There's been a lot of things happening lately with bitcoin and the crypto space besides the recent bit push towards a ATH that was apparently missed and is now selling off as BTC now falls under $69,000 a rather big move in price action which I believe we will see for the next 3 days until we get a more clear picture of election results.
The price action of bitcoin over the last three months in itself have been rather impressive as it's been in a constant upwards swing until today when prices came tumbling back down. So we are seeing a clear accumulation by people with these moves over the last three months.
Russia
In recent news it was said that Russia was going to legalize mining bitcoin in the country. However as of today it's come back that the law passed still provides no clear regulation and really doesn't do anything for bitcoin in the country as there's tons of legal hurdles it still has to go through.
Once again all of this hyped up news turned out to pretty much be nothing. Sure something got signed about bitcoin mining and it actully does nothing. What it does is offers a little oversight as to what's allowed for large industrial mining.
Mining
Mining only continues to get harder for bitcoin.
This is now a new all time high in terms of mining difficulty for bitcoin and what's really crazy is that antminer is set to release a new mining system that uses over 11,000 watts per hour and has roughly 500-800 TH/s which is over double what current large miners of this size do. I'm kind of expecting another large jump in difficulty for mining.
Mining bitcoin has become a game of either you need to produce your own power to make anything profitable or in some cases simply just buying bitcoin now is more profitable then trying to mine it. The profit margins on many of these machines even with a low KW/h contract can be break even of like $15 a day if that. It's wild but also shows us how competitive it now is.
The only real way I think for the every day person to at even think about mining bitcoin is to have the solar power to power whatever rig they are running.
Either that or getting lucky with other miners for other tokens but in there runs the risk of those miners becoming dead weights if they can't min other tokens.
Stripe
Stripe continues to make moves in the crypto sector. Recently the company has now acquired Triangle which is a web3 wallet platform. Stripe has been making a lot of moves in terms of buying up smaller crypto style companies to build out their crypto influence and I think it's going to start paying off here soon.
The other move the recently made was buying Bridge which primarily focuses on Stablecoins and what's really wild is the Triangle founder also previously worked for Stripe.
It really feels like stripe is attempting to build out something rather massive or at least be very well prepared for election results and crypto moves leading into 2025.
Posted Using InLeo Alpha
