The reality of mining and trading cryptocurrencies in 2020

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2020 is coming, what to expect for cryptocurrencies in general !?

Тему создал/а spyaquino, October 15, 2020 in Crypto World

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    Тему создал/а BITC0IN, January 15 in Крипто Мир

    US and EU national cryptocurrencies, mining makes profit

    The Fed Chairman speaks on the US national cryptocurrency potential. The EU is exploring the possibility of creating state digital money. Interest in cryptocurrency mining continues to grow.

    Fed Explores Digital Dollar Options

    Jerome Powell, the Fed Reserve Chairman, said that his organization is studying the creation of the US state cryptocurrency. He acknowledged that digital financial assets provide a significant incentive for economic growth due to faster payments and easier settlements. However, the official noted that such an innovation would not have significant consequences for the States, as businesses and citizens of the country already have a developed financial system.

    According to Jerome Powell, the launch of the American national cryptocurrency will lead to many questions. Difficulties will arise in the areas of regulation, monetary policy, and also compliance with the legislative framework and economic stability. In addition, it will be necessary to strengthen information security systems and invest in data privacy technologies.

    Information about Fed’s study of creating a digital US dollar came from Rob Kaplan, the President of the Federal Reserve Bank of Dallas. In his statement, the official noted the importance of preserving dollar as a reserve asset. The emergence of an alternative financial instrument can undermine investor confidence, and as a result, reduce the demand for debt obligations. If the rate on servicing public debt increases by 1%, this will lead to an increase in costs by $200 billion.

    Therefore, the American authorities are highly wary of the cryptocurrency projects emergence. Everything that can threaten dollar’s dominance is perceived by them as a direct threat. Apparently, it was exactly it what made officials to put up fierce pressure on Facebook initiative. As soon as the public started talking about Libra as an alternative settlement system, the project was fiercely criticized.

    Consequently, Justin Muzinich, the Deputy Finance Minister, is sure that even approved and fully compliant cryptocurrencies can pose a threat to state stability. They can delegate to the private sector some functions of the government bodies’ competence sphere.

    The European Union is Changing Its Attitude Towards Blockchain and Cryptocurrencies

    Denis Beau, the second in command at the Central Bank of France, supported the distributed registry technology and announced the need to issue EU cryptocurrencies. He is sure that quick payments will solve a significant part of current issues. Reducing of transaction costs will activate economic development and help businesses make a difference. Back in May, information appeared that the Central Bank of France was ready to consider the creation of a single European cryptocurrency.

    According to Denis Beau, the task of the Central Bank is to organize settlements with minimal expenditures of funds and forces. It is blockchain that allows dealing with it most effectively. If a cryptocurrency of the European Union appears, it will protect the financial system from competitive risks from payment systems and digital assets of other countries and private companies.

    Benoit Coere, a former member of the ECB’s board of directors on behalf of Belgium, supported his French counterpart. It was stated that the Bank should not impede the development of private initiatives in the field of distributed registry. On the contrary, the authorities should take the lead of this movement. They need to offer society a state digital currency. Until now, the EU does not even have a single credit card standard, which leads to the dominance of foreign financial institutions. This is just one example of initiative loss in the financial industry. The nationwide EU cryptocurrency will solve many issues.

    The words of officials about the interest in digital projects are confirmed by cash injections. The European Commission and the European Investment Fund have announced the launch of a new project. Blockchain-developing companies will have access to financing from a fund with a capital of $400 million. More than $110 million out of this amount will come from government sources. The remaining funds are invested by banks and commercial companies. In total, the EU spent $674 million in 2020 on the study of blockchain. Only Americans invested more, US spending exceeded $1 billion. China ran third with $319 million of public funds invested in the industry.

    Mining Cryptocurrencies in North America Brings Substantial Profit

    Hut 8 Mining Corp. from Canada reported profit and loss for the 3 rd quarter of 2020. Three months of work brought it net income of $14.7 million. Electricity expenses, salaries, depreciation of equipment, payment of taxes, as well as interest on loans and other expenses have already been deducted from this amount. The cost of one bitcoin mining was $4,363, and a total of 1,965 coins were mined.

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    Since October 2020, Hut 8 shares have been traded on the Toronto Stock Exchange. When starting business, the company purchased equipment for a total amount of $85 million; the mining company began its work as early as in 2020.

    However, a study by Ceteris Paribus casts doubt on the reality of this business profitability. They believe that Hut 8 incorrectly calculated the depreciation of equipment. According to them, the cost of one bitcoin mining was about $7,000. However, this does not prevent American and Canadian businessmen from launching new mining farms.

    Thus, Whinstone, the US company, together with the German Northern Bitcoin, announced the launch of the largest mining center in the world. A 1 gigawatt site will be opened on 100 acres in Texas. In the next three months, the first stage of 300 MW will begin to operate. Until the end of 2020, the rest of the equipment will be installed.

    In addition to bitcoin and Ethereum mining, the new platform will use computing capabilities for other tasks. So, it could also offer process information for the development of artificial intelligence and video rendering.

    Ethereum (ETH) Price Prediction and Analysis in March 2020

    We will be looking at the historical prices and market opinions for ETH in order to formulate an Ethereum price prediction for March 2020. Ethereum Overview Ethereum is the most well-known and used blockchain-based smart contract platform, being responsible for about 80% of all launched ICOs. ETH is the platform’s native crypto, which is ranked as number two according to a market capitalization of $24,564,703,631 and a trading price of $223.41, with a decrease of -2.91%. There are currently 109.953.405 ETH in circulation with a total volume of $19.346.375.179 worth of ETH has been traded in the last 24 hours. Ethereum Price Prediction: Analysis Around mid-February, ETH had a bull run which brought the coin to a price of $280. The following days ETH struggled to keep itself around this level, trading mostly around $270 and $260. But then on February 25th, the price of Ethereum (ETH) plummeted from the $265 to $240 level. The bearish momentum continued, further pulling ETH below $220 support and trading close to the $205 support. However, the market has recovered. Ethereum closed the month at a price of $219,85. The first day of March began around the same price, and after testing the $226 resistance level, the coin fell back to $218 at the end of the day. March the 2nd, ETH got a boost that propelled it to $230 level. On March 3rd, the price of ETH also went over the $230 level to create a new intraday high near $235. A correction then followed, and the coin went down to $228 level, ultimately closing to $224,48. Today, March 4th, ETH is trading at a price of $223.31, down 2.86%. The coin has managed to get past its most recent slip to $220 support. But it started losing its gains after it failed to break the resistance at $235 for the second time in a four-day period. Also, the gains amassed have not been sustained even at $230 support after the challenging comeback from the $210 support level. Source:https://coingape.com/Source: forexcrunchThe current pivot, resistance, and support levels calculated by WalletInvestor are: Resistance Level (R3): 240.638 Resistance Level (R2): 236.373 Resistance Level (R1): 230.469 Pivot Point: 226.204 Support Level (S1): 220.300 Support Level (S2): 216.035 Support Level (S3): 210.131 Developments On March 2, the total record volume of decentralized exchanges operating in the Ethereum blockchain reached its highest monthly number in February 2020, as stated by Dune Analytics and its statistics. Over $372M worth of transactions has been processed on decentralized exchanges, signifying an increase of 62%, which is higher compared to values from January 2020. The preceding all-time high value was $358 million and it was reached back in July 2020. Ethereum core developers have declared last month that they will be continuing with the ProgPoW update, which is expected to make Ether mining more ASIC resistant. The hard fork is planned to occur around July, three weeks after EIP-1962, an update that will implement cryptographic functions to Ethereum. This is the third discussion the core developers had regarding agreeing to implement ProgPoW. Many fear that this update will split the community apart again and lead to another chain splitting. However, James Hancock, Ethereum Hardfork Coordinator, has stated that a split is improbable. “I have not seen any evidence that there is an ideological or people willing to step up and actually have a network split. If I’m wrong I’ll resign as hardfork coordinator,” said Hancock. On February 5th, developers finished the formal verification and audit of the bytecode of deposit smart contract for Ethereum 2.0. Bytecode is a low-level code written in Solidity which runs on the Ethereum Virtual Machine (VM as bytecode). crypto-news-flash.comEthereum Price Prediction: Market Opinion for March 2020 A number of crypto forecasting sites have put forward their own Ethereum price prediction for March 2020, and in order to accurately portray the market sentiment around this coin, we decided to feature some of the most relevant ones. Longforecast Longforecast projected that ETH will have a trading price of $219 at the start of March. The site forecasts that the maximum price would be able to reach $253, while the minimum price will be around $166. The month’s average price was estimated at around $207. It is expected that ETH will close the month at a price of $190, change for March -13.2%. Digitalcoinprice Digitalcoinprice’s Ethereum price prediction is positive for March, expecting the coin to reach $497.63, which means an increase of 119.69 %. Coinpredictor Coinpredictor expects Ethereum to decline with -11.5% in the first week of the month, placing the coin at a price of $205.4. ETH is expected to rise by 5.1% towards the end of March, which would mean a price of $243.93. WalletInvestor WalletInvestor made predictions for the next 10 days of March, along with the minimum and maximum values of each particular day. Date Price Min Price Max Price

    We will be looking at the historical prices and market opinions for ETH in order to formulate an Ethereum price prediction for March 2020.

    Ethereum Overview

    Ethereum is the most well-known and used blockchain-based smart contract platform, being responsible for about 80% of all launched ICOs.

    ETH is the platform’s native crypto, which is ranked as number two according to a market capitalization of $24,564,703,631 and a trading price of $223.41, with a decrease of -2.91%. There are currently 109.953.405 ETH in circulation with a total volume of $19.346.375.179 worth of ETH has been traded in the last 24 hours.

    Ethereum Price Prediction: Analysis

    Around mid-February, ETH had a bull run which brought the coin to a price of $280. The following days ETH struggled to keep itself around this level, trading mostly around $270 and $260.

    But then on February 25 th , the price of Ethereum (ETH) plummeted from the $265 to $240 level. The bearish momentum continued, further pulling ETH below $220 support and trading close to the $205 support. However, the market has recovered. Ethereum closed the month at a price of $219,85.

    The first day of March began around the same price, and after testing the $226 resistance level, the coin fell back to $218 at the end of the day. March the 2 nd , ETH got a boost that propelled it to $230 level.

    On March 3 rd , the price of ETH also went over the $230 level to create a new intraday high near $235. A correction then followed, and the coin went down to $228 level, ultimately closing to $224,48.

    Today, March 4 th , ETH is trading at a price of $223.31, down 2.86%. The coin has managed to get past its most recent slip to $220 support. But it started losing its gains after it failed to break the resistance at $235 for the second time in a four-day period. Also, the gains amassed have not been sustained even at $230 support after the challenging comeback from the $210 support level.

    Source:https://coingape.com/ Source: forexcrunch

    The current pivot, resistance, and support levels calculated by WalletInvestor are:

    • Resistance Level (R3): 240.638
    • Resistance Level (R2): 236.373
    • Resistance Level (R1): 230.469
    • Pivot Point: 226.204
    • Support Level (S1): 220.300
    • Support Level (S2): 216.035
    • Support Level (S3): 210.131

    Developments

    On March 2, the total record volume of decentralized exchanges operating in the Ethereum blockchain reached its highest monthly number in February 2020, as stated by Dune Analytics and its statistics. Over $372M worth of transactions has been processed on decentralized exchanges, signifying an increase of 62%, which is higher compared to values from January 2020. The preceding all-time high value was $358 million and it was reached back in July 2020.

    Ethereum core developers have declared last month that they will be continuing with the ProgPoW update, which is expected to make Ether mining more ASIC resistant. The hard fork is planned to occur around July, three weeks after EIP-1962, an update that will implement cryptographic functions to Ethereum.

    This is the third discussion the core developers had regarding agreeing to implement ProgPoW. Many fear that this update will split the community apart again and lead to another chain splitting.

    However, James Hancock, Ethereum Hardfork Coordinator, has stated that a split is improbable.

    “I have not seen any evidence that there is an ideological or people willing to step up and actually have a network split. If I’m wrong I’ll resign as hardfork coordinator,” said Hancock.

    On February 5 th , developers finished the formal verification and audit of the bytecode of deposit smart contract for Ethereum 2.0. Bytecode is a low-level code written in Solidity which runs on the Ethereum Virtual Machine (VM as bytecode).

    Ethereum Price Prediction: Market Opinion for March 2020

    A number of crypto forecasting sites have put forward their own Ethereum price prediction for March 2020, and in order to accurately portray the market sentiment around this coin, we decided to feature some of the most relevant ones.

    Longforecast

    Longforecast projected that ETH will have a trading price of $219 at the start of March. The site forecasts that the maximum price would be able to reach $253, while the minimum price will be around $166. The month’s average price was estimated at around $207. It is expected that ETH will close the month at a price of $190, change for March -13.2%.

    Digitalcoinprice

    Digitalcoinprice’s Ethereum price prediction is positive for March, expecting the coin to reach $497.63, which means an increase of 119.69 %.

    Coinpredictor

    Coinpredictor expects Ethereum to decline with -11.5% in the first week of the month, placing the coin at a price of $205.4. ETH is expected to rise by 5.1% towards the end of March, which would mean a price of $243.93.

    WalletInvestor

    WalletInvestor made predictions for the next 10 days of March, along with the minimum and maximum values of each particular day.

    Date Price Min Price Max Price
    2020-03-05 235.816 190.229 282.408
    2020-03-06 239.927 194.862 288.103
    2020-03-07 242.009 196.959 288.493
    2020-03-08 239.795 191.498 284.912
    2020-03-09 237.120 192.944 286.170
    2020-03-10 233.300 188.325 280.893
    2020-03-11 237.456 189.690 284.942
    2020-03-12 246.312 202.519 291.042
    2020-03-13 250.423 205.006 300.586
    2020-03-14 252.505 208.492 298.326

    Gov.capital

    Gov.capital predicted that Ethereum would be trading at $101.645 at the end of March, with a maximum price of $116.880 and a minimum price of $86.389.

    Cryptorating

    Cryptorating’s Ethereum price prediction for the next day is of $206.54, with a change of -9.03%. The site estimates that in one week the coin will be changing hands at $262.86, which marks an increase of 15.78%. Towards the end of the month, ETH is expected to close at $320.43, with an increase of 41.13%.

    Cryptoground

    Cryptoground forecasted that in one day ETH will be trading at $201.1750, with a decrease of -10.99%. In a week, the price of ETH is anticipated to be around $204.6000, with a decrease of -9.48%. ETH is expected to have a closing price of $202.7734, which signifies a decrease of -10.29%.

    30rates

    30rates made an Ethereum price prediction for every day of March (without the weekends), along with the minimum and maximum prices of each day. The site predicts that on the last day of March, ETH will have a minimum of $174, a maximum of $200, and a closing price of $187.

    Date Weekday Min Max Price
    03/04 Wednesday $206 $238 $222
    03/05 Thursday $216 $248 $232
    03/06 Friday $216 $248 $232
    03/09 Monday $206 $236 $221
    03/10 Tuesday $206 $236 $221
    03/11 Wednesday $219 $253 $236
    03/12 Thursday $193 $221 $207
    03/13 Friday $180 $208 $194
    03/16 Monday $172 $198 $185
    03/17 Tuesday $180 $208 $194
    03/18 Wednesday $179 $207 $193
    03/19 Thursday $185 $213 $199
    03/20 Friday $181 $209 $195
    03/23 Monday $171 $197 $184
    03/24 Tuesday $179 $207 $193
    03/25 Wednesday $186 $214 $200
    03/26 Thursday $179 $205 $192
    03/27 Friday $166 $190 $178
    03/30 Monday $177 $203 $190

    Altcoinforecast

    Altcoinforecast predicted that on March 31 st , ETH will be trading at a price of $269.66.

    Ethereum Price Prediction: Verdict

    We have reached the end of our Ethereum price prediction for March 2020. We hope that the information we presented here will be of help to you in your future ETH trading operations.

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