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Bitcoin mining power demands in Texas could jump 5 times by 2023

As the state of Texas faces a rapid inflow of Bitcoin mining operations, its electrical infrastructure will have to support the industry’s expected 5,000 megawatts of additional power demands by 2023. The Bitcoin mining industry in Texas currently consumes around 500 to 1,000 MW of power. The Electric Reliability Council of Texas (ERCOT) anticipates that demand could increase as much as fivefold by 2023 and has planned an additional 3,000 to 5,000 MW according to reports. This expansion comes amid Texas planning to become the home to 20% of the world’s Bitcoin mining operations. Texas emerged as the go-to destination for Bitcoin miners ever since the Chinese government officially banned Bitcoin mining earlier this year.

The state government has capitalized on China’s clampdown by making Texas a haven for crypto miners who can now enjoy a 10-year tax abatement, sales tax credits, and state-sponsored workforce training. Some Texas residents, however, are concerned that the existing power grid cannot be improved. ERCOT’s management of the state’s electrical grid came under heavy scrutiny in February 2021 when blackouts plagued the region during an extreme cold snap which left about 5 million residents without power for days. There are currently no proposals from the Texas state government to deal with potential issues that may arise from the increase in electrical demand from crypto miners. As suggested by the Texas Standard, miners could be flexible in shutting off their hardware during periods of peak demand or be charged a premium per kilowatt-hour if they want to stay on during peak demand periods.

 

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How the hamster and chimpanzee got luckier than professional traders

The investment world is full of legends and unusual stories. Some of the most interesting cases are the precedents associated with investments in cryptocurrencies and securities by ... animals. For example, the hamster Mr Goxx (the real name of the hamster is Max) was able to make money on digital assets. Its owner designed a special cage with tunnels and a wheel that was connected to special sensors. Firstly, the animal spun the wheel, using a random selection, the system stopped at one of 30 crypto coins. When Mr Goxx found himself in the right tunnel, the currency was sold, but if he ran to the left, the tokens were bought in the amount of 20 euros. Since June 12, the hamster has increased its portfolio by 98.2 euros, which is 25% of the starting investment of 390 euros. However, yesterday the owner of the hamster posted on Reddit that Mr Goxx died last Monday. “Mr. Goxx has brought joy to people all across the globe and reminded us not to take life too seriously. He shed light into dark moments of pandemic, inflation and many kinds of trouble. Thank you and rest in peace, Max. You will be missed, and your memory will live forever on the blockchain,” wrote the owner of the animal.

Another unusual case was the appearance on the stock market of a six-year chimpanzee named Raven. Almost 20 years ago, he managed to collect a portfolio of stocks, just throwing a ball at the target. Despite the seeming absurdity of this approach, the profitability of the shares of the IT companies selected by the monkey amounted to 365.4%. Raven has overtaken 10 thousand American funds and became the most successful chimpanzee on Wall Street according to the Guinness Book of Records. “As Raven did not have prior knowledge of how any particular Internet related companies have been performing, we took his ten picks and dated the prices back to the beginning of the year to provide easier year-to-date comparisons with the more traditional market indexes such as Standard & Poor's 500," stated Roland Perry, editor of Internet Stock Review. In the long run, however, the chimpanzee went bankrupt. Today, securities chosen by the animal are worth nothing. Do you think this is an accident, artificial hype or a pattern?
Why do animals manage to outplay professional traders?

 

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Glassnode does not believe in the correction continuation of bitcoin

Experts at Glassnode consider it unlikely that the November correction of the first cryptocurrency will continue, given the significant share of "profitable" coins and the balanced market position of crypto derivatives. The most serious pullback in 2021 was recorded in May-July, when the price of BTC fell by 54% from the maximum. In September, the decline was 37%. The amount of open positions on BTC options during the last two months of autumn varied in the $12 billion - $14 billion fork before falling to $10 billion after expiration at the end of November. The experts pointed out that the funding rates for perpetual contracts indicate a certain superiority of long positions. This level declined along with the fall in value, which indicates more cautious traders' sentiments.

Along with the correction, the number of open shorts could have increased, which, against the background of high leverage, does not cancel the cancellation of positions in both directions. In addition, experts pointed to the dominance of CME in the BTC futures market. With reference to open interest, the exchange's market share increased from 10% in September to the current 19.3%. Glassnode analysts recently concluded that long-term investors have adjusted the outflow of funds from their wallets and are accumulating BTC. Experts argued that the stocks of bitcoins with such investors have reached a multi-year high. Earlier, the CEO of SkyBridge Capital Anthony Scaramucci considered the latest correction of the main cryptocurrency "an opportunity to buy." He expressed the view that digital currencies have significant potential for further growth. Do you think now is a good time to buy bitcoin?

 

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Cryptocurrency market is in the red after a major investor's reduction of positions in bitcoins by $500 million

Last weekend, an unnamed trading company liquidated its positions in BTC worth $0.5 billion. The media note that this was a prerequisite for "aggressive" liquidations in the crypto derivatives market for $1.3 billion in a fork from $42,000 to $51,000. “Everyone has had a good year, and with this player coming from traditional finance, they have their eye on the macro environment which currently looks shaky,” explained Aya Kantorovich, CEO of bitcoin exchange FalconX. At the same time, the expert believes that the interest of investors in the market with a focus on the long term remains.

Another piece of news that turned out to be negative for all players in the digital asset market was the attack on BitMart. Representatives of the company announced the hacking of Ethereum and Binance Smart Chain hot crypto wallets. “We have identified a massive security breach involving one of the hot ETH wallets and one of the hot BSC wallets. We are currently trying to identify possible hacking methods. Hackers managed to withdraw assets worth about $150 million "- wrote the CEO of the exchange Sheldon Xia. According to him, the attack became possible due to the theft of the private key, as a result of which both wallets were compromised. The rest of the assets on the exchange are safe.

Xia announced the company's readiness to compensate for the losses suffered by the clients of the platform. BitMart also promised that users will gradually be able to deposit and withdraw their crypto assets from December 7. As of December 6, according to Coinmarketcap, the price of bitcoin is around $47,000. However, the market decline does not prevent some analysts from voicing positive forecasts for the market movement. Trader Michael van de Poppe expects bitcoin to hit $69,000 by the end of this year. The analyst is confident that BTC continues to move in a bullish trend, despite the recent decline. Do you think the trader's forecast will come true? And when can we expect a recovery in the cryptocurrency market?

 

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DOGE: unique story of the appearance and Elon Musk’s attention

How dogecoin transformed from a joke meme to one of the popular crypto assets December 8, 2013 is considered the launch day of one of the most controversial and attention-grabbing crypto coins community. Dogecoin is a prime example of how a meme, a joke, turned into an investment asset. Programmer Billy Marcus did not conceive of DOGE as a serious project. According to him, it took the programmer about three hours to make a parody of the rapidly growing digital currencies.

A meme popular in 2013 was chosen as the symbol of Dogecoin - a Shiba Inu dog named Kabosu with funny facial expressions. The slogan of the new crypto-coin was the phrase: "the digital currency preferred by the Shiba Inu around the world." Technically, DOGE is also very simple - unlike BTC or ETH, which are well-developed infrastructure and have serious functionality. However, after some retailers, medical and sports companies began to accept the meme cryptocurrency, it acquired the features of a real means of payment. Analysts believe that the development of the Dogecoin project is based on the popularity of the token among celebrities on social networks. One of them is Elon Musk, who has mentioned DOGE more than once.

In October of this year, the businessman wrote on Twitter that he supports the coin, as he considers it to be a "people's cryptocurrency." The entrepreneur, according to him, before supporting the token, spoke with Tesla and SpaceX employees, and many of them turned out to be the owners of Dogecoin. Trader Justin Bennett also expressed the opinion that the value of the token could grow by more than 1000%. “DOGE does what it does best. The last two breakouts have resulted in gains of 1000% or more. The latest round of consolidation lasted 3 times longer than the period leading up to the April 1,200 percent breakout,” Bennett said.

Another feature of DOGE is its high volatility, which attracts investors who are ready for the risk and instant market reversals. The spirit of adventurism, rebellion against the conservative financial system, and the meme subculture also influence the popularity of the token. As of the beginning of this December, the price of the meme cryptocurrency has dropped by almost 19% over the past week, reaching $0.17. Due to the volatility, DOGE was ranked 11th among the most popular tokens. However, this situation does not scare those players in the community. Dogecoin has every chance of breaking its own price records in 2022.

 

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Will metaverse altcoins go mega popular in 2022?

Analyst Nicholas Merten believes that the most attractive tokens in 2022 will be altcoins from the realm of the metaverse. The expert pointed to the Metaverse Index, which has shown higher returns in recent months than ETH. According to the analyst, investing in the Metaverse Index is a great way to reach the entire metaverse realm. “We’ve seen here that overall, the metaverse is one of the few key sectors that’s actually continuously, over the past couple months or really the last second half of the year, outpacing Ethereum. That’s the kind of stuff that I want to look for as an investor. That’s the kind of stuff I want to buy into on a discount, and we can see that every time we get nice pullbacks here, we build the base, we start moving higher,” said the trader. As of December 13, the MVI token is at $234. In addition, its market capitalization reached $47 million, according to CoinGecko. For 3 months the price of MVI has grown by almost 170%.

Merten is also confident that high profits next year can be guaranteed by DeFi and NFT. Earlier, another analyst Austin Arnold voiced his opinion on the most promising tokens from the metaverse sphere. He believes that GAIA, THETA and ATLAS will be able to demonstrate significant growth in the near future. The popularity of the fantasy game Gaia Everworld is increasing, the trader noted. Arnold pointed out that Gaia Everworld is supported by, for example, AU21 Capital, Bullperks, EnjinStarter, Polygon. And the Theta Network project, according to the analyst, is becoming an important infrastructure for the creation of the metaverse. Star Atlas continues to grow rapidly, says Arnold. Previously, it exceeded the 100 thousand mark. The trader regards this as a huge achievement for a startup.

Do you think the metaverse altcoin sector is a promising investment? What is the future for it in 2022?

 

[MyinvestBlog.ru]

The amount of 0.4 USD has been deposited to your account. Accounts: U21261157->U28;;;. Memo: API Payment. Withdraw to MYINVESTBLOGER from BTC Mining.. Date: 12:21 14.12.21. Batch: 438065882.

 

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What are the development prospects for the Solana project? Solana Project: Present and Future.

Solana is a crypto coin, which is in 5th place in terms of market capitalization. Following a recent DDoS attack, it has emerged as the leader in network development charts. According to Santiment, SOL has become the leading blockchain in the last month. From November 12 to December 13, Solana's daily GitHub requests rose to 90, overtaking Polkadot with 76 and Cardano with 65. On December 9th, Solana's network slowed down significantly due to a DDoS attack. The developers managed to mitigate the impact without shutting down the network. However, the community was seriously alarmed by the vulnerability of the Solana blockchain. “Solana is ready to take on a DDoS attack again. This attack took advantage of the fundamental design flaws that SOL is responsible for as it sacrifices decentralization and safety for speed, ignoring the consequences of this compromise with Proof of Historу & Turbine», - said the founder CyberCapital Justin Bons. Despite the concerns of the cryptocurrency industry participants about the security of the Solana blockchain, it is one of the most actively growing smart contract networks this year. The network is increasingly being chosen by projects in the field of non-financial tokens and decentralized financing.

For example, Twitch founder Justin Kahn is launching Fractal, an NFT marketplace based on the Solana blockchain. The company has already agreed with gaming studios, which are ready to provide their own non-fungible tokens on the marketplace. Fractal users will be able to purchase assets both directly from platform partners and create their own NFTs. Justin Kahn claims to launch the first NFT marketplace focused on NFT in the gaming industry. "The transition to in-game assets, which are NFTs on the blockchain, will open up real ownership and new levels of interaction in games for players," said the founder of the project. Due to its growing popularity among users, Solana is often compared to Ethereum. Some members of the crypto community consider the crypto coin to be an "ETH killer". But will the project be able to guarantee the safety of its users in the future? Will SOL hold its position as one of the most popular crypto coins in the long run?

 

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Opinion: Half of real estate transactions will use digital assets

According to the renowned real estate agent Ryan Serhant, over the next 5 years, cryptocurrencies will be used in about half of real estate transactions. The TV host for Million Dollar Listing New York said 2021 is likely to see a surge in virtual real estate activity. Companies and individuals are ready to pay hundreds of thousands of dollars in ethereum and other digital coins in order to “stake out” the right to objects. Some people prefer to pay with cryptocurrencies when buying real estate in the real world. "I think we're in a very unique point in time. We'll end up doing, in New York alone, maybe one or two deals this month that are wallet to wallet. And then six or seven deals this month using an intermediary like BitPay,” said Serhant.

The stellar real estate agent believes lending institutions should add cryptoassets to their product line. This will simplify the mortgage lending procedure. “Right now, if I go to an institutional lender, and I want to go get a loan on a home and use their financing, and if I say all my assets are in a mixture of Solana, Ethereum, and Bitcoin, the bank's gonna say, 'Yeah, that's too risky, too volatile, we can't really lend on that, or we'll lend on 25% of it or something,'" added Serhant. According to him, while realtors are deprived of the opportunity to freely sell real estate to any user who has a BTC wallet. The authorities are monitoring compliance with the KYC rules and procedures, which are adopted in order to prevent offenders and members of the US sanctions list from buying real estate in the United States using crypto coins.

“I'm definitely an advocate of safe money. But at the same time, if being able to purchase your cryptocurrency makes purchasing things like homes and everything else, faster, easier, amongst many other reasons, that goes a long way, ”summed up Serhant. It is now legal to buy real estate with digital assets in Switzerland, Singapore, Indonesia and the United States. Such transactions are absolutely legal, provided that the legislation of the state on whose territory the real estate is located is observed. For example, in the United States, the settlement of a transaction is controlled by a notary through an escrow account. He also opens an account at a local crypto exchange, where the buyer transfers funds in the equivalent of the purchase price in US dollars.

The seller can receive money only after the transfer of ownership of the object to the buyer. At the same time, in the United States, the buyer is required to provide proof of the legal origin of the funds. Do you think cryptocurrencies will be able to revolutionize the real estate world and become a full-fledged means of settlement for such transactions?

 

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Trump continues to view bitcoin as a threat to the American and global economy

Former US President Donald Trump is still confident that bitcoin has the potential to destroy the global economy. At the same time, the billionaire supported the initiative of his wife Melania to launch a cryptocurrency project. She previously launched a Solana-based NFT marketplace, as well as her own collection of non-fungible tokens. In a recent interview, Trump noted that he has never been a fan of digital assets. In his opinion, cryptocurrencies can harm both the American and international financial systems. At the same time, the businessman refrained from detailed explanations why he considers investments in these assets dangerous. “I think the currency should be the dollar, so I was never a big fan but it's building up bigger and bigger and nobody's doing anything about it. I want a currency called the dollar, I don't want to have all of these others, ”he said.

During his presidency, Trump stated several times that the United States needs to be careful with digital currencies, especially BTC, since the main mining facilities are located in China. The ex-politician argued that bitcoin should not be used as a payment instrument because of the volatility of this asset, and "its value is taken straight out of thin air." Meanwhile, the CEO of Microstrategy Michael Sailor does not believe that the first crypto-coin can compete with the US dollar. In his opinion, bitcoin is a global reserve asset, and the US dollar is the world currency. The entrepreneur predicted that in the future, BTC will be the best option for protecting against inflation. “There will be volatility, but it seems to me that there is now a general recognition that the world needs an inflationary hedge. If you have bitcoin, don't sell it,” advised the CEO of Microstrategy.

According to Sailor, he has over 17,000 bitcoins in his account. Their total value is approximately $860 million. The CEO of Microstrategy, according to his own words, has never sold his personal savings in the form of BTC. Do you think Michael Saylor's strategy is correct?