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The hidden costs of Bitcoin mining

August J, 2019

The hidden costs of Bitcoin mining Since 2009, Bitcoin mining has grown into a massive operation involving data centres packed with computer processors and racking up massive electric bills Argo Blockchain – The hidden costs of Bitcoin mining Bitcoin mining uses powerful computer processors Mining Bitcoin is an expensive business, mainly due to the extremely large electricity bill the process can ramp up and the pricey hardware involved. Bitcoin mining works by using powerful computers (known as nodes) to validate…

THE BITCOIN SKEPTIC – BITCOIN ISN’T A HEDGE FOR ANYTHING

August J, 2019

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THE BITCOIN SKEPTIC – BITCOIN ISN’T A HEDGE FOR ANYTHING WHAT IS A HEDGE? IT SURE AIN'T BITCOIN! A “hedge” is an investment made to offset some form of risk. It can take many forms. An investor may purchase put options on the stock market that will increase in value if the stock market falls. Perhaps a company will open a factory overseas that it exports products to in order to hedge against currency risk. So the key to a…

IRS Sends New Tax Warning to Crypto Users

August J, 2019

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IRS Sends New Tax Warning to Crypto Users The U.S. Internal Revenue Service (IRS) is renewing its crackdown on the crypto industry. According to a recent report from CoinDesk, the American tax agency is sending yet another round of letters to individuals it believes is involved in the trading of Bitcoin and other digital assets. This time, those targeted as those that the IRS claims may be misreporting the income gained from trading on exchanges. This comes shortly after reports…

Daily confluence detector shows med-strong resistance levels till 10750

August J, 2019

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Daily confluence detector shows med-strong resistance levels till $10,750 BTC/USD has had a bullish start to the day as the price has gone up to $10,365. Price is supported by a strong support level at $10,070. BTC/USD is on the verge of having three bullish days in a row. Unlike the rest of the crypto market, Bitcoin seems to be creeping along in a bullish trajectory, probably buoyed by the news of the Bakkt announcement. The hourly price chart…

BITCOIN COULD BREAK THROUGH TO A NEW HIGH IN 2019 PREDICTS TOM LEE

August J, 2019

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BITCOIN COULD BREAK THROUGH TO A NEW HIGH IN 2019, PREDICTS TOM LEE A debate has been raging about whether or not bitcoin should be deemed a safe-haven asset. After all, the leading cryptocurrency sure wasn't behaving like one and investors sure weren't doing a flight to safety in crypto while the equity markets were getting hammered this week. Even now, bitcoin is quietly holding onto $10,000 but not before having dipped below that key level in recent days. Bitcoin…

Bitcoin’s Surging Dominance Is This Time Really Different?

August J, 2019

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Bitcoin’s Surging Dominance – Is This Time Really Different? You may have heard some rumblings recently about the bitcoin dominance rate. This measures the weight of bitcoin in the crypto universe, by taking its market cap as a percentage of the total market cap for all crypto assets. Traders and investors keep an eye on it as an indicator of market preference. It should surprise no-one that bitcoin is the dominant crypto asset, given its long track record and mainstream…

Bitcoin Drops the Key 11000 Level

August J, 2019

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Bitcoin Drops the Key $11,000 Level The sellers are starting to pile back into Bitcoin as the key $11,000 level has fallen away. The news out today is that major bank Barlclay’s has dumped its relationship with Coinbase, a leading crypto exchange. For some background here, the major banks are not all that keen to work with crypto exchanges etc. The relationship with Barclay’s, a major London player, was clearly a positive one in terms of market sentiment. The fact…

Bitcoin Mining Industry Remains on Strong Footing

August J, 2019

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Bitcoin Mining Industry Remains on Strong Footing When the crypto winter struck the market in 2018, analysts predicted that crypto mining would also see a downturn. Some miners did hang their boots in the aftermath of the Bitcoin crash. However, one year down the line, Bitcoin mining is growing stronger than ever Bitcoin mining- the industry most ignore Bitcoin mining is becoming more profitable, thanks to the recent rise in prices and the rise of Bitcoin mining pools. In…

BTCUSD fails to extend bounce from 11100115 rest-area

August J, 2019

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BTC/USD fails to extend bounce from 11,100/115 rest-area BTC/USD remains below 1-month old resistance-line. 11,100/115 offers immediate support ahead of 21-DMA level around 10,650. Despite bouncing off three-week-old horizontal-support, the BTC/USD pair fails to clear near-term trend-line resistance as it makes the rounds to 11,425 during early Monday. The leading crypto pair has been under pressure recently as price rally in other altcoins joins speculations of increased Bitcoin mining. Adding to the market fears is the on-going US-China trade war…

Bitcoin Price Drops on the Day as Altcoins Send Mixed Messages

August J, 2019

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Bitcoin Price Drops on the Day as Altcoins Send Mixed Messages Saturday, Aug. 10 — the top 20 cryptocurrencies are reporting largely reddish movement on the day, as Bitcoin (BTC) price saw a sudden dip earlier today. Bitcoin’s price is currently down 4.62% on the day, trading at around $11,370 at press time, according to Coin360 after slipping from around $11,800 to $11,400 in a matter of minutes between 7:30 AM and 7:45 AM Coordinated Universal Time. Looking at its…