Author: NBTC
Bitcoin (BTC) mining experienced a significant drop in profitability in August as both the average Bitcoin price fell and the network hashrate increased, according to a research report by investment bank Jefferies. Bitcoin Mining Profitability Dropped in August, Jefferies Reports The report, published today, revealed that miners’ average daily revenue per exahash fell by 11.8% compared to July. This decline was driven by a 4% drop in the Bitcoin price and a 2.7% increase in the average network hashrate, which measures competition among miners. Jefferies analysts Jonathan Petersen and Joe Dickstein have warned that September could bring more challenges. With…
El Salvador’s Bitcoin reserves now total 5834.75 BTC, reflecting a consistent buying strategy despite market turbulence. Bitcoin is integrated into El Salvador’s economy for government services, with plans for a private investment bank. El Salvador’s transparency and proactive stance on Bitcoin set a global precedent for crypto adoption. El Salvador has once again demonstrated its unwavering commitment to Bitcoin. The country has been adding to its holdings even as the market faces significant turbulence. President Nayib Bukele announced that the country’s Bitcoin reserves now total approximately 5834.75 BTC, reflecting the nation’s strategy of buying Bitcoin consistently despite market conditions. This…
Founder Vitalik Buterin defends optimistic posting about Ethereum amid ongoing market FUD and persistent bearish sentiment toward ETH. Despite Ethereum’s recent recovery, some analysts continue to issue a bearish outlook for the crypto, warning that another consolidation phase might occur before any significant shift. However, this sentiment contrasts with a growing trend among Ethereum enthusiasts, including its co-founder, Vitalik Buterin, who has continued to back bullish sentiments surrounding the crypto. Buterin’s Support for Bullish Sentiment Recently, Vitalik Buterin reinforced his stance on Ethereum’s potential resurgence. He supported a popular Ethereum investor, Vibin, who has faced backlash for continually sharing positive…
FVM enhances Filecoin’s ecosystem, supporting DeFi, NFTs, and dApps with decentralized storage capabilities. The Democracy Library has successfully uploaded over one petabyte of data to the Filecoin network. The Filecoin Virtual Machine (FVM) is fast revolutionizing the Filecoin ecosystem by allowing developers to build and execute smart contracts, thereby making the network more dynamic and decentralized. FVM supports a variety of programming languages, including Solidity, allowing Ethereum developers to simply transition to Filecoin and build smart contracts there. The compatibility with the Ethereum Virtual Machine (EVM) ensures that Filecoin and Ethereum communicate seamlessly, allowing for data interchange and integration between…
Crypto was left out of a letter sent by Senate Majority Leader Chuck Schumer (D-NY) on Sunday to outline the Senate’s priorities. But he did include AI. Schumer’s letter comes amid bipartisan efforts to prevent a government shutdown, with government funding set to expire on September 30. HIs “Dear Colleague” letter highlighted rail safety, prescription drugs, AI, but leaves out crypto after he strongly supported efforts to pass regulation just a month ago during the Crypto4Harris town hall. At the town hall, Schumer stated, “Washington cannot just look away from crypto,” vowing to push for crypto regulation by the end…
The debate over cryptocurrencies’ environmental impact has intensified as governments, corporations, and investors focus on Environmental, Social, and Governance (ESG) concerns. Bitcoin, the world’s most prominent cryptocurrency, is leading the criticism, known for its energy-intensive Proof-of-Work (PoW) consensus mechanism. While innovations are emerging across the crypto industry to address environmental concerns, Bitcoin’s contribution to global carbon emissions remains a major point of contention. Bitcoin’s Environmental Problem Bitcoin’s PoW mechanism relies on miners solving complex cryptographic problems, consuming vast amounts of computational power and energy. According to estimates from the University of Cambridge, Bitcoin’s annual energy consumption rivals that of entire…
Andre Cronje, the CTO of Sonic Labs (formerly Fantom), revealed plans for Sonic blockchain to introduce credit scores for digital wallets, according to a Sept. 9 blog post. The goal is to tap into the global unsecured lending market, which exceeds $11 trillion. Credit scores Cronje explained that credit score integration is a key advancement in blockchain technology. He stated that it would enable various traditional loan products, such as personal and payday loans, to enter DeFi. Cronje emphasized that Sonic has overcome several technological hurdles, making credit scores feasible within blockchain systems. He stated: “Credit scores are fairly simple…
Seasoned trader Peter Brandt is suggesting that Bitcoin (BTC) may be gearing up for a massive breakout after Monday’s sharp decline. Brandt tells his 732,800 followers on the social media platform X that Bitcoin may be repeating a similar pattern from two cycles ago after falling into the $49,000 range. “Please note that BTC decline since halving is now similar to that of the 2015-2017 halving bull market cycle.” Source: Peter Brandt/X According to Brandt’s chart, Bitcoin’s collapse Monday to $49,000 was a 26% decline from this year’s weekly close after the halving event, when miners’ rewards were cut in…
Multiple Ethereum (ETH) transfers were seen earlier today amid another price dip for the coin. Whale Alert, a prominent crypto and blockchain tracking service, revealed that a massive amount of ETH was shifted in these transactions. The exact nature of these movements still remains a mystery, but it has shaken the community. Reporting the first transaction, Whale Alert revealed that 14,588 ETH were sent from an unknown wallet to Coinbase, a leading U.S. based crypto exchange. It was worth around $34.7 million. The second transfer also had 14,588 ETH being shifted to Coinbase from another unknown wallet. It was estimated…
South Korea’s largest cryptocurrency exchange Upbit has seen an unusual wave of trading activity for several altcoins in the past few days, with volumes rising well above their typical levels. Cryptocurrencies such as Siacoin (SC), EOS, Jupiter (JUP), Icon (ICX) and Bitcoin Gold (BTG) attracted attention in the market by recording significant increases in trading volume. On the 1-hour chart, Siacoin saw a dramatic increase in trading volume on Upbit. While the average 50-period 1-hour volume usually hovers around $46 million, the latest figure rose by 211.43% to $143 million. On Binance, SC also saw a more modest, 41.13% increase…