Items tagged with bitcoin

After witnessing Bitcoin's explosive growth, everyone and their uncle is now getting into cryptocurrency mining, some for extra money and others in hopes of striking it rich. There are now more than a thousand cryptocurrencies out there. With new miners now showing up in droves (and existing ones expanding their operations), the collective power consumption could be on track to outpace the needs of electric vehicles. Morgan Stanley analysts led by Nicholas Ashworth wrote in a note that cryptocurrency mining could require up to 140 terawatt-hours of electricity in 2018. To put that into perspective,... Read more...
Bitcoin's value dropped to below $13,000 earlier today, sliding around 14 percent after South Korea's government announced plans to ban cryptocurrency trading altogether. While perhaps a knee-jerk reaction and a temporary blip in the long run, there is cause for some concern, as South Korea is a major global hub for the virtual coin market. As such, the plan to ban cryptocurrency trading in the region is a bit of a big deal. "There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges," Justice Minister... Read more...
To say bitcoin is volatile would be an understatement. It seems to either be surging or crashing with little signs of overall stability. This is the reason that Valve recently stopped accepting bitcoin as a method of payment. Last week was a rough one for those into bitcoin, as the cryptocurrency took a beating with as much as a 30% decline in value at one point. The good news if you have lots of bitcoin is that today the digital currency is rallying and has risen by around 15% to recover about half the losses sustained last week. At its lowest point on Friday of last week, bitcoin was worth $11,159.93.... Read more...
With the price of Bitcoin and other cryptocurrencies booming, everyone is looking to make some money off the craze. One of the biggest players that is looking to get into the cryptocurrency craze is Goldman Sachs Group Inc. Word is that the company is looking to set up a trading desk for digital currency like Bitcoin according to sources that claim to be familiar with the plans. Goldman Sachs plans to have the new cryptocurrency desk up and running by June of 2018 according to the sources. If Goldman Sachs is set to enter into markets for cryptocurrency, you can bet other Wall Street firms... Read more...
Will the Bitcoin bubble ever burst? If so, when? Those are the questions that continue to elude investors and analysts alike, as each time Bitcoin's value rises to a new high, it seems like the end is in sight. But instead of ramming into an invisible ceiling and crashing down, it just keeps going up. To wit, Bitcoin's value recently topped $10,000, then $13,000, and now is trading at over $15,000. As of this writing, Bitcoin is trading at $15,331.92. Two years ago to the day, Bitcoin was valued at $424.38. And if you go back to December 2011 when Bitcoin was barely a blip, it was trading at around... Read more...
Valve's love affair with Bitcoin is going through a rough patch even though the cryptocurrency was trading at $10,000 in late September and even higher today. Valve announced that as of December 6 it had decided to stop supporting Bitcoin as a payment method for games on its Steam platform. The specific reasons that Valve says it won’t take Bitcoin anymore are high fees and volatility. Valve wrote, "In the past few months we've seen an increase in the volatility in the value of Bitcoin and a significant increase in the fees to process transactions on the Bitcoin network. For example,... Read more...
All eyes are on Bitcoin these days, mainly because of its meteoric rise in valuation. Just a day ago, with Bitcoin's price easily surpassing the $10,000 threshold and hopefully bullying its way into mainstream acceptance, there were reports that Nasdaq, Inc. would launch Bitcoin futures during the first half of next year. Sources within the company claimed that the move, which would make Nasdaq the third major U.S. exchange to dabble with Bitcoin, would take place sometime during the second quarter of 2018. It was also stated that such contracts would be traded on the Nasdaq's NFX market. However,... Read more...
Christmas is coming early for long-term investors in Bitcoin. The red-hot cryptocurrency has skyrocketed during 2017, most recently crossing the $9,000 threshold on Sunday. At the time, we opined that Bitcoin could be well on its way toward hitting $10,000 by the end of the year. Well, we barely made it 48 hours and Bitcoin is within a stone's throw of $10,000. The cryptocurrency hit a high of $10,086 today, before settling down to $9,950. Bitcoin is up nearly 900 percent so far this year. It seems inevitable that Bitcoin will surpass $10,000 across all exchanges sooner rather than later, allowing... Read more...
If you've been following cryptocurrency news over the past few months, then you know that Bitcoin has been on an incredible winning streak. On August 26th, Bitcoin was at $4,300. Three months later, Bitcoin's price has more than doubled. At this moment, Bitcoin has breached yet another high, sitting at $9,065. At the beginning of the month, Bitcoin crossed the $7,500 threshold and hit $8,000 just over a week ago. Today's milestone shows that Bitcoin's growing momentum could allow it to hit $10,000 by year's end. This latest push means that Bitcoin's market cap is now sitting at $151 billion. BITCOIN... Read more...
Every few weeks we talk about Bitcoin hitting another record high, and today is no different. Earlier this month, Bitcoin hit a new high of $7,500, sending its market cap soaring above $120 billion. But things got a bit interesting when the scheduled SegWit2x hard fork, which was set to take place this month, was abruptly canceled last week. A number of community leaders and cryptocurrency miners withdrew their support for SegWit2x, which put the fork in limbo. However, a small group of miners have decided to ahead with the fork anyway, which is now set to take place today. With this uncertainty,... Read more...
Bitcoin mining is a very common practice today with the price of the cryptocurrency soaring to over $7,000 earlier this month before settling back down in the $6,000 range. With prices soaring more and more people are getting into mining, there has been a marked effect not only on pricing and availability of video cards, but on electricity consumption as well. Most computer users simply plug in their PC and leave it connected never thinking about how much power that machine is slurping. According to Digiconmist, it would be profitable for Bitcoin miners to consume over 24 terawatt-hours of electricity... Read more...
It was just a few weeks ago when we were last talking about the massive gains that Bitcoin has made during 2017. Today, Bitcoin is still shooting skyward, sitting pretty at a record $7,555, despite China's apprehension towards the cryptocurrency “gold standard”. The $7,555 figure is nearly $1,500 higher than our previous article on October 21st. That means that Bitcoin is currently sitting pretty with a market cap of roughly $125 billion. For comparison, second place Ethereum has a market cap of “just” $28 billion. It was just a few months ago when everyone thought that Ethereum was going to eclipse... Read more...
Bitcoin has been on an enviable winning streak this year, and reached a new intraday high earlier today. Bitcoin hit a record high of $6,183.98 at around 10:30 AM EST this morning, which comes just after the cryptocurrency pushed through the $6,000 barrier on Friday. Currently, Bitcoin is trading at around $6,080, giving it a market cap of just over $100 billion. This is a meteoric rise from the start of the year, when Bitcoin was trading at just $968. Not even negative commentary from some in the financial industry has been enough to dull the luster of Bitcoin. JPMorgan Chase CEO Jamie Dimon declared... Read more...
What is a blockchain? When considering cryptocurrencies like Bitcoin or Ethereum, it's best to first understand the underlying technology and framework that makes their existence possible. At its core, a blockchain is a what is described as a "shared ledger" technology that is used to record the complete history of transactions that have been made. More importantly, this ledger cannot be altered in any way, making it ideal for historical analysis and peer review. When it comes to everyday transactions -- be they financial, inventory or even account-based, traditionally, each party that is involved... Read more...
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