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CPower, Voltus Join Auradine to Optimize Bitcoin Mining

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Today, Auradine, a Silicon Valley-based Bitcoin miner manufacturer, has strategically partnered with virtual power plant providers CPower and Voltus. The collaboration aims to enhance energy demand response and grid stability using Auradine’s EnergyTune technology.

This technology allows Bitcoin miners to adjust their energy consumption in real-time. It could also reduce usage during peak demand periods and increase production during times of surplus.

Auradine to Enhance Bitcoin Miners’ Efficiency with EnergyTune

The initiative aims to support a more sustainable and flexible energy future by integrating demand response capabilities within the Bitcoin mining industry. Auradine’s EnergyTune technology and its collaborations with CPower and Voltus target to enhance efficiency and environmental friendliness in Bitcoin mining. By owning the entire technology stack, Auradine aims to provide performance and integration without relying on third-party components.

In an exclusive interview with BeInCrypto, Rajiv Khemani, co-founder and CEO of Auradine, explained the motivation behind the partnerships with CPower and Voltus. He emphasized the company’s goal to enable efficient and sustainable Bitcoin mining by utilizing excess or wasted energy. This approach allows Bitcoin miners to return energy to consumers and industries when needed.

Read more: How Much Electricity Does Bitcoin Mining Use?

“When we learned about CPower and Voltus, we felt that these companies have very aligned missions with us. So, we thought that a strategic partnership with them was very critical,” he noted.

A January report by Coinshares supports this approach. It found that Bitcoin mining consistently seeks the most affordable energy sources. This sector often utilizes stranded energy that cannot be easily integrated into the existing power grid, usually by tapping into renewable energy projects in remote areas.

Consequently, there is an increasing trend of Bitcoin mining operations using electricity from sustainable sources. Daniel Batten, an environmental, social, and governance (ESG) analyst, estimates approximately 53% of the energy consumed by Bitcoin mining operations is now renewable. This figure is higher than the finance industry’s use of sustainable energy, estimated at 40%.

Bitcoin's Sustainable Energy Use.
Bitcoin’s Sustainable Energy Use. Source: Daniel Batten

Khemani also discussed the integration process of EnergyTune technology, which enables rapid adjustments in energy consumption at both unit and data center scales. This capability aims to match demand with supply and maintain grid stability. The technology’s ability to increase and decrease energy consumption within seconds is seen as a valuable tool for the energy sector and Bitcoin miners.

Feedback from Auradine’s clients has been positive. Over 30 customers have expressed satisfaction with the capabilities offered by the company’s Bitcoin miners.

These miners also allow operations in extreme conditions without air conditioning. While not all customers have used the CPower and Voltus features yet, those who have are exploring the potential benefits as they expand their deployments.

Bridging Bitcoin Mining and AI Infrastructure

Looking ahead, Auradine intends to diversify its product portfolio to include additional blockchain and generative artificial intelligence (AI) applications. In April, Auradine secured $18 million in Series B funding, which Khemani stated will be used to scale operations and expand the portfolio. The company also plans to raise additional capital later this year to support further growth and innovation.

“Our team has talents and capabilities in the security and cybersecurity area. So, one of the areas we are working on is we can build compelling solutions that are better than using current solutions for generative AI security applications. We expect to bring products in that area over the next one to two years and will disclose more about this as the products get closer to market,” he explained.

Furthermore, Auradine aims to tackle the rising computing and energy costs associated with AI by developing domain-specific solutions. This plan aligns with a recent Bitwise report highlighting the growing value of Bitcoin mining infrastructure for AI companies due to the current AI boom and a shortage of data centers and powerful chips.

However, Khemani noted that while there is potential synergy between Bitcoin and AI data centers, it remains early days. Bitcoin miners’ flexible load capability suits them for demand response and pricing response, whereas AI data centers typically require more consistent energy sources.

Read more: Bitcoin Mining From Home: Is It Possible in 2024?

Additionally, Auradine plans to partner with states and countries that support Bitcoin and energy providers with excess energy. These partnerships aim to responsibly integrate Bitcoin mining into the broader energy and financial ecosystems.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Crypto Whale Sells $400 Million in Bitcoin; Price Drops to $57,800

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Retail investors are showing remarkable confidence by buying the dip despite a significant sell-off by a prominent crypto whale. The recent transactions have stirred up the Bitcoin and crypto markets, particularly influencing the market’s short-term trajectory.

Early Thursday in Asian trading hours, Bitcoin’s price plummeted to $57,800, marking a two-month low. Despite this drop, the price recovered up to $59,000 by the time of writing.

Crypto Whale Sold Over $400 Million Worth of Bitcoin

Amidst the Bitcoin volatility, a crypto whale wallet, 3G98j, deposited an eye-watering 1,800 BTC, valued at $106.08 million, into Binance. Hours after the first deposit, the crypto whale again sent 1,800 BTC worth nearly $100 million to the same platform.

Typically, such large deposits to a crypto exchange suggest a potential sale. In the past week alone, this crypto whale has transferred a total of 5,281 BTC—worth around $423 million to Binance.

Despite these considerable sell-offs, the reaction from retail investors has been notably bullish. According to data from Santiment, a behavior analytics platform, the retail sector is aggressively purchasing Bitcoin under the $60,000 mark.

“The crowd is showing signs of seeing this as a buy-the-dip opportunity. Ideally, we wait for their enthusiasm to settle down. The time to buy is when they are impatient and skeptical,” Santiment explained.

Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

Frequency of "Buy the Dip" Mentions on Social Platforms
Frequency of “Buy the Dip” Mentions on Social Platforms. Source: Santiment

Cold Blooded Shiller, a pseudonymous crypto analyst on X (formerly Twitter), echoes this sentiment. He provided a nuanced take on the current market conditions, noting novice traders’ challenges.

“Conditions remain significantly weighted on the downside, and the momentum is all there. Adapting to the side with the momentum is incredibly important, but that doesn’t make it a necessity to trade,” he advised.

Furthermore, Cold Blooded Shiller elaborated on the risks and strategies in current market conditions. He emphasized the need for patience and strategic disengagement, suggesting that many’s best course of action might be to avoid active trading.

“For many of you, sitting on the sidelines and doing other things is the biggest alpha I can bestow upon you,” Cold Blooded Shiller stated.

Moreover, he highlighted the psychological aspect of trading under such volatile conditions. He advised retail traders to let things settle down and reduce their emotions when timing the market, reinforcing the need for strategic patience until the market shows signs of a positive momentum shift.

Read more: Cryptocurrency Trading Courses Tailored for Beginners

The contrast between the crypto whale’s actions and retail investors’ enthusiasm paints a complex picture of the Bitcoin market. While large holders appear to be cashing out, the broader investor base remains optimistic, seeing the lower prices as an attractive entry point.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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American Entrepreneur Anthony Pompliano Advises Investors To Use Bitcoin Dips For Buying

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American entrepreneur and Bitcoin bull Anthony Pompliano has again affirmed his bullish sentiment towards the flagship crypto. This time, he advised investors on what they should be doing during this BTC dip and suggested that there was no need to be concerned despite Bitcoin’s recent underperformance

Bitcoin Dips Are For Buying

In an interview with FOX Business, Pompliano mentioned that Bitcoin dips are buying opportunities and that every “great investor” who knows what they have understands they should buy more when prices move against them. He further claimed that anyone questioning whether or not they should be buying more during this BTC dip may actually not know what they own, alluding to Bitcoin’s potential. 

Pompliano made these statements while noting that retail and institutional investors are beginning to realize that Bitcoin is a “resilient” asset that will be worth more in the next five to ten years than it is now. The American entrepreneur also explained how BTC has matured compared to previous market cycles while still achieving impressive growth.

He stated that Bitcoin experienced several 30% and 25% price corrections in the 2017 and 2021 bull runs. However, things have improved in this market cycle, with the flagship crypto only experiencing price drawdowns of about 15%. He claimed that this shows that BTC’S volatility is dampening. 

Meanwhile, he also noted that BTC has the Spot Bitcoin ETFs in this market cycle, which was lacking in the previous bull runs. He believes these funds will be a major catalyst for Bitcoin’s run heading toward year-end. Pompliano predicts that Bitcoin can hit a new all-time high (ATH) before the end of 2024.

However, he warned that BTC may no longer appreciate as high or as fast as it used to now that institutions are invested in the flagship crypto through the Spot Bitcoin ETFs. He again remarked that this is because the entrance of these institutional investors has dampened Bitcoin’s volatility. 

Thoughts On The Spot Ethereum ETFs

Pompliano also gave his thoughts on the Spot Ethereum ETFs and when they could begin trading. He stated that these funds will likely start trading sometime this summer. He added that they could begin trading sooner rather than later based on rumors that the Securities and Exchange Commission (SEC) is close to approving these funds. 

He believes that Ethereum has a problem that BTC doesn’t and suggests that this could negatively impact the amount of inflows that the Spot Ethereum ETFS attracts. According to Pompliano, Bitcoin has a single narrative as it is known as a ‘store of value’, which he believes has been enough to convince investors to invest in the flagship crypto. 

On the other hand, he said that Ethereum has many narratives, which creates a confusing story for the second-largest crypto token by market cap. He noted that this could be a big problem for the Spot Ethereum ETFs since institutional investors could easily be confused by what Ethereum is about and opt against investing in these funds. 

Bitcoin price chart from Tradingview.com
BTC price struggles to hold $60,000 | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



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Forget Millennials, Boomers Are The Real Crypto HODL Champions, Analyst Claims

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The winds of volatility swept through the crypto market in June, sending the price of Bitcoin tumbling by $10,000. News of a massive Mt. Gox repayment, miner sell-offs, and government-related liquidations all contributed to the price dip.

Yet, amidst the bearish sentiment, a surprising trend emerged: investors in spot Bitcoin ETFs held their ground. This unexpected resilience has analysts questioning their initial assumptions about both Bitcoin’s price trajectory and the risk tolerance of a new generation of investors – baby boomers.

Bitcoin price down in June. Source: Coingecko

ETFs Show Steady Hand

Traditionally seen as a haven for stability, Exchange-Traded Funds (ETFs) have become a gateway for mainstream investors to enter the volatile world of cryptocurrency. Spot Bitcoin ETFs, which directly track the price of Bitcoin, launched in the US earlier this year and were met with initial enthusiasm.

However, concerns arose when the Bitcoin price started its descent in June. Analysts predicted a wave of panic selling, especially among millennials, as investors fled the sinking ship. But to everyone’s surprise, spot Bitcoin ETFs defied expectations.

“I was expecting worse given the price fall,” admitted Eric Balchunas, a Bloomberg ETF analyst, in a recent interview. Data showed that despite the price drop, spot Bitcoin ETFs continued to see positive inflows throughout June.

Even more remarkably, the year-to-date net flow for these ETFs held steady at almost $15 billion. This suggests a newfound maturity in the Bitcoin market, where investors are increasingly comfortable riding out price fluctuations and adopting a long-term perspective.

As of today, the market cap of cryptocurrencies stood at $2.2 trillion. Chart: TradingView.com

Boomers Embrace Crypto

Another unexpected twist in this story is the behavior of a demographic long considered risk-averse – baby boomers. Traditionally, this generation has been wary of new asset classes, preferring the stability of stocks and bonds.

Nevertheless, the positive flow into Bitcoin ETFs points towards a potential shift in their investment strategy. Balchunas believes these new entrants to the crypto space are proving to be surprisingly resilient HODLers (a crypto term for holding onto an asset long-term).

Unlike some investors who might be swayed by short-term price movements, boomers seem to be focusing on the long-term potential of Bitcoin, Balchunas explained. This could be due to a combination of factors, including the growing institutional adoption of cryptocurrency lending it credibility and the potential for high returns, even considering the recent price correction.

The recent resilience of spot Bitcoin ETFs paints an optimistic picture for the future of the cryptocurrency market. It suggests that investors are becoming more comfortable with the inherent volatility of Bitcoin and are adopting a long-term outlook.

Featured image from Unsplash, chart from TradingView





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