Cryptocurrency "Mining Boom" Is Over?

Recently, the price of graphics cards on the market has plunged in a large area, ending the more than two-year price hike mode. What is the reason for the sharp drop in the price of graphics cards, and how big is the drop? The reporter recently visited the Huaqiangbei market in Shenzhen (Huaqiangbei Electronics Market).

Cryptocurrency "Mining" tide ebbs, graphics card prices plummet across the board

In Huaqiangbei, Shenzhen, known as the "First Street of China's Electronics", many stalls are equipped with boxes of popular models of graphics cards. The merchants told reporters that the prices of graphics cards of various brands have dropped sharply, and the current prices are close to two-year low.

A merchant in Huaqiangbei, Shenzhen: Now the price has dropped, and some have dropped by about 1,000 yuan in the past month.

Lines from Spring Festival Gala Caused A virtual currency to Rise by 1000%

The wind of the Metaverse also blew into the Spring Festival Gala of the Year of the Tiger.

On the evening of January 31, in the Chinese CCTV Spring Festival Gala sketch comedy "Repay the Money", Shen Teng's lines "I'm dealing 'dogs' in the Metaverse" instantly ignited the audience's enthusiasm for investment of cryptos. According to the trading platform CoinMarketCap, a virtual currency of the same name, Doge king, once rose more than 1000%.

Doge Kings Rose Sharply on Lines from Spring Festival Gala

In the comedy, Shen Teng, a popular Chinese actor self-proclaimed to be a "Dog King" in the Metaverse.

The 2022 Spring Festival Gala's Happy Twisted Piece "Repay The Money" is the sixth time that Shen Teng and Ma Li have collaborated on the stage of the Spring Festival Gala.

Shen Teng, who played a deadbeat, hid at home in order to default on his debts and refused to pay the property fee. When two of his close classmates came to ask for money, he began to pretend to be sick again, among other tricks.

When his classmates were determined to demand for repaying, Shen Teng simply threw out the concept of "metaverse", saying that he was "playing a dog" in the metaverse, and this investment field is still blank and promising.

Shen Teng said that, he is the "dog king" in the metaverse, and his wife is the "dog queen".

The two old classmates are kind and easy to deceive. As soon as they heard that this is a new field of investment, they could not wait to take out all their money immediately, wanting to be the major shareholders in this investment industry.

Dogeking, the virtual currency of the same name, is instantly popular!

And the key point is coming. This may be the funniest and most absurd thing about the Spring Festival Gala. After the program, the namesake virtual currency Doge King, once rose by more than 1000%.

According to the China Securities Journal, on the evening of January 31, Doge King had seen an intra-day increase of 1009.83%, ranking among the top ten gainers of major exchanges, with a 24-hour trading volume of 2.45 million US dollars.

According to public information, the coin is a token on the Binance Smart Chain, a derivative of Dogecoin, and was launched in November 2021. The liquidity of the coin is locked for one year, and the project is completely decentralized and community-driven. The official website does not give the name and information of the team behind the project, nor does it provide a white paper.

The virtual currency Dogeking has risen sharply in this round. Industry insiders remind investors: "The surge of virtual currency Doge King can be regarded as a kind of fan economic effect. However, the actual application value of this currency is small, and the chips are too concentrated, and prone to the risk of market manipulation. The current price surge is more due to marketing hype, and the possibility of large currency holders selling and leaving the market cannot be ruled out in the later stage, so the risk is high.”

Bitcoin Reached A New High of $68,000 - How Much Upside Is There?

 Bitcoin once again set a record high!

On November 9th, the Bitstamp platform quotation showed that Bitcoin reached 68065.30 US dollars per coin. And in the past 24 hours, it has briefly touched the highest at 68564.40 US dollars per coin, which refreshed the previous price record set at the end of October. Bitcoin broke through $68,000 per coin for the first time.

CoinGecko data shows that as of that day, the total market value of cryptocurrencies has exceeded the 3 trillion U.S. dollar mark, which is about 30792 billion U.S. dollars. Among them, the market value of Bitcoin is approximately $128.52 billion.

According to some industry analysts, Bitcoin will show an upward trend in the next few weeks.

A cryptocurrency trader said that Bitcoin currently stands firmly, and 66,000 USD per coin is its safe position. And on November 8, the cryptocurrency hedge fund ARK36 released a report stating that the price of $70,000 in Bitcoin "seems to be coming."

Regardless of how the Bitcoin price fluctuates, Grayscale Investments LLC is its long-term follower. On November 5th, local time, the U.S. Securities and Exchange Commission (SEC) public documents showed that Gray had formally submitted an application for the "Future Finance" ETF (code GFOF), which will track the intersection of "finance, technology, and digital assets." "The company's stock. This is Grayscale's first ETF application outside of the ETF to convert the Grayscale Bitcoin Trust Fund (GBTC), the world's largest Bitcoin fund, into an ETF.

A 77% increase in 24 hours - Shiba Inu Coin briefly surpassed Dogecoin in value

 According to Coinmarketcap data, the price of Shiba Inu coin has surged over 77.5% in the past 24 hours, and its market value once reached US$51.6 billion. Not only did it surpass Dogecoin, but also beated Ripple, Polkadot, and USD Coin to become the seventh largest cryptocurrency in the world.

As of 11:45 am Beijing time on Thursday, the price of Shiba Inu Coin has reached $0.00008748. This is the ninth time that Shiba Inu Coin has set a record high in the past two weeks. Shiba Inu coins are now the most valuable meme coin in the world, dethroning Dogecoins.

At present, the price of Shiba Inucoin has dropped and is still above $0.00007, and its market value still exceeds Dogecoin.

CryptoCurrency Mining Becomes the Only Industry to Be Eliminated since 2019

On October 21, the National Development and Reform Commission of China issued a notice on the revision of the "Industrial Structure Adjustment Guidance Catalog (2019)" for public comments. The notice stated that in accordance with the relevant work arrangements for the rectification of  cryptocurrency mining activities, revise the guidelines for industrial structure adjustment, and openly solicit opinions from the public.

China Say No to CryptoCurrency Mining

The draft for comments requires that the 7th item is added to the "I. Outdated Production Technology and Equipment" and "(18) Others" in the "Industrial Structure Adjustment Guidance Catalogue (2019 Edition)", which reads "Cryptocurrency Mining Activities".

Make It Back To $60,000 Mark. Why Bitcoin Price Rise Against Trend?

On October 16, the price of Bitcoin broke through the $60,000 mark and approached $63,000, the highest price since May this year. Ethereum broke through $3,900, approaching an all-time high.

Data from CoinGecko shows that the total market value of cryptocurrencies has exceeded US$2.6 trillion, a record high. Previously, the total market value of cryptocurrencies reached an all-time high of US$2.55 trillion on May 12. But then started to shrink for more than two months to US$1.25 trillion on July 21, a drop of more than 50%, and then the total market value gradually picked up.

As the cryptocurrency market has soared, the U.S. stocks' blockchain sector, which has continued to decline recently, has risen, too. Canaan Technology has gained 5.22% during the day, and Bit Digital has soared by 10%. Riot Blockchain rose 5.86%, the sector began to change before the opening of the US stock market.

Jiangsu China Campaigns Against Crypto Mining

Jiangsu Province takes the lead in comprehensively investigating virtual currency mining: energy consumption of mining in the province reaches up to 260,000 kWh DAILY.

China Curbs Crypto Mining

According to the official website of the Jiangsu Provincial Communications Administration, the bureau recently investigated the crypto mining activities in this province. The monitoring found that the export traffic of mining pools that carried out virtual currency activities reached 136.77 Mbps, and the total number of Internet IP addresses participating in crypto mining was 4502, which consumed more than 10 PH/s of computing power and consumed 260,000 kWh/day of electricity.

Bitcoin Mining Accounts for 0.9% of Global Carbon Emissions in 2030

 On September 22, the New York Digital Investment Group (NYDIG) published a research paper entitled "Bitcoin Net Worth" this month.

Research shows that “even in our most radical and highest-priced situation, that is, by 2030, when Bitcoin reaches 10 trillion U.S. dollars, its emissions will only account for 0.9% of the world’s total, and its energy expenditure will only account for the world’s total. 0.4%."

It is reported that this study was written by Castle Island Ventures partner Nic Carter and NYDIG founder Ross Stevens, and discussed how the network's carbon emissions will change in the future. The influencing factors include the price of Bitcoin, the difficulty of mining, and energy consumption. fluctuation. 

Bitcoin Becomes Legal Tender, the Central American Country in Chaos

A few days ago, President Nayib Bukele of El Salvador announced the latest achievements of the "Bitcoin Experiment" on Twitter: 1.1 million Salvadorans are using Chivo e-wallets!

If you remember, Bitcoin is now legal tender in this small, poor and turbulent Central American country with a population of only 6.5 million.

From the high-risk hype "virtual gold" to the spread of payments across the country, things have not been smooth sailing. In the past two weeks, El Salvador has been in a frenzy due to the collapse of the official app, with a frantic influx of one-star negative reviews; the people are confused and distrustful, and opposition crowds took to the streets to protest, and even violently smashed and burnt Bitcoin ATMs.

Bitcoin made headlines in local newspapers in El Salvador on Sept. 7.

There are reports describing the Bitcoin experiment in El Salvador as "a farce"!
Compared with the rise and fall of Bitcoin, what is even more maddening is:
On September 7, Bitcoin officially became the legal tender of El Salvador along with the U.S. dollar. In order to encourage use, the Salvadoran government launched an e-wallet App "Chivo", and distributed $30 worth of bitcoin to each user (can only be used but not withdrawn).

China's Virtual currency regulation further intensified

 China prohibits overseas exchanges to provide Virtual currency services to domestic residents.

Four months after the voices of the three major associations, the virtual currency market has again undergone tremendous changes, and the central bank once again "proclaimed" the risks of virtual currency speculation.

On September 24, the Central Bank and other ten departments issued the "Notice on Further Preventing and Disposing of the Risks of Virtual Currency Trading Hype" (hereinafter referred to as the "Notice"), clarifying the essential attributes of virtual currencies and related business activities, and establishing a sound response to the risks of virtual currency trading hype To strengthen the monitoring and early warning of the risk of virtual currency trading speculation, and build a multi-dimensional and multi-level risk prevention and disposal system.

The relevant person in charge of the People's Bank of China said in response to reporters that the "Notice" once again emphasized the virtual currency, such as Bitcoin, Ethereum, etc., that have the characteristics of being issued by non-monetary authorities, using encryption technology, distributed accounts or similar technologies, and existing in digital form. The so-called stablecoins, including TEDA coins, do not have the same legal status as legal tender, and cannot be circulated in the market as currency. The "Notice" clearly stated that virtual currency exchange, virtual currency trading as a central counterparty, provision of matching services for virtual currency transactions, token issuance financing, and virtual currency derivative transactions are all illegal financial activities and are strictly prohibited. , Resolutely banned in accordance with the law; overseas virtual currency exchanges to provide services to Chinese residents through the Internet are also illegal financial activities.

As of press time, the price of virtual currency has plummeted again. Within 24 hours, Bitcoin fell 4.24% and Ethereum fell 8.29%.