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出售和存储加密货币 Bitcoin (BTC)

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出售和存储加密货币 Bitcoin (BTC)

Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.

Bitcoin nodes use the block chain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.

What is Bitcoin Mining?

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What is the Blockchain?

Bitcoin mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found 出售和存储加密货币 Bitcoin (BTC) each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other Bitcoin nodes each time they receive 出售和存储加密货币 Bitcoin (BTC) a block. Bitcoin uses the hashcash proof-of-work function.

The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a "subsidy" of 出售和存储加密货币 Bitcoin (BTC) newly created coins.

This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system.

Bitcoin mining is so called because it resembles the mining of other commodities: it requires exertion and it slowly makes new 出售和存储加密货币 Bitcoin (BTC) currency available at a rate that resembles the rate at which commodities like gold are mined from the ground.

What is Proof of Work?

A proof of work is a piece of 出售和存储加密货币 Bitcoin (BTC) data which was difficult (costly, time-consuming) to produce so as to satisfy certain requirements. It must 出售和存储加密货币 Bitcoin (BTC) 出售和存储加密货币 Bitcoin (BTC) be trivial to check whether data satisfies said requirements.

Producing a proof of work can be a random process with low probability, so that a lot of trial and error is required on average before a valid proof of work is generated. Bitcoin uses the Hashcash proof of 出售和存储加密货币 Bitcoin (BTC) work.

What is Bitcoin Mining Difficulty?

The Computationally-Difficult Problem

Bitcoin mining a block is difficult because the SHA-256 hash of a block's header must be lower than or equal to the target in order for the block to be accepted by the network.

This problem can be simplified for explanation purposes: The hash of a block must start with a certain number of zeros. The probability of calculating a hash that starts with many zeros is very low, therefore 出售和存储加密货币 Bitcoin (BTC) many attempts must be made. In order to generate a new hash each round, a nonce is incremented. See Proof of work for more information.

The Bitcoin Network Difficulty Metric

The Bitcoin mining 出售和存储加密货币 Bitcoin (BTC) network difficulty is the measure of how difficult it is to find a new block compared to the easiest it can ever be. It is recalculated every 2016 blocks to a value such that the previous 2016 blocks would have been generated in exactly two weeks had everyone been mining at this difficulty. This will yield, on average, one block every ten minutes.

As more miners join, the rate of block creation will go up. As the rate of block generation goes up, the difficulty rises to compensate which will push the rate of block creation 出售和存储加密货币 Bitcoin (BTC) back down. Any blocks released by malicious miners that do not meet the required difficulty target will simply be rejected by everyone on the network and thus will be worthless.

The Block Reward

When a block is discovered, the discoverer may award themselves a certain number of bitcoins, which is agreed-upon by everyone in the network. Currently this bounty is 25 bitcoins; this value will halve every 210,000 blocks. See Controlled Currency Supply.

Additionally, the miner is awarded the fees 出售和存储加密货币 Bitcoin (BTC) paid by users sending transactions. The fee is an incentive for the miner to include the transaction in their block. In the future, as the number of new bitcoins miners are allowed to create in each block dwindles, the fees will make up a much more important percentage of mining income.

Bitcoin USD (BTC-USD)

CoinMarketCap

Data provided by

Previous Close 21,512.99
Open 21,512.99
Day's Range 21,203.45 - 21,535.41
52 Week Range 17,708.62 - 68,789.62
Start Date 2013-04-28
Algorithm N/A
Market Cap 409.256B
Circulating Supply 19.13M
Max Supply N/A
Volume 31,557,320,704
Volume (24hr) 31.56B
Volume (24hr) All Currencies 31.56B

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If investors continue to increase their exposure, crypto could see “momentum really come into place,” OANDA Senior Market Analyst Edward Moya said, on CoinDesk TV’s “All About Bitcoin.”

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Popular Crypto Analyst Warns Bitcoin (BTC) Poised To Trap Bulls, Updates Outlook on Ethereum (ETH)

A closely followed crypto strategist believes that Bitcoin (BTC) is setting up bulls to believe that the $20,000 area could be the bear market bottom.

Pseudonymous analyst Pentoshi warns his 600,100 Twitter followers that Bitcoin has touched support around $20,000 three times in span of about a month.

“Things that look safe, but aren’t… Can we go up? Yes. Will these almost certainly get run and or lead into a nuke. Also yes. These almost always setup as a trap for longs that build over time thinking it’s ‘titanium support'”

Image

Source: Pentoshi/Twitter

In technical analysis, bouncing off a support level multiple times suggests that a breakdown is in sight as demand at that particular price area gets exhausted.

Pentoshi also says that retail traders likely bought Bitcoin near the top of BTC’s recent rally, indicating more downside 出售和存储加密货币 Bitcoin (BTC) 出售和存储加密货币 Bitcoin (BTC) risk as those who got in late prepare to cut their losses.

“It’s interesting to note that despite people claiming they bought the bottom, most BTC changed hands at $24,000 where spot was distributed.”

The crypto strategist also highlights that Bitcoin is now trading below 出售和存储加密货币 Bitcoin (BTC) the 200-week moving average, an indicator that has marked the bottom for BTC during its previous 出售和存储加密货币 Bitcoin (BTC) bear cycles.

“BTC weekly 200 moving average enjoyooorrsss.”

Source: Pentoshi/Twitter

At time of writing, BTC is swapping hands for $21,400 while the 200-week moving average is hovering above $23,出售和存储加密货币 Bitcoin (BTC) 出售和存储加密货币 Bitcoin (BTC) 000.

As for Ethereum (ETH), the crypto analyst warns that the leading smart contract platform just 出售和存储加密货币 Bitcoin (BTC) respected a crucial resistance level, suggesting that the downtrend is very much intact.

“The story writes itself. ETH.”

Image

Source: Pentoshi/Twitter

At time of writing, ETH is trading at 出售和存储加密货币 Bitcoin (BTC) $1,642, below Pentoshi’s marked resistance at $2,000.

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Bitcoin, Ethereum Technical Analysis: BTC Plunges Below $22,000, While ETH Nears 10-Day Low

Bitcoin was significantly lower on Friday, as the token fell by over $1,500 in a 24-hour period. The 出售和存储加密货币 Bitcoin (BTC) world’s largest cryptocurrency has been declining all week, however today’s drop engulfed previous losses. Ethereum was also in the red, as the token fell below $1,700 for the first time 出售和存储加密货币 Bitcoin (BTC) 出售和存储加密货币 Bitcoin (BTC) in almost ten days.

Bitcoin

Bitcoin (BTC) fell lower for a seventh consecutive session on Friday, as the token broke out of a key price floor earlier in the day..

On Friday, BTC/USD fell to an intraday low of $21,718.54, which saw the token drop below its recent support point at $22,600.

This move saw the world’s largest cryptocurrency hit its lowest point since July 27, and near a new floor of $21,150 in the process.

Bitcoin, Ethereum Technical Analysis: BTC Plunges Below $22,000, While ETH Nears 10-Day Low

BTC/USD – Daily Chart

As can be seen from the chart, the drop coincided with the 14-day relative strength index (RSI) moving below its own floor at 46.

Currently, the index is tracking 出售和存储加密货币 Bitcoin (BTC) at 37.87, which is not only in oversold territory, but the weakest point the RSI has touched in over a month.

Despite already being oversold, it appears that bears are attempting to recapture a floor of 34.95, which will see BTC possibly drop below $21,000.

Ethereum

In addition to BTC, ethereum (ETH) also fell considerably lower in today’s session, as prices dropped 出售和存储加密货币 Bitcoin (BTC) below $1,700.

ETH/USD dropped to a bottom of $1,695.15 earlier in today’s session, 出售和存储加密货币 Bitcoin (BTC) as a red wave swept through cryptocurrency markets.

This is the lowest level ETH has traded at since August 10, when prices went on to hit a floor of $1,705.

Bitcoin, Ethereum Technical Analysis: BTC Plunges Below $22,000, While ETH Nears 10-Day Low

ETH/USD – Daily Chart

Today’s move has seen the token move marginally below this support level, whilst the RSI also dropped below a key floor.

As of writing, relative strength on ethereum is tracking at 47, which like bitcoin, is the weakest point since mid-July.

Should this downtrend continue, 出售和存储加密货币 Bitcoin (BTC) it is likely that ETH bears will look to take prices to a lower price floor of $1,600.

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Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.