Bitcoin Miners Are Bullish!

Bitcoin miners are turning bullish 22 Countries are applying for bricks 16 Gigabyte a770 has leaked from ASRock and Varus coin releases a soft Fork all of That and more in today's episode of Blocks your One-Stop shop for all Cryptocurrency news from the perspective Of a cryptocurrency miner let's get into It [Music] Bitcoin miners have Feared due to one of the toughest bear Markets in history these hardships have Forced miners to sell newly minted Bitcoin to cover operational costs However mining firms like HUD 8 Foundry And brains remain confident and bullish On bitcoin's future mining firms have Had to sell newly minted Bitcoin to Sustain their operations during the Prolonged bear Market this has resulted In record amounts of Bitcoin being sent To centralized exchanges for covering Costs in June 2023 Miner sent 128 Million dollars worth of bitcoin to Exchanges highlighting their need to Cash out cover expenses and secure Profits mining companies are looking to De-risk their operations by offloading Bitcoin to exchanges analysts suggest That miners engage in hedging activities In the derivatives Market or execute Over-the-counter orders transferring Funds through exchanges for other

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Reasons is another strategy employed by Mining firms hot 8 for instance has Recently closed a merger with usbtc C Which has impacted its ability to raise Capital in response the company has sold Part of its Bitcoin Holdings in newly Produced Bitcoin to cover operational Costs HUD 8 remains bullish on bitcoin Holding over 9 100 Bitcoin which is the Equivalent to 271 million US Dollars Making it one of the largest self-mined Bitcoin reserves among publicly traded Companies foundries Business Development Senior manager Charles Chong explains The challenging market conditions that Have forced miners to liquidate Bitcoin In previous bull markets miners enjoyed Margins of 60 to 80 on production with Abundant external external Capital However the current situation only Allows for a 15 to 30 percent margin Leading to the need to sell Bitcoin the Mining difficulty of Bitcoin has reached All-time highs indicating that the Network is highly robust Chong notes That new more efficient mining equipment Capable of higher hash rates has been Continuously released into the market However the total energy usage of the Network also increases as miners invest More into network security brains mining Believes that the increasing difficulty In hash rate indicates miners confidence In bitcoin's future price appreciation

This suggests that miners are still able To deploy machines profitably and remain Bullish on bitcoin the brics alliance Consisting of Brazil Russia India China And South Africa has been receiving Interest from several countries looking To join their ranks ahead of the Upcoming Summit in August this surge in Applications highlights the potential Risk to the US dollar as the global Balance of power shifts from west to the East the fate of the US dollar hangs in The balance as the performance of the Soon to be released brics currency in The international markets will determine Its future the launch of the brics Currency could have a significant impact On various sectors in the United States In the latest update South African Ambassador has confirmed that 22 Countries have formally applied for Brics membership these countries aim to Be a part of the decision-making process Within the alliance and challenge the Dominance of the US dollar some of the Nations that have submitted their Applications include Saudi Arabia which Is a massive one the UAE Argentina Algeria Egypt Iran and Indonesia the Decision to accept these countries into The brics alliance will be made Collectively by the current members During the upcoming Summit in Johannesburg if more countries are

Inducted the alliance will be renamed Brics plus by the end of the year the Primary objective of the brics alliance Is to establish a new currency for Global trade effectively diminishing the Influence of the US dollar the Imposition of sanctions by the White House on developing nations has further Motivated the brics countries to launch Their own currency these developments Could Mark a significant shift in the International Financial landscape word On the street is that ASRock is about to Launch the in Intel arc a770 graphics Cards and boy are we in for a treat Although ASRock hasn't officially Announced it yet one of the US retailers Spilled the beans and the product page For the arc a770 went live this week so What's so special about this new GPU Well get ready to upgrade your gaming Experience because the a770 is coming With double the memory capacity of the Existing Phantom gaming model so that's Right we're talking about a whopping 16 Gigabytes of memory but don't worry guys The cooling design of the original model Will remain the same so no need to worry About those overheating issues with the Addition of the Intel Arc a770 the GPU Family will now have a total of 10 Models with half of them being the 16 Gigabyte models that includes now Discontinued limited edition and that's

Quite an expansion now here's where Things get interesting ASRock hasn't yet Confirmed the existence of the new Phantom gaming overclock model we Couldn't find any information on their Website but according to the Newegg page This bad boy will have the same GPU Class block as the 8 gigabyte model Running at 2.2 gigahertz that's 100 Megahertz higher than the Intel Reference specs but hold on folks There's a bit of a mystery surrounding The memory speed while All the known 16 Gigabyte models have a memory speed of 17.5 gigabits per second we don't know For sure if the ASRock a770 will follow Suit we'll have to wait for more Information on that one the ASRock a770 Features the iconic Phantom design which Is a 2.8 slot thickness and comes with Three fans so not only will this card Give you an amazing gaming and Mining Performance but it'll also look pretty Darn cool in your setup but what you Really want to know is price well Currently the a770 16 gigabyte model is Listed at 329 US Dollars that's slightly Cheaper than the now discontinued a770 Limited edition but it is 50 more Expensive than the 8 gigabyte model so If you're willing to Shell out a little Extra cash for that memory power this Might be the card for you from the Mining perspective you would would want

To keep in mind that the 16 gigabyte Model May in the future with support Basically mine Dynex a little bit better But other than that the memory speed Going up to 17.5 gigabits per second was Not a noticeable increase in hash rate On other memory intensive algorithms Like ethereum or Ergo we have some Important news to share regarding the Latest release of barriscoin version 1.0.12-6 this release is a critical and Soft Fork upgrade for both the mainnet And the test net it is highly Recommended that everyone supports this Change by upgrading before Tuesday July 25th 2023 for all testnet users it is Crucial that you upgrade immediately to Ensure a smooth transition now let's Dive into the specifics of this release Version 1.0.12-6 addresses an issue with Authorities on IDs that are exported or Imported between chains prior to this Version there was a problem where a Self-sovereign D could be permanently Impacted when sent cross Chain by a Temporary signer under the specific Conditions this means that the permanent Owner of the ID would not be able to Undo or regain control of their ID while There are no public blockchain as a Service chains on various mainnet yet This fix still requires a mandatory Release it is crucial to ensure that

When people start launching public Blockchain as a service chains there is No capability for a cross chain ID Export to infringe upon someone's Self-sovereign ownership of that ID Additionally this release also includes A fix for seg fault condition that could Occur during a reorganization Specifically during a re-org of a recent Cross-chain notarization now it's Important to note that version 1.0.12-6 does not introduce any new Features however it is extremely Critical for minor stakers changes Notaries and infrastructure providers so Make sure to upgrade to version 1.0.12-6 as soon as possible to support This necessary change thank you for your Attention and stay tuned for more Updates so that wraps up today's episode Of blocks be sure to hit the like Comment subscribe and notification Bell Down below let me know what you think About these specific topics I'm Definitely curious what you guys are Thinking surrounding bricks challenging The US dollar and don't forget to check Out my crypto mining e-course at son of A and for my daily moves become A member at son of a Remember you get a month free when Purchasing the crypto mining e-course of Locals I'll see you next Tuesday

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