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Bitcoin Hash Unmoved by Chip Shortages and Iran Blackouts

Bitcoin's hashrate, January 23 2021

The bitcoin hashrate appears to be unperturbed even as reports come out of Iran seising asics or closing farms. On January 14th, Iranian officials announced a two weeks power-cut of…

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The bitcoin hashrate appears to be unperturbed even as reports come out of Iran seising asics or closing farms.

On January 14th, Iranian officials announced a two weeks power-cut of a China co-owned mining farm run by Iran & China Investment Development Group, as well as others.

However, more than a week later the hashrate hardly seems to reflect it as pictured above, with it falling slightly from a new all time high of 155 petahashes a second to 146 Ph/s.

That seems to be just usual variance, potentially because miners seem to be consuming very little energy with Iran’s Minister of Energy Reza Ardakanian stating the country consumes 38,000MW while total mining energy consumption is at just 300 MW.

That could potentially be because many of these miners use their own power supply, with the recent blame of miners for power cuts in Iran probably more politics than reality.

Iran is trying to incorporate bitcoin for international trade, something that plenty might not like very much, but so far much of this bitcoin mining pressure in Iran seems to be too little of the global hashrate to matter.

What could potentially matter is the chip shortage caused by the lockdowns. Northern Europe has been far too strict to the point it has even closed factories, so now everything from car production to asics is being affected.

Prices have doubled or more for even second hand mining machines, with Bitmain running out and new orders expecting fulfillment by summer.

“There are not enough chips to support the production of mining rigs,” said Alex Ao, vice president of Innosilicon.

This could affect the hash but more its increase, hence it is not being reflected as it does not affect current machines.

It may however be a lesson in regards to geographical centralization and on whether there is such a thing as too much specialization.

Thats especially where it concerns an industry like bitcoin mining as even chip manufacturing may be profitable, so new startups could potentially take advantage of the situation.

Blockchain

XRP, Cosmos, Elrond Price Analysis: 07 March

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XRP floated above its press time support but needed to retake additional resistance levels to overturn its bearish market. ATOM reflected a consolidated market as the price moved within a fixed channel while Elrond traded within an ascending channel after a bounce back from the $100-mark.

Source: CoinStats

Meanwhile, the world’s largest cryptocurrency Bitcoin was trading at $50,870 with a 24-hour trading volume of over $36.3 billion.

XRP

Source: XRP/USD, TradingView

XRP was still at the nascent stage of a recovery as the bulls barely held on to $0.46 level after flipping it to support. Weekly gains of over 10% highlighted the bounce back from $0.40 support as XRP rose steadily on the 4-hour time frame. Nevertheless, several challenges awaited the bulls moving forward. The first was to overcome bearish sentiment in the market set by the 200-SMA (green) crossing above the 50-SMA (blue).

Short-medium term challenges were presented by the overhead resistance levels $0.5 and $0.55. However, the ADX rested around the 15 mark and indicated a weak trend in the XRP market. The MACD line moved alongside the signal line as equilibrium was maintained between each side. Considering the neutrality set by the indicators, the bulls might have to sustain a period of consolidation before a northbound move.

Cosmos [ATOM]

Source: ATOM/USD, TradingView

The Bollinger Bands on Cosmos started to converge as volatility looked to escape the Cosmos market. Short-bodied candlesticks on the 4-hour charts showed that the buyers and sellers were not in major disagreement with regard to the price. The RSI pointed lower from the 50-mark.

If the bears take control over the coming sessions, a fall towards $16.45 support could present some buying opportunities for traders at a discounted price. A psychological boost could also stem from a breach above the overhead resistance at $21.45.

Elrond [EGLD]

Source: EGLD/USD, TradingView

Gains over the past week amounted to over 12% as Elrond bounced back strongly from the $100-mark. As the price formed higher highs and higher lows, an ascending channel appeared on the 4-h0ur timeframe. The indicators tilted in the favor of the bulls at press time but a break outside the channel seemed unlikely.

The MACD closed in on a bullish crossover, while the red bars on the histogram moved towards the equilibrium point. The RSI was neutral-bullish as the index moved flat from above the 50-level.  A move above the upper trendline over the long run would present an upside at $208. Conversely, a southbound move from the lower trendline could see EGLD move towards the $100 level once again.


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Source: https://ambcrypto.com/xrp-cosmos-elrond-price-analysis-07-march

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Crypto Company Eco Makes a Ton of Money in Latest Funding Round

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Global cryptocurrency platform Eco has gotten its fingers on some serious cash following a heavy funding round that garnered the company roughly $26 million. The event was led by a16z Crypto.

Eco Is Making a Lot of Moolah

The company was founded three years ago in 2018. It’s main claim to fame is a crypto product it initially developed for around-the-world purchases of everyday items. However, Eco has made it clear in the past that it is not a banking or financial institution, and that the product itself cannot be compared with a checking account or with a credit card.

In a blog post, Eco states:

We’re building something better than all of those combined.

The blog also mentions the many ways that banks and standard financial companies are taking advantage of their companies through high fees and unnecessary services. The piece states:

Today, more parties than you can imagine are involved in every financial transaction you make. Each one of those parties – banks, credit cards, processors and more – take fees every step of the way. Plus, banks have convinced you to hold your money in a dozen different places, charging you even more fees on top of that. It’s impossible to fix these problems within the existing paradigm. The only way out is to build a new system.

The company mentions that anybody who uses their crypto product can earn as much as five percent cashback on all their deposits. In addition, they can also earn up to five percent on any purchase they make with Amazon, Uber and several other retailers across the globe. Right now, Eco says it’s planning to use its latest funds to build up its infrastructure so that customers can utilize its product to pay bills and send money to friends and family.

Among the other companies that took part in the funding round were Slow Ventures, Founders Fund, Coinbase Ventures, Tribe Capital and Valor Capital Group.

Building Up Technology for Practical Purposes

A separate blog post published by a16z explained why the company was so excited to be involved in Eco’s growth. It read:

One of the challenges in any new industry – crypto being no exception – is building things that are not just cool for the sake of cool, but that manage to reach and delight a broad set of users. Technology is at its best when it’s improving the lives of people in tangible, concrete ways… At a16z Crypto, we are constantly on the lookout for paths to get cryptocurrency into the hands of the next billion people. How do we think that will happen? By helping them achieve what they already want to do: spend, save and make money, and by focusing users on tangible benefits, not on the underlying technology.

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Source: https://www.livebitcoinnews.com/crypto-company-eco-makes-a-ton-of-money-in-latest-funding-round/

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Chinese Crypto Purchases Signal Asian Corporate Attention

The Chinese company Meitu announced on Mar. 7 the purchase of 5,000 ETH and more than 379 BTC. The purchase, on Mar. 5, is part of an investment plan using cash reserves. Meitu’s business focus is in image and video processing as well as social media. In the announcement, the company states that its Board … Continued

The post Chinese Crypto Purchases Signal Asian Corporate Attention appeared first on BeInCrypto.

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The Chinese technology company Meitu purchased millions of dollars of BTC and ETH from its corporate reserves.

The Chinese company Meitu announced on Mar. 7 the purchase of 5,000 ETH and more than 379 BTC. The purchase, on Mar. 5, is part of an investment plan using cash reserves. Meitu’s business focus is in image and video processing as well as social media.

In the announcement, the company states that its Board sees blockchain as being in a state “analogous to the mobile internet industry circa 2005.” Moreover, Meitu sees its purchases in differing lights.

Moving into Blockchain

Meitu sees the Ethereum chain as a natural place for its own exploration into blockchain. The company might use it for Gas or for investing into blockchain-based projects that take ETH.

Bitcoin as an Asset

Meitu made the Bitcoin purchase primarily for asset diversification. First and foremost, Meitu sees Bitcoin as a superior store of value. The company’s analysis compared BTC to gold, precious stones and real estate.

Asian Attention

Observers quickly noticed the fact that a Chinese corporation made the purchase. 

The focus on U.S. companies buying crypto from corporate reserves is not a surprise. As just one example, Bitcoin bull Michael Saylor, the CEO of MicroStrategy, has stayed in the spotlight since the company’s initial purchase of BTC in August 2020.

How-to Books

MicroStrategy literally wrote the book on corporate reserves purchases of Bitcoin, at least for the American market. On Feb. 5-6, the company held a remote conference in which it explained the legal and accounting measures required for American corporations to follow in the process. The company also made available for free a download of its internal playbook used when making such purchases.

Increasing Competition

The Meitu purchase is an example of how widespread this cryptocurrency bull run has become. Asian corporate purchasers are now emulating their American counterparts. 

Closer to the U.S., though, investment companies face pressure of a different kind. Canadian investment firms are ahead with Exchange Traded Funds (ETFs). The Purpose Bitcoin Fund, which is traded on the Toronto Stock Exchange, is the first Bitcoin ETF in North America. 

Not to be outdone by the Bitcoin crowd, the world’s first Ethereum ETF has been given preliminary approval for trading on the Toronto exchange as well.

Given the growing competition for increasingly scarce BTC at hand, MicroStrategy might need to write the book on how to find it in the first place.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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James Hydzik is a finance and technology writer and editor based in Kyiv, Ukraine. He is especially interested in the development of regulation in the face of increasingly rapid technological change. He previously covered the CEE region for Financial Times banking and FDI magazines. An ardent believer in gut renovating eastern Europe one flat at a time, he currently holds more home renovation gear than crypto.

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Source: https://beincrypto.com/chinese-crypto-purchases-signal-asian-corporate-attention/

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