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Bitcoin News

Bitcoin Miners Are Massively Selling Old ASICs For Scrap Metal After BTC Price Decline



Over the past few days, videos of crypto mining companies throwing away bitcoin miners on the street circle around. For some, the videos are a hoax, showing the situation in China after a flood destroyed thousands of mining rigs. But in today’s blockchain news, we will explain why this isn’t the case.

Some of the videos come from China where the low energy rates provided decent profit for the mining firms. However after the price dropped, the companies started to feel the pressure from the long bear market. They realized that the miners can no longer make a profit from using the machines and they also believe that these devices can’t ever be profitable again.

While talking to Asia Crypto Today, Hu Jie of Si Hua Mining which is a local ASIC supplier thinks that the videos that circle around the internet are true but, that the miners are dumping older generation devices and that this is a very common practice with technology:

 “Of course old models are out of the game, like the picture shows. But that doesn’t represent the majority. Electronics become outdated easily. For example, smartphones like iPhone 3, 4, of course they can be sold by the pound. It’s normal life cycle.”

Unlike GPU chips that can be repurposed, ASIC chips are programmed only for a single application and they can get obsolete much more quickly.

Bitcoin’s hash rate has dropped in the past several weeks but this isn’t concerning according to eToro’s Senior Market Analyst Mati Greenspan.

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Bitcoin News

Analysts Confirm: The Bomb Threats Aren’t The Reason For The BTC Price Drop

Last Friday, DC Forecast reported for the Bitcoin news section about the price of BTC dropping more than six percent against the US dollar and many believed that the drop was due to the email bomb threats in New York. However, many crypto analysts beg to differ. One of the most popular misconceptions about bitcoin is that by nature, the cryptocurrency is anonymous and impossible to track. Bitcoin is a consensus currency and it is based on a decentralized network that operates on an open-source community of developers, node operators, and miners. When a miner approves the transaction by placing it in a block, the transactions is broadcasted to the public blockchain via the nodes. This is why anyone on the network is able to track and trace and even analyze the wallets that receive a dubious transaction. In the case with the bomb threats, individuals were asked to pay a BTC ransom and if you don’t know by now, the transaction can be traced to the group that issued the bomb threats if they try to convert the obtained bitcoins into US dollars. The NYPD explained:
“Please be advised – there is an email being circulated containing a bomb threat asking for bitcoin payment. While this email has been sent to numerous locations, searches have been conducted and NO DEVICES have been found.”
Also, it is highly unlikely that the bomb threats cause the price to decline because the closing of the investigation would lead for the value of BTC to rise since there were no devices discovered that were connected to the bomb threats.
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Altcoin News

Coinbase Adds PayPal Withdrawals To Its Platform (For U.S. Citizens)

From now on, all of the Coinbase customers in the United States can make withdrawals into their PayPal accounts. According to a new blog post which is featured in today's crypto news section, the exchange made it easier for US customers to withdraw their Bitcoin and altcoin earnings from their Coinbase balances to PayPal - immediately and with no fees. The new arrangement also allows customers to convert their cryptocurrency holdings to cash, according to Allen Osgood who is a chief of product development at the exchange. In the news, Coinbase also announced that it was bringing back a PayPal integration last month, noting that its customers will only be able to make withdrawals using PayPal and won't be able to buy cryptocurrencies via the platform. Previously, the exchange had a PayPal integration which was ceased due to technical issues earlier this year. At the time, a spokesperson that "there is a new functionality that was improved from the prior one" adding:
“There is new technical work to make this possible, and that was done in conjunction with PayPal.”
However, this Friday Osgood wrote that the partnership provides Coinbase customers an alternative to the traditional federal wire or automated clearing house (ACH) network that they were required to use. As he said:
“These traditional finance networks can add up to two business days to a withdrawal. We’re always looking for ways to not only meet the bar set by traditional finance, but raise it. That’s why we rebuilt our integration to ensure that the speed and reliability of PayPal withdrawals does just that.”
The service is for now only available to customers in the United States, but could continue to be added to other nations across 2019, as Osgood wrote.
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Altcoin News

Bitcoin Plunges To A Yearly Low, Market Is ‘Prepared’ To Go Below $100 Billion

In the latest cryptocurrency news, we have the price of Bitcoin plunging to a new yearly low and staying at the $3,200 threshold, all while the valuation of the crypto market has dropped from $117 billion to $101 billion, by more than $16 billion in only one week. Currently, the total market cap is at $101 billion and is risking a new bottom which could see it dropping below the $100 billion threshold. Major cryptocurrencies like Bitcoin, Ethereum and Ripple all performed poorly against the US dollar and experienced losses above the 10% mark. The Ethereum price was seen as the biggest suffered, dropping by more than 13% from $98 to the current price of $83.56. The Bitcoin price also performed poorly in comparison to other major crypto assets and small market cap tokens in the past seven days. However, the lack of volume in most of the markets has put the most dominant cryptocurrency at risk of dipping below the support levels which are below the $3,000 mark. The well-known crypto analyst DonAlt summed up the situation by stating the following:
“As BTC is approaching the target of the 2014 fractal the targets of most people change from 3k to 1k and even lower. I still think $2,700 is an excellent place to buy if we should go there. ‘History doesn’t repeat itself but it often rhymes.’”
Currently, there is a big risk in shorting and longing Bitcoin and other major cryptocurrencies in the market, which is why investors are observing the short-term trend of the crypto market by holding out on their trading activity.    
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Bitcoin News

Circle CEO: ‘’Bitcoin Will Be Worth A Great Deal More Than Today’’

New prediction coming in the latest bitcoin news this time from CEO of Circle Jeremy Allaire saying that he believes that the price of bitcoin will skyrocket in the next three years. He wasn’t in for giving a specific target about the price but he says that the value will be much higher in three years time than it is today. He said:
 “I don’t make significant price predictions. But it’s certainly going to be worth a great deal more than it’s worth today. I am long in the market.”
Allaire says that the people who lost a ton of money in the bear market will only get back into the game because of the fundamentals of cryptocurrencies and that they won’t change despite the downturn in prices. He also believes that bitcoin plays a huge role as a non-sovereign store of value. Allaire continued to explain:
 “The key thing with bitcoin is that it is unique in its security and its scale. As an idea that we need a scarce, non-sovereign store of value that individuals can hold in a protected fashion — that’s attractive all around the world.”
However, he thinks that some of the digital currencies will eventually die off due to overcrowding of the market but this doesn’t mean that if one digital currency succeeds that the rest will cease to exist. When asked about the burning question of regulation, he says that the United States has one of the most transparent regulation since most of the digital currency and banking systems have already been regulated, many of which this year only. Circle is already regulated under the Bank Secrecy Act and money transmission laws and this is a very important element for all the customers and users.
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