Today, Caixin Weekly published an article "Policy "Repelling" Mining", which once again mentioned virtual currency mining.
The report introduces the principles of Bitcoin mining and national policies. As mentioned at the end of the article, the unresolved problem in the currency circle is-while squeezing the power consumption and chip production capacity of other real industries, what is the actual value that the virtual currency system brings to the world, and its associated negative effects : Highly speculative like tulip investment, even used for money laundering, fraud, and darknet transactions such as supporting drugs and gambling. The virtual currency world has been unable to attract and convince the Chinese decision-making authorities with gimmicks such as Bitcoin pricing power.
A photo atlas released later symbolized my country’s farewell to virtual currency mining. The article recorded the scene of the Sichuan Bitcoin mine being closed and cleared through several photographs. However, a picture of a Tibetan woman carrying a mining machine was circulated on the Internet today.
The main reason is that this picture, which looks like the well-known oil painting "Rice Gleaners", recorded the historic moment when the Sichuan Bitcoin mine closed here, and it quickly became popular in the crypto asset circle, and was named "Summer Day of Mining Machines". Dora", at present, the picture has been uploaded to Opensea in the form of NFT after being re-created, and the price ranges from a few to a dozen ETH. Among them, the highest selling price is 2021 ETH.
The end of an era in the encryption market may be more meaningful to use blockchain to commemorate, just as it can be used to draw a perfect end.
Having said that, the situation of miners has also improved recently. Of course, this refers to global miners. There is basically no news in China. Glassnode’s blockchain analysis shows that after Bitcoin was sold off for most of June, miners Start accumulating bitcoins now. In total, bitcoin miners sold about 5,000 bitcoins a day last month, worth $165 million. Now they net about 2,500 bitcoins per day. This may be because the difficulty of mining has dropped by nearly 50% after the closure of large mining farms in the mainland.
To some extent, this is a good signal. After all, miners have started hoarding coins, which means that they are optimistic about the future market. I just don’t know whether the frequency of selling will be reduced after the mines in the mainland are cleared. If If it can be reduced, it is not necessarily a bad thing for the market. We have been talking about pricing power, but when the mainland miners hold most of the computing power, what is the pricing method? unknown.
Finally, there is another unsatisfactory news, which is the short event of Bitfinex. Since 11 o'clock last night, Bitfinex's short positions have increased again. As of 9 o'clock in the morning, it has increased by nearly 3,500 bitcoins in 10 hours, and the total position has reached 15,835 BTC. By the time of writing this article, it should have exceeded 16,000 BTC. There is still a lot of pressure on the market.
Back to the market, today’s market is relatively average. There was a wave of panic decline in the afternoon. Bitcoin fell below 33,000 US dollars, and ETH also fell below 2,000 US dollars. Dollars run.
Risk warning: Investing in digital currency is a high-risk investment behavior. The content of this article is for reference only and does not constitute investment trading advice. Investors are requested to invest rationally: investment is risky, and caution is required when entering the market.
Risk warning: Investing in digital currency is a high-risk investment behavior. The content of this article is for reference only and does not constitute investment trading advice. Investors are requested to invest rationally: investment is risky, and caution is required when entering the market.
