Ten Years Later, a Reflection on Bitcoin’s Genesis and Satoshi’s Timing

October 31, 2008, and January 3, 2009. The two dates have cemented themselves with Promethean significance into Bitcoin’s lore. On October 31, Satoshi Nakamoto published the Bitcoin white paper, a constitution of sorts for his revolutionary monetary system and its intrinsic currency. On January 3, this constitution came alive with Bitcoin Block #0. Also known as the network’s genesis block, this cornerstone would provide the foundation for an ecosystem that would challenge our perception of how money is valued and managed in a digital age. Ten years later, we celebrate…

Bitcoin’s Institutionalization: Dates to Watch in 2019

It’s been over a year since the Cboe and CME listed the world’s first bitcoin futures contracts, the first ever bitcoin investment product to hit the legacy market. Both futures went live just before bitcoin peaked at its $20,000 all-time high. Out-the-gate trading for the derivatives reflected 2017’s market mania, and Cboe’s futures alone traded over 800 contracts (roughly $12,000,000 at the time) within the first two hours of their launch. With the creation of these markets, the euphoric anticipation of bitcoin’s debut on Wall Street conjured up delusions of…

This Price Chart Indicates Bitcoin’s Bulls Are Back in Business

Bitcoin (BTC) is looking increasingly bullish on a key technical chart following its strong move above $4,000. The leading cryptocurrency by market value first teased bullish reversal on Dec. 17 with the creation of an “outside reversal” candle on the widely followed 3-day chart. The early indicator of a bearish-to-bullish trend change, however, needed confirmation in the form of a positive follow-through. Alongside BTC’s $600 rally, the cryptocurrency closed above $4,000 yesterday confirming the bullish reversal on the 3-day chart. BTC, therefore, could rise to next major resistance of $4,400…

Bitcoin’s Tech Trends of 2018: What This Year Brought Us (Part 2)

This is the second part of our December cover story. Click here for part 1. Where 2017’s dizzying price highs embedded “hodl” into the public consciousness, 2018 was the year that “buidl” became a trend in the crypto-industry — and Bitcoin was no exception. Anticipated in Bitcoin Magazine’s first cover story of the year, Bitcoin’s technological progress only accelerated in 2018. Improving Bitcoin from around the world, developers and entrepreneurs furthered Segregated Witness adoption, rolled out the Lightning Network, released privacy solutions, realized sidechains and made progress on a Schnorr…

‘Tis the Season — to Evaluate Bitcoin’s Price Performance

Twitter Facebook LinkedIn By Rafael Delfin, Head of Research at Brave New Coin, a leading provider of high-value cryptocurrency market data and insights, since 2012. October 31st, 2018 marked the 10-year anniversary of the publication of Bitcoin’s white paper. While it was initially circulated among a small and obscure cryptography mailing list, one decade later, the implementation of the mythical white paper is disrupting the world’s notion of money, sovereignty, and everything in between. Since its inception, bitcoin’s performance has been nothing short of extraordinary. With its highly volatile nature,…

Op Ed: Bitcoin’s Energy Consumption Is Neither Frivolous Nor Excessive

As the CEO of Hut 8, one of North America’s largest cryptocurrency miners and the world’s largest publicly traded cryptocurrency miner, I’m often asked questions about energy consumption in the mining of cryptocurrency. Unfortunately, there are many misconceptions around energy use and why it’s required to safely and securely transact cryptocurrencies. During our ribbon-cutting ceremony in the City of Medicine Hat in September 2018, a reporter asked me how I felt about something “frivolous” like bitcoin using so much energy. I was taken aback by the question. It indicated a…

Renewable Energy Can Solve Bitcoin’s (BTC) Energy Consumption ‘Achilles Heel’

Global Bitcoin mining operations have been reported to consumer enough energy to power an entire country. BTC mining has also been calculated to consume enough energy to power all the global electric cars for one year. The cost of power has led many miners to seek the utility in the global regions where they can save on operations such as cooling their mining machines, as well as where they can purchase the energy at a lower cost. We therefore have seen plenty of mining activities concentrated in regions such as…

The Good, the Bad and the Ugly Details of One of Bitcoin’s Nastiest …

For well over a year, versions of Bitcoin Core — Bitcoin’s leading software implementation — contained a severe software bug. The bug was fixed with Bitcoin Core 0.16.3 (and 0.17.0rc4), released this week, and the status of the Bitcoin network now appears to be safe, with no harm done. The Bitcoin Core project has since released a full disclosure report, revealing that the bug was even worse than previously thought. These are the good, the bad and the ugly details about one of Bitcoin Core’s nastiest bugs to date. (But…

Whales On The Move: Somebody Just Transferred $193 Million Worth Of Bitcoins From A Billion-Dollar Wallet

Players in the Bitcoin market are anxious to dig up anything they can about a Bitcoin whale spotted doing something that could potentially impact the market, especially seeing as the Bitcoin market has been running between bears and bulls of late. Crypto investors spent the better part of the early Thursday trying to understand the motive behind the movement of about 30,000 BTC from a huge wallet that’s also believed to contain a further  168,789 BTC. In fact, there wasn’t just one transaction spotted. A Whale Preparing For A Dump?…

Bitcoin’s Energy Consumption in Summer: Rise or Fall?

It’s no secret that Bitcoin (BTC) mining is an expensive business, and in more ways than one. Not only has it become less profitable since July 2016’s halving of mining rewards to 12.5 BTC, but competition among miners and an increasing hashrate have resulted in ever-higher energy consumption, with all the damage to the environment that implies. Yet, as energy-intensive as Bitcoin mining is, a question still remains: Is there a seasonal variation in the cryptocurrency’s energy consumption? Even if consumption is rising on the whole, does something different happen…