When compared to BTC price action, Bitcoin hash price seems to be pointing toward a Bitcoin bottom as it mirrors the conditions that preceded the 2021 breakout to new all-time highs. In an August 30th Quicktake blog post, on-chain analytics platform CryptoQuant suggested that Bitcoin price action may be approaching a bottom. CryptoQuant noted that Bitcoin’s hash price, which measures the revenue miners earn per terahash per second, is conspicuously low.
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Ben Gagnon, Chief Executive Officer of Bitfarms, has been appointed to the Company’s Board of Directors (the “Board”), effective immediately. “Ben knows Bitfarms incredibly well from his previous role as Chief Mining Officer, where he played an integral role in developing and implementing the Company’s aggressive growth plan,” said Edie Hofmeister, Chair of the Governance and Nominating Committee. “As CEO, Ben is a critical addition to the Board, and we are confident that he will continue to leverage his valuable skillset and significant insight in this new capacity. The Bitfarms Board is focused on ensuring the Company has the right team to oversee and implement the Company’s strategic plan to deliver value in the near- and long-term.” “I look forward to building upon our momentum and am excited to be working alongside my fellow directors with the shared goal of executing the Company’s strategic vision and delivering diverse, meaningful growth and long-term shareholder value.”
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Asset manager VanEck, an issuer of spot bitcoin (BTC) and ether (ETH) ETFs, says that BTC's price may reach $2.9 million by 2050 – assuming some pretty high hurdles are cleared. Under VanEck's assumptions in a Wednesday report, bitcoin would become an essential part of the international monetary system in the next decades as rising geopolitical tensions and ballooning debt servicing costs erode the current system. "As we look at the world right now, we see enormous economic imbalances, rising distrust in existing institutions and continued deglobalization," Matthew Sigel, head of digital asset research at Van Eck and one of the report's authors, said in a Wednesday interview on CNBC. "We think many of these distortions stem from ... a massive misallocation of capital since the global financial crisis as G7 governments have abused the printing press, spending borrowed money on impossible goals," Sigel explained.
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