Mineflation: Cost to mine one Bitcoin in the US rises from $5K to $17K in 2023
New Mexico is the cheapest US state to mine Bitcoin in terms of average electricity cost, while Hawaii is the by far the most expensive. Go to Source Powered by WPeMatico
Inflation
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US Senator Ted Cruz: ‘I Like BTC for the Same Reason the Chinese Communist Govt Doesn’t Like BTC’
United States Senator Ted Cruz has said he remains “incredibly bullish on bitcoin” which he described as the “alpha in the crypto sphere.” According to Cruz, people are attracted to bitcoin because they see it as a hedge against inflation and also as an “important check” against government spending. Bitcoin Is Still the ‘Most Dominant’ … Read more
Bitcoin Network Hits 75% Progress Towards Next Reward Halving
At 11:06 a.m. Eastern Time (ET) on April 29, 2023, at block height 787,500, the number of blocks left to discover until the next Bitcoin blockchain halving is now fewer than 52,500 blocks. This means the network has progressed 75% through the 210,000-block halving cycle, which will ultimately result in a reduction of the block … Read more
Japan’s Inflation Surges to 3.5% as New BOJ Governor Takes the Helm
This week, the Statistics Bureau of Japan unveiled the latest core consumer price index (CPI) report for the country, revealing a surge to 3.5%. This figure comes as a surprise to analysts who had predicted a more modest 2.9% for the end of the quarter. It’s worth noting that Japan’s inflation has been steadily rising … Read more
No Rate Hikes in Russia, Central Bank Keeps Interest Rate Level Again
Bank of Russia decided to maintain the interest rate at 7.5% amid moderate inflation, estimated at 2.5% on an annual basis in April, although this may change later this year. The monetary authority improved its forecast for the Russian economy and now expects growth entirely in positive figures, up to 2.0% for 2023. Bank of … Read more
Bank of America Strategist Predicts Gold Could Reach $2,500 per Ounce in 2023
A Bank of America (BOFA) commodity strategist has postulated that gold, should it continue to flourish in 2023, could pave the way for a climb to $2,500 per ounce. Presently priced at $1,983 per unit, the precious metal remains just shy of the $2,000 threshold. However, if it were to achieve the projected $2,500 target, … Read more
‘Not the Right Time to Stop’ Rate Hikes, ECB Chief Economist Says
Current indicators suggest the European Central Bank (ECB) should raise the interest rate in May, the monetary authority’s chief economist said. Future increases will depend on the economic data but this is still not the right time to stop, according to Philip Lane who believes the bank has to bring inflation back to the 2% … Read more
Argentina Debates Dollarization in the Midst of Rampant Devaluation and Inflation
Javier Milei, a presidential candidate for the next election in Argentina, has presented a dollarization plan to fix the economy of the country if elected. The proposal, which has supporters and detractors, would aim to solve the historic devaluation of the Argentine peso and the 100%+ interannual inflation that Argentina registered in March. Dollarization Surges … Read more
Bitcoin price hits new record high in Argentina
Argentina’s pesos have crashed 99% versus the U.S. dollar since the beginning of the currency crisis in 2018. Go to Source Powered by WPeMatico
Latam Insights: Argentine Peso Plunges, Venezuela and Russia to Develop SWIFT Alternative, Bitcoin Mining Still Paused in Venezuela
Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue: the Argentine Peso plunges against the U.S. dollar, Venezuela and Russia agree to develop a joint SWIFT alternative, and Bitcoin mining is still paused in Venezuela. Argentine Peso Plunges 10% … Read more