Investors have been patiently waiting for well over a year now to see Bitcoin skyrocket to values recorded during the cryptocurrency boom. Here, Bitcoin tipped $19,900.00 and looked to be one of the most incredible investments in history. Sadly though, cryptocurrency became too much of a good thing and an inevitable decline followed. The crash, though expected did thankfully look to be short lived, however over 12 months down the line and no real recovery in sight, we have to ask ourselves the question; what will it take to send Bitcoin to the moon again?
Remember, this is the essence of risky cryptocurrency investing. If you bought during the boom, you’ve probably lost a lot of money. If you bought prior to the boom and failed to sell because you were promised Bitcoin was going to continue to grow past $19.900,00, you might not have lost money but you’ve lost a lot of potential.
A skyrocket however is possible. Current figures do not mean Bitcoin is dead, nor do they mean that we’ll never see a surge again, but they do mean that at the moment, Bitcoin is stagnant, stuck in a rut, waiting for something exciting to happen. Many of us believe that the next surge will come through institutional adoption. When the big players like banks and large financial corporations start to invest in Bitcoin, we will see huge waves of money enter the markets. This will push up the market cap of the currency and in turn should see Bitcoin increase in value.
The risk here is that a skyrocket would then see a huge sell off, causing a massive correction and eventually bringing the price back down, but hey, at least with some careful trading, we’ll all be able to make the most of this.
The next big thing might come from something totally different. The beauty of cryptocurrency is that nobody truly knows what will happen and therefore, its virtually impossible to actually predict what will make Bitcoin reach the moon. Therefore, our final message is super important.
Bitcoin does have the potential to fly, but nobody really knows when, or to what heights it will reach. As a wise investor, the best thing for you to do is to hold on, watch the markets, do your research and always remember to trade safely. Take care and treat the markets with respect, hopefully in the long run your Bitcoin will reward your patience.
It has just come to light that Samsung is designing and manufacturing chips for mining the leading cryptocurrency, Bitcoin.
Last month, at the MicroBT M20 conference in China, the general manager for Samsung Foundries China revealed that the company had been designing and 2nm and 5nm chips for Bitcoin mining.
Bitcoin Mining & Samsung
According to some internal documents from the firm, Samsung has been fabricating these mining chips since the first quarter of last year! Samsung has publicly announced its strategic partnership with MicroBT, the third biggest designer of Bitcoin ASICs behind Bitmain and Canaan during the conference held in Chengdu, China.
So even though, it is lagging behind two big competitors, MicroBT is well-known in the space for its performance of power efficiency of its chip designs, according to sources in the industry.
With Samsung being just behind Intel for the biggest semiconductor firm, this might not come as a surprise for some. The unique space for mining equipment has slowly but surely grown as the market cap and proof-of-work cryptocurrencies have grown too.
The South-Korean conglomerate produced the chips in the latest line of microBT devices, the M20S WhatsMiner, which boasts 68 Terahashes per second with a power efficiency of 48 watts to the Terahash.
As reported by CryptoSlate:
“For reference, the industry-standard ASIC the Bitmain Antminer S9 achieves 13.5 Th/s with a power efficiency of 98 W/Th. The M20S is five times more powerful and half the power consumption at a comparable retail price of $2,450 in Chinese yuan.”
Moving to Blockchain
Back in February, Samsung announced that its new Galaxy S10 smartphone would include support for storing cryptocurrency private keys. Specifically for Ethereum, ERC20 tokens and any other ETH-based collectables.
In more recent months, rumours have surfaced that the firm is developing its own blockchain based on Ethereum which will more than likely result in a token like Facebook Coin, instead it will, of course, be more like ‘Samsung Coin’, sometime over the next few years.