Monthly Archives: July 2021

Bitcoin Is Absurd, Part II: Struggles For Satoshi

The recent Chinese crackdown on bitcoin mining is confusing, but not incongruent with their ideology. Right now Bitcoin is experiencing a gigantic drop in hashrate due to the Chinese Communist Party (CCP) shutting down mining in the country. Already being dubbed “The Great Hashrate Migration,” a huge amount of mining equipment is being unplugged and shipped to friendlier jurisdictions around the world. Some Chinese miners have taken to booze as expectations are that nearly all mining operations will be shut down. The largest difficulty adjustment in Bitcoin’s […]

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Paypal Raises Weekly Cryptocurrency Purchase Limit to $100K, Removes Annual Limit

Payments giant Paypal has increased its weekly purchase limit for cryptocurrencies and has removed the annual limit altogether. The company said, “These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform.” Paypal Increases Buy Limit for Cryptocurrencies Paypal Inc. announced Thursday that it has increased purchase limits for cryptocurrencies. The company explained that since the U.S. launch of Paypal Crypto in October 2020, it has been actively engaging with customers “to better understand their needs,” with the aim to […]

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Interview: Bitcoin Beach And The El Salvador Bitcoin Law

Leaders from Bitcoin Beach, the community in El Salvador, discussed their work and the recent legal tender law. Watch This Episode On YouTube Listen To This Episode: Apple Spotify Google Libsyn Overcast BitcoinTV In this episode of the “Bitcoin Magazine Podcast,” Aaron van Wirdum spoke with Jorge Valenzuela and Roman Martinez, aka Chimbera, two community leaders from the Bitcoin Beach project in El Zonte, El Salvador. Valenzuela and Martinez told the history of the Hope House, the heart of the Bitcoin Beach project, which aims to offer […]

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PayPal increases crypto purchase limits to $100K

The company said the move was aimed at giving customers “more choice and flexibility” to purchase crypto. Payment provider company PayPal now allows U.S.-based users to purchase up to $100,000 in crypto weekly. In a Thursday announcement, PayPal said it had increased the crypto purchase limit for certain customers based in the United States from $20,000 to $100,000 per week. The company said the move was aimed at giving users “more choice and flexibility in purchasing cryptocurrency.” PayPal announced it would be moving into the crypto space […]

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3 altcoins showing signs of accumulation while Bitcoin price is down

DeFi and NFT-related tokens like GHST, CNS and TLM defied the market’s bearish mood to post double-digit gains in the past 48-hours. Crypto markets faced another day of struggle on July 15 as the price of Bitcoin (BTC) dropped to its “final support zone” near $31,000, which prompted traders to issue dire predictions about the future should bulls fail to hold this level.  Despite the struggles facing the crypto market at large, relatively obscure altcoins like Aavegotchi (GHST), Centric Cash (CNS) and Alien Worlds (TLM) posted positive […]

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Financial Report Shows Bit Digital Is Transferring 14,500 Bitcoin Miners From China to the US

Following the bitcoin mining crackdown in China, the Nasdaq-listed firm Bit Digital published a second-quarter bitcoin production and mining operations update and noted the company is moving 14,500 bitcoin miners from China to the United States. Bit Digital says after the Chinese government’s decision to ban bitcoin mining, the company “accelerated” its migration strategy to North America. Bit Digital Publishes Unaudited Report On July 13, the company Bit Digital (Nasdaq: BTBT) revealed that it was migrating 14,500 bitcoin miners to the U.S. after China’s recent crackdown. The […]

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Work As Hard As You Possibly Can On Bitcoin

Every single Bitcoiner benefits from contributing to the growth, prosperity and strength of the network. Rule VII: Work As Hard As You Possibly Can On Bitcoin And See What Happens A reimagination of “Beyond Order” by Jordan Peterson through the lens of Bitcoin. Part 1 Part 2 Part 3 Part 4 Part 5 Part 6 Preface These essays mirror the exact chronological structure of “Beyond Order” by Jordan Peterson, offering a reflection through a Bitcoin lens. This is chapter six of a 12-part series. If you read […]

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Rep Tom Emmer introduces bill to provide certainty for digital assets

The Security Clarity Act seeks to lessen regulatory burdens for blockchain-based technology. U.S. congressional representatives introduced a bipartisan bill on July 15 with the goal of providing a clear definition of assets, such as digital tokens and other emerging technologies, under current securities law. Known as the Security Clarity Act, the bill was introduced by Rep Tom Emmer (R-MN), Rep Darren Soto (D-FL), and Rep Ro Khanna (D-CA). This legislation seeks to change the definition of a term that has been used for more than 75 years. […]

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University of Cambridge Bitcoin Mining Map Shows China’s Hashrate Dropped to 46%

After the researchers from the Cambridge Bitcoin Electricity Consumption Index (CBECI) project said that the website’s “Bitcoin Mining Map” had not been updated since April 2020, the map has finally been updated. Current data from the mining map shows the coverage goes all the way up until April 2021, and the estimate of China’s hashrate dominance is much lower than previous estimates. New Estimates Show China Has Less Hashrate Than Previous Statistics University of Cambridge data from the Cambridge Bitcoin Electricity Consumption Index (CBECI) indicates that China […]

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DoubleLine CEO sees Bitcoin buy moment at $23K, predicts US dollar will drop ‘pretty substantially’

According to Jeffrey Gundlach, the trading pattern for Bitcoin may suggest a price drop below $30,000. Jeffrey Gundlach, the CEO of investment management firm DoubleLine, implied that Bitcoin could see more favorable activity in the long term than that of the U.S. dollar. In a Wednesday interview on CNBC’s Halftime Report, Gundlach said he believed people would be able to purchase Bitcoin (BTC) for under $23,000 soon given the likelihood of the crypto asset forming a head-and-shoulders trading pattern. He was seemingly referring to a “head” when […]

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