RATE Group | Report reveals China’s mining domination, while BTC/USD’s mainstream usage gets question…
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Report reveals China’s mining domination, while BTC/USD’s mainstream usage gets question…

12 Dec Report reveals China’s mining domination, while BTC/USD’s mainstream usage gets question…

Posted at 00:08h in Bitcoin News by

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  • As per Coinshares, China controls two-thirds of Bitcoin’s hashing power.
  • Billionaire “shark” Mark Cuban recently called Bitcoin “too difficult” to become a reliable currency.
  • The daily confluence detector shows a lack of support levels on the downside.

The king of cryptocurrencies has lately had a lot more eyeballs on it than usual, due to its upcoming “halving.” Halving is an event wherein the miner’s block reward (a reward they get for successfully mining a block) gets halved. This is done regularly after a certain number of blocks (210,000 in Bitcoin’s case) are mined to make sure that the supply-demand equation of the circulating tokens doesn’t go out of control. The bitcoin halving is going to take place around May 14, 2020, and the block reward is going to go down from 12.5 BTC to 6.25 BTC. Many investors believe that the price is going to skyrocket post halving as it did after the second halving. The second halving took place in…

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