Chart of the Day
The price of Bitcoin extended its decline to test support in the upper region of $46k after briefly bouncing back to $48k on Wednesday. Although the reclamation of the $50k-handle proved to be short-lived, the mining industry is staging a quiet yet sustained comeback. Bitcoin mining power has recovered 40% from July lows on the back of China’s strong-handed crackdown. Mining difficulty rose by 13%, signaling intensified competition as miners gradually return to the network.
On the other hand, the Ethereum network recorded robust activities despite the imminent transition to Proof-of-Stake, which may ultimately mark the end of the current Proof-of-Work consensus. ETH hash rates soared past the May peak to an all-time high of 611 TH/s.
Talk of the Town
Movie screens and the crypto scene. Perhaps we all remember the moment when crypto made its way to prime time television — you know, back when HBO’s Silicon Valley digs at ICO mania or when the geeks on TBBT came to the realization that they once owned hundreds of bitcoins. (Well, those were the days). Now, there is a full-fledged TV series centered on modern cryptocurrency culture, produced by Emmy-nominee Rob Weiss. The show, titled Hold On For Dear Life, a backronym for HODL (a typo-turned-motto among Bitcoin maximalists) would likely resonate profoundly with the crypto community. And, get this, the show is written by the pseudo-anonymous crypto insider Suhh Toshee (as if I have to spell it out for you). Now, pass the popcorn!