strong Archives -
Archaeologists have unearthed the earliest direct evidence of people smoking marijuana from a 2,500-year-old graveyard in western China. In a complex of lofty tombs in the Pamir Mountains—a region near the borders of modern China, Pakistan, and Tajikistan—excavators found 10 wooden bowls and several stones containing burnt…
A panel on MSNBC slammed President Trump for his late-night Twitter attack against Bette Midler, calling the tweet “an embarrassment” amid his trip to Europe to commemorate the 75th anniversary of D-Day and that it stems from his hatred of “strong women.”
Over the last few weeks, cryptocurrency markets have been on a tear accumulating considerable gains following the notorious ‘crypto winter.’ Since the recent price hike this spring, mining digital assets with next-generation miners has allowed participants to secure significant gains and even older mining devices are turning a profit.
Next Generation and Older SHA-256 Miners Are Pulling in Decent Profits Especially in China
After the price of bitcoin core (BTC) and bitcoin cash (BCH) started seeing significant gains miners that process the SHA-256 algorithm have started to pull in decent profits. The trend has changed since last December when news.Bitcoin.com reported on how only five SHA256 miners were profiting at the time. Now a large majority of devices are doing quite well and according to data at an average of $ 0.10 per KWh the top ten most profitable miners are clearing more than $ 10-15 a day per unit.
This includes mining devices such as the Asicminer Pro (76TH/s), Antminer S17 (56TH/s), Innosilicon T3 (52TH/s), and the Bitfury Tardis (80TH/s). Moreover, if the miners are located in mainland China and are getting $ 0.04 per KWh then those using next-generation machines are pulling in $ 15-21 a day per unit. And now with the wet season in China, the cost of electricity in Sichuan can be as low as 0.08 yuan ($ 0.01), which means mining pools with high performing rigs can profit by $ 25+ a day per miner.
According to statistics, China is one of the cheapest places on the planet in 2019 to mine SHA-256 coins like BCH and BTC. This is followed by countries like India, Canada, and Russia, while countries like the U.S. and much of Europe have average electricity prices. The worst regions to mine in the world include Germany, Denmark, Belgium, and Italy as each country has around $ 0.15-0.30+ per KWh. In regions like China where cheap electricity is rampant, mining rig vendors who sell second-hand machines are selling a ton of older devices.
Zhang Xilin, a mining equipment vendor in Huaqiang North detailed last week that “the price of second-hand mining rigs doubled.” For instance, data shows that old Antminer S9s that pull in 13-14.5 TH/s will give a miner $ 0.25-0.50 per unit at 13 cents per KWh if the person was mining in the U.S. or Europe. And those profits exceed well over two thirds the global average if the mining operation is in Sichuan, China with a facility full of old S9s. In the U.S. there’s been a lot of second market ASIC sales as well on sites like Craigslist and Ebay.
Obelisk & Cuckatoo Miners and 112 Profitable Devices
Mining rigs that mine the SHA256 algorithm processing either BTC or BCH, however, are not the most profitable miners today. Devices that mine coins like sia and grin are raking in much larger profits over the last month. For example, miners that can process the Obelisk or Cuckatoo31+ algorithm can manage to capture $ 30-50 a day per unit.
Next generation miners who mine Obelisk and Cuckatoo which have been announced but haven’t been manufactured yet could profit by $ 50-250 a day per unit. This includes devices like the Obelisk GRN1 Immersion (Oct. 2019), and the Innosilicon G32-1800 (Aug. 2019). An X11 miner like the Strong-U STU-U6 due to go on sale in July claims to offer 660 GH/s which is close to $ 40 a day per unit with an average electricity cost of about $ 0.10 per KWh.
At today’s crypto exchange rates, 112 mining devices that are available to the public that mine various types of cryptocurrencies are at least profiting by $ 0.10 a day per unit, with electric costs at $ 0.10 per KWh. This includes a slew of much older Canaan, Bitmain, GMO, Bitfury, Innosilicon, and Ebang miners. A lot has changed since the low prices last year in November and December and when miners were tossing old mining devices to the curb or selling them for pennies on the dollar. At the moment the two top SHA-256 cryptocurrencies BCH and BTC have seen significant hashrate increases and it’s likely due to the magnitude of fresh profit coming in.
What do you think about mining rigs becoming far more profitable to use with the recent price spike happening? Let us know what you think about this subject in the comments section below.
Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned companies or any of their affiliates or services. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. This article is for informational purposes only.
Image credits: Bitcoin.com, Asicminervalue.com, and Coin Dance.
The post Crypto Spring Brings Strong Profits to Next-Generation and Older Mining Rigs appeared first on Bitcoin News.
The political tension in Venezuela has affected local cryptocurrency adoption. While there are roadblocks, many crypto-advocating projects continue to thrive in the country. News.Bitcoin.com takes a deep look at the current situation in Venezuela, crypto adoption efforts and how the recent political crisis affects them.
Political Turmoil and Economy in Freefall
Cryptocurrency adoption in Venezuela has been affected by the recent political unrest following mass protests organized by Juan Guaido, president of the opposition-run National Assembly, calling for the military to help him end Nicolas Maduro’s reign. With the support of more than 50 countries including the U.S., Guaido declared himself acting president of Venezuela while Maduro insists he has been re-elected to a second six-year term. The incumbent still has the support of a number of countries including Russia and China.
During the years-long freefall of their country’s economy, many Venezuelans have turned to cryptocurrencies. Venezuela’s annual inflation rate reached 1,300,000% in the 12 months to November last year, according to the opposition-controlled National Assembly.
Widespread food and medical supply shortages are now the norm, with most Venezuelans struggling to afford basic items including food and toiletries. Although Venezuela is prime for crypto adoption, there are still many challenges in the way.
Crypto Adoption Remains Strong
Seemingly a natural fit for such a failing economy, cryptocurrency adoption is progressing in Venezuela despite some roadblocks. Matt Aaron, leader of Bitcoin.com’s efforts in the country, explained how the recent political situation and ongoing power outages have affected local merchant crypto adoption.
Citing the political unrest, the frequent and lengthy blackouts, and the skyrocketing prices of goods and services due to shortages of basic necessities, Aaron admitted that “It’s really affected the crypto adoption.” However, he emphasized:
I think it’s still strong, it’s just that in the short term, they’re in survival mode in certain parts. But the willingness to learn about crypto has not gone down.
Despite political unrest, Venezuelans continue to trade cryptocurrencies. On over-the-counter marketplace Localbitcoins, 1,137 BTC were traded in the week ending May 4, only slightly less than the 1,228 BTC traded in the prior week. Bitcoin cash data is not provided by this platform but Bitcoin.com will soon launch Local Bitcoin Cash for anyone to directly exchange BCH.
How Cryptocurrencies Help Venezuelans
Many people in Venezuela have found refuge in cryptocurrency. Carlos Hernández, a Venezuelan living in Ciudad Guayana, has shared how cryptocurrencies saved his family. Citing hyperinflation, he divulged:
I don’t own bolívars, Venezuela’s official currency. I keep all of my money in bitcoin. Keeping it in bolívars would be financial suicide.
Ricardo Carrasco is a Venezuelan who earns cryptocurrencies from freelance work online. He recently left his country because the constant blackouts made it impossible for him to work from Venezuela. He told news.Bitcoin.com Wednesday that, in the city of Merida where he lived, the power went out five consecutive days in March after it went out for two days the prior week.
“For a number of years now the Venezuelan government has been upholding a currency exchange control that does not let us freely access the international market,” Carrasco described. In addition, the U.S. has employed sanctions as a policy tool in response to activities of the Venezuelan government and individuals for more than a decade. “Now that the Trump administration has blocked our financial access to the world even further,” Carrasco opined: “Cryptocurrencies are super valuable because they allow us to bypass that … it’s also an asset that can gain in value and … if your minimum wage is less than $ 10 a month, you can see the potential for growth if you have crypto.”
Maduro Also Seeks Solution in Crypto
In an attempt to solve his country’s devastating economic problems, Maduro launched a new currency called the petro in February last year which he initially claimed to be a cryptocurrency backed by oil. However, he later declared that the petro was no longer fully backed by oil but was also partially backed by gold, iron, and diamond. Skeptics are calling his scheme a scam, pointing to several pieces of evidence such as the lack of wallet to hold the petro and the nonexistent block explorer.
Nonetheless, the National Superintendency of Cryptoassets and Related Activities (Sunacrip), the Maduro government-appointed regulator of crypto assets, has been selling the petro at its headquarters and issuing savings certificates to buyers. Recently, a crypto exchange authorized by Sunacrip, Amberes Coin, claims that the petro has been trading on its platform as well as over-the-counter on social media despite having no wallet or block explorer.
In January, the Maduro government established the Integral System of Cryptoassets, as published in Official Gazette number 41.575. It empowers Sunacrip “as the top regulatory entity in this matter, reinforcing, in addition, the entire initial ecosystem that since 2018 has been formed to give solidity and confidence to the petro, the sovereign Venezuelan cryptoasset,” Sunacrip wrote on its website. The regulator immediately proceeded to start controlling crypto activities in the country and offering its own crypto remittance service. Scam or not, the petro represents the first time any government has run its own cryptocurrency and related services, thereby creating awareness of cryptocurrencies and legitimizing them to the public.
Two other crypto-related regulations were published by the Maduro government — one on Feb. 4 in Official Gazette number 41.578 and the other in Official Gazette number 41.581 on Feb. 7.
A number of nonprofit organizations such as Airdropvenezuela are using cryptocurrency to help people in need. The nonprofit’s website states that “Due to artificially-rigged government exchange rates, the banks in Venezuela are not used for remittance, payments, or donations,” asserting:
Venezuela needs better money. Venezuela needs cryptocurrency. Ten dollars can help a family purchase food, medicine, and scarce imported goods.
“Access to digital money can help introduce Venezuelans to cryptocurrencies, online freelancer platforms, ecommerce, investments, donations and other income generating web-based opportunities,” Airdropvenezuela believes.
The project aims to send $ 1,000,000 in digital money to 100,000 ID-authenticated Venezuelan Airtm users who log into their accounts between Nov. 27 last year and July 31. “The first 100k Airtm Venezuelan users to be verified and have logged into their account during the campaign period will be a recipient of $ 10 once we achieve our $ 1,000,000 USD equivalent goal,” the nonprofit announced.
In addition to U.S. dollars, donations can be made in a number of cryptocurrencies including BCH and BTC. They are sent directly to Airtm wallets which connect buyers and sellers to over 200 banking networks and e-money systems globally, including Venezuela’s.
As of this writing, $ 273,668 have been raised and 62,541 users have been verified, the project’s website reveals.
Cryptocurrency totals less than $ 10,000 will be converted into U.S. dollars upon distribution, Airdropvenezuela clarifies. At the time of this writing, the nonprofit has raised the most in BCH, followed by U.S. dollars and BTC. Donations in bitcoin cash make up more than half of all donations received.
BCH donations got a kick start when Bitcoin.com CEO Roger Ver matched them for 24 hours on Dec. 10 last year. “Total funds raised have more than doubled since @Rogerkver announced yesterday that he would match BCH contributions. Congrats BCH community for jumping to #1 place in less than 24 hrs,” Airtm tweeted. “The bigger the network effect a currency has, the more useful that currency becomes. This is a great way to grow the network for Bitcoin Cash and help people in need at the same time,” Ver remarked.
150 Merchants Onboarded so Far
A growing number of merchants in Venezuela are now accepting bitcoin cash thanks to an initiative by Bitcoin.com to make the process easy for them. At the North American Bitcoin Conference in February, COO Mate Tokay unveiled the company’s ambitious goal to onboard 500 merchants per month to accept bitcoin cash.
Aaron confirmed that, while there are other projects Bitcoin.com is indirectly affiliated with, his primary focus is getting merchants to accept BCH, elaborating:
We’re focused in Caracas, have around 150 merchants so far … we’re teaching them how to use bitcoin cash, how to convert to dollars and bolivares, and to show them the advantages.
He proceeded to outline the benefits of accepting the cryptocurrency for merchants such as instant transactions, being able to accept payments without a payment processor, and avoiding high credit card processing fees of about 6%. In comparison, paying with BCH only incurs a network fee that is usually below one cent.
“We have a support network on Whatsapp and Telegram” so “store owners can come to us with their questions,” Aaron continued, noting that shop owners have many questions about accepting bitcoin cash. He believes that this support structure sets his efforts apart from other similar initiatives, emphasizing that the first step is getting merchants to accept BCH before convincing more people to use it and considering other projects such as remittance payments. “So many things to do, we’re just in the very beginning,” he concluded.
Feeding Venezuelans With Crypto
Another organization that relies on cryptocurrency to help Venezuelans is Eatbch. The nonprofit takes bitcoin cash donations and coordinates the purchases of ingredients to serve meals to people in six Venezuelan states. Eatbch celebrated its first year anniversary on Feb. 11. The organization also has a similar initiative in South Sudan.
During blackouts in Venezuela, Eatbch directs donors to visit Venezuela.Bitcoin.com to make donations. Funds sent to Eatbch can be easily tracked using the Badger wallet. BCH enthusiasts can also donate to the merchant adoption campaign in Venezuela. 100% of the donated funds will be used to help increase bitcoin cash adoption in the country through activities such as signing up merchants and educating them how to use the decentralized currency for commerce and remittance payments.
Victories in the war for cryptocurrency adoption in Venezuela may best be described as hard-fought, but lessons being learned by the local crypto community are plentiful. Regardless of how the political turmoil plays out, most every Venezuelan has learned the value of their money and now knows about cryptocurrencies, largely due to the Maduro government’s efforts to push the petro. Many of their lives have been touched personally by the efforts and projects like the ones listed above. It seems to be only a matter of time until crypto’s broad acceptance in the country finally arrives.
When do you think cryptocurrencies will finally be used by the mainstream in Venezuela? Let us know in the comments section below.
Images courtesy of Shutterstock, the BBC, ABC News, Coin.dance, Sunacrip, Airdropvenezuela, Airtm, Bitcoin.com, and Eatbch.
The post Crypto Adoption Remains Strong in Venezuela Amid Political Chaos appeared first on Bitcoin News.
Cryptocurrency markets are doing much better the day after the digital asset exchange Binance lost roughly 7,000 BTC ($ 40 million). Immediately after the trading platform officially announced the multi-million dollar loss, the cryptoconomy shed billions but since then most digital assets have recovered and markets are doing surprisingly well.
Cryptos Recover After Dropping a Few Percentages Following the Binance Loss of $ 40M
May 7 was a crazy day for crypto enthusiasts when the exchange Binance announced the loss of $ 40 million worth of BTC. The company claims it was hacked and has been forced to suspend deposits and withdrawals for one week. After the official announcement began to virally spread across social media, bitcoin core (BTC) markets tumbled from Tuesday’s high of $ 5,900 per coin to a low of $ 5,751 according to Bitstamp’s data. Many other coins followed suit with BTC and shed some percentages on May 7 as well. For at least 4-5 hours, markets consolidated but soon after that the crypto bulls have pushed prices back up and most coins have regained what they lost on Tuesday.
Today, on May 8 the entire market capitalization of all 2,000+ digital assets hovers around $ 184 billion. BTC is priced around $ 5,917 per unit at press time and has a market cap of around $ 104.6 billion. Ethereum (ETH) markets are up 5% for the week but because of yesterday’s chaotic action, ETH is down 2.4%. One ETH is swapping for $ 168 and the entire market valuation is roughly $ 17.8 billion. The third largest market cap is ripple (XRP) at $ 12.6 billion today and each XRP is trading for $ 0.30. Lastly, litecoin (LTC) markets are down 1.9% and each LTC is trading for $ 73 at the time of publication.
Bitcoin Cash Market Action
Bitcoin cash (BCH) markets are down 1.4% after yesterday’s losses but over the last seven days, the digital asset is still up by 5.1%. Trade volume is around $ 1.49 billion and each coin is trading for around $ 283. The top five exchanges trading the most bitcoin cash include Coinbene, Lbank, P2pb2b, Bitmart, and Binance. The leading trading pair with BCH today is tether (USDT) with 56% of all trades. This is followed by BTC (28.8%), USD (6.8%), KRW (4.5%), and ETH (1.5%), while EUR and JPY trail behind the top five pairs. BCH has a market valuation of around $ 5 billion and it’s the sixth most traded currency by volume on May 8.
Looking at the 4-hour chart on Kraken shows BCH bulls are steadily trying to surpass upper resistance. Currently, the short term Simple Moving Average (SMA) is still above the longer term 200 trendline. This means for now the path toward the least resistance is still toward the upside. Most momentum oscillators are currently suggesting a selloff and the Relative Strength Index is around ~55 which is somewhat impartial.
MACd levels show strong sell signals at the moment and the Stochastic is hovering around 66.76 at press time. Order books indicate that there will be some tough resistance between now and the $ 300 zone. Moreover, there will be tougher sell walls to beat between $ 315-330. If bears manage to outpace the bulls then they will be stopped by buy walls around all the way until $ 270 and then again at the $ 240-250 region.
The Verdict: Crypto Markets Continue to Remain Unphased After Bad News
Despite the dips, cryptocurrency markets seemingly look as strong as they did the day prior, before the Binance loss was revealed. Exchange issues have become an increasing concern for crypto advocates with the recent Quadriga CX loss, and the Bithumb hack. Alongside this, traders have been leery about the issues between the New York Attorney General and Bitfinex. Crypto markets lost 10% after the initial injunction on April 24 but had regained most of the losses. After the Binance news, markets have reacted in a similar fashion by seemingly shrugging off the bad news in less than 24 hours.
Where do you see the price of bitcoin cash and the rest of the crypto markets heading from here? Let us know what you think about this subject in the comments section below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
Images via Shutterstock, Trading View, Bitcoin.com Markets, and Coinlib.io.
Want to create your own secure cold storage paper wallet? Check our tools section.
The post Markets Update: Crypto Prices Show Strong Recovery After Binance Loss appeared first on Bitcoin News.
Lyft Inc., in its first financial report since going public in March, exceeded analysts’ revenue expectations but signaled no end to its spending spree.
The second-largest ride-hailing service in North America projected second-quarter revenue of $ 800 million to $ 810 million. Analysts were expecting…
Stocks rose broadly on Wall Street Friday, erasing the market’s losses from a day earlier and helping the S&P 500 to its second straight weekly gain. Investors welcomed the government’s latest snapshot of US employment, which showed that job growth surged in April past economists’ forecasts and unemployment fell to…
The U.S. economy grew at a solid 3.2% annual rate in the first three months of the year, a far better outcome than expected, overcoming a host of headwinds including global weakness, rising trade tensions and a partial government shutdown.
The advance in the gross domestic product, the broadest…
A new powerful earthquake hit the central Philippines on Tuesday, a day after a magnitude 6.1 quake rattled the country’s north and left at least 16 people dead, including in a collapsed supermarket, where rescuers scrambled to find survivors. The US Geological Survey put the magnitude of Tuesday’s quake…