New York Powerplant to Mine 5.5BTC per Day – March 6

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $9,129

Bitcoin price has ranged above the $9,000 over the last 24 hours, holding the reclaimed support level well.

Top-20 altcoins are mostly in the green again, with Ethereum up over 2%, XRP 1%, and Bitcoin Cash 3%. Chainlink has corrected from its pump yesterday, falling 4%.

Top Stories for March 6, 2020 πŸ”₯

πŸ‘‰ New York Powerplant to Mine 5.5BTC per Day

A New York natural gas powerplant has installed a Bitcoin mining farm on-site, capable of mining an average of 5.5BTC per day – equivalent to USD$50,000.

Since the plant’s energy costs are already minimal and predictable, the owners believe that the mining effort will remain profitable following the upcoming Bitcoin reward halving.

πŸ‘‰ Expert Witness Outlines Crypto Tax Issues to US Congress

An expert witness has testified before a US congressional panel, outlining the issues and over-complications related to cryptocurrency taxes.

A recently-proposed crypto tax bill was put forth as a solution, which would exempt purchases of under USD$200 from taxes. The council also requested greater clarity from the SEC and CTFC around the asset class.

πŸ‘‰ What Does the Recent Steem Debacle Mean for Proof-of-Stake Networks?

The recent hostile takeover of the Steem network by exchanges wielding the power of users’ coins has raised new concerns about the stability of proof-of-stake (PoS) protocols.

Centralized exchanges tend to hold a large proportion of PoS assets, opening the networks to vulnerability in the case that exchanges turn hostile – as seen recently with Steem.