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Here’s Why Bitcoin’s Hashrate May Drop Further This Week

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Yesterday, the Bitcoin network witnessed approximately 22 exahashes per second (EH/s) exit the ecosystem, as noted by Hashr8’s Thomas Heller on Twitter.

The self-professed “mining maximalist” also shared his estimation that we’ll see the BTC mining difficulty decline somewhere between 7.4% to 8.8% by the end of the week — a drop that, if true, would be the worst negative difficulty adjustment since the infamous, COVID-19-induced “Black Thursday” crash in March.

However, none of this is a mere random anomaly or coincidence.

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Bitcoin’s hash rate has dropped significantly over recent days, with further drops likely. Source: Blockchain.com

Seasonal Migration

The root cause of Bitcoin’s hash rate drop may be attributed to the end of the rainy season in China’s Sichuan province — where miners seasonally migrate to to reap the advantages of cheap hydro-electric power as the rains raise water levels and, in turn, BTC miners’ profit margins. This has made Sichuan one of the world’s foremost Bitcoin mining hotspots… at least, while it’s raining.

Sichuan most recently represented 18.5% of Bitcoin’s global hash rate in the spring of 2020, according to data from the University of Cambridge’s Bitcoin Electricity Consumption Index. However, this share of the world’s BTC hash rate declines after the province’s rainy season.

To put it simply, when the rains stop, the Bitcoin miners leave.

Kevin Zhang of Foundry, a subsidiary of Digital Currency Group, also noted that approximately 20 EH/s left the Bitcoin network yesterday — illustrating a weekly-average hash rate of 132.9 EH/s against the daily hash rate of 112.9 EH/s.

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Sichuan represented 9.66% of Bitcoin’s hash rate in China in April 2020. Source: Cambridge Bitcoin Electricity Consumption Index

The Bitcoin Network Resolves Itself

While the Bitcoin network is currently hemorrhaging hash rate, there’s little reason to fear.

As noted by Heller, the seasonal migration of Bitcoin miners will likely see many relocate out of Sichuan into places like Xinjian or Inner Mongolia — both of which are also powerhouses when it comes to the leading cryptocurrency’s hash rate.

Still, the rainy season won’t return again until next year — a fact which will undoubtedly be, at least temporarily, reflected in Bitcoin’s hash rate.

However, the Bitcoin network automatically undergoes regular mining difficulty adjustments that have, historically, ensured a competitive environment remains… even during the most FUD-inducing times.

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Source: https://cryptopotato.com/heres-why-bitcoins-hashrate-may-drop-further-this-week/

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Singapore’s Biggest Bank Reportedly Launched A Bitcoin Exchange

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  • Singapore’s largest bank, DBS Bank, has reportedly soft-launched an exchange offering fiat-to-cryptocurrencies trading pairs called DBS Digital Exchange. 
  • According to the website and a few reports, it will enable customers to buy and sell four of the “top digital currencies in circulation” – Bitcoin, Bitcoin Cash, Ethereum (ETH), and Ripple (XRP). They will be traded initially against SGD, HKD, JPY, and USD.
  • DBS Digital Exchange will not hold any cryptocurrencies. Instead, all assets will be kept at DBS Bank, which is “globally recognized for its custodial services.” To enhance customer safety, the bank has also deployed DBS Digital Custody, described as an “institutional-grade custody solution specially tailored for safekeeping digital assets.”
  • It’s worth noting that the exchange will only accept financial institutions and professional market makers as members. Individual investors can access the platform through an already registered member. 
  • The exchange will be regulated by the Monetary Authority of Singapore. The website also reads that it will be backed by a “leading” Asian financial services group.
  • DBS Digital Exchange will enable small and medium enterprises (SMEs) and large corporates to tap on a Security Token platform to “raise capital efficiently through the digitization of their securities and assets.” This will enable issuers to reach a wider base of investors that might not traditionally have access to such tokens.
DBS Digital Exchange. Source: DBS Bank
DBS Digital Exchange. Source: DBS Bank
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Source: https://cryptopotato.com/singapores-biggest-bank-reportedly-launched-a-bitcoin-exchange/

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Binance Uganda to Close Operations to Consolidate and Offer More Services through Binance.com

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KAMPALA, UGANDA— October 27, 2020 — Binance, the global blockchain company behind the world’s largest digital asset exchange, today announced the upcoming closure of Binance Uganda, its fiat-to-crypto exchange for Ugandan Shillings (UGX). 

Binance Uganda was the first fiat-to-crypto platform launched by Binance in June 2018 to allow users in Uganda to access cryptocurrencies with UGX and spearhead greater services throughout Africa. With Binance.com offering a greater number of services with UGX, Binance Uganda will close its operations on November 28, 2020 to centralize its services for Ugandans users on one platform. 

Binance Uganda will close registrations and all new deposits of UGX and cryptocurrencies on October 28, 2020 at 08:00 UTC. Users will still be able to trade all available crypto pairs and withdraw their UGX and cryptocurrencies.

All trading services will close on November 11, 2020 2020 at 23:59 UTC. It is anticipated that the hard shut-down of the Binance Uganda platform will be November 28, 2020 at 23:59 UTC. After the hard shut-down user accounts will be inaccessible. 

Currently, on Binance.com Ugandan users are able to deposit and withdraw UGX and buy cryptocurrencies (BTC, BNB). 

Binance remains committed to providing secure and quality crypto services to our Ugandan users. Through this alternative channel on Binance.com, users will be able to access higher liquidity, more expansive withdrawal and deposit limits and a more seamless KYC process. 

Other Binance fiat and crypto channels, products and services in Africa remain active and available – including fiat on ramps in Nigeria and South Africa and Binance P2P in Kenya, Nigeria and South Africa. Binance remains dedicated to providing products and services to the African market. 

About Binance 

Binance is the world’s leading blockchain and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://www.binance.com 

Disclaimer: This post is a press release.

Source: https://blocknewsafrica.com/binance-uganda-moves-to-binance-com/?utm_source=rss&utm_medium=rss&utm_campaign=binance-uganda-moves-to-binance-com

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