Search Write Sign up Sign in Why Bitcoin Miners Will Keep Mining
Bitcoin prices have dropped sharply, cutting mining revenues in half even before the actual incoming halving
This situation will undoubtedly bring the ‘mining death spiral’ argument back to the forefront of the bitcoin media cycle
‘Mining death spirals’ do not actually happen in real life — they are highly theoretical edge cases without any historical real-world precedent
Mining cost is largely a function of the difficulty, this is a dynamic metric determined by the protocol itself and it can adjust both up and down to keep block times at 10 minutes on average
Cointime March 3rd News Express
1.Web3 gaming platform Portal launches BuildingBlocks Foundation2.Ordinals Developers: Block 832849 and the Runestone Matrix Inscription have been completed in partnership with OrdinalsBot and Marathon Digital3.OKX Ventures announces additional investment in Ethereum second-layer network Taiko4.This morning, a total of more than 300 million DOGE were transferred from Binance, worth more than $50 million.5.ARKB becomes the second largest holding of ARK Invest’s fund ARKW, with a weight of 9%6.FTX has started official liquidation and will compensate customers for Bitcoin at a price of US$16,8717.Ordinals developer: Runestone dug out the largest block in Bitcoin history today, and the next step in the airdrop process is about to begin.8.Bitcoin Core developer Peter Todd will attend the Bitcoin Asia conference9.Several fund Hong Kong subsidiaries will explore spot Bitcoin ETF applications10.FTX Claim Window Prices Bitcoin, Ethereum, and Other Products Below Market Prices
Strike CEO: Bitcoin is better than gold due to limited issuance and decentralization
Jack Mallers, CEO and co-founder of Bitcoin payment company Strike, stated that due to its limited supply and decentralization, Bitcoin is superior to gold.
Bitcoin mining revenue in February was US$1.39 billion, a month-on-month increase of 2.96%
On March 3, data from The Block shows that Bitcoin mining revenue reached $1.39 billion in February, a 2.96% increase from the previous month. In addition, Ethereum block validators' income increased by 14% to $214 million in February, with transaction fees accounting for $42.13 million.
Bitcoin Core developer Peter Todd will attend the Bitcoin Asia conference
On March 3rd, Bitcoin Core developer Peter Todd confirmed his attendance at the Bitcoin Asia conference. Peter Todd is a well-known early developer of Bitcoin Core and also the cornerstone of the RGB protocol, which proposes single-use seals and client verification for the first time.
BTC breaks through $62,000
According to market data, BTC has broken through $62,000 and is currently trading at $62,013.2. The intraday decline has reached 0.32%, and the market is volatile. Please be prepared for risk control.
Crypto Biz: Blockchain B2B trending, Telegram’s new ad platform, and more
This week’s Crypto Biz examines concerns over chip shortages and sustainability issues for crypto miners, Telegram’s new ad platform, Kraken’s expansion into institutional investors, and more.
Glassnode: The stock of Bitcoin OTC platform is less than 500, which has dropped to the lowest level in history
According to Glassnode data, the stock of Bitcoin on OTC platforms has been continuously decreasing during this market rise, and has now fallen to its lowest historical level (388 coins on February 29th), comparable to mid-2018. Caitlin Long, founder of crypto-friendly bank and Bitcoin custody institution Custodia Bank, responded to comments about "Bitcoin OTC platform stock nearing depletion" on social media, stating that a reliable source indicated that at some point on Wednesday this week, there were only about 40 BTC available for trading on the Bitcoin OTC platform. Note: The OTC platform data collected by Glassnode only covers some mainstream platforms and cannot accurately represent the stock data of all global platforms, but still has reference value.
Over 97% of Bitcoin addresses are currently profitable
According to IntoTheBlock data, more than 97% of Bitcoin addresses are currently profitable, reaching the highest profit level since November 2021. Long-term investors who have held Bitcoin for more than a year own 13.6 million Bitcoins.
Grayscale: Bitcoin may hit new all-time highs later this year
Gray released the February market report, which pointed out that Bitcoin's price rose by about 45% in February, breaking through $60,000 for the first time since the fourth quarter of 2021. This phenomenon reflects the large influx of funds into US ETFs and expectations for Bitcoin halving in April.
ABCDE to Host Bitcoin Day on April 5th in Hong Kong
ABCDE has announced that it will host Bitcoin Day on April 5th at the St. Regis Hotel in Hong Kong, in collaboration with Cointime and SINOHOPE Technology (1611.hk). ABCDE has invested in numerous star Bitcoin ecosystem projects such as Merlin Chain, Babylon, Polyhedra, Unisat, B^2 network, Bitlayer, Bitsmiley, DLC.link, and more. The event will gather over 1000 participants, inviting top developers from Asia and around the world in the Bitcoin ecosystem, frontline investors, and representatives of regulatory bodies to discuss the expansion of the Bitcoin ecosystem, layer-2 ecosystems, composability, and decentralization. This is in anticipation of Bitcoin's halving in April, aiming to promote the prosperous development of the Bitcoin ecosystem together.
Financial Times article "Why Bitcoin Prices May Still Plunge"
On March 1st, it was reported by the Financial Times that the price of Bitcoin had reached a new record high in relation to many currencies. The approval of a Bitcoin exchange-traded fund in the United States fueled the market's enthusiasm. The expectation of a reduction in Bitcoin mining output at the end of April intensified the market's frenzy. The increase in demand from buyers expecting the next halving explains why the cryptocurrency bull market is now happily predicting that Bitcoin's price will soon exceed $100,000.
ABCDE will host Bitcoin Day in Hong Kong on April 5
ABCDE announced that it will hold Bitcoin Day at the Regal Hotel in Hong Kong on April 5th, co-hosted by Nova Technology (1611.hk). ABCDE has invested in Bitcoin ecological projects such as Merlin Chain, Babylon, Polyhedra, Unisat, B^2 network, Bitlayer, Bitsmiley, DLC.link, etc. At that time, more than 1,000 participants will be gathered, inviting Bitcoin ecological developers, investors, and regulatory agencies from Asia and around the world to discuss the expansion, second-layer ecology, composability, and decentralization of the Bitcoin ecology, and to welcome the arrival of Bitcoin's halving in April, jointly promote the prosperity and development of the Bitcoin ecology.
There are less than 50 days left until the Bitcoin block reward halving is expected
Data shows that the current block height is less than 50 days away from the next Bitcoin halving event. As every 210,000 blocks, there will be a halving event, the next one is expected to occur when the block height reaches 840,000 in April 2024. At that time, the block reward will be reduced from 6.25 BTC to 3.125 BTC.
Bitcoin Surges in Value and Trends on Chinese Social Media Despite Government Ban
Despite the Chinese government's strict ban on cryptocurrency activities, the recent surge in the value of Bitcoin has captured the attention of internet users in mainland China. Bitcoin's popularity has soared on major Chinese social media platforms, with Weibo ranking it as the 11th most-searched term at one point. The surge in interest follows a 676% increase in Bitcoin's popularity on WeChat on February 13, coinciding with its milestone of surpassing the $60,000 mark for the first time in over two years. The recent momentum in Bitcoin's value can be attributed in part to the introduction of Spot Bitcoin ETFs in the U.S. in January.
The Bitcoin Renaissance Is in Full Swing
As we discussed in Entering the Bitcoin Renaissance, our last edition, Lightning Labs CEO and Co-Founder Elizabeth Stark told The Block, “a major narrative of the next cycle will be the bitcoin renaissance, and it has already begun in full swing.” Only a few months later, and that is proving to be quite prescient!
Google “bitcoin” search popularity is still at a low level compared to May 2021
Google Trends data showed that the search popularity for the keyword "bitcoin" from February 18th to 24th, 2024 was 22, which is still low compared to May 2021 (popularity was 100).
Matrixport Lianchuang: Bitcoin may undergo a healthy downward adjustment of approximately 15% in March
Matrixport co-founder Daniel Yan posted on social media that the current market sentiment has reached a level that should be treated with caution. By the end of April, there may be a healthy downward adjustment of about 15%, with specific adjustments possibly appearing in March. From a macroeconomic perspective, March is already a tricky month (due to the Federal Reserve meeting and BTFP). With the upcoming upgrade of the Dencun mainnet and the Bitcoin halving, the market in March may be weak. It is still unknown where the adjustment will start (whether the new high or the adjustment will come first), but long-term holders need not worry.
Bitcoin prices hit all-time highs against multiple fiat currencies
According to data compiled by Cointelegraph, as the price of Bitcoin reaches a new high in nearly two years, in the past few days, the prices of Bitcoin against the Japanese yen, Malaysian ringgit, Indian rupee, New Taiwan dollar, South Korean won, Chilean peso, Australian dollar, Chinese yuan, South African rand, Norwegian krone, and Turkish lira have all reached historic highs.
SkyBridge founder: Bitcoin can “replace or alongside” gold as a store of value
SkyBridge founder Anthony Scaramucci stated that Bitcoin can definitely "replace or coexist" with gold as a store of value.
