Bitcoin Private (BTCP) has just announced the dates for their snapshot and co-fork of Bitcoin (BTC) and ZClassic (ZCL).
On February 28, 2018, a snapshot of all existing BTC and ZCL holdings will take place. If you own either or both of these cryptocurrencies and control your private keys when the snapshot takes place, you will receive an equivalent quantity of BTCP for free. For example, if you have 3 ZClassic and 1.5 Bitcoin, you will get 4.5 Bitcoin Private.
The actual creation of Bitcoin Private through the hard fork will occur two days later, on March 2, 2018.
The BTCP project is well-backed, with a team of 70 plus, including more than 20 developers. It's certainly one to watch, in my opinion.
You can read more about BTCP in the article, Bitcoin Private to Launch from Bitcoin and ZClassic. The official Bitcoin Private website is btcprivate.org and you can follow them on Twitter @bitcoinprivate.
After looking somewhat bearish recently, Bitcoin seems to be finding support at $11,000. The price has been moving above that today, yet not reaching the 12k mark. While this price resilience of Bitcoin is a positive sign, I think it is too early to say that things are about to turn bullish.
There has been some difference of opinion amongst prominent voices in the Bitcoin community as to the state and direction of the market in the short term. Technical chart analysis has pointed to a further correction to the downside, however, developments in the lightning network and growing business investment in the space could be considered bullish signs.
Where consensus exists, is in relation the long term outlook for Bitcoin. This is considered positive in terms of price, technological advances and adoption.
Is Bitcoin mining worth it?
This is a simple question with a complex answer. There are a few different factors that influence whether or not Bitcoin mining will be worth it for you. Even with the rising Bitcoin price, the set-up fees and electricity costs may outweigh the revenue that you’d earn through mining.
The primary factors that affect your Bitcoin mining profitable are:
The mining difficulty determines the complexity of the algorithm you need to solve when creating a new block of transactions. As more miners join the network, the difficulty increases making Bitcoin harder to mine.
The reward for mining a block is currently 12.5 Bitcoin. This reward is cut in half every 210,000 blocks with the next “halving” set to occur in 2020. Ideally, the price of Bitcoin will increase enough to outweigh the continuing decline of the mining reward.
You should also factor in the conversion rate of Bitcoin to fiat if you plan on cashing out at any time. With the volatility of Bitcoin’s price, this could greatly affect your profitability.
The biggest unknown when calculating your projected Bitcoin mining profitable is the amount of yearly profitability decline. No one knows how many miners will continue to join the network, so it’s nearly impossible to calculate just how much your revenue will decrease each year.
The hash rate is the speed at which your mining rig can solve the algorithm needed to mine new blocks. Although a mining rig with a high hash rate may seem nice, they usually cost significantly more to purchase and operate.
When choosing a miner, you should first figure out how long you’d like to mine for. If you’re only planning on mining Bitcoin for a short amount of time, it could be advantageous to pick up a less expensive miner. Even though the hash rate may be lower, you may be able to pay off the initial purchase cost at a faster rate.
There are a few different costs you need to consider when calculating your Bitcoin mining profitability.
The electrical costs differ based on your electricity rate and the power consumption of your mining rig. Mining rigs are usually listed with their typical power consumption, and you can find your electricity rate on your power bills.
To mine effectively, you’ll need to join a mining pool and pay the associated pool fees. A mining pool is a group of miners that work together to mine blocks at an increased rate. The reward of each block is then split amongst the miners enabling you to get paid more regularly. These fees range anywhere from 0% – 5%.
You should also include the upfront cost of buying a mining rig when calculating your potential profitability.
Bitcoin mining profitability calculators
Once you’ve figured out some of your costs and mining rig options, you can use a calculator to determine whether or not Bitcoin mining is worth it for you. 99Bitcoins and CryptoCompare both have great calculators for you to use.
If you find that you won’t be profitable mining Bitcoin, don’t fret. There’s plenty of other coins like Monero or Litecoin that you may find more profitable for yourself.
Written by Steven Buchko, this article was originally published on January 1st, 2018 at CoinCentral.com. Steven is a cryptocurrency writer at Coin Central and a blockchain investor. He is also the co-founder of Coin Clear, a mobile app that automatically turns your daily spending habits into cryptocurrency investments.
This article is published with the permission of CoinCentral.com
If you registered for the Bitcoin Rhodium (BTR) airdrop you can now claim your free coins. To do this, visit the official BTR website, BitcoinRH.org, click on the 'Claim Your BTR' tab and follow the instructions. Don't try to claim BTR from anywhere else, as there are many scam sites set up that are ready to steal your Bitcoin.
The Bitcoin Rhodium team have made the process as easy as possible by providing detailed, step-by-step instructions and answers to frequently asked questions about the BTR wallet here.
Unlike the Bitcoin hardforks of Bitcoin Cash (BCH) and Bitcoin Gold (BTG), Bitcoin Rhodium is not awarded to all Bitcoin holders who control their private key, but only to those who registered for the airdrop. You can read more about that in the article, Bitcoin Rhodium Airdrop Registrations Open.
On the latest episode of Domain Sherpa, Media Options CEO Andrew Rosener revealed that his company purchased the domain name Jellyfish.com for 12.5 Bitcoin. When the transaction took place, Bitcoin was valued at $5,000, making the total US dollar price $62,500.
And what happened to the price of Bitcoin after that? Let's just say that Andrew gained some wisdom from the experience, which he shared by saying, "Lesson to the audience. If you've got Bitcoin, don't spend it."
The earlier support that Bitcoin found at $10,000 has been broken and the price is continuing to fall. At the time of writing, Bitcoin is trading around $9,500. Where things go to from here will depend on whether investors panic sell or see this as a buying opportunity. It could go either way.
Things look bearish on all of the chart time frames, so as I mentioned in the previous article, I still see some more downside ahead. If this is the case, then hopefully $8,500, a previous high, will provide support.
For those of you who are relatively new to Bitcoin investing, stay strong, BTC has triumphed from such downturns in the past.
The price of Bitcoin fell from $13,000 to $10,064 before bouncing back up to $11,700. While finding support at the 10k mark is a positive sign, the downward move may not be over, as the price has once again dipped below 11k.
It isn't just Bitcoin that has taken a hit. Ninety-eight of the top 100 cryptocurrencies listed on CoinMarketCap.com have fallen in the past 24 hours. The cause of this downtrend is unclear, however, there are suggestions that speculation about possible crypto related government regulations in China and Korea has spooked investors.
Bitcoin's history is filled with significant falls in price, yet every time it has recovered and gone on to reach new highs. Keep this in mind if you're considering selling your Bitcoin. Think long term and never panic sell.
I personally, would not be surprised to see a further fall of 2k to 2.5k, which may be a good buying opportunity. Again, this is a volatile market, so whatever the situation, only invest what you can afford to lose.
My belief in the long term future of Bitcoin has not changed — Bitcoin to the Moon!
The @Bitcoin Twitter handle was claimed in August 2011, however, recently there has been a significant change in the focus of its tweets. During 2017, many of the @Bitcoin tweets were simply retweets of @CoinDesk updates on the Bitcoin (BTC) price. Starting January 3, 2018, the account became much more active, with a strong emphasis on Bitcoin Cash (BCH).
This promotion of Bitcoin Cash has led some to conclude that @Bitcoin has been sold or hacked, and is now controlled by Bitcoin.com or somone involved with the site — an accusation that has been denied. Whatever the case, there is no doubt that @Bitcoin is now being used to push the idea that Bitcoin Cash is the real Bitcoin. And with nearly 700,000 followers, this false message will be spread far and wide.
For more information about Bitcoin Cash and Bitcoin.com read, Bitcoin Cash is Not Bitcoin and Don't Get Burned by the Bitcoin.com Wallet.
Considering that this time last year Bitcoin was trading at $830, it seems crazy talking about a $1,000 consolidation range for BTC. Well, that is exactly what is happening at the moment, with the price moving in a channel between $13,000 and $14,000.
No matter which time frame you look at, there is currently no clear indication from the charts whether the next big move in price will be up or down. This make it very difficult to trade at the moment, not to mention risky.
For those who buy and hold, which is what I recommend, it's a time to sit back, relax and look forward to an exciting year ahead. Think long term about your investment in Bitcoin. Doing so will help you to resist selling on impulse or in a state of panic when there is a sudden move in the market. Remember that those who sold this time last year are now wishing that they'd thought long term.
When investing in Bitcoin (BTC) there are various strategies that you can use. Two of the most common are Dollar Cost Averaging (DCA) and going all in. With DCA, you invest a set amount at regular intervals, while going all in sees everything you have to invest put into the market at once. There are advantages and disadvantages to each, so let's take a closer look these.
Going All In
Dollar Cost Averaging
In the current market it is difficult to judge which investment strategy will give you the best result. My personal choice at the moment would be DCA as I think there could be a further downward correction in the not too distant future, however, long term I'm bullish. No matter which strategy you choose, it is important to only invest money that you can afford to lose. This is a volatile market where the price can rise and fall quickly, so you need to be prepared for anything.
Bitcoin to the Moon is a blog dedicated to following the original cryptocurrency on a journey to its ultimate destination.
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