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

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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 Electronics become outdated easily.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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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Stefan is a full-time member and has been a Bitcoin Specialist for over 6 years. Providing daily news and updates for DC Forecasts.

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Bitcoin News

Bitmain Opens Doors To ‘World’s Largest’ Bitcoin Mining Facility

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The major Chinese cryptocurrency hardware manufacturer Bitmain opens doors to the largest mining facility for Bitcoin (BTC) mining in Rockdale, Texas. The latest cryptocurrency news also bring a news release that was published on October 21 where Bitmain revealed that the project had been completed together with the Rockdale Municipal Development District as well as the Canadian technology firm DMG Blockchain Solutions.The news release is now viral. What's interesting is the fact that it places a strong emphasis on working with the local economy of Rockdale, which is located in Milam County and is east of Austin.Bitmain opens doors to a facility which is currently developed to a current 25MW capacity, has a 50MW facility remaining under construction. It also sits on a 33,000-acre site and can expand to a capacity of over 300MW in the future.Owned by the Aluminum Company of America named Alcoa, the facility formerly served as the location for a smelter. DMG, which is a firm that will provide hosting and management services for the Texas facility, will cooperate as Bitmain opens doors to the facility - and expand its capacity as well as ensure the efficiency of the site and its mining operations.The reports in the Bitcoin news updates also show that the firms will work closely to establish the facility's on-ground team together with the local workforce commission - the Rockdale MDD.As Bitmain opens doors to this facility, it also says that it is committed to seeking local Rockdale suppliers supporting the ongoing construction work. The giant will also purchase energy directly from Rockdale and its electric grid operator - the Electric Reliability Council of Texas.Aside from giving a major push to the local economy, this move proves that Bitmain also plans to launch educational programs and training on blockchain technology and mining data center operations along with the Rockdale school district.As we previously reported, the plans for Bitmain were first announced in August 2018. At the time, the mining giant said that it expected to create more than 400 local jobs in the first two years, quoting more than $500 million as its total planned investment in the economy over an initial period of seven years.Local reports from this January alleged that the project was being downscaled. There were reports of staff layoffs and suspended operations too. The details showed that adverse market conditions were apparently the main reason for the purported cooling-off.As Bitmain opens doors to this major mining facility, the Lead Project Manager Clinton Brown revealed that the launch is "significant to Bitmain's global expansion plans” and that the state has stable and efficient energy resources which will be fundamental to supporting what he believes is the inevitable scale of growth of the mining industry.
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Bitcoin News

The Fed Printed More Money Than Bitcoin’s Entire Market Cap

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The latest Bitcoin news show that Bitcoin proponents are voicing fresh alarm after the United States Federal Reserve, known as The Fed, printed more than the entire BTC market cap in new money this month.As noted by the cryptocurrency social media pundit Dennis Parker on October 21, the Fed managed to inject around $210 billion into the economy since mid-September. All of this was part of the newly revitalized quantitative easing (QE) strategy and a move that dwarfs the total market cap of Bitcoin which is now at $148 billion.Currently, QE refers to the buying up of government bonds in order to provide a good economic stimulus. The Fed has a balance sheet which recently saw a spike, as Parker noted. From what we can see now, the balance sheet jumped from $3.77 trillion last month to $3.97 trillion. It had previously been higher, while the Fed and its own projections call for a balance sheet worth $4.7 trillion by 2025.For holders of assets which cannot have their supply inflated including gold and Bitcoin, money printing has continuously sparked calls to decrease the reliance on fiat currency.Parker and his suggestion that investors should buy more Bitcoin comes amid warnings from even the fiat establishment itself about the potential ailing health of the banking system. In an official speech at the International Monetary Fund and its general meeting last week, the former Bank of England governor Mervyn King told attendees that the world was "sleepwalking" into a financial crisis that is even worse than the one of 2008.
“By sticking to the new orthodoxy of monetary policy and pretending that we have made the banking system safe, we are sleepwalking towards that crisis,” he said in the crypto news today.
The concept that interventionist economic practices on the part of governments and central banks leads to financial destruction - and forms one of the central tenets of the Saifedean Ammous "The Bitcoin Standard."The book, which was released in March 2018, focuses on Bitcoin as it compares to fiat currency and commodities including gold. As we noted, the Fed and its increase comes in not so good times for Bitcoin. At ten years old, the most dominant cryptocurrency has now lasted 40% of the average fiat currency's lifespan.
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Bitcoin Sellers Get Aggressive, The Price Could Drop To $7,000

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The Bitcoin sellers started massively selling and the price has continued to trade sideways around $8,000 after slightly recovering from the recent drop to the upper $7,000 region. However, the bulls have failed to gain any notable upwards momentum after the slight recovery which may cause some trouble for the near-term price action as we are about to see in the bitcoin news now.Analysts are now explaining that Bitcoin’s ‘’bedrock’’ support in the near-term is now hovering around $7,000 and the aggressive selling of Bitcoin could mean that it will revisit this level in the near future. At the time of writing, Bitcoin was trading down reaching a price of $8,040 which marks a slight recovery from the recent low of $7,900 that was set earlier this week. It is important to note that the upper $7,000 region has proven to be a very strong level of support for the past few days but the BTC bulls didn’t manage to post any notable extensions of the upward momentum.The popular crypto analyst on Twitter DonAlt tried to explain the bitcoin sellers and their decision to start selling aggressively and he even said that he believes Bitcoin’s near term ‘’bedrock’’ support will stand at $7,000 which may be the ideal price region for the traders:
 “$BTC update: Still no close above $8750. Still looks pretty shitty. I’m bearish until BTC starts reclaiming levels instead of getting rejected by them. Next resistance: $8200. Next support: $7700. Next support that I’d trust to trade on the long side: $7000,” he explained.
Another popular crypto analyst Cantering Clark was supporting DonAlt’s notion that bitcoin could soon incur further downside and he noted that the selling pressure that bitcoin is facing has been quite significant in recent times:
 “I have gone ahead and highlighted imbalances between buyers and sellers >250% $btc. Look how disproportionate the market selling volume is to the buying volume. Sometimes 5-10x as much. Negative delta circled red. Positive delta circled green. This is aggressive ass selling,” he explained.
If the massive selling pressure persists, it is very likely that Bitcoin will drop lower until it reaches a significant support level of $7,000 which could be a long-term bottom that precedes the next bull run.
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Bitcoin News

BIS Report: Bitcoin Has Failed To Prove It’s A Store Of Value

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The latest BIS report announced that Bitcoin and other cryptocurrencies have failed to provide a reliable means of payment and store of value as we are about to read further in the Bitcoin latest news.The BIS report along with the G7 regarded stablecoins as a material for mass adoption but Bitcoin didn’t get as much praise. The research claims that BTC and other cryptocurrencies didn’t manage to prove they are a store of value neither did they found an attractive means of payment way to become adopted in the mainstream. The report also elaborated by citing the exaggerated rhetoric of Bitcoin’s scalability issues and of course, the scope for illicit activity. For BTC, the report is relatively inconsequential since, in reality, it marks the 378th time that it has been pronounced ‘’ dead.’’ Of course, some other points are not entirely unjustified but the hyperbolic statements that Bitcoin has failed to be what it claims to are simply too much and here is why.Looking at the basics, after a decade from its first minting, BTC gained a monumental 9,874,900% and from the very first known price of about $0.08 over a decade ago, the cryptocurrency managed to reach a current price of $7,900. Bitcoin has also exhibited more growth than any other asset including its counter-part, gold. This trend looks to that it will continue since looking at the Bitcoin’s year on year gains we can see that it has consistently grown regardless of the many burst bubbles. This is a pretty well-evidenced case by looking at the yearly lows of the cryptocurrency and after each parabolic movement and subsequent retrace, the price of bitcoin has stabilized well above the previous yearly low.Furthermore, in spite of the BIS report, it appears that BTC is gaining traction as a macro hedge and it seems that Grayscale shows that the rising geopolitical tension is having a direct impact on the bitcoin’s price action. One of the clearest examples for this was seen after Trump’s tariff increase on the Chinese import back in May where BTC cited a significant gain over the contemporary safe-haven assets such as the Japanese yen and gold.
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