Hey yo, what is going on viewers of the tuuuubeee! If you are wondering where you are at in the tuberverse, first let me introduce myself as Tyler, but better known as Chico & you just stepped into the channel that keeps you more fixated, than this hypnotized rooster…cockaldoodledoo, time to wake up, because it’s time for Chico Crypto! Well I’m sure you are already awake, as Bitcoin and the crypto markets are getting crushed, silenced, and taken down into oblivion
Which Chico Crypto is feeling the pain too, as Free Speech, has officially died If you watched my Live stream posted a couple days ago, Twitter suspended my account, well we appealed, as we had evidence that it was an outside group mass reporting our tweetsMarch 1st, before our first takedown…
keep flagging Chico Crypto on Twitter, it’s very easy to have his account suspended by the way he talksthen that same group claiming victory, once I was taken down Well, guess what? We lost the appeal, and we are gone from Twitter forever…
well you gotta just roll with the punches, and start to lay your claim somewhere elsethat is why we will be posting our Twitter type content, now on Uptrendd…sign up and give us a follow, profile link is in the descriptionbut also, Instagram…link for that is below too & our most controversial one, Twetch, yes we will be posting on the BitcoinSV powered twitter like app, link for that is below too
But, the youtube bans which started in December, and now the full on free speech censorship Twitter ban, has made me realize Chico has been building its tower in other peoples garden, who can pull the plug on that operation, at any second That is why I am building a news outlet website, to host Chico’s content which will focus on deep investigations, DeFi, and truth in the crypto markets Video media, written articles, and community built media As more details, and progress come, the Chico Army will be the 1st to hear about it But let’s get to the obliteration, that is Bitcoin and the markets
Pulling out BTCs 7 day chart, we were barely hanging onto that 8k level…and then Thursday morning, right when the stock market opened, bitcoin goes dowwwwwwwnsingle candle takes it down from 7400, all the way to a bounce off level of 5
9k, 1500 dollars or a 20 percent, slash in seconds Like I showed yesterday, there is no money being made by liquidating the bears…the shorts, those positions aren’t making exchanges money, because a majority of people are still bullish Money is made on the way doowwwwnn right now, per example, with this “crash” Bitmex liquidated over 700 million dollars in Longs It sucks to see
but a ton of people are absolutely REKT, as they got suckered into the leverage trading game…only to be fully liquidated, and lose everything filling the pockets of people like Arthury Hayes, and the youtubers who shilled it to them Will those people be back? Ya eventually, but they have a soouurr taste in there mouth, and it’s going to take awhile for them to return, most likely back when Bitcoin passes 14k on it’s way back to it’s old ATH…which now, seems oh so far away… But, where is Bitcoin going to go? Am I bearish or bullish in the next coming weeks? Well these next few weeks are highly important, because the mining industry is in trouble at these prices I have shown this and predicted it spot on before, but the distribution of hashrate across the globe is estimated to go like this: China is number 1, controlling 65 percent of the hashratenext is the US and Czech Republic with about 10 percent, then Russia with 7 percent, after that Georgia with 3 percent and India with 1 percent, and finally the rest of the world has 4 percent So right now out of the relevant mining regions, we have trouble on the horizon and trouble right now Trouble on the horizon? For two regions: India and Georgia, and they make up 4 percent of the hashpower Trouble right now? The US and the relevant other regions, which make up a combined 14 percent of the hashrate Let’s begin with India and Georgia
Going to ASICminervaluecom, and using an 8 cent kilowatt hour price, we can see that the brand new machines are profitable, which these regions do not have access to, like the s19 Some miners like the ls17s, are barely profitablethen getting to the t17s those are losing money right now, and Bitmain s9s and s11s, are definitely losing money… Now the US and other relevant regions are in trouble…like I showed yesterday, 6k is where most operations in the US can’t make a profit As we can see, only the brand new s19 is profitable at these 6k levels with an average electricity rate of 12 cents per kilowatt hour Every other machine is losing money, s17s and older, are losing money
So, as of right now, we have 18 percent of the hashrate losing money or about to lose money real quick But we have 3 other regions, China, Russia and the Czech Republic who collectively control an estimated 82 percent of the hashpower These regions are actually profitable at these prices So with Russia, we are pretty much including Ukraine too as there are significant operations there too
Also at this level we will include the czech republic, Together combined average electricity rate is about 6 cents per kilowatt hour, and the total control of the hashrate is about 17 percent As we can see they are profitable still at these price levels, with the newer machines, s17s, which, and even t17s, but once they get to the s9s and s11s Breakeven comes, sooo the price levels here, they can sustain, but for how long? And finally we get to that CHYNA, who controls 65 freaking percent They actually have a lower average electricity cost, of just 4 cents per kilowatt hour As we can see, Bitmain who has the s19s in Chyna right now is making bank still at these prices
Most operations in China use s17s, and those are still highly profitable, shoot even gettin to the older s11s and s9s, they are still making money in China Thus 65 percent of the hasrate can sustain these prices, and even lower… Is this a miner purge? Is this so regions can gain more dominance? Well pulling out the total hashrate, we dropped off from 121 million terahashes, down to about 98 million terahashes yesterday…a collapse of nearly 20 percent of the hashpower…hmmmmm nearly 20 percent of the relevant mining regions are unprofitable at this level
So I never thought I would have to pull out this chart again, the 3k levels, which were hit over a year ago now As we can see with yesterday's fall off a cliff, we hit the resistance level, around where the price was back in november of 2018 Well after those cold november days, we hit 5k, 4k and then the 3k levels Staying in those ranges until May of 2019, basically 6 months And what happened then? A miner purge…
as we can see the hash rate in before the November dip peaked at 61 million terahashes, then fell to a low of 31 million terahashes at the bottom, the 3k BTC bottom, before rebounding along with the price Is this going to happen again? Well back then, we had the hashwars, which were a major factor in bringing down the prices, a factor withing the crypto community, which had ties right back to the mining industry This time, they blame it on economic slowdown, holding a super speculative asset in the face of a recession or even a depression due to a viral pandemic So, I’m not going to sit here and tell you no, it’s not going to happen, because the more things change, the more they stay the same It’s possible, we fall into this same pattern, crashing BTC price, and a crashing miner purge, where the peak hash rate of over 120 million, might just fall to 75 million in the next couple of months in my opinon
Who said the fight for digital currency soveringty was going to be easy don’t forget to follow me on my new accounts, Uptrend, Instagram and TwetchCheers I’ll see you next time!
