Bitcoin-s attempt to break the downtrend

(Alexander Kuptsikevich – FxPro Financial Services Limited)

Bitcoin rose 2.9% on Monday, ending the day around $21.5K, and continuing to test the $22K level on Tuesday morning. So far, we are seeing an intensification of selling as buyers push the price up into the 23K area.

Ethereum jumped 9.9% to $1480 and is already above $1500 in early Tuesday trading. The rise in recent days is almost a mirror image of the decline from June 10 to 18.

Except for XRP, which is down 1.5%, the top altcoins add between 0.6% (BNB) and 4.3% (Solana). The total capitalisation of the crypto market, according to CoinMarketCap, rose 2% overnight to $1.02 trillion.

Bitcoin is encountering increased resistance to its 50-day simple moving average approach. This line often acts as an indicator of a short-term trend in the markets. Notably, the Nasdaq100 sold off profusely on Monday night to climb above its line but closed the day below it.

The market dynamics so far suggest a continued bearish trend in the financial markets’ most closely monitored retail investors and media sectors.

Nevertheless, it is worth noting that Ethereum has successfully surpassed its 50-day average, while the dollar index is losing for the third consecutive trading session, indicating a timid recovery in demand for risky assets.

The cryptocurrency Fear and Greed Index climbed 10 points to 30, its highest level since April 11 and moving away from ‘extreme fear’ territory to ‘fear’.

A June report by Coinbase indicates that speculators were behind the fall in the crypto market, taking massive loans. In addition, according to Arcane Research, miners sold about a quarter of their bitcoin holdings last month to cover running costs. At the same time, long-term holders of bitcoin hardly ever sell it.

Former top Blackrock executive Edward Dowd said that, over time, Bitcoin may surpass gold due to its unique characteristics, such as ease of transaction, transparency, and decentralisation.

Marathon inks new arrangements to achieve 2023 hash rate target

(Cointelegraph Team)

Bitcoin miner Marathon Digital Holdings has secured a deal that it says provides electricity to generate enough power to contribute 23.3 exahashes per second (EH/s) to the Bitcoin network.

Marathon revealed in a July 18 announcement that data center operator Applied Blockchain would host 254 megawatts of power, with an option to add 70 megawatts from various other providers, including Compute North. Marathon expects this hosting deal will help it achieve its goal of 23.3 EH/s in computer power by 2023.

Exahashes per second (EH/s) refers to the amount of hash power a miner contributes to secure the Bitcoin network.

Applied Blockchain will supply 90 megawatts to Marathon’s Texas facility and 110 to 180 megawatts to a North Dakota facility. Combined, they will contribute about 9.2 EH/s.

Compute North has obtained the regulatory approval required to supply 42 megawatts of hosting capacity to Marathon at its Granbury, Texas facility. That location will house 26,000 mining devices that will contribute about 3.6 EH/s by the end of 2022, according to Marathon.

Marathon also stated that various unnamed providers would provide up to 12 megawatts of hosting capacity worth about 0.8 EH/s, bringing the total new capacity to 324 megawatts.

Marathon CEO Fred Thiel stated in the announcement that the deals should provide adequate hosting capacity to help his company contribute 23.3 EH/s by 2023. He expects hosting to begin in August and continue into the following year.

“The first miners to be hosted under these new arrangements are scheduled to be installed in August, with installations ramping at other locations in the fourth quarter of this year and continuing into 2023.”

Delays with Compute North’s regulatory compliance may have partly contributed to Marathon’s disappointing 43.8% drop in productivity in Q2. Hosting was expected to begin in June, but the firm did not obtain the necessary permissions.

Marathon’s reduced productivity can also be attributed partly to its Hardin, Montana, mining facility, which was shut down following a severe storm on June 11. That facility represented 75% of the company’s mining power and still appears to be down as the MARA mining pool has not mined any blocks since the storm.

The new power deals come as Democrat U.S. Senator Elizabeth Warren claimed that miners are driving up energy costs for other consumers. She and a coalition of five other lawmakers asked the Environmental Protection Agency (EPA) and the Energy Department (DOE) to share their findings on the energy consumption trends of Bitcoin (BTC) miners last week.

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