Welcome to our weekly recap of the latest headlines in bitcoin and fintech news. This week TechCrunch premiered their docu-series about the impact of emerging technologies, there was considerable focus on mining operations, and of course, plenty of coverage about the recent rise in bitcoin price. Check it all out in our post below.
The potential for a positive impact
This week TechCrunch premiered a video series covering bitcoin and the blockchain. Hosted by Nathaniel Popper,Trust Disrupted examines the impact of the emerging technology of digital currencies like bitcoin and the underlying blockchain ledger. The series is shot over six episodes, and you can watch the first one here.
TechCrunch’s series is shaping up to be a new insightful and engaging glimpse into what bitcoin’s potential is, right alongside several other powerful documentaries we’ve seen released over the past few years.
While bitcoin’s potential is only prematurely understood, we’re definitely seeing impact not only from the applications being built but in the teams of diverse dedicated individuals doing the work. Bitcoin is a fast-paced industry that is setting a new standard for entrepreneurs, companies, and what’s important when building outstanding teams.
Bitcoin mining takes center stage
A recent CoinDesk article covered a father-and-son bitcoin mining team duo who are going up against some of the biggest mining operations in the world with their at-home mining operation. Vernon Gantt and his son, Jason, operate two bitcoin mines out of their homes, and a third is under construction.
The mining ecosystem is becoming increasingly decentralized, with a number of new mining pools plugging in. Still in beta testing, the Bitcoin.com mining pool has already achieved nearly 1% of the hashrate across all miners. Another bitcoin mining pool based in China called ViaBTC recently made headlines gaining around 10% of the network hashrate globally after launching in June of this year.
Bitcoin price on the move
As the price of bitcoin jumped this week to over $640 USD, Reuters is reporting that the rising price may be influenced by the Chinese Yuan; the currency hit a six year low of $6.72 yuan, implying that the low yuan value has increased users in China to move funds to alternative currencies such as bitcoin for a greater store of value.
Like we’re seeing in China, bitcoin is also being used to escape weakening economies in many other parts of the world. An example of this is Venezuela, where the volume of bitcoin transactions is steadily increasing, largely attributed to the hyperinflation of the bolivar.