Bloombergs latest crypto outlook report spoke about Bitcoin in a rather optimistic tone.

Mike McGlone, the Senior commodity strategist at Bloomberg Intelligence, believes that the remainder of this year will see Bitcoin rally and outperform most major assets.

Talking in the context of commodities, which he believes is the lone major asset class to rally in the first half of 2022, McGlone implied that Bitcoin may have reached its bottom, seeing as commodities have peaked.

When the ebbing economic tide turns, we see the propensity resuming for Bitcoin, Ethereum, and the Bloomberg Galaxy Crypto Index to outperform most major assets McGlone added.

The strategist further cited the interest rate hikes by central banks around the world, explaining that this move would push people towards Bitcoin as a risk-off asset, much like gold and U.S. treasuries.

The interest rate hikes paired with the plunging global money supply are putting downward pressure on assets like commodities and tech stocks

Speaking on historical data, McGlone stated that October has been the best month for Bitcoin since as far back as 2014, averaging gains of about 20%.

A quick look at the BTC/USD chart reveals that the month of October has indeed been bullish for the benchmark crypto since 2014, with the majority of the candles on the 1-month timeframe being green.

According to McGlone, Bitcoin is currently demonstrating its lowest-ever volatility against the Bloomberg Commodity Index.

The final quarter of 2022 may see Bitcoin performing well given the peak in commodity prices.

Data published by Kaiko research stated that as per macro trends, Bitcoins correlation with gold is currently the highest it has been in a year.

There are multiple reasons for this correlation. The first one is the strengthening of the U.S. dollar thanks to repeated interest rate hikes, which has only brought BTC and gold closer.

Furthermore, in the face of the Russian-Ukrainian conflict, gold has failed to act as a safe-haven asset which investors rely on to preserve capital in times of economic unrest.

Given the high correlation between BTC and gold, the top crypto is now being seen as an alternative. At the time of writing, Bitcoin was trading at $20,093, up 1.08% from 5 October.

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We see propensity resuming for Bitcoin- Heres why this analyst is bullish - AMBCrypto News

Although cryptocurrencies do not have the status of legal cash in Namibia, the countrys central bank, the Bank of Namibia (BON), has announced that it has now included virtual assets (VA) and virtual assets service providers (VASP) under its Fintech Innovations Regulatory Framework in a phased approach, through its innovation hub.

The BON also highlighted in a statement issues towards the end of September that, although digital currencies such as Bitcoin (BTC) are still not legally recognized, retailers and dealers may take money in this form if they are willing to participate in such an exchange or trade.

Notably, the central bank said that it is contemplating making changes to applicable laws and regulations diligently in consultation with other relevant authorities.

The banks new stance on digital currencies seems to indicate that the BON is warming up to cryptocurrencies. The central bank has previously said:

It did not recognise, support and recommend the possession, utilisation and trading of cryptocurrencies by members of the public. The bank also warned Namibians there would be no legal recourse in the event they lost money.

In the announcement, Governor Johannes Gawaxab of the BON, who has been known to be sceptical of cryptocurrencies in the past, is reported as conceding that the future of money has reached a crucial juncture. He went on to explain:

The future of money is at an inflection point. The battle between regulated and unregulated money on the one hand, and sovereign versus non-sovereign money on the other.

Nonetheless, Gawaxab argues that central bank digital currencies (CBDCs) provide something that privately issued or developed digital currencies cannot. Nonetheless, the BON governor stressed that his institution, which is likewise examining and analyzing the viability of launching a CBDC, would not hurry into it.

If CBDCs are explored and implemented with due care and caution, they could hold immense potential benefit for a more stable, safer, more widely available, and less expensive means of payment than private forms of digital money, said Gawaxab.

The BON also shared that it will be releasing a CBDC consultation document in the month of October.

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Namibia's central bank says Bitcoin can be accepted as payment - Finbold - Finance in Bold

One location of a leading fast-food restaurant company has begun accepting Bitcoin for payments inside the store. Here are the details.

What Happened: A McDonalds Inc MCD location in the town of Lugano, Switzerland now accepts Bitcoin BTC/USD as a payment option. The news comes as the crypto community has rallied for years for the restaurant company to accept cryptocurrency such asDogecoin DOGE/USD at all locations.

A video shared by Bitcoin Magazine has more than430,000 views on Twitter showing a customer paying with Bitcoin at a location in Lugano, whichhasa population of around 60,000.

The video shows a customer ordering via a kiosk, getting a printout receiptand paying by scanning a QR code generated by the cashier. The receipt shows GoCrypto, the name of a leading global crypto and card payment infrastructure company.

Related Link: Hot Doge! Order Doge-Themed Food At New Dubai Restaurant, Pay In Various Cryptos

Why Its Important: As highlighted by CoinTelegraph, the city of Lugano is one of the most cryptocurrency-friendly in the region. The city signed a deal with Tether USDT/USD to launch several initiatives to fund crypto startups and crypto adoption by local businesses.

Residents of Lugano can also pay their taxes using cryptocurrency with payments for parking tickets and public services using cryptocurrency coming soon. More than200 different businesses in the region are expected to allow cryptocurrency payments.

This McDonalds location is now on the list of restaurants and businesses that accept Bitcoin as a payment option.

While McDonalds does not accept cryptocurrency for payment on a global level, it has locations in several countries that use third-party options to accept cryptocurrencies such as Bitcoin as a payment option. All the McDonalds locations in El Salvador, a country that made Bitcoin legal tender, accept the leading cryptocurrency as a form of payment.

Chipotle Mexican Grill, Inc.CMG uses Flexa to accept cryptocurrency as a payment option at locations and haslaunched crypto-themed promotions, as other restaurants have.

BTC Price Action: Bitcoin tradedat $19,929.76, down 0.94% for the day. Bitcoin has traded between $17,708.62 and $68,789.63 over the last 52 weeks.

Photo:JOCA_PHvia Shutterstock

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Bitcoin Holders Could Be Lovin' It At A McDonald's Location In This Country That Now Accepts The Crypto - - Benzinga

This is a transcribed excerpt of the Bitcoin Magazine Podcast, hosted by P and Q. In this episode, they are joined by Paul Sztorc to break down why all roads lead to proof-of-work and how proof-of-stake protocols are fooling themselves by thinking that proof-of-stake technology can stay decentralized and secure.

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Listen To The Episode Here:

P: Start by defining at a high level what we mean when we say proof-of-work versus proof-of-stake. How would you define proof-of-work and how would you define proof-of-stake?

Paul Sztorc: It's fine because its the point of my article. Proof-of-work is you do this one type of computation over and over again. So your computer is working very hard. There's no other way to do it, it's just based on quantity. How many times can you do this SHA256 hash? You're doing it really fast, and every two weeks the bottom performers are fired. So basically, since you are just doing a computation a lot, it comes down to the electricity you spend, the money you spend on hardware, physical chips, the money you pump in to cool the chips, and it's basically like you're running your computer, you're making your computer work really hard.

This doesn't happen so much anymore, but in the olden days, you would be using your computer and it would just make little sounds, but then if you fired up a game something that was intensive the fan would go crazy and it would start to make more noise because the computers working really hard. So that's the work; that poor computer is working really hard instead of doing nothing or only working when you ask it to. It's going 100% trying to just churn out as much as possible.

In proof-of-stake, the idea is in the reality of the cryptosystem, in the reality of the blockchain or in the reality of the coin, in that reality of the full node software, it knows somehow which is part of the problem, this somehow but it knows who has which coins and it also knows who stakes which coins. These people put the coins into a sort of hazardous state, a hazardous box. They stake the coins. They say, I buy in with a certain amount, and then they join this what would be class of miners in their world.

They have a certain amount of coins staked and then there's a complicated lottery system. There are many variants, but in general, it's like the more money you stake, the more likely you are to be chosen. When you're chosen, you have the ability to create the next block and then create the reward because you get a shot of that $10 billion.

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Nothing's Cheaper Than Proof-Of-Work Consensus - Bitcoin Magazine

A widely followed crypto trader is looking at historical Bitcoin (BTC) bull markets to carve out a window for the bear market bottom.

Pseudonymous digital assets analyst Rekt Capitaltellstheir 329,000 Twitter followers that it has been over 300 days since the BTCs November 2021 peak.

When BTC peaked in the 2013 Bull Market, it took BTC 413 days to bottom.

When BTC peaked in 2017, it took BTC 364 days to bottom.

Its been 333 days since the November 2021 peak.

These figures suggest a BTC bottom should take place in the next 1-3 months.

Digging into the charts, Rekt Capitalclaimsthe king crypto is currently at a sustained resistance level.

BTC is right back at this multi-month resistance.

Bitcoin is trading for $20,000 on the dot at time of writing. The largest crypto by market cap is down 71% from its November 2021 all-time high of $69,000.

Rekt Capital also looks at the leading smart contract platform and second-largest crypto by market cap, Ethereum (ETH). Just like BTC, RektseesEthereum as currently at a crossroads of resistance.

Blue circle shows that ETH is at the orange resistance, which once before figured as strong support

If ETH is able to reclaim the top of the orange box as support, then a move to the black Lower High could be on the cards

Until then, ETH is at resistance.

ETH is trading for $1,360 at time of writing, down 72% from its November 2021 all-time high of $4,878.

Featured Image: Shutterstock/wangmando/phanurak rubpol

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Popular Crypto Analyst Pinpoints Window for Bitcoin (BTC) Bottom, Claims Ethereum (ETH) Is Meeting Resistance - The Daily Hodl

The Company's production capacity is set to grow by 400% with the installation and activation of 2,946 miners released from U.S. Customs

Production for the month totaled 11.06 Bitcoin

Total Bitcoin holdings were 78.06

Operations achieved 122 BTC/EH efficiency

Toronto, Ontario--(Newsfile Corp. - October 6, 2022) - Sphere 3D Corp. (Nasdaq: ANY) ("Sphere 3D" or the "Company"), dedicated to becoming the leading carbon-neutral Bitcoin mining company operating at an industrial scale, provides results of its Bitcoin mining operation as of September 30, 2022.

CEO Comments

"Sphere 3D made great progress in September. As previously mentioned, we successfully secured the release of all our S19j Pros from U.S. Customs. Of the 4,026 additional miners now landed, 540 are installed and awaiting energization. We expect the remaining miners to be installed beginning in early October 2022 and will be energized at Compute North's site in Texas. No time frame has been provided by Compute North, but we anticipate an energization status update in the coming weeks."

Miner Deliveries and Petahash Capacity

Activating the 4,026 miners shipped over the past three months should increase the Company's production capacity by more than 400 percent compared to Sphere 3D's August production levels announced on September 8, 2022. Their installation and activation will bring the Company's production capacity to approximately 500 PH/s and grow Sphere 3D's mining fleet to more than 5,000 S19j miners.

Our discussions with FuFu Technologies to renegotiate our September 21, 2021, contract have been productive. We have agreed in principle on most commercial terms with Bitfufu and should have an update in the coming weeks on our final agreement.

Bitcoin Production and Holdings Update

In September 2022, Sphere 3D produced 11.06 Bitcoin or 0.3686 Bitcoin per day. Sphere 3D's mining fleet operated at 122 BTC/EH efficiency in September and averaged approximately 92 percent uptime. Daily production volume decreased compared to August 2022 due to an increase in difficulty of about 11.5 percent and one less day in the month, a 3.3 percent reduction all else equal compared to August, according to HC Wainwright's BTC Mining Weekly. The equivalent approximate value of the Company's production during September, based on a Bitcoin price of $19,415 on September 30, 2022, totaled $215,000.

Story continues

Since the Company began its mining operations during the first quarter of 2022, it has produced 91.87 Bitcoin and held 78.06 Bitcoin on September 30, 2022. Bitcoin held by the Company represents a fair market value of about $1.52 million based on the Bitcoin price of $19,415 on September 30, 2022. As of September 30, 2022, the Company was operating approximately 1,000 S19j Pros miners delivering a production capacity of approximately 100 PH/s.

The Company continues to employ a HODL strategy for the majority of its holdings. The difference between Bitcoin mined and Sphere 3D's holdings is the amount Sphere 3D used to fund working capital.

To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/1705/139730_f6fff990343a598b_001full.jpg

Statement on Compute North's Chapter 11 Filing

Sphere 3D executives are in communication with Compute North regarding its Chapter 11 filing. Compute North has provided assurances that the filing will have no impact on Sphere 3D's mining fleet as they intend to continue operations as normal. Sphere 3D continues to monitor the situation.

CEO Closing Remarks

"We are working with our partners to expedite the installation and energization of our recovered miners and getting Sphere 3D's fleet of about 5,000 miners hashing. Once energized, our production should jump significantly. In addition, we expect to expand the fleet once the Bitfufu contract restructuring is complete. In the meantime, Bitcoin continues to show stability compared to other cryptocurrencies despite recently announced actions by the Federal Reserve and global market volatility.

"I have a positive outlook for the coming months with miners scheduled to be delivered, installed, and energized in the coming quarter. With many of our industry colleagues still beleaguered by U.S. Customs delays, we feel fortunate to have secured the release of our miners, with the caveat that due to the delay, we had to get "back in line" for installation and energization. I believe the fourth quarter will be transformative for Sphere 3D and we are well positioned for success." said Patricia Trompeter, CEO of Sphere 3D.

About Sphere 3D

Sphere 3D Corp. (Nasdaq: ANY) is a net carbon-neutral cryptocurrency miner with decades of proven enterprise data-services expertise. The Company is rapidly growing its industrial-scale mining operation through the capital-efficient procurement of next-generation mining equipment and partnering with best-in-class data center operators. Sphere 3D is dedicated to growing shareholder value while honoring its commitment to strict environmental, social, and governance standards. For more information about the Company, please visit Sphere3D.com.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events, including the timing of the proposed transaction and other information related to the proposed transaction. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions. Expectations and beliefs regarding matters discussed herein may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. The forward-looking statements contained in this communication are also subject to other risks and uncertainties, including those more fully described in filings with the SEC, including Sphere 3D's reports filed on Form 20-F and Form 6-K and in other filings made by Sphere 3D with the SEC from time to time and available at http://www.sec.gov. These forward-looking statements are based on current expectations, which are subject to change.

Sphere 3D Contacts

NMN AdvisorsSphere3d@nmnadvisors.com

Kurt Kalbfleisch, CFO, Sphere 3DInvestor.relations@sphere3d.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/139730

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Sphere 3D Corp. Provides Bitcoin Production and Mining Updates for September 2022 - Yahoo Finance

Diwali is a time of celebration for the entire country. What also makes IT unique is that it is quite interestingly a time when the countrys material aspirations are most visible.

This can be seen in two ways: one, Diwali season has slowly become the de facto shopping fiesta for the country with incredible deals across online and offline platforms leading to crazy levels of shopping and two, we can see a fascinating array of religious activities that are geared towards building wealth creation.

One among them is Lakshmi Puja, a special ceremony to invite Goddess Lakshmi, the goddess of wealth and prosperity into their homes. This is done in the hopes that they will be blessed with prosperity.

This fascinating connection between Diwali and wealth has also seemed to be an auspicious time to acquire new assets and make new investments. And, what better asset for wealth creation during this auspicious time than the best-performing one over the last decade - Bitcoin?

After all, for a generation of Indians that are growing up as natives in a digital-first world, Bitcoin is an obvious choice. Several see Bitcoin as digital gold, a superior store of value and investment than gold and thus, an ideal investment choice to fund the future during the auspicious time of Diwali.

With the price of Bitcoin now a long way from its all-time highs, this also represents a wonderful time to be investing in the asset - whether it is for the first time or to start a systematic investment plan where every week or month, a certain amount is invested into it. A lot of Indian crypto exchanges come up with interesting offers during the Diwali period to entice first-time investors.

Choosing the perfect Diwali gift can be a daunting task for many. Gifting Bitcoin is not only efficient and super convenient, but it is probably among the few gifts that have the potential to go up in value.

For newcomers into the space, this is an ideal time to buy or probably receive Bitcoin as a gift from their friends or relatives. They could then use this opportunity to learn about Bitcoin and its potential, before making large investments in the sector.

However, while investing in Bitcoin, especially for the first time, it is important not to be swept away by price speculation and greed. In fact, just like Indian households view gold as a long-term asset, Bitcoin too presents wonderful opportunities for wealth creation, but only if the investor is willing to adopt a long-term mindset and stay invested for the long term.

If you are looking to invite Goddess Lakshmi into your home this Diwali, think no further than adding Bitcoin to your portfolio and benefiting from diversification.

(Mohammed Roshan, CEO & Co-founder of GoSats)

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How to use Bitcoin to diversify your wealth during Diwali - Economic Times

A popular crypto analyst is updating his outlook on Bitcoin (BTC), Dogecoin (DOGE), and an altcoin that has skyrocketed over the last day.

Pseudonymous analyst Altcoin Sherpa tells his 184,000 Twitter followers that he doesnt think the king crypto is currently at a level where its a good investment.

BTC: Levels Im eyeing if we break this current area. Things are looking interesting but I still dont think you should buy this current area.

Bitcoin is changing hands for $20,029 at time of writing.

Next up on the traders list is popular meme token Dogecoin. Altcoin Sherpa says that DOGE may be entering into a double-top pattern, but doing so would largely depend on BTCs performance.

DOGE: Im still in my short; its pretty close to my initial entry. I have stops pretty much at [break even] and I already took half off at the TP1 area. To be determined if this is a double top area or not, its going to really depend on BTC in my opinion. At the worst, its a hedge.

A double-top pattern is a bearish reversal pattern that forms after an asset reaches a high price point twice. Dogecoin is trading for $0.064 at time of writing, a 1.43% gain on the day.

Altcoin Sherpa concludes his analysis by saying that the native asset of decentralized finance (DeFi) exchange platform SushiSwap (SUSHI) is worth shorting despite having risen over 16% during the last 24 hours.

SUSHI: Had a new chef announced, bullish impulse. Were seeing some interesting moves in the DeFi sector. I still think that this is a good short to be honest; its entering a supply zone and had a big recent move. Would obviously flip bias if it smashes through here.

SUSHI is moving for $1.32 at time of writing, a 28% increase from its week-low of $1.03 set on October 3rd.

Featured Image: Shutterstock/Patthana Nirangkul/Sensvector/MrArtHit

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Crypto Trader Updates Outlook on Bitcoin, Dogecoin and One Altcoin Thats Exploded in the Last 24 Hours - The Daily Hodl