Ethereum miners are now cashing in big time
In the second most valuable crypto market, ETH fees are on the rise, as revealed by data from Glassnode. This means that ETH miners are cashing in big-time since over 42% of the miner revenue is currently derived from fees.
In addition, information obtained from BitInfoCharts revealed that the median Ethereum transaction fees generated are almost at their second-highest level ever. A mid-2018 surge saw ETH transaction fees peak at around $0.912. Yesterday, it hit the $0.879 mark.
Popular crypto trader, Joel Kruger, expressed his shock at the staggering fees that many are suddenly being asked to pay on the Ethereum network.
Is mining Ethereum still 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. But 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.
Quick fact: Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without fraud, interruption, control or interference from a third party.
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.
The world’s third most valuable crypto asset, XRP, was trading at $0.27660 as of 2.15 am GMT today, losing over 10%. It was the biggest one-day percentage plunge since March 12, 2020, according to data retrieved from Coinmarketcap.
The sudden plunge pushed XRP’s market capitalization lower to $12.55 billion, or about 3.62% of the total crypto asset’s market capitalization. XRP had traded in a range of $0.27660 to $0.28316 in the previous twenty-four hours.
The trading volume for XRP as at the time this report was being drafted was $2.961 billion. It should be noted that XRP traded in a range of between $0.2708 to $0.3106 in the past 7 days.
The fast-moving crypto has been fighting to stay above $0.285 in the last few days and it does show that the sellers have built s resistance around that price level.
Indeed, Ripple looks set for a bearish run after the recent decline. However, buyers will have to break the price level above $0.285 to move up.
Importance of using XRP: XRP was produced by a leading crypto payment with the aim of providing a fast, less costly, and more scalable alternative to both other crypto-assets and existing monetary payment infrastructure like SWI
Unlike its major crypto rival, Bitcoin, which was never intended to be a simple payment system, Ripple has gained the attention of major global banks such as Standard Chartered, and Barclays for international transactions worldwide
How to protect your crypto from cyber robbers
The recent bullish run in the crypto industry has attracted some bad actors whose motive primarily is to rob investors, crypto traders, and larger entities of their crypto-assets.
Just yesterday, India TV News reported that cyber-criminals targeted high-income individuals across India. Victims received messages through their social media groups asking them to sell and buy Bitcoin via a mobile app.
Manan Shah, Founder and CEO of Avalance Global Solutions, told IANS that the rich are not immune to these growing menace. He said:
“I have seen so many wealthy Indians falling into the trap of such fake cryptocurrency wallets in the recent past. One gentleman just came to me who lost $50,000 (over Rs 37 lakh) while dealing with one such fake platform
As the COVID-19 pandemic has kept a lot of individuals more active online, scammers are pulling various types of scams such as fake ICOs, BTC recovery, fake exchanges, giveaways, video scams, fake tumblers, Ponzi schemes, malware, and many more.
Nairametrics proffers some vital solutions on how best to protect your crypto assets in the midst of all the scams. They include:
Always make sure you know the individual you are dealing with. If an individual is offering you an investment opportunity, check if they have a proper website and a Linkedin account. Read the white paper, and Google the project to see what others are saying about it.
If an individual is asking you for cryptos or your money, they are probably trying to defraud you. But if you are not sure, try to verify their claims and ask for proof of their identity. If you are still not sure if you are dealing with a scammer or not, you can send an e-mail to a relevant regulatory authority.
Always be sensitive. If it sounds or feels too good to be true, it’s most likely a scam; even when it sounds reasonable, it could be a scam. If someone claims to have a recording or something else belonging to you, ask for proof.
Do proper background checks
Before sending your cash to any crypto exchange or online wallet, make sure you are using the correct website. If an entity or individual tells you they will make you rich, ask them for evidence. Scammers don’t like to waste time, so they will probably move on to the next victim once they notice you are not easily deceived.
Never release your private keys
Never give out your private keys to anyone, including your family members, and don’t keep your private keys where others might find them. Write down your keys and put them somewhere safe
If you use a crypto exchange, use as many of their security measures as possible (like an authenticator, phone verification, or others) and make sure your passwords are complex. These measures will not make it impossible to be hacked or scammed, but they will make the scammers have a very hard time defrauding you.
Using cold wallets or a proprietary smartphone is recommended. These are specifically designed tools to keep your bitcoin from falling into the hands of hackers on the internet.
Bitcoin is on rampage as it breaks through $12,000 price level
BTC recorded a plus of 2.18% and was trading at a price of $11,974.
The world’s flagship cryptocurrency has broken through the strong resistance level of $12,000. This happened just some hours ago, according to information obtained by Nairametrics.
Why BTC is up presently?
Bitcoin bulls have been on a bullish run, triggered by high liquidity in the global money markets. Investors remain bullish in the long term despite the blurred global economic outlook and resurgence of the COVID-19 virus.
Renowned crypto investor and co-founder of Gemini Exchange, Tyler Winklevoss, earlier today tweeted about BTC’s surge saying; “And Bitcoin has breached 12k. Great way to start the week!”
Over the weekend, Bitcoin’s price mostly fluctuated between the $11,400 and $11867 price levels. But just some hours ago, the popular crypto asset finally broke through the $12,000 mark.
Within the last 24 hours, BTC recorded a plus of 2.18% and was trading at a price of $11,974 at the time of writing. The market capitalization has risen from $216 billion to almost $220 billion and the Bitcoin dominance slightly to 60.7%. In addition, the control of Bitcoin’s supply has been steadily shifting towards smaller entities
The percentage of supply owned by entities holding ≤ 10 $BTC grew from 5.1% to 13.8% in 5 years, while the percent held by entities with 100-100k BTC declined from 62.9% to 49.8%. These show that more retail investors are grabbing a stake on the most popular crypto asset and diminishing the strength of BTC whales.