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How Mining Works in Simple Terms
Mining is the process of creating new cryptocurrency coins and confirming transactions on the blockchain network. Let's break down this process step by step.
Mining Process
šµ Transaction Collection. There are many transactions in the network. Miners collect them into one block.
šµ Solving the Problem. To add a block to the blockchain, miners must solve a mathematical problem. This task requires significant computational power and time.
šµ Confirming and Adding the Block. Once the problem is solved, the block is added to the blockchain, and all network participants see this new block.
šµ Reward. The miner who solved the problem receives a reward in the form of new cryptocurrency and fees for the processed transactions.
Mining performs two important functions:
šµ Creating New Coins. This is the only way to create new coins in the network.
šµ Transaction Confirmation. Mining ensures the security and reliability of the network by confirming transactions and protecting the blockchain from fraud.
Mining requires significant investments in equipment and electricity, becomes more difficult and expensive with the increase in the number of miners, and price fluctuations in cryptocurrencies affect its profitability.
CryptoFam
#Mining #cryptofam
Mining is the process of creating new cryptocurrency coins and confirming transactions on the blockchain network. Let's break down this process step by step.
Mining Process
šµ Transaction Collection. There are many transactions in the network. Miners collect them into one block.
šµ Solving the Problem. To add a block to the blockchain, miners must solve a mathematical problem. This task requires significant computational power and time.
šµ Confirming and Adding the Block. Once the problem is solved, the block is added to the blockchain, and all network participants see this new block.
šµ Reward. The miner who solved the problem receives a reward in the form of new cryptocurrency and fees for the processed transactions.
Mining performs two important functions:
šµ Creating New Coins. This is the only way to create new coins in the network.
šµ Transaction Confirmation. Mining ensures the security and reliability of the network by confirming transactions and protecting the blockchain from fraud.
Mining requires significant investments in equipment and electricity, becomes more difficult and expensive with the increase in the number of miners, and price fluctuations in cryptocurrencies affect its profitability.
CryptoFam
#Mining #cryptofam
Important events of the week
šµ Bitcoin surpassed $60,000 following an assassination attempt on former President Trump, causing market volatility. Traders estimate his chances of returning to the White House at 70%.
šµ The launch of DeepMind's JEST algorithm made AI model training faster, cheaper, and greener, improving performance by 13 times and increasing energy efficiency by 10 times.
šµ Coinbase highlighted uncertainty in the Bitcoin and Ethereum markets in the third quarter of 2024 due to the potential approval of the Ethereum ETF and the upcoming U.S. elections.
šµ PC market growth driven by AI interest, with Apple leading, showing a 20.8% increase in Mac sales in the second quarter of 2024.
šµ Binance reached 200 million users and obtained licenses in 18 jurisdictions, setting a record among centralized exchanges.
CryptoFam
#News #cryptofam
šµ Bitcoin surpassed $60,000 following an assassination attempt on former President Trump, causing market volatility. Traders estimate his chances of returning to the White House at 70%.
šµ The launch of DeepMind's JEST algorithm made AI model training faster, cheaper, and greener, improving performance by 13 times and increasing energy efficiency by 10 times.
šµ Coinbase highlighted uncertainty in the Bitcoin and Ethereum markets in the third quarter of 2024 due to the potential approval of the Ethereum ETF and the upcoming U.S. elections.
šµ PC market growth driven by AI interest, with Apple leading, showing a 20.8% increase in Mac sales in the second quarter of 2024.
šµ Binance reached 200 million users and obtained licenses in 18 jurisdictions, setting a record among centralized exchanges.
CryptoFam
#News #cryptofam
The launch of an Ethereum-based ETF is nearing its final stages, according to Bitwise's chief commercial officer. The first Ethereum-focused ETF is expected to be approved and launched soon, which could have a significant impact on the cryptocurrency market. Analysts believe that the approval of such ETFs will attract significant investment in Ethereum, contributing to its growth and market value. This move could make Ethereum more accessible to institutional investors and increase its liquidity in the market.
CryptoFam
#ETF #cryptofam
CryptoFam
#ETF #cryptofam
What is a Bear Market?
A bear market is a market condition in which the prices of financial instruments such as stocks, bonds, or cryptocurrencies continue to decline over an extended period.
This decline is typically accompanied by investor pessimism and expectations of further price drops.
Characteristics of a Bear Market:
šµ Price Decline: Significant and prolonged decrease in asset values.
šµ Pessimism: Investors expect further market deterioration.
šµ Reduced Trading Volume: Decrease in market activity.
Causes of a Bear Market:
šµ Economic Downturns: Recessions or slow economic growth.
šµ High Inflation: Sharp increase in the cost of goods and services.
šµ Political Instability: Domestic or international conflicts.
Advantages and Risks:
While a bear market can lead to significant losses for investors, it also provides opportunities to buy assets at reduced prices for long-term investments.
CryptoFam
#BearMarket #cryptofam
A bear market is a market condition in which the prices of financial instruments such as stocks, bonds, or cryptocurrencies continue to decline over an extended period.
This decline is typically accompanied by investor pessimism and expectations of further price drops.
Characteristics of a Bear Market:
šµ Price Decline: Significant and prolonged decrease in asset values.
šµ Pessimism: Investors expect further market deterioration.
šµ Reduced Trading Volume: Decrease in market activity.
Causes of a Bear Market:
šµ Economic Downturns: Recessions or slow economic growth.
šµ High Inflation: Sharp increase in the cost of goods and services.
šµ Political Instability: Domestic or international conflicts.
Advantages and Risks:
While a bear market can lead to significant losses for investors, it also provides opportunities to buy assets at reduced prices for long-term investments.
CryptoFam
#BearMarket #cryptofam
The Mt. Gox exchange transferred 47,230 BTC to a new address, raising market concerns. Payouts to creditors could lead to a mass sale of bitcoins, potentially lowering the cryptocurrency's price. Bitcoin dropped by 10.62% over the past week, adding to investors' worries.
Now we have a new crypto lottery ā guess how many more bitcoins will appear on the market! š
CryptoFam
#BTC #cryptofam
Now we have a new crypto lottery ā guess how many more bitcoins will appear on the market! š
CryptoFam
#BTC #cryptofam
Overview of Cryptocurrency Futures Trading Volumes
The image presents data on the 24-hour and weekly trading volumes for various cryptocurrency platforms and futures.
Binance Futures leads with $39.44 billion in 24-hour volume and $337.80 billion in weekly volume. Poloniex Futures is in second place with $29.75 billion in 24-hour volume and $178.52 billion in weekly volume.
OKX Futures ranks third with $16.58 billion in 24-hour volume and $152.07 billion in weekly volume. Bybit Futures and Binance show $13.10 billion and $10.03 billion in 24-hour volume, respectively.
MEXC Futures also showed a significant weekly trading volume of $22.00 billion.
CryptoFam
#Crypto #cryptofam
The image presents data on the 24-hour and weekly trading volumes for various cryptocurrency platforms and futures.
Binance Futures leads with $39.44 billion in 24-hour volume and $337.80 billion in weekly volume. Poloniex Futures is in second place with $29.75 billion in 24-hour volume and $178.52 billion in weekly volume.
OKX Futures ranks third with $16.58 billion in 24-hour volume and $152.07 billion in weekly volume. Bybit Futures and Binance show $13.10 billion and $10.03 billion in 24-hour volume, respectively.
MEXC Futures also showed a significant weekly trading volume of $22.00 billion.
CryptoFam
#Crypto #cryptofam
Top Cryptocurrency News
ā© The US Securities and Exchange Commission (SEC) has approved the first Ethereum futures ETFs. This event has caused a significant increase in ETH prices, up to 500%.
ā© A new regulation called MiCA (Markets in Crypto-Assets) has come into force in the European Union, establishing unified rules for the issuance and trading of crypto-assets. This could significantly change the cryptocurrency market in Europe.
ā© The US Federal Open Market Committee (FOMC) has published the minutes of its latest meeting, providing insights into the future monetary policy of the US. This has also impacted the cryptocurrency market.
ā© Mt. Gox has announced the upcoming release of 140,000 BTC to its creditors in July 2024. Analysts warn of possible market pressure and a drop in BTC prices to $50,000.
ā© The price of Ripple (XRP) is holding at a critical support level of $0.47. Analysts expect a possible bullish reversal but also warn of a potential decline if the support level fails.
CryptoFam
#Crypto #cryptofam
ā© The US Securities and Exchange Commission (SEC) has approved the first Ethereum futures ETFs. This event has caused a significant increase in ETH prices, up to 500%.
ā© A new regulation called MiCA (Markets in Crypto-Assets) has come into force in the European Union, establishing unified rules for the issuance and trading of crypto-assets. This could significantly change the cryptocurrency market in Europe.
ā© The US Federal Open Market Committee (FOMC) has published the minutes of its latest meeting, providing insights into the future monetary policy of the US. This has also impacted the cryptocurrency market.
ā© Mt. Gox has announced the upcoming release of 140,000 BTC to its creditors in July 2024. Analysts warn of possible market pressure and a drop in BTC prices to $50,000.
ā© The price of Ripple (XRP) is holding at a critical support level of $0.47. Analysts expect a possible bullish reversal but also warn of a potential decline if the support level fails.
CryptoFam
#Crypto #cryptofam
According to an expert, the SEC is likely to approve the trading of spot Ethereum ETFs as early as July 15. This event could significantly impact the cryptocurrency market, especially the price of Ethereum.
The approval of ETFs is expected to attract a substantial number of institutional investors.
Well, it looks like Ethereum is about to start a summer race. šāā”ļø
#CryptoFam
#ETF #cryptofam
The approval of ETFs is expected to attract a substantial number of institutional investors.
Well, it looks like Ethereum is about to start a summer race. šāā”ļø
#CryptoFam
#ETF #cryptofam
Nigeria is developing its own blockchain called "Nigerium" to ensure data sovereignty. The National Information Technology Development Agency (NITDA) states that this will help protect national data and enhance security.
Looks like we will soon have a new cryptocurrency trend ā national blockchains!
CryptoFam
#Nigerium #cryptofam
Looks like we will soon have a new cryptocurrency trend ā national blockchains!
CryptoFam
#Nigerium #cryptofam
Polkadot's development activity has declined despite the rising DOT price.
Last week, the development score dropped to 46.93, indicating a decrease in efforts to improve the network. However, the project has made significant progress, such as the launch of Snowbridge, NFT development and asset security. DOT's price is holding steady at $6.11, remaining one of the best performing projects among the top 20. Analysts expect DOT to follow Ethereum's growth, and there are even possible rumors of inclusion in an ETF.
CryptoFam
#Polkadot #cryptofam
Last week, the development score dropped to 46.93, indicating a decrease in efforts to improve the network. However, the project has made significant progress, such as the launch of Snowbridge, NFT development and asset security. DOT's price is holding steady at $6.11, remaining one of the best performing projects among the top 20. Analysts expect DOT to follow Ethereum's growth, and there are even possible rumors of inclusion in an ETF.
CryptoFam
#Polkadot #cryptofam
Blockchain and cryptocurrencies are coming together to counter the potential negative effects of artificial intelligence (AI) applications. These technologies can help authenticate content, verify identities, and facilitate financial transactions using stablecoins. This collaboration aims to create a secure and transparent digital ecosystem, reducing the risks of counterfeiting and cybercrime.
CryptoFam
#Blockchain #Crypto #cryptofam
CryptoFam
#Blockchain #Crypto #cryptofam
Important News of the Week
šµ Sentient Labs, supported by the co-founder of Polygon, raised $85 million to develop an open artificial intelligence platform. This step aims to democratize AI and enhance AGI (artificial general intelligence) capabilities.
šµ Ripple, the developer of XRP Ledger, announced the launch of a new stablecoin that will compete with Tether and USDC. This step is aimed at expanding the Ripple ecosystem and increasing its market share in stablecoins.
šµ Ellipsis Labs, the developer of the decentralized exchange Phoenix based on Solana, raised $20 million in a Series A round led by Paradigm. The funds will be directed towards improving the functionality and security of the platform.
šµ The transaction volume on decentralized applications (dApp) on the Polygon platform increased by 83%, leading to increased interest in the MATIC token. Despite this, the price of MATIC faced pressure from sellers.
šµ According to CryptoQuant, Bitcoin reserves on cryptocurrency exchanges have reached a multi-year low, indicating a growing interest in storing Bitcoin off exchanges. This could impact the supply of Bitcoin on the market and potentially lead to a price increase.
CryptoFam
#Blockchain #cryptofam
šµ Sentient Labs, supported by the co-founder of Polygon, raised $85 million to develop an open artificial intelligence platform. This step aims to democratize AI and enhance AGI (artificial general intelligence) capabilities.
šµ Ripple, the developer of XRP Ledger, announced the launch of a new stablecoin that will compete with Tether and USDC. This step is aimed at expanding the Ripple ecosystem and increasing its market share in stablecoins.
šµ Ellipsis Labs, the developer of the decentralized exchange Phoenix based on Solana, raised $20 million in a Series A round led by Paradigm. The funds will be directed towards improving the functionality and security of the platform.
šµ The transaction volume on decentralized applications (dApp) on the Polygon platform increased by 83%, leading to increased interest in the MATIC token. Despite this, the price of MATIC faced pressure from sellers.
šµ According to CryptoQuant, Bitcoin reserves on cryptocurrency exchanges have reached a multi-year low, indicating a growing interest in storing Bitcoin off exchanges. This could impact the supply of Bitcoin on the market and potentially lead to a price increase.
CryptoFam
#Blockchain #cryptofam
Spot or Futures: What to Choose
Spot trading and futures trading each have their own characteristics, advantages, and risks.
Spot Market
šµ Simplicity: Buying and selling cryptocurrencies occur instantly at the current market price.
šµ Long-term investments: Suitable for those who want to hold assets for a long time.
šµ Low risk: Less risky compared to futures as there are no margin positions.
Futures
šµ Hedging: Allows hedging risks by locking in the purchase or sale price of an asset in the future.
šµ Speculation: The possibility of profit on both rising and falling prices.
šµ High risk: Using leverage can lead to significant losses.
Choosing between spot and futures depends on your goals, risk level, and experience. Beginners are recommended to start with spot trading, while experienced traders can use futures for hedging and speculation.
CryptoFam
#Spot #Futures #cryptofam
Spot trading and futures trading each have their own characteristics, advantages, and risks.
Spot Market
šµ Simplicity: Buying and selling cryptocurrencies occur instantly at the current market price.
šµ Long-term investments: Suitable for those who want to hold assets for a long time.
šµ Low risk: Less risky compared to futures as there are no margin positions.
Futures
šµ Hedging: Allows hedging risks by locking in the purchase or sale price of an asset in the future.
šµ Speculation: The possibility of profit on both rising and falling prices.
šµ High risk: Using leverage can lead to significant losses.
Choosing between spot and futures depends on your goals, risk level, and experience. Beginners are recommended to start with spot trading, while experienced traders can use futures for hedging and speculation.
CryptoFam
#Spot #Futures #cryptofam
A new Coinbase report highlights uncertainty in the Bitcoin and Ethereum markets in the third quarter of 2024. The market is struggling to form a compelling narrative, which could lead to continued volatility.
In particular, investors are cautious about the potential approval of an Ethereum ETF and the upcoming U.S. elections.
CryptoFam
#BTC #cryptofam
In particular, investors are cautious about the potential approval of an Ethereum ETF and the upcoming U.S. elections.
CryptoFam
#BTC #cryptofam
Reddit is beefing up its defenses against content harvesting bots that use the platform's data to train AI. Updating the robots.txt file and other measures are aimed at limiting access by unwanted bots. These changes will not affect bona fide users and researchers. The platform will continue to partner with companies such as Google and OpenAI on a paid basis.
CryptoFam
#reddit #cryptofam
CryptoFam
#reddit #cryptofam
Types of Cryptocurrency Trading
šµ Day trading involves short-term transactions with cryptocurrencies within a single day, focusing on technical analysis and high-frequency trading. The main risk is market volatility, which can lead to losses.
šµ Swing trading aims to profit from price fluctuations in the mid-term using both technical and fundamental analysis. Risks include changes in market conditions that affect profitability.
šµ Scalping involves making numerous short trades to earn small profits, requiring quick reactions and high concentration.
šµ Long-term investing involves buying and holding cryptocurrency for an extended period, focusing on fundamental analysis and growth potential. The main risks are long-term volatility.
šµ Arbitrage involves profiting from price differences across different exchanges, requiring quick execution of trades and considering risks associated with transfer delays and price changes.
CryptoFam
#Crypto #cryptofam
šµ Day trading involves short-term transactions with cryptocurrencies within a single day, focusing on technical analysis and high-frequency trading. The main risk is market volatility, which can lead to losses.
šµ Swing trading aims to profit from price fluctuations in the mid-term using both technical and fundamental analysis. Risks include changes in market conditions that affect profitability.
šµ Scalping involves making numerous short trades to earn small profits, requiring quick reactions and high concentration.
šµ Long-term investing involves buying and holding cryptocurrency for an extended period, focusing on fundamental analysis and growth potential. The main risks are long-term volatility.
šµ Arbitrage involves profiting from price differences across different exchanges, requiring quick execution of trades and considering risks associated with transfer delays and price changes.
CryptoFam
#Crypto #cryptofam
Let's understand what Farming is
Farming is one of the ways to earn in the world of cryptocurrencies and decentralized finance (DeFi). Imagine a farm where instead of growing vegetables or fruits, you earn income by providing your cryptocurrency for various financial operations.
How does farming work?
šµ Depositing cryptocurrency. First, you need to place your cryptocurrency on a special platform. This is similar to a bank deposit.
šµ Providing liquidity. When you place your cryptocurrency in a pool, it becomes available to other users. These users can borrow your cryptocurrency or use it for trading.
šµ Earning rewards. In exchange for providing liquidity, you receive rewards. Rewards can come in the form of interest from transactions, bonus tokens, or other types of compensation. Essentially, this is your earnings for helping the platform function.
Farming in DeFi allows you to earn passive income higher than bank deposits and participate in the new blockchain-based financial world.
The main risks include fluctuations in cryptocurrency prices and potential errors in smart contracts that can lead to loss of funds.
CryptoFam
#Farming #cryptofam
Farming is one of the ways to earn in the world of cryptocurrencies and decentralized finance (DeFi). Imagine a farm where instead of growing vegetables or fruits, you earn income by providing your cryptocurrency for various financial operations.
How does farming work?
šµ Depositing cryptocurrency. First, you need to place your cryptocurrency on a special platform. This is similar to a bank deposit.
šµ Providing liquidity. When you place your cryptocurrency in a pool, it becomes available to other users. These users can borrow your cryptocurrency or use it for trading.
šµ Earning rewards. In exchange for providing liquidity, you receive rewards. Rewards can come in the form of interest from transactions, bonus tokens, or other types of compensation. Essentially, this is your earnings for helping the platform function.
Farming in DeFi allows you to earn passive income higher than bank deposits and participate in the new blockchain-based financial world.
The main risks include fluctuations in cryptocurrency prices and potential errors in smart contracts that can lead to loss of funds.
CryptoFam
#Farming #cryptofam
