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CFTC Chairman Tarbert is Impressed by Ethereum, “Period”

Published

3 Monaten ago

on



  • Ethereum has faced a strong drop since the August highs of $490.
  • The coin currently trades for $375, far below the aforementioned highs.
  • The cryptocurrency remains in a fundamentally strong position, though, analysts say.
  • So much so that the chairman of the U.S. Commodities and Futures Trading Commission (CFTC) threw his weight behind Ethereum.
  • In a talk, he said that he has genuinely been impressed by the protocol.
  • He added that if Bitcoin is email, Ethereum is the Internet.
  • His comment created some controversy online as some Bitcoin maximalists thought it was foolish of him to take that position.

CFTC Chairman Announces Support for Ethereum

Ethereum has faced much criticism over recent months as the network has faced severe congestion issues. The cynics say that the network will never succeed due to delays in the launches of Ethereum scaling technologies.

But the proponents of the protocol are not fazed. Heath Tarbert, the chairman of the U.S. Commodities and Futures Trading Commission (CFTC), recently doubled down on his support for Ethereum.

Speaking at a CoinDesk event, he said that he has been impressed with Ethereum, “period.”

He elaborated that in his role as a regulator of commodities and derivatives, he sees Bitcoin as email while Ethereum is “more like the Internet.” He did admit, though, that Bitcoin remains a revolutionary technology.

It’s worth noting that this isn’t the first time Tarbert has mentioned Ethereum in a positive light.

In an interview with Bloomberg at the start of 2020, the regulator stated that he thinks that Ethereum is worthy of having its own U.S.-regulated futures. He said in October 2019 that he “absolutely” believed there would be futures for the coin within six to 12 months of those comments. Tarbert’s assertion suggests that the CFTC sees Ethereum as a commodity, not a security as some critics have suggested.

An Active Regulator

While the CFTC does see value in cryptocurrencies, it is actively regulating the space.

The CFTC made headlines just a week ago when it was revealed that it was charging BitMEX, a crypto derivatives provider that has futures for Bitcoin, Ethereum, and other digital assets. BitMEX is by far one of the most influential companies in the crypto space, facilitating much BTC and ETH derivatives volume.

Investors are somewhat unfazed by the news about BitMEX, though. Mike Novogratz, CEO of crypto investment bank Galaxy Digital, said after the news on the prospects of crypto:

“Crypto friends, Let’s remember that you are innocent to proven guilty. It’s a cornerstone of American justice. I have no insight into the case but I wish @CryptoHayes well. I do think that $btc and crytpo is far bigger than any one exchange or person. So buy dips.”

The CFTC may face a problem in Ethereum, though, as decentralized derivatives platform gather steam.

Photo by Matthew Waring on Unsplash
Price tags: ethusd, ethbtc
Charts from TradingView.com
CFTC Chairman Tarbert is Impressed by Ethereum, "Period"





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Ethereum

Crypto enthusiasts could make $122K per year mining Ethereum with this setup

Published

51 Minuten ago

on

Dezember 29, 2020

By



Simon Byrne has taken at-home crypto mining to a whole new level as he looks to capitalize on Ethereum’s (ETH) enormous price potential. 

As first reported by Anthony Garreffa, Byrne has set up an ETH mining rig consisting of 78 GeForce RTX 3080 graphics cards. Although the RTX 3080 is marketed toward high-end PC gamers, crypto miners are using these powerful specs to enhance their capabilities.

With each card using roughly 300W of power, Byrne’s setup uses 23.4KW of energy. And that doesn’t even factor in associated costs like AC. All said, his electricity bill is estimated to run up to around $2,166 per month.

The RTX 3080 launched in September at a price of $699, but supply shortages have caused the per-unit cost to swell to $1,199. At the shortage price, that’s a price tag of $93,522 for Byrne’s setup.

Still, these costs could be offset by the operation’s mining capability. One GeForce RTX 3080 graphic card has a hash rate of around 83MH/s using Ethash, which should generate roughly 0.22236870 ETH per month, according to Garreffa. All 78 cards would therefore generate 17.3 ETH per month, which is equivalent to around $12,352 at today’s prices.

Stripping away the electricity costs, that’s roughly $10,200 per month or $122,000 per year. And that’s not factoring in Ethereum’s price potential during the next bull market.

Ether’s price zipped past $700 over the weekend, the first such move since mid-2018. The return of altseason, as some have predicted, could send ETH’s price even higher over the medium term as investors cycle from Bitcoin to other large-cap cryptocurrencies.