Retailers in Bali are being forced to stop accepting bitcoin at their shops and restaurants. The actions of governments and regulatory authorities in Asia have been a hot topic in the cryptocurrency space over the last few weeks. The recent crash is widely seen as being driven by reports that the South Korean government indicating… View Article
With the overall market capitalization of cryptocurrencies gradually trending towards $1 trillion, increasing from just under $20 billion at the start of 2017 to over $700 billion at the beginning of the current year, it’s simply a good time to invest in the revolutionary technology called blockchain. Last year alone, bitcoin, the pioneer cryptocurrency, which introduced the blockchain technology too, rose from the $1000 region at the beginning of the year to over $19,000 at a point during the year.
Over the past month, or so, cryptocurrencies including ethereum, litecoin and ripple have enjoyed impressive rallies too. With governments and financial institutions around the world exploring the possibilities of issuing some form of cryptocurrency to benefit from the improved efficiency that blockchain powered money brings to the digital world, it’s safe to say that cryptocurrencies are here for the long haul and they’re likely to change the way we use money. The case for investing in blockchain and cryptocurrencies has never been stronger. The problem, however, is that the cryptocurrency market is plagued with instability and many useless coins, making it difficult for long-term investors to find a good entry points. Moreover, at present, partly because it’s still early days, it’s currently difficult to determine what a fair value is for cryptocurrencies. So this leaves the question of how to, genuinely, benefit from the blockchain and cryptocurrency revolution over the long term.
One effective way is to invest in cryptocurrency mining, the process that generates new cryptocurrencies. Many of the major cryptocurrencies including bitcoin, ethereum and litecoin depend on mining to function.
What miners do and why they’re important
Mining cryptocurrencies simply has to do with the process of verifying cryptocurrency transactions and adding them to the public ledger. Recall that crypto transactions are peer-to-peer, which means there are no intermediaries. In order to maintain the integrity of the system and avoid double spending, which had been one of the things that the traditional banks do, miners serve as witnesses to transactions. To verify transactions, miners use a computer or group of computers to solve a mathematical puzzle, called cryptographic function and they are rewarded with freshly generated cryptocurrency – the part that’s actually the mining. Miners can either sell the cryptocurrency rewards for fiat money on exchanges or keep them as an investment to bet on an increase in the value of the cryptocurrency. Just to point it out, it’s the process of mining described here that leads to an increase in the number of cryptocurrencies in circulation.
Is cryptocurrency mining profitable?
In a similar fashion to the saying that “not all cryptocurrencies are created equal,” all cryptocurrencies aren’t equally profitable. Cryptocurrency mining is designed to increase in difficulty as the number of miners of a particular cryptocurrency increases and the number that cryptocurrency in circulation increases. Consequentially, the cost of mining a cryptocurrency tends to increase as the usage of that cryptocurrency increases. So there’s simply no one formula to determine if cryptocurrency mining is profitable on an overall basis. Like all businesses, it would depend on the set up — like how much computational power is allocated to the mining of the cryptocurrencies of interest and the energy tariffs at the mining site. On a general basis, setting up a mining operation that is profitable depends on the ability of the owners to identify areas where energy costs are relatively lower and the cryptocurrencies that offer lower costs on a relative basis so they can assign them more computing power just to optimize operations.
Specific cryptocurrencies like bitcoin and ethereum have been said to be profitable for miners. For instance, bitcoin miners in China reportedly break even at $6,925 per bitcoin when energy cost in China is at its highest, according to Bloomberg New Energy Finance. With bitcoin hovering around the $14,000 mark, this means that bitcoin miners in China potentially making about 100 percent profit.
In addition, a calculation on the website Ethereumin suggests that, with a Geass ASIC setup, which cost about $2,289 with the capability to provide 200 MH/s (mega hashes per second) in hash rate, your profit could be 18.215 ETH in a year. With this sort of profit margin, it’s safe to say that a properly set up mining business should be profitable over the long haul.
How to Invest In Cryptocurrency Mining
There are mainly two ways to invest in the cryptocurrency mining business. You can setup either your own mining operation or investing in a mining business. If you have the technical expertise and time to start your own mining rig, as it’s commonly called, it could be profitable. However, for most people, the best option would be to invest in a mining business and one of the easiest options is to buy tokens during the ICO of a cryptocurrency mining company.
MoonLite is one of such companies. The MoonLite project is an industrial scale cryptocurrency mining operation focusing on the mining of all forms of bitcoin, litecoin and dash.
Cryptocurrency mining operations have been under pressure in recent times for the amount of energy they consume. In fact, Power Compare, a U.K. energy tariffs comparison platform cited Digiconomist, a cryptocurrency power usage tracking website, to suggest that bitcoin mining operations now account for approximately 0.13 percent of the total global electricity consumption. Going by that number, if bitcoin miners were a country, they would be the 61st largest consumer of electricity in the world. While some researchers have argued that Digiconomist’s data has a few layers of error in it, there’s no denying that bitcoin mining consumes a considerable amount of energy — just like any set up of computers doing high-level computation.
These consumption issues have started making governments around the world look into crypto mining operations. In the end, only cryptocurrency mining projects built to be efficient in terms of energy would win. That’s one thing to like about the Moonlite project.
Moonlite is building its first datacenter in Iceland, which is the unofficial capital of the world datacenter due to its inherent need for more heat energy that datacenters could offer. Moonlite datacenter will be running at roughly 14.6MW with 100 percent of the power coming from green sources. The mining company has been able to lock down a 12-year fixed and guaranteed energy cost with the Icelandic Power Producer at a huge discount to the local energy cost. It’s worthy to note that Iceland already has one of the cheapest energy tariffs in the world.
MoonLite plans to start its ICO on February 28 although it’s currently offering a presale, which will end before the start of the main ICO. Another unique thing about the MoonLite ICO, unlike many ICOs, is that the MoonLite tokens confer voting rights on all of the company’s financial, HR and branding affairs through Secure.Vote. That offers an extra layer of security and transparency that’s often missing in the ICO market.
To bring it all together, in world that’s filled with over a thousand cryptocurrencies from which one is to decide which ones are worth an investment, it might help to look in the direction of companies like MoonLite who help bring cryptocurrencies to the market.
The post MoonLite Is Giving Investors A Chance To Get Started In Cryptocurrency Mining appeared first on NewsBTC.
We are closing in on the end of the European session in the bitcoin space on Friday and the end of the week is fast approaching. This has been something of a rough week for many bitcoin traders and holders, with price maintaining a pretty substantial downside trend throughout the majority of the major sessions and only temporarily recovering from said trend on the odd occasion.
As far as executing on our intraday strategy is concerned, however, things haven’t been too bad.
All we really look for is volatility and so it doesn’t really matter that price had been declining so long as the decline brings with it breaks of key levels and subsequent sustained momentum beyond the initial break.
As we move into the session this evening, then, that’s exactly what is on our wish list. We want sustained momentum, volatility, and, only as a final addition to the list, some degree of upside reevaluation heading into the weekend.
So, with all that said, let’s get some levels in place that we can use to take advantage of this type of action as and when it plays out. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand and where we are looking to jump in and out of the markets when we get the signals we are looking for.
The chart is a one-minute candlestick chart and it has our primary range overlaid in green.
As illustrated, the range we are using for tonight’s session is defined by support to the downside at 13768 and resistance to the upside at 13895.
If we see price close above resistance, we will enter long towards 14000. Conversely, a close below support will signal a short entry towards a downside target of 13250.
Charts courtesy of Trading View
The post Bitcoin Price Watch; Key Levels Heading Into The Weekend appeared first on NewsBTC.
It is Friday morning and it’s time to take the penultimate of our final two looks at what happened in the bitcoin price across the last 24 hours or so and how we expect things to move near 10 in an attempt to piece together a strategy that we can use to draw a profit… View Article
We are closing in on the end of the week and things are particularly bleak right now in the cryptocurrency space as a whole. We noted last night that it looked as though price was finally staging something of a recovery and, with regards to the bitcoin price in particular, we saw the reaching and subsequent breaking of a number of key resistance levels which we felt might be able to hold as support.
As it turned out, we were wrong.
Price did break a couple of key resistance levels but has since fallen back through these levels to collapse towards current levels in and around $13,000 apiece – considerably off end of the year highs from back in 2017.
Where things go from here is anybody’s guess.
We are going to reiterate something of a bullish bias, based on the fact that – at current levels – bitcoin looks cheap as to recent pricing. In turn, this should serve to attract some value seeking capital and, by proxy, push price back to the upside.
This is speculative, of course, and we have to be ready for whatever happens.
So, as we move into the session today, let’s try and get some levels in place that we can use moving forward. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand. The chart is a one-minute candlestick chart and it has our primary range overlaid in green.
As the chart shows, then, the range we are looking at for the session today comes in as defined by support to the downside at 13258 and resistance to the upside at 13378.
We will look for a close above resistance to validate an upside entry towards a target of 13480. Conversely, a close below support will have us in short towards 13160.
Charts courtesy of Trading View
The post Bitcoin Price Watch; Here’s Where We’re Looking This Morning appeared first on NewsBTC.
We are closing in on the end of the week and things are particularly bleak right now in the cryptocurrency space as a whole. We noted last night that it looked as though price was finally staging something of a recovery and, with regards to the bitcoin price in particular, we saw the reaching and… View Article
We are closing in on the end of the European session and it’s time to take the second of our twice daily looks at what happened in the bitcoin price today in an attempt to figure out if there’s any way we can use the action we’ve seen to put together a strategy for tonight’s trading.
And it seems as though we can.
Finally, during the session today, we’ve seen something of a reprieve in sentiment and the markets are starting to turn around. It’s taken a little longer than we’d hoped but that’s not important right now – what is important is that price is able to hold onto its recovery driven gains and find key support as it returns towards highs.
And with our intraday strategy, we’re hoping to take advantage of each of these major support levels as and when they come into play.
So, with this noted, let’s get some levels in place that we can use for the session going forward.
As ever, take a quick look at the chart below before we get started so as to get an idea where things stand. The chart is a one-minute candlestick chart and it’s got our primary range overlaid in green.
As the chart shows, the range that we are looking to use for the session this evening comes in as defined by support to the downside at 14603 and resistance to the upside at 14699. We’re going to stick with our breakout strategy for the time being, meaning we’ll be looking to enter a long position if we see price close above resistance. On this one, we’ll target 14800 to the upside and a stop at 14650 will define risk.
Looking the other way, if price closes below support, we’ll enter short towards a downside target of 14500.
Let’s see how things play out.
Charts courtesy of Trading View
As global interest in bitcoin, Litecoin and other cryptocurrencies continues to rise, the infrastructure that underpins the space is having to expand. Exchanges are dealing with tens of thousands of new account openings daily, transaction counts are up dramatically and price, the bellwether for the general health of the cryptocurrency sector, is up pretty much across the board for the top ten coins.
One side of the industry that’s not getting as much attention as it perhaps ought to, is mining. Mining is necessary to process transactions – it’s essentially the lifeblood of the cryptocurrency space – but growth and progress in this arena haven’t been as prolific as it has in others.
This has created an opportunity for an early mover willing to step in and fill the gap.
And a company that’s doing just that is Moonlite.
Moonlite is a cryptocurrency mining company that’s about to set up the first of a number of planned cryptocurrency mining operations. The company’s initial project is located in Iceland (more on this in a moment) and it is set to start mining a spectrum of the major cryptocurrencies (starting with bitcoin and Litecoin before expanding to include Dash) before the end of this year.
So, why Iceland?
Iceland is a top location for cryptocurrency mining operations for a number of reasons. First, it’s very cold. This negates the necessity for the expensive cooling equipment that’s required to maintain a stable thermal environment in mining centers in other regions. Second, electricity is incredibly cheap in Iceland – in fact, it’s some of the cheapest (if not the cheapest) electricity in the world. This maximizes the income generated from the cryptocurrency that’s mined. Additionally, all the electricity derives from renewable sources – wind, hydro and geothermal. Third, Iceland is one of the most highly educated nations in the world, with a 100% literacy rate and a very technically savvy workforce.
What does all this mean to an investor?
The company is currently conducting a token pre-sale that offers a between 100-300% bonus on tokens purchased during phase 1 of the pre-sale. Beyond the pre-sale, a full token sale will kick off at the end of February and is set to close on March 15, 2018.
There are a few reasons why an investor might want to pick up tokens.
First, as this company expands its mining operations in line with its roadmap, the assumption is that the value of the tokens will increase organically. In this sense, then, the tokens are a store of value for anyone that picks them up at pre-listing rates.
Outside of this organic revaluation, however, the company intends to share profits with its token holders by way of a buyback scheme. Basically, 35% of profits will be used to buy back tokens and these tokens will subsequently be burnt (meaning they will be removed from circulating supply).
When tokens are burnt, the market capitalization of the company (so, in other words, the total valuation of Moonlite) will be spread across a smaller number of outstanding tokens, which will have the effect of driving up the value of the tokens that remain in circulation.
And it’s not just a smart business model
There’s a very strong team behind this company, with both its day to day management and board of advisors having vast amounts of experience in the cryptocurrency sector across a range of different niches within the space. Anyone looking to pick up a bit more detail on who’s at the helm can do so here.
So what’s next?
As mentioned, the pre-sale is underway, so anyone looking to gain an early exposure (and to benefit from the bonus tokens) can do so here. Beyond that, the primary ICO will kick off at the end of February and close around six weeks later.
Participants can pick up tokens using traditional payment methods (Visa, MasterCard) as well as with six of the leading cryptocurrencies.
From an operational perspective, Moonlite expects to officially open its first Data Center on August 1, 2018.
Check out the white paper here.
The post Moonlite Is Offering Investors A Slice Of The Bitcoin Mining Pie appeared first on NewsBTC.
We are about to kick off a fresh session of trading in the bitcoin price and, unfortunately, we are starting the day on something of a low. That is, a low from a price perspective as opposed to anything else, but a low nonetheless. Action overnight was a little bit up and down but ultimately… View Article
We are about to kick off a fresh session of trading in the bitcoin price and, unfortunately, we are starting the day on something of a low. That is, a low from a price perspective as opposed to anything else, but a low nonetheless. Action overnight was a little bit up and down but ultimately price moved into a period of sustained weakness early this morning and it doesn’t look as though markets are going to see any reprieve – at least near term.
Exactly how things will play out longer-term remains to be seen but, for now, or we can do is keep an eye out for any intraday volatility and try and play things as we see them.
So, with this in mind, let’s get down to the nitty-gritty.
As ever, take a quick look at the chart below before we get started so as to get an idea where things stand. The chart is a one-minute candlestick chart and it has our primary range overlaid in green.
As the chart shows, the range we are looking at for the session today comes in as defined by support to the downside at 14437 and resistance to the upside at 14745. We will initially look out for a close above resistance to signal an upside entry. On this position, a target somewhere in the region of 14850 looks reasonable, while a stop loss in and around 14720 works well from a risk management perspective and will take us out of the trade if things turn against us.
Looking the way, the trade is effectively a mirror image of that outlined above. So, specifically, we will enter short on a close below support towards an immediate downside target of 14350. A stop loss on the trade at 14458 keeps our risk tight on the position.
Let’s see how things play out.
Charts courtesy of Trading View