• Chinese firm buys $155M bitcoin mining machines
    Bitcoin,  Cryptocurrencies,  Regulation

    Chinese firm enters Bitcoin mining with $155M ASIC machine order

    Despite China’s growing pollution-based crackdown on Bitcoin production, Zhongjia Bochuang wants 2,000 crypto mining machines running by May, with plans to grow to 20,000

    While the mining machines are a new business line for ZJBC, it is not the AI and cloud communications-focused company's first foray into the cryptocurrency mining business. It noted that one of its subsidiaries, Changshi Telecommunication, has been building and maintaining blockchain mining farms since 2018.

  • Bitcoin

    Oakland A’s selling discount luxury suites for Bitcoin

    The price is set at one Bitcoin for a season six-person suite which costs $64,800—currently almost a $9,000 discount

    The team is pitching the offer as a gamble, with Kaval noting that suites’ prices will fluctuate with the price of bitcoin, which he said, “adds to the excitement.” Of course, that means if bitcoin rises past $64,800 by the season’s close on Oct. 8, purchasers will have overpaid—assuming they aren’t selling BTC to pay for the suite in the first place.

  • Bitcoin liquidates $500M longs hour
    Bitcoin

    Bitcoin’s hiccup liquidates $500M of longs in one hour

    Bitcoin 12% price plunge caused futures traders to lose nearly $500 million within an hour—and more than $2.8 billion over two days

    One explanation is that many new and inexperienced traders have joined the market. On-chain analytics firm Glassnode’s founders Jan Happel and Jann Allemann had another: “There is excess greed in the system, with 60% of contracts levered 20x or more."

  • Uncategorized

    Hodl on! After being held 3 months, Bitcoins are rarely sold again

    Data revealed by on-chain analysis revealed that nearly all those who acquired Bitcoin have held it for at least 90 days—and most only sell in volatile bull markets

    In its research, Glassnode divided Bitcoin owners between long-term holders who own coins more than 155 days old, and short-term holders owning coins younger than that. The firm discovered that “once a coin passes our 155 day threshold to become a LTH held coin, it is increasingly unlikely to be spent on a statistical basis, often only coming back to life during volatility and at higher prices in bullish markets.”