Chinese Miners’ Influence on the Future of Bitcoin
As the bitcoin community seeks consensus on how to address bitcoin transaction time, a meeting this month in Silicon Valley could indicate how likely the chances are for consensus, according to Bloomberg. The proceedings will likely reflect the impact of China’s miners, who are estimated to control 70 percent of all bitcoin mining. Consensus on what to do to improve transaction time is considered to be important to bitcoin’s future. Failure to address this challenge could undermine the 4,475% bitcoin growth over the past five years. Worries Of China’s Influence. Some bitcoin enthusiasts....
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Research suggests that Bitcoin miners are holding less of the asset. A new report by on-chain analytics provider CoinMetrics suggests that miners’ considerable influence on the Bitcoin network is slowly diminishing.The research analyzed miner and pool addresses and spending in order to determine whether their influence over the network as a whole had changed over time. As miners receive newly issued Bitcoin rather than buy it, they are natural net sellers of the asset.Measuring the net flows from two types of addresses associated with block rewards revealed that there has been a gradual....
Chinese traders still exert a major influence in the cryptocurrency market, even with all the distinct issues they must now face to operate. This is the opinion of several experts in the field that have weighed in on how the recent prohibitions and ban proposals from China are really affecting how Chinese bagholders that conduct their business in Asian and worldwide exchanges. Chinese Traders Still Big in the Market Chinese traders still have a big influence on how crypto markets move even with all of the difficulties they have to operate, according to different experts with knowledge....
The trading volume coming out of China suggests a correlation with the price of Bitcoin. The influence of the Chinese yuan has shown itself especially in the second half of 2016. The year 2016 has seen the price of Bitcoin exhibit some significant activity. In its overall trend, the price of the world’s number one cryptocurrency has risen significantly within the year. Recently, a closer look at their behavior reveals a developing correlation between the price of Bitcoin and the value of the Chinese yuan. Financial data coming out of China in recent times has also been seen to cause a....
The sudden announcement of inspections of major Bitcoin operators by the Chinese Central Bank caused panic and a significant drop in Bitcoin price within just a day. In the past few days, Bitcoin has been shedding most of the gains of the end of 2016 and early 2017. These gains were attributed mostly to activities of Chinese traders who did huge volumes in the market, thereby singlehandedly increasing the global demand for Bitcoin. Government impact. One characteristic that the users of Bitcoin have always boasted about is the fact that the government cannot control or determine what....
It is the Chinese New Year! January 8, 2016 marked the beginning of a new year according to the Chinese lunar calendar. The celebrations are not confined to Mainland China and other Chinese territories, but across the world with significant Chinese population. According to Chinese Zodiac, each year is signified by an animal and 2016 is the Year of the Monkey. Other eleven zodiac animals include rooster, dog, pig, rat, ox, tiger, rabbit, dragon, snake, horse and goat. Generally, new year festivities goes on for a fortnight with people wishing each other luck, good fortune and prosperity.....