Data Shows There’s No Profits Left for Bitcoin Miners That Can’t Obtain Cheap Electricity, Run Efficient Mining Rigs

During the last few weeks bitcoin’s cost of production has been higher than the leading crypto asset’s spot market value and in turn, this has put massive pressure on bitcoin miners. On Nov. 30, 2022, statistics show if miners paying for electricity pay roughly $0.12 per kilowatt hour (kWh), only three application-specific integrated circuit (ASIC) mining rigs are profitable. At a rate of $0.07 per kWh, profits begin to increase and data shows 16 different ASIC bitcoin mining devices are profitable with electrical costs at that rate.

At $0.12 per Kilowatt Hour, Only 3 ASIC Miners Gather Profit Using Today’s Bitcoin Exchange Rate

Bitcoin miners are feeling the pain of an extremely high difficulty rating and much lower bitcoin prices than a year ago today. Data from macromicro.me indicates that the cost of bitcoin production ($19,356 per unit) is a lot higher than the spot market value ($16,877 per unit). This means bitcoin miners need to obtain the cheapest electricity they can find on planet earth, and operate with the most efficient bitcoin mining devices on the market today.

Metrics show the world average price for electricity in 2022 is $0.143 per kWh and in specific regions around the world, average businesses and households can spend less than $0.10 per kWh, and some areas as low as $0.01 per kWh. Countries that enjoy cheap electricity rates lower than a U.S. nickel per kWh include Qatar, Russia, Iran, Saudi Arabia, Venezuela, Kyrgyzstan, Cuba, Libya, Uzbekistan, and Kazakhstan.

While cheap electricity is good for bitcoin miners, they also need the most effective ASIC mining units on the market. Statistics show that only three ASIC miners are profitable if the operation has to pay $0.12 per kWh. The machines that still profit under this electricity cost ($0.12 per kWh) include the Bitmain Antminer S19 XP Hyd. which boasts 255 terahash per second (TH/s), the Antminer S19 XP (140 TH/s), and the Antminer S19 Pro+ Hyd. (198 TH/s).

If the electrical cost is slashed down to $0.07 per kWh, 16 different SHA256-compatible ASIC machines will see a profit, according to data collected by asicminervalue.com. At $0.07 per kWh, a Bitmain Antminer S19j (90 TH/s) is estimated to produce $0.21 per day in profit. If electrical costs are cut down even lower at $0.05 per kWh, roughly 43 ASIC bitcoin mining rigs will see a profit.

At that rate ($0.05 per kWh), an Antminer S19 XP Hyd. will get an estimated $9.69 per day, while the Ebang Ebit E12+ with 50 TH/s will produce $0.15 per day in profits, according to asicminervalue.com. Furthermore, SHA256 ASIC machines are the fourth most profitable proof-of-work (PoW) devices behind algorithms like Kadena, Scrypt, and Eaglesong.

At $0.05 per kWh, PoW ASIC machines that are compatible with those three algorithms can make an estimated $20.35 to $42.64 per day in profits depending on the hashrate output of the specific rig. The most dominant two brands on the market today, in terms of high-powered, next-generation bitcoin miners, include Bitmain’s Antminer series and Microbt’s Whatsminer series.

What do you think about the electrical costs bitcoin miners pay and the realized profits they see after obtaining cheap electricity and leveraging high-powered, next-generation ASIC mining rigs? Let us know what you think about this subject in the comments section below.

source https://news.bitcoin.com/data-shows-theres-no-profits-left-for-bitcoin-miners-that-cant-obtain-cheap-electricity-run-efficient-mining-rigs/

Price analysis 11/30: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

BTC and many altcoins are kicking up dust after the Federal Reserve chairman Jerome Powell discussed the possibility of smaller rate hikes in 2023, but is the momentum sustainable?

source https://cointelegraph.com/news/price-analysis-11-30-btc-eth-bnb-xrp-ada-doge-matic-dot-ltc-uni

ECB Blog Post Insists This Is ‘Bitcoin’s Last Stand,’ Officials Claim BTC Is Headed Toward ‘Irrelevance’

On Wednesday, Nov. 30, 2022, a blog post published by the European Central Bank (ECB) discusses bitcoin and the authors Ulrich Bindseil and Jürgen Schaaf seem to believe its “bitcoin’s last stand.” The ECB authors further say that while bitcoin’s price has consolidated and stabilized, the central bank officials remarked that “it is an artificially induced last gasp before the road to irrelevance.”

Members of Europe’s Central Bank Believe They Predicted Bitcoin Would Be Heading Toward ‘Irrelevance’ Before FTX Went Bust

Two members of Europe’s central bank, Ulrich Bindseil, the director general of the ECB’s market infrastructure and payments division, and Jürgen Schaaf, an advisor to the ECB’s payments sector, published a blog post about the leading crypto asset bitcoin (BTC).

The ECB blog post is called “Bitcoin’s Last Stand,” and the writers claim the crypto asset is becoming irrelevant. Bindseil and Schaaf explain that BTC’s price has dropped 76% lower than the $69K all-time high, and the authors have noticed bitcoin proponents think BTC is taking a “breather on the way to new heights.”

The ECB authors do not believe this will be the case this time around. “More likely, however, it is an artificially induced last gasp before the road to irrelevance,” the ECB blog post’s authors insist. “And this was already foreseeable before FTX went bust and sent the bitcoin price to well below USD16,000.”

The members of the European Central Bank further opine that “bitcoin has never been used to any significant extent for legal real-world transactions.” The ECB’s blog post adds:

Bitcoin is also not suitable as an investment. It does not generate cash flow (like real estate) or dividends (like equities), cannot be used productively (like commodities) or provide social benefits (like gold). The market valuation of Bitcoin is therefore based purely on speculation.

ECB Officials Say Banks That Promote Bitcoin Bear ‘Reputational Risk,’ Blog Post Insists Regulation Does Not Represent ‘Approval’

The authors don’t necessarily use the terms, but Bindseil and Schaaf relate bitcoin to a Ponzi or pyramid scheme, as the authors stress that “speculative bubbles rely on new money flowing in.”

“Big Bitcoin investors have the strongest incentives to keep the euphoria going,” the blog post’s writers insist. While regulatory policy has grown around cryptocurrency assets, the two ECB officials believe that “regulation can be misunderstood as approval.” Bindseil and Schaaf are not too keen on the idea that the crypto space should be allowed to innovate “at all costs.”

Bitcoin’s innovative value, the ECB authors say has been very little compared to the risks that allegedly outweigh innovation. The ECB paper states:

Firstly, these technologies have so far created limited value for society – no matter how great the expectations for the future. Secondly, the use of a promising technology is not a sufficient condition for an added value of a product based on it.

Lastly, the central bank executives think that banks that promote bitcoin will bear reputational risk. The ECB members say that because they believe bitcoin is not a suitable investment nor a payment system, “it should be treated as neither in regulatory terms and thus should not be legitimised.”

Bindseil’s and Schaaf’s blog post is very similar to the opinions held by people like Peter Schiff, Charlie Munger, and the hundreds of so-called bitcoin obituaries published over the years. Despite the ECB opinion post, there are many individuals, academic papers, and companies that wholeheartedly disagree with the two central bank executives.

The global blockchain leader at EY, Paul Brody, recently said that this crypto winter is a “much milder crypto winter than the last one.” Brody also said that crypto price fluctuations are impacting the industry’s growth a lot less these days. “For the first time ever, price ups and downs don’t have that big of an impact on the long-term growth of the industry,” Brody opined.

Furthermore, a paper published by Matthew Ferranti, a Harvard Ph.D. candidate in economics, says that banks should hold a little bitcoin. Ferranti said that even central banks should consider holding bitcoin, and more specifically, central banks struggling with financial sanctions depending on the financial institution’s accessibility to gold reserves.

What do you think about the ECB’s blog post about Bitcoin’s so-called ‘last stand?’ Do you agree with the officials from Europe’s central bank? Let us know your thoughts about this subject in the comments section below.

source https://news.bitcoin.com/ecb-blog-post-insists-this-is-bitcoins-last-stand-officials-claim-btc-is-headed-toward-irrelevance/

Coinbase Cuts XRP, BCH and ETC Wallet Support

ALSO: New EU tax proposal leaks, securities lawyer grills FTX's Bankman-Fried and more |

November 30, 2022 The biggest crypto news and ideas of the day  Were you forwarded this newsletter? Sign up here. Don't want this newsletter? Unsubscribe Supported by Hello and welcome to The Node. This is Daniel Kuhn and Xinyi Luo, here to take you through the latest in crypto news and why it matters. In today's newsletter:  In the news: Coinbase cuts BCH, XRP, XLM, ETC wallet support, new EU draft bill extends tax obligations and Sam Bankman-Fried denies creating "backdoor" to move user funds. The Takeaway: Securities lawyer James A. Murphy poses 10 hard-to-spin questions to Sam Bankman-Fried. – D.K. Cyber Monday Extended! Buy One Consensus '23 Ticket, Get Two Free Register Now 👩‍💻 Today's must-reads Top Shelf Coinbase Wallet to Delist 4 Coins: Starting Dec. 5, Coinbase Wallet will no longer support the native tokens associated with Bitcoin Cash, Ethereum Classic, Ripple's XRP Ledger and Stellar, citing "low usage." Users will be able to withdraw after that date during a planned asset recovery phase.   EU Crypto, NFT Providers Must Report Tax Details Under Leaked EU Plan: The European Commission (EU) plans to expand reporting obligations for crypto providers serving European clients, according to a draft bill. The rules go further than an existing crypto-asset law known as MiCA, which has yet to pass.  Meanwhile, EU officials said the upcoming MiCA, which may not take effect for years, would have stopped FTX-style mismanagement. "MiCA has to be passed as quickly as possible," Stefan Berger, an architect of MiCA, said. SBF Addresses Withdrawals, FTX Collapse in Newly Released Audio Interview: FTX ex-CEO Sam Bankman-Fried again said he regretted stepping down and the exchange filing for bankruptcy protection during a 20-minute phone interview with crypto vlogger Tiffany Fong. He also addressed the recent FTX hack, denied implementing a "backdoor" between Alameda and FTX and said his former lawyers can "go f**k themselves." Bankman-Fried is scheduled to speak with the New York Times columnist Andrew Ross Sorkin at the DealBook Summit today. You can watch the video livestream here, at 5 p.m. ET.  Meanwhile, Bankman-Fried has been called to a Feb. 2 hearing in Texas to answer to claims that subsidiary FTX US offered unregistered securities products. The Texas State Securities Board has been investigating FTX US since October. – D.K. and Xinyi Luo Don't want to miss out on the Web3 revolution? Few platforms make it easier to join than Nexo.    For starters, you can buy BTC, ETH, and 50+ more coins instantly with a card. On the Nexo Exchange, you can swap 300+ pairs and get up to 0.5% in crypto rewards on each transaction.    To top it all off, Nexo makes it easy to borrow funds against your crypto, starting at 0% APR. Their pioneering Instant Crypto Credit Lines have stood the test of time thanks to fundamental principles such as overcollateralization and robust risk management.     Create your Nexo account today and get everything for your crypto from a single, secure platform. Putting the news into perspective The Takeaway  (Midjourney/CoinDesk)   What a Securities Lawyer Would Ask FTX's Bankman-Fried   Although Sam Bankman-Fried has been advised not to speak publicly, he's granted several interviews including to the New York Times' Aaron Ross Sorkin scheduled Wednesday afternoon. Practiced fraud layer James A. Murphy poses 10 questions he would ask the FTX co-founder, looking to uncover more about the potential fraud that brought down the $32 billion crypto exchange, and avoid yet another softball media appearance. Read the full article here.  Crypto winter is bearing down and your cold wallet isn't getting any warmer, even though you've stacked up a bunch of coins. At DeFiChain, we're building your decentralized future on the world's most secure blockchain, Bitcoin. We make use of your sitting crypto with rewards for liquidity mining and staking, and even offer decentralized options for real-world assets, like stocks and precious metals. Strengthen your hold on your investments and get through crypto winter by joining DeFiChain at choose.defichain.ac. Overheard on CoinDesk TV... Sound Bites "It's not the fact that the SEC is hostile to crypto, it's that the SEC is skeptical about the protections that investors have in crypto world."   – Former Securities and Exchange Commission senior trial attorney Howard Fischer, on CoinDesk TV's "First Mover"  The news in a sentence Headlines IBM and Maersk Abandon Ship on TradeLens Logistics Blockchain | Prosecutors Seeking Arrest Warrant for Terraform Labs' Daniel Shin | Perpetuals-Focused Decentralized Exchange GMX Surpasses Uniswap in Daily Fees | Genesis Creditors Hire Lawyers to Prevent Bankruptcy | Huobi Token Surges After Crypto Exchange Discloses 'Dominica Coin' Airdrop | BlockFi Has $355M in Crypto Frozen on FTX, Attorney Confirms   Creating an Impactful Community   Creating patronage and making owned art visible isn't limited to the world of web3 and NFTs. In fact, we've been seeing many different groups utilize these community building tools through Displate, the largest marketplace where artists celebrate community for collectable metal posters.   Generally, people are averse to fake brands that pretend to be something or someone just because they expect profit. But all of the artworks displayed on Displate are created by brands truly looking to cultivate a positive community.   *This is sponsored content from Displate. What others are writing Off-Chain Signals  Uniswap Calls Its New NFT Aggregator a 'Google Search' for Trading (Decrypt) The crypto bromance of Binance's CZ and Tron's Justin Sun (Protos) Crypto's Future Could Look Like Iraq's Past (Bloomberg - paywalled) The Democrats Have a Crypto Problem (The Nation) The Chaser... The Node: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Don't want this newsletter? Unsubscribe. Copyright © 2022 CoinDesk, All rights reserved.  250 Park Avenue South New York, NY 10003, USA See all of CoinDesk's newsletters | Manage subscriptions | Opt out

Crypto Stories: John McAfee tells the story of how he first found out about Bitcoin

British-American businessman John McAfee talks about his crypto story and how he discovered BTC.

source https://cointelegraph.com/news/crypto-stories-john-mcafee-tells-the-story-of-how-he-first-found-out-about-bitcoin

Biggest Movers: LTC Nears 6-Month High, as Near Rebounds From Recent Lows

Litecoin has been a notable mover on Nov. 30, as the token edged closer to a recent six month high. Following yesterday’s gains, cryptocurrency prices remained in the green on Wednesday, with the global market capitalization up 2.07% as of writing this. Near protocol also surged today, as prices rebounded from recent lows.

Litecoin

Litecoin (LTC) moved closer to a six month high on Wednesday, as the token rose for a second straight session.

LTC/USD rallied to an intraday high of $79.73 earlier in today’s session, less than 24-hours after trading at a low of $75.21.

The move saw LTC climb to its highest point since last Wednesday, when the token hit a high of $83.43.

This was the strongest point litecoin was trading at since May 10, and comes as the relative strength index (RSI) rebounded from a recent floor.

As of writing this, the index is currently tracking at 65.48, which is above a support point of 61.45.

Earlier gains have somewhat eased, with LTC now trading at $78.04. Despite this, bulls likely will still be targeting a move above $80.00.

Near Protocol

Near protocol (NEAR) was another notable gainer on Wednesday, as prices continued to move away from recent lows.

Following a low of $1.59 on Tuesday, NEAR/USD surged to an intraday high of $1.73 earlier today.

As a result of this, near protocol moved away from its long-term support point of $1.50, and is now nearing a resistance point of $1.75.

Looking at the chart, the RSI is now hovering slightly above a ceiling of 35.00, and is tracking at 35.07.

As of writing this, NEAR has fallen below earlier highs of $1.73, and is currently trading at $1.70.

Should price strength continue to move above its current ceiling, we will likely see the token race past the $1.75 point, and edge closer to $2.00.

Register your email here to get weekly price analysis updates sent to your inbox:

Could we see near protocol climb above $2.00 in December? Let us know your thoughts in the comments.

source https://news.bitcoin.com/biggest-movers-ltc-nears-6-month-high-as-near-rebounds-from-recent-lows/

3 lesser-known ways to trim your 2022 tax bill or boost your refund before year-end

3 lesser-known ways to trim your 2022 tax bill or boost your refund before year-end  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, NOV 30, 2022 YOUR WEALTH Editor's Note With the holiday season right around the corner, many of us are thinking of trimming the Christmas tree, not our tax bill. But if taxes are on your mind, I have good news for you because there's still time to trim your tax bill and possibly boost your refund before the end of the year. While it may not feel like a top priority right now, trimming your 2022 tax bill may actually boost your finances going into 2023. CNBC personal finance reporter Kate Dore reports that, depending on your 2022 income, you may consider some lesser-known ways to trim your 2022 tax bill. Those strategies include deferring a holiday bonus, "bunching" medical expenses and using a partial Roth individual retirement account conversion. If you've had a strong year and expect lower earnings in 2023, it may make sense to try to defer a holiday bonus until the new year, Dore reports. Also, experts suggest looking to prepay future medical expenses for a deduction. While it's difficult to plan for medical expenses, you're more likely to maximize medical expense deductions by "bunching" expenses for two years into one, experts say. Finally, experts say investors can minimize their taxes by using a partial Roth IRA conversion. You are basically transferring some of your traditional IRA savings into a Roth IRA with a Roth conversion. With the partial Roth conversion, you can move money out of your traditional IRA over several years. Of course, you pay the taxes on it upfront and have a new source of tax-free retirement income. However, when you get the timing and size of those conversions right, you can stay within your current tax bracket while reducing the size of your traditional IRA and future required minimum distribution. For more advice to help you make smart financial decisions, check out CNBC's Financial Advisor Hub and Personal Finance section. Jim Pavia Senior Editor, Personal Finance @JIMPAVIA 3 lesser-known ways to trim your 2022 tax bill or boost your refund before year-end There's still time to trim your 2022 tax bill or boost your refund before the end of the year. Here are three lesser-known strategies to consider. IRS warns taxpayers about new $600 threshold for third-party payment reporting The IRS on Tuesday warned taxpayers about the new $600 threshold for receiving Form 1099-K for third-party payments. Here's why you may receive one. As BlockFi files for bankruptcy, what to know about crypto investor protections Crypto protections fall in a gray area of the law. That has ramifications for customers at BlockFi, FTX and other distressed crypto firms filing for bankruptcy. These 4 tips can help you dig out of debt after record Black Friday and Cyber Monday spending This year's holiday spending is setting new records, but it's not too late to avoid going into debt, experts say. It's been a volatile year for the market: These are the key things to know before rebalancing your portfolio After a volatile year for the stock and bond markets, it may be time to rebalance your portfolio. Here's what to consider before making changes. If you're 'unretiring,' review your Social Security benefits. There's a 'surprise that people want to avoid' Unretiring may be a good way to increase your income in retirement. If you're already collecting Social Security benefits, there are a few things to consider. Op-ed: Cryptocurrency isn't a smart investment — and hasn't been for a while Cryptocurrencies are suffering from a spectacular fall from grace and are now drawing increasing regulatory scrutiny and investigations around the globe. Medicare open enrollment ends Dec. 7. Here's why it's important to evaluate your 2023 coverage Medicare Advantage Plans and prescription drug plans often make changes from year to year, which means it's worthwhile evaluating your costs for next year. How Congress may make it easier to set money aside for emergency expenses Finding the cash to cover the cost of an emergency is a big challenge for many individuals and families. Several proposals in Congress aim to change that. Here's why you may want to say 'no' to a store credit card offer this holiday shopping season In the holiday shopping rush, you may be tempted to say yes when asked if you want to apply for a store credit card. Here's why you may want to think twice. CONTRIBUTORS Sharon Epperson @sharon_epperson Josh Brown @ReformedBroker Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel   Digital Products Feedback Privacy Policy CNBC Events   © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS