Fun

News Feed - 2023-09-12 08:09:02

Gareth Jenkinson12 hours agoBitcoin to hit $100K in 2024? Canaan VP weighs up 2024 halving opportunitiesCanaan vice president Davis Hui believes a supply deficit following the next Bitcoin halving will drive its price past $100,000.3255 Total views9 Total sharesListen to article 0:00NewsJoin us on social networksExecutives from prominent mining and manufacturing firms believe market forces resulting from the fourth Bitcoin halving scheduled in 2024 could force the price of Bitcoin (BTC) past $100,000.


Magazine editor Andrew Fenton spoke to Canaan vice president Davis Hui following a panel discussion at Canaan’s Avalon Bitcoin and Crypto Day (ABCD) in Singapore.


Hui and a panel that included Bitcoin mining ecosystem executives from Singapore, Kazakhstan and the United Arab Emirates all offered BTC price predictions around $100,000 in 2024 resulting from the effects of the latest Bitcoin mining reward halving.


Related: Bitcoin all-time high in 2025? BTC price idea reveals ‘bull run launch’


Hui told Cointelegraph that the supply of Bitcoin would be drastically reduced with the reward halving down to 6.25 BTC per block, while traditional finance institutions are showing increased interest in investing in the sector:“What about BlackRock? They’re holding onto $10 trillion of assets under management. The overall cryptocurrency market cap is $2 trillion — they have five times more than that.”


The Canaan VP said his prediction was heavily influenced by the outcome of a number of Bitcoin exchange-traded fund applications lodged with the United States Securities and Exchange Commission by some of the world’s largest asset managers.“This money will come in, the BTC demand will increase, while the supply has decreased, and the price will increase.”


Hui also noted that it had become difficult for most miners to continue operating in highly competitive market conditions, with all-time hash rates and network difficulties directly eating into miner profitability.


Those who could not cover electricity costs with the Bitcoin mining rewards earned will simply shut off those machines, while those who continue operating will do so with a view of the potential upside ahead of the 2024 halving, he said.


Miners who can upgrade to more efficient and powerful machines are able to maintain better profitability, he said. Hui predicts that mining companies in the U.S. might be particularly hard pressed, given high electricity and administrative costs.


Hui also conceded that Canaan was among the industry companies to have reported a financial loss in the first quarter of 2023, highlighting the impact of a prolonged cryptocurrency bear market.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine: Recursive inscriptions: Bitcoin ‘supercomputer’ and BTC DeFi coming soon# Bitcoin# Adoption# Bitcoin Mining# Bitcoin Halving# CanaanAdd reactionAdd reactionRead moreHow to actually spend your Bitcoin, Explained10 years later, still no Bitcoin ETF — but who cares?Are NFT markets in a death spiral or ready for a resurgence?

News Feed

The IRS Will Now Ask if You Own Crypto in the Most Widely Used US Tax Form
The Internal Revenue Service (IRS) has updated the main form individual U.S. taxpayers use to report their income to include a question about cryptocurrencies. Following the release
Crypto Hackers Gross Over $3 Billion From 125 Hacks so Far This Year
Crypto Hackers Gross Over $3 Billion From 125 Hacks so Far This Year Data from blockchain analytics firm Chainalysis shows that October is “the biggest month in the biggest y
Mad Money’s Jim Cramer Wants Crypto Investors to Bet Against Him — ‘I Have Done This for 42 Years’
Mad Money"s Jim Cramer Wants Crypto Investors to Bet Against Him — "I Have Done This for 42 Years" The host of Mad Money, Jim Cramer, has challenged crypto investors to bet again
Mint Bot Allows Telegram Users to Tip People in Chat Rooms With Any SLP Token
Mint Bot Allows Telegram Users to Tip People in Chat Rooms With Any SLP Token A software developer recently launched a new Simple Ledger Protocol (SLP) tipping bot for Telegram c
Tom Mitchelhill8 hours agoBlackRock’s iShares Bitcoin ETF mysteriously disappears from — then reappears on — DTCC siteBlackRock’s Bitcoin ETF listing staged a sudden reappearance on the DTCC’s website after dis
Ripple Assails the SEC, Claims the $1.3 billion Lawsuit is an ‘Attack on the Entire Crypto Industry Here in the United States’
Ripple Assails the SEC, Claims the $1.3 billion Lawsuit is an "Attack on the Entire Crypto Industry Here in the United States" Ripple has hit back at the U.S. Se
The U.S. Stock Market’s ‘Fear Index’ Is Flashing an Eerie Warning
U.S. stocks are approaching record highs again, but Wall Street"s fear index suggests now is not the time to be complacent. | Image: AP Photo/Richard DrewThe CBOE Volatility Index,
Biggest Movers: QNT Nears 6-Month High, DOGE Extends Recent Gains
Biggest Movers: QNT Nears 6-Month High, DOGE Extends Recent Gains Quant moved close to a six-month high on Saturday, as the token remained in the green for a second consecutive ses
Iran to Permit Use of Cryptocurrencies in International Settlements, Reports Reveal
Iran to Permit Use of Cryptocurrencies in International Settlements, Reports Reveal Authorities in Iran are preparing to allow the employment of cryptocurrencies for international
Amid the Hottest US Inflation in 40 Years, Biden Administration Blames Rising Prices on Shipping Industry
Amid the Hottest US Inflation in 40 Years, Biden Administration Blames Rising Prices on Shipping Industry During the last few months, inflation has risen significantly in the Unite
Unnamed presale address amasses $33M SOL in an hour
Zoltan Vardai10 hours agoUnnamed presale address amasses $33M SOL in an hourThe ambiguous, 24-hour presale promised a bigger allocation for early investors without disclosing any specifics on the project.6812 Total views
Lawsuit Accuses Binance US of Selling Unregistered Securities, False Advertising Terra UST as ‘Safe’
Lawsuit Accuses Binance US of Selling Unregistered Securities, False Advertising Terra UST as "Safe" A class-action lawsuit against Binance US has been filed in California that all