Crypto Guides, Knowledge & Insights

Miners Revenue Back to Mid-2020 Levels Following 57% Increase

Mining revenue for Bitcoin miners has gradually begun to increase two months after the start of the migration process from China in the wake of a massive crackdown on mining activities.　　According to recent on-chain data from blockchain intelligence provider, Glassnode, the mining revenue has increased by a whopping 57%, which is similar to the levels recorded in mid-2020.　　Earlier in May, the networks hash rate skyrocketed to peaks of 180 EH/s. However, following the massive crackdown on crypto mining facilities in China, that number slumped by over 50%. Thus, for the first time in about ten years, Bitcoin experienced its longest streak of negative mining difficulty adjustments.　　Chinas FUD Forces Miners to Relocate　　Recall that the Chinese government had mandated every mining facility in the country to stop their operations or risk facing charges.　　Several companies in China‘s top mining provinces had to halt their services, and most facilities migrated back to Europe and the United States. Nevertheless, the event caused a rapid drop in Bitcoin’s hashrate.　　Following the crackdown, mining difficulty dropped significantly, resulting in an immediate boost in profitability for miners located in other countries.　　Within the past two months, the hashrate has been progressively climbing back up and is currently at a 25%

2021-08-18Deep Dive

Why Poly Network Asked Hacker To Become Its Chief Security Advisor

The Poly Network saga continues and has taken another unexpected turn. Per an official post, the team behind the project has offered the hacker, also known as “Mr. White Hat”, a position within the network as Chief Security Advisor.　　As Bitcoinist reported, Mr. White Hat was responsible for carrying out the “biggest hack in DeFi” after stealing over $600 million from Poly Network. This multi-chain platform has a product that allows users to interact with several blockchains, such as Ethereum, Binance Smart Chain, Polygon, and others.　　According to Mr. White Hat himself, he perpetrated the attack on Poly Network to “save the funds” and bring attention to a critical vulnerability. The hacker felt that to alert the team via a traditional communication channel could have created incentives for a third party to plan an inside attack.　　The attacker has denied that his motivations are economical. As Poly Network confirmed, they have maintained communication with Mr. White Hat, the hacker unexpectedly agreed to return the stolen funds to a multi-signature address.　　The team only waits for the private keys to “return full asset control back to the users”. This has taken more time than expected seems the hackers appear to still have concerns about the

2021-08-18Deep Dive

Market Wrap: Bitcoin Buyers Could Take Profits as Volume Declines

Cryptocurrencies were mostly lower on Tuesday as declining volume suggests a pullback is near. Bitcoin was trading around $45,418 at press time and is down about 1.6% over the past 24 hours. 　　Some analysts are optimistic about the long-term recovery in crypto prices, although the pace of the upside will likely slow over the short term. 　　“While many of the technical and on-chain indicators confirm this rebounds strength, it may still be early to say we are out of the woods,” Nathan Cox, chief investment officer at digital asset management firm TwoPrime, wrote Tuesday in an email to investors.Latest prices　　Cryptocurrencies:　　Bitcoin (BTC) $45,418, -1.59%　　Ether (ETH) $3,103.5, -1.98%　　Traditional markets:　　S&P 500: 4448, -0.7%　　Gold: $1,785.01, -0.08%　　10-year Treasury yield closed at 1.263%, down from 1.268% on Monday.　　Traders are also monitoring the ongoing regulatory crackdown in several nations, which could damp bullish sentiment. 　　On Tuesday, the Shenzhen branch of the Peoples Bank of China plans to “promptly clean up and rectify” 11 companies for providing illicit crypto trading activities, state-owned Shanghai Securities Journal reported. 　　In Spain, the National Securities Market Commission issued a warning notice for 12 companies, including crypto exchanges Huobi and Bybit, for providing investment services without being registered with authorities, CoinDesks Eliza Gkritsi

2021-08-18Deep Dive

All of South Korea’s Crypto Exchanges Fail their Regulatory Audits

South Korean crypto exchanges have been dealt another crushing blow – with all of the nations trading platforms failing their regulatory “consulting” audits.　　The development will not bode well for the sector with just over a month to go until new regulations kick in – with even the “big four” exchanges (Korbit, Bithumb, Upbit and Coinone) failing their audits.　　As previously reported, in June, the regulatory Financial Services Commission (FSC) teamed up with a number of government ministries and state-owned IT firms to conduct a “complete investigation of corporate accounts,” as well as exchanges “coin management and investor protection” protocols.　　The FSC also drafted in police officers and a number of external contractors from the private sector – including security experts and network specialists.　　But per the Hankook Ilbo and the Hankyroreh, the number of exchanges that “passed” their audit “tests” was a big fat zero.　　In July, the auditing process uncovered the fact that a number of exchanges were using “fake” or fraudulent banking operations – with a number of cases referred to the prosecution service.　　But the “fake” banking offenders were mostly smaller trading platforms. And many in the sector had expected the heavily backed likes of Upbit and co to pass the audit

2021-08-18Deep Dive

Economist claims a $500,000 Bitcoin would be disastrous for CO2 emissions

The founder of Digiconomist, Alex de Vries, predicts that, in the long run, the cost of mining a Bitcoin will rise to the price of a Bitcoin. de Vries was referring to economic theory, which states competition will drive profits down over time.　　de Vries, whose website studies the consequences of digital trends from an economic perspective, says, under this scenario, competitive mining will generate further environmental damage by producing more carbon dioxide.　　Whats more, the knock-on effects of (say) a $500,000 Bitcoin would compound the issue, leading to an environmental disaster.　　But with others claiming the BTC network already runs on majority renewable sources, is this report simply another FUD attempt to crash the Bitcoin party？　　Bitcoin recovers from FUD　　Since bottoming at $29,800 in mid-July, Bitcoin has posted a strong recovery. More so this past week as bulls wind up in the hopes of taking $50,000 – a key psychological price level.　　With that, talk of crypto winter has all but disappeared, and the prospect of a $100,000 end-of-year price seems like a real possibility.　　Indeed, Bitcoin‘s bullish moves of late have set off a wave of lofty price predictions. Including a $300,000 end-of-year target from on-chain analyst Willy Woo. All the way through to

2021-08-18Deep Dive

Could Ethereum Rival Microsoft’s Market Cap? Coin Bureau Lists 5 Reasons To Be Bullish on ETH

Guy, the pseudonymous host of Coin Bureau is listing five big reasons to be bullish on ETH, positing whether Ethereum could eventually become as big as tech giant Microsoft.　　In a new video, the widely followed analyst names Ethereums recent EIP-1559 upgrade, which puts pressure on the supply of ETH by burning a portion of the gas fees rather than giving them to miners, as one important bullish catalyst.　　He also lists the upcoming Ethereum 2.0 upgrade, bullish on-chain signals, Wall Street adoption, and the highly optimistic options prices as reasons to be an ETH bull.　　It‘s hard to take [a] look at all these fundamental factors and not be incredibly optimistic about [Ethereum’s] future. The London hard fork has shown just how smoothly the Ethereum community can execute fundamental protocol upgrades. It was a great demonstration of what we could expect to see when the 2.0 upgrades start being rolled out. With that proof-of-stake merge, were going to see ETH become ultra sound money, money that will have a deflating supply year on year, day by day, block by block.　　And it seems as if most of the crypto community agrees. ETH is being stacked, staked, and otherwise removed from the open market.

2021-08-18Deep Dive

U.S. Regulation Unlikely to Disrupt Bitcoin's Advance: Bloomberg’s Mike McGlone

The leading commodity strategist for Bloomberg, Mike McGlone, took to Twitter to share some thoughts on the current state of gold, USD and Bitcoin.　　This was done on the anniversary of the Bretton Woods cancellation: 50 years ago, on Aug. 15, U.S. President Richard Nixon untied the USD from gold, thus putting an end to the Bretton Woods system launched in 1944.　　“U.S. regulation cannot disrupt Bitcoins advance”　　Bloombergs senior commodity strategist reckons that as the digitalization of money and finance overall is occurring “rapidly and organically,” USD continues to dominate and Bitcoin is gradually replacing gold.　　According to McGlone, current and future U.S. crypto regulation is likely to be unable to prevent Bitcoin adoption and usage from spreading widely—this is a key takeaway from the Realignment conference that took place on Aug. 15 and was dedicated to the Bretton Woods anniversary.　　 $100,000 scenario for Bitcoin still in the cards, as per McGlone　　McGlone has tweeted several times this year that the flagship cryptocurrency (a digital analogue of gold) is still on track to hit $100,000.　　Despite the correction that took place in May thanks to Elon Musks negative tweets about Bitcoin and the environmental issues that it causes (followed by the Chinese government crackdown on

2021-08-18Deep Dive

Second Attempt In 4 Months: Novogratz’s Galaxy Digital Files for a Bitcoin Futures ETF

After filing with the SEC to receive approval for a Bitcoin ETF in April this year, Galaxy Digital has reportedly tried again – this time, under a different section. Novogratzs company wants to launch a Bitcoin futures-only exchange-traded fund.　　Bloomberg‘s senior analyst, Eric Balchunas, took it to Twitter to highlight Galaxy Digital’s latest attempt to release a Bitcoin ETF in the states.　　Instead of going with the more traditional way of filing with the SEC under the securities act of 1933, as it did in April 2021, the company has tried a different approach this time – under the securities act of 1940.　　The Chair of the Securities and Exchange Commission – Gary Gensler – previously hinted that this route could have a higher chance of receiving the green light. This is why VanEck – another financial giant who has tried more than once with the SEC – filed for a BTC ETF under the 1940 Act recently as well.　　Similarly to VanEck, Galaxy Digitals latest attempt will focus on Bitcoin futures only. If approved, it will come with a ticker – Galaxy Bitcoin Strategy ETF.　　Its worth noting that the company, founder and run by Mike Novogratz, already has an active Bitcoin ETF.　　As reported

2021-08-18Deep Dive

KuCoin Membawa Bot Perdagangan kepada Pengguna Web untuk Mengoptimumkan Kaedah Pelaburan

Penyelesaian KUCOIN Trading Bot memberikan banyak faedah kepada TRADEr cryptocurrency, termasuk kemudahan, kecekapan, dan strategi yang hebat. Lebih penting lagi, alat baru ini dapat diakses oleh pengguna tanpa mengira pengalaman perdagangan mereka, kerana ia direka sedemikian rupa untuk membantu banyak orang meningkatkan keuntungan keseluruhan peniaga mereka. Saat ini tersedia melalui Aplikasi KuCoin, dan web, pengguna dapat bereksperimen dengan berbagai pilihan yang ada.　　KuCoin mempunyai beberapa sebab kritikal untuk melancarkan produk percuma baru ini. Pertama sekali, pasukan ingin membawa taktik pelaburan profesional kepada TRADErs dan pengguna crypto setiap hari. Bot Perdagangan mempunyai strategi perdagangan yang mudah tetapi berkesan. Parameter berasaskan AI akan membantu pengguna memperoleh lebih banyak keuntungan, dan penyelesaiannya dapat belajar menjadi lebih baik. Bagi peniaga, ia menghilangkan keperluan menghabiskan berjam-jam untuk meneliti peluang pasaran.　　“Tidak seperti pasaran kewangan lain, perdagangan kripto berlaku pada skala 24/7/365. Pedagang manusia tidak dapat mengikuti perubahan yang sedang berlangsung, ”kata Johnny Lyu, CEO KuCoin Global,“ KuCoin mengakui bahawa alat Bot Perdagangannya akan menyelesaikan masalah memerlukan tidur dan berdagang berdasarkan emosi. Ini adalah pendekatan pasif untuk berdagang cryptocurrency dan memaksimumkan potensi keuntungan seseorang. Pedagang akan mempunyai lebih banyak masa untuk menikmati hidup dan melakukan apa yang mereka suka, mengetahui bahawa portfolio perdagangan kripto mereka berfungsi bagi pihak

2021-08-18Deep Dive

Microsoft Pilih Blockchain Ethereum Untuk Sekat Aktiviti Cetak Rompak

Sistem baharu yang diperkenalkan Microsoft, Argus menunjukkan kebergantungan terhadap aspek ketelusan teknologi blockchain.　　Argus dibangunkan di blockchain Ethereum dengan tujuan untuk menyediakan mekanisme insentif tanpa kepercayaan (trustless incentive mechanism) dan pada masa yang sama melindungi data terkumpul daripada populasi penyampai cetak rompak.　　Tidak cukup dengan itu, Argus juga membolehkan pengesanan semula kandungan cetak rompak kepada sumber dengan algoritma watermark. Melalui cara ini, tiada siapa pun kecuali pemberi maklumat dapat melaporkan salinan dengan watermark tanpa benar-benar memilikinya.　　Argus turut memiliki insentif pengurangan perlindungan bagi mengelakkan pemberi maklumat melaporkan kebocoran kandungan yang sama berulang kali dengan penggunaan nama yang berbeza-beza.　　Pihak pembangun juga telah mengoptimakan beberapa operasi kriptografik, menjadikan kos untuk melaporkan cetak rompak menyamai kos menghantar sekitar 14 transaksi pemindahan ETH untuk dijalankan rangkaian umum Ethereum.　　Sebelum ini juga Microsoft ada menawarkan Ethereum Blockchain sebagai Service (EBaaS) di Microsoft Azure sebelum mengumumkan penamatan perkhidmatan tersebut pada 10 September ini.　　Selain itu, pada Disember 2020, Microsoft telah memilih blockchain Ethereum untuk pengurusan hakcipta dan royalti gaming.

2021-08-18Deep Dive

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