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BIT Mining Acquires $6.6 Million Worth of Bitcoin Mining Machines

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A former online lottery company keeps building up its Bitcoin mining facilities in Kazakhstan

U.S.-listed Chinese firm BIT Mining has announced its plan to purchase 2,500 new mining machines that are cumulatively worth $6.6 million.

The new equipment will be deployed in Kazakhstan, a Central Asian country that is poised to become a new mining hub after China’s clampdown.

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BIT Mining, formerly known 500.com, was initially an online lottery company. It decided to pivot to crypto in January when Bitcoin was in the middle of another bull run. After acquiring several batches of miners, 500.com then moved to change its name in February.

The shares of the Shenzhen-based company are trading under the BTCM ticker on the New York Stock Exchange.

Prior to announcing its most recent purchase, BIT Mining had already installed 3,819 Bitcoin mining machines in Kazakhstan. In addition, 4,033 ASICs have already been shipped and are waiting to be deployed.

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According to its press release, the company intends to further extend its cryptocurrency business.

Bitcoin’s coal problem

Because of its proximity to China and its abundant energy resources, Kazakhstan has become a new hotspot for miners.

However, critics point to the fact that the country’s electricity supply is heavily reliant on fossil fuels. This, of course, does not bode well for Bitcoin’s green cred.

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While naysayers have spent years decrying Bitcoin’s CO2 footprint without making any notable impact, the problem recently appeared in the limelight following Tesla’s suspension of payments.

As reported by U.Today, Musk said that the e-car juggernaut would “most likely” continue accepting Bitcoin, but it still needed to do its due diligence on Bitcoin’s total energy mix.

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Bitcoin goes up again and valuation reaches 2% and tokens reach up to 19%.

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Even as criticism from China intensified and the weekend slumped, cryptocurrencies started the week in recovery.

With a slight increase in the early hours of this Monday (27), Bitcoin was already recovering 0.93%, reaching US$ 43,621. In 24 hours, the currency has accumulated 2% in appreciation.

Ether, the currency linked to the Ethereum blockchain, started the day up 0.83%. In 24 hours, the currency has already recovered more than 5% of the value lost last Friday and Saturday, with the impact of statements from China.

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In addition to them, other currencies also show signs of recovery. According to TradingView data, altcoins such as Cardano, XRP, Dogecoin and Polkadot also recovered.

Cardano’s currency, for example, recovered 0.67% of its value, reaching $2.22. XRP rose about 1.84% to $0.96.

Solana’s cryptocurrency stays with its big moves, both down and up. This Monday morning, the currency was up 8.44%, returning to US$ 147.05.

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The cryptocurrency meme, Dogecoin, rose slightly compared to the market, rising only 0.28%. According to the TradingView charts, the currency was selling for $0.207530 at 8:00.

Also, tokens from games like AXS, from Axie Infinity also rose again after the weekend crash. With an increase of 2.01%, the AXS returned to the level of US$ 65.04. The ALICE token, from My Neighbour Alice, was also up 3.37%, reaching US$ 10.27.

Finally, the ATLAS tokens, from the Star Atlas game, and the BAKE, from the BakerySwap, were also high this Monday morning. While ATLAS rose 6.88% to $0.08, BAKE rose more than 16% to $1.74.

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China’s critics continue to rock the cryptocurrency market

China’s central bank said last Friday (24) that all transactions related to cryptocurrency are illegal in the country.

The People’s Bank of China (PBOC) has also stated that it will prevent financial institutions, payment companies and Internet firms from facilitating the trade in cryptocurrencies and will strengthen monitoring of the risks of such activities.

After the official statement, the popular Huobi exchange blocked new users from registering with a Chinese phone number. In a statement on Sunday it said it “would phase out existing user accounts in mainland China” by Dec. 31, as reported by Bloomberg.

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China’s government has intensified its crackdown on cryptocurrencies, and its efforts to restrict trade and mining have increased, which has heavily impacted the price of cryptocurrencies. The sharp falls come to worry specialists.

One of the reasons China wants to ban the use and mining of cryptocurrencies is energy consumption. According to the Beijing government, the vast amounts of electricity used in the country come from coal plants.

With the banning of cryptocurrencies in the country, the intention is to reduce carbon emissions and also to inspect cases of financial fraud that had been taking place in Chinese territory. The country recorded more than $2 million in fraud in a few weeks. The cases of money laundering and cryptocurrencies also worried the local government.

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Also read: Vietnamese project promises to be the next Axie Infinity and raises US$1.7 million

Also read: Thetan Arena: What is known about the new play-to-earn game?

Read also: Analysis: China stocks drove Bitcoin price this week

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Bitcoin Price Analysis: BTC still tests $44,000, ready to break higher today?

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  • Bitcoin price analysis is bullish for today.
  • BTC/USD tests $44,000 resistance.
  • Bitcoin is set to break higher today.

Bitcoin price analysis is bullish today as more upside was seen overnight, with the $44,000 resistance briefly broken. Therefore, we expect further upside to follow, likely leading BTC/USD towards a higher high later today.

Bitcoin Price Analysis: BTC still tests $44,000, ready to break higher today? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with a bullish momentum over the last 24 hours. The market leader, Bitcoin, has gained 1.27 percent, while Ethereum is up by 3.8 percent. Meanwhile, Solana (SOL) is the best performer today, with a gain of almost 9 percent.

Bitcoin price movement in the last 24 hours: Bitcoin briefly breaks $44,000

BTC/USD traded in a range of $42,822.37 – $44,313.25, indicating mild volatility over the last 24 hours. Trading volume has declined by 11.66 percent and totals $28.9 billion, while the total market cap trades at $821.7 billion, resulting in the market dominance of 42.25 percent.

BTC/USD 4-hour chart: BTC looks to set higher high today?

On the 4-hour chart, we can see the Bitcoin price action testing the $44,000 mark, which, once broken, will open up the way for a lot more upside.

Bitcoin Price Analysis: BTC still tests $44,000, ready to break higher today?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action traded in a bearish momentum over the past weeks. After an initial spike lower on the 7th of September, during which BTC/USD lost more than 15 percent, a several-day consolidation followed.

The $44,000 mark served as support several times until it was broken as a result of reversal from the $48,500 swing high. Early last week, Bitcoin finally found support at $41,000.

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What followed was a reaction higher during the middle of the week to $45,000. However, on Friday, another spike lower was made to $41,000. After further consolidation, BTC/USD made the fourth test of $41,000, again with rejection, indicating that bears are exhausted, and a market reversal is due this week.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish for today as bulls pushed BTC back to $44,000 resistance overnight. As long as the bullish momentum persists later today, we should see a break higher, with the next target the $46,500 resistance. 

While waiting for Bitcoin to move further, read our guides on NFT Games, CoinJar, as well as Bitcoin Memes.

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China fear is now infrastructure bill fear — 5 things to watch in Bitcoin this week

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Bitcoin (BTC) is at the start of another week with China’s latest “ban” behind it — but its next “FUD” story is already brewing.

The United States’ infrastructure bill is back on the table, with this week likely to see a definitive vote on what could shake up cryptocurrency businesses.

At the same time, fundamentals and on-chain metrics alike continue to be more bullish than ever, and traders are betting on — at worst — a moderate price dip to a floor no lower than $36,000.

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What are the odds? Cointelegraph takes a look at five things that could move the markets in the coming week.

D-Day for infrastructure bill

The macro narrative switches from China to the United States this week as lawmakers decide the fate of the so-called “infrastructure bill.”

H.R.3684, fresh from Senate approval, should see a final vote on Monday — despite rumors that it may yet be delayed.

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The bill includes a contentious description of a “broker,” one which could have far-reaching implications for U.S. crypto businesses. Efforts are still underway to change its language, with figures such as Wyoming Senator Cynthia Lummis and advocate Caitlin Long leading the way.

The current text describes a broker as “any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person.”

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In total, as of Sept. 27, the bill has received 539 amendments.

While potentially a thorn in the side of the local crypto industry, H.R.3684 arguably matters little to seasoned Bitcoin hodlers.

Nonetheless, on the back of the latest China “ban” debacle, market sentiment is sensitive to “FUD” stories from any quarter.

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“Bitcoin is bipartisan. Digital assets are apolitical,” Senator Lummis summarized on Twitter ahead of voting day.

“Green week” expected across crypto markets

It’s a familiar tale for BTC spot price action this Monday as BTC/USD returns to $44,400.

That heralds the start of a resistance level, which ultimately sparked rejection last week after the pair briefly passed $45,000.

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So far, this attempt to break out has not been much different, with $44,000 failing to hold at the time of publishing.

Nonetheless, compared to forecasts of a return to the mid-$30,000 range coming as late as Sunday, the latest progress is refreshing.

“I’m expecting a green week for Bitcoin,” Cointelegraph contributor Michaël van de Poppe summarized late Sunday.

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 BTC/USD 1-week candle chart (Bitstamp). Source: TradingView

The weekly close, a source of contention in recent days, didn’t disappoint, coming in at $43,144 — above the minimum cut-off points that some traders highlighted.

Trader and analyst Rekt Capital had demanded a $43,600 closing price, something which failed to materialize on time but came hours later.

“BTC continues to be sandwiched by the Pi Cycle 111-day MA support and this immediate red resistance area,” he added in further comments.

“This price compression is indeed forming a clear market structure here, perhaps an early-stage Ascending Triangle.”

BTC/USD scenario. Source: Rekt Capital/Twitter

Lightning Network tops fundamental growth

It’s all smiles for Bitcoin network fundamentals for yet another week running as estimates call for a sixth consecutive difficulty increase.

Following last week’s fifth increase in a row — a rare feat in itself — data suggests that in eight days’ time, Bitcoin will seal a further upward difficulty readjustment. That would be its first six straight increases since mid-2019’s seven.

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It’s not just difficulty — the hash rate is now at around 145 exahashes per second (EH/s) and just 23 EH/s away from all-time highs.

The stats are testament to the conviction of miners, as well as to the extent of their comeback since China’s mass exodus just four months ago.

On the consumer side, the story is no less impressive. The Lightning Network, fresh from its El Salvador adoption success story, is nearing 3,000 BTC capacity. Since the start of 2021, that capacity has nearly trebled.

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“Public Lightning Network capacity just broke 2,900 BTC. Over 400 BTC has been added in the last 10 days,” investor Kevin Rooke commented alongside an accompanying chart.

“Find me a better looking chart, I’ll wait…”

Bitcoin Lightning Network capacity vs. BTC/USD chart. Source: LookIntoBitcoin

Lightning constitutes a so-called layer-two protocol, settling BTC transactions off-chain instantly and for next to zero cost.

Last week, Twitter became the first major partner of payment gateway Strike to implement Lightning Network tipping.

Feeling the fear?

Crypto market investors en masse have cold feet — and sentiment indicator the Crypto Fear & Greed Index shows just how nervous they are.

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Late last week, the Index, which takes a basket of factors to determine sentiment, dipped to its lowest levels since mid-July — before BTC/USD began its run to $53,000.

This time, however, it is $40,000, not $30,000, that is the price focus in play. 

As of Monday, the Index is slightly higher at 27/100 — still firmly within the “fear” zone.

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Crypto Fear & Greed Index chart. Source: Alternative.me

In institutional circles, negative funding rates, meanwhile, serve to provide cautious optimism about the potential for sustained upside.

As analysts often note, just when everyone is leaning bearish provides an ideal moment to long BTC and trip up the majority of speculators.

“Never gonna give you up…”

Those words, and other excerpts from English singer Rick Astley’s 1987 song of the same name, have become a meme for Bitcoiners.

They describe the mindset — and investment habits — of hodlers who never sell their BTC, no matter the circumstances.

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Hodling through any storm is a galvanizing force among long-time market participants, but right now, the “Rick Astley” investor may even be pointing the way to new all-time highs.

Bitcoin “Rick Astley” investment phases vs. BTC/USD chart. Source: Willy Woo/Twitter

As noted by analyst Willy Woo, those Rick Astleys have hodled long and hard, and historically, the good times are now set to roll.

“Bitcoin has entered the Never Gonna Give You Up phase of the Astley Cycle,” he argued alongside an amusing chart comparing Rick Astley buying habits to BTC price action.

The effects may yet come sooner than many imagine. Against a sudden $2,000 uptick on Sunday, van de Poppe called time to “party” across Bitcoin and

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altcoins.

More broadly, strong hands have taken control of an increasing segment of the BTC supply, Cointelegraph reported, with this figure reaching its highest since October 2020 this month.

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