Bitcoin Price Analysis: Major Shakeout Springs Strong Rally

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  1. Following a strong shakeout, bitcoin saw a confident round of buying yesterday and the market gained around 10 percent in one 15-minute candle.
  2. The rally following the shakeout came about on high spread and high volume — exactly what we wanted to see as this represented a reclaiming of our market’s macro trading range and a display of exhausted sellers.
  3. If we can reclaim the $11,000 level and hold support, I expect to see a strong continuation of the uptrend and possibly a retest of the $13,000s.
  4. However, a failure to rally would likely mean we will be revisiting our next level of support in the mid $8,0000s.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This price 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. They should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

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Bitcoin Deemed ‘Virtual Property’ By Chinese Court

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The Hangzhou Internet Court, litigating a lawsuit dating to 2013 between a cryptocurrency exchange and one of its clients, ruled this week that bitcoin is considered legal property under Chinese law. 

While the court ruled that the client’s lawsuit against the cryptocurrency exchange was insufficient, the court deemed bitcoin to be property under the specifics of the case — a landmark distinction for the Bitcoin industry in China.

“Bitcoin holds the attributes as property — valuable, scarce and disposable. We should recognize it as a virtual property,” Dovey Wan, a founding partner at Primitive Capital, wrote, translating from local reporting. She continued to say that “[a]ccording to ‘The General Civil Law,’ virtual property is legally protected by laws of People’s Republic of China.”

Wan heralded the ruling as “a major milestone” that means “Bitcoin is actually legal in China.” A court in Shenzhen made a similar ruling in October 2018, wherein the court deemed that bitcoin “deserves protection by law as property.”

Bitcoin in China: A Complicated Relationship

Still, bitcoin (and crypto in general) isn’t out of the woods in China just yet. The court victory underscores the complicated and often misunderstood relationship that the Chinese government has with the wider cryptocurrency industry.

For instance, cryptocurrency trading is still banned in China, even though its citizens are legally allowed to own bitcoin and altcoins.

“[To] be clear here,” Wan added on Twitter, “holding Bitcoin as a private property [being] legal does not mean ‘trading Bitcoin in a systematic way’ is legal, yet. So don’t equate this as crypto exchange is legal in China there is still [a] long way to go. One step a time.”

Regardless of crypto’s trading legality in the country, one blockchain professional, Cao Yin, told the Global Times that the ruling sends “a clear signal that the financial authorities are starting to loosen control over digital currency and virtual currency.” 

Even so, “Bitcoin is virtual property, but it’s not fiat money,” one representative for the People’s Bank of China (PBC) told the outlet.For its own part, the PBC is working on its own cryptocurrency, which it began in 2017. It is pending approval from the Chinese State Council.

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7 Unorthodox Ways to Mine Bitcoin

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7 Unorthodox Ways to Mine Bitcoin

Bitcoin isn’t crazy – in fact it might just be the soundest monetary system this generation has ever known. Some of the techniques miners have devised to extract it, however, are extremely unorthodox, ranging from the ingenious to the downright crazy. Here are seven of the strangest attempts at extracting bitcoin ever conjured.

Also read: Bitcoin Mining Helps Oil Companies Reduce Carbon Footprint

Bitcoin Mining Takes Many Forms

The process of adding bitcoin transactions to a newly created block and propagating it to the network is known as mining. To create the next block, miners must solve a mathematical puzzle whose answer is a number ranging anywhere from 0 to 4,294,967,296. In exchange for performing this task, miners are rewarded the transaction fees included in that block, plus a reward that currently stands at 12.5 BTC, dropping to 6.25 BTC in 2020. That, in a nutshell, is bitcoin mining.

Given the lucrative rewards at stake – the block reward alone is worth $130,000 at current prices – it is no surprise that there are so many miners clamoring to solve the math problem that grants them authority to publish the next block. Bitcoin mining is an arms race, math the process as rationally as possible, seeking to maximize your hashrate (the number of computations your miners can perform per second) while minimizing your fixed costs such as electricity. As the following examples show, however, not all miners are in it for monetary gain; some are more interested in pushing the limits of what is physically and practically possible.

7 Unorthodox Ways to Mine Bitcoin

Method 1: With Waste Gas

“Stop burning, start earning” is the slogan of Upstream Data, which provides mobile mining datacenters that can be installed at oil company facilities that need to vent gas. As reported, they “can bring in over 15 times more revenue than the market price of the fuel, while limiting carbon footprint.” Ignore the screeching environmentalists – Bitcoin is greener and cleaner than mainstream media will ever acknowledge.

Method 2: With a Moon Computer

The Apollo Guidance Computer (AGC) was created in the 1960s to guide a U.S. rocket to the moon. It passed the test with flying colors, but in today’s fast-paced tech world, 16-bit computers no longer cut it. That didn’t stop one intrepid soul from attempting to mine bitcoin on an AGC. As he conceded, however, “Unfortunately, the computer is so slow that it would take about a million times the age of the universe to successfully mine a Bitcoin block.”

7 Unorthodox Ways to Mine Bitcoin
The Apollo Guidance Computer used to mine bitcoin.

Method 3: With Pencil and Paper

The same guy who attempted to mine bitcoin with an Apollo computer previously tried to mine BTC by solving the mathematical problems by hand. Technically it worked, though as Ken Shirriff concluded, “One round of the algorithm takes 16 minutes, 45 seconds which works out to a hash rate of 0.67 hashes per day.” The Apollo Guidance Computer, in comparison, managed one hash every 10.3 seconds. Still, as a proof of concept, manual mining is pretty cool.

Method 4: With a Nuclear Reactor

Okay, so no one’s built a nuclear reactor for the sole purpose of mining bitcoin, although if they did, they might just be able to 51% attack the network. A single reactor power plant produces 5.1 TWh annually, around 10% of the Bitcoin network’s annual consumption. Due to their sheer might, nuclear reactors face an unusual problem: they actually produce too much energy. As previously reported, “Slamming on the brakes does not save any fuel; rather, energy literary ends up being wasted.” You know what’s always on the lookout for excess energy? Bitcoin.

7 Unorthodox Ways to Mine Bitcoin

Method 5: With a Mosque

A mosque might sound like a strange tool with which to mine bitcoin, but when that mosque is subsidized with free electricity, it becomes the most attractive mining location in the world. Despite reports of a government crackdown on the practice, mosque mining is alive and well in Iran. It’s not the only country whose entrepreneurs have capitalized on this loophole, either, with a Russian church also having been caught mining.

7 Unorthodox Ways to Mine Bitcoin

Method 6: While Growing Tomatoes

It’s no secret that cryptocurrency mining generates heat. Some enterprising individuals have found ways to repurpose that heat, turning a byproduct into a valuable commodity in its own right. In 2018, for example, Kamil Brejcha used excess heat from mining to grow ‘cryptomatoes’ in a greenhouse.

Method 6: While Heating Your Home

Harnessing the heat from crypto mining to warm your home is a more obvious application for the primary byproduct of bitcoin extraction. The colder the climate, the more you’ll appreciate the toasty glow of your miners in winter. In Siberia, miners have even constructed an underfloor heating system that repurposes the excess heat expelled.

Method 7: While Making Rum

Heating your home while cryptocurrency mining is all well and good, but true patricians use their miners to make rum. That’s what Avi Aisenberg did in 2017, using the heat to warm his rum barrels, creating a spicy spirit that he dubbed EtherRum.

As “free speech money,” it’s not surprising that Bitcoin should attract free thinkers and free spirits in its droves. Their out of the box ideas can be seen in the multiple techniques devised for mining and in ever more efficient (and occasionally less efficient) ways. As the mining arms race intensifies, expect to see smarter solutions that derive greater hashrate at lower cost while further reducing Bitcoin’s environmental impact.

What other unusual ways do you know of mining bitcoin? Let us know in the comments section below.

Images courtesy of Shutterstock.

Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

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Crypto Press’s Morning Crypto News Digest – 7/19/2019 12:01:25 PM – UTC

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Bitcoin_Logo-bitcoin-latest-price-daily-price-information 7/19/2019 12:00:00 PM,$BTC | #BTC – bitcoin’s Current Price: ▼ $10327.1690 | 1h ▼ : -0.52 % | 24h ▲ : 6.4 % | 7d ▼ : -11.23% | More on: Bitcoin Information

thereum-news-ethereum-price-information-ETHEREUM-ICON_Black 7/19/2019 12:00:00 PM,$ETH | #ETH – ethereum’s Current Price: ▼ $217.3772 | 1h ▼ : -0.82 % | 24h ▲ : 1.33 % | 7d ▼ : -20.87% | More on: Ethereum Information


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New Jersey Sues Blockchain Firm for Unregistered $46 Million ICO


As regulators pine over the safety of Libra, recent crypto-related crimes are sure to keep them on edge. New Jersey Attorney General Gurbir Grewal filed a lawsuit on Wednesday against Princeton-based company, Pocketinns Inc. Pocketinns and their president, Sarvajnya Mada, allegedly failed to register with the Bureau of Securities before selling $400,000 of unregistered securities. […]nThe post New Jersey Sues Blockchain Firm for Unregistered $46 Million ICO appeared …

No, Bitcoin Breaking a Parabola Won’t Force BTC to Collapse to $3,000


At least for the time being, Bitcoin (BTC) has lost steam. Since peaking at just shy of $14,000 in late-June, the cryptocurrency has seen a 35% retracement, falling to as low as $9,100 earlier this week.nRelated Reading: Bitcoin Volatility Surges Since February of 2019; Is Another Big Move Imminent?nWith this strong correction, which comes shortly after many analysts were calling for Bitcoin to break $20,000 lickety-split, BTC has purportedly broken its parabolic trend. The …

Short of Target: Bitcoin’s $1K Rally Still Leaves Bear Bias Intact


Bitcoin (BTC) has rallied sharply in the last 24 hours, but the bulls must still beat key resistance just over $11,000.

Short of Target: Bitcoin’s $1K Rally Still Leaves Bearish Bias Intact


Bitcoin (BTC) has rallied sharply in the last 24 hours, but the bulls must still beat key resistance just over $11,000.

Court Declares Bitcoin Legal in China as a ‘Virtual Property’


China is not a bitcoin-friendly country as it has taken a slew of measures to kill the flagship cryptocurrency, which include imposing a blanket ban on all initial coin offerings (ICO) and shuttering crypto exchanges. But the latest order by Hangzhou Internet Court suggests that owning bitcoin is not illegal in China as it gave […]nThe post Court Declares Bitcoin Legal in China as a ‘Virtual Property’ appeared first on CCN Markets

Bitcoin Price: $10,800 Now Crucial as Multiple Death Crosses Appear


Political and legal factors are seeing Bitcoin gains disappear

New Jersey Takes Online Marketplace to Court Over 2018 Crypto Token Sale


The U.S. state of New Jersey is taking legal action over alleged securities violations by blockchain rental marketplace Pocketinns.

German Central Bank Chief Snubs Bitcoin Skeptic Trump, Supports Libra


According to Mati Greenspan, Libra has garnered some support at long last, and from an unlikely figure no less. Citing a recent article, which he translated via Google, the eToro analyst noted that the President of the Bundesbank, the central bank of Germany, lauded the Facebook-backed crypto project.nnHot off the German press…nThe President of the German Central Bank is coming out in favor of #Libra.— Mati Greenspan (@MatiGreenspan) …

New Jersey Sues Blockchain Firm for Unregistered $46 Million ICO


As regulators pine over the safety of Libra, recent crypto-related crimes are sure to keep them on edge. New Jersey Attorney General Gurbir Grewal filed a lawsuit on Wednesday against Princeton-based company, Pocketinns Inc. Pocketinns and their president, Sarvajnya Mada, allegedly failed to register with the Bureau of Securities before selling $400,000 of unregistered securities. […]nThe post New Jersey Sues Blockchain Firm for Unregistered $46 Million ICO appeared …

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Libra in Congress: A Chance to Define What Bitcoin Is and What Libra Isn’t

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Facebook finished up its second round of Congressional hearings yesterday, marking the end of the beginning for what some U.S. Congressional members consider the social media platform’s ill-advised venture into the monetary realm.

The House of Representatives Financial Services Committee hearing, following in the footsteps of the Senate Banking Committee’s own earlier this week, went on for a grueling six-and-a-half hours. Libra project head, David Marcus, spent most of this time trudging through a repeat of some of the Senate’s concerns for AML and anti-terrorist funding practices, while confronting questions about libra as a systemic risk to the USD’s dominance.

House members did not skewer Marcus over Facebook’s past privacy abuses, but that didn’t stop a few anxiety-laced comments (and one outlandish one) from slipping out during the hearing. Representative Brad Sherman, for example, amazingly said that “Libra may endanger more Americans than [911].” More sensibly, Ann Wagner wants to make sure that “the dollar is not overtaken as the leading international currency that undergirds global economic stability.”  

The most notable difference between the House’s hearing and the Senate’s, though, was the thing that makes Libra relevant in the first place: Bitcoin.

Bitcoin Reclaiming the Conversation

Bitcoin, blockchain technology and cryptocurrencies in general were markedly absent from the Senate’s time with Marcus, but in the House, Bitcoin was at least on the periphery of the discussion — as well as at the center of many of the representatives’ inquiries into Libra.

“The reality is, whether Facebook is involved or not, change is here, digital currencies exist, blockchain technology is real and Facebook’s entry into the world is just confirmation, albeit at scale,” Representative Patrick McHenry, a ranking member of the committee, said in his opening statements. “The world that Satoshi Nakamoto … envisioned, and others are building, is an unstoppable force. We should not attempt to deter this innovation, and governments cannot stop this innovation. Those that have tried have already failed … So the question then becomes: What are American lawmakers going to do to meet the challenges and the opportunities of this new innovation?”

With his opening statement, McHenry broadened the hearing’s rhetorical scope. No longer was it solely a discussion of Libra, but of cryptocurrency and blockchains writ large and how Libra fits (or doesn’t fit) into this ecosystem.

“[We] must differentiate between Libra and other digital currencies like bitcoin,” Representative Ted Budd said.

“Bitcoin is 10 years old, and now suddenly, magically, Congress is responding. After more than a decade, Congress has apparently started to care. I’m glad that Congress is paying attention to the technology that, just like the internet, could upend the way we do everything in our lives,” Representative Tom Emmer emphasized.

Spoken as they were during Marcus’ testimony, these statements were more charges to Congress than lines of questioning. 

“This is not a partisan technology,” Emmer, who co-chairs the Congressional Blockchain Caucus, continued about Bitcoin and blockchain more broadly. “Unfortunately, some people want to unnecessarily suppress or ban it. They fear it. Nothing has been more apparent in this committee than the blind aversion to change … I hope that will be the same approach when discussing the depth and breadth of cryptocurrency, which Libra does not represent, but thankfully, amplifies our discussion around.”

Congressman Warren Davidson, who helped to introduce the Token Taxonomy Act, also expressed his hope that the “committee would hold more hearings on cryptocurrencies.”

Libra vs. Bitcoin

“Libra represents an incredible opportunity to define what it is not. It offers an incredible opportunity for this committee to learn more about actual cryptocurrencies,” Emmer said in the conclusion of his speech.

The end of the testimony seemed to transition into sort of Bitcoin and blockchain 101 session. This focus carried over into the blockchain industry panel hosted afterward. Both offered further opportunities to delineate key differences between Libra and true cryptocurrencies.

Libra “borrows aspects of cryptocurrencies but isn’t a cryptocurrency,” Coinshares CEO Meltem Demirors said during the panel. “Bitcoin is a technology … a network … and a cryptocurrency. The technology is not regulated. Much like the internet, it could be considered a public good … Libra is not like bitcoin.”

She continued to explain that Libra’s plutocratic structure would preclude the decentralized, permissionless access that makes something like bitcoin a true cryptocurrency.

“There is a tremendous anticompetitive component,” she said. “This is a private group of 100 corporations … who will be responsible for determining what code Libra runs on, who gets to run nodes and participate in the network and what applications and transactions and products and services will be allowed. This is in sharp contrast to what bitcoin and other open, distribute cryptocurrencies are. They are open for anyone to build on.”

The general consensus in the room, as Davidson’s remarks typified, was “not to conflate cryptocurrency with [Facebook’s efforts].” Most Representatives, even those less seasoned than Davidson, McHenry and Emmer, seemed to grasp the differences. Representative Trey Hollingsworth, for instance, said Libra is “different than a peer-to-peer technology” because it has a “central piece” with which to conduct AML compliance.

This central piece was at the core of defining what Libra is not. Despite Marcus’ insistence on Libra’s decentralization (that Facebook will be “1 of 100” in the Libra Association), Congressional members butted up against the paradox of Facebook spearheading a distributed effort and saying there’s no need to trust them as a central authority.

“But that’s not entirely true, is it?” Maxine Waters asked in her questioning. “The project was Facebook’s idea, Facebook is spearheading it and recruiting partners, Facebook’s subsidiary Calibra will provide consumers with a digital wallet to store libra tokens. As I understand it, no member of the association has paid anything towards the project.” 

Representative Jesús Garcia likened Facebook to “the Godfather” of the Libra cabal.

What Is Libra, Then?

Recognizing that Libra is a different animal than Bitcoin, much of the hearing revolved around the question, “What is Libra?”

“Libra is a reserve-backed digital currency,” Marcus replied. “Under current U.S. law, it might be a commodity, but we see it as a payment tool.” 

Bitcoin, along with a few other decentralized cryptocurrencies, is considered to be commodity under U.S. law. Most tokens, however, are considered securities because their development is centralized. With these taxonomies in perspective, Congress struggled to bring Libra’s specific classification into focus.

“What we’re struggling with [is] ‘What are you?’ You’re a medium, an intermediary, you’re facilitating financial transactions,” Representative Ed Pearlmutter said. To him, he added, that sounds a lot like a bank. 

Congressman Mark Meek thought so, too, asking Marcus whether “Facebook and Libra Associations [would be] willing to establish bank holding companies.”

“You said a while ago that you were going to offer more financial services down the road, but you also said you’re not a bank. Which one is it?” he continued, alluding to Marcus’ claim that “they will not provide banking services.”

Meek, citing a Wikipedia page on the definition of fiat currency, also compared Libra to a fiat currency built on top of other fiat currencies. 

Representative Katie Porter asked how these “basic concepts of [Libra are] fundamentally different from … Wildcat banks” established in the 1800s, which issued currency and IOUs on top of government tender.

Marcus’ equivocating responses to questions like these offloaded the banking responsibilities onto wallets and other service providers on the network, which Marcus insisted will provide competition to Facebook’s Calibra wallet.

Less than a bank to some politicians, Libra’s plans to hold a basket of customer deposits and government securities makes it look like an exchange-traded fund. When McHenry asked Marcus about this, he doubled down on his stance that Libra is a payment tool “more like … PayPal,” Marcus’ former employer.

Cryptocurrencies Are the Future: Will the U.S. Stand in the Way?

Congress’ inability to define how Libra fits into the U.S.’s regulatory mold exposes the perfunctory state of the U.S.’s approach to cryptocurrency and blockchain technology. Unlike other countries that are “ahead of the U.S. in providing regulatory clarity and guidance” for the sector, as McHenry put it, the U.S. could deter innovation with its sluggish — and at times, hostile — response to the industry.

“I think, given the commentary we’ve heard today, we are discovering why a decision has been made to locate in Switzerland instead of the U.S.,” Representative Andy Barr teased during his time on the mic. 

Congressional members during both the Senate and House hearings were hard on Facebook for deciding to incorporate in the famous tax haven, though others, like McHenry and Barr, recognized that Switzerland has a favorable regulatory climate for fintech and crypto.

Satoshi willing, the topics discussed in yesterday’s hearing made crypto more concrete for U.S. lawmakers and laid a foundation to build a more suitable framework for crypto companies in the future. At the least, Libra got Congress talking about cryptocurrencies, and it seemed more receptive of Bitcoin than its corporate copycat.

“It is inevitable that the Bitcoin ecosystem will continue to move forward,” Demirors said during the panel. “The question is, where?” 

Following these hearings, Congress is now weighing this question more than ever — and whether or not it will lean into, or against, the trend.

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