The mining industry has been witnessing a lot of correctional transitions especially when the sphere of its market is growing in up to now unknown territories. Recently Ripple SBI Asia head honcho spoke about how the mining industry will see the hash rate migration from east to west as indications of the same have already started to show.
Adam Traidman was positive when he implied that there was a group of Chinese miners who were interested and were paying anywhere between $0.03 to $0.05 per kilowatt-hour. The texas rate was low at $0.025 and below. Traidman stated that the relationship between Texas and firms overseas has not been the steadiest due to earlier business failures. There is a bit of ambiguity here but when more money is infused things will see north as it has always.
Traidman also highlighted that the tariffs imposed by the Trump government on China have also been one of the reasons for the slowing down. But once these tariffs have been lifted, there will be a huge growth almost immediately which is encouraging. The entourage of hash rate migrations from east to west has been the case as many of the big mining hardware providers are located in China. More than 90% of the shipments still belong to China.
He also noted that Europe had attracted and did their best in tempting the top companies of the mining industry but the operating costs have been high enough to prevent them to enter the region. The power rates in Europe are relatively higher compared to that of America.
Traidman also gave another perspective on high operating costs in Europe. He said that the overtly inflated operating costs could also be that the nations do not want the sector to invade its region too much. There could be many jurisdictions that are protesting because they are usually not efficient and eco-friendly which would ultimately have long-term repercussions.
With a continuous migration being witnessed from east to west, as also noted by the head of Ripple SBI Asia head, the tension between the USA and Chinese firms is yet to tackled and countered.
EOS Faces Constitutional Crisis over Frozen Accounts
It’s amazing how such a highly anticipated project, like EOS, can devolve into a state of chaos shortly after launching their mainnet. And now a “constitutional crisis”. That made me laugh pretty hard. Mainnet issues aside, the fact the very document that is supposed to guide and regulate Block Producers and the community in general has so many holes in it the Swiss would be proud. Many will attribute this to teething problems that will be overcome, and I tend to agree, but if the very document that is meant to provide a framework for the project is in question this early then no wonder the doubters are having their opinions validated! Let’s get this dispatch started.
The top 5 in terms of marketcap remains unchanged and all showed week to week declines. The overall cryptocurrency market in the past week increased from $286bln to $244bln representing a 14% decrease in the past seven days. The bear market is here (I’ve been in denial) but every downtrend ends with an uptrend. So be patient, don’t do anything foolish and pray to the Crypto Gods.
Livecoinwatch.com
Bitcoin: BTC dropped below that February support of $6,000 and everyone on twitter flipped out. Bitcoin is currently sitting at the $6100 range resulting in a 9% drop week to week. Since the All time Highs in December we’ve seen a spectacular drop in Bitcoin. Will the bleeding stop in 2018? We sure hope so.
Ethereum: Until altcoins de-couple from Bitcoin very few alt coins will show signs of life while BTC struggles. The same goes for ETH. ETH declined a hefty 18% over the past week settling at $437 as of this post. At this point buying the dip would seem like bad advice, especially for people who don’t day trade. Trying to catch a falling knife is also not recommended.
Ethereum Classic (ETC): Everybody loves a good hard fork. Right? Right? ETC is the result of a hardfork of the Ethereum blockchain. Why did this happen? A hack, of course. It began with the DAO, the Decentralized Autonomous Organization. Transactions and commands are made in the Ethereum system via smart contracts, computer programs that execute to perform a specific function. Transferring funds from one party to another requires a smart contract to execute the transfer.
$50 million was siphoned away by hackers. This was an issue with the DAO contract itself, not with Ethereum, but many people didn’t appreciate the distinction and Ethereum plummeted in value. The founders were faced with a very difficult decision, and a controversial one. A hard fork. Read the entire soap opera at our post “What is Ethereum Classic” to learn how one of the largest blockchain project forked into two chains.
ETC was not immune to the drop but showed a small pump midweek recovering somewhat. Posting a decline of 10% week over week and dropping from $17 to $15.30 as of this post. One thing I will add: This chain is heavily backed by Barry Silbert, who seems to have his hands in ERRRRYTHANG, so don’t count it out. It has long term investment locked in place and people in high placed backing it. Don’t count ETC out.
WHAT’S NEW AT CRYPTO IS COMING
Check our Crypto Swag store on Teespring – Yessir you read correctly, we have a swag store with loads of cool crypto designs. Check it out, support us, and show the world that you love crypto as much as we do.
Best Investments From Cryptocurrency Hedge funds (Visual) – Check out the best investments from the most well known cryptocurrency hedge fund. Most common name is Zilliqa (ZIL) with most funds having a piece of the ICO and getting a 20x plus investment.
The Psychology of Bull and Bear Markets – For all the talk of adoption, new partnerships, government-issued cryptocurrencies, and ever-increasing mainstream media coverage of the cryptospace, the market is really an emotional beast that can tank at a moments notice.
A Potential Solution to 51% Attacks – Simply put, merged mining (also known as Auxiliary Proof-of-Work) is the process of mining two different cryptocurrencies at the same time. Some projects have opted to implement this mining process early on in an attempt to increase security as the network grows. As demonstrated by the recent 51% attacks, having substantial hashing power on a blockchain’s system is no joke.
EOS Tops Revised Chinese List Of Top Cryptocurrencies – Despite being omitted from the original list, published last month, EOS tops the most recent list, produced by the Chinese government, of the best cryptocurrencies.
Can Price Be Sustained By Store of Value Alone? – Ben Davenport shows some big flaws in the old argument that Bitcoin or other Cryptocurrencies must be used for transactions or have some other form of utility to sustain price. I’m looking at you Roger.
Bitcoin Price Vs Cost of Mining – Fundstrat, headed by Tom Lee credited with being one of the early pioneers in private equity, thinks the price of mining could act as support for the price of Bitcoin…here’s why … #btc #btfd #hodl
Steve Wozniak Says Bitcoin Is Amazing And Blockchain Is A Bubble – Apple co-founder, Steve Wozniak, has said that he still hopes that Bitcoin can become a single global currency, but has also said that he sees very clear similarities between the dotcom bubble and the current state of the blockchain market.
CRYPTOCURRENCY NEWS FROM AROUND THE INTERNET
EOS Faces Constitutional Crisis over Frozen Accounts – OH BOY. First a troubled mainnet launch, and now this? “Consensus by conference call” — that’s how one critic characterized the on-chain governance model employed by the nascent EOS network in the wake of several high profile incidents involving block producers.
CNBC’s Brian Kelly: Current Bear Trend ‘By No Means’ Funeral for Bitcoin – Not sure this is good or bad. I mean CNBC told you to buy Ripple at $2. The current bear market is not a funeral for Bitcoin (BTC) “whatsoever,” CEO of BKCM LLC investment firm Brian Kelly said on CNBC’s Fast Money segment June 22.
G20 Calls for Crypto Regulation Recommendations By July – The world’s economic leaders have set a July deadline for the first step toward unified regulation of cryptocurrency. Since when have politicians ever done ANYTHING by a determined date…Ever.
Akon is creating a futuristic city and cryptocurrency in Senegal – This.Is.Amazing….Sort of. Not really. $AKOIN! Rapper Akon is building a new futuristic ‘Crypto city,’ in Senegal, which will trade exclusively in his own digital cash currency called AKoin.
ETHEREMON World Cup Fan Art Contest – One of the greatest values of blockchain technologies is the ability to create a truly global world. Giving the community a chance to create a brand new World Cup themed Etheremon that will actually be released as a RARE mon into the actual game.
Has the Big Yuan Short Finally Arrived? – Yes not directly related to Crypto, but a relevant signal nontheless. Trade wars are brewing, Chinese stocks are tanking and investors are getting nervous about Chinese growth again.
– Porn users love using shitcoins, it seems. The pornography industry is often an early adopter of new tech. And so it has come to pass with the highly volatile world of cryptocurrency, the internet’s decentralized and encrypted electronic cash networks.
This Company Helps Bitcoin Millionaires Unleash Their Fortunes – You generally can’t pay bills or buy stocks with cryptocurrency, unless you exchange it and risk missing out on future upswings. A new lending platform called Salt offers a high-interest solution.
Bitmain Hash Rate Nearing Important 51% Mark – Bitmain will control us all. Bitmain has attained approximately 42 percent control of the Bitcoin network hashrate. This figure brings the company tantalizingly close to 51 percent mark where things could get interesting. Bitmain is the biggest manufacturer of BTC mining hardware, and they also own the largest Bitcoin mining pools in the market. #SoSad
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