Marathon Digital May Start to Sell Some of Its Bitcoins

The miner said on Wednesday, during its earnings results, that its cash on hand was $118.5 million as of March 31, while total liquidity, defined as cash on hand plus available revolving credit facilities, was $218.5 million. The miner plans to reach 23.3 exahashes per second (EH/s) in mining power by early 2023. At the close of Wednesday trading, Marathon’s stock fell about 1% to $17.76 per share. Author: Aoyon Ashraf Source link

Bitcoin’s Correlation With Gold-Backed PAXG Token Weakens to Record Low

“This reflects BTC’s increasing correlation with macro stock indices as well as its recent behavior as a risk asset rather than a store-of-value, and points to price turbulence ahead as markets digest the impact of further inflation and liquidity withdrawals,” Noelle Acheson, head of market insights at CoinDesk’s sister concern Genesis Global said. Author: Omkar Godbole Source link

A Year After Coinbase’s Public Debut, Most Listed Crypto Firms Are Underwater Compared With Bitcoin’s Performance; BTC Retreats From $42K

“That premium has been on the pretext that it would give them a free pass while governmental agencies took their war on crypto to other platforms and exchanges instead, like Binance,” QCP wrote at the time. “If now, a regulated U.S. entity who is offering a product that is already being offered in the U.S., going through the proper legal route, can face such harsh action, then nobody is assured to be safe anymore.” Author: Sam Reynolds Source link

After years of doubts and concerns, it is finally Bitcoin’s time to shine

Gold has served as a store of value for thousands of years. Due to this, investors have widely used it as a hedging tool against the effects of recessions and inflation often caused by geopolitical tensions. In light of recent events such as the COVID-19 pandemic and, more recently, the military crisis between Russia and Ukraine, many investors have sought alternatives to gold and other precious metals as hedging options. As we approach a digitized age, it is a prerequisite that alternatives to gold are equipped to deal with the…

Terra may be about to repeat $125M BTC buy that sparked Bitcoin’s run to $43.3K

Bitcoin (BTC) could be set for a repeat of this week’s run to weekly highs after Blockchain protocol Terra appeared set to buy another $125 million of BTC. A wallet thought to belong to Terra but not officially confirmed to be under its control sent another 125 million Tether (USDT) to Binance on March 23. Rinse and repeat for 5.6% BTC price gains? The Bitcoin price narrative gained a new player this week after Terra co-founder Do Kwon let slip about a plan to back a new U.S. dollar stablecoin,…

“Optical proof-of-work” would reduce bitcoin’s energy demand and improve geographic distribution of hashrate, proponents argue

Simply shifting the cost curve to up-front cost might lead to the exact opposite centralization problem. Instead of most bitcoin mining ending up near cheap, abundant energy sources that popped up in developing, labor-abundant countries, like China, they might coalesce in developed, capital-abundant countries, like the United States. Specialized mining chips, or ASICs, already have a high-ticket price (over $10,000 for some models) – imagine if they were even more expensive. Requiring immense amounts of startup capital would have a meaningful impact on the feasibility of solo mining, which would…

Revisiting Bitcoin’s Energy ‘Problem’ in the Face of ESG Investment Mandates

The preceding point about transaction validation is important because it is enticing to compare the energy density of Bitcoin transactions to something like Visa (V). Bitcoin can only handle seven transactions per second compared to Visa’s 24,000+. But, remember, Bitcoin doesn’t use energy to validate transactions. The miners’ job is to secure the network, add new blocks of data to the chain and win bitcoin in return. That’s what they spend energy on. They’re not primarily interested in validating transactions. That consensus on the true state of the network is…

Bitcoin’s got 3 strikes, but investors remain calm despite price drop

After Bitcoin (BTC) faced its third consecutive rejection, investors became more confident in adding altcoin positions. For the leading cryptocurrency, the path to $50,000 appears more challenging than previously expected. According to Euronews Next, on March 14, the European Union rejected a proposed rule that could have banned the energy-intensive proof-of-work (PoW) mining algorithm used by Bitcoin and other cryptocurrencies. Several EU parliamentarians have been pushing to ban PoW mining over energy concerns. BTC/USD price at FTX. Source: TradingView In terms of performance, the aggregate market capitalization of all cryptos…

Bitcoin’s Price Bounce Stalls as 10-year Yield Hits 32-Month High

Bitcoin’s bounce from key price support stalled near $39,000 ahead of American trading hours, as the futures tied to the tech-heavy Nasdaq 100 index erased 1% gain and dipped into the red. Meanwhile, the yield on the U.S. 10-year Treasury note rose to 2.10%, the highest since July 2019, according to the chart platform TradingView. Author: Omkar Godbole, Parikshit Mishra Source link