Bitmain to Increase Hashrate By 50% With 600,000 New Mining Chips

Showing renewed optimism, Bitmain is increasing its investments in the crypto mining industry. Now, Bitmain is reportedly buying 600,000 new crypto mining chips. As a result of this new investment, the company expects to make over $1 billion in profits. Bitmain to Increase its Capacity By 50% Hash rate The battle to produce fast cryptocurrency mining gear is heating up. In this context, Chinese Bitcoin mining giant, Bitmain Technologies Ltd, is placing orders for new mining machines with high hash rate capacity. In this connection, and according to a Chinese…

Bitcoin Price Analysis: Bullish Divergence Forms At $10K, is $11K Next?

Bitcoin breaks 5-day long up-trend, dropping back to key support levels at $9,800. Since then bullish divergence appears to have formed on lower time-frames and could spur a reversal in the coming days. Bitcoin 1-Hour Analysis On the 1 hour chart for the XBT/USD pair, we can see the ascending wedge that formed throughout the middle of August. This wedge was broken two days ago on the 21st of August and has since dropped to key support at $9,800, as mentioned in my previous analysis on Bitcoin.  Since re-testing key…

US Government Vague On Bitcoin Role In Fentanyl Drug ‘Epidemic’

The US government has singled out cryptocurrencies including Bitcoin as a funding mechanism for the ongoing trend for smuggling the drug fentanyl. FinCEN Advisory Mentions Cryptocurrencies In an advisory issued on August 21, the Financial Crimes Enforcement Network (FinCEN) highlighted the use of “convertible virtual currency” (“CVC”) in facilitating the black market. According to the organization, the US is “in the midst of an unparalleled epidemic of addiction and death” from fentanyl, an opioid used in pain prevention and anaesthesia.  Specifically, it claims, payments occur using Bitcoin 00, Bitcoin Cash…

BitPay Under Fire For Rejecting $100K Bitcoin Amazon Rainforest Donation

A blocked Bitcoin donation to help the fight against the Amazon Rainforest fires has become the latest publicity headache for BitPay. BitPay Fails To Resolve BTC Freeze According to a social media exchange on August 23, the embattled cryptocurrency payment processor is facing fresh criticism after it failed to allow a $100,000 Bitcoin 00 donation to go through. The payment came from a donor to the Amazon Watch charity, which uses BitPay to accept cryptocurrency payments.  BitPay reportedly rejected the payment because Amazon Watch’s maximum permitted amount was lower than…

Bitcoin Panic Unwarranted But Ethereum Still ‘Ugly’ Below $200

The week has ended with reclamation of five figure prices by bitcoin. Some of the altcoins have been marginally dragged up with it, but many including Ethereum are still looking extremely weak. Bitcoin Back Over $10k The past five instances bitcoin has dropped into four figures have been brief encounters. There is clearly a mass of buyers waiting in the upper $9,000 price zone to keep the digital asset from falling further. Yesterday, analysts were leaning towards a bearish stance predicting further declines, even into the $8k region. The lowest…