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On September 7 (Tuesday), before the US stock market, the U.S. blockchain concept stocks strengthened. As of 16:11 Beijing time, VPC Impact Acquisition (VIH.US) rose 11.65%, Ninth City (NCTY.US) rose 5.73%, Bit Mining (BTCM.US) rose 5.56%, and Bit Digital (BTBT.US) rose 6.25%, SOS Ltd (SOS.US) rose 4.26%, Canaan Technology (CAN.US) rose 4.52%. A few days ago, the price of Bitcoin was close to US$53,000. As of press time, it had risen by more than 1% to US$52,207.4.

On the news, El Salvador¡¯s President Nayib Bukele confirmed on Monday that the government had purchased the first 200 bitcoins before the introduction of a new law to make cryptocurrency legal tender on September 7.


"As the deadline approaches, our brokers will buy more," Bukele wrote on Twitter, referring to the full implementation of the new Bitcoin law on September 7.

El Salvador is the first country in the world to recognize Bitcoin as legal tender. Despite opposition from local groups, the government believes that cryptocurrency will have a positive impact on the economy and society

The purchase is part of a new $150 million bitcoin fund approved by the Salvadoran Congress last week. Before the implementation of the new law, the fund will be used to facilitate the conversion from Bitcoin to U.S. dollars. At the current price, the value of buying BTC is slightly higher than 10.36 million US dollars.


According to a previous report by "Beijing", in June this year, El Salvador became the first country in the world to recognize Bitcoin as legal tender. Although this decision was praised by the Bitcoin community, critics of the World Bank and the International Monetary Fund warned that the new strategy is not a good idea. Recently, hundreds of people across the country protested the new Bitcoin law

However, Bank Of America recently outlined at least four potential benefits of accepting Bitcoin in El Salvador. The bank stated in a report released in July that the country's adoption of Bitcoin can simplify remittances, promote financial digitization, provide more consumer choices, and open it to foreign investors.

The new Bitcoin law allows Salvadorans to hold Bitcoin as part of a long-term investment strategy, or to withdraw Bitcoin in cash from 200 ATMs installed across the country. The country is also building infrastructure to support Chivo, the state-issued bitcoin wallet. Chivo Wallet will have its own ATM, allowing citizens to withdraw cash 24 hours a day without paying commissions.

Javier Argueta, legal counsel of Nayib Bukele, stated in an interview that companies that refuse to conduct bitcoin transactions and do not use the country¡¯s Chivo wallet will face sanctions under the country¡¯s consumer protection laws.

(This article is from Bitpush.News)
China Daily, August 27. According to the British "The Economist" report, the central region of the United States, with its low electricity prices and green power advantages, is vying to introduce cryptocurrency mining companies to revitalize the local economy.

In a 320-acre mining facility in Dickens County, Texas, United States, hundreds of machines with more powerful performance than ordinary computers will soon be installed, running day and night, processing a series of complex algorithms. If the processing is successful, you will get newly minted bitcoins in return. Each bitcoin is currently worth about 44,000 U.S. dollars.

All these machines need space and a lot of electricity.


When the Canadian cryptocurrency mining company Argo Blockchain first proposed to Dickens County Governor Kevin Brendle (Kevin Brendle) the idea of ​​building a Bitcoin mining farm in the area, the latter accepted it. Dickens County has a population of 2,300 people, "mostly improved pastures and grasslands," Brundle said.

"This is an open pasture, where cattle are raised, and there are also some farms." He said, "We don't have much economic development."

Mining can stimulate economic development, create employment opportunities, and improve the source of tax revenue in the county. In return, mining will enjoy the cheapest electricity in the entire game.

In order to be profitable, mining cryptocurrency requires a lot of cheap energy. It is precisely because of China's cheap electricity that China was once the center of Bitcoin mining, and more than half of the world's mining was in China. . However, in the early summer of this year, China developed a self-sponsored, more controllable digital currency, and local governments began to shut down Bitcoin mining farms. Since then, the Bitcoin hash rate (the processing power used to produce Bitcoin) in China has dropped by half.


Since then, cryptocurrency miners have begun to find new places for cheap electricity around the world, and many people have targeted Texas.

The power grid in Texas is relatively loosely regulated, and users can choose between different power suppliers, and the suppliers are driven by this to compete to offer low prices. Jason Les, CEO of Riot Blockchain, a US cryptocurrency mining company, said that mines can sign long-term contracts with power suppliers to purchase large amounts of electricity at a fixed price over a period of several years.

Riot Blockchain recently acquired Whinstone US, the largest U.S. Bitcoin mining facility in Rockdale, Texas, for $80 million. Whinstone stated that its facility can produce 500 bitcoins per month-a total value of $22 million based on the current value of bitcoins.

When the demand for electricity rises, especially in the summer, Texas power companies will actually pay mining facilities to reduce their energy use.

"If you are a miner with a long-term power purchase agreement, then you will have electricity at a fixed price...In any case, you have to commit to purchasing energy for many years," Rice said.

"As a Bitcoin miner, you have electricity at the core. You can work like a virtual power plant. You buy electricity at a fixed lower price and then resell it to the grid."

In recent months, the leaders of Texas have been publicly expressing their support for the entry of cryptocurrency mining into the state.

In June, Texas Governor Greg Abbott signed a bill to incorporate cryptocurrency into commercial law, which will facilitate cryptocurrency companies to enter and operate in the state more conveniently. In the same month, Abbott stated on Twitter that ¡°Texas will become the leader in cryptocurrency!¡± Earlier, Texas grocery chain H-E-B announced that it would place cryptocurrency self-service terminals in some stores.

Another reason that makes Texas attractive to mining companies is that 20% of the state's energy comes from wind power, which makes mining in Texas more environmentally friendly than China, because China has about two-thirds of electricity. From coal. Tesla CEO Elon Musk previously suspended Tesla¡¯s Bitcoin transactions on the grounds that ¡°Bitcoin mining and transactions have led to a rapid increase in the use of fossil fuels, especially coal, which is the most emitting of all fuels. Poor". Musk said that once about half of the energy used by mining companies comes from clean energy, Tesla will resume bitcoin transactions.


Although states such as Kentucky and Louisiana also have cheap electricity, and politicians in states such as Wyoming (recently vigorously promoting cryptocurrency companies to become limited liability companies) are also friendly to cryptocurrency, Texas seems to be the only one. A state that can meet the above two conditions.

"We can see that the combination of good political will and the local power market has prompted people to start building mines in Texas," said Josh Goodbody, chief operating officer of digital asset management company Qredo. , "More and more people regard Texas as a good environment for setting up a cryptocurrency business."

In addition to the Argo and Whinstone mines, Chinese mining company BIT Mining also invested US$25 million in the construction of a new mine in Texas.

However, the influx of a large number of cryptocurrency companies is not without risks. China's Bitmai said in 2018 that it will invest US$500 million to build a super mine in Rockdale to create jobs for local communities. After a coal-fired power plant was shut down in 2008, this community experienced a lot of unemployment. However, in the fall of the same year, the price of Bitcoin fell below $3,000, and Bitmai withdrew from the project.

Blundell of Dickens County said he is cautiously optimistic. He hopes that the cryptocurrency mining business can boost the economy of his county and provide some residents with stable jobs. However, he emphasized that long-term sustainability is important.

"We are now seeing a lot of people rushing in and seeing a lot of people full of interest. We understand why they are interested. However, we just don't know what the future of Bitcoin mining is," Brundle said. "How long can this industry last, how long can it last, I think this is the biggest worry now."

(This article is from Bitpush.News)
After five consecutive weekly rises, Bitcoin finally recovered the $50,000 mark today, and the currency price has returned to the highest level since mid-May. At this time in May, Bitcoin is rapidly retreating from its high of $65,000. At the same time, the U.S. dollar is continuing to weaken, and market risk aversion is also brewing. In addition to the cryptocurrency market, commodities and precious metals have also begun to see an upward trend.


According to the push data, the transaction price of Bitcoin was US$50,340, an increase of 2.6% on the day. From its low in mid-July, Bitcoin has risen by nearly 66% in just a month.


At the current price, Bitcoin has now recovered 77.68% from the historical high of $64,800 set on April 14, which is far better than the previous round of bull market-the 60% high of the second round of gains. The current currency price is trading above the 200-day moving average. According to past trading data, there is almost no obvious resistance between the current level and around 57K USD, and the dawn of the second round of bull market can be vaguely seen.


But not everyone is optimistic about the so-called second round of bull market. Online analyst CrediBULL Crypto suggested that as resistance approaches, proceed with caution, adding that this area is currently the most likely place for a sharp correction. 


Just as the professional traders represented by CrediBULL Crypto are generally cautious, there is still a risk of Bitcoin¡¯s ¡°return to light¡±. Online analyst Material Scientist analyzed on Twitter that option traders generally believe that the price of Bitcoin may retreat to The low level is near 32,000-3.4 million US dollars, and there are a large number of put options near 50,000 US dollars. From the perspective of the options market, traders are not optimistic about the outlook.


Last week, the well-known analyst PlanB updated his S2F model and said that the model is still applicable to the price of Bitcoin, and according to the icon, the second stage of this bull market is coming. In the tweet, he once again emphasized the prediction that Bitcoin will exceed $100,000 by the end of 2021. Bitcoin's rally today seems to have confirmed his speculation.


According to cmc data, the current total market value of cryptocurrency assets has risen by 3.2%, reaching $2.22 trillion. This means that in the past 24 hours, it also means that the current trend of the altcoin market is better than that of Bitcoin, and Bitcoin's market share may further decline in the later period. Judging from the Bitcoin market share data generally concerned by the crypto community, this is more like the second round of the bull market for altcoins. The market share of Bitcoin has dropped from close to 50% at the end of July to 44.01% today, and this year¡¯s The lowest point of 39.54% occurred in mid-May.


Interesting Cardano native token ADA The current currency price has surpassed the historical high of US$2.52 set in mid-May. According to the push data, as of press time, the price of ADA is US$2.85, an intraday increase of 10.68%. Due to a series of heavy news releases from Cardano recently, the upgrade of open smart contracts, the development of stablecoin projects, and the founders' voice for the encryption bill, the ADA market has significantly increased. In a recent Reddit poll on "What cryptocurrencies do you regret not buying earlier", nearly 80% of participants voted for ADA. We have no way of knowing whether Bitcoin will usher in its second round of bull market, but obviously before Bitcoin, ADA has ushered in its second round of bull market.


(This article is from Bitpush.News)
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