Cryptocurrency
Ethereum miners on steroids, earn $500,000 in just one hour
ETH miners on the network earned a staggering $500,000 in just one hour.
Ethereum miners are cashing in big-time. This feat is triggered by transaction costs on the Ethereum network recently reaching a new hourly record.
Data retrieved from Glassnode, a crypto analytics firm, revealed that ETH miners on the network earned a staggering $500,000 in just one hour as Ether (ETH) surge.
Presently, Ether is trading at about $480, gaining more than 8%.
READ: Bitcoin Mining just got harder, as mining difficulty reaches an all-time high
#Ethereum miners earned over $500,000 USD in transaction fees in the past hour.
That is a new record high for a single hour (anomalous transaction fees earlier this year excluded).
Chart: https://t.co/RZz5yMV44U pic.twitter.com/fmyD5zZSYs
— glassnode (@glassnode) September 1, 2020
This prevailing macro is sure positive for Ether miners whose turnover has increased by higher fees and more transactions. In fact, Ethereum’s network hash rate has been growing consistently, having reached a near two year high.
Santiment Research Company a crypto analytic firm, gave graphic insights on how ETH fees in U.S dollar terms, had broken all-time highs yet again. Fees have hit $5.68, dwarfing its previous ATH of $3.46 by a wide margin.
READ: Ethereum wallets holding at least 0.1 ETH just crossed the 3 million mark for the first time
$ETH fees (in $USD) have broken all-time highs yet again. Fees have hit $5.68, dwarfing its previous ATH of $3.46 by a wide margin. $USDT, $WETH, $LINK, $USDC, $YFV #Uniswap, #Curvefi, and $YFFI are among others on our tracked fee distribution leaderboard. https://t.co/qEjunIkQaL pic.twitter.com/fn2qxdYcp2
— Santiment (@santimentfeed) September 1, 2020
However, the Ethereum network has been having constant issues with high transaction fees and congestion since the rise of DeFi tokens. Recently, the network increased the limit of maximum gas per block from 10,000,000 gases to 12,500,000 gases, but it is not the only network whose fees have been rising.
READ: Consortium of Western investors to inject upwards of $5 billion in Nigeria’s renewable energy sector
Is mining Ethereum mining worth it?
When it comes to most crypto assets, mining difficulty and costs related to it are only going upwards.
However, as ETH mining becomes more difficult based on more miners joining the process, it is expected that cost will move upward, as more computing power, software, and electricity are needed.
Nairametrics, however, believes ETH’s value in recent months has gained exponentially and will most likely continue to do so, thus making mining potentially profitable in the long term.
READ: Africa’s largest telecoms firm, MTN, to divest from its Middle East operations
Like with many other crypto assets, speculating with Ethereum can be highly profitable and has had a good history of giving its investors huge returns. However, there are also many other options to make income from Ethereum.
These options include Ethereum mining, Ethereum faucets, and Ethereum staking.
Cryptocurrency
3 Tron investors transfer 719,000,000 cryptos
TRX price is up 9.4% in the last 24 hours.
Investors have been cashing in big time on Tron, a relatively popular digital asset in the crypto-verse. Data feed on Whale Alert, an advanced crypto tracker, revealed that three whales moved about 719,000,000 Trx worth over $20 million transferred from unknown wallets to other unknown wallets.
200,000,000 #TRX (5,627,410 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) September 26, 2020
220,000,000 #TRX (6,147,722 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) September 26, 2020
299,000,000 #TRX (8,400,678 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) September 26, 2020
READ: Buying signal, Bitcoin whales with 1000 BTC or more continue to rise
TRON, at the time this report was drafted, traded at $0.02817222 with a daily volume of $1,128 billion. TRX price is up 9.4% in the last 24 hours. It has a circulating supply of 72 Billion coins and a max supply of 101 billion coins.
TRON is a blockchain-based platform that is designed to ensure that its technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON states that its network has capacity for 2,000 TPS — 24/7.
This project is best described as a decentralized platform focused on content sharing and entertainment; to this end, one of its biggest acquisitions was the file-sharing service BitTorrent back in 2018.
READ: Binance offers DeFi coders $100,000; DeFi market value hits $8 billion
TRON was founded by Justin Sun, who now serves as CEO of BitTorrent. Educated at Peking University and the University of Pennsylvania, he was recognized by Forbes Asia in its 30 Under 30 series for entrepreneurs.
TRON is one the biggest and most popular blockchains globally, ranked fifteen by market value, has entered a strategic alliance with BitGo, the leader in digital asset financial services, to bring Wrapped Bitcoin (WBTC) and a newly minted Wrapped Ether to the TRON ecosystem as TRC20 tokens.
READ: U.S public listed company allocates $425 million into Bitcoin
Justin Sun says that TRON users will not encounter high fees like in the Ethereum ecosystem.
“Everyone may now use their BTC/ETH to enjoy all the benefits of the TRON DeFi ecosystem without the high gas fees on Ethereum! JustSwap, a Uniswap alike service on TRON, has achieved $100 million 24-hour volumes since its start and represents TRON’s strong and growing DeFi ecosystem.”
Cryptocurrency
DeFi crypto market value gains over 1000% from June
Defi based crypto market value had risen from $1 billion in June to $10.71 Billion
DeFi cryptos are now a force to reckon with, especially since the era of the worst pandemic known to man came to play.
It’s important to note that DeFi-related assets are gaining traction, as data feeds from Defipulse revealed that Defi based crypto market value had risen from $1 billion in June to $10.71 billion, at the time this report was written, showing an astronomical gain of 1071%.
READ: Crypto: Why investors are rushing to DeFi assets
Why investors are flocking to DeFI cryptos
Several DeFi crypto assets have had their share of the spotlight in recent times, with cryptos such as Chainlink, Compound, YAM, UniSwap, Cream finance, and Melon gaining investors’ capital inflows.
- Using “Defi” technology, one can build smart contracts with codes that facilitate the actions of intermediaries, including managing and accepting deposits, handling collateralized loans, and liquidating collateral assets as per the terms of the contracts, should their values fluctuate.
- Although DeFi assets, about few days back, had experienced some price corrections due to the rebound of the dollar and overbought indicators, the market seems to show a bullish bias relatively in the midterm, as Defi based investors increase their asset purchases momentarily.
- DeFi crypto owners in some cases can typically receive better interest rates than they would from traditional banks on the basis that lower operating costs is enabled by operating on an automated decentralized network
As a credit to blockchain technology, the contract codes cannot be terminated or manipulated by any entity, and are executed with specific conditions.
READ: Guinness Nigeria finding it hard to refinance its loans due to dollar scarcity
What DeFi means: Defi means “decentralized finance.” By definition, it’s a crypto ecosystem made up of financial apps designed on leading blockchain platforms.
- Defi, in short, is the use of blockchain technologies (including smart contracts, decentralized asset custody, etc.) to replace all “intermediaries” with program codes, therefore maximizing the efficiency of financial services and minimizing costs.
- These digital assets are designed on Ethereum codes, and usually exhibit characteristics that include having protocols and financial smart contracts.
Cryptocurrency
Unknown entity transfers $166 million worth of Bitcoins
BTC whale moved 15,987 BTC in block 649,777 estimated to be worth about $ 166 million.
The number of transactions done by large entities in the world’s most important crypto market is on the rise.
Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that a BTC whale moved 15,987 BTC in block 649,777, estimated to be worth about $166 million, recently.
READ: Bitcoin whale transfers 11,230 BTC worth $116 million
Whale alert! 🐋 Someone moved 15,987 BTC ($166M) in block 649,777 https://t.co/VAta1uVOcH
— Bitcoin Block Bot (@BtcBlockBot) September 24, 2020
BTC whales have been moving large stacks of BTCs lately, triggered by the third BTC halving that occurred some months ago.
Much of the recent increase can be attributed to wealthy entities withdrawing their BTCs from crypto exchanges. Apparently, this is not new wealth; rather, it represents a change in the way Bitcoin whales are choosing to hold their coins.
READ: Buying signs: Ethereum whales increase their Ether holdings by 84%
From a macro level, the increase in the number of these large entities can be considered bullish.
At the time this report was drafted, Bitcoin was still trading around the $10,500 support levels, as investors have kept buying BTC at its support levels.
Explore the Nairametrics Research Website for Economic and Financial Data
Quick fact: At the BTC market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whales. This means that a BTC whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
As BTC whales accumulate BTCs, Bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.
READ: Bullish Signs: 2.6 million Bitcoins are being held on crypto exchanges
Meaning that over time, it’s possible that as BTC approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.
NASD OTC market capitalization hits N538.12 billion, as investors gain N9.22 billion
NNPC says local operators must improve capacity to achieve low cost of oil production
NNPC signs gas development and commercialization deal with SEEPCO
Buhari reappoints 3 Chief Executives of agencies under Federal Ministry of Petroleum
Report any employer without Group Life Insurance for employees – PenCom
COVID-19 Update in Nigeria
Forex trading during COVID-19 era in Nigeria
Best Mutual Funds in August, judging by their performance
It would be difficult to find loans to finance rail to Niger Republic – Cheta Nwanze
U.S dollar is king, hits two months high
Anonymous
September 4, 2020 at 2:35 am
Hi good morning how does etherrum glassnode work
Fashola Babatunde
September 4, 2020 at 7:00 am
Please am interested in this miner please add me to group.