September was full of unexpected developments on the crypto market. In the first half of the month, Bitcoin traded around $ 10,700, and the network hash rate reached record highs this year.
Mining industry
The cryptocurrency mining industry has come to the public’s attention and a number of reports have revealed an interesting aspect. Apparently, 10% of the power consumed for Bitcoin mining comes from Russia. Abandoned factories in Siberia have become the perfect hosts for crypto mining farms, favored by low temperatures and cheap and affordable hydro power.
Romania is also preparing to enter this industry with the first major operation.
Price drops in September on the crypto market
However, the second half of the month was not as positive. The launch of the long-awaited Bakkt platform turned out to be disappointing – the first day saw the sale of physically liquidated Bitcoin contracts worth only 70 BTC. Experts say that this type of new crypto detective takes time to be adopted by institutional investors.
But speculators preferred to sell their accumulated Bitcoin while waiting for the price increase generated by Bakkt. Massive liquidations on the BitMEX derivatives platform have dropped the BTC price to $ 8700 on September 25th. Subsequently, Bitcoin fell even further pending the expiration of this month’s CME futures contracts, reaching $ 7900 at one point.
More attention to legal issues
However, there is also positive news regarding the legislation regarding the blockchain and crypto industry. Both Germany and France have announced new bills that will come into force next year. They aim to clarify the legal framework of cryptocurrencies, to stimulate the implementation of blockchain technology in multiple domains.
Blockchain phones
In the field of crypto devices, Samsung GalaxyS10 now has a cheaper competitor. A startup funded by the Huobi Global exchange has launched Acute Angle, a blockchain smartphone that offers many facilities to cryptocurrency traders at half the price of a Galaxy S10. For the moment, the phone is only available in Asia, with the release expected in Europe and the US next year.
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