Wednesday 28 September 2022
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Ethereum chain split is possible after the Merge, survey finds — But will ETC price keep climbing?

Ethereum's proof-of-work (PoW) powered by GPUs generated approximately $19 billion in revenue last year for ETH miners. But these revenue streams are in danger as Ethereum is expected to become a proof-of-stake (PoS) blockchain via "the Merge" upgrade in September. Miners could then revolt against the new upgrade by continuing to mine on the old Ethereum PoW after the hard fork chain split. A survey from crypto hedge fund Galois Capital recently revealed that 33.1% of respondents believe that the Merge would create two parallel blockchains: ETH1 (PoW) and ETH2 (PoS). Nevertheless, most respondents, or 53.7%, expect Ethereum's chain to smoothly transition from PoW to PoS. Is the ETH1 PoW "illogical"?But contentious hard forks aren't anything new. In fact, the current Ethereum chain came to be in 2016 following a controversial hard fork aimed at reversing a $60 million exploit, resulting in a chain split between Ethereum and Ethereum Classic (ETC). This is where the arg..

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New social apps want to help Bitcoiners connect in real life

Finding real love starts with Bitcoin (BTC). That’s according to the founders of Bitcoiner dating service The Orange Pill App and LoveisBitcoin. The services join a growing list of ways in which Bitcoin enthusiasts can meet, chat and now fall in love “IRL” (in real life). But first, why do people who love Bitcoin need to connect with others who are “orange-pilled?” For George Saoulidis, cofounder of LoveisBitcoin, Bitcoiners need a dating service because money shapes our lives more than we realize: “Issues can and do arise if time preferences diverge a lot. Part of the orange-pilling process makes you see through the marketing and the propaganda to distinguish what is truly valuable: Experiences, family, friendships.”Part of the Bitcoin ethos is having a lower time preference, and not succumbing to instant gratification. Saoulidis explains that personally, he couldn’t be with a spouse that clings to “fiat spending habits,” as it clashes with core values of Bitcoin culture — thinking lo..

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Ethereum Merge: How will the PoS transition impact the ETH ecosystem?

The Ethereum blockchain is on the verge of one of the most crucial technical updates since its inception, moving from proof-of-work (PoW) to proof-of-stake (PoS), also called Ethereum 2.0, or Eth2. Ethereum devs gave Sept. 19 as the perpetual date for the merger of the current PoW chain to the PoS chain. The Merge is expected to be deployed on the Goerli testnet in the second week of August. After the successful integration of the Goerli testnet, the blockchain will initiate the Bellatrix update in early August and roll out the Merge two weeks later. The discussion around the transition began with a focus on scalability, so Ethereum developers proposed a three-phase transformation process. The transition itself is nearly two years in the making, starting on Dec. 1, 2020, with the launch of Beacon Chain, initiating Phase 0 of the three-phase process. The Beacon Chain began the shift to PoS, enabling users to stake their Ether (ETH) and become validators. However, Phase 0 did not affect..

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What happens when 21 million Bitcoin are fully mined? Expert answers

When the last Bitcoin (BTC) is finally mined, the livelihood of miners who rely on block rewards as a source of income will be affected. Despite this, the future of mining stays promising, according to an expert in the space. In a Cointelegraph interview, Mohamed El Masri, the founder of mining solutions provider PermianChain, talked about new players jumping into mining, the future of mining and what happens to mine profitability after the 21 millionth BTC is minted. El Masri highlighted that efficiency is a very important focus that new players in the space must take into consideration. Because mining profit depends on how efficient a mining operation is, the executive noted that efficiency brings the cost of energy down to a minimum. When asked about the future of the mining space, the executive shared that it’s not always about profit. El Masri said that the future of the mining sector relies on what he described as the “real Bitcoin miners” who value solving blocks more than ho..

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Semantics? Analysts unpack ‘technical recession’ as crypto markets recover

Data from the United States commerce department suggests America has entered a technical recession, but market analysts have highlighted key metrics that suggest investors are optimistic. The American economy shrunk for the second consecutive quarter, according to government data released on Thursday, fitting the criteria for a technical recession. The Biden Administration maintains that the U.S. is not in a recession, highlighting low unemployment rates and other metrics that counter the argument. Mati Greenspan, founder & CEO of Quantum Economics, addressed the topic in his latest QE newsletter, noting a paradoxical effect between the GDP drop and a surge in stocks and other risk assets. He attributed this move to the U.S. Federal Reserve’s decision to raise interest rates by 0.75%, which saw cryptocurrency markets outperform stocks, with Ethere (ETH) surging 5% immediately after the announcement. Related: Bitcoin bull run ‘getting interesting’ as BTC price hits 6-week high Greenspa..

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Bitcoin holds $24K as USD taps 3-week lows on eurozone inflation report

Bitcoin (BTC) sought to pin $24,000 as support before the July 29 Wall Street open as fresh inflation data sparked worries for the euro. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewEurozone inflation estimate shows no peakData from Cointelegraph Markets Pro and TradingView showed BTC/USD maintaining most of its latest gains after spiking to nearly $24,500 overnight. The day’s macro action delivered painful news for the European Economic Area (EEA), as the latest estimates for euro inflation came in at 8.9% for July — still climbing from June’s 8.6%. “Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in July (39.7%, compared with 42.0% in June), followed by food, alcohol & tobacco (9.8%, compared with 8.9% in June), non-energy industrial goods (4.5%, compared with 4.3% in June) and services (3.7%, compared with 3.4% in June),” an accompanying report compiled by Eurostat read. The data provided a curious contrast in ..

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