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Miners going broke: Whats the future for bitcoin mining?

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Approximately 800,000 bitcoin miners have been shut down in just 1 week of the market crash and hashrate downfall according to bitcoin mining pools.

Approximately 800,000 bitcoin miners have been shut down in just 1 week of cryptocurrency market crash and hashrate downfall according to bitcoin mining pools. Bitcoin’s hashrate had dropped from 47 million tera hashes per second to around 41 million tera hashes per second in just 2 weeks time.

 

Bitcoin Mining operations halted

Hundreds of thousands of bitcoin miners have closed down their operations midst of the market crash as these bitcoin mining companies were facing huge losses due to the price fall.

According to Mao Shixing, the founder of one of the largest bitcoin mining pools F2pool said that thousands of Chinese Bitcoin Miners have unplugged their bitcoin mining machines in the fast few days. The Chinese government has also implemented a hype in electricity costs for bitcoin mining operations that is also a major reason for the miners backing out.

Bitcoin Mining machines are being sold by Kilo System (Kg’s) at the price of waste metal for the copper used in these mining machines to be used for other purposes.

He also mentioned that the miners shutting down can surely come back again once the price recovers and the electricity cost differs during different seasons in the country.

Bitcoin Price Analysis:


 

Bitcoin is currently trading at $4045 according to data feed from CoinGecko at the time of publication. Bitcoin is currently experiencing great difficulty while trying to recover from the downward trend. The price has jumped up to $4200 but as the analysts have already predicted the price has started to decline further and as of now has fallen below $4000 again on most exchanges. Analysts predict that bitcoin price will surely reach around $3000 in the upcoming few days before major recovery starts.

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Alert: GotSatoshi Reveals the Real Identity of Satoshi Nakamoto?

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A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.Here is what they revelead.

The identity of Satoshi Nakamoto is one of the biggest secrets in the world, especially in the cryptocurrency industry. A lot of people have speculated the real identity of the bitcoin founder and some people such as Craig Wright has even self-proclaimed themselves to be Satoshi Nakamoto. A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.

 

Where in the world is Satoshi: The Countdown ends

The website ran a countdown and also posted on their official twitter account claiming to know the real identity of the founder of bitcoin.

 

The countdown which ended just a few minutes back (from the time of publication) revealed a video which is actually marketing a news website called PaiNews. It seems that it was just another joke or a method of fooling and attracting traffic to the website.

 

What are your thoughts on such lame jokes or methods of attracting traffic? Tell us in the comments section below.

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Kevin O’Leary from Shark Tank calls Bitcoin: Garbage and a Useless Currency

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During an interview with the CNBC, Kevin O'Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

During an interview with the CNBC, Kevin O’Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

 

Kevin O’Leary calls Bitcoin Worthless

Famous as the founder of Softkey, a startup that earns annual revenue of around $29 million and a host on the American business reality series Shark Tank, Kevin O’Leary is a celebrity amongst the business class in the United States of America.

 

During the interview published on 14th May 2019, Kevin expressed his thoughts over the king of cryptocurrencies bitcoin and called it a useless currency as the people who accept it just wants to hedge against the high volatility of the virtual currency. This comes in the midst of the current bitcoin surge as the virtual currency doubled its value in just a few days from below $4000 to more than $8000.

 

Kevin also explained why he has such negative views on bitcoin giving the instance of how once he tried using bitcoin for a real estate transaction in Switzerland. He said that it is not possible to get in and out of bitcoin while transacting in huge amounts.

 

He also gave an example stating that if one wants to buy real estate in Switzerland for $10 million. The seller wants a guarantee that the value comes back to him as currency at ten and the buyer has to hedge the risk of the cryptocurrency, hence it is not a real currency. Kevin said that the seller or the receiver would never want to take the risk of such high volatility and thus BTC is worthless.

 

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Amazon Owned Whole Foods, Other Big Retailers Start Accepting Bitcoin

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Whole Foods, which is owned and operated by the e-commerce giant Amazon and other big retailers are now going to accept payments in bitcoin.

Whole Foods, which is owned and operated by the e-commerce giant Amazon and other big retailers are now going to accept payments in bitcoin.

 

Whole Foods and Others accepting Bitcoin using Spedn:

A company called Flexa in collaboration with Gemini exchange which is owned by the Winklevoss Twins has managed to persuade a lot of big retailers including Nordstrom, Crate and Barrel & Whole Foods to configure the same scanners that they are already using for payments from other digital wallets like Apple Pay to work with their cryptocurrency payments app called Spedn.

 


Everything is handled on the backend of the application so that the cashier need not even have heard of bitcoin, let alone understand how to manage payment in cryptocurrency. The merchant has the choice in receiving immediately converted fiat or actually taking and holding the cryptocurrency.

 

The Spedn app lets consumers pay in bitcoin, bitcoin cash, ethereum and GUSD (Gemini Dollar), the Gemini backed stablecoin.

 

This new solution actually uses the existing systems and offers really only upsides for the companies as they don’t have to do any special training for their staff and there is no new hardware required and just a software upgrade.

 

It is worth noting that this is still in its early experimental stages for all the retailers which are cooperating with this scheme and things may of course change in the future. The thing to keep in mind here is that Bakkt is likely launching a massive payment processing service for cryptocurrency in the very near future as well and it could be a big competitor to what Gemini and Flexa are offering.

 

The company will also need to prove itself with consumers and get people to actually go out, download and use the Spedn app.

 

Can this be a game changer in retailer adoption of bitcoin and cryptocurrencies? Let us know about your thoughts in the comments section below.

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