As the bitcoin market dropped in November, hundreds of thousands of miners left the market and shut down their servers, in a logical reaction to the sharp decline in BTC value. But the change in value is just one change among many in the industry, the combination of which is leading to great opportunity for committed mining companies, and potential opportunities for even small-scale miners, as the story develops. Coin Central has more details:
As cryptocurrencies trend downward across the board this week, analysts and speculators weigh in with their opinions on what might happen with the cryptocurrency market. Despite the downturn, many remain optimistic about the industry. Canaan Creative announced deep discounts on their AvalonMiner 921 in a celebratory move to “reschedule ‘Black Friday.’”
Having weathered other market crashes, Salcido projects: “I expect where we are at to possibly get a little worse before it gets better … Like all market bottoms, smart money is watching for the turn, that doesn’t happen usually quickly. It wouldn’t surprise me if the bottom is finally in February.”
With 100,000+ individual miners, and an estimated 1.4M servers, shutting down, the market is experiencing significant consolidation. Malachi Salcido remarks, “We are entering in the phase when there’s a flushing out of the market … There will be relatively few operations that come out the other side.”
Read the full article to find out what this could mean – the good and the bad – for those who continue to trade in Bitcoin.
Michael del Castillo with Forbes reported this morning that “Fidelity Investments is spinning off a stand alone company dedicated exclusively to bringing cryptocurrencies to institutional investors.”
Amid speculation over this year’s bitcoin price drop, this development marks a long-term, future-focused commitment to the value and potential of cryptocurrency and blockchain technology. Institutional demand is growing for digital assets, and Fidelity Digital Assets will serve the demand through secure, compliant means. “Our long term vision is really that you’ll see lots of assets exist in this new medium,” said Fidelity Digital Assets’ founding head Tom Jessop. “And this new medium will bring a host of benefits around efficiency, around access, around automation, which is very exciting for financial services.”
Read the full article on Forbes for more details.
CBSN Originals just released this video & written report, covering cryptocurrency, power consumption, opportunities and important considerations, from correspondent Errol Barnett.
Click below to watch the full video and read the full article.
Drew Prindle & Digital Trends came out to tour our facilities and report on bitcoin mining in Central Washington. Check out this article and video interview with Malachi Salcido:
CCN reported yesterday on the Federal Reserve Bank of St. Louis's study results, presented in "The Case for Central Bank Electronic Money and the Non-case for Central Bank Cryptocurrencies."
In this report, the authors "characterize various currencies according to their control structure, focusing on cryptocurrencies such as Bitcoin and government-issued fiat money."
The diagram they present really helps to understand the dimensions of currency: physical or virtual representation, centralized or decentralized handling, and competitive or monopolized creation. This shows how bitcoin is different from existing currencies.
Wenatchee Valley College annual Foundation Awards nominate Malachi Salcido as "Distinguished Alumni."
The materials also praise Malachi for “giving back” and for encouraging the growth of his employees.
The official awards will be announced at the Wenatchee Valley College Foundation Gala on May 19.
"America's best read urban weekly" goes deep into bitcoin operations in central Washington in this very well-written article. Quoting Malachi Salcido, Mike Cooney, Denton Meier and other players in the region, it dives into the pros and cons, opportunities and responsibilities of operators and suppliers in this industry. In this region of cheap power and wild lands, governments and infrastructure feel the tension between of boom/bust possibility and responsible stewardship of resources, community, safety and new possibilities. Don't miss this well-written article:
NW News Networks reports on Central WA cities and counties placing emergency zoning controls and moratoriums on cryptocurrency operations.
A preemptive move for the sake of safety and accurate planning, these decisions impact the plans of current and would-be bitcoin mining operations in the area, and could send the business to other regions.
Read the full article for more insight on how this could affect the region's citizens, infrastructure and economy.