Fun

News Feed - 2023-08-29 06:08:56

Ray Salmond2 hours agoBitcoin may hit $100K by capturing ‘even 2 to 5% of gold’s market cap’ — Hut 8 VP Sue EnnisNew developments in the Bitcoin mining space have Hut 8 vice president Sue Ennis convinced that well-positioned miners will thrive after the next BTC halving.2517 Total views65 Total sharesListen to article 0:00Markets NewsJoin us on social networksThe next Bitcoin halving event is less than nine months away, and the consensus opinion among analysts and investors is that the halving will send Bitcoin’s price to a new all-time high or even above $100,000. 


Despite this belief, the absence of fresh inflow to the crypto market, the current macroeconomic headwinds and Bitcoin’s (BTC) recent price action below $30,000 do not inspire much confidence in this theory in the short term.


In a recent interview with Paul Barron, Hut 8 vice president Sue Ennis shared her thoughts on how the Bitcoin price will rise above $100,000 in the next year and how the upcoming halving will impact BTC miners. Hut 8 currently has a balance of 9,152 BTC in reserve, of which 8,305 is unencumbered. The company’s installed ASIC hash rate capacity sits at 2.6 exahashes per second, and Hut 8 mined 44.6 BTC in July.


In the interview, Barron inquired whether rising Bitcoin difficulty for miners could induce a fresh wave of sell pressure against BTC. Citing data from Hashrate Index, Barron observed that spikes in Bitcoin difficulty were followed by drops in BTC’s price.Bitcoin price, difficulty and difficulty adjustment. Source: Hashrate Index


Barron questioned if miners were selling Bitcoin as a result of the upcoming halving creating a need for more efficient ASICs and whether BTC’s pre- and post-halving price action would not be as bullish as investors expected.


According to Ennis:“There’s a lot of really unprecedented dynamics that are happening now in the mining space. [...] What’s interesting is hash rate continues to come online despite Bitcoin price trading in a certain band. [...] We’re still seeing hash rate increase.”


Ennis elaborated with:“What’s changed now is that we’re seeing Bitcoin price come down a little, but hash rate continues to go up. [...] I think what’s really exciting and different is we’re seeing a tremendous amount of new entrants into the global Bitcoin network.”


Ennis referenced six gigawatts of nuclear and renewable energy being generated in the Middle East, and with the region"s governments exploring Bitcoin mining as an option, more hash rate is coming online in a way that is somewhat price agnostic. This is drastically different from how publicly traded United States-based and more forward-facing miners operate.


In order to stay afloat after the halving, Ennis suggested that miners need to be in a position to avoid being “single-threaded,” i.e., they need more than one way of earning revenue beyond just mining Bitcoin.


Revenue diversification would include exploring various artificial intelligence (AI) applications, dedicating some warehouse rack space to GPUs for companies specializing in AI training and possibly offering industrial-level ASIC repair services — or even participating in demand-response initiatives with large energy producers and distributors.


Related:September ‘crash’ to $22K? — 5 things to know in Bitcoin this weekHigher prices are programmed thanks to the halving and eventual BTC ETF


Crypto investors have waited years for the launch of a spot Bitcoin exchange-traded fund (ETF), and even with the recent influx of applications, an approval by the U.S. Securities and Exchange Commission remains elusive.


Despite the history of delays and denials, Ennis said that a “spot ETF coming to market, that’s incredibly bullish for the asset class,” but she also cautioned that an approval could create sell pressure on miner equities given that mining stocks have often been used as a proxy investment to Bitcoin.


Regarding the percentage chance of a spot Bitcoin ETF approval by the end of 2023, Ennis said:“Definitely better than 50. The real reason for my opinion on that is that BlackRock threw its hat in the ring, BlackRock being powerful and the largest asset manager in the world. For them to throw their hat in the ring and say this is what we want and the amount of clout they’ve had in markets in past initiatives has been tremendous. So I think for them to make this call, that is a real bullish signal.”


Regarding a potential target for the Bitcoin price, Ennis said:“I definitely do think we could see in this next cycle $100,000 cost per Bitcoin, and that’s based on if BTC were to capture even 2 to 5% of gold’s $13 trillion place in institutional portfolios. If Bitcoin were able to capture even 2 to 3% of gold’s market cap, that would be incredibly accretive to the price and push it north of $100,000.”


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# UAE# Bitcoin Price# ETF# Bitcoin Regulation# Adoption# Bitcoin Mining# Markets# ASIC# Halving# Bitcoin Halving# South America# GPU# Renewable EnergyAdd reactionAdd reactionRead moreWhat is profit and loss (PnL) and how to calculate it5 real-world Python applications The bright side of Evergrande’s collapse? More crypto volatility

News Feed

Hashdex files S-1 for ETF to hold Bitcoin, Ether and potentially others
Brayden Lindrea9 hours agoHashdex files S-1 for ETF to hold Bitcoin, Ether and potentially othersThe Hashdex Nasdaq Crypto Index US ETF could see other cryptocurrencies added down the track, subject to all the necessary
Bitget Takes on World Cup 2022 with Messi to Inject Confidence in Social Trading
Bitget Takes on World Cup 2022 with Messi to Inject Confidence in Social Trading sponsored The leading exchange expands the team globally as Messi leads Argentina to the round of 16
84 PBOC Digital Currency Patents Show the Extent of China’s Digital Yuan
84 PBOC Digital Currency Patents Show the Extent of China"s Digital Yuan The People’s Bank of China (PBOC) has reportedly filed 84 patents relating to its plans to launch a
How to Watch Mark Zuckerberg’s Grilling in Congress Today
Facebook CEO and founder Mark Zuckerberg will be facing a grilling from lawmakers in Congress at 14:00 UTC (10 a.m. local time) today. In his testimony before the House of Represent
Savannah Fortis5 hours agoMetaMask briefly pulled from App Store, British MPs argue for caution with NFT copyright infringement: Nifty Newsletter, Oct. 11–Oct. 17Decentraland Foundation executive director Yemel Jardis
Metaverse Tokens See Triple-Digit 7 Day Gains, Crypto Market Cap Inches Toward $3 Trillion
Metaverse Tokens See Triple-Digit 7 Day Gains, Crypto Market Cap Inches Toward $3 Trillion While bitcoin has been consolidating for a few days now, a number of other digital assets
BlackRock's BUIDL becomes the world’s largest tokenized treasury fund
Brayden Lindrea21 minutes agoBlackRock"s BUIDL becomes the world’s largest tokenized treasury fundIt took less than six weeks for the BlackRock USD Institutional Digital Liquidity Fund to surpass Franklin Templeton’s
Warner Bros. to Launch Hybrid Physical and Digital DC Comics-Themed NFT Trading Cards
Warner Bros. to Launch Hybrid Physical and Digital DC Comics-Themed NFT Trading Cards The multinational mass media and entertainment conglomerate Warner Bros. has announced the fir
Former Goldman Sachs Analyst: ‘The 1% is Dumping Stocks’
The S&P 500 (SPX) is trading close to all-time highs. The Dow Jones Industrial Average (DJI) is in the same boat as it is a few points away from a new record. The market is climbing despite global instabilities such
Binance Wallet announces support for Bitcoin Atomical ARC-20 assets
Zhiyuan Sun4 hours agoBinance Wallet announces support for Bitcoin Atomical ARC-20 assetsThe Atomicals protocol provides a transparent, secure record of ownership and history for Bitcoin NFTs.1217 Total views2 Total shar
FBI Warns About Decentralized Finance Exploits and the Losses Associated With Them
FBI Warns About Decentralized Finance Exploits and the Losses Associated With Them The United States Federal Bureau of Investigation (FBI) has issued a public service announcement
Tesla investors sue Elon Musk for diverting resources, talent to xAI
Jesse Coghlan4 hours agoTesla investors sue Elon Musk for diverting resources, talent to xAIShareholders accused Tesla boss Elon Musk of “brazen disloyalty” with his xAI startup that created “billions in AI-related