Weekly report of Mining.com: Xindong released a statement to warn against counterfeit T2T-30T (7.22-7.29)

As of 10:00 am on July 29, the total hashrate of Bitcoin network is 69.28EH /s . The current difficulty of the whole network is 9.01 T. It is predicted that the difficulty will be increased by 3.85 % to 9.36 T next time. There are 7 days and 8 hours left before the adjustment .

Litecoin's second halving will take place on August 5, 2019 , with 7 days left

The following figure shows the weekly dynamics of mainstream currencies from July 22 to July 29, 2019

Weekly News

Iran officially legalizes Bitcoin mining, low electricity prices may attract a large number of miners

On July 23, Iran has officially recognized cryptocurrency mining as a legal industry within its territory.

According to Iran’s Chamber of Commerce, Industry, Mines and Agriculture, the economic committee approved cryptocurrency mining on Sunday, and the Iranian government is now seeking ways to regulate the activity within its existing legal structure.

Abdolnaser Hemmati, governor of the Central Bank of Iran, said in a statement:

“The government’s economic committee approved a mechanism for digital currency mining, which will be discussed at a cabinet meeting later.”

Justin Sun: Cancelled lunch meeting with Mr. Buffett due to illness

Sun Yuchen said that he was in the hospital for treatment of a sudden kidney stone and canceled the lunch meeting with Mr. Buffett. His physical condition is stable and he is in the recovery period. He is unable to accept the interview. Please forgive me. He will meet with the outside world soon after he recovers.

Donations to the Glide Foundation have been made and remain valid.

I just visited Huaqiangbei and found that both Ant and Shenma are out of stock.

Since April, the continuous rebound of Bitcoin prices has caused ripples in the mining machine industry. The mining machine market, which was once frozen by the bear market last year, is now gradually heating up.

In the previous long bear market, mining farms even had to pay 10,000 yuan to mine one Bitcoin, which once greatly reduced the confidence of participating in mining. However, with the transition from bull to bear market, the dividends of the flood season and the upgrading of the entire industry's cognition, mining income has risen again.

A salesperson at a mining machine store in Huaqiangbei told Zone 45 that Ant and Shenma mining machines are now out of stock. Not only are the spot products out of stock, but futures have also been delayed.

Normally, Shenma's futures should have arrived, but in fact most of them are not available. Customers who were supposed to get futures in August could not get them as scheduled.

Statement on being vigilant against counterfeit Innosilicon T2T-30T

Dear Innosilicon mining machine users,

Thank you for your support for the T2T mining machine. The factory has been working overtime to continue shipping the machines. Recently, we found a batch of counterfeit T2T-30T retails from unofficial channels on the market, attracting customers to prepay at low prices, and claiming that they can be shipped at the end of August.

We have verified that there is no T2T-30T released with a delivery date of the end of August. Consumers should be vigilant and do not buy counterfeit and inferior products of unknown origin. There is no guarantee for purchasing such machines. We once again remind everyone to purchase from official or other formal channels.

Before the halving, the full prediction of Bitcoin trend

In 2019, Bitcoin once again proved to be the best performing asset accessible to the masses, with returns far exceeding the expectations of the space’s most bullish commentators.

From the stumbling rebound that started at the 2018 low of $3,200, it has risen sharply to $13,800 - about a 4-fold increase.

After such an impressive rise, especially after a nearly 85% pullback and near its all-time high, it makes sense that Bitcoin is facing some selling pressure. This textbook 61.8% retracement level will be very obvious, and this is also the breakout point for the continuation of this wave of gains. I don't mark this on the chart, but will introduce 61.8% in a different way later, and the same thing has happened during the previous bear market recovery.