American rapper Snoop Dogg has been one of the most prominent names when it comes to the non-fungible token (NFT) and Web3 space. Snoop Dogg has launched several projects across different blockchains and has shown vast interest in the space as a whole. As the market heads into a full-blown bear cycle, most investors in […]
The Gray Glacier upgrade is finally live on the Ethereum network which will push the difficulty bomb by another 100 days so let’s read more in our today’s Ethereum news. The Gray Glacier upgrade is the latest one on the network which will push the difficulty bomb by another 100 days. The upgrade occurred at […]
Coinbase is easily one of the most recognizable names in the crypto space and has had many successes when it comes to its products. It also became the first crypto company to go public and continues to trade on the open market. However, as the crypto bear market has crept in, various projects in the […]
Data shows the Bitcoin spot trading volume has dropped down almost 60% since the recent high, suggesting activity has severely fallen. Bitcoin Weekly Trading Volume Rises Sharp, And Then Falls Hard As per the latest weekly report from Arcane Research, the BTC spot volume recently observed a drop of around 58.7% in just nine days. […]
While spacechains have limited functionality for Bitcoin users, they do provide some interesting use cases worth exploring.
Paying gas fees is a crucial component of exchanging crypto and mining digital assets yet remains a significant cost barrier for transactions. A prime example is the major cryptocurrency Ethereum, whose network incurs inherently high gas fees due to its high volume of transactions and token evaluation. The term gas is used to define the amount of Ether (ETH) needed to perform a specific transaction allowing users to interact with the network. These fees are used to compensate miners for the energy required to verify a transaction. The gas price is highly volatile and dependent on a multitude of factors. The primary factor that represents gas fee price fluctuation is transaction congestion. As stated by Coin Market Cap, “There is so much movement on the Ethereum chain that the blocks are full, and transaction fees shoot up with each rise in demand.” According to specialists, the transaction volume can raise the gas fee from $5 to 50$ in seconds. Also, another critical driven force is the token market price. Ethereum investments have risen significantly since its inception in 2015. Within an astonishing period, its value grew from around US$0.31 to around US$4,800 (ATH) in November 2021. With the imminent release of ETH 2.0, which will replace the Proof Of Work model with the Proof Of Stake mechanism, Ethereum may have a prosperous future, but investors are still skeptical about further investing in Ethereum after the recent crash. The rise in gas fees has made it one of the most expensive blockchains to trade on, and Ethereum-based projects are experiencing a decrease in transaction volume because of the expenses. This situation represents a considerable opportunity for decentralized exchanges, which are focusing their mission on breaking down these cost barriers and on optimizing transaction speed. Providing ecosystems that foster the growth and prosperity of new incumbent projects. Xodex, with its features, is decentralizing and eliminating cumbersome, slow, and restrictive means, CEX, banks, and exchanging old rules. The platform is committed to finding balance, innovation, and equity building. Its upcoming main net blockchain launch aims to offer high transaction throughput, reporting remarkable transactions per second (TPS) speed of up to 100k, 50x faster than Ethereum, and zero fees. Its Proof of Authority (POA) consensus will combine decentralization with streamlined, scalable, and environment-friendly transaction processing. According to its whitepaper, the Xodex wants to “solve the problems that exist in the current blockchain-based projects” through its anonymous ecosystem. One of its solutions is providing decentralized and P2P services with no middlemen, providing more security for users and direct access to funds. Within the world of cryptocurrency and DeFi, gas fees and scalability have become a significant cause of concern. Newcomers to the space like Xodex provide revolutionary new alternatives to these pressing issues.
The U.S. Securities and Exchange Commission (SEC) will announce its decision on the Bitcoin-linked spot Exchanged Traded Funds (ETFs) proposals filed by investment giants Bitwise and Grayscale. The Commission is expected to make this announcement on the former by July 1st and on the latter by July 6th. Related Reading | Here Are Bitcoin And Ethereum’s […]
Samsung is reportedly trialing the production of 3nm foundry processing for chips enabling bitcoin miners to operate faster and with less power consumption.
Data shows the price of the Bitcoin ASIC miners has plunged down to the lowest value since January of last year as mining profitability drops off. Prices Of Bitcoin ASIC Miners Have Observed A Decline In Recent Months According to the latest weekly report from Arcane Research, the current downtrend in the prices of ASIC […]
Despite the decline in mining difficulty, Bitcoin (BTC) miners are facing harsher conditions in the market due to the rising costs of energy and hardware, Coin Metrics’ special State of the Network reveals.
The post Bitcoin miners are facing harsher conditions despite easier mining difficulty appeared first on CryptoSlate.
Bitcoin miners have been in a bind for a while now. When the price of the digital asset dropped, it inadvertently affected the cash flow and profits made from mining activities. Hence a lot of miners have had to sell off their BTC holdings to make ends meet. Public miners have not been left out […]
Ethereum has returned to the red as it was rejected as a major area of resistance. The cryptocurrency is bleeding out and records the second-worst performance in the crypto top 10 by market capitalization with a 10% loss in the last 24 hours. Solana (SOL) holds the number one position with a 13% loss. Related Reading | TA: Ethereum Topside Bias Vulnerable If It Continues To Struggle Below $1.2K The general sentiment in the market seems to be at an all-time low, but there is room for it to enter into a capitulation state, according to Daniel Cheung, Co-Founder at Pangea Fund Management. ETH’s price could succumb to macroeconomic conditions. Cheung claims the second crypto by market cap is correlated with traditional equities, in particular with the Nasdaq 100 via the Invesco QQQ Exchange Traded Fund (ETF). In that sense, the crypto market has become susceptible to stock price movement making it “a market regime where it is all just one big Macro trade”. The analysis claims that Ethereum could see a 40% drop from its current levels as the Nasdaq 100 has “a lot of room to fall”. This index has only experienced a 30% crash, and historically it has dropped by as much as 45%. The potential upcoming crash in the Nasdaq 100 (tech stocks), and in Ethereum as a consequence, will be driven by a poor earnings season, Cheung believes. This is one of the conditions that could force ETH’s price to break below $1,000 and into $500 for the first time since 2020. The analysis claims that the traditional market is misreading the U.S. Federal Reserve (Fed). The institution is attempting to slow down inflation, currently at a 40-year-old high as measured by the Consumer Price Index (CPI), by increasing interest rates and unloading its balance sheet into the market. Will Ethereum Follow U.S. Stocks To The Downside? The objective is to reduce consumer demand, and reduce prices across global markets, in hopes that this will bring down inflation. Market participants seem to be underestimating the Fed, and thus could be unprepared for the consequences, Cheung argues: (…) there will likely be more iterations of lower earnings revisions that follow over the coming months especially given this is a market regime that very few investors have experienced This will bring equities lower and crypto to follow with it more downside to come. In fact, the analysis argues that the U.S. could already be in an economic recession. This could bolster the Fed to put more pressure on the market, having an even worse impact on Ethereum and other cryptocurrencies. Related Reading | Bankman-Fried Is Looking At “Secretly insolvent” Small Exchanges & Crypto Miners This could be confirmed today with the report on GDP growth to be posted by U.S. financial entities. If this report spells economic slowdown, adding more downside pressure and further impacting companies’ earnings season, Cheung claims while adding: If the GDP print + CPI print + FOMC commentary all play out according to plan – we will likely be at a triple digit $ETH price once again. However, the land mine that investors would have to overcome would still not be over as 2Q22 company earnings would be just on the horizon.
The bear market is affecting all segments of the crypto industry, including Bitcoin miners, which have seen their revenues decline sharply this year.
Bitcoin doesn’t try to change our nature. It works with nature; it’s part of nature. It is the combination of ancient wisdom and scientific knowledge.
Bitcoin mining has been seeing a decline in profitability in recent times. This comes as no surprise given the drop in the value of the token and since profitability largely depends on what price BTC is trading at, it has led to a decline in cash flow. As the ripple effects of the market crash […]