Here’s what happened this week in Bitcoin in 99 seconds. We reported previously that Electrum Bitcoin wallets were under phishing attack, and recommended that users update to the latest version only via the official Electrum dot org website. This has now escalated to a Denial of Service attack from over 25,000 IP addresses, aimed […]Continue Reading
The former director of Bitmain’s mining farm, a leading bitcoin mining operation, once said the wet season may not be as much of a boon for miners as many thought. As he expected, mining farms in Sichuan currently report that the supply of slots for mining equipment has far exceeded the demand.
The wet season in Sichuan usually begins in April and ends in October every year. During this time, the cost of electricity can be as low as 0.25 yuan for a Sichuan mining farm, which should be very attractive for miners. The price of electricity is around 0.35 yuan in Xinjiang and Inner Mongolia.
Some industry insiders speculated that 80 percent of the mining farm operators in Xinjiang and Inner Mongolia would move to Sichuan and Guizhou due to this price difference. It was also reported that many farm operators started their migration even before the Chinese Lunar New Year in February because they couldn’t wait to make a profit during the drawn out “crypto winter.”
So, it comes as a surprise that there are more miners available than there is demand.
According to the founder of Tiantian Ming Farm, mining farm operators have added 500,000 slots compared to the same period last year but haven’t sold much of them yet. The balance of supply and demand has been broken.
In addition, there is more bad news for mining farms: the standard market price of electricity in Sichuan is 0.25 yuan, but many mining farm operators cut this electricity price under the table in order to sell their mining slots faster.
Bitdeer appears to be the first firm to initiate a price war around these low costs. The firm launched a “Wet Season Combo” with an extremely low electricity cost of 0.22 yuan on March 30, 2019.
It seems that the majority of crypto miners have now learned to evaluate and investigate before impulse investing. Perhaps the market is becoming more rational.
This article originally appeared on Bitcoin Magazine.Continue Reading
- The bullish market structure that we have established over the last couple of weeks remains intact, despite the strong round of selling that the bitcoin market saw a couple of days ago.
- The weekly 50 exponential moving average (EMA) is currently in the process of being tested but the market has been unable to close a weekly candle above it.
- The intraday levels have shown support following the round of selling.
- If the current levels do not hold, we can expect to see a test of the $4,700s as we haven’t tested its support following our strong breakout.
Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
This article originally appeared on Bitcoin Magazine.Continue Reading
The overall institutional investment in Bitcoin futures on the Chicago Mercantile Exchange decreased this past week, according to CFTC data.
The overall institutional investment in Bitcoin (BTC) futures on the Chicago Mercantile Exchange (CME) decreased this past week, according to data published by the United States Commodity Futures Trading Commission (CFTC) on April 9.
The data shows that as of April 9, institutional investors and asset managers had 244 open long positions, a decrease of 71 from April 2, and 80 open short positions, nine less than one week before. Also, the data show only three open spreading positions for institutional investors, 32 less than the previous week.
As of the April 9 data, the number of short positions among institutional investors had thus dropped 11%. Long positions, on the other hand, decreased by almost 30% over the same period, indicating a slight bearish sentiment among investors.
Meanwhile, while specifically among institutional investors on CME there are more long than short open positions, the number of open short positions prevails in the overall total open positions count for the asset. There are 3,267 open long positions on the BTC futures contracts offered on the CME exchange, and 4,177 open short positions.
The week from April 2 to 9, total short positions increased by 421, while long positions saw a slightly smaller increase of 366.
Previously, crypto news outlet Bitcoinist reported that the number of opened long positions for CME Bitcoin futures contracts by institutional investors and asset managers had spiked during the previous week.
More precisely, there had purportedly been an 88% increase in institutional long positions compared to the previous week, with 315 long contracts opened by April 2. The publication also reported that the number of short positions reported a 63% decrease, to 89 contracts from 241.
As Cointelegraph reported last week, CME had noted that its Bitcoin futures saw record trading volumes on April 4, just after the price of Bitcoin surged to multi-month highs. Bitcoin is currently trading around $5,100, seeing almost no change on the day and week.
Wall Street strategist and co-founder of Fundstrat Global Advisors Thomas Lee revealed last week that his “Bitcoin Misery Index” (BMI) recently hit its highest figure since June 2016. According to Lee, the fact that Bitcoin reported its highest reading since June 2016 provides a mixed signal:
“Good–> Since 2011, BMI >67 only seen during $BTC bull markets. More evidence bull starting. Bad –> BMI >67 after peak, $BTC falls ~25% = Profit taking ST.”
n The youth in Lagos are turning to Bitcoin solutions as recently graduated freelancers and mid-level employees embrace cryptocurrency paymentsnContinue Reading
Welcome to episode 62 of‚The Bitcoin Game, I’m Rob Mitchell. Michel Rauchs is the Cryptocurrency and Blockchain lead at the Cambridge Centre for Alternative Finance (CCAF). For the past few years, Michel has devoted his life to studying the space, and he’s been a big part of several comprehensive studies that dig into many aspects of Bitcoin and other cryptocurrencies. You’ll see Michel and his reports cited in tons of articles, particularly those that focus on Bitcoin’s energy use. I hope you enjoy Michel as my guest on today’s episode.
Michel Rauchs on Twitter
Cambridge Centre for Alternative Finance
CCAF (2017) – Global Cryptocurrency Benchmarking Study
CCAF (December 2018) – 2nd‚Global Cryptoasset Benchmarking Study (Section 7 has mining stats and map)
CCAF (August 2018) – Distributed Ledger Technology Systems
Marc Bevand (2017) – Electricity consumption of Bitcoin
Michel’s 2018 Blog post, “A note on censorship resistance”
Michel Rauchs, Xmas Lecture (December 2017)
STAY IN TOUCH
Thanks so much for taking the time to listen to The Bitcoin Game!
The upcoming Bitcoin2019 conference is taking place on June 25 and 26 in San Fransisco. There’s an amazing line-up of speakers, and it’s one of the most affordable Bitcoin conferences around. Go to Bitcoin2019Conference.com now and claim a 25-percent discount with promo code BG25.
While much of a Bitcoiner’s time is spent in the world of digital assets, sometimes it’s nice to own a physical representation of the virtual things you care about. For just the price of a cup of coffee or two (at Starbucks), you can own the world famous Bitcoin Keychain.
As Seen On
The Guardian ‘ TechCrunch ‘ Engadget ‘ Ars Technica ‘ Popular Mechanics
Inforwars ‘ Maxim ‘ Inc. ‘ Vice ‘ RT ‘ Bitcoin Magazine ‘ VentureBeat
PRI ‘ CoinDesk ‘ Washington Post ‘ Forbes ‘ Fast Company
Bitcoin Keychains – BKeychain.com
All music in this episode of The Bitcoin Game was created by Rob Mitchell.
The Bitcoin Game box art was created from an illustration by Rock Barcellos.
Bitcoin (Segwit) tipping address:
Lightning Network tipping:
Note: We’ve migrated our RSS feed (and primary content host) from Soundcloud to Libsyn. So if you noticed the Soundcloud numbers aren’t nearly as high as they used to be, that’s the reason.Continue Reading
On this episode we have Tim Picciott who is a wealth advisor and the founder of Crypto Self Direct. He joins us to discuss how as a financial planner, he helps people manage their crypto, pay the right amount of taxes and advises on how to invest into Crypto IRAs & so much more. Hope you learn as much as I did!
About the Guests:
Timothy Picciott CFP CRPC is the founder of Crypto Self Direct and Wealth Advisor with Innovative Advisory Group. He is also a trailblazer in the field of Crypto wealth management strategies. Tim understands the challenges Bitcoin early adopters faced, as they struggled to get their substantial cryptocurrency gains from the virtual world to the real world’ without getting killed by taxes.
Tim works with Bitcoin and Crypto early adopters to provide advanced financial planning solutions to help them pay as little taxes as legally possible on their highly appreciated asset(s). He also advises crypto-enthusiasts as to how they can invest into “Crypto IRAs”; using self-directed IRA’s and 401(K)’s. Tim’s contrarian viewpoints and handle of Austrian Economics makes him an incredible asset for those who aren’t looking for cookie-cutter financial advice. Tim has been helping his clients retire with the feeling of security for over a decade.
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Digital assets trading and custody platform Fidelity Digital Assets has named Christine Sandler, former head of institutional sales at Coinbase, the head of Sales and Marketing.
Christine Sandler — who previously served as head of institutional sales at American major cryptocurrency exchange Coinbase — has joined Fidelity as its head of Sales and Marketing. In this role, Sandler will reportedly lead the expansion of Fidelity Digital Assets into new markets, as well as take responsibility for institutional customers service.
Sandler’s former experience also includes Head of Equity Electronic Sales for the Americas at Barclays Investment Bank, and Executive Vice President and Global Head of Sales for NYSE Euronext. She also served as Head of Electronic Sales at investing and wealth management firm Merrill Lynch and worked as a buy-side trader.
Fidelity Digital Assets went live in the beginning of March, with a select group of clients. The company said then that “we are live with a select group of eligible clients and will continue rolling out slowly.”
Fidelity Digital Assets head Tom Jessop said at the time that the company is still working on various parts of the platform. He noted that while some users have been on the platform since January, others may wait until September, as it “really depends on the facts and circumstances of each client.”
Earlier today, Cointelegraph reported that Mike Blandina, a former engineering executive at PayPal and Google, has joined Bitcoin (BTC) trading and custody platform Bakkt as its chief product officer. Blandina will now lead the firm’s efforts to converge a trusted ecosystem for digital assets with payments use cases in order to help Bakkt bring real applications to Bitcoin and other cryptocurrencies.Continue Reading