IOTA Price adds 7 percent
- Bitcoin mining easier in Kentucky
- Optimism and Ethereum Layer-2 set for July
- IOTA’s Firefly in Beta
Trending News: Bitcoin Mining Goes Green, IOTA Building, and Optimism Mainnet Launch Put Off
The Bitcoin price remains directionless, waving between $50k and caps of around $57k. The good news is that amid this stalemate and traders waiting for direction, miners continue to improve.
As per the latest news, Bitcoin miners are now mowing to green energy sources with the first mining pool, the “Terra Pool” jointly launched by U.K.-listed Argo Blockchain and DMG Blockchain Solutions currently active.
The first green #Bitcoin mining pool has been announced, completely powered by clean energy!
U.K.-listed Argo Blockchain and DMG Blockchain Solutions will jointly launch the “Terra Pool”. 🌊🍃☀️
— Documenting Bitcoin 📄 (@DocumentingBTC) March 26, 2021
At the same time, the State of Kentucky is passing two laws to give Bitcoin miners a tax break on electricity and clean energy initiatives. The two rules, appended by Kentucky governor, Andy Beshear, will be effective July 1.
Ethereum Gas Problems, Optimism Postpones Launch to July
Meanwhile, Optimism is delaying their mainnet launch until July. Initially, the option was to launch this week after soft launching, introducing the Optimistic Virtual Machine (OVM) in partnership with Synthetix.
The Layer-2 solution, which is widely adopted especially by DeFi protocols, presents a solution that could drastically slash down the cost of transacting in Ethereum.
Presently, the rise of NFTs and DeFi heaps more pressure on Ethereum, resulting in higher Gas fees.
Wanted to buy a NFT for $16.72 but the Ethereum Miner Fee $53.18. I know we're not supposed to say anything bad about Ethereum , Bitcoin or Proof Of Work(and the fact that it doesn't work) but come on. In the words of Forrest Gump "Stupid is as stupid does." pic.twitter.com/5smuRYW9eh
— Digital Asset Investor Researcher/Wild Speculator (@digitalassetbuy) March 26, 2021
Consequently, developers are hard at work, working ways around finding a solution to the high transaction fees problem.
IOTA building: Firefly and Smart contracts
IOTA is replacing the buggy Trinity with Firefly, which’s currently in Beta. The modern wallet features reusable addresses and faster confirmation times.
The #Firefly beta is live! Beautiful user interface. Reusable addresses. Very fast confirmations. Firefly is more than just our new wallet, it will be the foundation for the #DigitalAssets ecosystem on #IOTA.
Be part of our march to #Chrysalis! #ANewDawn https://t.co/aJAHHZZESP pic.twitter.com/5QngK3C2yG
— IOTA (@iota) March 22, 2021
Once Chrysalis, the intermediate state before Coordicide and complete decentralization, is live, it will perform just as Testnet statistics show.
A few people in the #IOTA community have asked whether Chrysalis & Firefly on mainnet will perform as well as they do on testnet. The testnet has the exact same configuration as mainnet will. When Chrysalis hits mainnet it will be just as reliable and just as fast as it is now.
— Charlie Varley (@c_varley) March 26, 2021
Despite Elon Musk’s Tesla supporting Bitcoin, analysts argue that IOTA is the only practical, environmentally friendly solution. In his view, it makes sense for the fourth industrial revolution on the IoT-friendly and infinitely scalable IOTA.
Once active, IOTA’s EVM-compatible smart contracts would save people “a lot of money.”
— IOTA Vrom (@Vrom14286662) March 26, 2021
From late April, IOTA would be enterprise-ready. By the end of the year, it will be production-ready, therefore powering the next wave of machine economy.
IOTA Price Analysis
The IOTA/USD price is under pressure but bullish from a top-down analysis.
Week-to-date, the IOTA price is up seven percent, gaining versus both BTC and ETH during the same period.
Overly, IOTA/USD is in range mode with caps at $1.62 on the upside and $1.30 on the lower end. Presently, there is a double bar bearish reversal pattern of Mar 23 and 24. The good news for bulls is the absence of a bear follow-through. Also, losses of Mar 24 are with relatively low volumes, a net positive from an Effort-versus-Results point of view.
Nonetheless, if IOTA prices slide below $1.30 and the middle BB, IOTA/USD may tank to $1 flashing with the 50 percent Fibonacci extension level of the Feb trade range.
Conversely, a push back above $1.6 with higher trading volumes may see IOTA race to $2.4—the 1.618 Fibonacci extension level of the Feb trade range.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies.