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Litecoin explodes more than 25% and overtakes Solana to lead in the current bear market

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  • Litecoin has outperformed all other altcoins in the market gaining more than 37 percent on the weekly chart.
  • The recent LTC price surge comes amid strong whale accumulation since the beginning of November.

The cryptocurrency market has shown a strong bounce-back gaining 6.5 percent over the last 24 hours. But one altcoin that’s delivered outstanding returns is Litecoin (LTC).

In a surprise move, the LTC price has shot up 27 percent as of press time and is trading at $79.00 with a market cap of $5.6 billion. With this recent move, Litecoin has surged past both – Solana and Shiba Inu – to become the 13th largest cryptocurrency by market cap. Similarly, the 24-hour trading volumes for Litecoin have also jumped by nearly 200 percent shooting to over $2.18 billion.

While most of the cryptocurrencies have been trading in the red, Litecoin has outperformed all big players with 37 percent weekly gains. In fact, it’s not only the last week! LTC has outperformed the entire crypto space since June this year.

Much recently, Bitcoin evangelist Michael Saylor also compared Litecoin to Bitcoin. Saylor said that Litecoin is just a commodity similar to Bitcoin. This comes at a time when the U.S. Securities and Exchange Commission (SEC) has been going after every big cryptocurrency in the market and running it through the Howey Test to determine whether it’s a security or not.

Additionally, the world’s largest crypto payment processor BitPay also added support for Litecoin earlier this year. Since then, Litecoin has surpassed every other altcoin in the market in terms of transaction market share. Only Bitcoin is above LTC in this regard.

Litecoin whales are back in action

One of the major reasons behind the current LTC price action is strong whale activity. On-chain data provider Santiment reported:

In the past 2 weeks, addresses holding 1k to 100k $LTC accumulated $43.4M in coins en route to the first price jump above $80 since May.

Also, since November 2, the largest whale cohort holding one million to 10 million coins increased their bags. This cohort alone added 2.4 million LTC to their bags.

Courtesy: Santiment

Also, as per on-chain data, Litecoin’s 30-day MVRV (ratio of market value to realized value) has surged above 15 percent hinting at a bit of a danger zone. Thus, we can expect some cool-down in the LTC price going ahead. But the Santiment report notes:

The 365-day MVRV reveals that long-term traders are FINALLY back in positive territory for the first time since December 2nd, 2021. This key turning point could actually signal some short-term optimism that may fuel a price rise after the shorter term trading returns settle down slightly.

Another reason behind the renewed bullish sentiment in LTC is the upcoming reward halving scheduled eight months from now. This is the third-halving event for Litecoin and could bring a positive change in LTC’s supply dynamics.

Der Beitrag Litecoin explodes more than 25% and overtakes Solana to lead in the current bear market erschien zuerst auf Crypto News Flash.

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Bitcoin Wallet Insights: Exploring the Timeframe to Mine One Bitcoin

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Bitcoin mining is the computational process that secures the Bitcoin network and mints new Bitcoins as a reward. It involves dedicating significant computing resources to solving complex cryptographic puzzles. For any individual miner, a key question is: how long does it take on average to mine one Bitcoin?

While dependent on mining equipment and conditions, examining the variables that influence mining rates can provide perspective on achievable timeframes. Let’s explore the Bitcoin mining process and factors impacting the timeline for miners to acquire their first coin.

The Probabilistic Nature of Bitcoin Mining

Bitcoin mining is essentially a lottery where participants compete to solve a mathematical problem and create the next valid block. Successfully doing so earns the miner the right to include a new batch of transactions and mint fresh Bitcoin. However, finding a solution involves guessing trillions of random numbers per second with no guarantee of success.

On average the Bitcoin network produces a new block every 10 minutes. But for an individual miner, discovering a valid hash could take days or even months depending on the equipment. Similar to a lottery drawing, the more hashrate or “tickets” a miner has, the better the chances of hitting the jackpot. Solo miners face unpredictability, while mining pools smooth earnings over time.

Hardware Capabilities and Hashrate Output

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Bitcoin Wallet Insights
Bitcoin Wallet Insights: Exploring the Timeframe to Mine One Bitcoin 3

The most important factor determining the Bitcoin mining timescale is the amount of hashrate measured in hashes per second. Hashrate depends on the processing power and efficiency of mining machines like ASICs and GPUs. More powerful units with cutting-edge chips can calculate many more solutions per second.

Output also varies based on other specifications like energy draw, cooling systems, and firmware. Units purchased more recently typically boast better performance than earlier generations. Maximizing hashrate within a given budget accelerates mining output and Bitcoin earnings.

Evolving Network Difficulty

Bitcoin’s network difficulty dynamically adjusts every 2016 block to maintain an average 10-minute discovery time as the hash rate fluctuates. If mining power on the network rises, the difficulty increases proportionally to compensate. The higher the difficulty, the more guesses are required to find a valid hash.

Since Bitcoin’s inception, network difficulty has risen over 20 billion times as ASICs have become faster. This makes mining new Bitcoins much harder now than in earlier years. Even the latest equipment with high hash rates faces greater difficulty earning each coin over time.

Energy Costs and Location

The cost of electricity to power energy-intensive mining rigs can make or break profitability. Areas with lower energy prices allow miners to operate more machines at higher margins. Places with excess renewable energy tend to attract larger mining operations.

Some miners even leverage flared natural gas that would otherwise be wasted. The lower the energy expenditure, the faster miners reach the breakeven point on equipment costs. Optimizing energy infrastructure is key to maximizing mining velocity.

Bitcoin’s Diminishing Block Subsidy

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Bitcoin Wallet Insights: Exploring the Timeframe to Mine One Bitcoin 4

When originally launched, successfully mining one block awarded miners 50 Bitcoins. However, Bitcoin’s code reduces this block subsidy by half roughly every four years. In mid-2024 the next halving will drop the reward to just 3.125 Bitcoins per block solved.

As the block subsidy declines, mining each Bitcoin requires more time and resources. After the next few halvings pass, most mined coins will come from transaction fees rather than the subsidy. This gradually slows the minting of new Bitcoins over time by design.

Conclusion

While Bitcoin mining may seem straightforward at first glance, the actual timeline for acquiring coins is influenced by a complex interplay of factors. These include a miner’s hashrate capabilities, network difficulty, energy infrastructure, and the diminishing block subsidy. To succeed, miners must optimize across these variables.

As your Bitcoin wallet holding matures, the process of minting new coins naturally becomes more challenging. However, by leveraging economies of scale, access to low-cost power, and the latest hardware technology, miners persist in securing the network and facilitating the issuance of new Bitcoin.

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Sastanaqqam Company Sets New Milestone with Move to Dubai’s One Central, Joining Leading Crypto Innovators

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Sastanaqqam Company, a visionary in the blockchain and Web 3.0 domains, has announced its strategic relocaon to the renowned One Central district in Dubai by the end of March. This move places Sastanaqqam in the epicenter of leading names in the cryptocurrency industry, signifying its burgeoning influence in the global hub for digital asset innovaon.

One Central has become a pivotal hub for cryptocurrency enterprises, known for its state-of-the-art facilies and a business-friendly regulatory environment. This district houses notable crypto enes like Bybit’s global headquarters and the, a hub for cryptographic and blockchain technologies.

Sastanaqqam’s relocaon to One Central reflects its alignment with Dubai’s vision as a leader in technological advancement and financial innovaon. “Our move to One Central isn’t just a relocaon; it’s a strategic decision to integrate with a community at the forefront of blockchain and digital currencies,” said Azzi Mohamed Mbarek, COO of Sastanaqqam.

The decision to establish a base in One Central, alongside pioneering crypto plaorms such as Deribit, underscores Sastanaqqam’s ambion to be at the forefront of the crypto revoluon. Dubai’s One Central offers an environment ripe for collaboraon, innovaon, and growth, making it an ideal locaon for Sastanaqqam’s expansion.

In ancipaon of this significant move, Sastanaqqam is ramping up its recruitment efforts, aiming to atract top talent in blockchain and fintech. The new office in One Central will be equipped with the latest technology and designed to foster innovaon and collaboraon.

Local businesses and the community in One Central are excited about Sastanaqqam’s arrival. “Sastanaqqam’s addion to One Central is not just a boost to our local economy; it also reinforces our status as a leading tech and financial hub,” shared [Local Business Owner’s Name].

Sastanaqqam’s relocaon to One Central marks a significant chapter in Dubai’s emergence as a global leader in technology and digital assets. This move is poised to open new avenues for collaboraon and innovaon in the cryptocurrency sector.

About Sastanaqqam:

Established in 2021, Sastanaqqam is a visionary company specializing in blockchain and Web 3.0 technologies, with a focus on integrang art, gaming, and DeFi to create a comprehensive digital ecosystem.

For further informaon, visit: htps://sastanaqqam.io/

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Top Korean game developer Wemade to exhibit at Taipei Game Show for the first time

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  • Visitors are among the first Asian audiences outside of Korea to preview Night Crows Global and Fantastic4 Baseball
  • Night Crows Global combines breathtaking visuals, immersive gameplay and massive-scale battles with advanced tokenomics and omnichain support
  • Fantastic4 Baseball lets gamers manage and control teams of real-life players from different professional leagues including the Chinese Professional Baseball League

Leading South Korea-based global game developer WEMADE will be exhibiting for the first time at the Taipei Game Show 2024, to be held at the Nangang Exhibition Center from January 25th to 28th. Wemade will be showcasing the Web3 version of “Night Crows”, the blockbuster MMORPG developed by game studio MADNGINE and Round1 Studio’s baseball simulation game “Fantastic4 Baseball”. Visitors to the show will get the chance to be among the first gaming fans outside of Korea to preview and play both games for the first time, and also take part in a variety of other exciting activities.

One of South Korea’s most successful mobile game launches of 2023, Night Crows is built using Unreal Engine 5’s groundbreaking features for creating massive open worlds in incredible high-fidelity detail. The upcoming Web3 version is a feat of expansive world-building and story-telling that combines breathtaking visuals, immersive gameplay and massive-scale battles with advanced tokenomics, NFT minting and trading, and omnichain support. 

Fantastic4 Baseball is a mobile baseball sports simulation game that features high-quality graphics, intuitive and easy-to-use operation methods, and a realistic reproduction of the game of baseball. Gamers get the chance to manage and control teams of real-life players from different professional leagues including the Chinese Professional Baseball League (CPBL), Taiwan’s top-tier professional baseball league. Pre-registration for Night Crows Global is now open with both games scheduled to be launched by the end of Q1 2024.

Organized by the Taipei Computer Association, the Taipei Game Show has been held for over 20 years since 2003, and is Asia’s first annual international gaming exhibition. Recognized as a significant business platform by the industry, its diverse showcase content and comprehensive business matchmaking services attract over 2,500 business visitors from more than 40 countries/regions each year, making it the most noteworthy gaming exhibition in the Asia-Pacific region.

About WEMADE

Part of the first generation of Korean PC online game developers and Korean mobile game developers, Wemade is at the forefront of the next wave of Web3 game developers that are innovating with blockchain technology. Based on the WEMIX3.0 Mainnet, the WEMIX PLAY blockchain gaming platform is the world’s biggest with millions of users and a wide range of game genres from card, puzzle, simulation and strategy games; to first-person shooters, battle royale, MOBA, MMORPG, SNG, sports games and more. Visit www.wemix.com/communication / www.wemixplay.com for more information. 

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