The U.S. government has announced a million reward for information leading to the arrest or conviction of Ruja Ignatova, the Onecoin co-founder who is wanted for orchestrating one of the largest global fraud schemes. Ignatova has been a fugitive since 2017 after Onecoin defrauded investors of over billion. US Offers Million Reward […]
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Introducing FatBoy: Exciting Token Presale and Reward Opportunities Ahead
PRESS RELEASE. FatBoy, the project boosting the Talking Tom concept by offering real-world rewards, is excited to announce the upcoming presale of its token, $FATTY. Initially, the only way to buy the $FATTY token will be through the official website. The token will be available to the initial community at the lowest presale prices, aiming […]
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Beyond BTC: Crypto Miners Get Brainy, Embrace AI After Block Reward Whacking
The winds of change are blowing through the crypto mining industry. The highly anticipated halving event in April 2024, which sliced block rewards in half, has sent shockwaves through the ecosystem. Daily revenue for miners has plummeted by over 70% since the halving, forcing them to scramble for new avenues to secure their bottom line.
Enter Artificial Intelligence (AI). Buoyed by the success of projects like OpenAI’s ChatGPT, AI computing is experiencing a surge in demand. This, coupled with potentially higher profit margins compared to Bitcoin mining, is making AI an increasingly attractive option for miners.
AI: A Beacon Of Hope In A Volatile Sea
Companies like Bit Digital are leading the charge, with AI already contributing nearly 30% of their revenue. Other industry players like Hut 8 and Hive are also dipping their toes into the AI pool.
Adam Sullivan, CEO of Core Scientific, said:
“The shift to AI allows us to create a diversified business model with more predictable cash flows.”
This diversification is crucial in the face of the volatile nature of Bitcoin prices. By incorporating AI, miners are aiming to reduce their dependence on a single, often unpredictable, income stream.
Mass Exodus Or Miner Metamorphosis?
The impact of the halving isn’t limited to dwindling profits. Data suggests a potential shakeout within the mining community. A recent report indicates a significant drop in the Bitcoin network hashrate, a metric reflecting total mining power. This could signal a mass exodus of miners, particularly those with less efficient rigs struggling to stay afloat after the reward reduction.
Further corroborating this theory is the recent flash in the Hash Ribbons metric. This indicator tracks the difference between short-term and long-term moving averages of hashrate, with spikes suggesting low mining activity or miner capitulation.
Crypto hedge fund Capriole Investments interprets this as a potential “tempting Bitcoin buy signal,” suggesting the market might be reacting to a decrease in mining pressure.
Mining pressure refers to the pressure on crypto miners to sell their Bitcoin. Miners earn Bitcoin as a reward for securing the network and typically sell it to cover operational costs like electricity and equipment. When pressure decreases, it often indicates that miners are less compelled to sell their Bitcoin.
A Silver Lining For Long-Term Bulls?
Meanwhile, some analysts claim that institutional investors are showing renewed interest in Bitcoin, turning “risk-on” in their approach. This could be a sign of growing confidence in the long-term prospects of the cryptocurrency.
Featured image from The Motley Fool, chart from TradingView
Nigeria’s Anti-Graft Agency Announces Reward for Whistleblowers Exposing Local Currency Abusers
The Economic and Financial Crimes Commission (EFCC) in Nigeria has announced a 5% reward for whistleblowers who provide credible information leading to the prosecution of offenders involved in naira abuse. Dele Oyewale, the EFCC spokesman, emphasized the importance of enforcing the law and protecting the economy from negative impacts. The commission has already secured nearly […]
Bitcoin News
Short Sellers Target Bitcoin Miners as Reward Halving Nears, $2 Billion at Stake
A recent report highlights that the collective short interest in stocks from 15 bitcoin mining companies has approached the billion mark. The performance of these mining stocks has declined compared to their stronger start earlier this year, coinciding with the proximity of just 663 blocks remaining until the next reward halving. Impending Bitcoin Halving […]
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Miners Offload Bitcoin in Anticipation of Reward Halving, Says Cryptoquant
Data from Cryptoquant indicates that bitcoin miners have been offloading their assets in anticipation of the upcoming Bitcoin network halving, slated to take place in two weeks. Cryptoquant highlighted a peak in daily sales to over-the-counter (OTC) trading desks, a figure unmatched since the summer of 2023. Record Sales to OTC Desks Mark Bitcoin Miners’ […]
Bitcoin News
Bitcoin Miners Near Final Month Before Reward Halving Slashes Revenues
There are 34 days left until the Bitcoin network’s halving event, expected on or around April 20, 2024, which will reduce miners’ rewards by half. Bitcoin’s price has remained above ,000 throughout March, reaching close to ,000 on March 14. Between onchain fees and the price increase, these factors could offset revenue losses from the […]
Bitcoin News
Upland Introduces Token Reward System With ‘Share and Build’ Airdrop Series
Upland, a popular Web3 metaverse and crypto game, unveiled the inaugural chapter of its “Share and Build” airdrop series on Friday. This initiative is designed to reward players with tokens for their participation. Upland’s Airdrop Series Rewards Community Participation At its essence, Upland is a Web3 metaverse platform dedicated to virtual land ownership and fostering […]
Bitcoin News
Playdapp Breach: Hacker Mints Tokens Worth $31 Million, Gaming Platform Offers Reward for Silence
Playdapp, a Web3 gaming platform, recently confirmed that it was a victim of a hacking incident which saw criminals mint tokens worth approximately million. Playdapp said it has offered to reward the hackers if they agree to return the stolen assets and contracts. Crypto Exchanges Urged to Block Compromised PLA Tokens Playdapp, a Web3 […]
Bitcoin News
Reunit Wallet Launches Reward Program: Trade To Earn
PRESS RELEASE. Reunit Wallet, an omnichain wallet built on technology developed by LayerZero & Stargate Finance, is launching a volume-based reward program.
In an effort to stimulate trading activity on its integrated platform and attract new users, Reunit Wallet is implementing a reward system for traders.
Starting now, for every 0 in generated volume, users will receive 1 REUNI. Additionally, if a referral code is used, a 25% bonus will be applied.
Users who share their referral code will also enjoy a 25% bonus on the rewards generated by the traders they’ve referred.
Furthermore, Reunit Wallet has plans to soon introduce a staking feature for REUNI tokens. Participants in the staking program will receive 50% of the fees generated from transactions made through Reunit Wallet.
Useful links
- Website : https://everywhere.finance
- Twitter / X : https://twitter.com/EverywhereFi
About Reunit Wallet :
Created by a former core-team member of Sushiswap (2020-2022), Reunit Wallet is the first natively omnichain wallet that enables seamless batch transfers across multiple blockchains with a single click. It also offers an integrated trading terminal supporting limit and market orders, providing a comprehensive and seamless trading experience.
Security is a paramount priority for Reunit Wallet, which is why the wallet conducts a comprehensive simulation of each transaction and signature, allowing the user to anticipate the outcomes of their transaction, including token transfer confirmations or the granting of necessary permissions.
Contact
CEO
B.Naïm
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