The crypto markets are against dropping, with Bitcoin (BTC) crashing below $33,000 for the first time since May 23 as Ether (ETH) similarly broke below support at $2,500. The downward momentum comes as bearish indicators continue to stack up for Bitcoin, with popular analyst William Clemente III identifying that miners sold more than 5,000 BTC over the past week — worth roughly $164 million at current prices. Miners have sold over 5,000 BTC in the last week pic.twitter.com/5pEvLgIls2 — William Clemente III (@WClementeIII) June 7, 2021 Crypto author Timothy Peterson also highlighted that BTC’s price has remained below its 200-day …

While writing the world's most famous white paper, Satoshi Nakamoto defined the Bitcoin (BTC) mining process. It was established that the minting of new coins would take place through proof-of-work. To carry out this verification and to be able to mine the cryptocurrency, computers would need to solve complex mathematical calculations. In the beginning, there were not many miners. However, that changed before the first Bitcoin bull run. Mining competition skyrocketed, causing a sharp increase in the cost of machines capable of competing. Even more importantly, energy demand exploded with the new machines — which needed energy mainly for processing …

Elon Musk is definitely interested in digital currency, but it seems that he doesn’t want to understand it. At least, I worry that he doesn't have a deep enough understanding of Bitcoin (BTC) and decentralized systems in general. A decentralized system has to be secure, and proof-of-work (PoW) is the solution for Bitcoin to secure its digital asset. The more successful Bitcoin is, the more energy is required for PoW to secure the network. In other words, the reason that Bitcoin uses up so much more electricity than Dogecoin (DOGE), for example, is because BTC is much more secure than …

When it comes to China, few things are crystal clear, and the nation’s recent crackdown on crypto mining is no exception. The State Council’s Financial Stability and Development Committee reported on May 21 that it is curtailing Bitcoin (BTC) mining amid financial risk concerns, which prompted the South China Morning Post to proclaim that “China’s place at the centre of global bitcoin mining is fading.” “We are seeing the cryptocurrency market enter a path to ‘de-China-isation’ — first on trading and now on computing power, based on a series of stronger steps taken against cryptocurrencies and Bitcoin mining last week …

Cybersecurity firm, NortonLifeLock, has launched Norton Crypto, a tool allowing consumers to “safely” mine cryptocurrency through its Norton 360 product. From Thursday, select 360 users will be invited to join Norton’s early adopter program for Ether mining. Norton also plans to open up the mining service to all of its nearly 13 million 360 customers in the coming months. Norton emphasized that its service allows users to mine without requiring them to switch off their antivirus software. Speaking to CNN Business, Norton noted it plans to support mining of other “top cryptos that allow our members to get the highest …

After an exceptional start to the year, the crypto market entered a bearish period in mid-May, causing some to reevaluate their stance on some of the fundamentals surrounding the crypto industry. The prolonged fall of Bitcoin (BTC) — by more than 50% — and the subsequent dip in mining difficulty by 16%, which are suspected to have been partially caused by news of China’s intention to take tough measures against crypto mining and trading, as well as Tesla’s decision to stop accepting Bitcoin as payment for its electric vehicles, have turned out to be a turning point that brought criticism …

Canadian light electric vehicle manufacturer Daymak has announced an upcoming electric car that can mine Bitcoin (BTC), Ether (ETH) and Dogecoin (DOGE) — when it’s charging or parked. According to the manufacturer’s Tuesday announcement, the “Spiritus” electric car is set to roll out in 2023, and will come fitted with “an industry-leading GPU in mining price-to-profit.” However, details are sparse on what the specific capabilities of the mining hardware are. “Daymak Spiritus the first car in history with mining hardware and cryptocurrency technology programmed into the user interface,” the announcement stated. Every Spiritus will be an “environmentally-friendly crypto miner node,” …

Blockchain holding group Borderless Services Inc. made headlines in late April amid reports that it had placed a $700 million bid to acquire business news publisher Forbes Media LLC. In an interview with Cointelegraph, CEO Patrick McConlogue shed light on the acquisition target and why it aligns with the organization’s overall vision. “Acquiring any company is a long process, and there are a lot of moving parts,” McConlogue wrote in an email, adding: “We are excited to participate either as owners, partners, or combined force with the other bidders. Collectively we all want Forbes back under US ownership and are …

Nvidia’s new 3070 Ti and 3080 Ti graphics cards will launch with Ethereum hash rate limiters built in when they go on sale later this month. Nvidia announced the pending release of the new cards during its Computex 2021 livestream on Monday, where it unveiled specifications and release dates for both models. Of particular interest to cryptocurrency enthusiasts is Nvidia’s decision to launch the cards with in-built limiters aimed at curbing their Ether-mining utility. The company had previously pledged to create a crypto-specific card designed for mining Ether (ETH) and other GPU-compatible cryptocurrencies. The move was designed to pull demand …

Is it possible to mine Bitcoin (BTC) using only 100% renewable energy sources and deliver the same economic returns as those using carbon-based sources? The answer is yes, according to Square’s recent analysis on the cost of renewables and their impact on Bitcoin mining. Unfortunately for our industry, the number of headlines and headline-making tweets about Bitcoin’s energy use and potential environmental impact has followed its rise in value in recent months. The increased media scrutiny has led to increased calls for regulatory action and even a proposed bill in the New York State Senate that would place a three-year …

Edward Evenson, head of business development at Slush Pool owner Braiins, reported that a large number of Chinese Bitcoin (BTC) mining machines equivalent to Quebec’s entire output will be moving to North America and Europe. For those interested in the #Bitcoin mining news coming out of China I’ve had 300-400MW of mining machines contact me to help them distribute their machines across NA and some parts of EU. Some have also begun shipping machines to Kazakhstan. — Edward Evenson (@WillHash4Coins) May 27, 2021 In a Twitter thread on Friday, Evenson revealed that some Chinese BTC miners also have their eyes …

This weekly roundup of news from Mainland China, Taiwan and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape and enterprise blockchain integrations. China regulations — Fact or FUD? Normally, this weekly column takes a broad look at all the developments, news and even gossip from within China. This week, most topics took a backseat to the news of another crackdown that had rippled through the industry, threatening to topple markets into a full-blown bear market. Abandoning the mines It was all fun and games until a ruling came down from …