Bitcoin Miner Buys 5,000 ASICs as Network Hash Rate Climbs to New All-Time High

Bitcoin miners now employ almost 70 quintillion hashes per second to maintain the blockchain.

German Bitcoin (BTC) mining company Northern Bitcoin has signed a deal to buy almost 5,000 mining rigs from Bitmain and Canaan Creative, the company confirmed in a press release on July 1.

Northern, which is headquartered in Frankfurt but operates a site in Norway, aims to double its capacity, currently operating with 55 petahashes per second. 

The expansion is part of a long-term scaling plan with a focus on sustainable energy which began last week, officials explained, as the Bitcoin mining industry becomes ever more popular and competitive. 

“The acquisition of the sought-after hardware is a great success for our company,” Moritz F. Jäger, CTO of Northern, commented in the press release. 

“With the doubling of our mining equipment just a few days after the start of our global scaling, we are setting the pace with which we aim to take a leading position in the fast-growing blockchain industry in the coming years.”

The announcement came at the same time as the Bitcoin network’s overall hash rate hit yet another new record. As of Monday, the number had surpassed 69 quintillion hashes per second - as investor Kevin Rooke noted, ten times the number of grains of sand on Earth. 

Northern meanwhile added it would seek to open new sites in future at as yet undisclosed locations. 

Last week also saw U.S. mining operator Plouton Mining announce a new plant in California, set to become North America’s largest solar-powered installation.

As Cointelegraph reported, current estimates consider around 74% of the world’s Bitcoin mining activity to come from sustainable sources.

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Dow Rampages to Triple-Digit Gains with Trump’s ‘New World Order’

Dow Jones futures rocketed 250 points higher on Monday after Donald Trump’s whirlwind weekend of diplomacy. In a matter of days, he eased trade tensions with China, struck a friendly tone with Russia, and became the first sitting US president to step into North Korea. The string of diplomatic meetings led one commentator to christen […]

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Metronome Now Lets Users Move Tokens Between Blockchains

Co-founder Jeff Garzik says the insistence on one currency to one blockchain introduces unnecessary risk for token holders.

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These Are The Cities Googling 'Bitcoin' as Interest Hits 17-Month High

Data from Google Trends ‘search analytics resource reveals that internet googling of ‘bitcoin’ is now at a 17-month high.

Data from Google Trends’ search analytics resource reveals that internet googling of ‘bitcoin’ (BTC) is now at a 17-month high, according to the most recently updated data for June 29.

Internet searches for ‘bitcoin’ worldwide. 1 July 2017-29 June 2019. Source: Google Trends

Amid the coin’s current bull momentum, public interest has ratcheted up to levels last seen on 11-17 February 2018 — a week in which bitcoin swung wildly between around $8,600 and $10,200 in the turbulent weeks that followed its 2017 all-time price highs.

A geographical breakdown of current bitcoin googling indicates that for 7 days running up to June 29, the highest level of internet interest in bitcoin was in São José dos Campos in Brazil, followed by Caxias do Sul, a city in the country’s south. The two Brazilian cities are followed in third place by Benin City in Southern Nigeria. 

Perhaps unsurprisingly, California’s Silicon Valley is also driving much of the interest in bitcoin with Larkspur, San Francisco, Sunnyvale, and San Jose, all in the top ten, respectively. 

With parameters set at a 30-day time frame, we have an altogether different picture of the distribution of interest in the top cryptocurrency — although with some regional trends persisting. 

Here, Lagos in Nigeria comes in top, followed by Munich, Germany and the Austrian capital, Vienna, in third place. Fourth and fifth are Los Angeles in California, and Yonkers in upstate New York — the latter just an hour’s throw from Wall Street by rail.

Comparing the 17-month record with data cited by Cointelegraph a week ago, Google’s data appears to indicate that public attention is swiftly catching up with market momentum: searches in earlier June were approaching a more tempered monthly high.

By press time, bitcoin is trading around $11,000 —  down almost 4% on the day, according to Cointelegraph’s bitcoin price index.

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Tolar Hashnet Mainnet Officially Launched 4.0 Blockchain Revolution Begins

On June 30, Tolar HashNET, an open-source, highly-rated, 4th generation blockchain, has officially launched its mainnet.  Tolar HashNET mainnet is now the best performing blockchains in the world, as the closest competitor with similar features have been demonstrating not more than 10,000 transactions per second.   HashNET is an innovative blockchain – based infrastructure and horizontal enabler for new business […]

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Bitcoin Charts Hint At Price Pullback to Below $10K

With technical charts flashing signs of buyer exhaustion, bitcoin risks falling to levels below $10,000 this week.

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Buying Bitcoin Has Been Profitable 98.2% Of The Days Since Creation

Bitcoin has been profitable as an investment 98.2% of the days since its creation, the latest data shows as of July 1.

Bitcoin (BTC) has been profitable as an investment 98.2% of the days since its creation, data from holdcalc.com as of July 1 indicates.

Counting 3830 days back — to January 4, 2009, one day after the coin’s Genesis Block was hashed  — holdcalc’s data suggests that on 3671 of these, it was profitable to buy bitcoin (BTC) as an investor.

That leaves 69 unprofitable days — which include virtually all days during December 2017, at the apex of bitcoin’s historic bull run to $20,000 — as well as almost all of January 2018.

The most recent cluster of unprofitable days recorded in hodlcalc’s data are during the end of last month — between 25 and 29 June 2019 — when the coin was trading between the $11,170 and $12,907 price points. 

Parallel to holdcalc’s rolling statistics, a cryptocurrency market analysis published by twitter handle CL on June 24 suggests that bitcoin has entered the so-called “stealth phase” of its renewed bull run.

The study opens by noting that the top coin has now crossed both its 50-week and 50-day moving averages, and goes on to analyze bitcoin’s realized value — a metric reportedly first proposed by a Coin Metrics researcher. Realized value, the study outlines, is the weighted UTXO market cap for BTC — i.e. a measure of the value of all coins in circulation at the price they were last transacted.

In addition to bullish technicals, on-chain data such as bitcoin’s hash rate, active wallet addresses and transactions per day are all surpassing all time highs or otherwise close to doing so, the study claims — all of which are metrics that numerous cited studies have purportedly been shown to have a positive correlation with price performance.

To argue the case that the coin is now in its stealth phase, the analysts provide a chart showing the logarithmic growth of bitcoin’s price and public interest — comparing BTC:USD data with Google Trends results for “bitcoin.” 

“Logarithmic growth of bitcoin price and its public interest.” Source: CL shared via twitter

The study argues that the public has, by and large, failed to take stock of the current price ascent, given that there are as many “google searches for "Bitcoin" today at over $10,000 as in 2013 when Bitcoin was only at $1,000.” 

As reported earlier, crypto twitter investor and strategist CryptoKea has today argued — against the bull run narrative — that bitcoin’s most likely retracement range is $6,600-$8,000, while others have proposed more moderate estimates of circa $9,5000.  

To press time, bitcoin is circling the $11,000 mark, down just over 6% on the day, according to Cointelegraph’s bitcoin price index.

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