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Ravencoin spikes 20% following Binance Pool announcement

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Ravencoin spikes 20% following Binance Pool announcement

Ravencoin spikes 20% following Binance Pool announcement Oluwapelumi Adejumo · 5 hours ago · 1 min read

Binance Pool announcement revealed that it would charge a 1% mining fee, and users could only participate in the pool after verifying their accounts.

1 min read

Updated: November 23, 2022 at 8:22 pm

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Cover art/illustration via CryptoSlate

Ravencoin (RVN) spiked 20% following Binance Pool’s announcement of mining services for the proof-of-work (PoW) coin.

According to CryptoSlate data, RVN jumped to $0.024 from $0.021 within one hour of the revelation.

Binance Pool’s announcement revealed that it would charge a 1% mining fee, and users could only participate in the pool after verifying their accounts.

Ravencoin was one of the proof-of-work networks miners flocked to after Ethereum transitioned to the Proof-of-Stake consensus mechanism.

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The initial rush saw its hashrate increase by as much as 5-times.

Meanwhile, Ravencoin’s mining hash rate has declined since it peaked at 17.5963 TH/s on September 22.

However, the recent announcement appeared to have had a positive effect on the hashrate, increasing it from 10.03 TH/s to 11.707 TH/s, according to Coinwarz data.

Posted In: Binance, Mining

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Canada

Manitoba Halts New Crypto Mining Projects Due To Expected High Energy Demand

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Manitoba Halts New Crypto Mining Projects Due To Expected High Energy Demand

Authorities in Manitoba are temporarily suspending the connection of new crypto mining facilities to the power grid. The Canadian province, which relies heavily on hydroelectric generation and attracts miners with low electricity rates, fears it may face overwhelming energy demand.

Manitoba Suspends New Crypto Mining Operations Citing Possible Increase in Electricity Usage

The government of Manitoba is halting new connections of crypto mining centers to the province’s hydroelectric grid, the Canadian press reported. Officials explain the move with the potential for increasing energy demand that the region may not be able to meet.

The suspension, imposed for a period of 18 months, will not affect the 37 currently active mining operations, according to an article by the Toronto Star. The measure is aimed at halting a growing number of requests to power new facilities with combined capacity amounting to a sizable portion of the province’s electricity supply.

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Providing the reasoning for the decision, Manitoba Minister of Finance Cameron Friesen, the government official responsible for the state-owned company Manitoba Hydro, commented on Monday:

We can’t simply say, ‘Well anyone can take whatever [energy] they want to take and we’ll simply build dams. The last one cost $13 billion if you priced in the [transmission] line.

With the second-lowest electricity rates in Canada, only Quebec offers cheaper power, Manitoba is a magnet for users that need large amounts of electricity such as those involved in the energy-intensive extraction of cryptocurrencies.

Friesen revealed that 17 new operators have filed requests with the authorities in the province for a total of 370 megawatts of electricity. That exceeds half of the power produced by the Keeyask hydroelectric generating station which became operational in 2022.

The region’s finance minister also highlighted the concern of the Progressive Conservative government that blockchain businesses may not create many jobs. “You can be utilizing hundreds of megawatts and have a handful of workers,” he elaborated.

“Manitoba Hydro cannot make discretionary decisions about who to hook up,” Friesen emphasized. A government review is expected to analyze the economic impact of cryptocurrencies and the need for a regulatory framework to approve new large connections to the grid.

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Earlier this month, the Hydro-Québec public utility asked the electricity distribution regulator in its province to suspend energy allocation for the blockchain sector. Manitoba’s restrictions also follow the enforcement of a partial moratorium on proof-of-work mining in the U.S. state of New York.

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Canada, Canadian, consumption, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Electricity, Energy, grid, Hydroelectric, Manitoba, Measures, Miners, mining, power, province, region, restrictions, suspension, usage

Do you think other Canadian provinces and U.S. states will adopt restrictive measures for crypto mining? Share your expectations in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Antminer S19 Pro+ Hyd.

Data Shows There’s No Profits Left For Bitcoin Miners That Can’t Obtain Cheap Electricity, Run Efficient Mining Rigs

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Data Shows There’s No Profits Left For Bitcoin Miners That Can’t Obtain Cheap Electricity, Run Efficient Mining Rigs

During the last few weeks bitcoin’s cost of production has been higher than the leading crypto asset’s spot market value and in turn, this has put massive pressure on bitcoin miners. On Nov. 30, 2022, statistics show if miners paying for electricity pay roughly $0.12 per kilowatt hour (kWh), only three application-specific integrated circuit (ASIC) mining rigs are profitable. At a rate of $0.07 per kWh, profits begin to increase and data shows 16 different ASIC bitcoin mining devices are profitable with electrical costs at that rate.

At $0.12 per Kilowatt Hour, Only 3 ASIC Miners Gather Profit Using Today’s Bitcoin Exchange Rate

Bitcoin miners are feeling the pain of an extremely high difficulty rating and much lower bitcoin prices than a year ago today. Data from macromicro.me indicates that the cost of bitcoin production ($19,356 per unit) is a lot higher than the spot market value ($16,877 per unit). This means bitcoin miners need to obtain the cheapest electricity they can find on planet earth, and operate with the most efficient bitcoin mining devices on the market today.

Metrics show the world average price for electricity in 2022 is $0.143 per kWh and in specific regions around the world, average businesses and households can spend less than $0.10 per kWh, and some areas as low as $0.01 per kWh. Countries that enjoy cheap electricity rates lower than a U.S. nickel per kWh include Qatar, Russia, Iran, Saudi Arabia, Venezuela, Kyrgyzstan, Cuba, Libya, Uzbekistan, and Kazakhstan.

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Top ASIC bitcoin miners on Nov. 30, 2022, at $0.07 per kWh and bitcoin prices at $16,877 per unit.

While cheap electricity is good for bitcoin miners, they also need the most effective ASIC mining units on the market. Statistics show that only three ASIC miners are profitable if the operation has to pay $0.12 per kWh. The machines that still profit under this electricity cost ($0.12 per kWh) include the Bitmain Antminer S19 XP Hyd. which boasts 255 terahash per second (TH/s), the Antminer S19 XP (140 TH/s), and the Antminer S19 Pro+ Hyd. (198 TH/s).

If the electrical cost is slashed down to $0.07 per kWh, 16 different SHA256-compatible ASIC machines will see a profit, according to data collected by asicminervalue.com. At $0.07 per kWh, a Bitmain Antminer S19j (90 TH/s) is estimated to produce $0.21 per day in profit. If electrical costs are cut down even lower at $0.05 per kWh, roughly 43 ASIC bitcoin mining rigs will see a profit.

At that rate ($0.05 per kWh), an Antminer S19 XP Hyd. will get an estimated $9.69 per day, while the Ebang Ebit E12+ with 50 TH/s will produce $0.15 per day in profits, according to asicminervalue.com. Furthermore, SHA256 ASIC machines are the fourth most profitable proof-of-work (PoW) devices behind algorithms like Kadena, Scrypt, and Eaglesong.

At $0.05 per kWh, PoW ASIC machines that are compatible with those three algorithms can make an estimated $20.35 to $42.64 per day in profits depending on the hashrate output of the specific rig. The most dominant two brands on the market today, in terms of high-powered, next-generation bitcoin miners, include Bitmain’s Antminer series and Microbt’s Whatsminer series.

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Antminer S19 Pro+ Hyd., antminers, ASIC machines, Asicminervalue.com, Bitcoin, Bitcoin (BTC), Bitcoin Miners, Bitcoin mining, Bitmain, Bitmain’s Antminer, BTC Mining, BTC Mining Rigs, compatible, cuba, data, Eaglesong, electric, Electricity, Hashpower, Hashrate, Iran, kadena, kilowatt-hour, KWh, Kyrgyzstan, Libya, metrics, Microbt’s Whatsminer, mining bitcoin, Mining BTC, mining metrics, PoW, qatar, Russia, Saudi Arabia, Scrypt, SHA256, Stats, Terahash, Venezuela

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What do you think about the electrical costs bitcoin miners pay and the realized profits they see after obtaining cheap electricity and leveraging high-powered, next-generation ASIC mining rigs? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, editorial photo credit: asicminervalue.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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altcoin

Litecoin (LTC) Continues To Impress With 25% Rally In Last Seven Days

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Litecoin (LTC) Continues To Impress With 25% Rally In Last Seven Days

Litecoin (LTC) continues to prove its doubters wrong as it weathers the ongoing crypto winter in an impressive way, painting its charts in green and posting significant price increases during the last few days.

At the time of this writing, the 13th largest cryptocurrency with an overall valuation of $5.51 billion, is trading at $76.80 and has gone up by 6% over the past 24 hours according to tracking from Coingecko.

The asset’s seven-day performance is beyond “just good” as it registered an increase of 25.1%. Meanwhile, on a month-to-date (MTD) basis, the altcoin is up by 36%.

What make Litecoin’s current run impressive is that it is happening during the same time when industry frontrunners Bitcoin and Ethereum are struggling to gain any ground to push their respective prices to higher levels.

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Litecoin: ‘Profitable Opportunity’ For Investors, Holders

 As it turns out, LTC is not only doing wonders in terms of its trading session performances as it is currently in a “rewarding phase.”

During the last few days, the asset’s Market Value to Realized Value (MVRV) has also reached the point where if holders of Litecoin were to sell their holdings at this very moment, they’ll end up making good profit.

One possible reason for the resurgence of the digital coin might be its mining activity. According to the information shared by the project through its official Twitter account, the asset was among the few proof-of-work digital currencies that were ‘profitable’ during the last few months.

Despite reaching a mining difficulty score of 20.00 M, the profitability of Litecoin miners stood at $60%.

In terms of hash rate, Litecoin witnessed a 13.25% increase compared to last month, indicating that the digital coin’s network is both healthy and growing.

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Pay Attention To These Factors Before Holding Litecoin

As remarkable as LTC is right now, it is important to note that its current price is almost 13% lower than where it was in November 23 when it tested the $83.36 resistance zone.

This was the result of the altcoin’s Relative Strength Index (RSI) indicator settling at 41.80, putting it in an overbought position as sellers clearly had the advantage.

Another bearish sign for Litecoin is the rate at which it was being transferred from one address to another as it recorded a significant decline compared to that of last week.

The network development activity also has not much to offer as of this time, indicating that developers have nothing new to offer right now.

Finally, according to Coincodex’s forecast, over the next five days, LTC is expected to rise by more than 12% on its way to hitting the $86 marker.

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A month from now, however, the cryptocurrency is predicted to lose some of its gains but will still change hands at $77.16 – a value that is higher than its current spot trading price.

LTC total market cap at $5.5 billion on the daily chart | Featured image: Rvo.hu, Chart: TradingView.com

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