Michal K. and Bitcoin – a Mighty Lesson

Azeez Mustapha
18 September 2021 | Updated: 19 September 2021

Michal first heard about bitcoin in 2014. He had $4,000 in his savings account. Inspired by his programmer friend, a rabid bitcoiner, he went all-in.

“At the time,” he wrote on his Medium page, “I invested my $4k, the price of a bitcoin was about $600. I got 6.55 BTC. I will never forget that number. Over the next half a year, bitcoin’s price kept steadily declining, until it bottomed out at $152, in January 2015. That’s a 75% loss just like that before I knew anything about how investment (or crypto) cycles work!”

But Michal was committed. He held. More importantly, he had other things occupying his time. He was zooming out.
In April 2017, the price of bitcoin hit $1,200.

He held. And he kept learning.

Between April and December of 2017, it shot up to $20,000.

He held. And learned more.

And then, it crashed down to $6,000. While most people were panicking, what did Michal do? He bought more.

Recently, he began leveraging that crypto in “blockchain banks,” making about $3,000 per month. And now that DeFi is maturing, he’s begun pulling in, on average, $20,000 per month.

His portfolio recently hit the $1 million mark.
Michal K. and Bitcoin – a Mighty Lesson He wrote:
“The reason most people who invest in crypto don’t end up rich is that they can’t hold — or, in the crypto parlance HODL. HODLing is much harder than it sounds.”

Michal offers these three pieces of advice:

ONE
Patience and calm. I watched my holdings dip 75% almost right after I bought them. I held. Then I watched them dip 85% again in 2018. I held. And I bought more. I’m not even counting all the other 20–40% dips in-between.

TWO
Timing is king. Yes, I was lucky that I heard about bitcoin in 2014. But it was my decision to seize the day and not wait a couple of years to see if the technology proves itself. Then again, in 2019, when the price was low, I topped up. It was the right time to do so, even though the returns were far from immediate.

THREE
Less is often more. I know many people who at some point became active traders in crypto. All of them either lost money or made several times smaller gains than they would have if they just held BTC, as I did. The first rule of trading is — don’t lose money. Don’t trade the market if you lack the experience… or the patience to wait for the right opportunities.
Again, if you’re interested in crypto in general, dipping your toes in all it has to offer isn’t a bad idea. Being well-rounded can only help.
But, in the end, those who play to their strengths win out.


Author: Chris Campbell

For Altucher Confidential

 

NB: This article teaches a mighty, real-life lesson. Thank you, Chris C. 

“Great investing requires a lot of delayed gratification,” says Charlie Munger. And this quote is also apt for the blockchain industry. Don’t sell your coins. It doesn’t matter if crypto markets undergo seriously protracted bearish trends, which can happen anytime; viable coins will ultimately trend upwards and bring massive returns in the future. Selling your coins is like killing the goose that lays the golden eggs. Rather, you should use serious bearishness as opportunity to buy more coins. This advice is enough for wise investors.

 

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Eightcap Launches 250+ Crypto Derivatives, Positioning Itself as the Largest Cryptocurrency Offering for Retail Clients

Azeez Mustapha
7 September 2021 | Updated: 7 September 2021

Eightcap, an award-winning CFD broker, has announced the launch of over 250 Cryptocurrency derivatives, allowing its clients to diversify their crypto portfolio via the MT4 and MT5 platforms. This new launch positions the broker as the new home of crypto derivatives and the largest within the CFD sector.

The broker recognises the current worries retail clients face with crypto exchanges that reduce withdrawal limits due to regulatory issues and steps in with a solution. Not only will clients be able to buy or sell a wide range of Cryptocurrency CFDs, including crypto-crosses and crypto indices, but its clients will also have multiple funding options and be able to make quick withdrawals.
Eightcap Launches 250+ Crypto Derivatives, Positioning Itself as the Largest Cryptocurrency Offering for Retail Clients“Our vision at Eightcap is to provide a new home for Crypto derivative traders by providing an unparalleled offering that includes the largest crypto derivative library paired with ultra-low spreads and fast withdrawal options,” said Joel Murphy, CEO, Eightcap. “The regulatory issues crypto exchanges such as Binance are facing means traders are left with unnecessary worries about their funds and if they can withdraw them. With us, Crypto derivative traders can have a seamless experience from the moment they open an account to when they want to withdraw their funds.”


Marcus Fetherston, Director of Operations at Eightcap added, “The Eightcap offering focuses solely on creating regulated leveraged derivative trading opportunities for Cryptocurrency traders, that offers more security than traditional offshore exchange platforms. We are thrilled to provide a solution that meets the needs of crypto derivative traders so that they can gain the best possible trading experience.”
Crypto derivative traders that are currently with other Crypto exchanges and brokers have access to a limited range of Crypto derivatives with wide spreads. When switching to Eightcap, Crypto derivative traders will be able to choose from the largest Cryptocurrency offering, experience tight spreads, and also deposit and withdraw with ease, with a regulated broker.

To find out more about Eightcap’s comprehensive new offering, click here.

About Eightcap
Eightcap is an online financial trading company based in Melbourne, Australia. Eightcap is regulated in multiple jurisdictions. The rapidly growing broker provides online Forex and CFD trading solutions via the award-winning MT4 and MT5 trading platforms. Supported with competitive pricing, outstanding client support, and superior execution technology, Eightcap offers trading to retail and institutional clients across Forex, Indices, Commodities, and Shares markets.
Disclosure
The information contained in this email is confidential and for the use of the addressee only. If you have received this email in error, please notify us and delete it from your system immediately. Please note that the views or opinions expressed in this email do not necessarily constitute that of Eightcap. Risk Warning: Margin trading carries significant risks, including the risk of losing the entirety of your initial investment. You also do not own, or have any rights to the underlying assets. Margin trading is not suitable for all investors, so please ensure that you are fully aware of the risks involved, seek independent advice if necessary, and read the relevant legal documentation (available from our website) before making any decisions.

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Ways to trade Bitcoin – Everything you should know

Azeez Mustapha
24 July 2021 | Updated: 31 July 2021

Bitcoin is the biggest cryptocurrency in the world and is among the most popular digital coins among traders. For many, Bitcoin is a great investment option. Released back in 2009, Bitcoin is known for paving the way for other altcoins in the market.

Cryptocurrency has seen a huge transformation in recent years. While some still remain to be skeptical about Bitcoin, this digital coin has many times proved that it can be a great option for investment.

But, how exactly do you trade Bitcoin? There are quite a few ways you can invest in Bitcoin and use it to earn profits. For example, you can sign up on one of the many crypto exchanges in the market, make deposits and start buying and selling cryptocurrencies. You can also trade Bitcoin CFDs, which offer you the ability to speculate on the price movements in the market.

No matter which option you choose, you will always be required to do adequate research to make correct predictions and open the right orders.
Crypto exchanges
One of the most popular ways of trading Bitcoin is using crypto exchanges. There are numerous of them available in the market and they make your job very easy. There are numerous crypto exchanges in the market, among them are Binance, Kraken, Coinbase, and many others.

Getting started at these exchanges should not be a problem. Creating an account should not take more than a few minutes, after which, you will have to wait a day or two for verification. Then, all you have to do is to deposit funds and start trading crypto.

After trading and making profits, you can withdraw your Bitcoins from your favorite wallet. There are numerous software wallets offering you high standards of safety and security. In most cases, you should also be able to withdraw your funds in fiat currencies, but it largely depends on the crypto exchange you are using.

Best trading strategies for Bitcoin
Adopting a proven and useful strategy for Bitcoin trading is very important. Because the market is so volatile, trading can get quite emotional. By having a specific plan beforehand, you can make sure that you follow your initial thoughts and decisions without making emotional decisions.

There are two main ways you can trade crypto, one is trading crypto-asset spot, and the other is trading it with margin. A trading spot is a great option for those who prefer to avoid huge risks, it basically means buying cryptocurrency and holding it for as long as you like.
Trading Bitcoin with margin usually happens using futures contracts or CFDs and offers you the ability to increase your potential profits. But, you should not forget that in addition to increasing profits, margin trading also increases the risks of trading.

Depending on the way you trade crypto, you can better choose which trading strategy fits you best. For example, if you are a spot trader, you should know that one of the best strategies to choose is long-term trading, or simply holding cryptocurrency for a long time. On the other hand, if you prefer short-term trading with a margin, it might be better to trade using CFDs or futures.

However, remember that trading crypto is not an easy task as it takes a lot of time to really understand how the prices are moving and how the market is reacting to different types of events around the world. But, there are some things that can make trading easier for you.

Trading Bitcoin with bots
There is a certain limit when it comes to the data a human can analyze in a short time. On the other hand, crypto trading bots can analyze huge chunks of data in a very short time. There are numerous trading bots that you can use to minimize the time spent analyzing the market.

There are numerous trading bots available in the market that can help you trade crypto more efficiently. One of such trading bots, which is known for its high standards of safety and security, is Bitsgap’s trading bot.

The trading bot created by Bitsgap is capable of not only analyzing the market data but is also able to actually trade crypto for you. The trading bot uses different types of strategies and can be used in both uptrend and a downtrend, which makes it a great fit for traders.

Bitsgap crypto trading bot can be used with over 25 crypto exchanges in the market, including those like Binance, Kraken, and many others. You can create a trading strategy with this bot in just a few clicks and you can always backtest your strategy before applying it to your actual trades.
Earning profits
Depending on the trading strategy you choose, you can receive both short-term and long-term profits with crypto trading. Let’s say that you have decided to trade crypto using a long-term trading strategy. This means that you will be buying Bitcoin at a low price and hold it for as long as you want, until the price increases.

As the price is up and you believe that it is time for you to sell your Bitcoin, you will be able to earn profits according to the difference between the buy and selling prices.

On the other hand, using short-term trading strategies, you will be able to make profits quickly, however, keep in mind that these profits might not be a lot. In most cases, short-term traders prefer to use leverage and margin trading to increase the profits they make.

All-in-all, thanks to modern technologies, trading cryptocurrencies should not be that hard. Traders all around the world have access to this market and all you have to do to become a part of this market is to sign up with one of the leading crypto exchanges in the market.

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Bitcoin Records Slowest Block Production in Years Amid China Mining Crackdown

Azeez Mustapha
29 June 2021 | Updated: 29 June 2021

Due to the ongoing crackdown of Bitcoin (BTC) miners in China, the rate of newly-minted coins has dropped dramatically to 58 new coins daily, according to a report by Glassnode. Meanwhile, mining revenue has plunged to record lows over the last month, as the Bitcoin community fixates its focus on the upcoming difficulty adjustment.

According to reports, the Bitcoin hashrate has dropped by 40% over the past month. This decline is a direct effect of the intensified crackdown on BTC miners by the Chinese government.

Typically, a new Bitcoin gets mined every ten minutes. However, as of yesterday, the average count was over 23 minutes. This mining time is the highest recorded by the network in over a decade.

Consequently, this drop in the newly-minted BTC count reduced the number of new coins entering the market yesterday. Yesterday’s new Bitcoin count hit 58, compared to the previous average of 144 new coins per day. This count represents a massive 60% decline.

Glassnode also revealed that the average daily revenue received by BTC miners dropped significantly as well. As of April and May, the daily miner revenue peaked at about $70 million. Currently, that figure is at about $13 million.

Bitcoin appears to be on a steady path to recovery as the broader market regains bullish traction. However, the benchmark cryptocurrency continues to stall around the $35k level for a week now.

That said, a sustained break above the $35k resistance should place BTC on a recovery path to $36k, where our 4-hour SMA 200 resides. Failure to clear the $35k psychological resistance could send BTC to the $33k region. Subsequent bearishness from that level should propel the primary cryptocurrency to the $31k pivot point.

Key Bitcoin Levels to Watch — June 29

While BTC miners continue to mount selling pressure on Bitcoin, the benchmark cryptocurrency appears to be holding the fort as bulls keep it near the $35k mark. Bulls have prevented a fall away from the $35,000 level since its rebound from the $30,000 level last Saturday.

BTCUSD – 4-Hour Chart

That said, BTC has to stay around this level over the coming hours or risk falling below the $33,750 support. A successful defense of the $35k mark should open the way to the next resistance target; $36,000.

Meanwhile, our resistance levels are at $35,000, $36,000, and $37,000, and our key support levels are at $33,750, $33,000, and $32,000.

Total Market Capitalization: $1.43 trillion

Bitcoin Market Capitalization: $659 billion

Bitcoin Dominance: 45.9%

Market Rank: #1

 

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Azeez Mustapha

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Bitcoin Slumps as Iran Confiscates 7,000 BTC Mining Machines

Azeez Mustapha
22 June 2021 | Updated: 22 June 2021

According to local reports, the Iranian police have confiscated 7,000 illegally-operated Bitcoin (BTC) mining devices. The Tehran police chief, General Hossein Rahimi, noted that the machines got abandoned at a mining farm west of the capital.

The IRNA, a local media house, added that this seizure of mining rigs is the largest in the history of cryptocurrency mining.

Cryptocurrency mining is a legal activity in Iran. Miners are required to register and obtain a license from the country’s Ministry of Industry, Mine, and Trade. However, authorities claim that many miners prefer to go behind legal licensing processes and operate illegally in Iran.

According to a report by Elliptic, a blockchain analytics company, about 4.5% of all Bitcoin mining occurs in Iran, and the country has employed cryptocurrency use as a means to bypass sanctions.

Additionally, Elliptic revealed that crypto mining requires the equivalent of about 10 million barrels of crude oil a year, or 4% of Iran’s total oil exports.

The Iran government mandated that local Bitcoin miners sell their newly-minted BTC directly to the central bank, which gets used to fund imports. The government also ordered commercial banks and currency exchanges to use legally mined BTC to pay for imports.

Key Bitcoin Levels to Watch — June 22

Bitcoin has experienced a roller coaster-like momentum over the past 24 hours, as bears continue to dominate price action. The benchmark cryptocurrency fell from $36,000 to a $31,000 low yesterday but rebounded mildly to the $33,000 level. However, bears weren’t done with the cryptocurrency and sent it on another bearish ride today. The primary cryptocurrency slumped from the $33k area to the $28,800 low today, breaking the critical $31k pivot line.

BTCUSD – 4-Hour Chart

However, bulls appeared to take control from the $28,800 level and have pushed the primary cryptocurrency to the upper-$32k area presently.

The coming hours will be instrumental to what direction BTC trades in next.

Meanwhile, our resistance levels are at $33,000, $33,750, and $35,000, and our key support levels are at $32,000, $31,000, and $30,000.

Total Market Capitalization: $1.30 trillion

Bitcoin Market Capitalization: $611.9billion

Bitcoin Dominance: 46.9%

Market Rank: #1

 

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Bitcoin Hashrate Crisis: Correlation Between BTC Price and Hashrate

Azeez Mustapha
22 June 2021 | Updated: 22 June 2021

Since its creation in 2009, the Bitcoin meteoric price rally remains a controversial topic across mainstream media. While many publications disregard BTC as a highly volatile asset and label its price action random, some data sets assert that the price movements get influenced by well-known metrics.

According to data from Blockchain.com, a Reddit post, which superimposed BTC price history to identify trends, noted that there exists an uncanny correlation between Bitcoin’s hashrate and its price action.

Based on the chart, BTC prices typically “revert-to-the-mean” of hashrate data, with eleven clear instances of correlating with logarithmically calculated hashrate values. Using this metric for retail trading, the observations prove useful as buying BTC after the price crosses above the hashrate value results in a massive bull wave in four instances, followed by a gradual descent.

This correlation highlights BTC’s price action as anything but random, as many speculators and analysts like to state. Additionally, transaction values, price activity, technical analysis, and fundamental factors all influence the price action of BTC, much like traditional financial markets.

Hashrate and Its Relevance to the Bitcoin Network

For newbies, hashrate refers to the “buying power” of the Bitcoin network. It refers to the total combined computational power getting used at any particular moment to mine and process transactions on the Bitcoin network. Hashrate gets measured in units of hash/second, which represents the number of calculations the network processes every second.

A higher hashrate typically means more miners are on board, translating to better security for the network. Higher hashing rates safeguard a network against 51 percent attacks.

Meanwhile, Bitcoin’s hashrate is currently at its lowest point since November 2020, following ramped-up activities by the Chinese government to wean the country of decentralized cryptocurrency activities in general. According to Bitinfocharts, Bitcoin hashrate is down at 91.2 exahash per second (EH/s), a 46.7% drop from its six-week high at 171.4 EH/s.

The analytics firm also revealed that BTC mining profitability has dropped from its peak of $0.449 per day per terahash per second to $0.226.

Hashrate Drop Triggers Bitcoin Crash

Not surprisingly, the recent drop in hashrate has dealt a devastating blow to the price of BTC. At press time, the benchmark cryptocurrency trades at the $30,000 mark (-5% today).

That said, speculators expect displaced miners in China to find their way to other BTC mining hubs, especially Texas in North America. This movement is the most significant miners’ migration in Bitcoin history.

Once miners settle back into their previous rhythm, we can expect to see Bitcoin rise back to its recent highs.

 

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Azeez Mustapha

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People’s Bank of China Issues New Anti-Crypto Directive to Banks

Azeez Mustapha
21 June 2021 | Updated: 21 June 2021

The People’s Bank of China has just issued a notice to several financial institutions regarding the facilitation of cryptocurrency transactions.

The apex bank noted that it discussed the cryptocurrency issue with financial institutions like the Industrial and Commercial Bank of China, Agricultural Bank of China, Construction Bank, Postal Savings Bank, Industrial Bank, and the Alipay (China) Network.

The PBoC argued that “virtual currency trading activities disrupt the normal economic and financial order, breed the risks of illegal cross-border transfer of assets, money laundering and other illegal and criminal activities, and seriously infringe the people’s property safety.”

The notice issued by the PBoC also detailed that payment institutions and banks across China must execute strict guidelines on “Bitcoin risks,” “token issuance financing risks,” and other recommended regulatory requirements.

The central bank added that:

“Financial institutions must not provide account opening, registration, and registration for related activities.”

Shortly after the notice got passed around, China’s Postal Savings Bank released a statement adhering to the new order, noting that:

“According to relevant regulations of the People’s Bank of China, no institution or individual may use our bank’s accounts, products, services, and channels to conduct token issuance financing and ‘virtual currency’ transactions.”

The Postal Savings Bank also encouraged customers to report any crypto activities they observed.

People’s Bank of China Announcement Triggers Crash in Bitcoin

The latest PBoC undertaking closely follows the June 20 mandate from Sichuan officials banning BTC mining activities in the region.

Since BTC mining got banned in five of the largest provinces in China, Bitcoin’s hashrate has dipped to 100 EH/s.

Renowned Chinese cryptocurrency journalist Colin ‘Wu’ Blockchain commented on the latest development, tweeting about the notice on Monday and noting that two other financial institutions have released statements relating to the subject at hand. Colin said that:

“The Agricultural Bank of China once again released the deleted webpage, and Alipay also issued a related statement.”

BTC price suffered an immediate crash following the PBoC announcement on Monday. The benchmark cryptocurrency fell to a new twelve-day low at $31,700 earlier today but has since rebounded to the mid-$32,000 area.

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Bitcoin Mining Difficulty Records Its Third Consecutive Adjustment in One Month

Azeez Mustapha
20 June 2021 | Updated: 20 June 2021

According to data from BTC.com, Bitcoin’s mining difficulty is on its way to post an 11.2% drop. According to the report, the Bitcoin network recorded two negative adjustments on May 30 and June 6 (16% and 5.3%, respectively), making this the third adjustment under 30 days.

Mining difficulty, which gauges how hard miners find it to solve a new block and add it to the blockchain, dropped from 25 trillion to 19 trillion in just a month.

The last time BTC recorded three consecutive negative difficulty adjustments was in December 2018, following a miner-induced “death spiral.” Bitcoin eventually bottomed out at $3,125 on December 18, 2018, after an 84% correction from the December 2017 top.

That said, the current difficulty adjustment resulted from the recent halt of Bitcoin mining operations in Sichuan. The National Development and Reform Commission (NDRC) in the region with the Sichuan Energy Bureau issued a joint order on Friday to “clean up” 26 mining farms.

Sichuan is the largest mining hub in the world, thanks to its abundant hydroelectricity capacity. The region alone accounted for over 37% of the global hashrate as of Q3 2019.

Before Sichuan, Qinghai, Yunnan, Inner Mongolia, and Xinjiang have also issued eviction notices to the mining industry.

Currently, the BTC hashrate is down by 48% from its peak of 198.5 exahash per second (EH/s) in April.

Key Bitcoin Levels to Watch — June 20

Bitcoin has come under renewed selling pressure following a prolonged consolidation between the $36k and $35k area yesterday. Before that, the benchmark cryptocurrency suffered a $6k drop from its 26-day high of $41,380 on Tuesday.

BTCUSD – 4-Hour Chart

From a larger time-frame angle, the primary cryptocurrency is in a range-bound momentum between $41,500 and $31,500 as trading volume remains thin across the market.

Meanwhile, our resistance levels are at $35,000, $36,000, and $37,000, and our key support levels are at $33,750, $33,000, and $32,000.

Total Market Capitalization: $1.41 trillion

Bitcoin Market Capitalization: $636 billion

Bitcoin Dominance: 45%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Bitcoin Mining Crack Down in China: Sichuan Orders Shut Down

Azeez Mustapha
18 June 2021 | Updated: 18 June 2021

As the Chinese government continues to crack down on Bitcoin mining and cryptocurrency use in the country, the Sichuan power plants have received orders to cease servicing Bitcoin miners in the region. The new development got reported by the Ya’an municipal government.

An insider told local media house Panews that the Sichuan Ya’an Energy Bureau and the Science and Technology Bureau had a meeting to discuss the matter and reached a resolution to “clean up and rectify bitcoin mining companies in Ya’an.”

Panews reported that all mining farms in Sichuan received orders to shut down before June 25 and it includes abandoning hydropower plants.

Popular Chinese cryptocurrency journalist Colin “Wu” Blockchain took to Twitter to comment on the latest development, noting that “on June 18, Sichuan officially issued a document requesting power generation companies are required to immediately stop supplying power to any virtual currency mining and report the relevant situation on the 25th.” Wu added that

“The document identified 26 large mining projects and required to be monitored and shut down. At present, the hashrate of Bitcoin and Ethereum has not fluctuated. There are many small and medium-sized hydropower stations in Yunnan, Sichuan, and it may be difficult for them to receive government supervision. However, large-scale projects will [get] shut down in the short term.”

BTC Hashrate Falls as Bitcoin Mining Across China Intensifies

Over the past few weeks, several other provinces in China have issued eviction notices to Bitcoin mining companies. Most recent reports have correlated with the Cambridge Center for Alternative Finance index map, which argues that 65% of the total Bitcoin network hashrate emanates from China. However, the CBECI hashrate map has not seen any update since April 2020, indicating that its metrics are outdated.

Meanwhile, Bitcoin’s hashrate has maintained a depressed state over the past few weeks while fluctuating erratically. Miners across China have experienced multiple shuffles across mining pools in terms of Bitcoin hashrate distribution.

At press time, the hashrate is at 120 exahash per second (EH/s) and has dropped from 140 EH/s over the past ten hours.

 

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Argentina Records Significant Bitcoin Mining Boom Due to Subsidized Power

Azeez Mustapha
2 June 2021 | Updated: 2 June 2021

Argentina is currently experiencing a boom in Bitcoin mining operations thanks to its highly subsidized power rates and exchange controls, granting miners the ability to sell their newly-mined BTC at prices above the official rate.

The increasing mining activity in Argentina also stems from the fact that the country operates a capital control system that prohibits its citizens from exchanging more than $200 worth in peso. This restriction had led to an increase in demand for other convertible currencies to hedge their buying power from inflation.

According to Bloomberg, the subsidies are so high that despite the recent crypto industry crash, Argentinian miners are still in massive profits. A miner in the country, Nicolas Bourbon, noted that:

“Even after Bitcoin’s price correction, the cost of electricity for anyone mining from their house is still a fraction of the total revenue generated.”

As expected, foreign mining companies are now contemplating ways to leverage these subsidies. Bitfarms, a Canada-based mining firm, recently entered a deal to use power from a local plant to mine cryptocurrency for a significantly lower rate than most alternatives.

Geoffrey Morphy, the president of Bitfarms, stated that:

“We were looking for places that have overbuilt their electrical generation systems. Economic activity in Argentina is down, and power is not [getting] fully utilized. So it was a win-win situation.”

Can Argentina Sustain the Current Mining Operation Trajectory?

Argentina has become the latest country to leverage cryptocurrency and mining to provide more financial and economic freedom for its citizens during tough economic times. Other countries that followed this play include Iran and Venezuela.

However, this boom in the crypto mining sector could have a negative effect, especially on the integrity of the power grid, depending on the impact of the operations.

This negative power impact was sighted in Iran recently, which prompted the government to suspend Bitcoin mining in the country till September 22. Iran has suffered constant power cuts recently resulting from strain on the power grid.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.