This is an opinion editorial by Interstellar Bitcoin, a contributor to Bitcoin Magazine.

Whether we like it or not, Bitcoiners still live in a world built on fiat currency. Fiat rules everything around us, from the food we eat to the houses we live in. Until we burn the ships, we are not prepared to realize our eventual victory.

In 1519, Hernn Corts led a Spanish army to modern-day Mexico to conquer the Aztec Empire. Upon landfall, two leaders mutinied to return to Cuba at the order of the governor who had commissioned the fleet Corts led. In response, Corts scuttled his fleet to forestall any future mutiny by closing the sole path of retreat.

Against all odds, Corts went on to defeat an opposing force of over 300,000 Aztecs, a few thousand Spaniards, superior military technology, an unforeseen smallpox outbreak, and shrewd political alliances ultimately prevailed.

Many of those on the expedition had never seen combat before, including Corts himself. Historians will point to August 13, 1521, as the final victory of the Spanish campaign against the Aztec Empire. However, Corts truly won the moment he burned the ships.

At its core, the metaphor of burning the ships represents the point of no return: the psychological commitment to crossing a line in the sand once and for all. Beyond this event horizon, there can be no hedging or looking over ones shoulder. From now on, everything all thoughts and efforts must be focused on succeeding in the new reality.

Like Corts, Bitcoiners have crossed the Atlantic to the promised land. However, while Bitcoiners still use fiat money, we will not be truly free. Until we burn the ships, we will not win.

Bitcoiners are the remnant. We lead by example. We must show the world we are not afraid to live on a bitcoin standard. We must use bitcoin not just as our store of value but as the unit of account and medium of exchange for our daily lives.

We must strive for peace and prosperity, by building circular bitcoin economies that remain resilient against the volatility of the fiat exchange rate. We must keep studying to build the knowledge and intellectual depth upon which rigorous discourse can thrive. We must build large stacks upon which generational wealth is built. In the end, only the strong survive.

There is a nascent movement in the Bitcoin cultural sphere known as #GetOnZero which polarizes many people. This movement represents burning the ships. This state change is both functional and psychological. It drives companies to build better products for Bitcoiners. It drives Bitcoiners to harden our resolve as Bitcoiners. It shows we are willing to go down with the ship. It proves we are fearless in the face of insurmountable odds.

Give me Bitcoin or give me death.

The critics will say its too early or point to statistics in an attempt to rationalize why holding some fiat currency is better. While such notions may seem correct on paper, in practice, until Bitcoiners take that grand leap of faith, we are not prepared to do what it takes to win. Until we are ready to completely let go of fiat currency, it will continue to culturally and functionally survive. Bitcoiners, like Corts, must embrace burning the ships. Once we do, the process of hyperbitcoinization already underway will rapidly accelerate.

The moment Bitcoiners burn the ships is the moment Bitcoiners win.

This is a guest post by Interstellar Bitcoin. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.

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For Bitcoin To Win, We Must Burn The Ships - Bitcoin Magazine

Bitcoin has plunged in value this year, weakening the argument often made by crypto enthusiasts that it can be an effective hedge against inflation during times of economic turmoil.

Bitcoin advocates have long argued that its scarcity would protect its value during times of rising inflation. Unlike central banks which can increase the supply of money there are a fixed number of coins, which keeps them scarce.

Even before the market crashed, there was debate about whether or not bitcoin would hold its value. Billionaire investor Paul Tudor Jones was bullish on bitcoin as an inflation hedge, while Dallas Mavericks owner and investor Mark Cuban dismissed the idea as a "marketing slogan."

Another argument is that bitcoin, along with other similar cryptocurrencies, will have an intrinsic store of value over time as it becomes more accepted, like gold. Supporters believe it will be seen as an asset that won't depreciate over time.

However, this has not been proven to be true, at least not yet. The value of the cryptocurrency market overall has plummeted alongside rising inflation, with bitcoin losing half of its value since January. As of Friday, the price of bitcoin is $21,833, according to Coin Metrics.

With crypto, "the extent of [price] volatility is so significant, it's very hard for me to view it as a long-term store of value," Anjali Jariwala, certified financial planner and founder of Fit Advisors, tells CNBC Make It.

Jariwala says that crypto in general is a new type of asset that doesn't yet function either as a sought-after commodity like gold, or even as a currency, "because it's not easily exchanged for a good or service." Despite its scarcity, the price of a cryptocurrency like bitcoin is still based largely on consumer sentiment, she says.

"It's tricky because it's supposed to act like a currency, it's taxed like property and some people compare it to a commodity. At the end of the day, it really is its own asset class that doesn't have a pure definition."

Another consideration is that cryptocurrencies like bitcoin have only been around for just over a decade. Because of this, "there isn't enough history there in terms of historical data to really understand what purpose it serves as an investment," Jariwala says.

While cryptocurrencies like bitcoin are "not proven" to be a reliable, long-term store of value, they could still gain acceptance over time and become less volatile, Omid Malekan, an adjunct professor at Columbia Business School specializing in crypto and blockchain technology, tells CNBC Make It.

"Once volatility smooths out, we will have a better picture of how it responds to macro developments, like the rate of inflation or what the Fed is doing," he says, cautioning that current crypto prices could reflect all sorts of inputs aside from inflation, like too many overleveraged cryptocurrency lenders or a lack of regulation.

Either way, crypto as a whole remains a highly speculative investment. Jariwala recommends only investing with money you're prepared to lose. She also says to think of crypto investing as a long-term strategy and "stick to that strategy even during times like this."

Cryptocurrency might evolve into a more mature asset that can be a hedge against inflation. But "we just don't know yet, until we see more of a track history with it," says Jariwala.

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Bitcoin was supposed to hedge against inflationhere's why it hasn't worked that way - CNBC

According to Fidelitys Jurrien Timmer, Bitcoin is currently undervalued. The benchmark crypto has been pushed back to 2020 levels after losing over 70% of its value in the past months.

Related Reading |Crypto Traders Lose $280 Million Following Bitcoins Break Above $22,000

At the time of writing, Bitcoin has begun showing some green as it makes its way back above its 2017 all-time high levels. The cryptocurrency trades at $21,900 with a 1% profit in the last 24 hours.

Via Twitter, Timmer wrote about the Crypto Winter and the reasons why BTCs price is undervalued according to his conservative price S-curve model. The expert designed this price model based on the exponential expansion of the internet and mobile phones.

As seen below, the recent downside Bitcoin price action seems to be following the internets demand model which could lead to slower network growth and modest price appreciation. If BTCs price continues to follow this model over the coming years, the cryptocurrency could be priced at around $100,000 by 2030

Despite the recent downside price action below its previous all-time high, Timmer claims Bitcoin continues to follow its demand curve. This means that people are still buying BTC despite the price crash.

The expert claims the cryptocurrency reached a 2013 valuation level. At the same time, the number of BTC non-zero addresses is trending to the downside. In other words, as BTCs price declines, people appear to be buying it. Timmer said:

I use the price per millions of non-zero addresses as an estimate for Bitcoins valuation, and the chart below shows that valuation is all the way back to 2013 levels, even though price is only back to 2020 levels. In other words, Bitcoin is cheap.

When Timmer compared BTCs price current valuation to that of Ethereum, he concluded that the second crypto by market cap could be even cheaper. ETHs price has experienced a similar drawdown to that of Bitcoin in 2018.

At that time, the number one crypto by market cap rallied from around $3,000 to $20,000. In subsequent years, it would revisit the former level.

Related Reading |Solana Glints With 14% 3-Day Rally Will SOL Keep On Beaming?

As seen below, Ethereum could be following this trajectory. Timmer explained:

If Bitcoin is cheap, then perhaps Ethereum is cheaper. If ETH is where BTC was four years ago, then the analog below suggests that Ethereum could be close to a bottom.

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Why Bitcoin Is Undervalued According To This Experts Conservative Model - NewsBTC

This is an opinion editorial by Chris Smith, the Events Ticketing Manager for BTC Inc. Disclaimer: BTC Inc. is the parent company of Bitcoin Magazine and the Bitcoin Conference.

The Bitcoin Conference is an annual tradition, a week-long extravaganza and a true celebration of freedom. The conference not only serves the bitcoin community but all who value freedom, individual sovereignty and the pursuit of hyperbitcoinization. With an event of this magnitude, there are thousands of hours poured into the product along the way toward the end goal. But, with the end goal being hyperbitcoinization, what exactly does that mean? According to the Bitcoin Magazine glossary, the definition is:

Hyperbitcoinization: The inflection point at which bitcoin becomes the worlds preferred medium of exchange.

With that understood, there is no hyperbitcoinization without the whole world being involved.

This historical event requires a reach to every continent, every nation, every language and every creed. With that goal set, the conference must go global and start reaching those with the shared vision of a hyperbitcoinized world.Thus, the spark of Bitcoin Amsterdam.

Bitcoin Amsterdam is going to make history in Europe, October 12-14, 2022. This will be a monumental event uplifting the trek of bitcoin to all nations and adoption to all people. With the magic that the team behind Bitcoin 2022 has brought in the past, the aim is to bring this same energy to the European stage with the goal of No region left behind.

Hyperbitcoinization is not just an end goal, but a journey that is taking place right now. As bitcoin continues its world tour, the conference hopes to be alongside it every step of the way. Learn more about it, get involved and come join us in Miami and Amsterdam this year.

In April of this year, the Bitcoin 2022 Conference took place in Miami, Florida where 26,000 Bitcoiners gathered to learn, teach and celebrate bitcoin. This was the largest gathering of Bitcoiners the world had seen to date. For a week straight, a wave of orange engulfed the city of Miami.

Bitcoin 2022 - The LARGEST Bitcoin Event In History!

As we think about the future of the Bitcoin Conference, it is important to focus on three things:

Throughout this past cycle, the Bitcoin Conference has served as the largest in-person platform for bitcoin and the industry that has sprung up around it. It's been a place where Bitcoiners, ranging from curious to convicted, can meet, learn, teach, grab a drink and maybe a bite to eat.

A popular location to eat for the plebs at Miami 2022 was a food hall called Lincoln Eatery which accepted sats for payment via Lightning and on-chain. Spots like these are great for gatherings, meetups and enjoying the community. This also encourages other restaurants in Miami to accept bitcoin and it drives business; capitalism at its finest. Make sure you stop by the Lincoln Eatery next year and enjoy the ease of paying for food with bitcoin.

The Bitcoin Conference is the best annual event for networking in the bitcoin industry as a whole. The majority of attendees are players in the space and are actively looking for opportunities to collaborate. As long as you put yourself out there, youll meet amazing people who are interested in what you are doing.

A lot of the magic behind the week includes amazing satellite events hosted by sponsors and other members of the community. Most satellite events are structured around this conference and have been a great way for companies to make a name for themselves. The conference also offers a Pitch Day which takes place on the first day, Industry Day. It serves as a great place for larger players to provide investment opportunities to smaller bitcoin companies.

Another unique feature of Bitcoin 2022 was giving attendees the opportunity to sign a 9 x 12 edition of the Declaration of Monetary Independence (DoMI). I worked with the three co-authors Mark Maraia, Mike Hobart, Ulric Pattillo and the rest of the #DoMI crew to bring this experience to Miami. Initially, gathering signatures came slowly, but by the end of the conference, it was difficult to find space to sign your name. DoMI represents a very important aspect of the conference and our movement. Those who signed were essentially stating I trust math more than I trust central bankers.

Left (Chris Smith) Right (Ulric Pattillo)

DoMI became one of the many great experiences at Bitcoin 2022 and provided a focal point for thousands of attendees at the conference. It is now a conference staple and I hope to see it return for Bitcoin Amsterdam.

You can also sign it yourself online at declarationofmonetaryindependence.org

What the Conference has taught us has been a few interesting, but deserving, lessons that must be learned and recognized for growth and a bright future.

First, with all Bitcoin conferences, it is important to emphasize bitcoin and only bitcoin, along with of course freedom, self-sovereignty and other tangential aspects but no other cryptocurrency projects. The sea of cryptocurrencies is truly a distraction from the end goal of hyperbitcoinization. In contrast to the rest, Bitcoin exists as a bright light in a sea of garbage, and only through education and past experience can people come to that conclusion. It is important to emphasize what really matters and not allow distractions to disrupt us from the end goal.

Secondly, it is important to encourage all, even those without similar beliefs, to attend, enjoy and be made to feel welcome. Nothing is worse than a bad first impression, and bitcoin is ultimately for anyone.

Lastly, it is important to not get caught in the limelight. During high price increases and bull markets, bitcoin is all anyone can talk about. But when the bears start winning again, the media will call it dead. Stay connected and persist through the volatility and you will come out okay on the other end.

Looking to the future, I know the team is extremely excited about returning back to Miami for Bitcoin 2023, May 18-20. With the Bitcoin Conference spreading across the world, it is important that the flagship event stays in a unique but also accessible area for the strong orange wave that resides in the U.S.

As the conference branches off from Miami and explores new parts of the world, it is important to maintain education as a core concept. An amazing part of the Miami 2022 conference was led by Matt Odell where he facilitated the idea of the Open Source Stage, a stage dedicated to Bitcoin open-source projects.

For the most part, it was a high-level overview of the interaction of open-source software and the Bitcoin Core protocol. It also provided very helpful tips for newcomers to learn more about bitcoin from a technical lens. Matt included many amazing speakers and knocked it out of the park with this stage. Core concepts like open-source Bitcoin projects are crucial to give a spotlight to as the world adopts bitcoin.

As the conference continues to grow and expand, hopefully, more hands will touch bitcoin in the process. Learning from past mistakes is important to keep improving in the future, but the future of bitcoin is and has always been bright.

As the Bitcoin Conference begins going global, Europe seems to be the first stop on the journey. Bitcoin Magazine, organizers of the worlds largest and longest-running Bitcoin conference, Bitcoin 2022, announced last week, in collaboration with Amsterdam Decentralized and Westergas, the launch of its first European-focused event: Bitcoin Amsterdam.

Amsterdam is going to be an action-packed three days with more activations to see than time in the day. The city, for one, is going to be incredible to explore and enjoy. And with a European partner for the event, the presence of European Bitcoiners will be strong.

While Europe is lagging behind other regions in terms of regulatory and governmental acceptance, demand from ordinary investors and institutions is among the highest in the world, said David Bailey, CEO of Bitcoin Magazine. Whats more, the continents significant Bitcoin developer and innovator community is helping shape the future of the worlds preeminent digital currency which continues to rise.

Europe has been at the forefront of financial and technological innovation for over 500 years, with Amsterdam playing a particularly noteworthy role in the development of modern banking, making it the perfect choice for our first European event, he continued. While Europes regulators have been so far slow to embrace the potential of Bitcoin, the combination of the continents history and its continued high demand for Bitcoin means that our community can give the support, collaboration and direction that European governments are failing to provide, and together pursue our shared goal of hyperbitcoinization.

Bitcoin Amsterdam is Bitcoin Magazines first attempt at bringing the conference out of the United States, and it aims to galvanize attendees from Europe one of the worlds most uncertain regulatory environments for Bitcoin with the message that there can be no region left behind in the pursuit of hyperbitcoinization, said Brandon Green, chief of staff at BTC Inc.

The Netherlands is a special place in the Bitcoin universe, as one of the oldest and most deep-rooted Bitcoin cultures in the whole world. It was the host of one of the first major bitcoin conferences ever, the Bitcoin 2014 Conference. Since block rewards were 25 BTC, Amsterdam has had its hands all over bitcoin and it only seemed right to return in fashion.

Bitcoin and Amsterdam just make sense.

The speakers for the event are going to be predominantly European based, with universal staples sprinkled throughout the agenda. Many European bitcoiners and media members will be involved, finally getting a chance to participate in the monumental movement. There may also be a banger concert after, but dont hold me to it.

Overall, the three-day extravaganza is going to be a must-add when you are filling out your fall calendar. No matter your exposure to bitcoin, if you are looking for a great opportunity to dive into the culture, this is your chance.

To the European Bitcoiners, I have read so many emails and comments about you not being able to get approved for travel to Miami for Bitcoin 2022. It was only right by you all to bring our event to you, so I hope you all are loving the insanely cheap prices right now. GA (general admission) tickets are only 249 during the public pre-sale, which is currently LIVE.

Europe is only a stop in this journey though, and I foresee Asia, Australia or South America as viable next targets. Wherever bitcoin spreads, gatherings will follow. The Bitcoin Conference plans to be at the cornerstone of this movement and truly spread hyperbitcoinization. Lower your time preference and get involved with the long-term mission.

With enough talk about how great it is, its also important to direct people to the right avenues so they can plug themselves into the community. Assuming you at least know how to buy some bitcoin and if you dont, you should take the 21 Days of Bitcoin course here are some thoughts on how to go about involving yourself in the community and the annual conference.

Join a local meetup. Before we even talk about the conference, its important to nail down the basics first. And the first step is to join a local bitcoin meetup. If you go to meetup.com, you can type in your city and find the nearest meetup. Do not be discouraged if you live outside of the U.S., give it a search as I know of many other meetups around the world.

Self-custody your bitcoin. It is the most important step in protecting your stack. For a great guide, here is BTC Sessions, Trezor Model T - How To Use A Bitcoin Hardware Wallet. Ben is great, so make sure you check out his other tutorials as well.

Have conversations. Encourage discourse and talk about bitcoin with your peers. Learning from others and challenging each other's thoughts and ideas only improve your understanding of bitcoin in the long term.

Something that goes hand-in-hand with this is a famous Chinese proverb: He who asks a question is a fool for five minutes; he who does not ask a question remains a fool forever.

Engage in self-education. Self-education is important, especially for Bitcoiners. There are many great authors, podcasts, and teachers in the space. Take advantage of this.

Work in the bitcoin space. Of course, you never have to work in the bitcoin space. Many great Bitcoiners work outside of the space and still manage to stay involved. But, working with like-minded individuals in pursuit of a similar goal or path as you cannot be understated in its rewards. And as Bitcoiners, we all want to see bitcoin succeed. Many job opportunities exist all over the space.

If youre interested, check out b./tc/jobs for new openings. Another great website is Bitcoiner Jobs.

Attend the conference. The most important part to engage in the conference is actually getting a ticket! Pre-sale tickets are live for Bitcoin 2023. It is always better to get these on the front end as most conferences do price increases to drive FOMO and demand.

Check out satellite events. The Bitcoin Conference does a great job at highlighting satellite events going on in Miami in what is referred to as Bitcoin Week. Here is where most of your schedule planning will occur outside of the conference agenda hours you wish to attend.

Get involved. There is also a Get Involved page where you can participate in multiple activations including volunteering, enrolling in hackathons, becoming an affiliate or hosting a satellite event yourself!

Give back. Lastly, as events like this arise, it is important to allow proper space to give back to those less fortunate. Giving Back was a project that coincided with the Built With Bitcoin Foundation. The Built With Bitcoin Foundation is, a humanitarian organization devoted to creating equitable opportunity by providing clean water, access to quality education, sustainable farming and humanitarian support all powered by Bitcoin

As bitcoin marches on, it is of the utmost importance that members of the bitcoin community continue meeting in person, face to face and celebrating the freedom that all who participate in bitcoin receive. Conferences are only one way to do this. Try and find a way to interact with the bitcoin community on a daily basis. This community is truly a group of critical thinkers, hard workers and flat-out winners.

When we look at the recent contagion that has hit the market, which companies have been the ones performing the best? The ones that stuck to the game plan, did not deviate or get distracted, stayed moral and focused on bitcoin and bitcoin only.

Bitcoin is the key to defeating the plague that has inhabited this earth fiat.

Lower your time-preference and get on board with hyperbitcoinization or get out of the way.

This is a guest post by Chris Smith. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

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The Bitcoin Conference And The Pursuit Of Hyperbitcoinization - Bitcoin Magazine

Since its creation in 2009, Bitcoin has been one of the internets favourite talking points. It has made millionaires and billionaires of some, and completely emptied the wallets of others.

But, despite its glorious gains and eye-watering declines on a near-weekly basis, there are many who still argue that it is the future of money. Some countries have even gone ahead and adopted it as their official currencies.

So is Bitcoin and the many other cryptocurrencies it has been followed by the future? We spoke to Brett Scott, author of Cloudmoney: cash, cards, cypto, and the war for our wallets to find out.

Bitcoin sits in a bit of a weird position. As a fairly new concept in the world of finance, it hasnt really been classified into the world of currencies, and there is good reason for that.

Bitcoin is traditionally described as a decentralised digital currency, but I dont find that a very informative description. If you look at how it works, it is essentially a system for issuing tokens, says Scott.

It is a way for a network of strangers to get together and follow a set of rules by which they will issue tokens and move them around between themselves. Historically, that has been a difficult task to do.

Up until Bitcoin, the transfer of digital money from one person to another required a third person in the form of a bank. When you pay for something with a contactless card, you are asking your bank to send over some of your money to another account.

The aim of Bitcoin is to enable these transactions without the use of a middle party. However, it isnt quite that simple.

Solarseven

The technological aspect of Bitcoin is ingenious, but the actual monetary side is quite crude. Imagine taking a big sheet of glass and then punching a bunch of disks out of it and then handing them out, claiming thats a monetary system, thats similar to what Bitcoin is, says Scott.

It might sound like a strange description, but it is an easy way to understand Bitcoin. At its core, Bitcoin is a pretty featureless token. In its early days it didnt have much of a use and could just be assigned from one person to another, it wasnt until later that it was assigned monetary value.

When you hear a news story about someone buying a pizza with Bitcoin, they arent actually exchanging Bitcoin for pizza. They are using a system called counter-trading. This is where non-monetary objects are exchanged for a monetary value, says Scott.

An easy way to picture counter-trading is to imagine you buy a jacket from a store for 100. You leave, decide you dont like the jacket and go back to return it. The store says to you that they can offer a refund or swap it for something of a similar value, so you pick up a pair of jeans that have a similar value.

If an Alien was to watch this transaction, it could seem like jackets were a type of currency to be spent, but really youre doing multiple transactions to get there: youre buying a jacket, returning it for its full value and then using that money to buy another item.

Youre taking two monetary transactions and superimposing them over each other to cancel out the money part. Thats in theory how Bitcoin transactions work. When someone says they bought jeans for Bitcoin, they first had to calculate how much Bitcoin they needed to buy to afford those jeans, essentially using a standard currency with an added step, says Scott.

If youve followed the cryptocurrency market, or even just seen the headlines, youll know that Bitcoin has had a messy price history. But is that something that can be sorted?

The instability is inherent. In a traditional stock market, there is uncertainty around a stock in the companies early stages as people try and work out what is happening. But as you get more information, a more realistic price is set. You calculate the future prospects of the company. Financial market bubbles occur when companies are wildly overestimated, says Scott.

This is a problem for bitcoin because there is no underlying story or clear path. You cant ever tell if it is under or overvalued, and there is no scientific methodology to measure it out like you see in the stock market.

Cryptocurrencies are almost purely self-referential speculative markets so they can just crash out of nowhere unexpectedly, says Scott.

This is an especially noticeable issue now that Bticoin has been adopted as a currency in multiple countries, all of which will be at the mercy of those price swings.

Bitcoin in its current state isnt really a currency like the Dollar or Yen is, but could Bitcoin and other digital currencies transition to operate as currencies we use on a daily basis?

Bitcoin has a number of structural problems where it is constantly having to try and create this mythology that it is some kind of commodity. At some level everyone knows that there is something dubious about that, says Scott.

Thats why it is so highly subject to these speculative flows, because it has just become an object traded in the normal monetary system. It is this digital currency with no physical value. I dont see how it will get out of that, especially with the wild price changes.

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What is Bitcoin and can it be a viable currency? - BBC Science Focus Magazine

Cardano price shows subtle signs of concern. It is not the best digital asset in the bunch currently. Best to consider finding a more promising opportunity.

Cardano price, like many cryptocurrencies, shows retaliation amidst the bearish onslaught prevalent for several weeks. However, subtle cues still show that the ADA price might not be ready for the anticipated bull run.

Cardano price currently trades at $0.46 after rallying to a high of $0.49 during the Asian market session on July 8, 2022. The profit-taking consolidation has subtly gone too far as the bulls have breached through the 21-day simple moving average (SMA) on the 3-hour chart. Consecutive indecision-doji candles have been printed since the breach, which confounds early evidence of bearish rejection at the SMA. Additionally there seems to be bearish presence within the current downtrend move on the Volume Profile Indicator.

ADA/USDT 3-Hour Chart

Traders should stay clear from placing an early entry. There may be better opportunities in the coming days as the Bitcoin price shows promising technicals. A break below the 8-day moving average at $0.45 could be the catalyst to a future liquidity hunt targeting $0.40.

Invalidation of the bearish thesis is a break and definitive candle close above $0.50. If the bulls breach this level, they may be able to rally as high as $0.55, resulting in a 19% increase from the current Cardano price.

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Bitcoin looks good, but the Cardano price faces one more shake-out - FXStreet

Over the last several months, the market has watched bitcoin miner profitability plummet to new lows. These miners who are dependent on the BTC gotten from their mining activities have found themselves in a tight spot as the price of bitcoin has suffered. The result of this has been multiple miners selling off their BTC holdings to raise money to keep their operations going. However, not all of the bitcoin miners have resulted in this.

Marathon Digital is one of the most prominent names when it comes to public bitcoin mining. The company had been one of the winners of 2021 given how its stock price rose as its popularity skyrocketed. And just as how the public miner had enjoyed the spoils that followed the 2021 bitcoin bull market, it has also come under pressure during the bear market trend of 2022.

Related Reading |The Infamous Cyclicality Of Bitcoin Mining: What Causes This?

The company is now seeing competitors succumb to the market pressures and begin selling off their holdings. However, Marathon Digital has refused to give in to this trend of selling. The public miner has refused to sell any bitcoin as shown in a recent report.

Marathon Digital has not sold any BTC since 2020 and had been one of the companies to see its BTC production rate go up compared to 2021. The company now holds a total of 10,055 BTC after producing 707 BTC through the second quarter of 2022. Accounting for an 8% increase in BTC mined in the same time period last year. In total, Marathon Digitals BTC production is up 132% with 1,966 BTC produced year-to-date.

Not only is Marathon Digital not selling its BTC but it has also been one of the only companies that have been able to stick to its expansion plan through the downtrend. In its report, Marathon Digital highlights that operation had been reduced to about 6,300 miners due to a storm in Hardin, MT. However, the company plans to add new miners to its fleet. It plans to grow this fleet to a total of 199,000 miners by the first half of 2023.

Related Reading |Inverse Bitcoin ETF Sees 300% Increase In Short Interest

The company has also continued to repay debt with $35 million of outstanding revolving credit line borrowings paid off during the month of June. Its outstanding balance is now sitting at $35 million. It also remains in a good cash flow position with a reported $88.7 million in cash on hand. Its liquidity profile remains promising with $153.7 million in total liquidity in unrestricted cash and available credit facilities.

On the flip side of this, some major bitcoin miners had been dumping their bitcoin. One of these is Core Scientific. The public miner had sold off 7,202 BTC in the month of June, more than its total BTC production for the month.

Riot Blockchain and Cathedra Bitcoin have sold 250 and 235 BTC respectively. While Argo Blockchain plans to sell some of its bitcoin alongside raising debt to keep its operations going.

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Heres The Large Public Bitcoin Miner That Has Refused To Succumb To The Bears | Bitcoinist.com - Bitcoinist

2gether, one of the oldest cryptocurrency exchanges in Spain, has suddenly blocked its operations, leaving its users without access to their accounts. The platform informed it had to take this action due to the current situation of the market in an email directed to customers. In addition, the platform erased its presence from social media, deleting its account on Twitter.

The current downturn in the cryptocurrency market has affected several cryptocurrency exchanges and lenders unable to return funds to customers, having declared bankruptcy, or being in the process of finding additional funding to keep operating. This time, one of the oldest cryptocurrency exchanges in Spain, 2gether, has been the one affected, blocking the access of customers to its platform.

The exchange reported this situation to its customers via an email, where it stated that due to the current market conditions, it was unable to continue to serve its customers. The company explained:

After five years of serving the crypto community, we are forced to close the private account service. The lack of resources and the crypto winter prevent us from providing the service with the quality and guarantees [with which] other nearby providers are doing it.

2gether looks to be the first Spanish cryptocurrency exchange affected in such a way by the current crypto climate.

However, 2gether has not allowed its customers to withdraw their funds to other exchanges or to self-custody wallets. Instead, the company has closed its platform and has informed customers that, to keep their accounts active, each one of them will have to provide the equivalent of 20 ($20.35) to be collected by the exchange to continue operating.

Accounts that dont have this amount of funds available by June 10th will be suspended, with the cryptocurrencies still available also being liquidated. According to reports from Asufin, the Financial Users Association of Spain, this action is affecting 100,000 customers that trusted in 2gether to make their transactions and safeguard their funds. The organization is preparing to initiate legal action in the name of all of the customers of the exchange.

This situation might be used by regulators to press for the establishment of clearer cryptocurrency regulations regarding the actions of virtual asset service providers in the country. In May, Pablo Hernandez de Coz, the Governor of the Bank of Spain, highlighted the importance of establishing such regulations in a quick way to avoid the risk of financial instability.

What do you think about 2gethers account blockade? Tell us in the comments section below.

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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According to a new report, U.S. president Joe Biden and his administration are focused on proof-of-work (PoW) mining. The principal assistant director for energy for the White House Office of Science and Technology Policy (OSTP) discussed the research report on July 2, 2022. The OSTP official, Costa Samaras, said if digital currencies plan to stick around then it is important that these financial systems are developed responsibly and minimizes total emissions.

A new report will be published by the White House in August according to the OSTP principal assistant director, and the study will focus on proof-of-work (PoW) mining and its effects on the environment. Constantine (Costa) Samaras detailed on July 2 that the Biden administrations energy team plans to look at mining farms working with applied demand response programs, and the two most popular crypto consensus models, proof-of-work (PoW) and proof-of-stake (PoS).

Its important if this is going to be part of our financial system in any meaningful way, that its developed responsibly and minimizes total emissions, Samaras told reporters at the news outlet Bloomberg Law. When we think about digital assets, it has to be a climate and energy conversation.

Bitcoin mining has received a lot of negative attention over the energy consumption used to confirm transactions and secure the PoW blockchain. However, two recent studies have shown contrarian views that highlight how BTC mining could actually be beneficial to the environment. For instance, one specific study shows that the Bitcoin network leverages 50 times less energy than the traditional banking system. Another environmental, social, and governance (ESG) report highlights findings showing bitcoin mining could potentially eliminate a significant amount of leaked methane, and stressed that no technology could do it better.

Despite positive studies, Samaras has seen the negative reports that have been published over the past year that say theres noise, local pollution, older fossil generators being restarted in communities These are not trivial loads. Samaras explained that the White House energy team plans research policy response concepts that are appropriate for PoW and PoS algorithms. We need to think about what would be the appropriate policy responses under a world that shifted to proof-of-stake, or a world that has some continuous mix of proof-of-work and proof-of-stake, Samaras remarked during the interview. The White Houses principal assistant director for energy added:

Proof-of-work is energy-intensive by design, but it also increases security.

The statements from Samaras follow U.S. president Joe Bidens crypto executive order (EO) issued during the first week of March 2022. The crypto EO establishes a national policy for digital assets across six key priorities. The White House was supposed to establish the crypto-focused EO in February, but the Ukraine-Russia war started. In April 2022, U.S. representative Michael McCaul (R-TX) urged Biden to create a robust strategy so crypto cannot be used by international enemies to avoid financial sanctions. Currently, the upcoming White House report concerning crypto mining seems to be simply research, but many wonder if government policies could come out of the new study and Bidens aggressive climate change strategy.

What do you think about the Biden administrations plans to publish a report on crypto mining and its impact on the environment? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Biden Administration Expected to Publish Report on Bitcoin Mining and the Industry's Impact on Climate Mining Bitcoin News - Bitcoin News

The crypto market is currently going through a period of heightened volatility as global economic conditions continue to worsen amid a backdrop of rising inflation and interest rates.

As the headwinds impacting global financial markets beat down all traces of bullish sentiment, many crypto investors are predicting that Bitcoin (BTC) price could drop to as low as $10,000 before a market bottom is found.

While many traders scoffed at the idea of BTC falling below its 2017 all-time high, the recent dip to $17,600 suggests that this bear market could be different from the last one.

Heres what several analysts are saying about the possibility of Bitcoin falling to $10,000 in the next few weeks.

Insight into how BTC may perform in the short-term can be gleaned by looking at its performance during the bear market cycles of 2013 and 2017. In 2013, the maximum drawdown for Bitcoin was 85%, which took place over a period of 407 days. The maximum drawdown in 2017 was 84% and this period lasted for 364 days.

According to a recent report by Arcane Research, the current drawdown has been going on for 229 days and has thus far seen a maximum drawdown of 73%.

Arcane Research said,

While there is always a chance that an 85% pullback is a possibility, Arcane Research also noted that Bitcoin is now far more intertwined in the broad financial markets, with the Fed, U.S. elections, crypto regulations and stock market impacting its performance.

Further evidence that supports the possibility of a drop to the $10,000 range was touched upon by cryptocurrency research firm Delphi Digital, who posted the following chart noting that From a high timeframe market structure perspective, the next place we have to be looking at is $10K$12K.

Based on the chart above, the high timeframe market structure support is likely to exist between $9,500 and $13,500.

Delphi Digital said,

Not every analyst expects a drop to $10,000. Take for example, Will Clemente of Blockware Solutions. According to Clemente, Bitcoin's current range reflects a good spot for accumulation.

Additional data from Glassnode shows thatBitcoins 200-week moving average, balance price and delta price in its bear market floor model align with the 0.6 Mayer Multiple metric analyzed by Clemente.

Glassnode said,

Based on the Delta price metric, which still remains untouched, the potential low for BTC is $15,750.

Related: Bitcoins short-term price prospects slightly improved, but most traders are far from optimistic

John Bollinger, the creator of the popular Bollinger Bands trading indicator also suggested that Bitcoin price may have bottomed.

According to Bollinger:

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Key Bitcoin price metrics say BTC bottomed, but traders still fear a drop to $10K - Cointelegraph