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Bitcoin Network Experiences Slight Dip in Difficulty After Record High – Mining Bitcoin News

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Bitcoin Network Experiences Slight Dip in Difficulty After Record High – Mining Bitcoin News

Bitcoin’s problem decreased 0.49% on Feb. 12, 2023, following a sustained all-time excessive of 39.35 trillion over the earlier two weeks (2,016 blocks). The lower in problem gives a quick respite for bitcoin miners, after the community recorded a 14.94% improve within the final month.

Bitcoin Problem Drops 0.49% Decrease; Prime 5 Mining Swimming pools Proceed to Command Majority of World Hashrate

On the time of writing, Bitcoin’s hashrate is coasting alongside at 289.14 exahash per second (EH/s) after a 0.49% lower in problem at block top 776,160. The community problem has been working at roughly 39,350,942,467,772 hashes for the previous 2,016 blocks, or two weeks. With the latest 0.49% lower in problem, the community’s problem will now be set at 39.16 trillion hashes for the following two weeks.

Bitcoin Network Experiences Slight Dip in Difficulty After Record High
Bitcoin’s problem modified on Feb. 12, 2023, at block top 776,160. The downward drop occurred at 7:52 a.m. (UTC).

For the reason that newest problem change, block occasions — the intervals between mined blocks — have been 10 minutes, 7 seconds to roughly 11 minutes, 14 seconds in size. Bitcoin’s subsequent problem retarget is scheduled for round Feb. 26, 2023. The common hashrate during the last 2,016 blocks was roughly 280.6 exahash per second (EH/s), and the typical block time for these blocks was 10 minutes, 2 seconds.

Through the previous three days, Foundry USA has been the highest mining pool with 33.26% of the worldwide hashrate, or roughly 95.89 exahash per second (EH/s) of hashpower. Foundry is adopted by Antpool with 15.97% of the worldwide hashrate and Binance Pool with 15.54% of computational energy. F2pool (14.22%) and Viabtc (9.41%) are subsequent, respectively. There are roughly 12 recognized mining swimming pools at the moment, and the highest 5 management 88.4% of the worldwide hashrate.

Bitcoin Network Experiences Slight Dip in Difficulty After Record High
Three-day bitcoin mining pool hashrate distribution on Feb. 12, 2023.

In line with macromicro.me statistics, the price of producing bitcoin (BTC) stays larger than its present spot market worth. Macromicro.me calculates its estimates based mostly on information on electrical energy consumption and every day bitcoin issuance offered by Cambridge College. At the moment, the typical price of mining a single bitcoin is round $24,119, whereas its spot market worth is roughly $21,901 per unit.

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88.4%, 95.89 EH/s, All time excessive, Antpool, Binance Pool, Bitcoin, Block Peak, block time common, block occasions, Cambridge College, computational energy, management, Lower, problem, EH/s, exahash per second, F2Pool, Foundry USA, World Hashrate, Hashes, Hashpower, Hashrate, hashrate common, intervals, recognized mining swimming pools, Macromicro.me, Mined Blocks, Miners, community, subsequent problem retarget, working, Prime 5, high mining pool, two weeks, ViaBTC

What impression will the latest lower in problem have on the way forward for Bitcoin mining and the distribution of hashpower amongst mining swimming pools over the following two weeks? Share your ideas within the feedback under.

Jamie Redman

Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist residing in Florida. Redman has been an lively member of the cryptocurrency group since 2011. He has a ardour for Bitcoin, open-source code, and decentralized purposes. Since September 2015, Redman has written greater than 6,000 articles for Bitcoin.com Information in regards to the disruptive protocols rising at the moment.




Picture Credit: Shutterstock, Pixabay, Wiki Commons

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Trump to designate cryptocurrency as a national priority

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Trump to designate cryptocurrency as a national priority

As President-elect Donald Trump begins a second term on Monday, he plans to issue an executive order making cryptocurrency a national priority, Bloomberg reports. 

The order is meant to guide government agencies to work with the industry and possibly pause crypto-related litigation, according to Bloomberg, which cited unnamed people familiar with the matter. Trump also plans to create a crypto advisory council to advocate for the industry’s policies, per Bloomberg, and has suggested creating a national bitcoin stockpile.

This would mark a new era for crypto, an industry that collapsed two years ago after prices crashed. The period was marked by the fall of FTX, a leading exchange that went bankrupt that year. Its founder, Sam Bankman-Fried, was convicted of defrauding customers and sentenced to 25 years in prison.

The industry resurged in 2024, boosted by Trump, a former skeptic who pledged to turn the U.S. into the crypto capital of the world. Eager for a clear governing framework and a friendlier watchdog, donors poured tens of millions of dollars into pro-crypto candidates’ campaigns. 

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Dogecoin, a cryptocurrency with a dog mascot and billionaire Elon Musk as a fan, surged in value after Trump won and announced a non-governmental cost-cutting group nicknamed DOGE.

Trump then nominated crypto ally Paul Atkins to lead the Securities and Exchange Commission, the federal agency that led a crackdown under the Biden administration. Bitcoin surged to $100,000 for the first time following the announcement. “CONGRATULATIONS BITCOINERS!!! $100,000!!!” Trump wrote on Truth Social. “YOU’RE WELCOME!!!”

Crypto companies and investing platforms like Coinbase, Robinhood, Kraken and Ondo Finance Inc. have made $1 million donations to his inauguration. Ripple plans to donate $5 million in the form of its own digital token, and the industry is holding an “Inaugural Crypto Ball” to support Trump, Bloomberg reports.

Trump’s business interests include World Liberty Financial, a crypto platform he and his sons launched last year with Steve Witkoff, a friend and inaugural committee co-chair who has been named special Middle East envoy. The Trumps are not employees of the business but promote it, and an entity affiliated with Trump, DT Marks DEFI LLC, is entitled to receive 75% of the revenues.

In mid-November, the Financial Times reported that Trump Media — the parent company of Trump’s social media platform, Truth Social — was in talks to buy Bakkt, a crypto trading firm previously led by Kelly Loeffler, another co-chair of his inaugural committee.

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Trump’s 2024 financial disclosures show he owned as much as $5 million worth of the crypto token ethereum, a crypto token that has surged in value since the election, according to The New York Times.

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Donald Trump plans to make cryptocurrency a national priority: Report

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Donald Trump plans to make cryptocurrency a national priority: Report

Donald Trump, who is going to take office as the 47th US President on January 20, is planning to issue an executive order that will elevate cryptocurrency to a national priority in the United States, reported Bloomberg.

The move is expected to signal a policy shift and provide the crypto industry with a more prominent role in shaping government decisions.

According to sources mentioned in the report, the order will designate cryptocurrency as a national imperative, encouraging government agencies to collaborate with the industry. Additionally, it is likely to establish a cryptocurrency advisory council to advocate for the sector’s policy needs.

Bitcoin was trading at $101,021.39, with a market cap of $2 trillion at the time the article was being written.

CRYPTO INDUSTRY’S INFLUENCE

Donald Trump has received considerable support from the cryptocurrency industry, including donations from prominent companies such as Coinbase and Ripple to his inaugural committee. On Friday, just days before the beginning of his second term at the White House, the industry is set to host an “Inaugural Crypto Ball” in Washington, celebrating its ties with the incoming administration.

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This initiative would represent a huge shift for the crypto sector, which has faced numerous regulatory challenges under President Joe Biden’s administration. Federal agencies, including the Securities and Exchange Commission (SEC), have launched more than 100 enforcement actions against crypto companies in recent years.

The proposed executive order may include a directive requiring all government agencies to review their policies on digital assets. There is also discussion about pausing ongoing litigation involving cryptocurrency firms, sources told Bloomberg. This could potentially halt legal actions against major players such as Binance Holdings Ltd. and Ripple Labs Inc., a move seen as a top priority by the industry.

CREATION OF NATIONAL BITCOIN STOCKPILE

Another key aspect under consideration is the creation of a national Bitcoin stockpile, the report mentioned.

The US government currently holds nearly $20 billion worth of Bitcoin, confiscated during various investigations, according to analytics firm Arkham. Bitcoin’s price has surged by nearly 50% since the November election, reaching over $100,000, partly due to speculation about the potential stockpile.

The proposed stockpile would formalise the government’s holdings of Bitcoin and reflect a strategic shift in how the US approaches cryptocurrency. Bitcoin has seen remarkable growth in 2024, with its value more than doubling over the year.

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Kara Calvert, Vice President for US Policy at Coinbase Global Inc., commented on the importance of Trump’s potential move.

“What I think Donald Trump is going to do is signal that the United States is back and we are ready to lead in this industry. What it’s signaling to other countries is be careful, or you won’t keep up,” she told Bloomberg.

Trump has also made bold promises during his campaign, vowing to transform the US into the global capital of cryptocurrency. His administration is expected to issue several executive orders covering various industries within his first few days in office.

Despite facing regulatory hurdles during the Biden administration, the cryptocurrency industry in the US has continued to grow. Prominent financial firms, including BlackRock Inc., have launched spot Bitcoin and Ether exchange-traded funds (ETFs).

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Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, & NFTs- January Week 2 – Innovation & Tech Today

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Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, & NFTs- January Week 2 – Innovation & Tech Today

Welcome to another edition of Crypto NFT Today! The past two weeks have been full of must-know events that will define the future of blockchain, cryptocurrency, and NFTs.

With cryptocurrencies jumping ahead of Trump’s inauguration, an inflation report for Bitcoin bringing encouragement, and more, there’s lots of essential news you should know about. So, let’s dive in and see what’s happening! 

Cryptocurrencies Jump Ahead of Trump’s Inauguration

Cryptocurrencies surged on Thursday as investors shifted their focus to smaller, higher-risk coins ahead of President-elect Donald Trump’s inauguration.

XRP and litecoin were among the top performers, rising 13% and 22%, respectively, according to Coin Metrics. The CoinDesk 20 index, a broad crypto market indicator, gained nearly 5%. Meanwhile, bitcoin increased by less than 1%, hovering near $100,000 after a two-day rally of around 7% earlier this week. Ether dropped nearly 3% on Thursday.

Bitcoin’s Encouraging Inflation Report Releases

Bitcoin continued its rebound on Wednesday, hovering around $100,000 after another positive inflation report boosted investor risk appetite. The price of the leading cryptocurrency was up more than 3%, reaching $99,493.26, marking a 7% gain over the past two days, according to Coin Metrics. It peaked at $100,715.13 during late afternoon trading.

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The CoinDesk 20 index, which tracks the broader cryptocurrency market, rose by 7%.Shares of Coinbase climbed 7%, while Bitcoin-related stocks MicroStrategy and Mara Holdings saw gains of 5% and 4%, respectively.

Litecoin May Receive ETF Soon

With U.S. President-elect Donald Trump’s inauguration a few days away and new leadership set to take over at the Securities and Exchange Commission (SEC), other cryptocurrencies beyond bitcoin (BTC) and ether (ETH) may soon be approved for their own spot exchange-traded funds (ETFs).

Litecoin (LTC) is expected to be the first to receive approval, according to Eric Balchunas and James Seyffart, ETF analysts at Bloomberg Intelligence. “Canary Funds just filed an amended S-1 for their litecoin ETF application. While there are no guarantees, this could signal SEC engagement on the filing,” Seyffart shared on X.

Expert Predicts Dogecoin Surge 

The crypto market often follows a cyclical pattern, with past price movements helping analysts predict future trends. Analyst Martinez applied this strategy in his commentary on Thursday, suggesting that Dogecoin could see another significant rise starting next week.

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Martinez pointed out that Dogecoin experienced a major uptrend in the week of January 25, 2021, following a 56% drop from its December high. To provide context, the meme token fell from $0.0143 in December 2021 to a low of $0.0067, before rebounding sharply and closing January with a 700% increase.

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