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Bitcoin Gold features, mining, rate and prospects

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Bitcoin Gold is a cryptocurrency based on the original Bitcoin blockchain. As the name suggests, this is a fork of the very first digital coin. It is a soft fork – that is, to create and run the crypt, the open source Bitcoin code was copied with some changes.

The new cryptocurrency project was officially launched on October 25, 2017. On this day, the developers of Bitcoin Gold BTG copied the Bitcoin blockchain and subsequent blocks began to be generated in their own network. What is the meaning of this fork, and what are the prospects for gold Bitcoin in 2021?

Bitcoin Gold features

The emergence of Bitcoin Gold was preceded by another fork – Bitcoin Cash. Apparently, the cryptocurrency developers decided to play on a well-known name, because many cryptocurrencies that appeared long before the new Bitcoins are also forks of the original network, but at the same time have more unique names.

The person representing the Bitcoin Gold cryptocurrency development team is Jack Liao from China. Like many of his compatriots, he became famous more in the field of mining than in creating revolutionary crypto opportunities.

Perhaps that is why affordable mining has become the main feature of BTG. After all, it’s not a secret for anyone that the current Bitcoin mining is the lot of powerful industrial ASIC farms, while the usual video cards (GPUs) have become completely ineffective.

hus, the “noble” goal of Jack Liao and his team is a popular Bitcoin with decentralized mining, available for mining to an average cryptocurrency user. To implement this feature of confirmation of work, the Equihash hashing algorithm is used. It is optimized specifically for GPU mining and is not compatible with ASIC processors.

At the very beginning, the developers announced the launch date for the mining network – November 1, 2017. However, the system was not brought to mind, so the network worked for some time only in test mode. The long-awaited launch of BTG mining took place on the night of November 12-13, 2017.

Bitcoin Gold mining

The complexity of Bitcoin gold allows you to mine coins using Nvidia and AMD video cards, but it is preferable to do this using the first option. The following Nvidia video card models are optimal for BTG mining:

  • GTX 1060 (from $200);
  • GTX 1070 (from $400);
  • GTX 1080 (from $650).

Or more advanced video card models. It is highly desirable to have a powerful PC in terms of basic parameters and high-speed Internet. Before mining BTG, you also need to find a cold place to install the farm in order to reduce the thermal load on the video card cooled by the standard fans. After all, effective BTG mining requires almost uninterrupted operation of the farm.

To receive a reward, you need to create a Bitcoin Gold wallet – the corresponding address can be obtained on the bitcoin exchange Cryptex without verification or in a multicurrency wallet. The official website of Bitcoin Gold provides a list of pools for mining. There are two types of Bitcoin Gold pools:

  • with personal reward;
  • with shared reward.

A personal reward goes to the one whose farm was the first to solve the problem. The owner of this farm ultimately receives the mined coins from the current complexity in full. Such pools are worth choosing if the farm has high capacity to compete successfully. The more powerful the farm, the higher the chance that it will be the one who will solve the calculations.

The shared reward goes to all participants in the pool, in proportion to the capacity of their farms. This option is best suited for small budget home farms, since regardless of who from the pool solved the calculations, the reward will be shared among the participants.

After selecting the pool and downloading the software, copy the Bitcoin Gold wallet address to the appropriate section. The pools also have settings that allow you to set the minimum amount of reward accrued by the pool. When setting this parameter, you should consider the technical capabilities of your farm.

To start mining, you need to download a miner with Equihash technology support. The software is able to determine the parameters of the video card itself and set the appropriate settings for mining. In the created bat-file, write the server address, port, username, etc. Mining can be started and monitored in the miner’s software window.

Bitcoin Gold rate and prospects in 2021

BTG trading started in October 2017 on cryptocurrency exchanges at about $100 per coin. The maximum was achieved on November 11 of 2017, before the official launch of crypto mining. Then the cost of one coin reached 422 dollars.

With the increased flow of Bitcoin gold transactions in just a few days, the BTG rate dropped by more than 2 times, and at the beginning of 2018 it turned out to be in a range that is relevant to this day. In 2020, the cost of one BTG coin ranged from $5 to $15.

If you look at the Bitcoin Gold rate chart, you can trace the typical exchange dynamics of a cryptocurrency with volatility in the middle range. Nowadays, BTG is interesting for miners with video cards, who do not consider long positions in this cryptocurrency and in fact immediately sell the mined coins.

The other side of BTG is speculative market interest. In short-term transactions, Bitcoin Gold is actively used, and pumping and dumping schemes are quite clearly traced. There are no special prerequisites for a significant growth in this in 2021, as well as factors for its collapse, but the future growth may be followed by the original Bitcoin growth that we see in the past few weeks. The development team led by Jack Liao is actively supporting their project, but their reputation in the crypto world is not entirely perfect.

The daily volume of transactions with gold bitcoin exceeds $8.5 million. This is almost a 5.5 thousand times less than the original Bitcoin. Like the original Bitcoin, Bitcoin Gold has a limited supply of 21 million coins. Given the complexity of Bitcoin Gold mining, there are still several years before the last coin is mined, so interest from GPU miners in 2021 will not disappear, unless, of course, more profitable competitors in terms of mining on video cards appear.

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Sastanaqqam at WOW Summit & Art Basel Hong Kong: A Leap Towards the Future of Digital Art

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As the digital frontier continues to expand, Sastanaqqam stands at the forefront of innovation within the blockchain ecosystem. Its upcoming participation in the WOW Summit in Hong Kong on March 26-27 marks not only a return to the vibrant city but also a significant milestone in its journey. This event, renowned for gathering the brightest minds in technology, blockchain, and art, will serve as a pivotal platform for Sastanaqqam to showcase its remarkable progress and forge new partnerships that promise to redefine the digital art space.

Returning to Hong Kong for the second time, Sastanaqqam’s presence at the WOW Summit is a testament to its enduring commitment to growth and innovation. The past year has been a whirlwind of development and success for Sastanaqqam, with the ecosystem experiencing exponential growth, notably within its digital art marketplace, Artiziri, and its various other innovative projects. The WOW Summit presents an ideal opportunity to highlight these achievements and the significant strides made in enhancing its platform’s value and reach.

One of the most exciting developments for Sastanaqqam is its new strategic partnership with Muse, a leading provider of digital frame technology. This collaboration is a game-changer, offering an evolving all-in-one art platform that seamlessly integrates Sastanaqqam’s digital marketplace with high-quality display solutions. Muse’s cutting-edge technology ensures that digital artworks are presented in the best possible light, enhancing the viewing experience for collectors and art enthusiasts alike. This partnership not only enriches the ecosystem’s offerings but also underscores Sastanaqqam’s vision of bridging the gap between digital and physical art spaces.

The WOW Summit also provides Sastanaqqam with a unique opportunity to connect with the global art community. In conjunction with the summit, the team will visit Art Basel Hong Kong, a prestigious event that attracts artists, galleries, and collectors from around the world. This visit is strategic, aimed at driving new artists to onboard onto the Artiziri platform. As the platform has grown considerably over the last year, attracting fresh talent and diverse artworks is paramount to sustaining this momentum and enriching the ecosystem’s vibrancy.

Sastanaqqam’s journey to Hong Kong is more than just participation in a summit; it’s a mission to forge meaningful connections, inspire innovation, and showcase the immense potential of its blockchain ecosystem. The team’s efforts to engage with new artists at Art Basel Hong Kong, coupled with the exciting partnership with Muse, are poised to catapult Sastanaqqam into new realms of creativity and collaboration.

As we look towards the future, it’s clear that Sastanaqqam is not just participating in the digital art revolution—it’s leading it. With each strategic partnership and community engagement, the ecosystem is setting new benchmarks for what is possible in the blockchain space. The WOW Summit in Hong Kong is not just another event; it’s a glimpse into the future of digital art, and Sastanaqqam is at the helm, steering towards uncharted territories with innovation, passion, and an unwavering commitment to excellence.

About Sastanaqqam:

Founded in 2021, Sastanaqqam has emerged as a key player in blockchain and Web 3.0 technologies, integrating art, gaming, and decentralized finance (DeFi) to create a dynamic and innovative digital ecosystem. Sastanaqqam embarked on a mission to democratize access to Decentralized Finance (Defi) and create a bridge between traditional and digital art. Inspired by the transformative potential of blockchain technology, we set out to develop platforms that marry the power of DeFi with the creativity of the art world. Our vision includes a secure Wallet, an Exchange, and a unique Utility Token (BLC), all designed to facilitate seamless transactions and efficient management of digital assets.

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Why is Bitcoin Price Falling Down?

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Bitcoin price as recently experienced a significant downturn, briefly slumping below $63,000 after reaching a record high of $73,000 just last week.

This sharp decline marks a pivotal moment in the cryptocurrency’s performance, shedding more than $10,000 from its all-time high and signaling a potential shift in market dynamics.

Several factors contributed to the quick rise to $73,679, including the successful introduction of spot bitcoin exchange-traded funds (ETFs) in the U.S. and a surge in investor interest. However, the subsequent correction has raised questions about the sustainability of its rally and the underlying factors contributing to its volatility.

Several causes contributed to the downturn, including traders taking profits following Bitcoin’s significant 70% increase from the beginning of the year to its high.

This profit-taking has led to a spike in long liquidations of leveraged Bitcoin positions, with significant liquidations occurring across centralized exchanges.

The introduction of spot bitcoin ETFs, while initially contributing to the rally, has also played a role in the increased leverage and high-frequency volatility observed in the market.

As investors and analysts warn of more volatile price action in March, the recent pullback from Bitcoin’s long-term uptrend has become a focal point for market participants.

Moreover, the broader cryptocurrency market has felt the ripple effects of Bitcoin’s decline, with other major cryptocurrencies such as Ether and Solana experiencing notable losses.

The interconnectedness of the cryptocurrency market means that movements in Bitcoin often have a significant impact on altcoins and related stocks.

Understanding the elements driving Bitcoin’s price, such as supply and demand dynamics, regulatory changes, and investor attitude, becomes increasingly important when the market experiences volatility.

The recent downturn serves as a reminder of the inherent volatility and risks associated with investing in cryptocurrencies, prompting investors to exercise caution and closely monitor market trends.

Analyzing Bitcoin Recent Price Drop: Economic Pressures and Market Dynamics

Bitcoin’s value has experienced a notable decline, dropping to $63,500, marking its lowest point in the past two weeks. This 6% decrease on Tuesday is attributed to a combination of factors, including recent U.S. inflation data and significant outflows from the Grayscale ETF, which have contributed to a broader market correction.

Market Liquidations and ETF Outflows

The futures market has seen substantial liquidations, totaling $655.44 million, with Bitcoin and Ethereum positions being the most affected. According to Coinglass, “In the last 24 hours, 240,997 traders have been liquidated, with total liquidations amounting to $655.44 million. The largest single settlement order occurred on OKX – BTC-USDT-SWAP for $12.25 million.”

Bitcoin price

Grayscale ETF has faced one of its largest daily outflows in history, with 9,539 BTC withdrawn. Despite BlackRock’s acquisition of 6,703 bitcoins, the overall balance for the day was negative by 2,293 bitcoins. This outflow has not only increased selling pressure but also potentially alarmed other market participants. BitMex reported, “Bitcoin ETF outflow – March 18, 2024. GBTC outflow at $643 million,” highlighting the significant impact of these movements on the market.

image 63 Why is Bitcoin Price Falling Down?

Economic Factors Influencing Bitcoin Price

The U.S. economy’s struggle to achieve its 2% annual inflation target has raised concerns among investors. With expectations of an interest rate cut by the Federal Reserve not materializing, fears are growing that rates will remain between 5.25 and 5.5% for an extended period. This economic pressure has not only affected Bitcoin but also other assets like gold, which has seen a 2% decline over the week.

Investors are anxiously awaiting the next Fed meeting, scheduled for Wednesday, anticipating potential negative remarks from Jerome Powell and his team. Bitcoin’s significant drop, attributed to its well-known volatility, underscores the market’s sensitivity to economic indicators and central bank policies.

Scott Melker, expressing his concerns, stated, “Fundamentally, with ETF interest and the cycle increasing, I want to believe that we will go much, much higher. However, most of the key signs I would normally look for when not in FOMO are present,” highlighting the market’s current state of uncertainty.

Broader Cryptocurrency Market Impact

Following Bitcoin’s downturn, other cryptocurrencies have also suffered losses. Ethereum, despite its recent Dencun update, has lost around $800 over the week, trading at $3,200. Meme coins such as Dogwifhat (WIF) and Bonk (BONK) have experienced significant declines, alongside more established projects like Jupiter (JUP), Worldcoin (WLD), and Solana (SOL).

image 64 Why is Bitcoin Price Falling Down?

As the market navigates through these turbulent times, investors are closely monitoring Bitcoin’s support levels, the outcomes of the upcoming Fed meeting, and ETF flows. Despite the short-term challenges, the long-term uptrend remains a protective factor for those invested in the cryptocurrency space.

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Bitcoin Record-Breaking Surge almost hitting a new “all-time high”

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Bitcoin record-breaking surge and market dynamics highlight volatility and factors influencing price movements.
• Increased mainstream acceptance of Bitcoin signifies broader adoption and regulatory progress.
• Global market dynamics and prospects, including Ethereum upgrades and Bitcoin halving events, underscore complex factors driving the cryptocurrency market.
• Investors’ cautious optimism reflects balanced perspective on potential risks and rewards of Bitcoin and other cryptocurrencies.

Bitcoin record-breaking surge and market dynamics are influenced by various factors such as demand, investor sentiment, global economic conditions, regulatory developments, and technological advancements.

These factors contribute to the volatility and price fluctuations observed in the Bitcoin market. It is important to closely monitor these dynamics and consider them when making investment decisions.

Bitcoin Record-Breaking Surge & Monumental Rise

In a remarkable display of strength, Bitcoin, the pioneer cryptocurrency, has once again captured the financial world’s attention by breaking past the $70,000 threshold, setting a new all-time high. This milestone underscores the digital currency’s increasing acceptance and growing confidence among investors.

Amidst a volatile trading session, Bitcoin’s price peaked at $70,170, showcasing not only its potential for high returns but also the inherent market risks.

Bitcoin record-breaking surge and market dynamics are influenced by various factors such as demand, investor sentiment, global economic conditions, regulatory developments, and technological advancements.
Bitcoin Record-Breaking Surge almost hitting a new “all-time high” 4

Bitcoin’s journey to new heights is reflective of its burgeoning popularity and the broader acceptance of cryptocurrencies.

The digital asset’s 10% weekly gain coincides with the opening of the U.S. stock market, hinting at a possible correlation between Bitcoin’s performance and traditional financial markets.

This relationship underscores the evolving dynamics between digital and traditional assets, suggesting a growing integration of cryptocurrency within the wider financial ecosystem.

Despite its impressive ascent, Bitcoin’s path was not without turbulence. Following its peak, the cryptocurrency experienced a swift 10% drop, a movement that rippled across the crypto market, affecting other digital currencies and related stocks.

However, the market’s resilience was on full display as Bitcoin swiftly recouped most of its losses, highlighting the volatile yet tenacious nature of the cryptocurrency market. This volatility, as reflected by the Bitcoin historical volatility index reaching a yearly high, serves as a reminder of the risks and opportunities inherent in the crypto space.

Institutional Investors and Mainstream Acceptance

image 24 Bitcoin Record-Breaking Surge almost hitting a new "all-time high"

A pivotal factor in Bitcoin’s recent surge is the growing involvement of institutional investors, who, after initial skepticism, have begun to embrace Bitcoin as a viable long-term investment.

This shift is further evidenced by the approval of 11 spot Bitcoin ETFs by the U.S. Securities and Exchange Commission, a significant step towards mainstream acceptance.

These developments, coupled with the influx of billions into Bitcoin ETFs, mark a new era of institutional confidence and regulatory progress in the cryptocurrency domain.

Global Influences and Future Prospects

image 25 Bitcoin Record-Breaking Surge almost hitting a new "all-time high"
Bitcoin Record-Breaking Surge almost hitting a new “all-time high” 5

Bitcoin’s rally is not merely a domestic phenomenon but is influenced by global market dynamics, including the influx of investment into U.S. spot exchange-traded crypto products and the anticipation of global interest rate adjustments. Additionally, the crypto market is buoyed by the prospect of an Ethereum upgrade and the anticipated Bitcoin “halving” event, both of which could further bolster market sentiment.

Looking ahead, while the cryptocurrency market’s speculative nature warrants caution, the prevailing sentiment among investors is one of cautious optimism. Comparisons to the retail excitement of 2021 and the recognition of Bitcoin’s potential as a hedge against inflation suggest a bright, albeit uncertain, future for Bitcoin and the broader cryptocurrency market.

Bitcoin’s recent record-breaking performance is a testament to its growing influence and acceptance within the financial landscape. As the cryptocurrency continues to navigate through volatility and regulatory developments, investors are reminded of the importance of thorough research and risk management.

With its latest all-time high, Bitcoin not only celebrates a significant milestone but also paves the way for the next chapter in the evolution of digital finance.

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