A regional report from China indicates that bitcoin mining rig manufacturers have seen a massive surge in demand since the price of the leading crypto asset skyrocketed. Companies such as Canaan Creative have placed significantly sized mining rig orders while other companies like Bitmain are completely sold out.
Bitcoin Mining Rig Manufacturers Experience a Device Demand Boom
Bitcoin (BTC) prices in February have spiked considerably in value and this has fueled the BTC mining sector a great deal. On Friday, the Bitcoin network hashrate is hovering above the 150 exahash (EH/s) range and there are 21 pools directing hashrate at the blockchain.
On Sunday, February 21, 2021, BTC prices touched an all-time high (ATH) at $58,354 per unit but the price has since dropped in value since then. The price per BTC has been hovering around the $47k handle at the time of publication on Friday afternoon (EST).
On Thursday, a regional report from China details that Chinese mining device manufacturing businesses are seeing lots of demand for products. China’s Global Times contributor Yin Yeping highlights that mining machine makers [are] seeing a surge in demand.”
The report notes that Shanghai Securities News revealed that Canaan Creative shares jumped 318% this year. Moreover, the company Ebang and Ebon International shares were up 82%.
Advance-Orders and Sold Out Stock
Yeping’s report also says that Canaan has revealed it has seen a “jump in orders since last year.” Central Asia and North America were the two regions with the most demand for mining devices, Canaan detailed.
On Tuesday, Canaan told the regional publication that it has contracted advance orders from both Core Scientific and Hive Blockchain. Canaan will supply 6,400 ASIC mining machines to Hive and 6,000 mining rigs to Core Scientific.
According to Canaan, 100,000 units have been pre-ordered by customers from North America this year and the firm claims to have seen advance payments of up to $200 million. Yeping also highlights that Bitmain is completely sold out and “new products are not available yet.”
Bitmain’s website shows the company’s latest machines but the devices are indeed sold out and the website’s new orders display says “to be determined (TBD)” Microbt’s Whatsminer products are also sold out as well.
The company Innosilicon’s ASIC mining rigs are completely sold out and Ebang’s web portal says customers need to make an inquiry about orders. Ebang’s site also notes that shipments are “3-3.5 months after payment.”
The lack of ASIC availability directly from the sources has made bitcoin mining rig second market prices skyrocket. For instance, a Microbt-made Whatsminer M20S 68TH/s located in the U.S. on Ebay is selling for $5,000. Machines with 11-13TH/s are selling for $250-$800 per unit on Ebay.
What do you think about the surge in demand for bitcoin mining machines? Let us know what you think about this subject in the comments section below.
A 177-year-old bank in Switzerland has enabled cryptocurrency trading within its services, with expectations to expand. Bordier & Cie SCmA added bitcoin and other cryptos to its list of services by partnering with a well-known domestic crypto player.
Bordier Customers Can Also Buy and Hold Other Cryptos
According to the announcement, the Swiss bank, founded in 1844, argued that a surge in demand from their clients encouraged them to include cryptocurrencies. Bordier & Cie SCmA management believes that they needed to diversify into “alternative asset classes such as digital assets.”
Bordier partnered with Sygnum Bank, one of the first Swiss crypto banks, to support the infrastructure management behind the crypto’s offering. It includes the custody of the private keys to control access to the cryptocurrencies and connect with liquidity providers.
With the new service, Bordier’s clients will have the possibility to buy, trade, and hold digital assets such as bitcoin (BTC), Ethereum (ETH), bitcoin cash (BCH), and tezos (XTZ). However, the banking institution seeks to expand further the offering.
Bitcoin Is the ‘New Digital Gold’
Mathias Imbach, Sygnum Bank’s Group CEO, commented on the implications that the announcement has for the current financial’s environment:
Bordier continues its 177-year tradition of safeguarding clients’ wealth for future generations by offering the ‘next generation’ of assets to its clients. Bordier’s timeless values and Sygnum Bank’s vision for Future Finance is a powerful combination in the changing financial landscape.
Bordier & Cie SCmA praised the total crypto market capitalization during the announcement, which increased almost four-fold in 2020. The Swiss bank also added:
In a portfolio context, cryptocurrencies’ high-growth and low-correlation to traditional assets makes them a powerful tool to enhance diversification and achieve superior risk-adjusted returns. Bitcoin, in particular, which many see as the new “digital gold” due to its ability to hedge against inflationary pressure, has seen strong institutional adoption as an alternative investment.
What do you think about this announcement coming from Switzerland? Let us know in the comments section below.
228 years ago the U.S. dollar was created and ever since then, the national currency has been both powerful and controversial at the same time. Moreover since 1971, after being backed by precious metals for decades, American dollars have been backed by nothing and estimates say a quarter of the U.S. monetary supply was created in 2020 alone. The U.S. dollar conflict has led a number of analysts and economists to believe the U.S. monetary hegemony is on its last leg.
The Story of the US Dollar’s Devaluation
When you talk to someone about bitcoin, they often grow confused and say that it is too complicated for them to understand. However, when you ask them if they understand the meaning of fiat currency and how the U.S. dollar operates, they will likely be clueless about that matter as well. It’s likely the reason the very structure of how it operates continues to this day, without question from the citizenry, but has fallen victim to the mistakes of the past.
People should understand that the Federal Reserve is not a federal entity and it doesn’t have reserves either. The Federal Reserve, otherwise known as the Fed, is a private and independent organization from the U.S. government. However, since the creation of the central bank in 1913, the United States government has codified all of its operations.
The U.S. dollar was officially created in 1792 and was created with the likeness of the Spanish dollar. In fact, the Mexican peso and Spanish dollar were legal tender in the U.S. up until 1857. Years before the USD started, the country’s Continental Congress decided in 1785 that the dollars and coinage would be backed by precious metals.
At that time, the measurement of 375.64 grains of fine silver was a standard example until the U.S. decided to leverage the decimal ratio. U.S. dollars, particularly the paper form that followed coins, were later called “Federal Reserve Notes,” after the infamous Federal Reserve Act of 1913. On Christmas Eve of that year, President Woodrow Wilson helped invoke the Federal Reserve.
From the 1800s to the 1900s, the U.S. economy and its currency backed by precious metals grew. At the same time, other types of markets started to swell as well, like stock markets and the creation of central banks. Paper money was issued in 1862 without backing and was invoked to pay for Civil War expenses. In 1812 as well, the U.S. created unbacked paper notes to fund the War of 1812. Before the creation of the Federal Reserve, in 1878 the U.S. temporarily reinstated silver and gold coinage.
Prior to the Fed being introduced, the Bank of England, Swedish Riksbank, and Banque de France were the first to initiate the consortium of modern central banking. In the late 1800s, stock market players during the turn of the century were accused of running ‘bucket shops.’ The bankers at the time gambled against their customers’ funds and were caught on a few occasions. In 1906, a U.S. Supreme Court decision created a standard definition of the bucket shop.
“An establishment, nominally for the transaction of a stock exchange business, or business of similar character, but really for the registration of bets, or wagers, usually for small amounts, on the rise or fall of the prices of stocks, grain, [and] oil,” the 1906 Supreme Court ruling notes.
Financial Panics and a Cabal of Bankers Bolstered the Creation of the Federal Reserve
Following the ruling, the U.S. economy was very fragile and in 1907, there was a banking panic called the “Knickerbocker Crisis.” The crisis saw a nationwide run on banks and trusts throughout the United States. Because of the “1907 Bankers Panic,” Americans did not trust the U.S. banking system.
The financial panics following the scare in 1907, plus Wall Street bankers who were members of the ‘Money Trust’ or the ‘House of Morgan’ pushed President Woodrow Wilson to enact the Federal Reserve Act. On December 23, 1913, Wilson, with the help of the U.S. Congress at the time, and the Money Trust banksters created the central bank in order to stabilize long-term interest rates, the country’s monetary supply, and employment.
From this point forward, U.S. dollars became Federal Reserve Notes (FRNs), but were still redeemable for precious metals (silver and gold) up until 1933. The Money Trust bankers, which consisted of members of the Morgan, Rothschild, Heinze, Rockefeller, and Warburg families, not only influenced markets, but also politicians like the 32nd president of the United States, Franklin Delano Roosevelt (FDR). A quick look at the St. Louis Fed documents and the Pujo hearings show how FDR was the House of Morgan’s puppet.
Financial panics in America again created an excuse for FDR to work with the bankers behind closed doors. As mentioned above, U.S. dollars were once redeemable for gold, but FDR’s bank holiday and the banning of gold ownership changed all that in 1933. FDR’s Executive Order 6102 signed on April 5, 1933 “forbid the hoarding of gold coin, [and] gold bullion.”
It seems that after removing the ability to redeem gold, the Federal Reserve, U.S. government, and other worldwide central bank members realized the fiat game without redemption may not last long. So 11 years later in 1944, the Bretton Woods pact was agreed upon, which was the first step in establishing the petro-dollar.
At that time, all of the World War II Allied nations participated and agreed that the cabal of central banks would maintain exchange rates based on the U.S. dollar. Instead of using the gold standard, a country would redeem its currency in USD rather than gold.
Vietnam War Expenditure Opens the US Dollar’s Can of Worms
As usual, war expenditure made it so the Federal Reserve, the managers of the U.S. currency continued to create a lot more dollars. Part of the Bretton Woods deal was the U.S. dollar was used because, at the time, the U.S. held three-quarters of the world’s gold. Meaning, the U.S. government, and Federal Reserve were trusted because the alleged gold could back the monetary supply.
During the Vietnam War, war expenditure was so massive other countries started taking notice of the U.S. printing massive amounts of USD. President Richard Nixon was then forced to act and in 1971, Nixon announced that the gold standard was completely removed from backing U.S. dollars.
But Nixon knew that the U.S. dollar had to have something else to keep the country’s monetary hegemony alive and well. While removing the U.S. currency from the gold standard in 1971, at the same time Nixon also made a deal with Saudi Arabia. The two countries decided that oil prices would be set and sold in USD.
Essentially that meant and still means for a number of countries today, anyone who wants to purchase oil must trade their currency for U.S. dollars. Following the deal with Saudi Arabia, the remaining OPEC countries followed suit and priced their oil in U.S. currency as well.
From this point forward the unaudited Federal Reserve and the U.S. military-industrial complex grew massive. Under President Reagan, Bush, Clinton, GW Bush, Obama, Trump, and even the current President Joe Biden, battles in the Middle East have continued relentlessly in order to keep the petro-dollar strong. For instance, this week the Biden administration authorized unconstitutional airstrikes over Syria without the approval of Congress.
American generations have been at war every year for decades on end since this time. Just before 2008, the descendants and friends of the same banking families from the House of Morgan wrecked the American economy by gambling the country’s mortgage sector. The unaudited Federal Reserve created massive amounts of USD at this time as well to save the economy and further devalued the unbacked FRNs.
Almost a Fifth of America’s Monetary Supply Was Created in 2020
After Covid-19 it has been much worse, as the coronavirus has been leveraged as an excuse to create unlimited amounts of U.S. Dollars. In 2020 alone, estimates show between 23.6% to 30% of all the USD ever created was issued in less than 12 months.
For decades on end, the U.S. government has experimented with creating massive amounts of unbacked money and it’s usually done to fund wars like the War of 1812, the Civil War, Vietnam War, and literally all the rest of the battles. Covid-19 has allowed the Federal Reserve to create a whole lot more than all the war expenses in the U.S. combined.
For all these reasons, sound money advocates, precious metals supporters, and a great deal of cryptocurrency supporters want alternatives to modern central banking and fiat. Bitcoin’s mathematical, calculated, and scarce supply is refreshing to people in a world filled with fiat manipulation. Bitcoin and a number of cryptocurrencies are nothing like the U.S. dollar, and it’s probably the reason why wealth managers in 2021 are shorting USD and long bitcoin.
Anyone can easily see that the U.S. dollar’s value has deteriorated greatly over the course of its history. It’s fairly understood among economists that the U.S. currency is not sustainable in this fashion for very much longer, and many other fiat currencies are in the same boat.
Bitcoin is the liferaft for many individuals and organizations in order to escape the devastation or get caught in the wake of the U.S. currency’s collapse.
What do you think about the history of the U.S. dollar? Let us know what you think about this subject in the comments section below.
A Dubai based crypto-based investment fund, FD7 Ventures says it will offload bitcoins worth $750 million and will use the proceeds to increase positions in Cardano and Polkadot tokens. According to FD7 Ventures, this switch to the two altcoins will help the fund to better serve the interests of investors who are looking to diversify their portfolios.
In his remarks following this announcement, Prakash Chand, the managing director at FD7 Ventures, touts the potential of the two altcoins while claiming that BTC “is actually pretty useless.” Chand added:
Projects such as Cardano, Polkadot and Ethereum are the foundation of the new internet and Web 3.0.
The managing director adds that after spending time with the founders of both projects, he is “willing to bet that each of Ethereum, Cardano and Polkadot will be more valuable than Bitcoin within the next few years.”
Meanwhile, since the start of the new year, both Cardano’s ADA and Polkadot’s DOT have surged with the latter setting a new all-time high (ATH) of over $41 on February 20. However, at the time of writing, DOT, which is the sixth-ranked token according to Messari data, was trading at just over $29. On the other hand, the token’s market cap was just under $27 billion.
In the meantime, the fifth-ranked ADA token surged to its 52 week high of $1.18 on February 25 after starting the same month at $0.175. Since the start of the year 2021, ADA is now up by more than 500% and this growth has seen token move up the crypto market cap rankings. At the time of writing, the ADA token was trading $1.05 translating to a market capitalization of $32 billion.
In the meantime, FD7 Ventures says it expects to complete the conversion of BTC into the two altcoins by mid-to-end of March.
What are your thoughts on FD7 Ventures’ decision to increase its altcoin holdings? Tell us what you think in the comments section below.
PRESS RELEASE. On January 26, 2021, Fungram LTD, as a comprehensive blockchain enterprise serving the world, has applied for an Exempt Offering of Securities from the U.S. Securities and Exchange Commission (SEC).
Based on the three major ecological sectors, DeFi lending system, encrypted index platform, and decentralized wallet, Fungram will provide a smart and open financial application ecosystem with a low access threshold for everyone and will provide a fast channel for the commercialization of cryptocurrency.
In the future, by using Fungram’s mobile applications, users will be able to find 99% of blockchain applications from whole world quickly, or they will be able to invest in other DeFi applications. Fungram focuses on search and navigation, the main channel entrance and the same like Google, will be able to open up the blockchain industry channel while implementing commercial applications to achieve dual harvest in both platform value and user reputation, i.e. bidding, advertising and financial services.
The mature Web3.0 tools and service agreements will attract more outstanding developers and applications to build an ecosystem together, and also accumulate more blockchain data, as well as promote the need for more efficient access to effective data. In the long run, with the further expansion of blockchain applications, Fungram will provide indexes and services for such blockchain data as DeFi and Web3.0 in a decentralized manner, showing a relatively promising development prospect, in the future.
Thanks to the outstanding layout in blockchain industry around the world and years of intensive improvement in cryptocurrency compliance, Fungram has made phased achievements through the team’s unflagging efforts, and never ceased to advance. In the future Fungram is committed to build a more complete intelligent navigation for blockchain, as well as an open financial ecological environment, coordinate the upstream and downstream blockchain industry, and promote the sustainable development of blockchain ecology and distributed commerce together with international partners.
Press Contact: email@example.com
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.