In our latest Bitcoin news, we find out what is going in with the mining industry and why are miners turning off their devices.
A few weeks ago, the BTC network difficulty dropped by 15 percent and this is considered the second largest drop since 2011 not taking into consideration that one time that bitcoin difficulty dropped by 7 percent which was a hard hit over the past six years.
Some of the crypto analysts believe that this is a sign of bitcoin going on a full death march but despite these believes, the current situation does show how the downturn has influenced the miners by raising the mining costs and lowering the profits immensely.
According to a research done by the BitMEX exchange, the BTC hash rate has already declined by more than 30 percent since November started and that more than 1.3 million mining devices especially Antminer9, have been turned off completely.
The recent sell-off has blown a punch to miners more than it has influenced investors. The overall bitcoin mining revenue declined to $6 million per day just as December started. The total bitcoin mining revenue in November was $13 million which shows the worrying situation miners are in.
One of the reasons for this may be the network difficulty adjusting as pre-set intervals rather than adjusting in real time. For this reason, the hash rate drop will lower down the number of blocks until a new difficulty adjustment happens.
The BitMEX report notes:
“In the six-day period ending 3rd December, 21.8% fewer blocks than the expected 144 per day were found, as miners left the network before the difficulty adjusted, and as a result, fewer blocks were found. Therefore in the short term, there was a 21.8% fall in mining incentives on top of the impact of the declining price.”
So the conclusion would be that all of the crypto miners are operating at a loss right now, but this should not have a strong impact on Bitcoin itself.
Binance Enables Australian Users To Buy BTC At 1,300 Newsstands
‘’Binance Lite is a simple site for users to easily buy bitcoin with cash at physical store fronts. This model makes it really easy to bring new users into crypto, starting with Australia, where the government has taken proactive steps to support the blockchain industry. Users won’t have to open complicated online accounts to start using the service.’’The crypto market in Australia was a little behind than other markets in the world such as South Korea or Singapore because the banks didn’t support the crypto businesses in Australia. Back in 2017, during the strongest crypto rally, reports show that the larger Australian banks closed the accounts on multiple crypto investors. However, starting last year, the government of Australia began its proactive approach in regulating the crypto space and the blockchain industry so the investors are now hopeful that they could improve the market in the long run. Zhou also said that more than $5 billion in crypto was traded in crypto in 2018 in Australia and that since then the government is funding blockchain startups and companies by issuing bonds on the blockchain. The government has also started to accept crypto on airports such as the airport in Brisbane and even held a voting trial on the blockchain. He finished his interview by saying:
“Binance Lite also completes a comprehensive value chain for the Binance ecosystem in Australia. For example, users can show their friends how to buy bitcoin from Binance Lite stores, immediately load it up onto Trust Wallet on their phones, and go on to spend this bitcoin in shops accepting bitcoin payments through TravelbyBit, the payments startup Binance invested in last year.’’
Binance: Australians Can Now Buy Bitcoin With Cash From 1,300+ High-Street Stores
“Binance Lite Australia further expands digital currency adoption by providing easier ways to buy bitcoin. We are excited to continue to roll out more fiat to crypto gateways around the world to support the growth of our industry. We firmly believe that more adoption will lead to more innovation and more economic opportunities.”The account verification will occur on www.binancelite.com - and after that - users can deposit cash at the nearest Newsagent stores to receive crypto within minutes. Binance Lite Australia was designed as simple and easy to use and it sstate-of-the-art order processing technology guarantees maximum safety. Binance recently integrated the credit card payments on Binance.com and launched the fiat-to-cryptocurrency exchange (January 2019) with zero deposit fees - becoming one of the lowest priced exchanges for trading with Euros, British pounds and BTC and ETH. The fiat gateways also included the Binance Uganda, another exchange which supports the trading of Ugandan Shillings for cryptocurrency.
“Australia has been at the forefront of blockchain innovation, and we hope Binance Lite Australia can play a role to help further this cause,” Zhou concluded.
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