

Since two-thirds of the bills paid by crypto miners have to do with electricity, any crackdown on electricity could cause miners to unplug their rigs and try elsewhere. A total ban on crypto transactions would also put miners out of work. This is exactly what is happening in many cities in China after authorities warned central banks not to allow crypto transactions and shut down mining companies. In Xinjian, Yunan and Sichuan provinces and Inner Mongolia, where most of the world’s Bitcoins are mined, this crackdown has led to the massive exit of miners.

Although China insists that it is blocking cryptocurrency transactions for environmental reasons, critical analysts have found that it is really about getting rid of unnecessary market competition from cryptocurrencies and altcoins like Bitcoin, Ethereum, and others, and paving the way for the digital yuan, which is expected to be launched soon.

mining-2648005_1920.jpg

Where are the miners headed?

Crypto mining, unlike traditional businesses, can be done from anywhere without having to be so close to customers. This explains why China has long been the global bitcoin mining centre, even though bitcoin consumption may be greater elsewhere.

In the great mining migration, Texas was considered a major destination for miners because of its crypto-friendly environment. Other regions considered by miners include Canada, Central Asia and Northern Europe.

Although winter storms earlier this year caused power shortages and affected crypto mining in Texas, the state is by far the most energy-rich in America, with wind power accounting for 20% of its electricity supply. Compared to other US states where an average consumer pays at least 12.4 cents per kWh of electricity, it’s a different storey in Texas where that figure is just 11 cents. Other research has recently found that the cost of electricity in the state of Texas is six times lower than the national average.

Inside Texas electricity market

But why is electricity so cheap in the state of Texas? There’s one primary reason: Texas is the leading producer of natural gas in all of America, responsible for 25% of the total natural gas supply in the United States.

In Texas, at least 85% of all electricity supply is not regulated, but is placed in the hands of Retail Electricity Providers (REP). This type of regulation is based on free market principles where the forces of supply and demand determine market behaviour. This has created room for research and innovation, competition and quality electricity services in Texas.

The miners are safer in Texas

After the harsh Communist Party treatment in China, crypto miners may finally find greener pastures in Texas. Greg Abbott , the state Texas Governor is not only pro-crypto, but recently signed HB5 legislation that will provide households across Texas with access to high-speed internet. This is another benefit for crypto miners and traders in Texas.

In a tweet he sent out on June 19, 2021, Governor Greg welcomed cryptocurrencies and said that Texas will be the crypto leader.

The_miners_are_safer_in_Texas.jpg

With the influx of crypto miners to Texas after China’s recent crackdown on cryptocurrencies, Texas could become the world’s next crypto mining powerhouse and a city of immense crypto development. Crypto enthusiasts are safer there due to the conducive crypto environment in the US state.

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Source: https://coinidol.com/texas-welcomes-mining/

Blockchain

Cardano, BAT, DASH Price Analysis: 02 August

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Many of the market’s altcoins fell over the last 24 hours, with the same underlined by the lack of buying strength in the market. ADA might find some comfort around its immediate support level while BAT lost 4.9% of its value. Finally, DASH flashed a declining bearish signal on the charts.

Cardano [ADA]

Cardano, BAT and DASH Price Analysis: August 2

ADA/USD, TradingView

ADA tanked by 2.7% over the last 24 hours, with the alt valued at $1.32 at press time. A further drop could have the price rest on the support level of $1.25. On the developmental front, Cardano is expected to let users run smart contracts once the hard fork occurs.

ADA’s technical indicators all pictured the same bearish situation with a fall in buying pressure. The Awesome Oscillator pictured red signal bars while the MACD too registered a bearish crossover on the charts.  

The Relative Strength Index hovered near the neutral zone after its buying pressure went on a downtrend for a few days.  

Basic Attention Token [BAT]

Cardano, BAT and DASH Price Analysis: August 2

BAT/USD, TradingView

BAT also dipped by 4.9% over the last 24 hours. In a day, the asset fell from the overbought zone to the neutral zone as the price rested at $0.65. Substantiating the above statement, the Relative Strength Index stood at 57. The Chaikin Money Flow mirrored the same movement as it noted a considerable dip in capital inflows. Despite the dip, however, inflows still surpassed outflows. 

$0.61 happens to be the support line for BAT as the coin lost its bullish momentum today. The MACD flashed the presence of bearish sentiment as the red histograms were visible at the time of writing.

In the case of some bullish movement, the resistance level to test stood at $0.71. 

DASH

Cardano, BAT and DASH Price Analysis: August 2

DASH/USD, TradingView

DASH was also on a downtrend as it reported a 4.1% decline in price over the last 24 hours. The alt was trading at $161.32, at press time, with a bearish technical outlook just like most other altcoins. 

Market volatility could be anticipated as the Bollinger Bands opened up and remained parallel. Buying pressure decreased, with the Relative Strength Index registering a dip in the number of buyers. It remained close to the point of equilibrium, however. 

Awesome Oscillator too verified that same and observed red bars on the midline. This indicated that bearish pressure existed in the market.

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Source: https://ambcrypto.com/cardano-bat-dash-price-analysis-02-august

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Blockchain

Kraken Exchange Donates $300K to University of Wyoming

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Kraken – a popular cryptocurrency exchange based in San Francisco, CA – has partnered with the University of Wyoming to ensure all future tech students get the resources they need for positions in the growing crypto space.

Kraken and Wyoming Continue Their Working Relationship

Kraken says it will offer scholarship support to students pursuing PhDs at the university. It will also work with college professors to create programs for students in the K through 12 range that will give them the education and knowledge they need to potentially enter the digital currency space as they mature. Overall, Kraken is donating a whopping $300,000 to the University of Wyoming.

The gift is part of the exchange’s tenth anniversary celebration. Jesse Powell – the CEO of the platform – says that Kraken has been around since the year 2011, and that he and his staff wanted to do something big in honor of the company’s growth and status in the digital currency arena. He says:

On our tenth anniversary, we’re setting sights on the future by investing in expanding access to quality education on bitcoin and cryptocurrency. We hope the program will capture imaginations and contribute to a better financial future for Wyoming and for the world.

The $300,000 gift will be doled out over the next three years to ensure PhD students of limited financial means are privy to the same educational resources and program options as the rest of their classmates and counterparts. Part of the funds will also be utilized to create a summer camp for students looking to pursue tech-based and computer science degrees at the university.

Assistant professor of computer science Dr. Mike Borowczak stated in an interview:

This gift from Kraken enables us to recruit and retain a high-caliber researcher who will work in an interdisciplinary space with other researchers from both the Wyoming Advanced Blockchain Laboratory as well as the Cybersecurity Education and Research Center.

In addition to its work with the school, Kraken is striving to create an entire grant program that will ultimately donate more than $1 million to support open-source cryptocurrency technologies and future outreach programs.

Jesse Powell Has Been Featured a Lot

Kraken and Wyoming already share a special relationship given that the crypto exchange has established one of the state’s first official cryptocurrency banks in recent months. The trading platform has been in the news quite a bit as of late, with Jesse Powell recently saying that 2022 would be the year in which bitcoin reaches a price of $1 million per unit.

In addition, Powell was quick to suggest on social media that regulators may wind up working to collect individuals’ crypto holdings given how much digital assets threaten the well-being and stability of banks and standard financial institutions. At press time, the company has garnered financial backing from the likes of Tribe Capital, Hummingbird Ventures, Blockchain Capital and many other firms.

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Source: https://www.livebitcoinnews.com/crypto-exchange-kraken-provides-300k-in-grants-to-university-of-wyoming/>

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Blockchain

Why this analyst’s ‘Bitcoin to go to $15k’ claim might be unfounded

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Bitcoin, over the years, has earned its fair share of supporters and detractors. Now, there are many analysts who analyze and predict a future for the king coin. But sometimes, those predictions fail.

More often than not, what works best is a look at on-chain metrics. On observing some of those, it can perhaps be argued that one such assertion made by a popular analyst might turn out to be wrong. 

Bitcoin to $15,000?

Not really. From the perspective of a correction, a slight fall would make sense and it would also be healthy. However, an almost 62% drop sounds rather unlikely. Even for cynics.

This is primarily because the numbers seemed to point to consolidation at best, discounting the possibility of a sharp fall. In order for a fall to $15k to become a reality, the market would have to sustain months-long bear pressure or a freefall. At this point, neither scenario seems possible. 

Source: Coinstats

At the time of writing, BTC’s supply in profit was up by 17% from 65.8% to 82.5% in just 13 days. What’s more, realized profits registered by the market are at a 3 month high too.

Bitcoin realized profits | Source: Glassnode – AMBCrypto

This is the biggest proof that a bear run is unlikely right now. Additionally, the liquid supply which represents cumulative inflows and outflows over the entity’s lifespan is at an all-time high.

A hike such as this is proof that a) Bitcoin is moving from smaller hands to bigger hands, and b) No bear market or bears pulling BTC to $15k

Bitcoin liquid supply | Source: Glassnode

What about investors?

Right now, investors too seem to be supporting bullish price action on the charts. This can be supported by rising investor sentiment and the increasing number of addresses on a daily basis.

The probability of a drastic price fall can also be disproven by the MVRV ratio. According to the same, Bitcoin is well-positioned in the positive zone. Finally, the NUPL also found that BTC is in the zone of Belief-Denial – Another good sign for the market.

Bitcoin NUPL | Source: Glassnode – AMBCrypto

Once again, the cryptocurrency market is one without rules. So, there might just be a small chance that these on-chain metrics are wrong and might switch at the drop of a hat. If so, and if BTC does fall to $15k, despite all the evidence suggesting otherwise, wow. 

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Source: https://ambcrypto.com/why-this-analysts-bitcoin-to-go-to-15k-claim-might-be-unfounded

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