China’s Inner Mongolia Plans to Shut Down Bitcoin Mining Operations by April This Year

China's Inner Mongolia Plans to Shut Down All Bitcoin Mining Operations by April This Year

Inner Mongolia, an autonomous region in northern China, is planning to shut down all cryptocurrency mining activities in the area by April 2021, as part of efforts to improve energy efficiency.

Regulating the Electrical Consumption in Inner Mongolia

The government of Inner Mongolia will also stop approving new projects in energy-intensive industries such as steel and coke production, Reuters reported on Mar. 1, citing a draft policy to regulate energy consumption in the region.

Chinese journalist “Wu Blockchain” tweeted that the decision might be due to China’s need to meet its carbon emissions commitments under the U.N. climate change treaty. Much of the energy produced in Inner Mongolia is coal-based, a major source of climate-changing greenhouse gas emissions. China, the world’s second-largest polluter after the U.S., aims to achieve carbon-neutrality by 2060.

Together with the likes of Sichuan and Xinjiang provinces, Inner Mongolia is a favorite destination for miners looking to extract bitcoin (BTC) at low electricity prices. According to Cambridge University’s Bitcoin Electricity Consumption Index, Inner Mongolia accounts for eight percent of the global hash power total, and China 65%, though these figures have been brought into question.

Beijing’s Energy Consumption Targets Carbon Neutrality Before 2060

However, the region drew criticism from the central government in September after it failed to meet Beijing’s energy consumption and energy intensity targets in 2019. It was the only one of 30 Chinese mainland areas that failed to do so, according to the Reuters report.

Now, China’s second-largest coal-mining region is going all out to cut consumption from sectors considered to be using a lot of electricity, including bitcoin mining. Crypto mining, which requires large amounts of computing power, will be shut down by April this year. Other affected industries have until the end of 2022 to wind down their operations.

Per the Reuters report, Inner Mongolia “aims to cap energy consumption growth at around five million tonnes of standard coal equivalent in 202.” It also plans to cut “the amount of energy consumed per unit of economic growth, by three percent from 2020

“[(Inner Mongolia] will tighten its energy control measures and bear the targets throughout all economic and social aspects,” said the draft policy. The region’s energy intensity rose by 9.5% during the period 2016-2019.

What do you think about the impending closure of crypto mining in Inner Mongolia? Let us know in the comments section below.

Source: Bitcoinnews.com

Be a Value-Add Investor

One of my favorite things about early-stage investing is that the companies are small enough that investors actually have a chance to make a meaningful impact.

In the VC/angel world, this is known as being a “value-add investor.” As online startup investors, we can certainly add value as well. But we have to realize that we can’t help every company in our portfolio. So it’s best to focus on the ones where our expertise can truly make a difference. 

I typically offer to add value in the following ways:

  • Advice on building a newsletter
  • Website copy recommendations
  • Introductions when possible

These are the areas where I can help most. And since I have 100+ startup investments, I typically only make the offer when I truly believe they can use my help. 

Adding value to your investments can be a rewarding experience. And sometimes if the founders truly appreciate it, they’ll offer you advisory shares or some other form of compensation. In one instance, this has worked out really well for me. 

But you shouldn’t go into adding value expecting to be rewarded with advisory shares. It’s more about helping out your investments and expanding your personal network. The non-monetary rewards that come with helping a company you believe in find success are one of the unique perks that startup investing offers. And we all have some skill or connection we can bring to the table.

The post Be a Value-Add Investor appeared first on Early Investing.

Source: Early Investing

Nearly 20% of Bitcoin Supply Hasn’t Budged In 7 Years

Bitcoin price is appreciating at full steam because the market consists of nothing but buyers at the moment. Those who already own the abundance of the currently circulating supply are holding strong and refusing to sell. However, data shows that nearly 20% of the entire circulating supply hasn’t moved in seven years. Are those coins held by the strongest holders yet, or are there other reasons the large share of BTC supply hasn’t moved in so long?

Almost 20% Of BTC Supply Hasn’t Moved In Seven Years Or More

Bitcoin is struggling to get back above $50,000 currently, but it might not be long before it does so. The available supply of BTC on cryptocurrency exchanges is at an extreme low, and what little supply is available is being bought by institutions at a rate of 13,000 BTC per week on Coinbase Pro alone.

Corporations are buying BTC by the thousands, planning to hold the volatile asset as an alternative to cash reserves at risk of inflation. Those that do buy into Bitcoin, typically do have a plan to hold for a set amount of time, or have a certain price in mind.

RELATED READING | BITCOIN TREND STRENGTH MORE POWERFUL THAN 2017, ONLY JUST BEGINNING

Most crypto believers and financial analysts who understand the asset’s digital scarcity expect the price per BTC to reach hundreds of thousands by the time the current bull cycle is over. With investors knowing this, they’re not selling at any price below it. Miners have been selling, but even that has begun to dry up.

glassnode bitcoin hold waves

Bitcoin "HODL" Waves show how long the supply has been held for | Source: glassnode

Still, the ultimate goal with Bitcoin for most participants is to try to sell as close to each top as possible, taking as much profit as they can. That makes the holding threshold roughly four years or less.

However, data shows that as much as 17.87% of the circulating Bitcoin supply has been held for as long as seven years or more. But why?

Lost Bitcoin, Or The Strongest Holders Crypto Has Ever Seen?

At some point during that time, the cryptocurrency would have gone through two bear and bull cycles, and appreciated from $1,000 or lower to now $50,000 per coin.

RELATED READING | COINBASE CONSIDERS BITCOIN CREATOR A RISK TO BUSINESS, HERE’S WHY

Perhaps those holding these coins are poor at timing the top, and end up getting stuck holding on the way down. Maybe they’ve got a long term plan or price point in mind, and after seven years it still hasn’t been reached.

bitcoin btc supply coins

Anyone holding seven years or longer bought before that line | Source: BTCUSD on TradingView.com

The most likely answer, however, is that these coins are lost – forever. A sizable portion of those holding seven years or more, have actually been at it ten years or more. The longer the coins have been held, the more likely the chance they’re locked away and inaccessible.

Even Satoshi’s coins, spread among wallets said to contain more than 1M BTC, haven’t moved in that long and could be gone forever. In the rare event that the coins are still accessible, after seven or more years of price appreciate, are bound to be worth a fortune.

Featured image from Deposit Photos, Charts from TradingView.com

Source: Bitcoininst

Cryptos Rally off Equity Markets and Institutional Interest

The Crypto market rose on Monday as new macro factors and institutional interest weighed in.

Cryptos Recover from Selloff

Following last week’s sell-off, Bitcoin and the broader crypto market rallied alongside the US equity markets. Bitcoin (BTC) retraced back up to $49,000, with Ethereum (ETH) recovering to $1,500. The biggest crypto names all recovered to varying degrees, except for Cardano (ADA) which saw a small dip to $1.24 earlier today. In the equity markets, the Dow soared 603 points and NASDAQ 496 points respectively, as treasury yields cooled and the Congress revealed that the stimulus package was well on its way. 

The stimulus package may also turn out to be a significant boon to the Bitcoin rally. The $1,400 direct payments to all eligible Americans will likely find its way to the crypto markets. Historically speaking, this has been the case. When the past two stimulus checks were passed by regulators, exchanges surged in usage. 

In 2020, CoinTelegraph reported that deposits equal to stimulus check payouts appeared across crypto exchanges. An analyst team from Bank of America stated in late January that a dramatic increase in retail activity was imminent with another round of stimulus checks.

With a renewed public interest in Bitcoin and altcoins, the stimulus injection will most likely serve as another catalyst for the continued bullish trend well into the 2nd quarter of 2021. 

Major Bank Revamps Crypto Trading Desk

Per Reuters London, Goldman Sachs Group Inc restarted its cryptocurrency trading desk, selling bitcoin based financial products to clients starting from next week. With more institutions taking advantage of Bitcoin and other fast-growing digital assets, Goldman is rebooting its operations from 2018. They will offer derivatives based on Bitcoin futures and explore a potential crypto exchange traded fund (ETF).

As new opportunities in the blockchain space arise with the likes of the Central Bank exploring a potential Central Bank Digital Currency, the bank looks to reestablish its crypto-based offerings and infrastructure. Goldman Sachs is one of the first major banks to offer crypto-tied financial products to its clients, and without a doubt, many more will likely follow. 

Featured Image from UnSplash 

Source: Bitcoininst

Huobi Futures Makes its Partnership Program More Profitable with Transaction Fee Rebate Boost

Huobi Futures has seen significant demand over the last year with its annual trading volume ranks first globally. Open interest and trading volume have been soaring, and new user registrations are increasing by the day.

To share the runaway success with the cryptocurrency community and to contribute towards growth across the ecosystem, Huobi Futures has made its “Invite Friends” partnership program even more lucrative than before with a transaction fee rebate increase.

Here’s more about the rebate appreciation and the program itself.

Invite Friends” Incentives Boosted From 40% To 60% Contract Rebates

Huobi Futures, a leading cryptocurrency derivatives provider, has expanded upon its “Invite Friends” program for the first time, raising the partnership incentives from 40% in contract transaction fee rebates to 60%.

The partnership program has always been a “win-win” for the industry, boosting the development of DeFi and accelerating the adoption of digital finance and assets while also rewarding users who contribute to growth.

All About The Upgraded Contract Transaction Fee Rebate Offer

Interested parties can apply to the referral program via the registration form in just a few clicks and only a few moments of worthwhile time spent. Huobi evaluates the qualifications of all applications within ten business days or in as little as 24 hours.

At the moment applicants receive approval, they can begin leveraging the transaction fee rebate they get from their invitees. The contract rebate is currently applied to both coin-margined futures and coin-margined swaps offered by the derivatives platform.

Rebates are generated from each invitee’s net transaction fees. More invitees would result in a larger revenue stream. Three levels are offered for one year, two years, and permanent, each providing different maximum earnings thresholds per invitee and channel. Levels reached depend on the number of invitees with active trading accounts, and accumulative trading volume.

Addition rules relate to risk controls, code of conduct, and more apply, meaning that applicants must maintain specific integrity standards, ensuring that the program itself is well represented in the crypto community and finance world.

Why Choose the Rebate Program of Huobi Futures?

Joining the Transaction Fee Rebate Program of Huobi Futures indicates that you can not only receive the 60% fee rebate from your friends, but also enjoy the below benefits with your friends:

  • an excellent liquidity;
  • a comprehensive product line covers coin-margined futures/swaps, USDT-margined swaps and USDT-quoted options;
  • a mature risk-control system and top-level technique to ensure asset safety;
  • abundant innovative functions like “Locked Margin Mechanism” and “Ratio-based Take Profit & Stop Loss”;
  • VIP+1 policy with evaluation based on USD instead of BTC;
  • 7*24 point-to-point service on this one-stop derivatives trading platform.

How to Learn More and Become a Huobi Partner

Who we want:

  1. KOLs, media or institutions with rich resources;
  2. Huobi’ followers who hold a similar value with Huobi Futures;
  3. Any users who have a huge interest in our referral program.

How to register:

Users can register to take advantage of this exciting expanded offer by using the Huobi “Invite Friends” registration form or by emailing app@huobi.com.

Emails must include “Huobi UID, business country and region, own resources and background, brief business plan, self-introduction, personal WeChat/Telegram or mobile phone number and other information.”

 

For more information, visit Huobi Global.

Source: Bitcoininst

Change of Heart: Shark Tank’s Kevin O’Leary Joins the Bitcoin Club With a 3% Allocation

The growing in popularity “I changed my mind on bitcoin” club has another prominent representative. The Canadian businessman and star of Shark Tank, Kevin O’Leary, went from calling BTC garbage to allocating 3% of his portfolio in the asset.

O’Leary Has Bought Bitcoin

Born in Montreal, Canada, O’Leary is a popular businessman, author and is perhaps best known for his role in the reality TV show – Shark Tank. Also referred to as Mr. Wonderful, O’Leary recently announced his entrance into the bitcoin ecosystem.

Apart from allocating 3% of his portfolio in the primary cryptocurrency, the businessman also pledged to invest in BTC miners using clean energy to avoid “blood coins.”

Furthermore, O’Leary said that all companies he had invested in are currently examining the possibility of putting bitcoin on their balance sheets. He attributed this to “changes in the regulatory environment,” but he failed to provide details regarding their precise nature.

Another Change of Heart Moment

Prior to his 3% BTC allocation, O’Leary rarely had anything positive to say about the cryptocurrency. Just the opposite, he was openly bashing it.

Back in 2019 he O’Leary was predominantly negative on this “digital game” called bitcoin, which was “worthless” to him. He went even further by naming it a “useless currency” and “garbage because you can’t get in and out of it in large amounts.”

“Let’s say you want to buy a piece of real estate for $10 million in Switzerland. They want a guarantee that the value comes back to the US currency. You have to somehow hedge the risk of bitcoin. That means it’s not a real currency. That means the receiver is not willing to take the risk of the volatility it has. It’s worthless.”

Fast-forward to February 2021, he was still neglectful of BTC’s potential. O’Leary said he’s not against it and actually respected the asset but dismissed any chances of putting a lot of capital in it.

“No, I don’t want to own something that goes up and down 30% in a day or a week.” – O’Leary noted and added that bitcoin is “not backed by anything. It’s just backed by your faith.”

However, it seems now that this “worthless, not backed by anything digital game” has earned at least 3% of his investment portfolio.

With this change of heart, O’Leary has joined a prominent club with several similar examples. Names such as MicroStrategy’s Michael Saylor, CNBC’s Jim Cramer, and the former Fed Governor – Kevin Warsh.

Featured Image Courtesy of INC

Source: Crypto Potato

The Largest US Options Exchange Cboe Applies to List Vaneck’s Bitcoin ETF

The Largest US Options Exchange Cboe Applies to List Vaneck's Bitcoin ETF

The Chicago Board Options Exchange (Cboe) has applied to list the Vaneck Bitcoin Trust, as an exchange-traded fund (ETF) if the fund is approved by the U.S. Securities and Exchange Commission (SEC). The filing Form 19b-4, if approved by financial regulators, would allow Cboe to “list and trade shares of the Vaneck Bitcoin Trust.”

Cboe Aims to List the Vaneck Bitcoin Trust BZX

On March 1, 2021, the largest U.S. options exchange, Cboe filed a registration with the U.S. SEC in order to list shares of the Vaneck Bitcoin Trust under the ticker “BZX.” The filing written by Cboe’s associate general counsel notes that the shares may be redeemable for bitcoin (BTC). The Cboe registration is based on the Vaneck proposal the company applied for on December 30, 2020.

The Largest US Options Exchange Cboe Applies to List Vaneck's Bitcoin ETF
Cboe filed to list the Vaneck Bitcoin Trust on March 1, 2021.

New York-based investment management firm Vaneck applied with the SEC at the end of 2020, following the successful listing of a crypto ETF in Europe. The announcement back in December revealed the fund’s shares would start trading on Cboe.

“The Vaneck Bitcoin Trust (the ‘Trust’) is an exchange-traded fund that issues common shares of beneficial interest (the ‘Shares’) that trade on the Cboe BZX Exchange Inc.,” Vaneck said at the time.

So far, however, U.S. financial regulators have not approved a U.S. bitcoin-based ETF and have rejected numerous filings over the years. However, last month the Evolve and Purpose bitcoin ETFs were listed in Canada and were dubbed the “first North American bitcoin ETFs.” Vaneck is also facing ETF competition, as many others have filed for a U.S.-based bitcoin exchange-traded fund in recent times.

Competitors and Cboe’s Continued Cryptocurrency Interest

New York Digital Investment Group (NYDIG) registered for a bitcoin ETF and named Morgan Stanley as a participant in the SEC filing. At the end of January Valkyrie Digital Assets also filed an ETF registration proposal called the Valkyrie Bitcoin Trust with hopes to list the fund on the New York Stock Exchange (NYSE).

Moreover, back in 2018, Cboe filed for a prospective bitcoin-based ETF and also initiated the first regulated bitcoin futures markets in December 2017. Both crypto projects were eventually discarded from Cboe’s playbook. In March 2019, Cboe discontinued its bitcoin-based futures and ether futures as well.

In the latest attempt with Vaneck’s prospective ETF listing, Cboe is showing it is still very much interested in the cryptocurrency industry.

What do you think about Cboe filing to list the Vaneck Bitcoin Trust if the SEC approves the ETF? Let us know what you think about this subject in the comments section below.

Source: Bitcoinnews.com

Ledger Live Adds Self-Custody Staking for Polkadot (DOT)

The popular hardware wallet provider, Ledger, has added Polkadot to its wide variety of supported tokens. Additionally, Ledger will also enable users to stake DOT coins directly on the platform, thus increasing the total number of staking options to five.

Ledger Adds Polkadot and DOT Staking

Founded in 2014, Ledger is a digital asset wallet provider describing itself as the “global leader in security and infrastructure solutions for safeguarding critical” cryptocurrencies. In a press release shared with CryptoPotato, the company announced the addition of the latest blockchain project with its own cryptocurrency to the Ledger ecosystem – Polkadot (DOT).

The statement reads that the wallet provider will support Polkadot in its software application and will add it to Ledger Live – the mobile application working in parallel to the Ledger hardware wallet. Apart from storing crypto assets, Ledger Live also enables users to follow and manage the holdings even if the wallet is nowhere nearby.

Polkadot’s native digital asset – DOT – will become just the fifth coin that Ledger Live users can deploy for staking. According to the announcement, the mobile application “offers the most secure way to manage and stake DOT tokens as the private keys are stored on a dedicated hardware device that is not connected to the Internet.”

The installing process has been simplified as users need to install a designated Polkadot app on their respective devices, create a DOT account on Ledger Live, add the token to the bounded balance, nominate a validator, and confirm the information.

“Polkadot is one of the most promising projects in the entire crypto ecosystem, and we are happy to provide our users with additional options to earn rewards and participate in the expanding Polkadot ecosystem.” – commented Head of Coin Integration at Ledger – Fabrice Dautriat.

DOT Price and Staking Stats

DOT has been among the best price performers as of late. The asset entered the new year at about $8 but has taken full advantage of the bullish developments in the following months and even breached $40 for a new all-time high.

Despite retracing slightly during last week’s market crash, DOT is still 350% up YTD as it currently hovers above $36.

Additionally, the token is the second-most utilized coin for staking, per data from stakingrewards.com. With over $24 billion worth locked for staking, DOT trails only to Cardano (ADA) by $4 billion. About 64% of all DOT in circulation has been staked as of writing these lines.

Source: Crypto Potato

Winner Cashes Out $160,000 from Bitcoin.com Games with a 13,870x Multiplier

Bitcoin.com Games gave this player 160,000 reasons to be happy this spring!

Lucky Player Bags Two Epic Wins Within Minutes

What started as a perfectly normal month of March for this player turned out to be a life-changing experience when they won, not one, but two big rounds of The Dog House Megaways slot on Bitcoin.com Games.

Starting off with a small bet of $22, the wheels of fortune started turning for the player when the reels started spinning in their favor, landing the player their first win of $17,600. A chunky 788x of the original bet amount!

A win like that could take anyone’s head for a spin, but little did the player know what the future had in store for them. As they kept spinning the reels of this one-of-a-kind Megaways slot, Lady Luck decided it was time to bring massive fortunes to the player. Only this time the bet was $11, and the win? $164,170.

13,870x and 788x multipliers applied to player’s bets resulting in a total win amount of $181,770 on The Dog House Megaways!

A celebratory pause would ensue as the player gathers themselves back into a winner’s composure and spins the reels a few times before cashing out $160,000 from the crypto casino.

Online casino games are well-known for churning out massive amounts of money on the most unlikeliest of bets, no matter how small. The Dog House Megaways video slot on Bitcoin.com Games is loaded with over 100,000 ways that a player can win. With amazing graphics and great gameplay, this and many other slot games on the premium bitcoin casino offer big win multipliers that can land players in the lap of ludicrous fortunes.

Play The Dog House Megaways now or check out other games with big jackpots that you can exclusively play on Bitcoin.com Games.


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Source: Bitcoinnews.com

Cardano Price Analysis: ADA Stalls Above $1.20 Following Mary Mainnet Update Launch

ADA/USD – Market Rolls Over After Upgrade Hits Mainnet

Key Support Levels: $1.22, $1.07, $1.00.
Key Resistance Levels: $1.32, $1.40, $1.49.

The Mary upgrade for Cardano hit the mainnet a few hours ago, and ADA seems to have dropped by a small 2.8% to reach the support at $1.22 (.236 Fib). The cryptocurrency had clocked in a new ATH price on Saturday as it reached as high as $1.49, but it could not close a daily candle above $1.32 over the weekend.

Today, the 3% price drop caused ADA to drop into the .236 Fib as the volume from the previous surge starts to fade slightly. Nevertheless, ADA still remains up by a total of 11.5% over the past week.

adausd-mar2
ADA/USD Daily Chart. Source: TradingView

ADA-USD Short Term Price Prediction

Looking ahead, the first support lies at $1.22 (.236 Fib). This is followed by $1.07 (.382 Fib & ascending trend line), $1.00, and $0.944 (.5 Fib).

On the other side, the first resistance lies at $1.32. This is followed by $1.40, $1.49 (ATH price), $1.52, and $1.62 (1.272 Fib Extension – red).

The RSI is starting to trend lower, indicating fading bullish momentum. This might be the result of bearish divergence playing out that was apparent from February 20th to the weekend ATH.

ADA/BTC – ADA drops 14% Over Past Two Days.

Key Support Levels: 2456 SAT, 2400 SAT, 2350 SAT.
Key Resistance Levels: 2600 SAT, 2900 SAT, 3000 SAT.

Cardano also witnessed a steep 14% price drop against Bitcoin over the past two days. The cryptocurrency had clocked a new ATH price at 3195 SAT on Saturday but could not close a daily candle above 2900 SAT.

As a result, ADA rolled over yesterday to reach as low as 2550 SAT (.382 Fib). Today, the selling continued, pushing ADA as low as 2400 SAT. It has since bounced higher as it trades around 2520 SAT.

adabtc-mar2
ADA/BTC Daily Chart. Source: TradingView

ADA-BTC Short Term Price Prediction

Looking ahead, the first support lies at 2456 SAT. This is followed by 2400 SAT, 2350 SAT (.5 Fib), and 2146 SAT (.618 Fib).

On the other side, the first resistance lies at 2600 SAT. This is followed by 2900 SAT, 3000 SAT, and 3195 SAT (ATH price).

The RSI is also plummeting, indicating fading bullish momentum. It is still in the buyer’s favor, but if it penetrates beneath the midline, the bears will take over.

Source: Crypto Potato