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Bitcoin News

End Of An Era: Cryptocurrency Mining In Its Closing Stages

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Cryptocurrency production can be a little confusing for people that are just getting into the crypto world.

Unlike fiat currencies that get printed on a piece of paper, digital currencies have to be mined in order to become available to users. When people saw that cryptocurrencies are rising in value, they immediately started to mine so they can earn some bitcoins or other tokens. They started buying expensive equipment for the job but it led them to a bizarre usage of the graphics processing units.

Most independent users started purchasing GPUs so they can improve their mining capabilities and all the graphics card producers such as Nvidia and Intel experienced a surge in sales. However, these mining jobs deteriorated fast and miners started losing the potential benefits they had at the beginning. To try and get back what the miners lost, some of them started selling GPUs but a lot of them saw this as an opportunity and now the cost of new GPUs is in a downward trend so it’s even more difficult for them to get their investment back.

The co-founder of Leonardo Render, a company that provides its customers with an alternative way of using their excess GPU explains:

‘’ Now they have a piece of hardware that is worth half of the purchase value, so selling is a desperate but at least in an option to recover part of the initial investment’’.

Other companies are finding new technologies like artificial intelligence so they can provide researches affordable GPU by harnessing former crypto miners’ capabilities. GPU is a very flexible hardware so various use cases are not beginning to evolve. It’s clear that the era of mining is coming to an end, and GPU users are now willing to try different approaches.

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Altcoin News

Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600

The latest Bitcoin news show that the most dominant cryptocurrency is kind of idle when it comes to fast growth. Over the past few days, it managed to go in the green and in the red with less than 1% movements, holding firmly above the $3,600 mark. Bitcoin has stayed above the $3,600 threshold for some time now, while its highest price point over the past 24 hours was $3,707. Currently, BTC is at $3,637 with a loss of 0.32% overnight. The total market capitalization is down from $122 billion yesterday to $121 billion today - and down by more than $2 billion from the intraweekly high of $123..2 billion. Ripple (XRP) is slightly down as well, trading at $0.32 and falling by one cent compared to yesterday's numbers. Ethereum (ETH) also declined by 0.64% and is still at $122. EOS managed to surge by 0.68% overnight and is now trading at $2.44. While most of the top 10 is green, only EOS (EOS) and Tron (TRX) managed to rise. TRX rose to $0.024 with a 0.94% growth just like EOS and its sub-1% movements. The biggest growth overnight was initiated by Cardano (ADA) and Binance Coin (BNB). While ADA surged by 2.71% to a new price of $0.045, BNB managed to climb to $6.20 rising by 2% overnight. As it is right now, the cryptocurrency market definitely needs some movement on the green side. However, the idle movements can continue as well, proving that another bear market is here.
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Altcoin News

Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation

Over the past day, the crypto market recovered from its previous position and reached $123 billion as Bitcoin also managed to avoid another drop below the $3,600 mark. In the latest crypto news, we take a look at some analysis from multiple crypto technical analysts. Some analysts think that because of the high sell-off intensity in the previous period, there is a strong chance for the price of BTC and other altcoins to drop even further below their support levels in the short-term. Also, they believe that Bitcoin will even decline as low as $3,100 by the end of the bear market before recovering by the end of 2019. Crypto technical analyst Eric Thies said that Bitcoin might start a strong movement upwards by the end of 2019:
 “Similar to 2015, 2019 may be the year of accumulation.’’
Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’
Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
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Altcoin News

Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019

A professor from the University of California, Los Angeles (UCLA), Scott Galloway, believes that crypto will be even worse this year and in our bitcoin news today we find out more about his opinions. Galloway thinks that crypto will struggle even further in the following 12 months because most of the emerging technologies and markets tend to move by cycles. This is why the crypto market seems to be unaffected by the developments in the industry and this is why the value of digital assets moves mostly because of sentiment than by short-term events. Last year, many of the emerging markets such as crypto and virtual reality, had really poor progress and market growth. It is extremely hard for new technologies to go with massive changes since the investors become impatient really easy. However, prior to 2018, all of these technologies had great years which led to their value increases. The professor pointed out:
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’
His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
 “So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
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Bitcoin News

Pantera Capital CIO: “Bitcoin Will Not Succeed As Money”

The CIO of Pantera Capital, Joey Krug, is in the latest cryptocurrency news for his recently written thesis in which he states that Bitcoin won't succeed as money. As Krug believes, cash payments are not the primary areas where blockchain technology catalyzes a paradigm shift. According to Krug, Bitcoin may become digital gold - but never succeed as money - mostly because of its volatility and the lack of a dynamic monetary policy for the most dominant cryptocurrency. Krug also stated that the Beam Network has a good chance of tackling the issue of money. The organization is in fact led by him as well as the founder of Bolt, Ryan Breslow, among others. It aims to pursue the original vision of crypto payments.
"Bitcoin created the ability to send money around the globe cheaply and easily without having to trust a third party," Krug was confident.
He also went on to discuss several revolutions in the past, from the information revolution triggered by printing press up to the telegram, telephone, radio, television and finally, the Internet. When asked about finance, Krug believes that the industry has made leaps of progress such as increases in execution speeds, online user interfaces, brokers etc. However, he stated that a financial revolution powered by the blockchain could advance us into a next era where money, value and finance will all be coordinated thanks to crypto.
"This infrastructure will be borderless, cheap, quick, and, most importantly, will let people trade on things they’ve never been able to exchange before, and if markets for those don’t exist yet, it’ll let them create it," Krug concluded.
 
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