e-yuan’s steamroller – Although still in the testing phase, the digital yuan and its DC/EP (Digital Currency/Electronic Payment) system continues to process impressive volumes of transactions. Barely a month after the first exchange volume figures were announced, these have already doubled!

2 billion digital yuan exchanged
Yi Gang, governor of the People’s Bank of China (PBoC), spoke on Monday 2 November at the Fintech Week conference in Hong Kong, as reported by Reuters. It was an opportunity to take another look at the real-life testing of the Digital Currency/Electronic Payment system of its digital currency.

The PBoC leader explained first of all that the DC/EP system has now processed a volume of more than 2 billion yuan, or nearly $300 million.

China Crypto
As a reminder, this digitised version of the renminbi is being tested in full scale in 4 major Chinese cities (Shenzhen, Suzhou, Xiong’an, and Chengdu).

The Chinese DC/EP passes the 4 million transactions
There are now reportedly more than 12,000 cases of digital yuan use, which have generated more than 4 million separate transactions.

The significant increase in these good results is undoubtedly partly linked to the distribution of the equivalent of 1.5 million dollars during a lottery organised by the Chinese authorities in Shenzhen. As a result, 50,000 residents of the neighbouring city of Hong Kong were each able to spend a gift of 200 e-yuans in selected DC/EP-compatible shops.

DC/EP China State-owned yuan renmibi digital crystals
Although the tests are The News Spy so far going „quite smoothly“, Yi Gang reminds that the present pilot tests are only the beginning.

„For quite a long time to come, I foresee that cash and digital money will coexist in the future (…) [digital money] still requires a rather complex legal framework, which also needs to be sufficiently comprehensive“.

Initially, tests of the digital yuan will first be extended to other regions of China, in order to verify the technical soundness of the DC/EP system, which is still experimental.

The first operational figures for this digital central bank money (DBCM) made in China are, in any case, impressive. Especially when compared to the relative contemplative inaction and procrastination in Europe or the United States. China is increasingly extending its lead in the race for MNBCs.

Investing a lot of money in Bitcoin 10 years ago came with a lot of uncertainty. Now, buying the asset carries less risk, according to the former hedge fund manager.

Bitcoin (BTC) has gained significant notoriety in the decade since its launch in 2009. Major players in conventional finance such as MicroStrategy have recently begun to invest large sums of money in assets, normalizing their viability as an investment for some. Mike Novogratz, CEO of Galaxy Digital, said that Bitcoin Code app is now an obvious financial move.

Risk investor called the Ethereum killers „toothless“ based on the allocation of tokens to those involved in a project

„On a risk-adjusted basis, BTC is an easier bet today than it has ever been,“ Novogratz said in an October 27 tweet. „It’s being de-risked daily.

Cointelegraph contacted Novogratz for more details, but received no response by the time of this publication. This article will be updated as a response arrives.

New Bitcoin mining center in Siberia expected to create up to 100 jobs for inhabitants of the region

„Adjusted for its volatility, Bitcoin has shown the best performance in one or two years against all other asset classes,“ said Cointelegraph Markets contributor Marcel Pechman, when asked for his opinion on the Novogratz tweet. „Few investors expect gold to rise by 60%, but it never went below -8%, so the Sharpe index adjusts returns according to volatility“.

Although MicroStrategy bought over $400 million in BTC in the last few months, it is not the only conventional finance giant to join the party. Square, led by Twitter CEO Jack Dorsey, recently bought $50 million at Bitcoin, which was announced on October 8. After revealing his holdings in BTC in May 2020, billionaire Paul Tudor Jones compared the asset to an investment in Apple before its boom.

Interest in investing in Bitcoin rose 19% compared to 2019, according to Grayscale’s report

With its involvement in the conventional world, including traditional commercial products that are being built around it, it’s much easier for Bitcoin to gain financial exposure today than it once was. Although originally designed as an alternative form of money, Bitcoin has gained more prevalence as a value pool and investment option in recent years.

„I don’t think Bitcoin is going to be used as a transactional currency for the next five years,“ Novogratz said in an interview for Bloomberg TV, published on October 23. „Bitcoin is being used as a store of value,“ he added. „People are worried that central banks around the world are devaluing fiat currencies.

Novogratz calls the news about Bitcoin and PayPal „the shot heard around the world on Wall Street.

The US government, for example, printed a huge amount of its national currency in 2020 in the midst of the COVID-19 pandemic; and an action that could ultimately devalue the US dollar.

This is by no means a new fact and yet we still hear too little about it. Whether it is during speeches or articles in the mass media, the theme is too often avoided. I’m talking about the carbon footprint and the ecological transition potential of cryptocurrencies. Today, the energy used by these digital currencies comes mainly from “green” sources. Between hydraulic, geothermal or even solar, examples around the globe are legion. Thus in these lines we will come back to the energy needs of the mining industry, accompanied by its mix. Then, we will observe what are the issues that act in favor or against „green mining“. Obviously, this article exclusively concerns currencies working with Proof of Work.

Before discussing the mining industry and its challenges, let’s analyze the phenomenon of Proof of Work (PoW), or Proof of Work.

The advent of the first cryptocurrency Bitcoin (BTC) was enabled by many innovations

The PoW consensus is now used to validate transactions on the Immediate Edge network . In the absence of a trusted third party or banking intermediary, we need technology to process payments. “ Blockchain ” technology is often mentioned , but its operability is mainly guaranteed by the existence of this protocol.

This protocol is unfortunately imperfect. The validation system based on the latter allows a significant energy expenditure. This consumption is made by validators called “ minors „.

To approve cryptocurrency transactions, they must individually solve complex mathematical calculations. To achieve this, miners who have graphics cards or Asics consume electricity. They are comparable to microcomputers. With the difference that they are specialized – in particular Asics – in the resolution of this type of calculation.

In addition, the more numerous minors participate in the validation system, the more energy consumed will be. Indeed, the mathematical difficulty of the calculations is adjusted according to the number of validators.

This adaptation is explained by the need to maintain the economic incentive at the same level, regardless of the number of actors involved. As a result, the more players there are, the more energy will be required to validate transactions.

State of play of the mining industry’s consumption level

Nowadays, the strong competition on the network to validate transactions results from high energy consumption. So much so that for several years the consumption of Satoshi’s currency has given rise to lively controversy. Compared to the energy demand of states of several million people, and even to household appliances , it is often described as “ energy intensive „.

This name is certainly justified because of the astronomical quantities of electricity it requires, but it is not harmful for all that. Unfortunately, the debate traditionally ends on this point. Without taking into perspective a number of factors essential to the debate. This gives rise to dramatic comparisons and caricatures that have no place . The most notorious remains today that brought to Bitcoin, it would be responsible for climate change .

It is therefore time to review the copy too often blank or riddled with errors made by „experts“ when asked about the subject. And thus, realize the true environmental footprint of Bitcoin and other crypto currencies that use PoW.

Understand the irregularities made by Bitcoin scavengers and the true impact of the mining industry
Contextualize perverted figures during debates

Today, the mystery surrounding the amount of electricity consumed by the mining industry remains. The opacity of the sector makes its precise estimation impossible. On the other hand, many researchers or research groups have looked into the subject. Some even with very outlandishly inspired calculation methods.

I am thinking in particular of the notorious Alex de Vries . Where it obtains for the period of June 2018 an annual consumption of Bitcoin of 70 Twh . In contrast to figures published by Cambridge and Jean-Paul Delahaye , a French mathematician, indicate 44 Twh and 40 Twh respectively (over the same period).

However, even these results have been the subject of debate, as they omitted certain characteristics to denote reality. As for the work of Alex de Vries, a publication was made to illustrate the multiple errors of reasoning made. The PwC consultant is now seen more as a detractor of Bitcoin rather than a real researcher.

The truth about industrial consumption is therefore not an infused science. And even for prestigious universities such as Cambridge. In this case, when you look for the level of consumption you do not get 1, but 3 different figures. With 3 rating levels, one low, high and medium. As of October 20, 2020, the estimates are between 37.68 and 97 Twh. Consequently, the difference observed between each of the scales shows the clear ignorance of information in the field.

El primer y más grande activo criptográfico por capitalización de mercado, Bitcoin (BTC) cayó a mínimos de 3.800 dólares en un evento del cisne negro el 13 de marzo. En una venta de mercado de amplia base, Bitcoin (BTC) y todo el mercado criptográfico concedieron una acción bajista con millones de contratos liquidados.

Es notable afirmar que Bitcoin se ha recuperado desde entonces, incluso estableciendo máximos anuales de 12.086 dólares en septiembre. Sin embargo, una cosa ha cambiado desde que, después del evento del cisne negro, la demanda institucional de Bitcoin ha aumentado y sigue creciendo.

Bitcoin tuvo su tercera reducción a la mitad en mayo de 2020. Históricamente, se ha visto que la BTC se recuperó entre 12 y 15 meses después de cada reducción a la mitad, ya que se sabe que este evento tiene un impacto directo en el precio de la BTC, especialmente a largo plazo tras la reducción de la oferta de BTC. El suministro de Bitcoin está fijado en 21 millones y con cada reducción a la mitad, la cantidad de BTC que los mineros pueden producir se reduce. Por lo tanto, hay menos BTC disponible en el mercado para comprar cada 4 años.

Basándose en la tendencia de la demanda institucional de BTC, un gestor de activos, Dan Tapiero enuncia la posibilidad de escasez de Bitcoin. También desde un ángulo de patrón histórico, un socio de Bitazu Capital, Mohit Sorout dice que Bitcoin puede alcanzar nuevos máximos históricos en los próximos 3 meses.

Bitcoin se cotiza actualmente a 11.357 dólares.

¿Podría haber alguna vez una escasez de Bitcoin?

En los últimos meses, ha habido un aumento significativo en la demanda institucional de Bitcoin (BTC) con varias inversiones de alto perfil como Square, MicroStrategy y Stone Ridge.

Los flujos de entrada de Bitcoin al Grayscale Bitcoin Circuit Trust aumentaron en el tercer trimestre de 2020 hasta alcanzar los 1.050 millones de dólares, registrando los mayores flujos trimestrales de la historia. Basándose en el rápido aumento de la demanda institucional de Bitcoin, un gestor de activos Dan Tapiero cree que esto podría llevar a una escasez de Bitcoin, lo que implicaría que los vendedores a corto plazo podrían estar en el extremo receptor del palo. Esto es lo que dijo:

„Es posible que haya escasez de Bitcoin. Barry’s Grayscale Trust se está comiendo a BTC como si no hubiera un mañana. Si el 77% de todas las nuevas minas se convierten en el 110%, se apagan las luces. El suministro no minero se mantendrá fuera del mercado en un aprieto. Los cortos estarán muertos. El precio puede ir a cualquier número.“

La especulación sobre una potencial escasez de Bitcoin coincide con el ciclo de post-reducción que se está cumpliendo con una demanda institucional inesperada.

Un patrón histórico dice qué esperar en los próximos meses

El mes de octubre ha sido bastante agitado para Bitcoin (BTC). Desde los cargos de BitMEX por CFTC hasta la congelación de OKEx, el precio de Bitcoin ha recurrido al comercio dentro de un rango restringido. Sin embargo, un socio de Bitazu Capital, Mohit Sorout, dice que Bitcoin puede alcanzar nuevos máximos históricos en los próximos 3 meses o incluso antes, basándose en la observación de la volatilidad.

Señaló que basándose en los ciclos de precios anteriores, Bitcoin tiende a moverse rápidamente después de una fase de consolidación. Este patrón histórico se aplicó tanto a las rupturas como a las ventas.

Por ejemplo, desde principios de mayo hasta finales de julio, Bitcoin se negoció dentro de un rango de entre 8.800 y 9.800 dólares, mientras que se consolidó en 9.100 dólares. Después de dos meses de consolidación, a la BTC le llevó 12 días registrar una subida del 32% para alcanzar máximos de 12.123 dólares.

Sin embargo, el operador Michael van de Poppe cree que el escenario más probable a corto plazo sería una estructura continua de rango limitado con algunas pruebas adicionales a niveles más bajos, probablemente una nueva prueba de 12.000 dólares en el proceso.

También señaló estos puntos: la debilidad general del Etereo y del mercado criptográfico hasta ahora en el cuarto trimestre, la noción general de que enero es un mes perfecto para el Etereo y los mercados, el hecho de que el mercado todavía está en la fase de acumulación de un nuevo ciclo. Todo esto también puede apoyar el salto de Bitcoin en los próximos tres meses.

Bitcoin, die von Aktiengesellschaften gehalten wird, jetzt auf gleicher Höhe mit früherer Marktkapitalisierung

Die Marktkapitalisierung von Bitcoin bewegt sich derzeit bei etwa 211 Milliarden Dollar, aber vier Jahre zuvor waren es noch magere 6,8 Milliarden Dollar. Diese Zahl entspricht der Summe, die öffentliche Versorgungsunternehmen der BTC bei Bitcoin Trader jetzt allein halten, und sie könnte die „Schrift an der Wand“ dafür liefern, was in Bezug auf das künftige Wachstum des Vermögens zu erwarten ist.

Bitcoin reift zum Reservevermögen der Unternehmen, Domino-Effekt könnte neuen Bull Run antreiben

Der Kryptomarkt entwickelt sich weiter: Dezentralisierte Finanzen sind weitaus nachhaltiger als der ICO-Boom, und Bitcoin reift zu einem angesehenen Vermögenswert neben Gold, Aktien und mehr heran.

Was einst eine vom Einzelhandel getriebene Anlageklasse war, wird nun von Hedge-Fonds, Gold Bugs, Institutionen und in jüngster Zeit von einem Trend öffentlich gehandelter Unternehmen, die BTC zu ihren Unternehmensreserven hinzufügen, stark in Betracht gezogen.

Gesamte BTC in USD Wert, der in öffentlich gehandelten Unternehmensschatzpapieren gehalten wird | Quelle: BitcoinTreasuries.org

Der Gesamtbetrag von Bitcoin in USD, der derzeit von fünfzehn Unternehmen gehalten wird, beläuft sich auf 6,8 Milliarden USD und steigt weiter an. 50 Millionen Dollar wurden gerade durch die von Jack Dorsey geführte Square, Inc. hinzugefügt, was ein Dominoeffekt zu sein scheint, der durch MicroStrategy ausgelöst wurde.

Die Zahl ist besonders bedeutsam, denn nur vier Jahre zuvor betrug die Marktkapitalisierung von Bitcoin insgesamt nur 6,8 Milliarden Dollar, vor dem Bull Run, der Krypto auf die Landkarte brachte.

• Ein Kryptoanalyst, der die vergleichbare Höhe des Kapitals damals und heute bemerkte, sagte: „Die Schrift ist an der Wand“ in Bezug auf das, was als nächstes passiert.
• Der Vergleich der Marktkapitalisierung projiziert eine Marktkapitalisierung von $6 Billionen BTC, wenn der gleiche Weg beschritten wird

Die Marktobergrenze von Bitcoin damals und heute kann möglicherweise vorhersagen, was zu erwarten ist, wenn die gleiche Wachstumsrate anhält.

Damals lag die Marktkapitalisierung bei nur 6,8 Milliarden Dollar – so viel, wie Unternehmen heute gemeinsam halten. Heute beträgt sie 211 Milliarden Dollar und ist bereit, in die Höhe zu steigen.

Von den mageren Anfängen im Wert von nur 6,8 Milliarden Dollar des Geldes der ersten Anwender, wird der gleiche Betrag der BTC heute von einigen der größten Namen im Finanz- und Technologiebereich bei Bitcoin Trader gehalten. Und die Liste könnte bald noch länger werden.

Wenn die Marktkapitalisierung von Bitcoin den gleichen ROI von 3.000% von damals 6,8 Milliarden Dollar bis heute beibehalten würde, würde von hier bis zur nächsten Spitze eine Marktkapitalisierung von über 6,6 Billionen Dollar projiziert.

Bitcoin ist anders als jeder andere Vermögenswert vor ihr, aber selbst sie bringt abnehmende Erträge, so dass die gleiche Flugbahn nicht wahrscheinlich ist. In der Welt der Kryptowährungen ist jedoch alles möglich, insbesondere angesichts der aktuellen wirtschaftlichen Bedingungen.

Eine Marktkapitalisierung von 6,6 Billionen Dollar würde Bitcoin auf einen Preis von mehr als 350.000 Dollar pro BTC bei dem derzeit zirkulierenden Angebot bringen. Allein eine 3.000%ige Erhöhung des Firmenkapitals würde die Gesamtsumme auf 211 Milliarden Dollar bringen, wo die Marktkapitalisierung von Bitcoin derzeit liegt.

Von allen Zahlen, die am wahrscheinlichsten falsch sind, ist es diese. Wenn sich der Trend des in die BTC einfließenden Firmenkapitals fortsetzt, könnte der einst vom Einzelhandel dominierte Markt in vier Jahren von Unternehmen in Milliardenhöhe gehalten werden, die vor Inflation geschützt werden müssen.

Wenn ein Domino-Effekt eintritt und mehr Unternehmen diesem Beispiel folgen, kombiniert mit der Abwertung des Dollars, könnten 6,6 Billionen Dollar den nächsten Spitzenwert von Bitcoin trotz sinkender Renditen leer verkaufen.

Nelle ultime settimane c’è stato un uso diffuso sulla rete Bitcoin. Questo è il risultato dell’afflusso di investimenti e degli interessi di trading, che hanno tutti giocato un ruolo nella posizione attuale della Bitcoin.

A livello superficiale, l’afflusso di investitori istituzionali e di gigantesche aziende tecnologiche come MicroStrategy che stanno facendo un profondo tuffo nel settore, il valore di Bitcoin sta aumentando fondamentalmente, senza dubbio. Per quanto riguarda l’aspetto tecnico, il movimento del prezzo del Bitcoin in mare può aver causato il panico tra i trader del mercato, ma la convinzione generale è dominata dall’ottimismo.

Il tasso Hash di Bitcoin batte il vecchio record

Nel frattempo, sotto il livello della superficie si trova il sempre crescente hashish di Bitcoin, che ha raggiunto ancora una volta il massimo storico. Secondo il sito web di Glassnode On-chain analytics, l’hashish di Bitcoin si sta muovendo in direzioni opposte con il prezzo, il che in sostanza significa che l’aumento del tasso di hashish non ha una correlazione fondamentale con il movimento del prezzo, che è determinato solo dalla domanda.

In diverse occasioni, il tasso di hashish sulla rete Bitcoin ha ribaltato ripetutamente il suo precedente record. A luglio, l’esahash al secondo ha raggiunto i 120 (EH/s). Come riportato nel grafico su Glassnode, il tasso attuale ha raggiunto un nuovo record di 135 esahash al secondo ed è già sulla buona strada per raggiungere i 140 (EH/s). Finora, questo è il tasso di hashish più alto dalla creazione di Bitcoin.

Cosa significa questo per Bitcoin?

L’aumento della potenza di calcolo del Bitcoin, meglio conosciuto come hashish del Bitcoin, è la prova che la capacità di estrazione di ogni singola macchina Bitcoin sta aumentando man mano che viene estratto più bitcoin al secondo. Con l’aumento dell’hashrate, la sicurezza sulla rete Bitcoin è aumentata.

Questo è molto salutare per la rete in quanto la sicurezza viene aumentata, limitando così la capacità di un estraneo di manipolare la rete. Mentre l’hashrate della rete continua ad aumentare, la percentuale di tutto l’hashrate necessario per attaccare la rete aumenta.

Difficoltà di estrazione mineraria stimata in aumento dell’11%

A luglio, le difficoltà minerarie hanno raggiunto i 17,25 trilioni, rendendo più difficile per i minatori trovare un hashish sotto l’obiettivo della rete. L’aumento stimato che dovrebbe precedere il nuovo massimo storico, come ha detto Glassnode, è dell’11%.

Rispetto al picco del 9,8% di luglio, questo picco lo farà. Anche se le moderne macchine da miniera Bitcoin sono progettate con la capacità di accelerare il processo di estrazione, le ricompense diventano sempre più difficili da assicurare con il passare dei giorni.

Conclusione: Con l’aumento del tasso di hashish, il futuro dell’estrazione mineraria non rimarrà lo stesso.

Dopo l’ultimo dimezzamento dei Bitcoin a maggio, le ricompense dei blocchi sono state dimezzate da 12,5 a 6,25 bitcoin e i minatori hanno guadagnato 63.750 dollari per blocco. Tuttavia, i giorni delle ricompense minerarie si stanno avvicinando, dato che l’88,0% di tutti i Bitcoin sono stati estratti. L’aumento dell’hashrate dei Bitcoin, che invece aumenta le difficoltà di estrazione, potrebbe dare ai minatori abbastanza per disegnare un nuovo modello di guadagno, attraverso le tasse di transazione.