So much has happened this week! We saw a capitulation point of bitcoin before bears took over and we saw the selling pressure push Bitcoin down toward the $9000USD mark then move back up above $9100USD So far it has been a stable hold, however we may see some more action within the coming weeks.submitted by IOTAbesomewhere to Gravychain [link] [comments]
Widespread scamming within the Twitter-sphere, Youtube and other platforms as Bitcoin and other cryptocurrencies may seem like fair game. Cryptocurrencies providing big payouts for scammers without the ability for reversals of accounts. Remember if something seems too good to be true, do some research or just plain do not respond/believe it. Stay safe and careful with your funds!
On the brightside, there has been even more adoption of cryptocurrencies as rumours of Paypal utilising cryptocurrency has been confirmed as they are developing crypto capabilities. In addition to this we received exciting news at the start of this week about Binance partnering with Swipe (SXP) and offering a debit card to spend BNB, SXP, BTC and BUSD. ( I will be keeping a swift eye on BNB and Swipe as its utilisation as tokens has just increased 43 fold).
Positive news for the Bitcoin network as its hashrate reaches all time high which helps to secure the network further even though mining profits have dropped by 50% from the recent halving. If you didn't know already the last Bitcoin will be expected to be mined in 2140 with its difficulty ever increasing and each time securing the network further. Processing units will have to become faster, stronger and most importantly more cost effective to continue to entice miners for the block rewards and further renewable energy practices.
Furthermore we can see Central banks and countries discussing and developing Central Bank Digital Currencies (CBDC). Read more about it here https://www.investopedia.com/terms/c/central-bank-digital-currency-cbdc.asp and check out some of the developments in the world above. This shows the popularity and strong nature of cryptocurrencies. As the saying goes "If you cant beat them, JOIN them".
Overall, very solid week full of adoption, animation and anticipation. Another post next week for a weekly round up! See you then but in the mean time join us at our Gravychain Discord.
- DISCORD LINK: https://discord.gg/zxXXyuJ 🍕 Bring some virtual pizza to share 🍕
Come have a chat, stimulate a discussion, ask a question or share some knowledge. We are all friendly crypto enthusiasts up for a chat, supportive and want to help each other with knowledge and investments!
Big thanks to our Telegram and My Crypto HQ for the constant news updates! - The Gravychain Collective: https://t.me/gravychain - My Crypto HQ: https://t.me/My_Crypto_HQ
The increase in difficulty indicates a return of ASIC mining, showing Bitcoin’s remarkable resilience to financial crises. This adjustment coincides with the growth of Lightning Network that reaches 5,000 active nodes and 2 million payment capacity with BTC. Recently there has been an incredible increase in the hashrate held by an unknown miner who first reached a 37% hashrate of Bitcoin Cash (BCH) blocks, and subsequently reached 44% in the last 24 hours. Interestingly, all these blocks were signed with the name Satoshi Nakamoto, creator of Bitcoin. With this increase in hash rate comes an increase in mining difficulty, a calibration of the network takes place every 2016 blocks to accommodate the new power within it. This adjustment protocol is primarily in place to combat inflation. However, as a consequence, rising difficulty shrinks miner profit margins, requiring the use of more powerful machines to remain profitable — thus ... Bitcoin mining difficulty chart showing 2018 dip. Source: BTC.com. Bitcoin “working like it was designed to” In 2020, the situation is complicated coming just weeks after Bitcoin’s third block subsidy halving event, which slashed miner revenue by 50%. The bitcoin network has just seen one of its biggest adjustment in mining difficulty. According to data from BTC.com, the mining difficulty has posted an increase of nearly 15% from 13.73T to 15.78T.. The difficulty that retargets every two weeks, or 2016 blocks, has previously undergone a compounded 15.29% fall after two consecutive decreases since bitcoin’s third halving. The mining company Bitfury will begin to cooperate with the United Nations Development Program (UNDP) on a project to conserve and increase the forest lands of Kazakhstan. According to Astana Times, the project aims to help the country reduce greenhouse gas emissions by 15% over the next decade in order to fulfill obligations under the 2016 Paris Agreement. The Bitcoin blockchain network recently saw its biggest mining difficulty adjustment in more than two years. Yet, the sentiment remains positive. The Bitcoin blockchain network experienced its biggest mining difficulty adjustment in over two years on June 17. Surprisingly, the hash rate of Bitcoin has not dropped off by a large margin.
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