CRYPTO NEWS

Bitcoin Miners Continue To Sell As Outflows Spike Again

On-chain data shows Bitcoin miners have continued their selling as outflows from their wallets have once again spiked up.

More Than 2.5k BTC Flows Out Of Bitcoin Miners’ Reserve

As pointed out by an analyst in a CryptoQuant post, BTC miners from Poolin look to have sold big over the past 24 hours.

The “miner outflow total” is an indicator that measures the total amount of Bitcoin moving out of wallets of all miners.

When the value of this metric surges up, it means miners are taking some coins out of their reserves at the moment.

Since miners usually withdraw coins from their wallets for selling on exchanges, such a trend can prove to be bearish for the crypto’s price.

Related Reading | Public Bitcoin Miners Struggle To Keep Up With Difficulty As BTC Production Declines

On the other hand, low values of the outflow suggests miners haven’t been showing much movement lately. This trend can be either neutral or bullish for the value of the coin.

Now, here is a chart that shows the trend in the Bitcoin miner outflows over the last few days:

Bitcoin Miner Outflows

The value of the indicator seems to have spiked up recently | Source: CryptoQuant

As you can see in the above graph, the Bitcoin miner outflow observed some high values during the past few days.

This may mean that in response to the crash in the price of the coin, miners have been selling some of their reserve.

Related Reading | Bitcoin Could Hit $100K By Yearend, Majority Of Fund Managers Predict, Based On Survey

The spike in the last 24 hours was larger than all the earlier ones, showing that miners aren’t slowing down their selling just yet.

The outflow chart for the mining pool Poolin suggests that miners belonging to this group might be behind the largest spikes.

Bitcoin Miner Outflow - Poolin

Looks like miners withdrew large amounts from the Poolin reserve over the past couple of days | Source: CryptoQuant

BTC Price

At the time of writing, Bitcoin’s price floats around $20.6k, down 30% in the last seven days. Over the past month, the crypto has lost 31% in value.

The below chart shows the trend in the price of the coin over the last five days.

Bitcoin Price Chart

The value of the crypto has looked to be just hanging above the $20k mark over the last few days | Source: BTCUSD on TradingView

Just a few days ago, Bitcoin observed a big crash where the price touched as low as $20k. So far since then, the coin has held above this level.

However, the crypto seems to have been moving sideways just above this mark so it’s unclear whether the level will continue to hold or if it may start to break down.

Featured image from Donna Ruiz on Unsplash.com, charts from TradingView.com, CryptoQuant.com

The Metaverse Offers Virtual Reality But Real Profits

Virtual reality has been around for years, but the concept’s maturity means multiple metaverse fights for supremacy. In addition, a new World Wide Web is emerging where everything can virtually be. So, how are people trying to make money in the metaverse? Metaverse Virtual Galleries The most common business model in the metaverse is the::Listen

Virtual reality has been around for years, but the concept’s maturity means multiple metaverse fights for supremacy. In addition, a new World Wide Web is emerging where everything can virtually be. So, how are people trying to make money in the metaverse?

Metaverse Virtual Galleries

The most common business model in the metaverse is the art gallery. Artists and collectors create exhibitions of NFT artworks where visitors can purchase items they like.

For example, galleries of popular NFT marketplaces have been built in Decentraland, such as Super Rare, Known Origin, and Makers Place. In Cryptovoxels, galleries like Pure Gold Gallery, Panda Gallery, and BCA Gallery built by independent artists let you click on all the paintings and go to the marketplace to learn more or buy.

Digitalization Of Ordinary Objects

Unlike the physical world, the metaverse comprises digital objects, which are often more expensive than in the real world.

The right shoe GYBxB20 was sold at Cryptovoxels for 18 ETH coins. At the time of the sale, in May 2021, this price was $30,000. Some designers even create things to order.

The Metaverse Offers Virtual Reality But Real Profits
ETH/USD trades at $1,028. Source: TradingView

For example, the DappCraft studio has created Coca-Cola branded jackets to be worn in Decentraland.

Extra Power To Keep Things Spinning

Decentramind uses the power of thousands of GPUs and hard drives managed by a single network to provide various services within the metaverses aimed at the more efficient operation of virtual spaces. For example, you can realize the feeling of the user’s presence, achieved by manually recreating 3D objects to photogrammetry.

Related Reading | 3 Lessons From The Oslo Freedom Forum: Why BTC? Nabourema, Likhachevskiy, Diop

Decentramind also offers a backend for simulating interactions in virtual reality. The inability to simulate the study of the world through the usual channels of obtaining information (such as touch, hearing, etc.) reduces immersion to almost zero.

This is also true for physical interactions in a virtual environment: the ability to take a product from the Metaverse store shelf and see its characteristics contributes to a complete immersion in the world of metaverses.

Virtual Earth, Not Sand

Some inhabitants of the metaverse own land, but they do not have the time and energy to create their buildings. However, with the help of their services, many large companies have already built their headquarters in the metaverse. Maff Metaverse studio helps in the construction of objects and the development of a marketing strategy for bringing the brand to the metaverse.

Rapt Rappers Open The Wrapping Around The Gift Of VR

Artists have begun to hold online concerts in virtual worlds. The 3D meta allows viewers to experience the event’s atmosphere better than watching a live stream on YouTube. For example, in October 2021, DJ Deadmau5 performed at Decentraland.

Related Reading | Indian Crypto Companies Migrate Amidst Unclear Regulations

Famous artists can achieve effects that are unattainable in reality: changing the stage after each song, starting swimming with fish, or going with the audience into space.

As the rest of this decade progresses, the meta will only get more realistic, more immersive, and more accurate. Anything is possible in meta, and business opportunities evolve alongside that metaverse magic.

Featured image from Pixabay, chart from TradingView.com

Bitcoin Miners Continue To Sell As Outflows Spike Again

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