National Power Administration (ANDE) employees have been accused of participating directly in setting up illegal bitcoin mining farms in Paraguay. According to local sources, seven engineers of the institution would have been installing bitcoin farms across the country as the prosecutor’s office is carrying out this investigation with ANDE’s cooperation. Seven ANDE Engineers Involved in […]
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Stacks (STX) Skyrockets Over 43% And Smashes $2 Threshold, Setting Sights On New All-Time Highs
Stacks (STX) has garnered significant attention in the cryptocurrency industry as it emerges as a leading altcoin contender. With an impressive performance surpassing all top 100 tokens, except for Dymension (DYM), Stacks has witnessed a remarkable surge in the past 24 hours, catapulting its value well above the mark and inching closer to its all-time high (ATH) of .492.
This surge can be attributed to various factors, including its positioning as a Bitcoin layer for smart contracts, the recent surge in Bitcoin’s price, and the token’s adoption and growth rate.
Stacks Climbs The Market Cap Rankings
As outlined in the project’s white paper, Stacks serves as a Bitcoin layer for smart contracts, enabling trustless utilization of Bitcoin as an asset in smart contracts and facilitating transaction settlements on the Bitcoin blockchain.
The recent surge in Bitcoin’s price over the past few weeks has also acted as a catalyst for Stacks’ price surge. Currently trading at ,156, Stacks has experienced a significant recovery from its low of ,241 during a market downturn that bottomed on January 23.
Notably, this recovery coincided with Bitcoin’s price rebound from ,500 to ,000, highlighting the correlation between the two assets.
Market expert Trover.btc, known on X (formerly Twitter), has noted Stacks’ impressive ascent in the market cap rankings. From being ranked around 60, Stacks has climbed to the 34th position within a year, surpassing well-known projects.
With the Bitcoin Layer 2 narrative gaining prominence and Layer 1 network fees reaching all-time highs, expectations are high for Stacks to enter the top 20 rankings around the halving, according to Trevor.btc.
STX Sets All-Time High Total Value Locked
A key metric to consider is its market capitalization (fully diluted) to gauge Stacks’ adoption and growth rate. According to Token Terminal data, Stacks’ market cap has experienced a notable surge of 187% in the past 90 days and an impressive increase of over 527% year-to-date, aligning with the token’s price surge.
Moreover, data from on-chain analytics aggregator DefiLlama reveals that Stacks’ total value locked (TVL) has reached an all-time high of .41 million.
This represents a significant increase of over 400% in just four months, highlighting the growing confidence and demand for Stacks within the decentralized finance (DeFi) ecosystem.
As the demand and interest in the protocol and its native token continue to grow, whether Stacks will surpass its previous all-time high or experience a correction remains to be seen.
The notable correlation between STX and BTC suggests that Bitcoin’s retracement from its current two-year high could also impact the price of STX.
However, the token has significant interest, as reflected in the highlighted metrics above. With the anticipated bull run gaining momentum leading up to the Bitcoin halving event, STX has the potential to reach even higher levels and climb the crypto rankings within the industry.
Observing how the STX price reacts in the coming days and weeks will be interesting. While uncertainties exist, the token’s current high level of interest suggests a positive outlook for its future performance.
Featured image from Shutterstock, chart from TradingView.com
Bitcoin’s Mining Difficulty Skyrockets by 7.33%, Setting New Record for 2024
On Friday, Feb. 2, 2024, the Bitcoin network witnessed a significant milestone as its mining complexity metric surged by 7.33% at block height 828,576. This marked the most substantial increase in difficulty for the year thus far. The current level of difficulty stands at 75.50 trillion, reaffirming its status as the most challenging period for bitcoin mining to date.
Bitcoin’s 7.33% Mining Difficulty Spike Marks 2024 Record
Bitcoin (BTC) mining has recently become a far more challenging endeavor, with the difficulty metric rising by an impressive 7.33%, marking the most significant increase in 2024. This notable rise comes on the heels of a 3.90% decrease observed on Jan. 20. 2024 has witnessed a total of two increases and one reduction in mining difficulty thus far. Additionally, we are now counting down to the fourth halving event, which is less than 11,500 blocks away and will lead to a halving of BTC mining rewards.
The 7.33% rise in difficulty marks a historic ascent to an all-time peak of 75.50 trillion. In essence, this figure represents the threshold at which a block’s hash must reside to be deemed valid. With the difficulty now standing at 75.50 trillion, it implies that the hash of an acceptable block must be equal to or lower than an exceptionally diminutive target value within the extensive spectrum of possible hash values. The smaller this target becomes, the less probable it is for a random hash guess to fall below it, thereby intensifying the challenge of discovering a valid block.
Currently, the collective hashrate is cruising steadily at 536 exahash per second (EH/s), as indicated by seven-day simple moving average (SMA) data from Luxor’s web portal hashrateindex.com. This figure of 536 EH/s trails slightly behind the all-time peak of 566 EH/s reached on Jan. 29, 2024.
Examining three-day block discovery metrics unveils the dominance of two pools over Bitcoin’s hashrate, collectively accounting for over 60% of the total. Foundry USA leads the charge with a commanding 31.94%, boasting 173.53 EH/s, while Antpool closely follows with 159.17 EH/s, constituting 29.30% of the overall hashrate. The next mining difficulty retarget is due to occur on Feb. 15, 2024.
What do you think about Friday’s bitcoin mining difficulty increase? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin Soars Past $45K as Market Eyes ETF Approval, Setting Stage for April’s Halving
The digital currency market has surged to a valuation of .74 trillion in the past 24 hours, with bitcoin climbing above the K threshold. Over the recent day, the market experienced a 4.65% increase in comparison to the U.S. dollar, and global trading volume saw a substantial 20% rise from Monday.
Crypto Economy Climbs to .74 Trillion; Bitcoin Hits K in ETF Speculation and Pre-Halving Optimism
Fueled by the anticipation of a potential approval for a spot bitcoin exchange-traded fund (ETF) this week, the crypto sector has seen a 4.65% growth in the last 24 hours. Bitcoin (BTC) achieved a peak of ,922 during the day but has since receded to the vicinity of the ,500 range after reaching that peak. The entire lot of top ten crypto assets have witnessed gains with solana (SOL) leading the pack by more than 8%.
Bitcoin has risen 6.4% while ethereum (ETH) spiked 4% higher on Tuesday at 8 a.m. Eastern Time (ET). Bitcoin’s market valuation dominates the market by 50.8%, while ether’s market cap accounts for 16.5% of the .74 trillion crypto economy. Bitcoin’s rise above the K range caused a tidal wave of nearly million in short liquidations according to coinglass.com statistics.
Ethereum shorts saw .96 million wiped out and solana (SOL) short positions witnessed million erased. Tuesday’s jump further saw double-digit gains from sei (SEI), astar (ASTR) and ordi (ORDI) recording gains between 15% to 22% over the past day. All three are also up between 24% to 55% against the greenback over the past seven days.
The three biggest losers today, despite the broad market rise, were bitcoinsv (BSV), helium (HNT), and maker (MKR) shedding between 2.8% to 6.3%. As the market awaits the anticipated approval of a spot bitcoin ETF in the United States, optimism fuels the recent market surge. With bitcoin breaching the K mark, the upcoming halving in April looms, promising to bolster its value further. This event, coupled with regulatory and technological advancements, paints a bullish picture for crypto’s future.
What do you think about the crypto economy’s market action this week? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin Miners’ November Revenue Peaks at $1.16 Billion, Setting 2023 Record
November marked a significant milestone in the 2023 revenue generated by bitcoin miners, reaching a peak of .16 billion. This month not only stood out in terms of total earnings but also set a record for the highest monthly fees collected by miners within the year.
Bitcoin Mining Fees Soar to Yearly High in November, Fueling Revenue
In November, bitcoin (BTC) miners experienced a prosperous period, bolstered by increased prices and a substantial uptick in transfer fees. Data reveals that miners amassed a total revenue of .16 billion, with fees contributing 2.19 million to this sum.
This performance eclipsed the former zenith reached in May 2023, where total earnings were 9.22 million, inclusive of 5.92 million in fees. From May to November 2023, bitcoin miners experienced a fluctuation in earnings, with fees escalating from about million to a peak of million in June.
The total revenue in November surpassed May’s figures by approximately 26.19%. Yet, the hash price, defined as the revenue generated per petahash per second (PH/s) each day, was more favorable in early May compared to November’s peak values.
On May 8, 2023, data revealed that a single PH/s of hashpower was valued at 4.17. Contrastingly, the apex value in November, recorded on the 18th, was slightly lower at .36 per PH/s.
November witnessed a marginal increase in bitcoin (BTC) transaction processing over May, with 16.42 million transactions in November slightly edging out May’s count of 16.3 million. Furthermore, Bitcoin’s onchain daily volume in USD terms reached notable heights in the past month, though it fell short of the year’s highest peak, which occurred on October 29, 2023.
What do you think about miners recording the highest revenue month in 2023 in November? Share your thoughts and opinions about this subject in the comments section below.
Auradine Unveils New Teraflux Miners Setting New Efficiency Benchmarks in Bitcoin Mining Industry
While several leading mining rig manufacturers have introduced more efficient bitcoin miners measured in joules per terahash (J/T), Auradine, based in California, has announced the debut of its Teraflux AT2880 and AI3680 bitcoin miners. These new models feature efficiency rates ranging from 15 to 16 J/T and a maximum output of 375 terahash per second (TH/s).
California’s Auradine Debuts High-Efficiency Teraflux Mining Series
In 2023, three prominent bitcoin (BTC) mining rig producers unveiled their latest offerings, showcasing their next-generation application-specific integrated circuit (ASIC) devices. These machines boast efficiency ratings under 20 J/T. On November 14, 2023, Auradine, located in Santa Clara, California, introduced its advanced Teraflux series of bitcoin miners.
The lineup includes the air-cooled AT2880 model, which delivers 260 TH/s with an efficiency of 16 J/T. To give some context, the lowest efficiency rating announced earlier this year was by Bitmain’s S21 Hyd, capable of up to 335 TH/s at the same efficiency rating of 16 J/T. Auradine also released the AI3680, an immersion-cooled miner with a capacity of up to 375 TH/s.
The AI3680 immersion-cooled miner, part of this new Terraflux series, achieves an efficiency of 15 J/T, the lowest such rating currently available in the market. “After delivering our first generation of bitcoin miners, we are raising the bar again to help customers achieve the best economics and sustainability, even beyond the bitcoin halving in 2024,” Rajiv Khemani, the CEO and co-founder of Auradine said in a statement.
The Auradine CEO added:
We also offer bitcoin mining operators a compelling alternative to foreign ASICs, which is vital to the continued growth, security, and confidence of the North American blockchain economy.
In July 2023, Bitcoin.com News covered Auradine’s introduction of its Teraflux mining series, featuring models with capacities ranging from 185 to 270 TH/s. The company successfully secured million during a Series A funding round conducted in mid-May 2023.
According to Tuesday’s announcement, Auradine has garnered support from key figures at US Bitcoin Corp. and Marathon Digital Holdings. On Tuesday, the firm concluded, “Teraflux AT2880 and AI3680 systems will begin shipping to customers in Q2 2024, with production volumes starting in Q3 2024.”
What do you think about Auradine’s new ASIC series announcement? Share your thoughts and opinions about this subject in the comments section below.
This Long-Term Bitcoin Price Average Is Setting ATHs
Bitcoin price is nowhere near setting new all-time highs, but an important long-term price average is doing so, day after day, month after month.
What is this moving average being referenced, and what does it setting new highs potentially mean?
Meet The Moving Train: The 50-Month Moving Average
As Bitcoin and the rest of the crypto market grind painfully sideways, a key measure using a moving average of BTCUSD price action is rising steadily, now at its highest point ever historically.
The moving average in reference is the 50-month moving average (50MA). To calculate the span, simply take the last 50 months worth of BTCUSD closing prices, add them together, then divide them by the 50 (the number of months worth of data in the period).
Traders use moving averages for a variety of reasons. This includes as trend-following tool, as trend lines, and for timing entries and exits. Such signals trigger when price passes above or below the span, or if two moving averages crossover one another in a two-moving average system. These are called a golden cross or death cross.
#Bitcoin’s 50-month moving average continues to set new record highs
Without all the noise, the primary trend points upward pic.twitter.com/HG8gjO3Gn6
— Tony "The Bull" (@tonythebullBTC) August 2, 2023
What The 50MA Hitting ATHs Means For Bitcoin
The 50-month moving average making new all-time highs, general means the primary trend is still up. The chart above shows the long-term uptrend clearly without the noise of candlesticks or price action. With the candlesticks turned back on, Bitcoin is above the span — another bullish sign.
BTCUSD closed above the 50MA back in March 2023 and has since held above it for several months. Notably, Bitcoin lost this level for the first time back in June 2022. Meanwhile, the top cryptocurrency bottomed precisely at the 50MA in 2018 and again in 2020.
The 50MA is currently at ,353 and could act as support of retested. If lost, it could be a sign the longer-term trend is turning bearish. The 200-week moving average, another similar high timeframe price indicator that is used widely in technical analysis, is also at a similar level and trending upwards.
This chart originally appeared in Issue #14 of CoinChartist (VIP). Subscribe for free.
US Inflation Cools to 4% Annual Rate, Setting Stage for Fed’s Decision on Interest Rates
The U.S. Bureau of Labor Statistics’ consumer price index (CPI) report, released on Tuesday, reveals that inflation in the United States has eased to a yearly rate of 4%. The latest development arrives just ahead of the upcoming Federal Open Market Committee (FOMC) meeting scheduled for June 14. The prevailing market sentiment leans towards the anticipation that the Fed will maintain the current benchmark interest rate.
Consumer Price Index Report Shows U.S. Inflation Slows to 4% Amid Market Expectations for Steady Interest Rates
The latest report from the U.S. Bureau of Labor Statistics (BLS) reveals that the annual inflation rate dipped to 4% in May. This data marks the smallest increase since March 2021, a significant turning point when inflation began its rapid ascent, prompting the Federal Reserve to adopt measures such as monetary tightening and interest rate hikes.
“The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in May on a seasonally adjusted basis, after increasing 0.4 percent in April,” the U.S. Bureau of Labor Statistics reported. “Over the last 12 months, the all items index increased 4.0 percent before seasonal adjustment.”
The announcement had a positive impact on Wall Street as all four key stock indexes experienced gains, while the crypto economy witnessed a 0.62% rise on Tuesday morning. However, the New York-based spot prices of gold and silver took a hit, with gold declining by 0.23% and silver shedding 0.37%. Market participants eagerly await the upcoming FOMC meeting tomorrow to ascertain whether the U.S. Federal Reserve will opt for an increase in the federal funds rate.
Presently, the interest rate stands at its highest point in 16 years, and the CME Fedwatch tool indicates a staggering probability of over 93% that there will be no rate hike this month. Approximately 6.9% of market participants anticipate a 25-basis-point (bps) increase by the U.S. central bank. Nevertheless, history has shown the Fedwatch tool to be remarkably accurate, suggesting that the 25bps hike may be deferred until the subsequent FOMC meeting.
While there is a prevailing belief among many that the Federal Reserve will refrain from increasing the rate this month, a considerable number of analysts and economists hold the view that the Fed will maintain this pause throughout the entirety of 2023.
“The encouraging trend in consumer prices will provide the Fed some leeway to keep rates unchanged this month and if the trend continues, the Fed will not likely hike for the rest of the year,” Jeffrey Roach, chief economist at LPL Financial told CNBC on Tuesday following the latest CPI report.
Will the latest dip in inflation convince the Federal Reserve to maintain interest rates or could it signal a shift in monetary policy? Share your thoughts and opinions about this subject in the comments section below.
Microbt Unveils New Whatsminer Bitcoin Mining Rig With 320 TH/s, Setting New Standard for Hashpower
During the Bitcoin 2023 conference in Miami, bitcoin mining rig producer Microbt unveiled three new additions to their Whatsminer series. The latest Whatsminer models, namely the M50S++, M53S++, and M56S++, boast hashpower ranging from 150 terahash per second (TH/s) to an impressive 320 TH/s.
Microbt Introduces Cutting-Edge Whatsminer Models at Bitcoin 2023
This week at Miami’s Bitcoin 2023 event, Microbt introduced three distinct application-specific integrated circuit (ASIC) bitcoin mining devices. “Microbt is glad to release three new models of Whatsminer M50 series at Bitcoin 2023 which are air-cooling M50S++, hydro-cooling M53S++ and immersion cooling M56S++,” the company tweeted on May 18. Micorobt’s three new miners are expected to be released to the general public this month.
The newly released models offer significantly more hashpower compared to previous iterations; for example, the air-cooled M50S++ generates 150 TH/s, surpassing the Whatsminer M50S which produces 126 TH/s. Sporting an efficiency rating of 22 joules per terahash (J/T), the miner utilizes Samsung’s cutting-edge 5nm ASIC technology. Meanwhile, the M56S++ immerses itself as a liquid-cooled bitcoin ASIC miner boasting 230 TH/s of hashpower and maintaining a similar 22 J/T efficiency rating.
Microbt’s hydro-cooling ASIC mining rig, the M53S++, delivers an unrivaled hashpower output in the industry today. The Whatsminer M53S++ reaches a staggering 320 TH/s — a whole 65 TH/s greater than Bitmain’s Antminer S19 XP Hydro, the previous top BTC miner in terms of hashrate. Like its Whatsminer counterparts, the M53S++ possesses a 22 J/T efficiency rating and employs Samsung’s advanced 5nm chipsets.
As technology advances, bitcoin mining rigs have dramatically increased their capabilities with innovations like hydro and immersion-cooling systems alongside increasingly efficient application-specific integrated circuits. Back in 2018, Bitfury’s B8 miner was considered state-of-the-art, generating 40 TH/s, while other top contenders included Ebang’s E10 and Bitmain’s S9 models, which produced 14-18 TH/s per device.
The current Whatsminer website does not display the price ranges for the M50S++, M53S++, and M56S++ models, leaving potential customers in the dark about the latest offerings. Furthermore, it lacks the option to acquire the newly unveiled machines showcased at Bitcoin 2023 in Miami.
As of now, interested buyers can only find the M50, M50S+, and M56S models on sale, with prices ranging from ,970 to ,200 per unit. The M50 to M56S variations offer a hashrate of approximately 118 to 200 TH/s, varying depending on the specific model selected. The company also released a new short film showcasing the new miners, which can be viewed via the Youtube video below.
What are your thoughts on Microbt’s newly announced Whatsminer series? Share your thoughts and opinions about this subject in the comments section below.
Iskra Ranks #1 on Dapp Radar Setting the Pace for World of Win’s IGO
PRESS RELEASE. Web3 game company Iskra unveils the release of its own launchpad for games, the Iskra Launchpad, with World of Win set to be the first project to conduct its initial game offering (IGO) on the platform.
The release of the Iskra Launchpad comes right after Iskra dominated the number one spot on DappRadar’s blockchain games dapp rankings for all periods – 24 hours, 7 days, and 30 days – with 669.27k UAW as of writing and cited as one of the best-performing games dapp for March 2023.
The Iskra Launchpad is a platform that allows game companies working with Iskra to promote their tokens to the Iskra community via IGO before its official listing on an exchange. Through the Iskra Launchpad, the Iskra community will have the opportunity to discover visionary games at an early stage and purchase tokens at its offering price.
While tokens purchased on the Iskra Launchpad during an IGO are locked and subject to a vesting and distribution schedule, every IGO token has a corresponding “Express Token” that can be immediately used for other utilities. This unique feature allows IGO participants to concurrently enjoy exclusive uses such as purchasing NFTs on the Iskra Market, accessing exclusive invites to events like CBTs, and enjoying other in-game benefits.
World of Win, the first project that will hold its IGO on the Iskra Launchpad, is the platform’s first social casino and arcade offering, which showcases the best in slots and hyper casual skill-based games.
By playing World of Win, users can enjoy the thrill of playing in a casino without the gambling aspect of gaming as there is no cash-out feature involved.
WoW Labs, the company behind World of Win, will be offering its WoW token for the first time during the IGO, which builds up to the public launch of the game that is expected to happen soon afterwards.
“We are excited to kick off our service with the Iskra community and be an addition to the premier gaming catalog of the platform,” Sam [Family Name], founder and CEO of WoW Labs, explained. “Social casino is a unique and widely popular genre. The thrill that comes with games of chance is something that I’ve seen as a missed opportunity in crypto gaming, as a Web3 gaming and crypto enthusiast myself. WOW Labs is filling that gap by introducing the full blown social casino experience to the Web3 gamers.”
By launching World of Win, WOW Labs aims to introduce the first social casino gaming experience to Web3 gamers. The hyper casual and skill-based tournament games run on an hourly basis, which gives users speedy and dynamic play-and-earn experience, while WoW’s DeFi-inspired Piggy Bank NFTs allow more coins for continuous play.
The release of the Iskra Launchpad, as well as the launch of World of Win, adds another milestone to the several available services and games that Iskra offers to its growing community. According to Spike Ryu, Chief Operating Officer of Iskra, “the company is focused on steadily rolling out games and services, so that it can demonstrate the full potential of community engagement in Web3 gaming.”
ABOUT ISKRA
Iskra is a single-destination Web3 game platform for developers and players that rewards them for their contribution and participation through a unique community system on the blockchain. This allows stakeholders to take a major part in building the platform for future growth.
Current services include a wallet, DEX, marketplace, NFT Mission Card (daily reward), governance staking and voting, and soon-to-launch Launchpad, Web3 casual and hyper-casual games.
Backed by some of the biggest technology and video game companies in South Korea, Iskra ranks in the top categories for gaming in DappRadar for unique active wallets per day and engagement.
Explore the future of play!
ABOUT WoW LABS
WOW Labs is a Web3 casual games developer, teamed up from social casino and puzzle games studios that serviced on mobile and Facebook platforms. WOW Labs team formerly developed and advised multiple titles that grossed top of the charts in major app stores.
WOW Labs creates an immersive and addictive casual gaming experience that tightly integrates Play-and-Earn mechanisms. WOW Labs’ goal is to create a casual gaming focused metaverse that is approachable and fun to any skill level of gamers in the era of blockchain. WOW Labs is launching its first title “World of Win: Social Casino and Play-and-Earn Arcade” with Iskra, and will branch out its WOW franchise via more titles and over multiple blockchains to further reach casual game enthusiasts.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.