Daily Archives: November 28, 2021

As the end of the year approaches, digital currency values have risen a great deal in 2021 and crypto asset miners have been profiting as a result. According to statistics, the most profitable coin to mine at the end of November is kadena, as an 18 terahash (TH/s) machine can get up to $326 per day. Scrypt coins are the second most profitable these days with up to $110 per day and Ethash miners can make up to $105 per day.

Close to 13 years ago when Bitcoin first launched, the cryptocurrency could be mined with a central processing unit (CPU). This means that anyone with a decent computer at the time could mine and find bitcoin (BTC) block rewards. After that phase, people started to leverage devices with specialized electronic circuits called graphics processing units (GPUs).

Today, bitcoin miners utilize application-specific integrated circuit (ASIC) devices to mine BTC. Bitcoin mining rigs dedicate processing power to the SHA256 algorithm and this means a bitcoin ASIC mining device cannot mine coins like ethereum, litecoin, or kadena.

Those networks leverage different consensus algorithms and theres a slew of machines manufactured to mine specific crypto asset networks with unique consensus algorithms. SHA256 is a consensus algorithm used by Bitcoin, but SHA256 miners can also mine coins like bitcoin cash (BCH), bitcoinsv (BSV), peercoin (PPC), and unbreakable (UNB).

SHA256 cryptocurrencies are the fifth most profitable to mine at the end of November 2021. The top four most profitable consensus algorithms to mine today include Kadena, Scrypt, Ethash, and Eaglesong.

A Kadena-based ASIC miner can get up to $326 per day with 18 TH/s at $0.12 per kilowatt hour (kWh), according to asicminervalue.com stats. A Scrypt-based miner with 9.5 gigahash per second (GH/s) can get $110 per day with the same electrical costs.

750 megahash per second (MH/s) ASIC machines mining the algorithm Ethash (ethereum, ethereum classic, pirl) can get up to $52 per day. Eaglesong-based mining rigs that mine nervos (CKB) can get $45 per day with 12 TH/s.

There are also consensus algorithms such as Blake2bsia, X11, Blake256R14, and Equihash. Blake2bsia compatible mining rigs mine sia (SIA) and handshake (HNS), while X11 compatible rigs mine dash (DASH) and cannabiscoin (CANN). Blake256R14 mines decred (DCR) while Equihash-based machines can mine zcash (ZEC), hush (HUSH), and zencash (ZEN).

SHA256 miners mining bitcoin (BTC) with around 100 TH/s at $0.12 per kWh, can get up to $27 per day mining. The top bitcoin miners process at speeds up to 100 TH/s but SHA256 miners with at least 11.5 TH/s can turn a small profit. During the next few months, a number of next-generation miners are slated to launch.

Upcoming mining rig releases that pack a lot more hashpower will be dedicated to consensus algorithms like Ethash and SHA256, according to a few prior announcements. For instance, in July 2022, Bitmain is expected to release the Antminer S19 XP (140 TH/s) and Innosilicons A11 Pro ETH (2,000 MH/s) is reportedly coming soon as well.

What do you think about the top consensus algorithms today and the profits these networks can obtain? Let us know what you think about this subject in the comments section below.

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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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Data Shows a Myriad of Crypto Networks Are More Profitable to Mine Than Bitcoin Mining Bitcoin News - Bitcoin News

Singapore-based fund manager Fintonia Group, regulated by the Monetary Authority of Singapore (MAS), has launched a physical bitcoin fund and a yield fund, reported Fund Selector Asia. The offerings are geared towards professional and institutional investors seeking direct, passive bitcoin exposure and an avenue for obtaining loans on their BTC holdings.

The fund acquires physical bitcoin, meaning we will buy the actual bitcoin [rather than] a derivative instrument on bitcoin, said Adrian Chng, founder and chairman of Fintonia Group, per the report.

The Fintonia Bitcoin Physical Fund aims to provide investors with quick, safe, and cost-efficient bitcoin exposure through a more convenient investment vehicle by purchasing and holding BTC directly. The manager said a licensed and insured custodian will hold the funds bitcoin.

As an MAS regulated fund manager with strict standards, we can connect with multiple exchanges and different market-makers, enabling us to find the best prices, as well as buy or sell at volume, Chng said. The fund also enables efficient cash or crypto transfers, resolving the challenges around moving large amounts of cash in or out of the system.

The Fintonia Secured Yield Fund, on the other hand, aims to provide bitcoin holders with direct loans. Borrowers like traders, miners, and companies holding BTC can leverage the yield fund to access cash without selling their bitcoin.

Bitcoin is an excellent form of collateral for loans, Chng reportedly said. It trades 24/7 and is highly liquid, with approximately $30bn to $60bn per day. If required, it can be quickly liquidated in comparison with, for example, commodities and real assets.

Bitcoin funds provide an easy, hassle-free investment experience. Investors can obtain exposure to the price of BTC by purchasing the funds shares from their regular broker. However, convenience comes at a cost. Only by holding bitcoin directly will an investor be able to take advantage of the financial sovereignty and freedom enabled by the Bitcoin Network.

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Physical Bitcoin Fund Approved in Singapore - Bitcoin Magazine

The new economy continues to make its way to the Cataract City and surrounding areas. From DoorDash to short-term rentals and solar energy, new ways of doing things are taking hold locally.

These new ways of making money include the digital economy.

At 2747 Buffalo Ave., US Bitcoin, inc. has set up shop, confirmed Asher Gadoot, the companys chief operating officer.

Jon Williams, the propertys owner, said crypto mining has been occurring at the location and he is aware neighbors have expressed concern about noise levels at the facility.

Mayor Robert Restaino met with him todiscuss the concerns, Williams said, adding he also had discussions with his tenant about the concerns of the city administration and those in the neighborhood.

I had a Bitcoin mining tenant in the main building there and the lease was transferred to US Bitcoin, Williams said, they expanded operations to the outdoors, and I think thats when the controversy began with the city.

Williams said he has been dealing with several Bitcoin miners and indicated US Bitcoin was not his only tenant undertaking mining operations.

While Williams did not want to discuss specific properties or tenants, he pointed to several reasons why crypto miners are attracted to properties that formerly housed manufacturing facilities in the Northeastern United States.

Energy access, a moderate climate and available acreage, Williams said, are the primary reasons those in the Bitcoin mining industry are looking to this region. He indicated heavy electrical infrastructure on former industrial sites was an added enticement.

The caveat is they have to comply with local ordinances, he said.

Colin Read, a professor of Economics and Finance at the State University of New York at Plattsburgh, and a former mayor of the City of Plattsburgh, proposed the first-ever cryptocurrency mining moratorium during his term as that citys chief executive.

During the moratorium, Read helped put into place a crypto-regulatory regime that included several city ordinances. He said, the city had been inundated with (power allocation) applications from Bitcoin miners, and my predecessor really did not understand cryptocurrency.

In Plattsburgh, Bitcoin miners (came) in under the radar, and were not transparent, Read said. Adding, they had no interest in complying with local ordinances.

Read indicated that miners in Plattsburgh did not have a long-term stake in the city and that their power applications stopped after the ordinances went into place.

Not in the Falls, said Gadoot, Thats not the way we operate. Ive signed a 15-year lease.

He also said the company has already spent over $1 million dollars in the local economy, paying salaries (as high as $25/hour), and contractors.

We want to work with the community, Gadoot said, when reached by telephone just before the holiday. I have met with the mayor and started walking the neighborhood last week to engage people.

The company has also erected noise barriers Gadoot said, and is monitoring noise levels.

When we looked at Niagara, we saw it as a place that once thrived with manufacturing, said Gadoot, With some of the industrial properties, we think we offer a unique solution, we dont have to dig, we place our containers on top of the ground.

In addition to working to comply with the ordinances, address the concerns of neighbors, and grow the local economy, Gadoot said US Bitcoin, Inc. was looking into other ways to make a positive impact locally.

We want to work with the local colleges and universities, said Gadoot, helping them to build a curriculum for study about our industry.

Another company in the Bitcoin mining industry, Wattum Management, has also confirmed it is now operating in the area.

During an online chat, Azam Roslan, a Wattum sales associate, said, Our main facility is in Buffalo, Niagara Falls. As of press time, the company had not responded to requests for further information regarding their operations in the area.

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Bitcoin mining comes to the Falls - Niagara Gazette

From times immemorial, the Bitcoin and Ethereum camps argue about nodes and their respective blockchains characteristics. This mind-bending report by BitMEX Research will put the debate to rest. Surprisingly, they determine that the Bitcoin blockchain is still bigger than the Ethereum one. This will soon change, though. BitMEX Research also concludes that size is not the right metric to compare both chains, because to learn useful information about the Ethereum network one needs to perform significantly more computations and generate far more data.

Related Reading | BitMEX Reaches Agreement With CFTC, Why It Could Mark A New Era For Crypto

As to why people assume that Ethereum would be bigger, BitMEX Research attributes it to failure to remember just how small Ethereum was a few years ago. Then, they go to the history books:

From 2015 to 2018, Bitcoins blockchain grew at a faster rate than Ethereum, then from 2018 to 2020 they seemed to grow in parallel. Finally, from late 2020 onwards, the Ethereum blockchain growth rate accelerated further and the growth rate is now far higher than Bitcoin. Ethereums cumulative blockchain size looks set to shortly overtake Bitcoin and accelerate far beyond it.

And give us this chart:

What exactly are we watching in the chart? BitMEX Research explains:

In both cases, for Bitcoin and Ethereum, the total blockchain size in the chart above contains all transaction data, this is all the data one needs to download from ones peers to fully synchronize and verify the chain. This includes all the digital signatures authorizing each transaction.

According to this Peter Szilagyis tweet, Ethereums head state requires 130GB of data. In Bitcoin, we can compare that to the UTXO set size, the set of unspent Bitcoin outputs. That weighs 4.6GB, which is only around 1.2% of the size of the entire Bitcoin blockchain. In Ethereum, the story is quite different. Those 130GB are around 43% of the blockchain size, far higher than 1.2% on Bitcoin.

Also, take into account that:

Bitcoin Core supports pruning the blockchain, where a node can discard old blockchain data and only retain some very recent transactions plus the UTXO set. This means that one can fully validate the entire Bitcoin blockchain and check the validity of new blocks, with well under 10GB of disk space.

Lets get one thing clear, both blockchains are quite different and were just comparing them for sport. For example, in Ethereum, a node stores two types of databases, the blockchain and the state. The state is computed from the transaction history and essentially contains: all Ethereum account balances, storage associated with every deployed Ethereum smart contract and account nonces.

Currently, the state is as heavy as the blockchain. Only limited pruning or efficiencies are therefore possible when it comes to reducing the size of the head state. The head state is therefore likley to continue to grow over time.

After carefully analyzing the case, BitMEX Research reaches a conclusion:

The comparison between the blockchain size for Ethereum and Bitcoin is not always particularly relevant. The Bitcoin blockchain is mostly sufficient to tell you all you need to know about the Bitcoin network. In contrast, the Ethereum blockchain itself is by no means sufficient to tell you much about the state of Ethereum, to do this one needs to compute and store much more data, otherwise you dont know what many of the transactions are actually doing.

Make of that what you will.

Related Reading | BitMEX Becomes One Of The First Crypto Exchanges To Go Carbon-Neutral

Its important to know that, for the sake of brevity, we skipped all the technical explanations. Plus, we left out worthy material that wasnt relevant to the discussion. We highly recommend that you read the whole report, its fascinating and itll give you a clear picture of how thorough BitMEX Research was.

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Bitcoin Or Ethereum? Which Blockchain Is Heavier? BitMEX Research Reports - Bitcoinist

Sam Bankman-Fried, the founder of the crypto exchange FTX, is optimistic about Solana (SOL). He believes that Solana has the potential to scale to Bitcoins (BTC) mass adoption level. Bankman-Fried added that Avalanche (AVAX) also has the potential to climb to the top.

He also believes Solana is better than ethereum as its one of the few blockchains with a plan to accommodate mass adoption.

Related Reading |Solana Hits New All-Time High, Surpasses Cardano And Tether To Fourth Place

The 29-year old crypto founder has a net worth of $22.5 billion, making him the youngest person to enter the Forbesrich listafter Mark Zuckerberg.

In aninterviewwith Kitco News on Thursday, Bankman-Fried talked about bull and bear runs. And which projects would see mass institutional adoption.

When asked if he thinks Bitcoin would see its last Bull run in December before eventually crashing, Bankman-Fried responded that he could not predict the future. However, there will always be more crashes as well as more bull runs. And in the next few years, he expects to see see substantial institutional adoption of cryptocurrencies.

In the event of a crash, however, he says that projects with loyal followers and important use-cases are more likely to survive. Hype-driven projects, like meme coins, often crash the hardest. Projects that have real adoption, or potential for real adoption are the ones that loyalists will be backing, even during bear markets.

Bankman-Fried also believes that Solana could be the next Bitcoin. And that there is a possibility that it could see mass adoption very soon. As he has previously said, Solana has a plausible roadmap to scale millions of transactions per second. And that is the most important indicator.

I think Solana has a shot at doing so, which is really exciting. I think that there are other tokens out there as well that are aiming to scale a bit, and Avalanche is one of them. He emphasized that the core technology of every blockchain is something that is hard to overhaul. Furthermore, he says that Solana could potentially be the base for more DeFi applications in the future.

Bankman-Fried adds that Solanas market cap could exceed Ethereums market. However, it is hard to make a concrete prediction. But one thing that cannot be disputed is that Solana fixes a lot of problems with Ethereum. These include high gas fees and low transaction rates. Subsequently, many have dubbed the network ethereum killer.

Bankman-Fried believes that in terms of scale, not many blockchains could compare to Solana. Earlier this month, he spoke at Yahoo Finance and Decryptss Crypto Goes Mainstreamconference.

Related Reading |Why Billionaire Chamath Palihapitiya Invested In The Solana Ecosystem

Solana is one of the few currently existing public blockchains that has a really plausible roadmap to scale millions of transactions per second at you know, fractions of a penny per transaction, which is a scale that you need for this, Bankman-Fried said.That is not where a lot of other blockchains have been focusing, including ethereum.

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Solana Could Become The Next Bitcoin, According To FTX's Sam Bankman-Fried - NewsBTC

Recently, Catherine Wood, Founder, CIO, and CEO atARK Investment Management, LLC(aka ARK or ARK Invest), talked about institutional investment in Bitcoin.

During a virtual interview on November 17 with Barrons Senior Managing Editor Lauren R. Rublin, Wood said that large institutional investors are making a move into Bitcoin and pointed out the lack of correlation between crypto and other assets.

According to a report about this interview by The Daily Hodl, Wood said:

We can see whos moving in and it looks like strong, institutional holders are moving in [to Bitcoin]. Why are they moving in? Because the correlation of returns among crypto, especially Bitcoin, and other assets stocks, bonds, currencies, commodities are very low.

Studies tell us that if theres a low correlation of returns among assets, [buying] that asset with the low correlation, you will be raising returns and lowering risk over time.

She also reiterated his previous price prediction for Bitcoin:

The reason weve used the $500,000 mark for a Bitcoin price target is that if institutional investors move into Bitcoin and allocate 5% of their portfolios to it, by our estimates Bitcoin will go up by $500,000. We can tell this is happening by looking at on-chain analytics.

Back in September, Wood told Yahoo! Finance in an interview that fans of gold fail to understand that Bitcoins value beyond being a store-of-value asset:

Many investors who have spent their careers focused on gold cannot understand the digital concept associated with gold What we think [theyre] missing is its much more than just a store of value or digital gold.Bitcoin, in particular, is a new global monetary system. Its a rules-based monetary policy, which is completely decentralized and therefore is not subject to the whims of policymakers.

And in February, during aninterviewon Bloomberg TV, Wood said that she thinks Bitcoinis the best hedge against inflation out there far none and better than gold.

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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$BTC: ARK Invest CEO Explains Why Institutional Investors Are Getting Into Bitcoin - CryptoGlobe

The German multinational shoe and sportswear corporation Adidas recently announced the company has partnered with the cryptocurrency exchange Coinbase. Two days prior, The Sandbox tweeted about the popular shoe company and showed a video clip of Adidas real estate in the Sandbox metaverse.

According to a recent statement from an Adidas spokesperson speaking with City A.M.s Lily Russell-Jones, the company is very focused on the metaverse. The Metaverse is currently one of the most exciting developments in digital, making it an interesting platform for Adidas, the company spokesperson explained to Russell-Jones on Thursday. It all started on Monday, November 22, when The Sandbox tweeted about the multinational shoe and sportswear firm.

Hey @adidasoriginals, impossible is nothing in the Metaverse. What if we invite all of the original thinkers and do-ers to design our future together? The Sandbox tweeted.

The Sandbox is a blockchain-based virtual gaming world where players can build, own, and monetize their gaming experiences, according to the metaverse description. Besides a sizable plot of metaverse land shown in the video clip, its currently unknown what Adidas will be doing in The Sandbox virtual world. The official Meta (formally Facebook) Twitter account also replied to The Sandbox tweet to Adidas.

Impossible is nothing, but these possibilities are everything, the Meta account said. Another individual wrote:

ADIDAS = All Day I Dream About SANDBOX?

Following the tweet stemming from The Sandbox Twitter account, Adidas tweeted about partnering with the crypto exchange Coinbase. Adidas stated:

Weve partnered with @coinbase. Probably nothing.

Following the tweet from Adidas, Coinbase affirmed the partnership and said: gm @adidasoriginals. Welcome to the party, partner. Coinbase also tweeted a handshake emoji to Adidas as well in the thread. Adidas may have gotten the hint to step up its metaverse game when it was revealed its main competitor, Nike, is seemingly getting ready to step into the metaverse and the world of non-fungible token (NFT) technology.

The description of downloadable virtual goods mentioned well known Nike trademarks such as the Just Do It tagline, the Air Jordan Jumpman, and the Nike swoosh. Metaverse lands like The Sandbox, Axie Infinity, and Decentraland have seen significant demand since Facebook changed its name to Meta. Digital land plots are selling for millions and major brands are jumping into the industry fast.

What do you think about Adidas partnering with Coinbase and The Sandbox? Let us know what you think about this subject in the comments section below.

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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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Sneaker Giant Adidas Says the Metaverse Is 'Exciting,' Reveals Partnership With Coinbase Bitcoin News - Bitcoin News

Shark Tank star Kevin OLeary, aka Mr. Wonderful, says he has zero interest in investing in anything with litigation from the U.S. Securities and Exchange Commission (SEC). That is a very bad idea, he said. Discussing the SEC lawsuit against Ripple over XRP, he emphasized: I have no interest in being a crypto cowboy I have to be compliant.

Shark Tank star Kevin OLeary, the chairman of Oshares ETF, talked about cryptocurrency, bitcoin, XRP, Ripples lawsuit, and crypto regulation in an interview with CNBC published Friday.

He explained that he prefers to consult with regulators regarding cryptocurrency in order to find out whats possible and what isnt.

Commenting on the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against Ripple over the sale of XRP, OLeary stressed:

I have zero interest in investing in litigation against the SEC. That is a very bad idea.

The SEC sued Ripple, its CEO Brad Garlinghouse, and co-founder Chris Larsen over the sale of $1.3 billion worth of the XRP tokens, claiming that it was an unregistered securities offering. Ripple and its executives have argued that XRP is not a security.

Garlinghouse recently said that he expects the lawsuit to come to a conclusion next year, noting, We are seeing pretty good progress. Even the CEO of the Nasdaq-listed crypto exchange Coinbase, Brian Armstrong, believes that the lawsuit is going better than expected.

However, OLeary said that he prefers to comply with regulators because thats where the real capital is. He emphasized:

I have no interest in being a crypto cowboy and getting anybody unhappy with me because I have so many assets in the real world that Ive invested in already that I have to be compliant.

Mr. Wonderful is also not keen on meme cryptocurrencies. He said in July that he will not invest in the popular meme crypto dogecoin (DOGE), noting, I dont understand why anybody would.

Nonetheless, cryptocurrency now accounts for about 10% of his portfolio. His crypto exposure exceeded his gold exposure for the first time in early October. In September, the Shark Tank star said he expect a trillion dollars more flowing into bitcoin.

What do you think about Kevin OLearys comments? Let us know in the comments section below.

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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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Kevin O'Leary on SEC v Ripple Lawsuit Over XRP: 'I Have Zero Interest in Investing in Litigation Against SEC' Regulation Bitcoin News - Bitcoin News