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Consistent with its previously announced mission to build the planet’s largest Bitcoin (BTC) mining facility in Texas, Northern Bitcoin AG has just announced a new partnership. The Frankfurt-based company will be working with former rival Whinstone US, Inc. on the 300 megawatt facility.

The site chosen for the mining operation spans more than 100 acres. When completed, it will not only be the largest Bitcoin mining facility on the planet, but also the largest single data centre in North America. 

Northern Bitcoin and Whinstone Group Unite to Build Bitcoin Mining Mega-Farm

According to a press release published earlier today, the Frankfurt-based Northern Bitcoin AG has merged with one of its former competitors, Whinstone US, Inc. The two will work on one of the two massive new mining facilities recently announced for the state of Texas.

NewsBTC first reported on to-be-constructed facility last month. The more than 100 acre site will house the what is expected to be the planet’s largest BTC mining facility. Construction will take place in three different stages.

The newly partnered companies expect to complete the first phase of the mining mega-farm in the first quarter of 2020. Initially, the total capacity of the facility will be 300 megawatts. Whilst this will make it the largest BTC mining facility on the planet, there are plans to up the capacity to a massive one gigawatt by the end of next year.

Northern Bitcoin AG CEO, Mathis Schultz, commented on the recent merger:

“With this merger, we are catapulting ourselves faster than originally planned to the top of the world in Bitcoin mining. Whinstone’s team has done a great job over the past few years and is proving its leadership in the blockchain industry by building the world’s largest mining facility.”

Northern Bitcoin began in 2018. The company focuses on sustainable Bitcoin mining. It already operates a mining operation in Norway that uses renewable energy. As previously reported by NewsBTC, the firm has been developing its own hardware too. This includes a state-of-the-art cooling system that will allow it to operate equipment in the heat of a Texas summer.

Northern Bitcoin will follow fellow mining hardware manufacturer and operator Bitmain into the US state. The Chinese mining giant recently opened its own operation in Texas with a capacity of 50 megawatts. There are plans to increase this eventually to 300 megawatts.

Elsewhere, other interests are betting big on Bitcoin mining operations too. As NewsBTC reported recently, the Russian Mining Company plans to open a new facility in the province of Karelia, Russia. The facility will reportedly command about a fifth of the total current Bitcoin hashrate. Interestingly, the CEO of Russian Mining Company, Dmitry Marinichev, also happens to be the nation’s internet ombudsman.

 

Related Reading: Does Big Drop of Major Bitcoin Mining Firm’s US IPO Valuation Show Declining Crypto Sentiment?

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Rick D. , 2019-11-18 20:00:33

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

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Nick Chong , 2019-11-10 12:00:38

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