Bitcoin Could Hit $31,000 By 2021, According to Mining Difficulty Metrics

Bitcoin quantitative analyst PlanB has published mining difficulty data showing that the price of BTC could hit $31,000 by the year 2021. 

BTC Price and Mining Difficulty

Mining difficulty has been historically used as an indicator for network resources and refers to the complexity of the equations being solved in validating bitcoin transactions and mining new BTC. Higher difficulty means more competition for miners in obtaining block rewards, which leads to greater computing power being devoted to securing bitcoin’s blockchain.

According to the analysis by PlanB, which combines bitcoin price statistics with mining difficulty, BTC undergoes regular difficulty cycles that correspond with changes in valuation. The price increase for bitcoin following a low in the difficulty cycle has decreased over time, rising 50,000% in late 2013 compared to 9,000% in December 2017. 

Given the relative low in mining difficulty for the current cycle, which occurred in December 2018, PlanB predicts that the price of BTC will top out again by 2021. 

Unfortunately, the predicted valuation range for bitcoin appears much more variable. PlanB said that the price of BTC could be anywhere from $30,000 to $300,000 at the next price top. 

Crypto Scammers Responsible for $24 Million in Bitcoin Theft Through First Half of 2020: Report

Michael LaVere
  • New Whale Alert report shows crypto scammers have raked in $24 million in bitcoin through the first six months of 2020.
  • One scammer leveraged YouTube advertising to steal $130k in BTC per day. 

Crypto monitoring service Whale Alert has published a report showing that crypto scammers are responsible for $24 million in bitcoin theft through the first half of the year, including the exploitation of YouTube advertising. 

According to the report “Chasing Crypto Criminals” published July 10, cyber-thieves are finding easy prey in the form of bitcoin and other crypto-asset investors. Whale Alert summarized its exhaustive reviews of hundreds of websites and thousands of reports of theft as “crypto crime pays. A lot.” 

Whale Alert claimed there was little risk involved for crypto-based criminals, despite the massive economic impact being imposed on victims. The report confirmed at least $38 million in bitcoin alone being stolen via scams over the past four years, excluding the use of Ponzi schemes. 

The report reads, 

Some of the most successful scams made over $130,000 in a single day with nothing more than a one page website, a bitcoin address and a decent amount of YouTube advertising.

Whale Alert outlined another scam which brought in $1.5 million over six months through promoting a fake cryptocurrency exchange. The report claims the advertisement took victims to an “amateurish website riddled with spelling errors,” before tricking users into depositing their funds. 

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