For Crypto Miners, Bitcoin’s Halving Could Mean a Doubling in Costs

Bitcoin investors speculate the upcoming halving could send prices skyrocketing to $90,000 or higher.  To the operators of high-speed computers used to mine for bitcoin, the halving looks more like a doubling — of costs. In a new report, the crypto-focused research firm TradeBlock estimates the average cost to mine a single bitcoin (BTC) could jump to $12,525 after the halving, expected in May. That’s nearly double the average cost of $6,851 now. Essentially, miners will have to run twice the number of computations, with a corresponding increase in electricity…

Despite Bitcoin’s Key Technical Correction, The 100 SMA Can Trigger A Fresh Rally

Bitcoin started a downside correction from the $10,500 area against the US Dollar. BTC declined below $10,200, but it is still holding the key 100 hourly SMA. Bitcoin price failed to climb above $10,500 and corrected lower against the US Dollar. There was a sharp dip below the $10,200 level before the bulls protected the 100 hourly SMA. There is a key contracting triangle forming with resistance near $10,290 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could either rally again above $10,300 or…

Here’s How to Inspect Bitcoin’s Next (Likely) Major Upgrade Yourself

As the bitcoin community gears up for its next likely major code upgrade, students of the cryptocurrency have an opportunity to inspect the changes themselves, with help from core developers. The weekly Bitcoin Core review club has started guiding users through the proposed Taproot/Schnorr code, designed to improve privacy and scalability and boost smart-contract usage for the largest crypto by market cap. Bitcoin’s (BTC) code is open-source, so anyone can scan proposed changes. Reviewing code is one of the best ways new contributors can dip their toes into the complex…

Bitcoin’s Mining Difficulty Stagnates as Coronavirus Outbreak Delays New Equipment

After posting solid gains in January, a key measure of competition among bitcoin miners has stagnated in the past two weeks as the coronavirus outbreak disrupts economic activity in China. The slowdown in the growth of so-called mining difficulty signals that miners have had to pause upgrading equipment after the epidemic prompted Chinese authorities to impose a quarantine and major mining equipment makers delayed production and shipments. Mining difficulty – which gauges the effort required to solve math problems in order to win newly created bitcoin – adjusted on Feb.…

Monday’s Price Drop Didn’t Break Bitcoin’s Bullish Trend

View Bitcoin’s broader uptrend is still valid despite Monday’s sudden move lower from $10,200. The weekly chart shows scope for a test of the October high of $10,350. A deeper pullback to support below $9,600 may be seen before the return of the rally, as the short duration charts are indicating buyer exhaustion. A UTC close under $9,075 (Feb. 4 high) would invalidate the bullish setup. Bitcoin’s broader bullish trend is intact despite Monday’s sharp retreat from a 3.5-month high over $10,000. The cryptocurrency ran into offers near $10,200 and…

Bitcoin’s New 2020 High, US Marshals Bitcoin Auction and More on the Bad Crypto Podcast

This week’s episode of the Bad Crypto podcast condenses the latest blockchain news into easy listening format. And it’s a good week to be in the know on crypto and blockchain topics. Bitcoin’s bull run continues, and the price is lately flirting with $10,000. The Winklevoss twins have gone on a stablecoin patent extravaganza, and Ethereum godfather Vitalik Buterin shared his unflattering opinions on Bitcoin Cash. Though Coinbase is a large and established exchange, some users reported issues withdrawing more than $10 in BTC per day. And there is rising…

Bitcoin’s Uptrend Is Gathering Pace and Many Altcoins Are Surging Too

View Bitcoin bulls pushed prices to fresh three-month highs above $9,700, reinstating the bull view aborted by a doji candle earlier this week. The indicators on the daily and weekly charts are signaling strong bullish momentum. Bitcoin could test the psychological resistance of $10,000 in the near-term. Pullbacks, if any, could be short-lived. While bitcoin’s rally has gathered pace in the last 24 hours, other major cryptocurrencies have put on a better show.  Bitcoin, the top cryptocurrency by market value, found bids near $9,100 during the Asian trading hours on…

How the Long Tail of the Coronavirus Might Slow Bitcoin’s Hash Power Growth

The coronavirus outbreak in China may impose a longer-term impact on the bitcoin network’s mining activity at a time when an estimated 65 percent of its computing power is located there. While Chinese miner manufacturers see rising demand for new equipment ahead of bitcoin’s scheduled halving in May, they estimate the disease may limit growth in bitcoin mining power if the situation isn’t resolved in the near future because it is difficult to expand or build new machines, according to Kevin Shao, general manager of Canaan Creative’s blockchain arm. Shao…

Analyst Who Called Bitcoin’s Surge to $9,000 Is Bullish: Here’s Why

If you were perusing Crypto Twitter in December of last year, you likely remember the fear that was circulating amongst Bitcoin investors; from June 2019 to December 2019, the price of the leading cryptocurrency fell by over 50% from $14,000 to $6,400, a move that few called. Then, investors across the board were certain that the cryptocurrency was poised to fall further and further, citing the steep downtrend that had formed. But as 2019 became 2020, the crypto market suddenly reversed, with Bitcoin recently rallying as high as $9,620 from…

Bitcoin’s Taproot Upgrade Won’t Help Privacy Where It Matters

The activation of Bitcoin’s (BTC) Taproot upgrade is moving forward as official Bitcoin Improvement Proposals (BIP) were submitted for review on Jan. 24. Even though Taproot is often hyped up for its privacy improvements, its true impact is likely to be very minor. What is Taproot? Taproot is the name given to a proposal coined by former Blockstream CTO Gregory Maxwell in January 2018. The actual implementation was later developed by a team of Bitcoin contributors led by Pieter Wuille. Taproot is a proposal that enhances Bitcoin’s scripts, a set…