US July ISM Non-Manufacturing Employment Index

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Peter Schiff on Bitcoin’s Bear Market, US Economy Facing Stagflation Economist and gold bug Peter Schiff expressed his opinions on the U.S. economy and bitcoin via a series of posts on social media platform X Wednesday. Commenting on the price of bitcoin dipping below $57K on Wednesday despite massive inflows into spot bitcoin exchange-traded funds (ETFs) in recent months, he wrote: Despite all the hype around the bitcoin ETFs, bitcoin is clearly in a bear market. He noted that BTC is “down 23% in dollars, but 33% priced in gold, with one bitcoin now worth fewer than 25 ounces,” asserting: “Turn out the lights HODLers, the party is over.” Schiff has repeatedly criticized bitcoin following price declines. Earlier this month, he announced the end of the bitcoin “fad” as gold prices surged, labeling BTC a gigantic bubble. In addition, U.S. spot bitcoin ETFs have collectively experienced five straight days of outflows, totaling $635 million. Moreover, the economist often voiced concerns regarding the U.S. economy. Schiff conveyed on X Wednesday: Today’s economic data is conclusive evidence that stagflation is not just a future possibility, but already a current reality. “April ISM tanked, as orders tumbled and prices paid soared. Meanwhile, April job openings collapsed to their lowest level in three years,” he detailed. Earlier this month, Schiff cautioned that high inflation was resurging “with a vengeance” and that “significant” interest rate hikes are necessary. He also criticized JPMorgan Chase CEO Jamie Dimon for underestimating the challenges facing the U.S. economy. In a recent update, he declared: “It’s game over for the Fed … Despite forecasts of Fed rate cuts, long-term interest rates continue to climb. This will exacerbate the inflation issue, which is positive for gold but negative for bonds.”#BTC##ContentStar##比特币##HotTopicDiscussion##GateLive#

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Core Scientific Plans for 72 More MW to Enhance Mining Efficiency With the halving event fast approaching, set to occur in just about 3.5 days, bitcoin (BTC) miners are actively preparing. On Tuesday, Core Scientific, Inc. (Nasdaq: CORZ) revealed plans to expand its Denton, Texas, bitcoin mining campus by an additional 72 megawatts (MW). The company indicated that this new phase at the Denton data center marks the start of a comprehensive, multi-year effort to complete its partially constructed infrastructure and increase its capacity by 372 megawatts. In its announcement, Core Scientific articulated that the objective of this expansion is to enhance its mining hashrate by more than 20 additional exahash at an average incremental cost of about $200,000 per megawatt. This cost is notably less than half that of new construction or asset acquisition, Core Scientific stated. The company reported that its Denton, Texas data center is currently operating at 125 MW of bitcoin mining, with a total contracted power of approximately 300 MW. Additionally, its Pecos, Texas data center operates 71 MW of BTC mining across two sites, with a total contracted power capacity of 250 MW. “Owning and controlling all of our infrastructure with access to ready power gives us the strategic optionality to expand our mining capacity, deploy upgrades to our proprietary mining technology stack, reallocate miners to optimize for efficiency and even flex to alternative forms of compute when such opportunities arise,” Adam Sullivan, Core Scientific’s CEO remarked on Tuesday. By expanding our capacity while focusing on fleet efficiency and hashrate productivity, we believe we will remain positioned for success in the post-halving environment. Core shares listed on the Nasdaq are down on Tuesday by 3.71% and over the past week, CORZ has shed 11.5% against the U.S. dollar. At press time, the mining company has a market capitalization of around 478.62  million on April 16, 2024.