The event, sponsored by Bitcoin Association in partnership with nChain, has a total prize pool of US$100,000 and will run until July 26, 2021, when an expert judging panel will decide three finalists. The coding round for the fourth Bitcoin SV Hackathon has begun! The theme for this event is "peer-to-peer applications."
This is unique and a great opportunity. Except, in the case of bitcoin, supply and demand can be calculated with near certainty. In summary so far, the price of bitcoin is based on two factors that affect the price of any asset (supply and demand).
After some encouraging price action at the end of last week, Bitcoin (BTC), Ethereum (ETH) and the other crypto majors haven’t been able to sustain the pump, which likely comes as no major shock to many a crypto/financial analyst.
This format extends the competition over a longer period of time, to eight weeks—which also encourages more competitors from a wider selection of locations to get involved. Similar to the third Bitcoin SV Hackathon and crypto following on from its success, this fourth iteration is remote/virtual event rather than two-day, in-person affair.
The level of mining only influences the security of the network. Now that we have teased out new demand, try thinking forwards: 18 million dollars is invested per day; 1800 coins are made available as brand new bitcoin per day; price should therefore be $10,000 per bitcoin
. The more money spent on electricity by miners, the more an attacker needs to spend, the more secure Bitcoin becomes. That was working backwards. But the security is way more than enough at the moment and does not change how much bitcoin
is supplied to the market per day. Many news articles and commentators get distracted by the politics and soap opera of the mining business world, but it makes no difference to Bitcoin. It only affects the perception of security to market participants and therefore indirectly influences supply and demand (price) to a small extent. Note how this has nothing to do with the business activities and profits of miners.
They’re far from alone – seems like every man, woman and DOGE on Crypto Twitter is calling for a $10k BTC bottom at the moment. And the New York crypto research firm Delphi Digital’s latest analysis reportedly predicts "more pain ahead for risk assets", too, with potential BTC support down at US$15k or even US$9k-$12k.
Whether you believe in the efficient market hypothesis or not, bitcoin supply changes cannot be priced in. The halving of supply, incidentally, cannot be priced in. That is because news of a future event can influence supply and demand and therefore price, and potentially price in the event. Even if price were to increase and look like it has been "priced in", when the day comes, supply will be halved regardless, and with steady demand, btc price will still go up. But the halving event is not news - it is supply.
Crypto mining-friendly policies also made Texas attractive. Texas became a hub for bitcoin miners in the United States after China expelled all industrial-sized operations last year, taking advantage of the state’s cheap land and electricity prices.
On the off chance inflation data comes in lower than expected, though, then that oughta give up-and-to-the-right chartists some decent Twitter engagement. So, things, such as crypto moonboi exuberance, btc are being kept well in check.
Extreme weather conditions year-round mean that this is not the first time Texas bitcoin miners have halted operations in favor of returning energy back to the grid. During the winter storm known as Uri in February 2021, bitcoin miners reduced their energy demand to zero, ERCOT said in a statement to UtilityDive.
"Nearly all industrial scale bitcoin mining" operations in Texas have shut down their rigs as of Monday, Bloomberg reported, after the Electric Reliability Council of Texas (ERCOT) appealed to consumers on Sunday night to conserve electricity as heat reached all-time highs.
'n raaiskoot تَحْزير، تَخْمين просто догадка um tiro no escuro zkusmý tah eine vage Vermutung et skud i blinde τολμηρή εικασία, υπόθεση που βασίζεται σε ελάχιστα στοιχεία un intento a ciegas umbkaudne oletus تيري در تاريكي puhdas arvaus chose dite/faite à tout hasard ניחוש तुक्का nagađanje nasumce kapásból való találgatás dugaan membabi buta/serampangan tilviljun; ágiskun byggð á litlum/engum upplÿsingum (tentativo alla cieca), sparo nel buio 当てずっぽう 억측, 막연한 추측 atsitiktinumas  uz labu laimi tekaan slag in de lucht et skudd i mørket strzał w ciemno فير په تياره كښې uma intuição lucru zis/făcut la nimereală случайная догадка dohad strel v temo pucanj u prazno lös gissning การเดาสุ่ม boş atıp dolu tutmaya çalışma 猜測 пальцем в небо محض قیاس hú họa, cầu may 猜测. a guess based on little or no information. The detective admitted that his decision to check the factory had just been a shot in the dark.