So much has happened this week! We saw a capitulation point of bitcoin before bears took over and we saw the selling pressure push Bitcoin down toward the $9000USD mark then move back up above $9100USD So far it has been a stable hold, however we may see some more action within the coming weeks.submitted by IOTAbesomewhere to Gravychain [link] [comments]
Widespread scamming within the Twitter-sphere, Youtube and other platforms as Bitcoin and other cryptocurrencies may seem like fair game. Cryptocurrencies providing big payouts for scammers without the ability for reversals of accounts. Remember if something seems too good to be true, do some research or just plain do not respond/believe it. Stay safe and careful with your funds!
On the brightside, there has been even more adoption of cryptocurrencies as rumours of Paypal utilising cryptocurrency has been confirmed as they are developing crypto capabilities. In addition to this we received exciting news at the start of this week about Binance partnering with Swipe (SXP) and offering a debit card to spend BNB, SXP, BTC and BUSD. ( I will be keeping a swift eye on BNB and Swipe as its utilisation as tokens has just increased 43 fold).
Positive news for the Bitcoin network as its hashrate reaches all time high which helps to secure the network further even though mining profits have dropped by 50% from the recent halving. If you didn't know already the last Bitcoin will be expected to be mined in 2140 with its difficulty ever increasing and each time securing the network further. Processing units will have to become faster, stronger and most importantly more cost effective to continue to entice miners for the block rewards and further renewable energy practices.
Furthermore we can see Central banks and countries discussing and developing Central Bank Digital Currencies (CBDC). Read more about it here https://www.investopedia.com/terms/c/central-bank-digital-currency-cbdc.asp and check out some of the developments in the world above. This shows the popularity and strong nature of cryptocurrencies. As the saying goes "If you cant beat them, JOIN them".
Overall, very solid week full of adoption, animation and anticipation. Another post next week for a weekly round up! See you then but in the mean time join us at our Gravychain Discord.
- DISCORD LINK: https://discord.gg/zxXXyuJ 🍕 Bring some virtual pizza to share 🍕
Come have a chat, stimulate a discussion, ask a question or share some knowledge. We are all friendly crypto enthusiasts up for a chat, supportive and want to help each other with knowledge and investments!
Big thanks to our Telegram and My Crypto HQ for the constant news updates! - The Gravychain Collective: https://t.me/gravychain - My Crypto HQ: https://t.me/My_Crypto_HQ
Bitcoin mining began as a well paid hobby for early adopters who had the chance to earn 50 BTC every 10 minutes, mining from their bedrooms. Successfully mining just one Bitcoin block, and holding onto it since 2010 would mean you have $450,000 worth of bitcoin in your wallet in 2020. QUICK TIP. Unless you have access to very cheap electricity, and modern mining hardware then mining isn’t ... The recent difficulty adjustment is the highest one since December of last year, when the Bitcoin network saw difficulty increase by little over 10%. Bitcoin’s mining difficulty is adjusted every 2,016 blocks – roughly every two weeks – to ensure the rate at which new blocks are created remains constant at 10 minutes per block. The bitcoin network has just seen one of its biggest adjustment in mining difficulty. According to data from BTC.com, the mining difficulty has posted an increase of nearly 15% from 13.73T to 15.78T.. The difficulty that retargets every two weeks, or 2016 blocks, has previously undergone a compounded 15.29% fall after two consecutive decreases since bitcoin’s third halving. Bitcoin mining difficulty adjusts to lower price. For most of 2018, while the bear market persisted, mining hash rate and difficulty for Bitcoin continued to increase.Now it appears that the mining arena just like most of the ecosystem is beginning to feel the pinch. Bitcoin (BTC) is looking like it did at its 2018 bear market bottom — and one fundamental is about to repeat a move which has only happened twice in its history.Analysis of Bitcoin network difficulty following its latest adjustment on June 4 reveals a key similarity to when BTC/USD traded at lows of $3,100.BTC difficulty... Therefore, there is the Bitcoin mining difficulty. With increasing hash rate also the degree of difficulty rises. All 2016 blocks (about every two weeks) therefore change the Bitcoin mining difficulty. If the block time is less than 10 minutes and the hash rate is high, the level of difficulty is adjusted upwards to comply with the 10 minute rule. 2020 Bitcoin Halving Warning Update. Author: Martin Moni: Martin Moni . All publications of the author : Cryptocurrency. 31.01.2020. 465. 5 (1) In 101 days and a few hours, the Bitcoin mining rewards are expected to be halved from 12.5 coins to 6.25 coins. BitcoinBlockHalf.com is a website dedicated to the countdown of the event that is drawing ever-increasing interest since September 2019 ... Bitcoin’s mining difficulty is up by 14.95% bringing the level to its fourth-most difficult in history. Bitcoin’s latest mining difficulty adjustment is the biggest in over two years, as the level increased by 14.95% to 15.78T. On August 19, the combined SHA-256 hashrate between the BCH and BTC networks touched a massive high of over 91 exahash per second (EH/s). One notable contribution to today’s network hashrates is ... Bitcoin Mining Difficulty. Source: btc.com Bitcoin’s Hash Rate ATH. These adjustments take place every 2016 blocks (approximately every two weeks.) Whether they reduce or enhance the difficulty depends on the current state of Bitcoin’s hash rate. Typically, when the hash rate is higher, it means that miners are putting more and more computational work to sustain the network, making it more ...
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