Bitcoin News and Price Overview: Effort to Change Bitcoin Mining to Become All Inclusive. Saturday, July 7
Important Bitcoin News
Effort to Change Bitcoin Mining to Become All Inclusive
Bitcoin mining has become practically impossible for the average computer owner. This is why there has been suggestions that the algorithm used to mine the coin be changed to enable more people participate.
The new technology being advocated by the team of developers proposing the change is called optical proof of work.
Michael Dubrovski, the founder of the optical proof of work said "I think PoW consensus is the most important innovation in bitcoin, and bitcoin is an incredibly important innovation in personal freedom and property rights."
He advocated the need to have a healthy mining system that is not exclusive, but something similar to the early days of Bitcoin when mining had not become too sophisticated.
The argument in favor of the idea is that mining in the hands of a few corporations could pose risk if they collude to harm the network.
Bitcoin Bull Maintains His Stance On $25,000 By December
Bitcoin is trading at $6,600 Friday morning, yet Charlie Lee, the Fundstrat co-founder and Bitcoin bull seems adamant at his prediction that the coin will end the year at $25,000. No one is certain why he is so confident but Lee is not an analyst to be dismissed with the wave of the hand. His firm is among the most reputable market analysts in the industry.
However, it seems Lee is correcting his forecasts. On Thursday, he said that judging from the mining cost, that Bitcoin price should realistically be between $20,000 and $22,000.
The price of the coin peaked in May after losing more than 50 percent of its value since mid December, selling at $9,800 but has since dropped by 30 percent.
Lee, who was the chief equity strategist at JP Morgan from 2007 to 2014 said that Bitcoin is a multi-decade innovation still at infancy.
BTC/USD Price Chart, Saturday July 7:
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