Tag: Bitcoins

12
Oct
2020
Posted in technology

Ethereum Miners’ Revenue Triples Thanks To DeFi, Bitcoin’s Falls

KEY POINTS

  • Ethereum was more profitable to mine than Bitcoin in September 2020
  • Mining revenues soared because of the excitement over decentralized finance
  • As DeFi excitement wanes, observers are watching closely the launch of Ethereum 2.0

During the month of September, revenue from mining Ethereum has eclipsed that of Bitcoin’s thanks to the excitement surrounding decentralized finance (DeFi).

According to the data from analytics firm Glassnode, miners in the Ethereum network collected 450,089 ETH worth $168.7 million. This is a 39% increase from the previous month’s total of $113 million, Cointelegraph reported.

In contrast, miners in the Bitcoin network netted only $26 million in September, which is a decrease from the $39 million they earned the previous month. This effectively makes mining Ethereum more profitable than mining Bitcoin.

The increase in miner revenue came from the community’s excitement over decentralized finance (DeFi).

Several DeFi protocols and tokens made headlines last month. YFI, the governance token of Yearn.finance reached its all-time high of $43,678 on Sept. 12. That’s twice the all-time high of Bitcoin in 2017. Other noteworthy DeFi tokens that made headlines last month include UNI, the token of automated market maker UniSwap, and Sushi, the token of on-chain protocol SushiSwap.

Uniswap made headlines for dropping at least 400 UNI to anyone who used the Uniswap protocol prior to September 1. At one point, each UNI was worth $8, which meant anyone who received 400 UNI immediately had $3,200 in one day. 

DeFi without a doubt has renewed the demand for Ethereum. As more users want to get a piece of the DeFi tokens, the price of each transaction fee has ballooned. Cointelegraph noted that at one point, a standard transaction on Ethereum hit at least $15 on average. The publication said this is good in the short-term, as the

06
Oct
2020
Posted in technology

Bitcoin’s 12.3M-digit code turned into surreal paintings

Written by Oscar Holland, CNN

Bitcoin may be completely paperless, but one artist has meticulously dragged it into the physical world by hand-painting the cryptocurrency’s 12.3 million-digit founding code across 40 separate paintings.

Working under the project name Robert Alice, artist Ben Gentilli spent three years working on the canvases, which he has collectively titled “Portraits of a Mind.”

Using specialist machinery, he engraved each painting with over 300,000 digits of the complex code underpinning the virtual currency. Each digit was then hand-painted, producing what its creator calls a “digital fingerprint carved out of paint.”

“The core idea of the project was, ‘How do you make something of real cultural value within the Bitcoin sphere?'” Gentilli said via video call. “And for me, the thing I kept coming back to was this code base, because it’s really the very basis of Bitcoin culture.”

The decision to split the work across 40 different canvases was partly inspired by the decentralized nature of Bitcoin, which is issued and traded without the oversight of central banks or financial authorities. In early 2020, Gentilli sold the first 20 paintings privately to collectors from the art and technology worlds.

Each canvas contains over 300,000 digits of the code.

Each canvas contains over 300,000 digits of the code. Credit: Robert Alice

Those artworks are now located in countries around the world, from Switzerland to Saudi Arabia, according to a project press release.

Among the first batch of collectors was Jehan Chu, the co-founder of a blockchain venture capital investment firm, who said that the cryptocurrency’s early pioneers are “a fiercely proud and self-identifying tribe” that “until now, have lacked the cultural objects and icons to signify their tribe.”

“As an early Bitcoiner, this is the first object I am proud to hang on my wall to signal my history in the Bitcoin revolution,” he is