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Bitcoin mining becomes more sustainable and decentralized - New chip with 3 nanometers
The most important Bitcoin news of the day: Bitcoin mining, new developments and forecasts. Find out here what moved the course today! Discover all the news!
Bitcoin mining becomes more sustainable and decentralized - New chip with 3 nanometers
There were many interesting developments in the crypto mining market today. Former Twitter CEO Jack Dorsey has developed a new 3-nanometer chip for Block's Bitcoin mining system. This step is intended to enable greater decentralization of mining to reduce the dangers posed by Bitmain's dominance. Additionally, PayPal’s Blockchain Research Group suggests giving sustainable miners more rewards in the form of Bitcoins to reduce environmental impact.
Another exciting project is BitVMX from RootstockLabs, which aims to expand the functionality of the largest blockchain. This project will offer many innovations such as bridges between Bitcoin and sidechains, aggregator oracles for data verification and data storage. BitVMX also supports zk-SNARK and zk-STARK on BTC as well as Disputable Computation for new use cases.
The return of Mt. Gox's assets could weigh on the market as the former exchange will have to return 142,000 BTC and 143,000 BCH to its creditors. This could increase supply in the market and potentially have a negative impact on Bitcoin. Bitcoin and Ethereum ETFs have been approved in Hong Kong, which could bring up to $25 billion in Chinese investment into the market.
The new whales have acquired $111 billion worth of Bitcoin, surpassing the long-term whales. Analysts such as Geoff Kendrick of Standard Chartered predict a price of $150,000 by the end of the year and $200,000 by the end of 2025. Arthur Hayes is also optimistic and sees cryptocurrencies as a protection against global devaluation policies. Bitcoin is expected to continue to gain traction in the coming years and could potentially surpass gold's market capitalization.