Bitcoin’s Rally Could Be Caused by a Supply Crunch in China
Chinese miners are struggling to sell their crypto in ways that would quickly get them much-needed cash in the face of a government crackdown on local exchanges.
Bitcoin mining equipment maker Ebang announced Thursday it is preparing to officially launch a cryptocurrency exchange in the first quarter of 2021.
The announcement comes after a holiday weekend in which the price of bitcoin hit a succession of new all-time highs.
Bitcoin fell sharply early on Monday, having failed to establish a foothold above $40,000 over the weekend.
Proof-of-work is the blockchain-based algorithm that secures many cryptocurrencies, including Bitcoin and Ethereum.
The Thanos upgrade is aimed to allow more miner participation and thus increase security.