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The bitcoin market worries experts

At the moment, the value of bitcoin is sky rocketing due to the rising demand of the cryptocurrency.  This has led many experts to believe that a fall is expected in the market soon. Currently, Bitcoin is preparing to reach a new record as it is on the journey of going from $4,031 to $4,500.

Bitcoin value has increased by 60% in the past month and experts are predicting that something could go very wrong in the market.

The reason behind bitcoin’s drive to such high notes is that a larger number of people have begun to obtain bitcoin and this increased demand has led to increasing the market capitalization of the cryptocurrency.

The head of investment strategy at Black Rock, Richard Ternhill, recently commented on the Cryptocurrency Exchange situation as “terrifying”.

In the meantime, Goldman Sachs specialists predict that the bitcoin price is expected to experience a sharp drop and its duplicates would downfall to zero. They are expecting the price to drop to $1,800.

 

Story Credits: marketsmorning.com

Image Credits: shutterstock.com

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Bitcoin Mining Calculator 2017 – Interesting Information About Mining Calculator

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Easy bitcoin mining calculator

It’s really simple to use a Bitcoin mining calculator. There are only two main instructions that you need to follow:

  1. Enter the hash rate
  2. Click to mining revenue

Do these and you will have your desired calculations with an accurate result while using a Bitcoin calculator. However, there is one important thing to remember while performing calculations: The revenue will be in USD, based on current exchange rate. The exchange rate varies from time to time and so does the revenue difficulty.

Some other points to remember are:

You Have to Calculate Profitability:

Bitcoin mining has secured the bitcoin world. Without miners, you would not be able to do any transaction happily. In that sense, miners pay for their services and mine the blocks. If miner successfully mined a block, there is a reward on each block in the form of Bitcoin.

Easily run a profitable mining farm.

Mining Hardware:

While going to purchase bitcoin mining hardware you must look the at metrics called hash rate. If a hash rate is high, it means your miner is more powerful. To calculate the amount of hash power per month, you can use the mining calculator. However, it may be costly for a new mining farm.

Just like you want to earn more, the hardware will become more expensive. Antminer S7 mines $200 bitcoins per month and costs $629. And this is just the hardware cost. The costs of electricity and equipment are not included.

For profitable mining operation with low W/GH with good hash, power is the better option for your profitability. Antminer S7 is also considered the most efficient miner with 0.25 W/GH.

During the mining process, the miners emit large amounts of heat, so you will need cooling fans and power supplies to keep the temperature under control.

Other Expenses:

Mining operation completely depends on electricity. 60% of Bitcoin network’s hashing power is located in China because of cheap electricity.

Miners in cold areas are more profitable because there is no extra need for cooling fans. It removes the heating cost and keeps the houses warm during winter.

Hash Power and Difficulties:

It is difficult to know about the difficulty months in advance. Network and hash power are external factors and vary from time to time.

Instead of stressing out, concentrate and give complete attention to understanding the more efficient idea of mining technology and the hash rate.

Block Reward and Price:

Bitcoin price is a factor you can’t control. Price fluctuation is important so keep yourself up to date and prepared for these fluctuations.

On the other hand, the reward is a predictable factor. It started from 50 bitcoins per block, then 25 BTC per block, and in July 2016, it was halved to 12.5 bitcoins per block. The reward takes place every four years. This means the halving will be taking place in 2020.

Calculators:

Use of bitcoin profit calculator keeps you updated with hardware and electricity costs. This will give you the better idea how to decrease the possibilities of mining difficulty and Bitcoin price.

Wishing you good luck!

 

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Japan and Russia Raise Bitcoin to new heights

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2017 has been a good year for Bitcoin so far, with its price stabilizing above the $1000 mark and reaching to its recent mark $1263.00. Russia and Japan are the ones behind the high rise of Bitcoin this year.

Since the beginning of April, the price of Bitcoin rallied from $1070 to peak at this month’s high of $1227.00 on April 11. At the time of writing, bitcoin is trading at around $1283.81 according to https://blockchain.info/markets. The market value of Bitcoin has increased from around $17.5 billion on April 1 to surpass $19.5 billion on April 20, according to https://coinmarketcap.com/currencies/bitcoin/#charts

Japan and Russia Raise Bitcoin to new heights

Japan gives Bitcoin price boost

Bitcoin became officially recognized by Japan on April 1, which obviously gave Bitcoin an immediate boost. Citizens can now use the currency to make purchases. Also, it is exempted from sales tax.

Moreover, following the legalization of Bitcoin, retail giants Bic Camera and Recruit Lifestyle have both made an announcement stating that they will be holding trial payments in order to increase the usage of bitcoins for consumer purchases. Recruit Lifestyle uses the app AirREGI which enables merchants to carry out bitcoin payments. Also, there’s a possibility that over a million Japanese retailers may soon accept Bitcoin payments by the end of 2017.

Japan’s acceptance of Bitcoin has been very helpful since it gave a boost to both local and global demand.

Russia is Changing Its Stance Toward Bitcoin

The Bank of Russia banned the use of digital currencies in 2014 fearing that it would weaken the Russian ruble, which seemed to be struggling at that time.

This ban was the reason behind several bitcoin websites and businesses being shut down. It lead to many lawmakers speaking out against Bitcoin, suggesting that “they cannot be used by individuals or legal entities.”

However, at the end of 2016, The Russian Federal Tax service issued a letter in October stating that under Russian law digital currencies are not illegal and that there are no prohibitions for companies and citizens when it comes to dealing with them. But, this letter still gave no clear indication of how digital currencies will be under regulation in Russia.

Last week, however, Russia’s Deputy Finance Minister Alexey Moiseev said in an interview that The Russian Central Bank and the government are working on an agreement that could see digital currencies such as bitcoin become recognized as a legal payment method as soon as 2018 arrives.

Russia’s change in attitude toward bitcoin has helped shoot up the currency’s price and will likely increase its demand. This could possibly push the price of bitcoin to new heights in the future.

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Man Pays for New Home with Bitcoin in Texas

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Kuper Sotheby’s International Realty is a Texas-based real estate firm that just made its first sale of a property using Bitcoin.

Bitcoin is gaining a massive amount of media coverage the past few years and has become the world’s most popular digital currency. For starters, it was just buying everyday items. This later expanded to purchasing flight tickets and online games and now you can buy luxurious items such as yachts, a suite, and a custom-built home.

While the price of the home hasn’t been revealed, the buyer focused more on the ease of the transaction. He simply transferred the coins to the seller’s wallet, who converted them to U.S. dollars.

“In all of my 33 years of closing transactions, I honestly couldn’t have expected something so unique to go so smoothly,” said Kuper Sotheby’s Sheryl Lowe, the buyer’s agent, in a press release. “In a matter of 10 minutes, the bitcoin was changed to U.S. dollars and the deal was done!”

This shuts the comments made about bitcoin being “a fraud.” Moreover, it shows that more and more people are now beginning to accept cryptocurrencies and applying them in their day-to-day life.

 

News Credits: futurism.com

Image Credits: OWLbtc.com

Tags: bitcoin in Texas, bitcoin Texas, bitcoin news

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