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China is no longer the biggest contributor to the global hashrate.
" ["fulltext"]=> string(4029) "Following years of crackdowns by the Chinese government, many of the world’s biggest bitcoin miners have relocated elsewhere.
According to the latest Cambridge Bitcoin Electricity Consumption Index (CBECI), the United States now holds the leading share of global bitcoin hashrate.
The hashrate is a metric used to measure the total level of computer processing power being used to mine cryptocurrencies across the world.
Back in September 2019, China was estimated to account for as much as 75 per cent of the global hashrate. That figure declined to 38 per cent in June 2021, following a crackdown by the government.
Now, data published by BTC.com, Poolin, ViaBTC and Foundry suggests that the hashrate for the region has fallen to almost zero.
With a 35.4 per cent share of the global hashrate, the US is the new frontrunner for crypto mining. The country’s share of the BTC hashrate has more than doubled since April 2021, with profound impacts for the stability of the cryptocurrency network.
Cointree CEO Shane Stevenson said that China’s scrutiny might actually end up strengthening the network in the long run.
“Before the ban, one of bitcoin’s weakest vectors of attack was that so much of the mining power was concentrated in China, making a 51 per cent attack more possible,” he explained.
Mr Stevenson suggested that China’s recent scrutiny of cryptocurrencies may have played a role in recent surges in the price of bitcoin, with savvy investors recognising the upside to the crackdown.
“In the short term, we don’t see much of an impact on prices as most of the risk of a China ban was priced in when China banned crypto the first three times. At this point, investors either see it as an empty threat or, more likely, have already factored in this outcome,” he said.
Behind the United States, Kazakhstan ranked second at 18.1 per cent, while Russia accounted for 11 per cent of the global hashrate. Both countries doubled their market share in parallel to China’s decline.
Kraken Australia managing director Jonathon Miller said that the US’ ascendancy when it comes to bitcoin mining is hardly a surprise given ongoing crackdowns by the Chinese government.
“It was expected that migration would occur, particularly to locations where renewable energy is cheap and plentiful,” he said.
Given that many miners in North America rely on hydroelectric power, Mr Miller suggested that the shift would improve the overall energy consumption and carbon impact of the BTC blockchain.
“The US digital asset industry is likely to take advantage of this boom, attracting more talent and investment, leading to more jobs, business, income and tax revenue,” he predicted.
Mr Miller said that if the same conditions could be replicated in Australia, the region could reap many of these same economic benefits.
Compared to the US hashrate of 35.4 per cent, Australia’s hashrate is a paltry 0.19 per cent.
“There is a big missed opportunity here for us, but it isn’t too late to invest in more renewable energy and increase our own share of the BTC Mining pie,” he said.
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China is no longer the biggest contributor to the global hashrate.
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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(56) "/invest-money/bitcoin/china-loses-lead-on-bitcoin-mining" ["image"]=> string(40) "images/article-826x550/China-flag-ne.jpg" ["image_alt"]=> string(35) "China loses lead on Bitcoin mining " } [1]=> object(stdClass)#8054 (57) { ["id"]=> int(17544) ["title"]=> string(55) "Regulatory green light for bitcoin ETF fuels local hype" ["alias"]=> string(66) "sec-go-ahead-for-bitcoin-etf-fuels-new-hype-for-local-counterparts" ["introtext"]=> string(155) "Approval from overseas regulators looks to turn the possibility of crypto ETFs in Australia into a reality.
" ["fulltext"]=> string(3699) "After the US Securities Exchange Commission gave ProShares’ futures-based bitcoin ETF the green light earlier this week, Australia’s crypto sector is more optimistic about local developments.
Kraken managing director for Australia Jonathan Miller said that the impending launch of a bitcoin ETF can be seen as a measurement for where the crypto asset is in its broader journey towards mainstream adoption.
“We must remember that bitcoin is one of the most effective cross-border payment technologies we have ever seen, [and] an ETF will provide a pathway for entities to get exposure to bitcoin via traditional regulated instruments,” he said.
Looking forward, Mr Miller predicted more conservative and restricted institutions to add bitcoin exposure to their portfolios.
That said, he noted a clear caveat in that ProShares ETF will hold bitcoin futures contracts rather than spot bitcoin.
“While this is a really positive thing for the maturation of the industry, it isn’t necessarily a watershed moment for accessibility and each layer of abstraction away from the underlying asset can add risk and cost,” he said.
Locally, Mr Miller expressed interest in seeing how Australian regulators react to the news and whether it accelerates the arrival of bitcoin-based ETFs into Australia’s financial system.
“It’s going to be interesting to see how the flow-on effects of a bitcoin futures ETF in the US impacts the market and local regulatory developments over the next few months as we lead into Crypto Christmas,” he said.
Mr Miller’s comments come following BetaShares’ announcement that it would look to list its first ETF offering with crypto exposure on the ASX in the near future.
“The crypto economy is highly dynamic and growing rapidly, and is built using exciting and disruptive technology,” BetaShares CEO Alex Vynokur said.
Expected to begin trading on the ASX in the coming weeks under the ticker code “CRYP”, the BetaShares Crypto Innovators ETF will aim to track the Bitwise Crypto Industry Innovators Index.
Mr Vynokur said that CRYP will be an innovative way for investors to get exposure to the crypto sector “in a familiar, liquid and cost-effective ETF structure”.
These developments come mere weeks after Australian Securities and Investments Commission chair Joseph Longo expressed concern about the lack of regulation and legislation surrounding crypto-based assets.
ASIC has previously acknowledged the demand for domestic crypto ETPs, but it argued there was a “real risk of harm to consumers and markets if these products are not developed and operated properly”.
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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, property and stock market." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["check_access_rights"]=> int(0) ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["displayDate"]=> string(19) "2021-10-21 00:00:27" ["slug"]=> string(72) "17544:sec-go-ahead-for-bitcoin-etf-fuels-new-hype-for-local-counterparts" ["event"]=> object(stdClass)#8580 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(132) "- Yes
Approval from overseas regulators looks to turn the possibility of crypto ETFs in Australia into a reality.
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["data":protected]=> object(stdClass)#8286 (10) { ["hint"]=> string(29) "Paste your embedded code here" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> int(2) ["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> int(0) ["only_use_in_subform"]=> int(0) ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(88) "/invest-money/bitcoin/sec-go-ahead-for-bitcoin-etf-fuels-new-hype-for-local-counterparts" ["image"]=> string(47) "images/article-826x550/Crypto_regulation_ne.jpg" ["image_alt"]=> string(55) "Regulatory green light for bitcoin ETF fuels local hype" } [2]=> object(stdClass)#8053 (57) { ["id"]=> int(17543) ["title"]=> string(43) "First US bitcoin ETF garners $2bn in trades" ["alias"]=> string(43) "first-us-bitcoin-etf-garners-2-bn-in-trades" ["introtext"]=> string(113) "The floodgates are now opening for more mainstream crypto assets.
" ["fulltext"]=> string(3530) "Following a formal approval by the SEC last week, the United States’ first futures-based bitcoin ETF has begun trading on the NYSE Arca exchange.
ProShares Bitcoin Strategy ETF (BITO) is based on bitcoin futures rather than the holdings of the cryptocurrency, but it remains the first cryptocurrency-linked exchange fund to get the go-ahead from US regulators.
Early reports suggest that ProShares’ BITO ETF has already managed to garner more than $1 billion in trading volume, with the fund closing at 4.9 per cent higher than its initial listing value.
Minterest CEO Josh Rogers said that winning the SEC’s approval on anything related to bitcoin or cryptocurrencies has been an uphill battle.
“This is proof positive that regulators are becoming less sceptical of crypto, and this gives the markets enormous encouragement,” he said.
In the aftermath of the news that ProShares’ Bitcoin Strategy ETF would be tradable within days, the price of bitcoin has risen to heights.
According to eToro market analyst Simon Peters, “bitcoin soared last week, closing back in on its all-time high (ATH) as investors bought the news of a new bitcoin ETF”.
Mr Peters said that this most recent turnaround for BTC has seen it close in on the previous ATH of $63,569 set back in April 2021.
“Investors will now be watching closely to see if momentum is sustained early this week to tip over that threshold,” he said.
Coinsource chief strategy officer Sebastian Markowsky said that the launch of this particular ETF is important for bitcoin’s broader adoption within the financial sector.
“There is a huge pile of capital waiting to gain bitcoin exposure by means of those products. This is capital that previously did not have the means to access bitcoin. The importance of this access for the growth of bitcoin can probably not be overstated,” he said.
EQIFI CEO Brad Yasar said that the approval of the SEC was ultimately down to pressure from institutional investors looking to gain access to alternative investment vehicles like cryptocurrencies.
“A lot of new interest is building for BTC, but because these entities are not allowed to invest in just anything, they need exposure to BTC in a form that they can invest in. BTC futures ETFs are one of those approved formats,” he said.
Mr Yasar suggested that the arrival of bitcoin future ETFs would help cut down on the volatility that deters many from the asset class.
“Bitcoin ETFs are very important because they allow arms-length exposure to bitcoin without actually having to buy and hold bitcoin in a wallet,” he said.
“The easier bitcoin investing becomes, the more institutional adoption it will see, and the more growth we will experience across crypto.”
- Yes
The floodgates are now opening for more mainstream crypto assets.
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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(65) "/invest-money/bitcoin/first-us-bitcoin-etf-garners-2-bn-in-trades" ["image"]=> string(34) "images/article-826x550/NYSE_ne.jpg" ["image_alt"]=> string(20) "First US bitcoin ETF" } [3]=> object(stdClass)#8052 (57) { ["id"]=> int(17507) ["title"]=> string(51) "Australian auction house opens door to bitcoin bids" ["alias"]=> string(51) "australian-auction-house-opens-door-to-bitcoin-bids" ["introtext"]=> string(146) "It just became a little easier for local bitcoin evangelists to buy a home using cryptocurrencies.
" ["fulltext"]=> string(3325) "An Australian auction house has announced it’ll begin accepting cryptocurrencies like bitcoin as payment for real estate purchases.
Lloyds Auctioneers & Valuers COO Lee Hames said that the decision to support cryptocurrency payments opens up their platform to new audiences who otherwise might not be able to purchase property.
“The use of cryptocurrency as a payment method is becoming more commonly used for purchases as confidence surrounding cryptocurrency gets stronger,” he said.
Mr Hames framed the move as an extension of the company’s previous attempts to disrupt and challenge the norms of the traditional real estate business.
“This is an online auction first and we are extremely excited to offer this new technology to our ever-growing worldwide clientele base, expanding our company into a new division in a way that no other auction house has done before,” he said.
Lloyds’ announcement is reflective of a trend towards more mainstream acceptance and usage of cryptocurrencies for uses that extend beyond investing.
Bitcoin-linked debit cards are becoming more commonplace, and a recent report released by Finbold suggested that the number of bitcoin ATMs being installed each quarter has accelerated during the pandemic.
“This is a possible indicator that providers and investors are bullish on the long-term prospects of the sector,” the report argued.
However, just because Australian property investors can now open up their cryptocurrency wallets to purchase property doesn’t mean they should.
Several key practical concerns remain unresolved. For example, the high volatility of bitcoin may mean that by the time a transaction finalises, the value of the cryptocurrencies may have significantly shifted.
RMIT’s Dr Angel Zhong told nestegg that the announcement was indicative of growing awareness and confidence in the use of cryptocurrencies as a payment method.
“On the one hand, as more and more people hold cryptocurrencies, we will see more merchants accept cryptocurrencies as a transaction vehicle. This will, in turn, further boost cryptocurrencies being mainstream,” she said.
However, Dr Zhong was quick to add that there are pros and cons to the trend.
While the possibility of bitcoin-based property investment will make it easier for international investors to participate in the Australian real estate market, Dr Zhong warned that the fluctuation of bitcoins may expose the buyer and seller to fast depreciation of transactional value.
“Bitcoin and cryptocurrencies are known for their volatility,” she said.
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It just became a little easier for local bitcoin evangelists to buy a home using cryptocurrencies.
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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(73) "/invest-money/bitcoin/australian-auction-house-opens-door-to-bitcoin-bids" ["image"]=> string(51) "images/article-826x550/house-auction-bidding-ne.jpg" ["image_alt"]=> string(51) "Australian auction house opens door to bitcoin bids" } [4]=> object(stdClass)#8051 (57) { ["id"]=> int(17409) ["title"]=> string(49) "Experts put a price on bitcoin’s latest setback" ["alias"]=> string(47) "experts-put-a-price-on-bitcoin-s-latest-setback" ["introtext"]=> string(134) "Bitcoin tumbled this week, but how far did this correction set the crypto market back?
" ["fulltext"]=> string(3022) "While bitcoin started the week strong with a rebound from the previous week, the volatile cryptocurrency’s subsequent crash has brought much of the market with it.
According to Yield CEO Tim Frost, this downward trend in the crypto market is a reflection of a broader downturn in more traditional global markets.
“It’s red, red, red across the board today as the cryptocurrency markets follow the downturn being seen in traditional markets as China battles a highly contagious property market crisis,” Mr Frost said.
After bitcoin lost support around the $44,000 mark, he said that the faith and will of bitcoin advocates now looks set to be tested as the value of the popular crypto asset falls towards $39,000.
“If it falls through here, we can expect a significant correction to come,” Mr Frost warned.
At the time of writing, the price of bitcoin sits at around $40,720.
Things don’t look much better for backers of ethereum, he added. Mr Frost said that investors should expect the value of the world’s second-biggest cryptocurrency to fall well into the upper-to-mid $2,000s.
At the time of writing, the value of Ether sits at approximately $2,747.
Overall, Mr Frost said that there’s not much light at the end of the tunnel for investors.
“Even Solana, the darling of the most recent bull run, has fallen by close to 40 per cent from its all-time high to trade at $134,” he noted.
The only crypto assets to come out of the week with anything look to be stablecoins like Tether.
“All in all, buckle up for what is probably going to be quite an unpleasant week for digital assets prices,” Mr Frost said.
eToro crypto expert Simon Peters was similarly pessimistic about the downturn.
“Bitcoin (BTC) and Ether both experienced a weekend slip after a week of climbing back to previous highs,” he said.
Despite the volatility of this week, evangelists like deVere Group CEO Nigel Green continue to insist that crypto is “very much here to stay as financial assets and as mediums of exchange”.
“It’s our experience that investors are not in crypto to make a quick buck. They’re in it as a longer-term, future-first investment to create and build wealth,” he said earlier this year.
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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, property and stock market." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["check_access_rights"]=> int(0) ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["displayDate"]=> string(19) "2021-09-22 00:40:05" ["slug"]=> string(53) "17409:experts-put-a-price-on-bitcoin-s-latest-setback" ["event"]=> object(stdClass)#8613 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(132) "- Yes
Bitcoin tumbled this week, but how far did this correction set the crypto market back?
Write comment (0 Comments) " ["jcfields"]=> array(9) { [1]=> object(stdClass)#8641 (33) { ["id"]=> int(1) ["title"]=> string(17) "Automatic tagging" ["name"]=> string(17) "automatic-tagging" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2018-08-29 05:26:30" ["created_user_id"]=> int(2355) ["ordering"]=> int(-1) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#8257 (3) { ["data":protected]=> object(stdClass)#8030 (1) { ["options"]=> object(stdClass)#8017 (2) { ["options0"]=> object(stdClass)#8010 (2) { ["name"]=> string(3) "Yes" ["value"]=> string(1) "1" } ["options1"]=> object(stdClass)#8009 (2) { ["name"]=> string(2) "No" ["value"]=> string(1) "0" } } } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#8256 (3) { ["data":protected]=> object(stdClass)#8008 (6) { ["hint"]=> string(0) 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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(69) "/invest-money/bitcoin/experts-put-a-price-on-bitcoin-s-latest-setback" ["image"]=> string(48) "images/article-826x550/Bitcoin-crypto-new-ne.jpg" ["image_alt"]=> string(7) "Bitcoin" } [5]=> object(stdClass)#8050 (57) { ["id"]=> int(17351) ["title"]=> string(67) "Is El Salvador betting on bitcoin or betting against the US dollar?" ["alias"]=> string(66) "is-el-salvador-betting-on-bitcoin-or-betting-against-the-us-dollar" ["introtext"]=> string(101) "If bitcoin is the answer, then what’s the question?
" ["fulltext"]=> string(4761) "It’s official: El Salvador has become the first country to adopt a cryptocurrency as legal tender.
Will it be the last? The answer is complicated, but the first step towards finding it lies in understanding why El Salvador did it.
For as much as Salvadoran President Nayib Bukele has advocated for adopting cryptocurrencies as a simple solution to complicated problems, this probably isn’t a case of relentless hype hijacking the levers of government.
Governments may not always make the right decisions, but you can usually count on them to make decisions that they think are the least bad (at the time).
While the teething issues that have come with El Salvador’s “Bitcoin Day” suggest that the government might have underestimated the technical difficulties of adopting bitcoin on a national scale, the fact remains that they chose it over the alternative all the same.
Breaking habits is hard, and that’s just as true for individuals as it is for governments. The fact that the El Salvador’s government decided that a gamble on bitcoin was worth the risk at all, says a lot about their relationship with the US dollar.
The choice to change your national currency might not always work out, but it’s rarely made lightly.
From an Australian perspective, the idea that a sovereign state could move away from traditional currencies and towards digital assets can seem outlandish. More than just radical, it can seem like unnecessary flirting with disaster.
However, our own economic situation is remarkably different to that of El Salvador. If we’d spend the last two decades saddled to the ups and downs of the US dollar, we might very well feel differently.
When America’s sovereign currency was adopted by El Salvador in 2001, it wasn’t the response to a crisis. Nor was it a remedy to rampant inflation, as it was for Ecuador. At the time, advocates saw it as a smart bet.
Decades of civil war and unrest had seen generations of Salvadoreans migrate to the nearby United States, so remittances in USD were already quite common. When these remittances were converted back into El Salvador’s colón en masse, it inflated the value of that currency — which made El Salvador’s exports a harder sell abroad.
Dollarisation solved this problem, but failed to deliver many of the other economic benefits promised. El Salvador might have avoided the hyperinflation seen in the region, but neither did its GDP growth accelerate as anticipated.
The underwhelming and mixed benefits of dollarisation only became more prominent over time.
Adopting the US dollar meant that El Salvador’s central bank basically surrendered any ability to execute monetary policy to the US Federal Reserve.
This significantly limited its ability to respond to economic issues or times of crisis like the GFC. In practice, this meant being increasingly reliant on running higher and higher budget deficits.
With El Salvador’s dollarisation yielding such mixed results, it’s little surprise that the idea of taking greater control over the country’s economic destiny has proved popular in the decades since.
In some respects, the country’s move to adopt bitcoin as legal tender feels like a case of history repeating itself. Just as the Salvadoran government of 2001 bet that the US dollar would set it free, President Nayib Bukele is now promising that bitcoin will propel the country into the future.
If the rough and tumble of the early days is any indication, there are going to be a lot of problems along the way.
There should be no doubts that El Salvador’s requiem with the world’s most highly valued cryptocurrency is an experiment, but when you think about the conditions that led to it, it’s almost shocking that it didn’t happen sooner.
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If bitcoin is the answer, then what’s the question?
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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(88) "/invest-money/bitcoin/is-el-salvador-betting-on-bitcoin-or-betting-against-the-us-dollar" ["image"]=> string(46) "images/article-826x550/El-Salvador-flag-ne.jpg" ["image_alt"]=> string(11) "El Salvador" } }
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