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The continued bearish run in the global crypto market has forced mining hardware suppliers to sell off their machines at fire-sale prices. Canaan Creative, the world’s second highest maker of cryptocurrency mining rigs has already put all of it Avalon-brand equipment on sale at US$200 per unit. This is a drastic reduction from US$742 per unit for which the Chinese company previously sold it most powerful mining rig model- the AvalonMiner 921.
The meltdown has left miners in a vulnerable position especially those who process transactions in return for new units of cryptocurrency as reward. It has become unprofitable for these enterprises and individuals to run at least four models of Bitcoin mining machines because of the cost of gas.
Bitcoin (BTC) Appears Finish- Not Quite
While the pioneer buyers and miners of Bitcoin (BTC) were true believers in the paradigm shift they believe it promised and were willing to make the necessary investments for future gains, the more recent buyers and miners seems to be run-of the-mill greed driven investors.
This greed was further aided by future trading which was introduced when Bitcoin (BTC) prices were thriving and it looked like the sun would be perpetually rising on the horizon. With BTC price well above the cost of mining they saw a clear arbitrage opportunity.
The price of Bitcoin (BTC) has fallen sharply to the lowest level since 2017 over the past few weeks. After trying to gain a week ago, the price began to drop once again and today reached an intraday low of $3733. The prevalent fear among traders is that the ongoing decline in price is making digital currencies worthless.
Whilst the average cost of mining Bitcoin (BTC) is not known, it is estimated to be above $4000 USD. Since the argument is that as the price drops so does the level of profitability among miners it therefore means that at the current prices miners are operating at a loss.
But one thing I believe is that this is not where the story ends for Bitcoin (BTC) as the sun would definitely rise again and when the tide turn most speculative and greed driven miners and investors just looking for a quick turn of the wheel would have been shaking off.
Like all market bottoms, smart money is watching for the turn that does not happen too quickly; It is a simple case of the winnowing the chaff from the grain.
Cardano (ADA) Intends To Spread Atms And Debit Cards
Cardano (ADA) has made good progress since its entrance into the digital currency sphere in September 2017. The coin was able to increase by 1,520% with a market cap of around $18 billion just four months after its launch.
Today Cardano (ADA) has a market cap of $1,021,010,967 USD with a trading volume of $23,104,937 USD in the last 24-hours.
As an open sourced decentralized blockchain project, Cardano (ADA) is aimed at building smart contracts platform that will deliver more advance features than other formerly developed protocols.
The Cardano project is quite unique as it openly tackles the need for regulatory oversight while maintaining the privacy and protection of users through an innovative software architecture as it is the first of its kind to be created from scientific philosophy and built on peer-reviewed academic research. Developed with the most rigorous commercial and academic software standards in the industry, the Cardano blockchain is scalable and flexible.
Even though it has lost 44% of its value and market cap in the last month and 64% in the last, Cardano is still in the top 10 rankings of coinmarketcap.
With Cardano (ADA) plans to spread ATM’s as well as debit cards all over Japan, it is a project to watch.
BitTorrent Owner, Tron (TRX) to Develop Custom Token
The owner of BitTorrent, Tron (TRX) has informed the Tron community of work being carried out by the blockchain project to develop a custom token that will drive the BitTorrent network. Justin sun, said that the Tron foundation would be providing users with a clear incentive that would allow them to be part of the new project. This recent announcement implies that BitTorrent users that share file on the bandwidth would be rewarded as per the bandwidth of their contribution.
As project Atlas will be used to connect the P2P network of BitTorrent and Tron (TRX) blockchain network through a series of BitTorrent Protocol extensions.
Aside this development, the crypto verse is also awaiting the release of Odyssey 3.0 (Tron’s mainnet) final code for exchangers that would facilitate the upgrade of wallets and nodes.
MBAEX, the biggest blockchain assets trading platform in South-East Asia will soon be listing Tron. (TRX) is currently worth $0.014474 USD with a trading volume of $75,802,720 over the past 24 hours.
Ethereum (ETH) Needs Not Bow Out
Ethereun (ETH) seems to be on the receiving end of a vicious battering that has seen it lose its 2nd position to Ripple (XRP) and is yet to gain it back. Bitcoin (BTC) as the pioneer changed the way people viewed cryptocurrency when they realized that they were able to use blockchain to keep information anonymous and decentralized.
Ethereum (ETH) came along and revolutionized the way people view blockchain.
It is great to be a vanguard in the world (esp technology) but there is a need to be on the lookout for ways to remain relevant because failure to do this would merely relegate you to the rank of a ‘has been’.
It is clear that Ethereum (ETH) is struggling and needs solutions desperately Vitalik face-saving debates will not hold out for long if the project fails to resolve its scalability issues.
ETH has moved into the green with 2.02% value increase in the last 24 hours of trading.