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Cipher Mining splashes $350M on next-gen Bitcoin mining rigs from Bitfury

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According to a Form 8-K filing with the United States Securities and Exchange Commission (SEC) on Monday, Cipher Mining will purchase 28,000 to 56,000 next-generation Bitcoin mining hardware from Bitfury at a cost of $6,250 per rig.

At a maximum cost of $6,250 per machine, Cipher’s Bitcoin mining hardware outlay could go between $175 million and $350 million, depending on whether the company elects to receive all 56,000 rigs as stated in the purchase agreement.

The total inventory order will be delivered in seven batches on a monthly basis beginning in the summer of 2022 until December 2022.

As part of the SEC filing, Cipher Mining will pay an advanced fee of $10 million within three business days of executing the agreement to kickstart the massive order.

As previously reported by Cointelegraph, Cipher Mining has designs towards achieving a 745 megawatts Bitcoin mining capacity before the end of 2025.

In March, the company entered into a $2 billion merger with the Nasdaq listed Good Works Acquisition Corp — a special purpose acquisition company (SPAC).

Cipher Mining is also backed by investors like Fidelity Management and Research as well as the Morgan Stanley-affiliated Counterpoint Group.

Related: Northern Data to obtain 33K ASIC miners through Bitfield acquisition

The scale of the company’s planned expenditure for Bitcoin mining rigs is in keeping with the rapid expansion policies being pursued by crypto mining establishments in North America.

Crypto mining firms in the United States have been acquiring more rigs from major manufacturers like Bitmain and MicroBT.

According to data from the Cambridge Bitcoin Electricity Consumption Index, the United States now accounts for over a third of the global BTC hash rate distribution.

Cipher Mining Technologies Inc. has entered into Master Services and Supply Agreement with blockchain development giant Bitfury to purchase Bitcoin (BTC) mining rigs.


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Source: https://cointelegraph.com/news/cipher-mining-splashes-350m-on-next-gen-bitcoin-mining-rigs-from-bitfury

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Infrastructure platform Quicknode raises $35M in Series A financing

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Quicknode, a Miami based blockchain infrastructure platform, announced the completion of a $35 million Series A round of financing on Wednesday, led by Venture Capital firm Tiger Global. Seven Seven Six, Soma Capital, Arrington XRP Capital, Crossbeam and Anthony Pompliano also participated in the round. This follows a $5.3 million seed round back in March, and brings the total investment in the company to just north of $45 Million. 

Quicknode was founded by Dmitry Shklovsky, Manuel Kreutz, Auston Bunsen and Alexander Nabutovsky and graduated from Y Combinator in March of 2021. The platform currently supports ten blockchains, including ethereum, bitcoin and solana with more being added monthly. Reddit co-founder Alex Ohanian who invested in the round through his fund, said in a press release:

“We’re excited to be a firsthand witness to QuickNode’s rapid growth, enabling more individuals and businesses to easily adopt blockchain technology. QuickNode is yet another example of Miami Tech excellence.”

Over the last few years, Miami has emerged as a major hub in the cryptosphere, with it’s Mayor Francis Suarez even unveiling a proposal to pay city workers in bitcoin. YCombinator tweeted it’s congratulations as well, noting that the company’s clients now include industry giants Paypal and Coinbase. Tiger Global deal partner John Curtius wrote in a press release published by Quicknode:

“QuickNode’s leadership in multi-chain support and vision to be the number one provider of blockchain infrastructure will help businesses build on trusted, low-latency, globally available infrastructure to serve billions of people over the next 5-10 years.”

Tiger Global has contributed to a hefty number of blockchain-based platforms and services in the last year. Cointelegraph reported earlier this month that the company participated a $298M round for financial charting provider, Trading View. Prior to that, they led a $24M funding round for security platform CertiK back in August of this year. Other crypto investments in its portfolio include the FalconX crypto exchange, infrastructure provider MoonPay, and $25B powerhouse FTX.


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Source: https://cointelegraph.com/news/infrastructure-platform-quicknode-raises-35m-in-series-a-financing

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Voyager Digital will be crypto brokerage partner for Dallas Mavericks

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Crypto trading platform Voyager Digital has inked a deal with the Dallas Mavericks basketball team aiming to make crypto more accessible through fan engagement and other educational programs.

In an Oct. 27 announcement, Voyager Digital said it would become the Mavs first cryptocurrency brokerage and international partner in a five-year deal. The trading platform will also have naming rights over the franchise’s Mavs Gaming Hub in Dallas, a venue for the Mavs NBA 2K League team.

“This partnership gives us the opportunity to educate people all over the world on ways to use crypto in their everyday lives,” said Voyager Digital co-founder and CEO Steve Ehrlich. “We want to help people learn alternate ways to grow their wealth to achieve true financial freedom and build intergenerational wealth through crypto. We found a great partner to do this with in the Mavs and their owner, Mark Cuban, who is already deeply involved in the space.”

Under owner Mark Cuban, the basketball franchise was one of the first in the NBA to accept crypto payments for tickets and merchandise. The Mavs first started accepting Bitcoin (BTC) in 2019, and this year — perhaps due to Cuban being a major Dogecoin (DOGE) proponent — expanded to include the meme-based token.

Related: Coinbase announces multiyear partnership with NBA and WNBA

Many crypto companies and platforms have formed partnerships with sports organizations across the globe as the space expands and seemingly becomes more profitable as a sponsor. Crypto derivatives exchange FTX announced it had become the official sponsor of Major League Baseball in June and previously struck a deal to name the Miami Heat’s home stadium the FTX Arena until 2040.

The announcement comes following the Mavs kicking off the 2021–2022 season on Oct. 6.


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Source: https://cointelegraph.com/news/voyager-digital-will-be-crypto-brokerage-partner-for-dallas-mavericks

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Price analysis 10/27: BTC, ETH, BNB, ADA, SOL, XRP, DOT, DOGE, SHIB, LUNA

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Bitcoin (BTC) has broken back below the psychological support at $60,000. While this seems to be negative in the short term, the price action has continued to mirror its movement in 2017. If the similarity continues for the remainder of the year, Bitcoin bulls may be in for a party.

PlanB, creator of the popular Bitcoin Stock-to-Flow (S2F) model, recently proclaimed in a tweet that the second leg of Bitcoin’s bull market has begun. If Bitcoin’s price action continues to follow the S2F model, the analyst believes a rally to $100,000 to $135,000 may be possible by the end of the year.

Daily cryptocurrency market performance. Source: Coin360

Although Bitcoin garners the lion’s share of attention, cryptocurrency exchange Okcoin said in a recent report that institutional investors’ appetite for non-Bitcoin crypto assets has been growing. The report said that 53% of the purchases by institutional investors in September were in altcoins.

Is the current fall in Bitcoin a buying opportunity or the start of a deeper correction? How are the altcoins expected to react? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin failed to retest the overhead resistance zone at $64,854 to $67,000 on Oct. 25, which may have prompted short-term traders to book profits. That has pulled the price down to the strong support at the 20-day exponential moving average (EMA) ($58,948).

BTC/USDT daily chart. Source: TradingView

A break and close below the 20-day EMA will be the first sign that the bullish momentum may be weakening. If bulls fail to reclaim the level quickly, the selling could accelerate and the BTC/USDT pair could slide to $52,920.

The relative strength index (RSI) has dropped to the midpoint and the 20-day EMA is flattening out, suggesting a balance between supply and demand.

This advantage will tilt in favor of the bears if the pair slides and sustains below the 50-day simple moving average (SMA) ($51,556). On the other hand, a breakout to a new all-time high will indicate that bulls are back in command.

ETH/USDT

The bulls tried to resume the uptrend in Ether (ETH) on Oct. 26 and 27 but could not sustain the price above $4,200. This suggests that bears are active at higher levels.

ETH/USDT daily chart. Source: TradingView

The sellers have pulled the price to the 20-day EMA ($3,869), which is an important support to keep an eye on. A strong bounce off the 20-day EMA will suggest that the sentiment remains positive and traders are buying the dips. The bulls will then again try to resume the uptrend.

On the contrary, if the 20-day EMA cracks, it will signal that traders may be booking profits and supply exceeds demand. The bears will then try to pull the price to the 50-day SMA ($3,488).

BNB/USDT

Binance Coin (BNB) turned down from the overhead resistance and broke below the 20-day EMA ($462) today. This is the first sign that the bullish sentiment could be weakening.

BNB/USDT daily chart. Source: TradingView

The long tail on today’s candlestick shows that bulls are attempting to defend the neckline of the inverse head and shoulders pattern.

If they succeed, the BNB/USDT pair could again try to rally to the overhead resistance at $518.90. A break and close above this resistance could signal the resumption of the uptrend.

Conversely, a close below the neckline could pull the price to the 50-day SMA ($423). If this support is breached, the next stop could be $392.20. The flattish moving averages and the RSI near the midpoint do not indicate a clear advantage to either bulls or bears.

ADA/USDT

Cardano’s (ADA) tight range trading between the 20-day EMA ($2.15) and the support line of the symmetrical triangle resolved to the downside on Oct. 27. This suggests that bears have asserted their supremacy.

ADA/USDT daily chart. Source: TradingView

The sellers pulled the price below $1.87 on Oct. 27 but the long tail on the candlestick suggests that bulls are attempting to defend the support. The recovery attempt is likely to face strong resistance at the 20-day EMA.

If the price turns down from the 20-day EMA, the bears will again try to break the $1.87 support. If that happens, the ADA/USDT pair could resume the down move toward the pattern target at $1.58.

The bulls will have to push and sustain the price above the resistance line of the triangle to invalidate the negative view.

SOL/USDT

Solana (SOL) broke above the overhead resistance at $216 on Oct. 25 but the bulls could not sustain the breakout. This may have attracted profit-booking by short-term traders, pulling the price to the 20-day EMA ($177).

SOL/USDT daily chart. Source: TradingView

The long tail on Oct. 27’s candlestick suggests that sentiment remains positive and bulls are buying on dips to the 20-day EMA. The buyers will now again try to push the price above the overhead resistance.

If they succeed, the SOL/USDT pair could resume the uptrend with the next target objective at $239.83. Contrary to this assumption, if bears pull the price below $171.47, the pair could extend the drop to the trendline. A break below this support will signal a possible trend change.

XRP/USDT

The bulls pushed Ripple (XRP) above the downtrend line on Oct. 26 but could not sustain the higher levels as seen from the long wick on the day’s candlestick. This may have trapped the aggressive bulls, resulting in strong selling on Oct. 27.

XRP/USDT daily chart. Source: TradingView

A close below the $1 support will complete a descending triangle pattern that could pull the price down to the strong support zone at $0.88 to $0.85. If this zone fails to arrest the decline, the XRP/USDT pair could extend the slide to the pattern target at $0.77.

The 20-day EMA ($1.08) is flat but the RSI has dropped into the negative zone, indicating that the bears are attending a strong comeback. This negative view will invalidate if bulls push and sustain the price above the downtrend line. That could clear the path for a possible rally to $1.24.

DOT/USDT

Polkadot’s (DOT) failure to rise above the overhead resistance at $46.39 on Oct. 26 may have prompted selling by short-term traders. This pulled the price down to the strong support at $38.77 on Oct. 27.

DOT/USDT daily chart. Source: TradingView

The long tail on Oct. 27’s candlestick shows that bulls are defending the support with vigor. If buyers push the price above $46.39, the DOT/USDT pair could resume its up-move and challenge the all-time high at $49.78.

Alternatively, if bulls fail to clear the overhead hurdle, the pair may consolidate between $46.39 and $38.77 for a few days. A break and close below $38.77 could signal the start of a deeper correction to the 50-day SMA ($35.14).

Related: Shiba Inu could surpass Dogecoin after a 700% SHIB price rally in October

DOGE/USDT

Dogecoin (DOGE) turned down from $0.28 on Oct. 24, indicating that traders are liquidating positions on rallies. The bulls again tried to push the price above the $0.27 overhead resistance on Oct. 26 but failed.

DOGE/USDT daily chart. Source: TradingView

The selling accelerated on Oct. 27 after bears pulled the price below the 20-day EMA ($0.24). This resulted in a decline close to the strong support zone at $0.21 to $0.19. The long tail on the day’s candlestick suggests that traders continue to defend the support zone.

The 20-day EMA has flattened out and the RSI is just below the midpoint, suggesting a possible range-bound action in the near term. The next trending move could start on a break above $0.28 or a close below $0.19.

SHIB/USDT

SHIBA INU (SHIB) is in a strong uptrend. The long wick on the Oct. 24 candlestick shows that bears tried to stall the up-move at $0.00004465 but they could not sustain the selling pressure. Buying resumed on Oct. 25 and the meme coin resumed its northward march.

SHIB/USDT daily chart. Source: TradingView

The strong up-move has pushed the RSI near the 90 level, which suggests that the rally may be overextended in the short term. However, this does not guarantee the start of a correction because the RSI had reached above 93 on Oct. 6 before a pullback happened.

The bulls have pushed the SHIB/USDT pair above the 161.8% Fibonacci extension level at $0.00006531. If the price sustains above this level, the next stop could be the 200% extension level at $0.00007586.

Vertical rallies are rarely sustainable and they usually end with waterfall declines. Therefore, chasing prices higher after the recent rally may be risky.

LUNA/USDT

Terra protocol’s LUNA token broke above the overhead resistance at $45.01 on Oct. 26 but the bulls could not sustain the higher levels as seen from the long wick on the day’s candlestick.

LUNA/USDT daily chart. Source: TradingView

The bears sensed an opportunity and pulled the price below the $39.75 support on Oct. 27, but a minor positive is that bulls bought the dip to the 50-day SMA ($38.16). If the price sustains above $39.75, the bulls may again try to push the LUNA/USDT pair toward $45.01.

Conversely, if the price breaks below the 50-day SMA, the pair could drop to the strong support zone at $34.86 to $32.50. This is an important zone for the bulls to defend because a break below it could accelerate selling.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.


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Source: https://cointelegraph.com/news/price-analysis-10-27-btc-eth-bnb-ada-sol-xrp-dot-doge-shib-luna

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