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Is Internet Computer Crashing? ICP Price Drops 8% as This Bitcoin Mining Protocol Takes All the Attention

Leading decentralized data protocol Internet Computer has witnessed a sudden -8% drop in ICP price, and with panicked holders asking ‘Is Internet Computer Crashing?’ explore this ICP price analysis to find out.

This comes amid excitement in the crypto community for Bitfinity layer-2 scaling for Bitcoin DeFi, which will be built using side-chains deployed on ICP.

$ICP do you understand anon…

The game is about to be changed forever

Im bullish as fuck https://t.co/gXxdNeIKGJ pic.twitter.com/dR6ShGT0tZ

— Aaron (@AaronBremser_) January 11, 2024

Holders of Bitfinity Cannister NFTs are now anticipating a much-rumoured $BFT airdrop, which could prove to trigger major growth in the ICP ecosystem.

ICP Price Analysis: As Internet Computer Retraces To 20DMA Is ICP Price Due to Breakout?

With price action riding a downtick, Internet Computer is currently trading at a market price of $12.90 (representing a 24-hour change of -1.33%).

This comes as ICP price struggles to push out of a pan-handled consolidation, following a dramatic rally, with price seemingly intent on dropping down for a second re-test of 20DMA support down at $12.026.

However, if this re-test proves successful it will solidify double-bottomed support, providing a bullish technical structure on the chart.

In the event of a major downtick, lower supports can be drawn upon at $10.32, $8.62, and the 200DMA which is sat below the trading channel at $4.8.

But, while technical structure attempts to solidify, some glimmers of hope emerge in a cooling-down RSI, which has shifted from severe to moderate bearish divergence at 58.15 in a move that leaves capacity for further upside.

Yet, the MACD dampens this view with minor bearish divergence at -0.157, suggesting price action is suffering stalling momentum.

Overall, ICP price analysis reveals that Internet Computer is at the tail-end of a week-long consolidation period, with ICP price looking for a final re-test of 20DMA support before attempting to push up.

On the short-time frame, ICP price is targeting an upside move to $15.34 (a potential +18.35%).

While downside risk from here could see ICP price plummet down to $10.32 (a possible -20.38%).

ICP price analysis therefore leaves Internet Computer with a short-time frame risk: reward ratio of 0.9 – a mediocre entry worth waiting further confirmation of 20DMA support.

But while ICP offers an unappealing entry at present, a new Bitcoin mining protocol is stoking retail interest with a revolutionary model to shake-up centralization amongst Bitcoin mining pools.

ICP Price Analysis Alternative? New Bitcoin Cloud Mining Project BTCMTX Smashes $8.28M Raised

Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$8,284,141 raised.

Offering an enticing 86% Staking APY, Bitcoin Minetrix provides a platform where users can buy, stake, and then watch as the rewards start accumulating.

The true essence of passive income in the crypto world has never been this accessible.

Stage 19 of #BitcoinMinetrix concludes in 4 days!

How does #Bitcoin mining contribute to the security and integrity of the #BTC network? pic.twitter.com/sPNlkd4VST

— Bitcoinminetrix (@bitcoinminetrix) January 12, 2024

With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.

$8.5M In The Crosshairs: Bitcoin Minetrix Surges Past $8M – Poised to Outperform ICP Price

Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.

Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 525 Exahashes per second (EH/S).

This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.

The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).

Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.

But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.

Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.

Why Has Bitcoin Mining Become So Centralized?

A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.

AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).

This dwarfs the number of blocks mined by even third-place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.

This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.

Currently standing at 70,440,798,833,881 – it has never been harder for individual participants to engage in profitable Bitcoin mining.

This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.

Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.

Key Highlights of the BTCMTX Advantage Over Internet Computer Imminent Retracement:

Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. As the first-ever tokenized Bitcoin cloud mining initiative, it offers an automated system that’s geared for cloud-based Bitcoin mining, setting a new standard for the industry.
Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system.
Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $8m raised towards its $8.5M goal. At a competitive price of just $0.0127 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.

The Bottom Line: Don’t Miss BTCMTX

In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.

Secure your position in this transformative journey by joining the BTCMTX presale today.


Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

The post Is Internet Computer Crashing? ICP Price Drops 8% as This Bitcoin Mining Protocol Takes All the Attention appeared first on Cryptonews.

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