Good morning. Welcome to Friday Focus, part of our new series: BitPinas Daily. We will look at the price of Bitcoin, Ethereum and the major cryptocurrencies. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad.
Market Price as of February 20, 2021:
Bitcoin closed February 19, 2021, at $51,733 per BTC. We’re up 6% in the last 7 days and up 75% since the year began. This is 1.5% below the previous all-time high of $52,547 which was hit on Feb. 17, 2021.
Bitcoin’s market capitalization stands today at $956,773,577,939 which is 59% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,607,293,776,831 (-0.2%).
On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.
Nvidia Has a New Processor Chip Built for Ethereum Mining
The graphics card maker has unveiled “Cryptocurrency Mining Processor” (CMP), a product specifically for those who want to mine Ethereum. WIth this product, Nvidia hopes that miners will not compete with gamers seeking out the latest-generation GPUs upon release.
With Ethereum mining revenue on the rise, many miners have bought traditional GPUs, even older ones, which led to a price increase in the market. There were also reports of miners using gaming laptops so they can draw hashing power.
According to The Block, CMP is Nvidia’s attempt to build a business dedicated to crypto and perhaps also to ease the concern of gamers, which is the company’s core audience. To ensure that miners will not seek out GPUs for gaming, it will take a software approach on Feb. 25 to make its top GPUs less useful for crypto mining.
Bill Gates Says He’s Now Neutral on Bitcoin
Motley Fool Buys Bitcoin
Motley Fool, a financial advising company and media, said in the past that Bitcoin is a “horrible idea.”
Yesterday, it announced plans to allocate $5 million investment in Bitcoin. “While Bitcoin may very well continue to be volatile in the short term, we think it has 10x potential from today’s levels over the long term as part of a diversified portfolio. We plan to hold this Bitcoin investment for many years.“
Paxful to integrate Bitcoin Lightning Payments
For a refresher on the lightning network, check out our article: Bitcoin Lightning Network 101
What else is happening
- What Happens if All Stablecoin Users Have to Be Identified?
- People Are Selling Digital Socks for $92,000 on Ethereum’s Uniswap
- BitMEX co-founder Arthur Hayes resurfaces to opine on Robinhood’s meme stock drama
This article is published on BitPinas: Nvidia Announces Crypto Mining Rigs (Feb. 19, 2021)