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Decentralization of mining capacity in the Bitcoin network is increasing, Canaccord

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A new study by the Canadian financial company Canaccord Genuity Group shows that Bitcoin decentralization (BTC) is increasing.

The company noted in a report that in former times, the distribution of the bitcoin of the Bitcoin network was more concentrated. However, over the past few years, increasing competition between manufacturers of ASIC chips has led to a decrease in centralization.

Analysts stressed that in mid-2014, the GHash.io mining pool controlled about half of the total bitcoin hashrate , which made the first cryptocurrency vulnerable to attack 51% (that is, the owners of the pool that accumulates more than half of the network’s hashrate are potentially able to confirm only the transactions they need and carry out "double spending").

But in 2019, representatives of a research company say, not a single mining BTC-pool does not control more than 20% of the bitcoin of the Bitcoin network. At the same time, the five largest pools provide 70% of hashrate (from 10 to 19% each), and the rest do not reach the level of 10%.

The largest player remains Antpool, which, like ViaBTC, belongs to the mining giant Bitmain. But the company experienced a difficult last year, and its share in the mining of Bitcoin has declined markedly.

With reference to the ARK Invest study, the Canaccord report states that bitcoin centralization, as measured by the Herfindahl-Hirschman index (HHI), is steadily declining from about 3000 in 2013 to about 1200 at present.

The HHI index is used to assess the degree of market monopolization. HHI less than 1500 means “competitive market”, an index in the range of 1500–2500 corresponds to a “moderately concentrated market”, and an index of more than 2500 indicates that the market is “highly concentrated,” explained the Canadian firm.

Recall that according to a research by CoinShares, in China, up to 60% of Bitcoin mining capacity is located in China, although some have cited a large figure. Previously, this led Ripple chief Brad Garlinghouse (Brad Garlinghouse) to state that the first cryptocurrency is controlled by the Chinese government.

Publication date 07.02.2019
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Unknown trader bought Bitcoin at the rate of $ 19,400

On a little-known Brazilian cryptocurrency exchange with limited liquidity, an unknown trader purchased Bitcoin at a price that significantly exceeded the market, reports CCN. So, for 0.0047 BTC he paid 340 Brazilian reais ($ 91). At this rate, 1 BTC would have cost him $ 19,400. The current market price of 0.0047 BTC is just over $ 18. By assumption CCN, the deal was […]

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On a little-known Brazilian cryptocurrency exchange with limited liquidity, an unknown trader purchased Bitcoin at a price that significantly exceeded the market, reports CCN .

So, for 0.0047 BTC he paid 340 Brazilian reais ($ 91). At this rate, 1 BTC would have cost him $ 19,400.

The current market price of 0.0047 BTC is a little over $ 18.

According to CCN, the deal was concluded as a result of the inexperience of the trader.

“He placed a large order for the purchase and thus emptied the entire glass of sales orders. Before buying out a bitcoin share at a price of $ 19,400, he also bought out bids at a price of $ 16,000, $ 13,000 and $ 10,000, ”the portal writes.

We add that the maximum rate of Bitcoin on the Brazilian stock exchanges in December 2017 reached $ 18,900.

Recall that in July 2018, Binance suspended the operation after one of the users paid 96 BTC for one Syscoin token .

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In France, there will be another 10,000 points to buy cryptocurrencies for the euro

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French cryptocurrency startup Digycode is expanding its network. The company plans to open 10 thousand points for the sale of cryptocurrencies in France, cooperating in this matter with the payment giant Ingenico. The startup has already shared this good news on Twitter.

According to DailyHodl, a crypto startup will offer prepaid coupons, which can be purchased in three available options (20, 50 or 200 euros). A potential customer must go to the Digycode website and redeem a coupon. In this case, the euro will be converted into any of the selected currencies:

“Digycode integration is the result of a fruitful collaboration between Digital Service and Ingenico. By the way, tobacco shops equipped with Devlyx can offer our development to their customers. ”

Recall that in France they actively implement cryptocurrencies . We recently reported that by the end of February, 6.5 thousand tobacco shops will be equipped with devices for selling digital currencies. This is done, first of all, for those people who experience difficulties with buying Bitcoin online .

Publication date 18.02.2019
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The price of Bitcoin reached a monthly maximum, the bulls are preparing for a breakthrough for $ 4,000

On Monday, February 18, the price of the first cryptocurrency reached $ 3,700 at the Bitstamp exchange, thereby updating the monthly maximum. In the opinion of CoinDesk Markets analyst Omkar Godboul, this confirmed the formation of a downward wedge, a reversal pattern, which indicates a rapid change in trend. Nevertheless, Godboul noted that bitcoin is still stuck in a symmetrical triangle on the daily chart. At the same time […]

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On Monday, February 18, the price of the first cryptocurrency reached $ 3,700 at the Bitstamp exchange, thereby updating the monthly maximum. In the opinion of CoinDesk Markets analyst Omkar Godboul, this confirmed the formation of a downward wedge, a reversal pattern, which indicates a rapid change in trend.

Nevertheless, Godboul noted that bitcoin is still stuck in a symmetrical triangle on the daily chart. At the same time, the inverted head and shoulders on the four-hour chart speak in favor of breaking through the upper boundary of the triangle at $ 3,760, which will open the way to $ 4,030.

Note that today's growth of Bitcoin is supported by high volumes and an increasing number of long positions (38,237 BTC on Bitfinex). A break above $ 3,760 will change the situation on the daily chart in favor of the bulls, but failure will increase the chances of bears to return to $ 3,300.

The 5-day and 10-day moving averages (MA) on the daily chart point to the possibility of success for the bulls, while the 14-day RSI reached 61, the highest since September 2018.

It is noteworthy that on the four-hour chart RSI shows overbought. This may indicate a possible rollback before the rally to the specified values, says Godboul.

Meanwhile, Ethereum again entrenched in second place CoinMarketCap. Over the past 24 hours, the coin has grown by almost 10% and is close to the $ 140 mark. EOS and Bitcoin Cash come on the heels: they have 6.5% growth.

CoinMarketCap data

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