Scientists Use Actual Lunar Soil Sample to Create Rocket Fuel

A team of Chinese researchers claim to have turned lunar regolith samples brought back by the country's Chang'e 5 mission into a source of fuel.

Fill 'Er Up

A team of Chinese researchers say they managed to convert actual lunar regolith samples into a source of rocket fuel and oxygen — a potential gamechanger for future space explorers hoping to make use of in-situ resources to fuel up for their return journey.

The researchers found that the lunar soil samples can act as a catalyst to convert carbon dioxide and water from astronauts' bodies and environment into methane and oxygen, as detailed in a paper published in the National Science Review.

"In situ resource utilization of lunar soil to achieve extraterrestrial fuel and oxygen production is vital for the human to carry out Moon exploitation missions," lead author Yujie Xiong said in a new statement about the work. "Considering that there are limited human resources at extraterrestrial sites, we proposed to employ the robotic system to perform the whole electrocatalytic CO2 conversion system setup."

That means we could have a much better shot at carrying out longer duration explorations of the lunar surface in the near future.

Set It, Forget It

According to the paper, which builds on previous research suggesting lunar soil can generate oxygen and fuel, this process can be completed using uncrewed systems, even in the absence of astronauts.

In an experiment, the team used samples from China's Chang'e-5 mission, which landed in Inner Mongolia back in December 2020 — the first lunar soil returned to Earth since 1976.

The Moon soil effectively acted as a catalyst, enabling the electrocatalytic conversion of carbon dioxide into methane and oxygen.

"No significant difference can be observed between the manned and unmanned systems, which further suggests the high possibility of imitating our proposed system in extraterrestrial sites and proves the feasibility of further optimizing catalyst recipes on the Moon," the researchers conclude in their paper.

Liquified

But there's one big hurdle to still overcome: liquifying carbon dioxide is anything but easy given the Moon's frosty atmosphere, as condensing the gas requires a significant amount of heat, as New Scientist reported earlier this year.

Still, it's a tantalizing prospect: an autonomous machine chugging away, pumping out oxygen and fuel for future visitors. But for now, it's not much more than a proof of concept.

READ MORE: Scientists investigate using lunar soils to sustainably supply oxygen and fuels on the moon [Science China Press]

More on lunar soil: Bad News! The Plants Grown in Moon Soil Turned Out Wretched

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Scientists Use Actual Lunar Soil Sample to Create Rocket Fuel

NASA Sets Launch Date for Mission to $10 Quintillion Asteroid

After disappointing setbacks and delays, NASA has finally got its mission to an invaluable asteroid made of precious metals back on track.

Rock of Riches

After disappointing setbacks and a delay over the summer, NASA says it's finally reviving its mission to explore a tantalizing and giant space rock lurking deep in the Asteroid Belt.

Known as 16 Psyche, the NASA-targeted asteroid comprises a full one percent of the mass of the Asteroid Bet, and is speculated to be the core of an ancient planet. But Psyche's size isn't what intrigues scientists so much as its metal-rich composition, believed to be harboring a wealth of iron, nickel, and gold worth an estimated $10 quintillion — easily exceeding the worth of the Earth's entire economy. Although, to be clear, they're not interested in the metals' monetary value but rather its possibly planetary origins.

Back On Track

Initially slated to launch in August 2022, NASA's aptly named Psyche spacecraft became plagued with a persistent flight software issue that led the space agency to miss its launch window that closed on October 11.

But after surviving an independent review determining whether the mission should be scrapped or not, NASA has formally announced that its spacecraft's journey to Psyche will be going ahead, planned to launch aboard a SpaceX Falcon Heavy rocket as early as October 10, 2023.

"I'm extremely proud of the Psyche team," said Laurie Leshin, director of NASA's Jet Propulsion Laboratory, in a statement. "During this review, they have demonstrated significant progress already made toward the future launch date. I am confident in the plan moving forward and excited by the unique and important science this mission will return."

Although the new launch date is only a little over a year late, the expected arrival at the asteroid Psyche is set back by over three years — 2029 instead of 2026 — due to having to wait for another opportunity to slingshot off of Mars' gravity.

Peering Into a Planet

Once it arrives, the NASA spacecraft will orbit around the asteroid and probe it with an array of instruments, including a multispectral imager, gamma ray and neutron spectrometers, and a magnetometer, according to the agency.

In doing so, scientists hope to determine if the asteroid is indeed the core of a nascent planet known as a planetesimal. If it is, it could prove to be an invaluable opportunity to understand the interior of terrestrial planets like our own.

More on NASA: NASA Announces Plan to Fix Moon Rocket, and Maybe Launch It Eventually

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NASA Sets Launch Date for Mission to $10 Quintillion Asteroid

Twitter Working on Plan to Charge Users to Watch Videos

According to an internal email obtained by The Washington Post, Musk wants to have Twitter charge users to view videos posted by content creators.

Now that Tesla CEO Elon Musk has taken over Twitter, the billionaire has been frantically shuffling through ambitious plans to turn the ailing social media platform into a revenue-driving business.

Case in point, according to internal email obtained by The Washington Post, Musk is plotting for Twitter to charge users to view videos posted by content creators and take a cut of the proceeds — a highly controversial idea that's already been met with internal skepticism.

The team of Twitter engineers has "identified the risk as high" in the email, citing "risks related to copyrighted content, creator/user trust issues, and legal compliance."

In short, Musk is blazing ahead with his infamously ambitious timelines — a "move fast and break things" approach that could signify a tidal change for Twitter's historically sluggish approach to launching new features.

Musk has already made some big structural changes to Twitter, having fired high-up positions at the company and dissolved its board of directors.

The company will also likely be facing mass layoffs, according to The Washington Post.

The new feature detailed in the new email, which is being referred to as "Paywalled Video," allows creators to "enable the paywall once a video has been added to the tweet" and chose from a preset list of prices, ranging from $1 to $10.

"This will also give Twitter a revenue stream to reward content creators," Musk tweeted on Tuesday, adding that "creators need to make a living!"

But whether Twitter users will be willing to pay for stuff that was previously free remains anything but certain.

Musk has already announced that he is planning to charge $8 a month for Twitter users to stay verified, which has been met with derision.

The billionaire CEO is facing an uphill battle. Now that the company is private, he has to pay around $1 billion in annual interest payments, a result from his $44 buyout, according to the WaPo.

Compounding the trouble, Reuters reported last week that Twitter is bleeding some of its most active users.

Meanwhile, Musk's chaotic moves are likely to alienate advertisers, with the Interpublic Group, a massive inter-agency advertising group, recommending that its clients suspend all paid advertising for at least the week.

That doesn't bode well. It's not out of the question that a paywalled video feature may facilitate the monetization of pornographic content, which may end up scaring off advertisers even further — but Twitter's exact intentions for the feature are still unclear.

According to Reuters, around 13 percent of the site's content is currently marked not safe for work (NSFW).

It's part of Musk's attempt to shift revenue away from advertising on the platform. In a tweet last week, he promised advertisers that Twitter wouldn't become a "free-for-all hellscape."

But that hasn't stopped advertisers from already leaving in droves.

All in all, a paywalled video feature could mark a significant departure for Twitter, a platform still primarily known for short snippets of text.

For now, all we can do is watch.

READ MORE: Elon Musk’s Twitter is working on paid-video feature with ‘high’ risk [The Washington Post]

More on Twitter: Elon Musk Pleads With Stephen King to Pay for Blue Checkmark

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Twitter Working on Plan to Charge Users to Watch Videos

There’s Something Strange About How These Stars Are Moving, Scientists Say

Astronomers are puzzled by the strange behavior of a crooked cluster of stars, which appears to be following an alternative theory of gravity.

Astronomers are puzzled by the strange behavior of certain crooked clusters of stars, which appear to be violating our conventional understanding of gravity.

Massive clusters of stars usually are bound together in spirals at the center of galaxies. Some of these clusters fall under a category astrophysicists call open star clusters, which are created in a relatively short period of time as they ignite in a huge cloud of gas.

During this process, loose stars accumulate in a pair of "tidal tails," one of which is being pulled behind, while the other moves ahead.

"According to Newton’s laws of gravity, it’s a matter of chance in which of the tails a lost star ends up," Jan Pflamm-Altenburg of the University of Bonn in Germany, co-author of a new paper published in the Monthly Notices of the Royal Astronomical Society, in a statement. "So both tails should contain about the same number of stars."

But some of their recent observations seemingly defy conventional physics.

"However, in our work we were able to prove for the first time that this is not true," Pflamm-Altenburg added. "In the clusters we studied, the front tail always contains significantly more stars nearby to the cluster than the rear tail."

In fact, their new findings are far more in line with a different theory called "Modified Newtonian Dynamics" (MOND).

"Put simply, according to MOND, stars can leave a cluster through two different doors," Pavel Kroupa, Pflamm-Altenburg's colleague at the University of Bonn and lead author, explained in the statement. "One leads to the rear tidal tail, the other to the front."

"However, the first is much narrower than the second — so it’s less likely that a star will leave the cluster through it," he added. "Newton’s theory of gravity, on the other hand, predicts that both doors should be the same width."

The researchers' simulations, taking MOND into consideration, could explain a lot. For one, they suggest that open star clusters survive a much shorter period of time than what is expected from Newton's laws of physics.

"This explains a mystery that has been known for a long time," Kroupa explained. "Namely, star clusters in nearby galaxies seem to be disappearing faster than they should."

But not everybody agrees that Newton's laws should be replaced with MOND, something that could shake the foundations of physics.

"It’s somewhat promising, but it does not provide completely definitive evidence for MOND," University of Saint Andrews research fellow Indranil Banik told New Scientist. "This asymmetry does make more sense in MOND, but in any individual cluster there could be other effects that are causing it — it’s a bit unlikely that would happen in all of them, though."

The researchers are now trying to hone in on an even more accurate picture by stepping up the accuracy of their simulations, which could either support their MOND theory — or conclude that Newton was, in fact, correct the first time around.

More on star clusters: Something Is Ripping Apart the Nearest Star Cluster to Earth

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There's Something Strange About How These Stars Are Moving, Scientists Say

This Deepfake AI Singing Dolly Parton’s "Jolene" Is Worryingly Good

Holly Herndon uses her AI twin Holly+ to sing a cover of Dolly Parton's

AI-lands in the Stream

Sorry, but not even Dolly Parton is sacred amid the encroachment of AI into art.

Holly Herndon, an avant garde pop musician, has released a cover of Dolly Parton's beloved and frequently covered hit single, "Jolene." Except it's not really Herndon singing, but her digital deepfake twin known as Holly+.

The music video features a 3D avatar of Holly+ frolicking in what looks like a decaying digital world.

And honestly, it's not bad — dare we say, almost kind of good? Herndon's rendition croons with a big, round sound, soaked in reverb and backed by a bouncy, acoustic riff and a chorus of plaintive wailing. And she has a nice voice. Or, well, Holly+ does. Maybe predictably indie-folk, but it's certainly an effective demonstration of AI with a hint of creative flair, or at least effective curation.

Checking the Boxes

But the performance is also a little unsettling. For one, the giant inhales between verses are too long to be real and are almost cajolingly dramatic. The vocals themselves are strangely even and, despite the somber tone affected by the AI, lack Parton's iconic vulnerability.

Overall, it feels like the AI is simply checking the boxes of what makes a good, swooning cover after listening to Jeff Buckley's "Hallelujah" a million times — which, to be fair, is a pretty good starting point.

Still, it'd be remiss to downplay what Herndon has managed to pull off here, and the criticisms mostly reflect the AI's limited capabilities more than her chops as a musician. The AI's seams are likely intentional, if her previous work is anything to go off of.

Either way, if you didn't know you were listening to an AI from the get-go, you'd probably be fooled. And that alone is striking.

The Digital Self

Despite AI's usually ominous implications for art, Herndon views her experiment as a "way for artists to take control of their digital selves," according to a statement on her website.

"Vocal deepfakes are here to stay," Herndon was quoted saying. "A balance needs to be found between protecting artists, and encouraging people to experiment with a new and exciting technology."

Whether Herndon's views are fatalistic or prudently pragmatic remains to be seen. But even if her intentions are meant to be good for artists, it's still worrying that an AI could pull off such a convincing performance.

More on AI music: AI That Generates Music from Prompts Should Probably Scare Musicians

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This Deepfake AI Singing Dolly Parton's "Jolene" Is Worryingly Good

Greta Thunberg Says UN Climate Conference Is a Scam and She’s Not Attending

The UN's upcoming COP27 climate conference in Egypt is basically a

COP Out

Ever since she lambasted world leaders at a UN conference in 2018 when she was only 15 years old, Swedish environmental activist Greta Thunberg has had the ear of the international community.

Now, Thunberg says she's skipping out on next week's COP27 UN climate summit in Egypt. Why? Because it's rife with "greenwashing."

"I'm not going to COP27 for many reasons, but the space for civil society this year is extremely limited," Thunberg said at a press event for her book, "The Climate Book," as quoted by The Guardian. "The COPs are mainly used as an opportunity for leaders and people in power to get attention, using many different kinds of greenwashing."

Ultimately, in Thunberg's view, the COP conferences "are not really meant to change the whole system" and instead only promote incremental change. Bluntly put, they're feel-good events that don't accomplish much, so she's bowing out.

Wasted Breath

It's not an unfair assessment. For all the pledges made to drastically cut back emissions and achieve net carbon zero by 2050, very few nations have followed through in the short term. And in Europe, the energy crisis in the wake of the war in Ukraine has further sidelined those climate commitments.

So we can't blame her for not going. But it's a bit disheartening that even a tenacious young spokesperson like Thunberg has given up on convincing world leaders at the biggest climate summit in the world.

Maybe it's indicative of the frustrations of her generation at large. When Thunberg was asked what she thought about the recent wave of Just Stop Oil protests that included activists throwing soup on a Van Gogh painting, she said that she viewed what many detractors perceived as a dumb stunt to be symptomatic of the world's failure to effect meaningful environmental change.

"People are trying to find new methods because we realize that what we have been doing up until now has not done the trick," she replied, as quoted by Reuters. "It's only reasonable to expect these kinds of different actions."

Maybe the real question is: if even a UN climate conference isn't the place to get the message out and change hearts, where's the right place, and what's the right way? If the headlines are any indication, zoomers are struggling to figure that out.

More on Greta Thunberg: Greta Thunberg Thinks Germany Shutting Down Its Nuclear Plants Is a Bad Idea

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Greta Thunberg Says UN Climate Conference Is a Scam and She's Not Attending

Manslaughter Case Has a Strange Twist: Tesla That Killed Couple Was on Autopilot

A court case is about to kick off in Los Angeles later this month, involving a fatal crash caused by a Tesla vehicle, which was on Autopilot.

A provocative manslaughter case is about to kick off in Los Angeles later this month, involving a fatal crash caused by a Tesla vehicle that had the company's controversial Autopilot feature turned on.

It's the first case of its kind, and one that could set a precedent for future crashes involving cars and driver-assistance software, Reuters reports.

We won't know the exact defense until the case gets under way, but the crux is that the man who was behind the wheel of the Tesla is facing manslaughter charges — but has pleaded not guilty, setting up potentially novel legal arguments about culpability in a deadly collision when, technically speaking, it wasn't a human driving the car.

"Who's at fault, man or machine?" asked Edward Walters, an adjunct professor at the Georgetown University, in an interview with Reuters. "The state will have a hard time proving the guilt of the human driver because some parts of the task are being handled by Tesla."

The upcoming trial is about a fatal collision that took place in 2019. The crash involved Kevin George Aziz Riad, who ran a red light in his Tesla Model S, and collided with a Honda Civic, killing a couple who were reportedly on their first date.

According to vehicle data, Riad did not apply the brakes but had a hand on the steering wheel. Perhaps most critically, though, the Tesla's Autopilot feature was turned on in the moments leading up to the crash.

Riad is facing manslaughter charges, with prosecutors arguing his actions were reckless.

Meanwhile, Riad's lawyers have argued that he shouldn't be charged with a crime, but have so far stopped short of publicly placing blame on Tesla's Autopilot software.

Tesla is not directly implicated in the upcoming trial and isn't facing charges in the case, according to Reuters.

A separate trial, however, involving the family of one of the deceased is already scheduled for next year — but this time, Tesla is the defendant.

"I can't say that the driver was not at fault, but the Tesla system, Autopilot, and Tesla spokespeople encourage drivers to be less attentive," the family's attorney Donald Slavik told Reuters.

"Tesla knows people are going to use Autopilot and use it in dangerous situations," he added.

Tesla is already under heavy scrutiny over its Autopilot and so-called Full Self-Driving software, despite conceding that the features "do not make the vehicle autonomous" and that drivers must remain attentive of the road at all times.

Critics argue that Tesla's marketing is misleading and that it's only leading to more accidents — not making the roads safer, as Tesla CEO Elon Musk has argued in the past.

In fact, a recent survey found that 42 percent of Tesla Autopilot said they feel "comfortable treating their vehicles as fully self-driving."

Regulators are certainly already paying attention. The news comes a week after Reuters revealed that the Department of Justice is investigating Tesla over Autopilot.

Last year, the National Highway Traffic Safety Administration (NHTSA) announced an investigation of accidents in which Teslas have smashed into emergency response vehicles that were pulled over with sirens or flares.

This month's trial certainly stands the chance of setting a precedent. Was Riad fully at fault or was Tesla's Autopilot at least partially to blame as well?

The answer now lies in the hands of a jury.

READ MORE: Tesla crash trial in California hinges on question of 'man vs machine' [Reuters]

More on Autopilot: Survey: 42% of Tesla Autopilot Drivers Think Their Cars Can Drive Themselves

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Manslaughter Case Has a Strange Twist: Tesla That Killed Couple Was on Autopilot

Bitcoin fails to rally with stocks as $940 million of the crypto is pulled from exchange favored by institutions – CNBC

Crypto industry players who are bullish on bitcoin point to various reason why they think the digital currency will go up, including rising inflation and increasing institutional investor participation. But an uncertain regulatory environment continues to prove a headwind for bitcoin.

STR | NurPhoto via Getty Images

On Tuesday some 48,000 bitcoins moved off Coinbase Pro, a favored exchange among institutional investors, according to data provider CryptoQuant.

The outflow was the biggest among crypto exchanges since crypto's big crash in June of this year and the second-largest of all time. Exchange outflows suggest investors are withdrawing their crypto from exchanges and shifting from selling mode to accumulating mode.

The value of the crypto moved Tuesday totaled about $940 million and the transactions were partially split into batches of 122 bitcoins, which is a familiar pattern that came to fruition several times in the 2021 bull run, according to Maarten Regterschot, a CryptoQuant contributing analyst.

He also said the transactions were likely done in over-the-counter trading desks, and therefore might not affect the price of bitcoin.

Bitcoin was traded 1.5% lower Tuesday at $19,233.71. Ether was down 1.7% to $1,301.46. Both have been trading steadily sideways for about a month.

Meanwhile, while bitcoin's correlation with stocks has fallen from its all-time high last month, it remains at historic highs and its price is still largely driven by macro triggers points, like key economic data reports and central bank policy. Its uncharacteristically low volatility, however, has been top of mind for the crypto market in recent days.

"Bitcoin has failed to make any significant moves since early June, with prices bouncing between an increasingly narrow range," said Kaiko's director of research, Clara Medalie. "Considering bitcoin's current low price levels, trade volumes have remained relatively resilient since last year's all-time highs. There is no discernable decrease in volumes since September despite the increasingly low volatility."

Elsewhere, the major stock indexes were making solid up moves on Tuesday morning. Crypto equities were mostly in the green with the exception of "crypto bank" Silvergate, whose earnings amid the recent apathy in crypto came in weaker-than-expected Tuesday, according to FactSet.

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Bitcoin fails to rally with stocks as $940 million of the crypto is pulled from exchange favored by institutions - CNBC

Bitcoin Joins The Guinness Book Of World Records – Bitcoin Magazine

Bitcoin has officially entered the Guinness World Records for a number of entries, the first of which is being recognized as the first decentralized cryptocurrency.

Bitcoin was developed as a solution to the challenge of regulating a digital currency without any centralized organization, reads the entry.

Indeed, Bitcoin does offer decentralized consensus through proof-of-work, as Guinness mentions, though the record keeper does seem to still be learning how Bitcoin works.

Each node (i.e.,computer) represents a validator, also called, in the case of PoW, a miner, the entry continues.

However, this depiction of nodes and miners is not accurate. A node does validate transactions, but miners are separate entities that help organize the data held in the blocks on the blockchain. A full node cannot propose new blocks to the blockchain like miners can.

Still yet, it is a notable thing to see so many firsts in the world of Bitcoin to be recognized by Guinness. For instance, a Bitcoiner favorite, the first commercial bitcoin transaction where Laszlo Hanyecz paid 10,000 BTC to order $25 worth of pizza.

Additionally, El Salvador received recognition for being the first nation-state to recognize bitcoin as legal tender. Bitcoin was also recognized as the most valuable cryptocurrency, as well as the oldest.

Furthermore, and contrary to popular belief, Guinness noted that the first non-fungible token (NFT) was created on Bitcoin. In a more light-hearted fashion, an entry was also made for the first bitcoin economy on a Minecraft server, allowing mined resources to be traded for fractions of a bitcoin.

While some entries may have some definitions mixed up or some of the semantics of the Bitcoin ecosystem misinterpreted, it is still interesting to see some of the most notable achievements of Bitcoin being recognized by Guinness.

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Bitcoin Joins The Guinness Book Of World Records - Bitcoin Magazine

Bitcoin is higher to start the week but continues holding sideways pattern – CNBC

Cryptocurrencies were higher on Monday after recovering from a sharp drop in the previous week.

Bitcoin rose 1.5% to $19,555.00, according to Coin Metrics, while ether traded 2.4% higher at $1,328.34.

Prices have held steady since rebounding from a big drop that followed the release of the latest reading on the consumer price index, a key inflation gauge. YuyaHasegawa, crypto market analyst at Japanese crypto exchangeBitbank, said the dip wasn't deep enough to induce panic, however.

"It had been another tough week for the stock market until the CPI, so Thursday's rebound will likely trigger unwinding of the recent risk off sentiment, which could have a positive effect on the price of bitcoin," he said. "If the price recovers the $20,000 psychological level with a substantial trading volume in the next few days, bitcoin could test $23,000 next week."

Despite a recent divergence in volatility, activity in bitcoin and ether trading remain closely tied to that of risk assets more broadly. Cryptocurrencies rose Monday along with the major stock indexes.

While October is typically a strong month for crypto trading, crypto has never been in such a strongly macro driven bear market and it remains to be seen how prices will fare by the end of the month.

"Hovering around yearly lows in trade volumes, bitcoin and ether are crying out for the next crypto-specific catalyst that will kickstart another bull run and a decoupling from equities," Conor Ryder, an analyst at Kaiko, told CNBC. "The Merge proved yet again that macro is king and we saw that last week with a volatile reaction to CPI."

Bitcoin climbed as high as about $19,900 in its big rebound last week. Ryder agreed that a substantial break above $20,000 could usher in a new level higher.

"Crypto markets have staged a respectable recovery since the initial reaction to the inflation reading and investors are now eyeing up the psychologically important $20,000 level for bitcoin, which should result in a climb higher if breached," he said.

However, "it looks as if crypto and stocks will move in tandem for the rest of the year, both likely tracking sideways until there is a hint that the Fed will start to reverse the recent regime of monetary tightening," he added.

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Bitcoin is higher to start the week but continues holding sideways pattern - CNBC

Bitcoin Leads The Hunt For A Green October In Crypto – NewsBTC

Bitcoin might be returning to the bottom of its current range; trapped for months, BTC might be unable to push higher. Driven by macroeconomic forces and uncertainty, the sideways price action has decreased volatility across global financial assets.

At the time of writing, Bitcoin (BTC) trades at $19,400 with sideways movement across all timeframes. Earlier today, the cryptocurrency hinted at more gains, but bulls have been unable to sustain momentum, surrendering BTCs profits from last week.

According to Arcane Research, Bitcoin has seen no clear direction in October. The cryptocurrency has been the best-performing asset in terms of assets moving sideways over this period.

The chart below shows that the benchmark cryptocurrency recorded a 0.6% profit over the past 30 days, while other crypto assets trended slightly to the downside. Smaller tokens were the worst performers, with a 5% loss in October.

Smaller cryptocurrencies often suffer the most in a choppy and uncertain market; investors usually take shelter in Bitcoin and stablecoins, measured by the BTC Dominance and the USDT Dominance. These metrics have been trending upward after seeing a massive decline in mid-October.

The spike in stablecoin and BTC dominance hint at more sideways price action as the crypto market enters another stage of uncertainty until the subsequent macroeconomic event triggers an explosion in volatility. Arcane Research noted the following on BTCs current price action:

Still no clear trend in October, as the crypto market stays flat. Bitcoin and ether are gaining market shares relative to the other large caps this week, while small caps are struggling (). The crypto market is still highly aligned with the stock market this month. Both Bitcoin and Nasdaq are up 1% in October, with the correlation staying at record highs.

Additional data from research firm Santiment indicates that Bitcoin whales might be accumulating BTC at its current levels. The cryptocurrency is moving near its 2017 all-time high. Historically, these levels have provided long-term investors the best opportunity to increase their holdings.

As BTCs price trends sideways, Bitcoin addresses holding between 10,000 to 100,000 BTC reached their highest level since February 2021. At that time, the cryptocurrency was preparing to re-enter price discovery mode following a major bull run that took it from below $20,000 into the low $30,000.

The research firmnoted:

() addresses holding 10 to 100 $BTC have reached their highest amount of respective addresses since Feb, 2021. As the number of addresses on a network rise, utility should follow suit.

Despite this data, the current macroeconomic conditions might be unfavorable for a Bitcoin rally leading the cryptocurrency into long periods of accumulation and consolidation around the 2017 ATH and its yearly low of $17,600.

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Bitcoin Leads The Hunt For A Green October In Crypto - NewsBTC

October is a historically strong month for bitcoin, but price action this month has been oddly lackluster – CNBC

The month of October, celebrated as "Uptober" by long-time crypto investors, has historically churned out some big gains for bitcoin. In seven of the last 10 years, bitcoin has posted a positive month. Most recently, it notched a 40% gain 2021 in, after posting 28% and 10% increases in 2020 and 2019, respectively. That's according to spot exchange closing prices tracked by data provider CryptoQuant. For four of the last six years, ether has ended the October trading month higher, according to Kaiko. This October, however, price action has been lackluster. Bitcoin hasn't broken out of the $19,000 level meaningfully in weeks, and with crypto in a bear market, the possibility of posting a losing October is greater than usual. Bitcoin was lower for the month by 0.3% as of Tuesday, while ether was down 1.4%, according to Coin Metrics. "Crypto market volatility has dipped to multi-year lows over the past month, with bitcoin's 20-day volatility now equal to that of the Nasdaq equity index," Kaiko head of research Clara Medalie told CNBC. "Throughout October, bitcoin broke $20,000 just once on the 6th, before retracing, at one point dipping below $18,000," she added. "Overall, daily trade volumes in October are on average less than what was observed last October, which was the month before bitcoin broke all-time highs above $60,000." Katie Stockton, a charts analyst and founder of Fairlead Strategies, said bitcoin is retesting its 50-day moving average, adding that said she remains bearish in the intermediate term citing elevated risk of a breakdown that could take bitcoin to near $13,900. Despite oversold conditions, long-term momentum is still negative, she said, noting there's no evidence yet of a long-term low. Macro risks and retail investors The price action may feel a bit stuck to some, but many are celebrating bitcoin's relative stability and have noted that while stock averages fell again to retest their summer lows, bitcoin held steady even if it was 70% below its November all-time high. Part of the reason for the uncharacteristically and consistently low volatility as of late is that crypto traders began pricing in the Federal Reserve's interest rate hikes earlier than equities investors did, according to GregMagadini, CEO of Genesis Volatility. "Crypto had its meltdown back in May and June," he said. "The crypto space has been ahead of the curve and is now taking a breather, while equities are now having their moment worrying about federal rate hikes." Bitcoin's outperformance in the first and third quarters of the year has also helped validate the idea that crypto's big crash in the spring was primarily the result of the fallout of the Terra project and the contagion that spread to Three Arrows, Voyager, Celsius and others. Some are beginning to wonder if bitcoin could be at the beginning of its decoupling from stocks, which many trace back to the beginning of the year, after institutional investors started to enter the market and the Fed introduced its rate hiking plan. It remains to be seen how cryptocurrencies, currently flat for the month, finish October. Investors are looking for a new use case or catalyst to bring new interest to crypto, but many have come to terms with the fact that crypto is largely macro driven for now. "Crypto could be more sensitive to longer-term yields crawling any higher than they are right now," said Callie Cox, U.S. investment analyst at eToro. "While the stock market could find some momentum in a better-than-expected earnings season, crypto could be held down by the belief that a resilient economy could encourage the Fed to swing its hammer harder. Interest-rate sensitivity has been a big differentiator in sector and asset class returns lately." She also added that, despite the wave of institutional investment that has joined the market this and last year, cryptocurrencies are still largely retail-driven and therefore more sensitive to retail investors wanting to cut risk from their portfolios this year. "We haven't seen much of that yet, but we are seeing investors become more defensive because they're increasingly concerned about the economy," Cox said. "People invest when they have cash on hand, and if retail pulls back on investing because they need to pay bills or build up an emergency fund, we could see the after-effects in riskier markets like crypto."

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October is a historically strong month for bitcoin, but price action this month has been oddly lackluster - CNBC

Pay No Attention to the Price of Bitcoin and Ethereum – Decrypt

Crypto is totally dead latelyif you're only looking at the price action.

Yes, Bitcoin is down 72% from its all-time-high price in November 2021, almost one full year ago. Ethereum is down the same, 72% from its own high of $4,878. Woof.

Crypto advocates point out that it's not just crypto, stocks have been hammered too. And they're right: everything is down right now. But that's cold comfort for crypto believers, whoI'll let you in on a little crypto media trade secretdo not care to read any crypto news when crypto prices are down. ConsenSys CEO Joe Lubin put on a brave face last week when talking to me about the technological success of the Ethereum merge, but ETH is down a disheartening 21% since the event.

For a better temperature check on how crypto is doing, look at the major recent signs of mainstream adoption. In the past two months, we got a string of indications that major financial institutions and tech companies believe crypto is here to stay. You'd be excused for having missed these news stories while the global economy was collapsing all around us.

In August, BlackRock,the largest asset manager in the world, launched a spot Bitcoin private trust to give its customers exposure to the current price of Bitcoin. (As a reminder, the SEC has staunchly refused to greenlight a publicly-traded spot Bitcoin ETF, allowing only Bitcoin futures ETFs; but BlackRock can offer its own clients whatever service it wants.) BlackRock also said it's seeing substantial interest in crypto from its institutional clients, and that it's exploring stablecoins and tokenization. Wow. Bitcoin didn't budge on that news, a sign of just how much the economy is weighing on every type of asset.

This past week brought two more big shows of faith.

Google announced it will start accepting crypto as payment for its cloud services early next year by plugging into Coinbase. As part of the deal, Coinbase Commerce will move its "data-related applications" from Amazon Web Services over to Google. So not only is this Google Cloud welcoming crypto, but also a form of tie-up between Google and Coinbase.

On the same day, 239-year-old Bank of New York Mellon launched its own Bitcoin and Ethereum custody service. The bank will hold clients' private keys and provide accounting on their crypto portfolios. This follows BNY Mellon becoming the custodian for the cash reserves that back Circle's USDC stablecoin in March. And last year, BNY Mellon launched a Bitcoin custody service in Ireland.

All of this might look to sneering crypto-skeptics like a sad attempt at rationalization. The favored mantra of Web3 builders, "bear markets are for building," gets so oft-repeated at times like these that it has become clich. That doesn't mean it's untrue.

I first wrote about Bitcoin in 2011. I've witnessed the freezing crypto cycles of 2014, 2018, and now. Some of the best-known crypto companies and platforms were built during those "winters."

Lubin says crypto is "the tail being wagged by a very sick dog" right now and that it won't get better until the economy improves. Solana founder Anatoly Yakovenko thinks it could take 12-18 months.

Meanwhile, they're all still building, as signs of future adoption quietly multiply.

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Pay No Attention to the Price of Bitcoin and Ethereum - Decrypt

Bitcoin reverses lower after Thursday’s big rally but remains in the $19,000 level – CNBC

Photo illustration of Bitfinex cryptocurrency exchange website.

Dado Ruvic | Illustration | Reuters

Cryptocurrencies were little changed on Friday as investors sought to extend the previous day's rally.

Bitcoin was lower by 1% at $19,175.00, and ether gained 1% to trade at $1,299.66. Both assets ended their fourth down weeks in the last five.

Crypto jumped Thursday, following the movement of stocks after the consumer price index came out showing higher-than-expected inflation. That reading initially sent risk assets down sharply before they reversed and soared, with the Dow Jones Industrial Average staging a historic 1,500-point rally.

"Yesterday we saw a knee jerk reaction lower in all markets which was algo-driven, then short-covering and real buying stepped in, which was the right response to the CPI data," said Jeff Dorman, chief investment officer at Arca. "Markets aren't concerned with inflation, they are concerned with the Fed's expected response to inflation, and nothing changed yesterday: 75 basis points was baked in, it was confirmed further by the CPI data."

October tends to be an up month for bitcoin, according to Bespoke Investment Group. Bitcoin's never been in a bear market like this one, however, and some remain cautious.

The cryptocurrency's third-quarter return of 6% and ether's 25% return outperformed other asset classes, and both have held up fairly well, trading within the $19,000 level for much of the past month, due to the uncertain macro environment. However, "the subdued volatility relative to other assets on continued declining volumes has the potential to lead to downside," Compass analyst Chase White said in a note Friday.

It had been a tough week for markets before the CPI data was released. YuyaHasegawa, crypto market analyst at Japanese crypto exchange Bitbank, said the rebound could trigger an unwinding of recent risk-off sentiment in stocks.

That "could have a positive effect on the price of bitcoin," he said. "If the price recovers the $20,000 psychological level with substantial trading volume in the next few days, bitcoin could test $23,000 next week."

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Bitcoin reverses lower after Thursday's big rally but remains in the $19,000 level - CNBC

Cryptoverse: Flurry of funds bet on bruised bitcoin’s allure – Reuters

Oct 18 (Reuters) - A growing number of funds are betting on the long-term appeal of bitcoin and ether, a gritty gambit in the depths of a crypto winter.

Unfazed by a collapse in prices over the past 11 months, investment firms have unleashed a flurry of exchange-traded funds, anticipating that elite cryptocurrencies and their underlying technology will eventually prevail.

Of more than 180 total active crypto exchange traded products (ETPs) and trust products globally, half have launched since the bitcoin bear market started, Morgan Stanley said in a note published this month. The proliferation came even as the total value of assets in the market slumped 70% to $24 billion in that period as crypto prices tanked.

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About 95% of those 180 funds are focused on the top two coins, bitcoin and ether , Morgan Stanley said.

"Naturally when the market is slower, prices are lower, people have lost money, the intensity of the appetite does diminish," said Chen Arad, co-founder of crypto risk monitoring firm Solidus Labs. "But it's not the case in the long run. As a whole, I don't think anyone is giving up."

The attraction of ETPs is that they provide exposure to digital assets on a regulated stock exchange, so retail and institutional investors don't have to worry about securely storing their crypto and eluding hacks and heists.

In terms of money, cryptocurrency investment products have attracted about $453 million in net inflows this year with much of it going into bitcoin and investment vehicles that include the biggest cryptocurrencies, according to a report from digital asset manager Coinshares.

"There is more asset allocation towards baskets that combine the top five or 10 crypto assets by market cap. It's a flight to quality compared to alternative assets in the crypto industry," said Eliezer Ndinga, director of research at 21shares.

Other major cryptocurrencies include solana , cardano and ripple .

A bitcoin representation is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/File Photo

Most active crypto ETP products are registered outside the United States, though, with Switzerland, Canada, Australia and Brazil racing ahead with spot crypto offerings.

One reason is that U.S. regulators have turned down several applications for spot bitcoin funds, which mirror the cryptocurrency's price movements tick-by-tick, citing multiple reasons including a lack of surveillance-sharing agreements with regulated markets relating to the spot funds' underlying assets.

Investors in futures-based funds must often shoulder the additional cost of the futures rollover as contracts approach settlement day, to maintain their position.

Bitcoin has lost 17% in the past three months, while ProShares Bitcoin Strategy's ETF , which tracks bitcoin futures, has shed about 21%. The world's largest bitcoin fund, Grayscale Bitcoin Trust (GBTC.PK), is down 34% in the same time.

ProShares Bitcoin Strategy ETF, has seen assets under management (AUM) shrink to just over $600 million as of the end of September, according to Refinitiv Lipper data. At its debut a year ago it pulled in over $1 billion in a matter of days.

At Grayscale's Bitcoin Trust, the AUM have tumbled to $12.2 billion from over $30 billion at the end of 2021, data from the firm showed.

Will Peck, head of digital assets at WisdomTree, whose spot bitcoin ETF was blocked by U.S. watchdogs last week, said he wasn't surprised by the decision, but expressed hope that an agreement could be reached.

"I think we'll ultimately get there. But we'll be in a holding pattern for the foreseeable future."

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Reporting by Medha Singh and Lisa Pauline Mattackal in Bengaluru; Editing by Vidya Ranganathan and Pravin Char

Our Standards: The Thomson Reuters Trust Principles.

Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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Cryptoverse: Flurry of funds bet on bruised bitcoin's allure - Reuters

What The Bitcoin Revolution Can Learn From The American Revolution – Bitcoin Magazine

This is an opinion editorial by Frank Nuessle, previously a T.V. executive, university professor and publishing entrepreneur.

This is the seldom told story of Samuel Adams, and how he became a paradigm-buster, even though hed never heard of a paradigm.

Most of us only know Samuel Adams as a Boston beer or as the cousin of the famous John Adams who became the second President of the U.S. in 1797.

Samuel Adams was a total failure until middle life, when at the age of 41, he proceeded to become, as Thomas Jefferson described him as, truly the man of the Revolution.

On a wet night in the winter of 1770 in a Boston Tavern where local farmers gathered, Samuel Adams proved his political, paradigm-bending genius. It was there that he argued successfully that Britain would soon begin to tax horses, cows and sheep and that it was better to rebel sooner rather than later.

Starting in the mid-1760s, Adams began railing against British Imperial overreach. Then in 1768, two regiments of British soldiers debarked in Boston Harbor. This occupation gave Adams the moral high ground.

Adams began advertising every misstep of the British troops, both real and fictional. Soon women and children began to ridicule the British occupiers blasting them with all the abusive language they could muster. Tension mounted.

On the evening of March 5, 1770, Boston was a tinderbox with armed British soldiers in assembly and a rowdy Boston crowd of over a thousand shouting obscenities at the British. Tempers flared. Chaos reigned as the soldiers leveled their guns.

When the smoke cleared, five men lay dead with many more wounded.

Although Samuel was no orator, on March 6, he gave dignity, morale authority and harmony to his argument that nothing would restore Boston to order but the immediate removal of the British troops.

Within months, the British troops were gone.

That the British backed down gave hope and a moral foundation to the evolving American Revolution which culminated with the British defeat by exhaustion in 1783.

Samuel Adams created the story of the Boston massacre with his rhetoric, his logic and his deeply held idealism, which led him to becoming one of the first to advocate for American independence.

Image source: Boston.com

You could say that he replaced the public perception that the British Empire could not be defeated with the possibility of American independence.

I would argue that Samuel Adams was Americas first marketing genius, the first to seize and shape the popular American imagination.

Adams knew that people are governed more by their feelings than by reason; yet with rigorous logic, he tugged at Americas emotions and opened the Colonies to the possibility of American independence.

The idea of American independence spread because it was a paradigm buster whose time had come.

A paradigm, as I define it, is an internally coherent system of thought, a story, that results in useful insights but that is also only half right because it finds it difficult to escape its own assumptions. The concept of a paradigm was formulated by the philosopher Thomas Kuhn in 1970 and has become a foundational idea.

Up to the 1770s the colonists believed that the British Empire was too powerful to challenge, and that they would be better off acquiescing to British rule. They were living within a mindset, a paradigm that the British could not be defeated.

It took Samuel Adams and others over a decade to change the mindset of enough people in the Colonies so that the American Revolution became possible.

The American Revolution began with an idea just as the bitcoin revolution began with an idea.

The tale of Samuel Adam and the American Revolution shows that Bitcoiners can break through Americas common perception that the Federal Reserve cartels government-controlled fiat money is the only money system that can be trusted.

The brilliance of the design of Bitcoin has proven its resilience over its 13-year lifespan, but bitcoin as sound money needs to evolve further so that it becomes more than someones get-rich-quick scheme.

A survey of 1,000 Americans found that 62% of cryptocurrency investors believe they'll get rich. That is not enough.

There is nothing wrong with wanting to be well-off. I certainly hope that bitcoin helps to secure my financial freedom, yet my nuance is a different, and I think, a more profound objective than simply getting rich.

Getting rich is the rallying cry of the current oligarchic, take-make-waste, economic paradigm.

America has been living this get-rich paradigm under steroids since Gordon Gekko, played by Michael Douglas in the 1987 movie, Wall Street, proclaims that Greed is good. In the movie, Gekko goes on to say that greed will save the, malfunctioning corporation called the U.S.A.

Evaluate for yourself how much greed has improved America in the 35 years since this movie.

Most people do not want to think about the money system itself, but when they think about the money in their pocket, they live in fear that they will not have enough money to comfortably live out their life. I know that fear and have found myself bankrupt twice.

Because our current paradigm about money drives fear while also being rife with greed, deception and get-rich-quick schemes, we are left with a seriously deteriorating American society.

Under a mental paradigm where greed rules, there is never enough.

As Robert Breedlove brilliantly points out in his intro to D.C. Schindlers book on Plato, Force and fiat are shown to be incompatible with human reason, and thus generative of a collapse into relativism where anyones truth is only as credible as the threat of force backing it.

Doesnt this seem a good description of America pulling itself apart today?

Have you ever thought of the possibility that our money system itself could be creating the fear and the social isolation that so many Americans suffer?

Money is a critical social system, and, like all social systems, it must be judged by the results it produces.

As Jeff Booth suggests, the dominance of money as a social system can be shown because money has historically trumped the law with the laws always changing over time to favor money. This is not a healthy outcome.

I am convinced that a sound money bitcoin economy that stimulates fair trade will change everything.

Civilization began because of fair trade. It is time to take that next evolutionary journey into a sound money system that stimulates fair local trade, societal well-being and environmental sustainability.

Americas blind spot about the money system is a direct result of our living under an outdated mental construct, a paradigm, a story about money that is outdated and that needs to evolve.

But first, we each must acknowledge that to some degree, each of us are living under and are influenced by this existing fiat money paradigm that drives both fear and greed in us.

It is time to move up the evolutionary ladder and develop a more sophisticated worldview now that we know the limits of our planet; limits that the current money paradigm does not acknowledge.

The current corporate sustainability fad called environmental, social and governance (ESG) is simply lipstick on the pig.

To fight the current fiat money paradigm is futile if we cannot offer an inspiring alternative.

That means we need a new paradigm, a new story, a new way of looking at money one that serves the whole, and not just the small self.

Bitcoin is the technological innovation of this revolution. But what is the social innovation? It must begin with a new story. How do we articulate the new sound money paradigm?

The second part of this essay will explore ideas about a new sound money story, call it a sound money paradigm-shifter, that can speed the evolution of the vibrant Bitcoin Economy we all know is somewhere invisibly over the horizon.

This is a guest post by Frank Nuessle. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

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What The Bitcoin Revolution Can Learn From The American Revolution - Bitcoin Magazine

Record Billion USD in Bitcoin Transferred as This Report Says Bitcoin May Begin Rising Soon – U.Today

Yuri Molchan

Anonymous whales have shifted nearly billion USD in BTC within one hour, here's what may be behind this

Popular crypto tracking service Whale Alert, which traces big crypto transactions, has shared that just recently, four consecutive transactions shifted a whopping 47,846 Bitcoins in four lumps.

In the meantime, a recent Santiment report shows thatBitcoin has been showing signs of a price revival, and the Bitcoin hashrate has reached another all-time high, despite the price staying low.

Nearly 48,000 BTC wereshifted in four transactionsthree of them carrying nearly 13,000 BTC each. In total, these four transfers were evaluated at $939.8 million.

All of the transactions were sent from different wallets to different addresses, with not a single address being used more than once. It seems that the whales have been redistributing their holdings.

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Meanwhile, a recent report published by Santiment data aggregator shows that the long-term metrics of Bitcoin have been demonstrating signs of a reverse for several months already, even though the price remains in the lows.

The indicators that are showing signs positive for Bitcoin are MDIA (no distribution of BTC has been occurring for a long time now) and MVRV, social volume and weighted sentiment, and network-realised-profit-loss (NRPL).

On Oct.17, Weiss Crypto, a cryptocurrency-focused arm of Weiss Ratings agency, stated that despite the unimpressive market performance over the weekend, the flagship cryptocurrency, Bitcoin, may be on the verge of a breakout, judging by the behavior of technical indicators.

The report stated that Bitcoin is "very bullish in the technical sense."

Besides, the fact that the BTC hashratereached a new peak the other dayalso confirms theprobability of a breakout happening soon.

At the time of this writing, the leading digital cryptocurrency is changing hands at the $19,537 level, up 1.49%in the past 24 hours, according to CoinMarketCap. Bitcoin is trying to regain its recent losses after it dropped from the $19,800 peak a few days ago on Oct.14.

This rise followed a dump of the price down to the $18,183 zone a day before that, following therelease of October CPI data, which was higher than expected. This means that the Federal Reserve is likely to continue raising interest rates in an attempt to break the back of the rising inflation.

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Record Billion USD in Bitcoin Transferred as This Report Says Bitcoin May Begin Rising Soon - U.Today

Construction of Navarro County Bitcoin Mining Site Met by Protesters – NBC 5 Dallas-Fort Worth

A groundbreaking was held Tuesday for what is being touted as the largest bitcoin mining facility in the world.

Operated by company Riot Blockchain, the facility will be located on a 256-acre site seven miles outside Corsicana in Navarro County.

The company has boasted a $333 million investment in the local economy and 270 jobs to start.

Were very excited about this project. We think the impact its going to have throughout this region will be positive, said John Boswell, Economic Development Director for the city of Corsicana and Navarro County.

Not everyone is pleased.

Protestors stood outside Tuesdays groundbreaking voicing concerns about the strain on local resources.

We do not want Riot building here, said Jackie Sawicky with the group Concerned Citizens of Navarro County.

Mining for bitcoin is a 24-hour operation that requires enormous quantities of power and water two resources in tight demand in Texas.

We believe we can meet the water needs, but we dont know what the final number will be, Boswell said, adding he does not foresee any updates to the current water system.

Set to become the largest taxpayer in Navarro County and one of the top employers, the site is expected to be up and running in 2023.

Boswell said his office has not done an economic analysis on the project, but say it will open the door for more high-tech companies to move to the area, along with new housing and retail.

To date, he said the company has not applied for any local tax abatements.

Sawicky says she and others will continue to voice their concerns, demanding transparency from local leaders.

We still do not know some of the most basic, fundamental questions from day one, said Sawicky.

Were all on a learning curve on Bitcoin. Its a pretty new project but its not anything to be scared of, said Boswell.

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Construction of Navarro County Bitcoin Mining Site Met by Protesters - NBC 5 Dallas-Fort Worth

Bitcoin Miners Are Pivoting in Search of ProfitsAnd Hedging Their Bets – Decrypt

Bitcoin miners and hosting companies staying afloat in this market have had to venture outside the blockchain industry.

At current prices and Bitcoin network difficulty, only Bitcoin miners with the newest, most efficient rigs and very competitive power rates are able to break even. That is, if theyre only relying on Bitcoin mining for their revenue. The firms keeping their heads above water have had to find other ways to generate cash with their hardware fleets.

As a recent example, Applied Blockchain CEO Wes Cummins walked a thin line during a recent earnings call.

The datacenter company is hoping a name change, to Applied Digital, will signal that theyre not just focused on Bitcoin miners. The change wont be official until shareholders approve it at the companys annual meeting in November, but the company has already updated its website, Twitter account, and logo.

Out with blockchain; in with high-performance computing, or HPC.

Cummins said on the call that the company sees a much larger market opportunity pertaining to high-performance computing applications relating to image processing, graphics rendering, artificial intelligence and machine learning.

But Applied still counts Bitmain, F2Pool, and GMR among its largest customers. And soon that list will include publicly traded miner Marathon Digital (MARA), which just signed a 5-year, 200-Megawatt hosting contract.

I think Marathon is one of the best counterparties, if not the best of the publicly traded miners in the industry, Cummins said on the call Tuesday.

In this market, that means MARA is down less bad than its other publicly traded mining competitors.

On Tuesday, MARA was trading for $11.27 per share. Thats a 46% drop from six months ago. Over the same period, Riot Blockchain (RIOT) has fallen by 60% and Bitfarms (BITF) by 70%.

Hut 8 Mining (HUT), another miner thats outperforming its competitors, was trading at $1.89 on Tuesday, down 56% from six months ago.

In a September mining operation update filed with the SEC, Hut 8 said all of the Bitcoin it mined during the month had been deposited into custody, per its HODL strategy.

Its a timely flex for a company to say that its keeping all the Bitcoin that it mines.

Earlier this year, beleaguered Bitcoin miners were selling more than they mined. And that selling spree has kept Bitcoin mining reserves at a 12-year low of 1.9 million BTC for most of 2022.

But Hut 8s Bitcoin fervor tapered as CEO Jamie Leverton said the company was growing its HPC business, which includes potentially leveraging our GPU machines to provide AI, machine learning, or VFX rendering services to customers, and mining the next most profitable proof of work digital asset during idle time.

Other mining companies have turned the plight of their competitors into opportunities for mergers and acquisitions. CleanSpark has already spent close to $100 million buying Georgia mining facilities from Mawson and Waha Technologies and 10,000 discounted Bitmain Antminer S19j Pro rigs.

But its a precarious time to be bringing new rigs online.

The Bitcoin network difficulty, or how many guesses it takes a mining rig to solve the cryptographic string that allows it to add a block to the chain, jumped by 14% on Monday to 35.6 trillion. Thats an all-time high for the network.

That means miners with the newest mining rigs and access to electricity at a rate below $0.07 per kilowatt are squeaking by on about $6 per day for each rig theyre running, Luxor head of research Colin Harper told Decrypt.

But there are ways to predict when the difficulty might experience a big swing up or down. Thats why Luxor just launched a Bitcoin mining forward contract.

The derivative, which is available to accredited investors, allows miners to hedge against thinning margins. Harper explained that a miner with 100 rigs who wants to lock in a $7 per day profit for each machine could sell a 30-day derivatives contract for the computing power it takes to run those rigs.

If BTC mining profitability goes down over this timeframe, then youve hedged that downside and made a profit, he said, but if profitability goes up, then youve lost money.

In this market, thats a gamble Bitcoin miners might very well be willing to take.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Bitcoin Miners Are Pivoting in Search of ProfitsAnd Hedging Their Bets - Decrypt

3 emerging crypto trends to keep an eye on while Bitcoin price consolidates – Cointelegraph

This week, Bitcoins (BTC) price took a tumble as a hotter-than-expected consumer price index (CPI) report showed high inflation remains a persistent challenge despite a wave of interest rate hikes from the United States Federal Reserve. Interestingly, the markets negative reaction to a high CPI print seemed priced in by investors, and BTCs and Ethers (ETH) prices reclaimed all of their intraday losses to close the day in the black.

A quick look at Bitcoins market structure shows that even with the post-CPI print drop, the price continues to trade in the same price range it has been in for the past 122 days. Adding to this dynamic, Cointelegraph market analyst Ray Salmond reported on a unique situation where Bitcoins futures open interest is at a record high, while its volatility is also near record lows.

These factors, along with other indicators, have historically preceded explosive price movements, but history will also show that predicting the direction of these moves is nearly impossible.

So, aside from multiple metrics hinting that a decisive price move is brewing, Bitcoin is still doing more of the same thing its done for the past 4.5 months. With that being the case, it is perhaps time to start looking elsewhere for emerging trends and possible opportunities.

Here are a few data points that Ive continued to be intrigued by.

ETHs price has lost its luster in the now post-Merge era, and the asset now reflects the bearish trend that dominates the rest of the market. Since the Merge, ETHs price is down 30% from its $2,000 high, and its likely that a good deal of the speculative capital that backed the bullish Merge narrative is now in stablecoins looking for the next investment opportunity.

Aside from ETH being an asymmetrical performer in the last four months, Cosmos (ATOM) also defied the market downtrend by posting a monster rally from $5.40 to $16.85. As covered thoroughly by Cointelegraph, oversold conditions, along with the hype of Cosmos 2.0, backed the bullish price action seen in the altcoin, but this chart continues to capture my imagination.

According to the revised Cosmos white paper, the current supply of ATOM will dynamically adjust based on the supply and demand of its staking. As shown in the chart above, when Cosmos 2.0 kicks in for the first 10 months, issuance of new ATOM tokens is high, but after the 36th month, the asset becomes deflationary.

From the vantage point of technical analysis, ATOMs price appears to have hit a local top as the months leading up to Cosmos 2.0 were a buy the rumor, sell the news type of event, but it will be interesting to see what transpires with ATOMs price as the market approaches month 20 in the diagram above.

Related: Price analysis 10/14: SPX, DXY, BTC, ETH, BNB, XRP, ADA, SOL, DOGE, MATIC

Since the Ethereum Merge, Ether emissions have dropped by 97%, and while the price has pulled back significantly, over the coming months, investors might keep an eye on Ethereum network activity, developments with ETH staking across decentralized finance (DeFi) and institutional products, along with any spikes in gas (connected to network activity).

While the price could succumb to bearish pressure in the short term, if the market begins to turn around if new trends trigger increased use of DeFi products, its possible that ETHs price could react positively to those developments.

While new trends across various altcoins may emerge, its important to remember the wider context in which crypto assets exist. Global economies are on the rocks, and persistently high inflation remains an issue in the United States and many other countries. Bond prices are whipsawing, and a looming debt crisis makes its presence known on a daily basis. Risk-on assets like cryptocurrencies are incredibly volatile, and even the strongest price trends in crypto (whether backed by fundamentals or not) are subject to the whimsy of macro factors such as equities markets, geopolitics and other market events that impact investors sentiment.

Keeping this in mind, Bitcoin remains the largest asset by market capitalization within the crypto sector, and any sharp moves from BTCs price are bound to support or suppress the micro trends that might be gaining traction in the market. There is still the possibility of a sharp downside in Bitcoins price, so traders are encouraged to calculate investment size according to their own appetite for risk, and while multiple metrics might support opening long positions in various crypto assets, it still seems too early to fully ape in.

This newsletter was written by Big Smokey, the author of The Humble Pontificator Substack and resident newsletter author at Cointelegraph. Each Friday, Big Smokey will write market insights, trending how-tos, analyses and early-bird research on potential emerging trends within the crypto market.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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3 emerging crypto trends to keep an eye on while Bitcoin price consolidates - Cointelegraph