<ul><li>The Chinese government called for a severe crackdown on <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> mining and trading, setting off a global phenomenon that's often dubbed ‘the great mining migration.’</li><li>China contributed up to 65% of the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Bitcoin</a> hash rate, followed by the US, Russia, Kazakhstan, Malaysia, and Iran.</li><li>Miners are actively looking for alternatives and heading west. More precisely, Texas, Florida, or even Canada.</li><li>These regions are trying to woo mines with some of the world's cheapest electricity, a higher share of green energy, and pro-crypto lawmakers.</li></ul>China has long been home to more than half the world's <keyword id="1926395" type="PERSON" weightage="20" keywordseo="Bitcoin-miners">bitcoin miners</keyword>, but now, Beijing <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-inner-mongolia-region-proposed-punishments-for-companies-and-individuals-involved-in-crypto-mining/articleshow/83034373.cms">wants them out</a> as soon as possible. In May, the government called for a severe crackdown on Bitcoin mining and trading, setting off a global phenomenon that's being called ‘<a href="https://www.businessinsider.in/cryptocurrency/news/chinas-crypto-miners-are-looking-at-texas-amid-the-great-mining-migration/articleshow/83601284.cms">the great mining migration</a>.’ <br /><br />The movement is underway right now, and while it means the end of Bitcoin in China, it also means a new region will soon be the focal point of the crypto community. And, there’s no shortage of contenders trying to woo these miners over to their side.<br /><br />Since decentralized finance means the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrency</a> has no borders or a single regulating party, mining is also scattered. However, it is concentrated around regions that have a cheap source of electricity. Till now, China's Sichuan was a favourable destination thanks to abundant electricity via hydropower, but that's no longer a viable destination. So, where are the miners headed next?<br /><br /><h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;">Head West is the new mantra</h2><br />Mining is the energy-intensive process that creates new coins and maintains a log of all existing digital tokens. The cumulative processing power of the network is called the hash rate. The higher the hash rate, the healthier the blockchain is. Hence, it's a perennial process that cannot afford hiccups at a massive scale.<br /><br />China contributed up to 65% of the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Bitcoin</a> hash rate, followed by the US, Russia, Kazakhstan, Malaysia, and Iran. Amid the sudden crackdown, Bitcoin’s hash rate is down by almost 40% from its peak.<br /><br />  <div type="image" title="Average monthly hash rate breakdown by country as of April 2021" msid="83808065" hostid="261"></div><br />Miners are headed west to Texas and Florida — even Canada. Immediately after China's announcement in May, many big mining companies packed up and moved to the former wild west. Some of these names <a href="https://finance.yahoo.com/news/texas-governor-signs-law-creating-125552045.html">include</a> Bitmain, Blockcap, Argo Blockchain, Great American Mining, Layer1, and Riot Blockchain. <br /><br />The region makes for an attractive place to set up shop since it boasts of having some of the world's cheapest electricity, a higher share of green energy, and pro-crypto lawmakers. While China supplied the power, its politicians were never sold on the decentralised idea.<br /><br />As <a href="https://bitcoinmagazine.com/business/bitcoin-mining-firm-blockcap-moves-headquarters-to-texas-as-state-embraces-bitcoin">noted</a> by the former governor of Texas, Rick Perry, miners are a significant accelerant for job creation and sustainable economic growth. And, the current governor, Greg Abbott, has carried that trend forward and put up a huge welcome sign-board for miners. <br /><br />Florida is also wooing crypto miners by offering cheap electricity from its abundant nuclear power plants. “We want to make sure that our city has an opportunity to compete,” Francis Suarez, the Mayor of Miami, told <a href="https://www.cnbc.com/2021/06/17/miami-mayor-francis-suarez-trying-to-win-over-chinese-bitcoin-miners.html">CNBC</a>. “We’re talking to a lot of companies and just telling them, ‘Hey, we want you to be here.’”<br /><br />Similarly, Maryland has also managed to attract at least one mining company from China. A Chinese logistics firm, Fenghua International, <a href="https://twitter.com/onlyyoontv/status/1406911193126785026?ref_src=twsrc%5Etfw">confirmed</a> that it will be flying 3,000 kilos worth of mining equipment from Guangzhou in China to the mid-Atlantic state.<br /><br /><div type="twitter" handle="GregAbbott_TX" handlename="Greg Abbott" image="http://pbs.twimg.com/profile_images/1106778059590565889/M-ak-U5F_normal.jpg" favoritecount="14138" retweetcount="3578" status="Blockchain is a booming industry that Texas needs to be involved in.I just signed a law for Texas to create a mas… https://t.co/3w6btK8yC4" createdat="1622852603000" id="1400971477051133956"></div><br /><h2 style="line-height:1.38;margin-top:18pt;margin-bottom:6pt;">Limited options other than the US</h2>Other possible global destinations include countries like Kazakhstan, which is right next door to China. The nation's coal mines offer a low-cost, abundant energy supply, and the government has building-friendly policies which make it easy to construct offices quickly.<br /><br />BIT Mining has <a href="https://www.coindesk.com/chinese-bitcoin-mining-company-delivers-first-machines-to-kazakhstan">already shifted</a> 320 mining machines to the former Soviet republic and another 2,600 are expected to arrive soon.<br /><br />While the logistics of moving from China to Kazakhstan are more straightforward, but the US offers political stability, wider reach, and has far better chances of pivoting to green energy. <br /><br />Colder regions like Scandinavia, Russia, and Canada offer temperate or even polar temperatures, which aids in keeping the chips cool. While this helps reduce electricity consumption, it only eliminates cooling costs. <br /><br />Canada, for instance, has high electricity costs. And, many other formerly popular options like Iceland, Norway, and Sweden have <a href="https://www.dw.com/en/bitcoin-mining-is-scandinavias-cryptoboom-coming-to-an-end/a-57443905">reached their limit </a>in terms of generation capacity. <br /><br />Iran has encouraged mining over the last few years but announced a surprise ban this summer. The country has issued an order to <a href="https://www.businessinsider.in/cryptocurrency/news/iran-is-planning-to-introduce-a-legal-framework-for-crypto-even-as-bitcoin-mining-activity-remains-restricted/articleshow/83396588.cms">stop mining</a> for a few months since it cannot meet the local energy demand. The government claims the energy requirements of miners have depleted the entire grid, causing frequent blackouts. While the country tries to figure out a middle-ground, the US has taken the lead.<br /><br />Texas even has a brand new solution to offer — oil and gas vent capture technology. Pioneered by companies like Upstream Data, this technology captures escaping gas and turns it into energy. <br /><br />Companies like Great American Mining are also helping oil producers cut their gas byproducts while drilling by converting the wasted gas into potential fuel.<br /><br />The most significant concern surrounding the migration is Texas's capacity to handle the surge because the state's grid has historically <a href="https://www.npr.org/2021/06/02/1002277720/texas-lawmakers-passed-changes-to-prevent-more-blackouts-experts-say-its-not-eno">struggled</a> during extreme weather. During winter, blackouts were a norm in the state, and residents were left with no energy amid freezing temperatures. <br /><br />While companies are making a move, it'll be interesting to see how local communities react to mining farms and their thirst for electricity. <br /><br /><a href="https://forum.businessinsider.in/"><em>For a more in-depth discussion, come on over to Business Insider Cryptosphere</em></a><em> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.</em><br /><em><br /></em><strong>SEE ALSO:<br /><a href="https://www.businessinsider.in/cryptocurrency/news/heres-how-chinas-2021-crypto-crackdown-in-2021-differs-from-the-2017-ban/articleshow/83802778.cms">Here’s how China’s 2021 crypto crackdown in 2021 differs from the 2017 ban</a><br /></strong><a href="https://www.businessinsider.in/business/startups/news/zomato-is-seeking-a-8-billion-valuation-in-its-ipo-does-it-make-sense/articleshow/83801848.cms"><strong>There are a few reasons why Zomato wants $8 billion valuation from its IPO -- here's a look at if it makes sense</strong></a><br />

China’s Bitcoin miners are looking at US, Kazakhstan, Canada, and Europe amid the exodus — but not every option fits the bill

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Reuters</span></p><p class="caption">Electric scooter company Lime is just one company among more than 60 that reached a billion dollar valuation in 2018.</p></div><p></p></div></div></p><ul><li><strong>65 companies have reached valuations of $1 billion or more in 2018, new data from Crunchbase reveals.</strong></li><li><strong>Private investors have  poured $73 billion into "unicorn" companies in the first 7 months of 2018 alone - just $15 billion short of the total funding for unicorns in all of 2017.</strong></li></ul><p> </p><p>In Silicon Valley, startups valued at $1 billion or more are nicknamed "unicorns" because originally they were so few and far between. </p><p>But, according to <a href="https://news.crunchbase.com/news/vcs-are-on-track-to-make-2018-a-record-year-for-unicorns/">new data from Crunchbase,</a> 2018 is quickly diminishing the rarity of the unicorn status: In the first seven months of the year alone, 65 companies have already achieved valuations of $1 billion or more. </p><p>If the trend continues, 2018 will be a record-making year for billion dollar companies. </p><p><span>"In the first seven months of 2018, investors put $73 billion into rounds for private venture-backed companies valued at $1 billion or more," <a href="https://news.crunchbase.com/news/vcs-are-on-track-to-make-2018-a-record-year-for-unicorns/">Crunchbase reporter Joanna Glaser writes.</a> "That's about three-fourths of the total for all of 2017, last tallied at $98 billion."</span></p><p>Among the companies achieving unicorn status are buzzy, US-based startups like electric scooter company Lime and e-cigarette purveyor Juul. As Crunchbase notes, cryptocurrency companies like mining chip producer Bitmain and crypto trading platform Circle are also unicorn newcomers.</p><p>So far, the US and China are tied when it comes to companies achieving unicorn status. While a reported 26 companies have achieved billio-dollar valuations this year in both countries, Crunchbase notes that Chinese companies are typically slower to make their valuations publicly available, suggesting that China's startup growth could be greater than the US.</p><p>However, it's worth remembering that big valuations, while often coveted by founders and investors alike, aren't necessarily always purely beneficial. As longtime Silicon Valley investor Elad Gil <a href="https://www.businessinsider.com/elad-gil-silicon-valley-valuations-unicorns-growth-wall-street-2018-8">pointed out in a recent interview with Business Insider,</a> a high valuation can often hurt a company's longterm growth.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/samsung-galaxy-note-9-fortnite-new-galaxy-unpacked-2018-8">Everything Samsung just announced - the Galaxy Note 9, Fortnite, and more</a></h3>        <div>                    </div>    </div>

2018 is shaping up to be a record year for private investing: VCs have already poured $73 billion into startups valued at $1 billion or more

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>AMD</span></p><p class="caption">Lisa Su, chief executive of AMD</p></div><p></p></div></div></p><ul><li><a href="https://markets.businessinsider.com/stocks/amd-stock"><strong>AMD</strong></a><strong> is scheduled to report 2nd quarter earnings after the closing bell Wednesday.</strong></li><li><strong>Shares of the company sank more than 2% in trading ahead of the release.</strong></li><li><strong><a href="https://markets.businessinsider.com/stocks/amd-stock">Follow AMD's stock price in real-time here. </a></strong></li></ul><p>Shares of <a href="https://markets.businessinsider.com/stocks/amd-stock">AMD (Advanced Micro Devices)</a> sank more than 2% in trading Wednesday as the chipmaker geared up to report its second quarter earnings after the closing bell.</p><p>Analysts polled by Bloomberg expect the company to report adjusted earnings of $0.128 per share on revenues of $1.724 billion.</p><p>Investors will be closely watching AMD's Ryzen processor sales results. The company launched a 12 nm version of the product line - one of the smallest sizes on the market - in April. That revenue may be able to offset any slump resulting from softening demand for its other chips in the fact of declining cryptocurrency prices, according to Credit Suisse.</p><p>"While crypto at roughly 15% of revenue continues to be a headwind to 2H estimates, incremental growth from Ryzen channel fill and share gains in GPU at AAPL and INTC should protect 2H estimates from downward revision," John Pitzer, the bank's head of technology research, said in a note to clients this week.</p><p>Interest in cryptocurrency mining has declined alongside the prices of major coins, with the flagship bitcoin down 39% since the beginning of the year. Bitmain, a Chinese company that makes computers specifically for mining, released an <a href="http://markets.businessinsider.com/currencies/news/rbc-bitmains-new-e3-ethereum-miner-could-make-a-dent-in-nvidias-crypto-boom-2018-4-1020472208">ASIC machine (short for application specific integrated chip) that could also eat into AMD's revenue.</a></p><p>"While there are several moving pieces and still a large degree of uncertainty - the current level of GPU-mining demand is most likely unsustainable, and could present a material headwind to C2H18 as AMD sees a meaningful reduction to our estimated ~$460m of CY18 Crypto-related Revenue," said Credit Suisse.</p><p>Credit Suisse has a $13.50 price target for shares of AMD - roughly 14% below where shares were trading Wednesday.</p><p>AMD is up 43% since the beginning of 2018.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://markets.businessinsider.com/stocks/amd-stock">Markets Insider</a></span></p></div><p></p></div></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/why-cities-can-not-get-rid-of-rats-2018-6">Why cities can't get rid of rats</a></h3>        <div>                    </div>    </div>

AMD is sinking ahead of earnings

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Brandon Wade/Invision for Walmart/AP Images</span></p></div><p></p></div></div></p><p><strong>Welcome to Crypto Insider, Business Insider's roundup of all the <a href="http://markets.businessinsider.com/currencies/BTC-USD" target="_blank" rel="noopener">bitcoin</a> and <a href="http://markets.businessinsider.com/currencies/cryptocurrencies" target="_blank" rel="noopener">cryptocurrency news</a> you need to know today. Sign up <a href="http://e.businessinsider.com/join/crypto-insider" target="_blank" rel="noopener">here to get this email delivered direct to your inbox</a>.</strong></p><p>Yesterday, Bitmain announced a new ASIC (application-specific integrated circuit) mining rig specifically for ethereum.</p><p>Not only is it about 2.5 times more powerful than current GPU mining systems while costing only $800, <a href="http://markets.businessinsider.com/currencies/news/rbc-bitmains-new-e3-ethereum-miner-could-make-a-dent-in-nvidias-crypto-boom-2018-4-1020472208">RBC Capital Markets says it could make a dent in the boost Nvidia has seen from cryptocurrencies in the past year. </a></p><p><strong>Here are the <a href="http://markets.businessinsider.com/cryptocurrencies">current crypto prices</a>:</strong></p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://markets.businessinsider.com/cryptocurrencies">Markets Insider</a></span></p></div><p></p></div></div></p><div><p><strong style="color: #222222;">What's happening:</strong></p><section><section><ul><li><a href="http://www.businessinsider.com/coinbase-snags-a-former-new-york-stock-exchange-exec-to-push-crypto-to-wall-street-2018-4">Coinbase snags a former New York Stock Exchange exec to push crypto to Wall Street</a></li><li><a href="http://markets.businessinsider.com/news/Cryptocurrencies-are-getting-smoked-as-investors-move-to-risk-off-1020450903" target="_blank" rel="noopener">Cryptocurrencies are getting smoked as investors move to 'risk off'</a></li><li><a href="http://www.businessinsider.com/crypto-scams-hacks-first-quarter-of-2018-crypto-aware-2018-4">Here's how much cryptocurrency scammers are making by ripping off 'greedy' investors</a></li><li><a href="http://markets.businessinsider.com/news/Litecoin-surges-after-the-CEO-of-an-American-Express-backed-crypto-startup-explains-why-it-s-moving-away-from-bitcoin-for-smart-contracts-1020379060" target="_blank" rel="noopener">Litecoin surges after the CEO of an American Express-backed crypto startup explains why it's moving away from bitcoin for smart contracts</a></li><li><a href="http://markets.businessinsider.com/news/Bitcoin-had-its-worst-start-to-a-year-ever-1020435870" target="_blank" rel="noopener">Bitcoin had its worst start to a year ever</a></li></ul><p><strong>New to Crypto Insider? Business Insider has a ton of articles to get you caught up to speed, including:</strong></p><ul><li><a href="http://www.businessinsider.com/tech-finance-coinbase-buy-sell-trade-bitcoin-app-coinbase-2017-1">How to buy and sell cryptocurrencies using Coinbase on your iPhone</a></li><li><a href="http://www.businessinsider.com/how-paying-taxes-on-bitcoin-works">Paying taxes on bitcoin isn't nearly as hard as it sounds</a></li><li><a href="http://www.businessinsider.com/how-to-buy-ripple-xrp-a-step-by-step-guide-2018-1">How to buy Ripple's XRP cryptocurrency</a></li><li><a href="http://www.businessinsider.com/finance-veteran-matt-hougan-explains-why-wall-street-isnt-diving-into-bitcoin-2018-2">An ETF veteran who ditched Wall Street for crypto explains how bitcoin can fit into a portfolio</a><a href="http://www.businessinsider.com/how-to-buy-ripple-xrp-a-step-by-step-guide-2018-1"></a></li></ul><p><strong>What other questions do you have about crypto? Ask them in</strong><strong style="color: #222222;"> Business Insider's <a href="https://www.facebook.com/groups/BI.CryptoInsider/">Crypto Insider Facebook group</a> today to discuss with readers from all over the world, as well as BI editorial staff. </strong></p></section></section></div><p class="tagline">Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a><br><br><br><a href="http://www.businessinsider.com/intelligence/bitcoin-101?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=fintech_ctgr_leadgen&amp;utm_campaign=fintech_ctgr_leadgen_bitcoin-101"></a></br></br></br></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-all-you-can-eat-restaurants-make-money-2018-3">How all-you-can-eat restaurants don't go bankrupt</a></h3>        <div>                    </div>    </div>

CRYPTO INSIDER: Mining ethereum is about to get a lot cheaper

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">FILE PHOTO: Visitors look at motherboards being displayed at the AMD booth during the 2012 Computex exhibition at the TWTC Nangang exhibition hall in Taipei</p></div><p></p></div></div></p><ul><li><strong><a href="http://markets.businessinsider.com/stocks/amd-stock">Advanced Micro Devices</a> is scheduled to report first-quarter earnings Wednesday afternoon.</strong></li><li><strong>Refresh this page to see the results as soon as they are released. </strong></li><li><strong><a href="http://markets.businessinsider.com/stocks/amd-stock">Follow AMD's stock price in real-time here</a>.</strong></li></ul><p><a href="http://markets.businessinsider.com/stocks/amd-stock">AMD, Advanced Micro Devices</a>, is scheduled to report first-quarter earnings after the closing bell on Wednesday.</p><p>Analyst polled by Bloomberg expect the chipmaker to post adjusted earnings of $0.09 per share on revenues of $1.57 billion.</p><p>"We expect AMD to report C1Q ABOVE and guide C2Q INLINE on an absolute basis despite waning momentum in Crypto exiting C1Q," Credit Suisse analyst John Pitzer wrote in a note ahead of the results. "Specifically, we expect Crypto to drive $150-200 mm of UPSIDE to both our C1Q and C2Q Rev estimate."</p><p>The crypto craze that peaked in January provided a boost for graphics processor unit makers like AMD and its competitor <a href="http://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a>. But as prices have fallen in 2018, so too has would-be miners interest in the chips that were traditionally only popular among PC gamers.</p><p>"Ultimately, we don't believe Crypto GPU Rev is sustainable and see 3 potential issues: (1) Price volatility in Ethereum which makes mining less economical, (2) Bitmain's Ethereum ASIC scheduled for release in July, and (3) An increased probability of Crypto moving from proof-of-work to proof-of-stake negating the need for mining/GPUs all together," Pitzer added. </p><p>Ahead of the report, millennial investors on the brokerage app Robinhood <a href="http://markets.businessinsider.com/news/stocks/amd-stock-price-young-people-loving-ahead-of-earnings-2018-4-1022295502"><span>were gobbling up shares of the company</span></a> 40% more than they were selling - a marked shift from last quarter when young investors were dumping the stock.</p><p>Shares sank about 2.7% on Wednesday, and are down 10% since the beginning of the year.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://markets.businessinsider.com/stocks/amd-stock"></a><p class="source"><span><a href="http://markets.businessinsider.com/stocks/amd-stock">Markets Insider</a></span></p></div><p></p></div></div></p>     <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/wall-street-bull-explains-trade-war-trade-war-fears-overblown-2018-4">Wall Street's biggest bull explains why trade war fears are way overblown</a></h3>        <div>                    </div>    </div>

Here comes AMD…

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">Bitcoin mining computers are pictured in Bitmain's mining farm near Keflavik</p></div><p></p></div></div></p><p>NEW YORK - <a href="http://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> has surged over $4,000 a coin on Monday, despite reports that Chinese authorities have decided <a href="https://www.wsj.com/amp/articles/china-widens-bitcoin-crackdown-beyond-commercial-trading-1505733976">on a plan for a wide-ranging crackdown on the cryptocurrency</a>.</p><p>The plan, which regulators revealed to cryptocurrency executives on Friday, goes further than just a shutdown on exchanges, according to reporting by the Wall Street Journal's Chao Deng.</p><p>According to Deng, Beijing regulators plan to shutdown all channels for exchanging the cryptocurrency, not just commercial ones.</p><p>"The crackdown on the bitcoin ecosystem represents Beijing's possibly biggest effort so far to limit expansion of a system to rival the yuan," Deng wrote.</p><p>Bitcoin collapsed spectacularly last week as news of a regulatory crackdown in China broke. </p><p>The cryptocurrency <span>dropped 16% against the dollar on Thursday after Chinese media reported that the country's regulators were </span><a href="http://uk.businessinsider.com/bitcoin-price-september-14-2017-9">moving closer to shutting down exchanges</a><span>. Bitcoin recouped most of those losses on Friday even after two of the <a href="http://www.businessinsider.com/bitcoin-price-chinas-biggest-exchanges-shutting-2017-9">largest exchanges in China, OKCoin and Huobi, released statements saying they would shutdown all trading between yuan and bitcoin</a> on their exchanges. <br /></span></p><p>The digital coin continued to prove its resiliency on Monday, trading up near 10% at $4,080. It briefly dipped below $3,000 on Friday. </p><p>Bitcoin is up about 325% this year. </p><h2><a href="https://www.wsj.com/amp/articles/china-widens-bitcoin-crackdown-beyond-commercial-trading-1505733976"><strong>Read the full report over at the WSJ.</strong></a></h2><p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>MI</span></p></div><p></p></div></div></strong></p>   <p class="tagline">Get the latest Bitcoin price<a href="http://markets.businessinsider.com/currencies/BTC-USD"> here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/gary-shilling-no-one-is-making-impulse-buys-online-2017-8">GARY SHILLING: No one is making impulse buys online</a></h3>        <div>                    </div>    </div>

Bitcoin surges past $4,000 despite reports of a wide-ranging crackdown on trading in China

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>AP/Ringo H.W. Chiu</span></p><p class="caption">A firefighter battles a fire along the Ronald Reagan Freeway, aka state Highway 118, in Simi Valley, California.</p></div><p></p></div></div>Here is what you need to know.</p><p><strong><a href="https://www.businessinsider.com/us-china-trade-war-liu-he-to-fly-to-us-for-talks-2018-11">China is sending a senior official to the US to try and defuse the trade war</a>. </strong>Chinese Vice Premier Liu He will fly to Washington with the hopes of meeting senior officials before the informal talks between Presidents Donald Trump and Xi Jinping on the sidelines of the G20 summit in Buenos Aires, Argentina. </p><p><strong><a href="https://www.businessinsider.com/trump-trade-war-auto-car-tariff-eu-concern-negotiation-tactic-2018-11?r=UK&amp;IR=T">Trump is once again moving closer to imposing auto tariffs</a>. </strong>Trump on Tuesday will meet with his trade team to discuss a Commerce Department report on auto tariffs, according to Bloomberg. He previously threatened to impose a 25% tariff on all autos and auto parts coming into the US as part of his negotiations with trading partners including the European Union and Canada. </p><p><strong><a href="https://www.businessinsider.com/stock-market-investing-strategy-morningstar-cio-daniel-needham-2018-11">Morningstar's $207 billion CIO breaks down why investors have 'significantly overpaid' for the biggest tech stocks - and what they should be doing with their money</a>. </strong>In an exclusive interview with Business  Insider, Morningstar Chief Investment Officer Daniel Needham explains why investors should be looking at defensive stocks right now.  </p><p><strong><a href="https://markets.businessinsider.com/news/stocks/general-electric-stock-price-ceo-will-sell-assets-cut-leverage-2018-11-1027717405">General Electric hits a post-financial-crisis low</a>. </strong>Shares touched $7.72 apiece - their lowest since March 2009 - after CEO Larry Culp told CNBC that he felt a sense of "urgency" to cut the company's leverage. </p><p><strong><a href="https://www.businessinsider.com/sears-should-close-all-stores-creditors-say-2018-11?r=UK&amp;IR=T">Creditors urge Sears to shut down all of its stores</a>. </strong>Unsecured creditors, in a filing, slammed the retailer's plan to stay in business as "nothing more than wishful thinking" and "an unjustified and foolhardy gamble with other people's money."</p><p><strong><a href="https://www.businessinsider.com/att-ends-contract-agreements-for-some-dealers-of-directv-products-2018-11">AT&amp;T is ending contracts with a group of dealers who sell DirecTV products</a>. </strong>AT&amp;T has notified many longtime residential dealers, who sell DirecTV products and services including satellite, broadband, and phone services that their contracts will expire on December 1, 2018.</p><p><strong><a href="https://www.businessinsider.com/bitmain-initial-public-offering-profits-2018-11?r=UK&amp;IR=T">The world's biggest maker of Bitcoin-mining hardware wants to go public, but there are questions over its profits</a>. </strong>Bitmain, the world's largest manufacturer of chips in the machines used to mine bitcoin, in its filing to go public in Hong Kong, reported 2017 profits of $701.4 million, but the Financial Times reports previous funding rounds showed profits that were significantly higher. </p><p><strong><a href="https://www.businessinsider.com/wall-street-bonuses-are-going-to-go-up-johnson-associates-survey-says-2018-11">Wall Streeters are probably going to get bigger bonuses this year</a>. </strong>Workers up and down Wall Street are in line for bigger bonuses this year, with equity traders set to see their extra pay up by as much as 20%, according to the compensation consultant Johnson Associates.</p><p><strong><a href="https://markets.businessinsider.com/indices">Stock markets around the world are mixed</a>. </strong>Japan's Nikkei (-2.06%) was hit hard in Asia and Germany's DAX (+0.64%) leads the gains in Europe. The S&amp;P 500 is set to open up 0.55% near 2,741.</p><p><strong><a href="https://markets.businessinsider.com/earnings-calendar#date=11/13/2018&amp;name=&amp;countries=&amp;eventtypes=99&amp;tab=ALL">Earnings reports keep coming</a>. </strong>Cronos, Home Depot, and Tyson Foods report ahead of the opening bell while Tilray releases its quarter results after markets close. </p>     <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/donald-trump-nfl-league-usfl-sued-tweet-three-dollars-2017-9">Trump once won a lawsuit against the NFL - but the result was an embarrassment</a></h3>        <div>                    </div>    </div>

10 things you need to know before the opening bell

<p><div class="KonaFilter image-container display-table center float_right"><div><div class="image on-image"><p class="source"><span>Reuters/Alessandro Bianchi</span></p><p class="caption">Men play Subbuteo in Rome, Italy,</p></div><p></p></div></div>Here is what you need to know. </p><p><strong><a href="http://www.businessinsider.com/trump-tweet-canada-france-emmanuel-macron-justin-trudeau-2018-6">The G7 kicks off</a>. </strong><span>"Prime Minister Trudeau is being so indignant, bringing up the relationship that the U.S. and Canada had over the many years and all sorts of other things," Trump tweeted </span><span>Thursday. "But he doesn't bring up the fact that they charge us up to 300% on dairy - hurting our Farmers, killing our Agriculture."</span></p><p><strong><a href="http://www.businessinsider.com/chinas-trade-surplus-just-narrowed-but-not-with-the-us-2018-6?r=UK&amp;IR=T">China's trade surplus narrows - but not with the US</a>. </strong>China's overall trade surplus unexpectedly narrowed to $24.92 billion in May while its trade surplus with the US widened to <span>$24.58 billion. </span> </p><p><strong><a href="http://www.businessinsider.com/home-buying-tips-with-selling-at-record-pace-2018-6">Homes in America are selling at a record pace</a>. </strong>The amount of time from list-to-sale fell to 64 days in April from 77 days a year ago, the shortest amount of time since Trulia started keeping track in 2010.</p><p><strong><a href="http://www.businessinsider.com/bitmain-cryptocurrency-bitcoin-mining-jihan-wu-ipo-2018-6">The world's largest producer of bitcoin mining chips is reportedly considering an IPO</a>. </strong>Bitmain Technologies, the world's largest producer of bitcoin mining chips, run by the 32-year-old cryptocurrency billionaire Jihan Wu, is considering an initial public offering, Bloomberg says. </p><p><strong><a href="http://www.businessinsider.com/r-apple-warns-suppliers-of-lower-parts-orders-for-new-iphones-nikkei-2018-6">Apple reportedly warned suppliers of lower parts orders for new iPhones</a>. </strong>The tech giant warned suppliers it will need 20% less components for iPhones in the second half of the year, Nikkei Asia Review says, citing industry sources.  </p><p><strong><a href="http://www.businessinsider.com/twitter-stock-officially-part-of-sp-500-2018-6">Twitter is officially part of the S&amp;P 500</a>. </strong>Shares of the social-media company fell 1.02% in their trading debut in the benchmark index.</p><p><strong><a href="http://www.businessinsider.com/mcdonalds-stock-price-corporate-layoffs-2018-6">McDonald's rallies after report says it's announcing corporate layoffs</a>. </strong>McDonald's gained 4.37% Thursday after a Wall Street Journal report said the fast-food giant was looking to trim down its corporate structure. </p><p><strong><a href="http://www.businessinsider.com/iqiyi-stock-millennials-snapping-up-shares-netflix-of-china-2018-6">The Netflix of China is on a hot streak with millennial investors</a>. </strong><span>Data from the stock-trading app Robinhood - whose usership skews markedly younger than traditional brokerages - show iQiyi jumped 32 spots in popularity over the past week, making it the 42nd most popular stock. Shares of the company are up 81% over the last month.</span></p><p><strong><a href="http://markets.businessinsider.com/indices">Stock markets around the world are lower</a>. </strong>Hong Kong's Hang Seng (-1.78%) was hit hard in Asia and Germany's DAX (-1.05%) trails in Europe. The S&amp;P 500 is set to open down 0.49% near 2,757.</p><p><strong><a href="http://markets.businessinsider.com/economic-calendar#date=06/08/2018&amp;name=&amp;countries=us&amp;eventtypes=&amp;tab=1,2,3">US economic data trickles out</a>. </strong>Wholesale inventories will be released at 10 a.m. ET. The US 10-year yield is down 1 basis point at 2.91%. </p>

<p><a href="http://markets.businessinsider.com/currencies/BTC-USD">Bitcoin</a> has come all the way back from Thursday's steep slide. The cryptocurrency tumbled as much as 18.5% to $2,076 a coin after the scaing debate came back into focus and riskier assets fell following the Fed rate hike. On Friday, its trading up 3.5% at $2,520.</p><p><span>The selling began when bitcoin-mining firm Bitmain outlined its "</span><a href="https://blog.bitmain.com/en/uahf-contingency-plan-uasf-bip148/">contingency plan</a>.<span>" </span><a href="http://www.coindesk.com/game-of-bluffs-with-bitmain-plan-bitcoin-scaling-becomes-digital-missile-crisis/">Coindesk</a><span> explained it best: "Most notably, the proposal would dedicate mining resources to hard forking the network to a rule set with a larger block size - an upgrade that would likely result in two bitcoin networks and two tradable bitcoin assets."</span></p><p><span>Riskier assets were already feeling some heat after the Federal Reserve raised its benchamrk interest rate 25 basis points to a range of 1% to 1.25% on Wednesday. </span></p><p><span>The writing had been on the wall. Bitcoin gained about 180% from the beginning of April through the middle of June. That run prompted tech billionaire Mark Cuban to call bitcoin a "<a href="http://www.businessinsider.com/bitcoin-price-is-a-bubble-mark-cuban-says-2017-6">bubble</a>." </span></p><p><span>Additionally, <a href="http://www.businessinsider.com/bitcoin-price-goldman-sachs-2017-6">Goldman Sachs</a> head of technical strategy Sheba Jafari also sounded the alarm on bitcoin in a note to clients sent earlier this week, saying that "the balance of signals are looking broadly heavy."</span></p><p>At least for now, it appears that Jafari nailed her call. "Consider re-establishing bullish exposure between 2,330 and no lower than 1,915," she concluded in this week's note. </p><p class="source"><span><a href="https://www.investing.com/currencies/btc-usd?cid=21">Investing.com</a></span></p><p class="tagline">Get the latest Bitcoin price<a href="http://markets.businessinsider.com/currencies/BTC-USD"> here.</a></p>            <h3>NOW WATCH: <a href="http://www.businessinsider.com/gregory-daco-issues-trump-needs-address-boost-economy-2017-6">An economist explains the key issues that Trump needs to address to boost the economy</a></h3>                                    Please enable Javascript to watch this video

Bitcoin storms back

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">FILE PHOTO: Bitcoin mining computers are pictured in Bitmain's mining farm near Keflavik</p></div><p></p></div></div></p><ul><li><strong>Polymath, a blockchain company looking to revolutionize the crypto world, just raised $58 million in what it says is the first SEC-compliant token sale. </strong></li><li><strong>The money was used to build a platform that would help companies create their own securitized tokens. </strong></li></ul><p><br />Polymath, a startup that wants to usher in a crypto revolution, has raised $58.7 million in a token sale, according to a <a href="https://www.sec.gov/Archives/edgar/data/1728099/000172809918000002/xslFormDX01/primary_doc.xml">filing with the Securities and Exchange Commission</a>. </p><p>The token sale, which was open to accredited investors, was filed with the regulator as a private placement, a way for companies to raise capital from a select amount of investors, after the company raised the funds.  </p><p>The money is going towards building Polymath's platform, which aims to allow financial-services companies to make and issue tokenized securities, according to a person familiar with the matter. </p><p>Currently, most tokens in the digital coin market are so-called utility tokens which provide holders access to certain services. The point of the Polymath platform is to make it easier for companies to issue digital securities to raise money in a compliant way. </p><p>"The technology serves as a launch pad or on-ramp for companies who want to create and issue tokenized securities, with the complex technical and legal functions of a token sale, Know Your Customer program, and development built in," a statement from the company said. </p><p>The fact that Polymath filed with the SEC as a private placement for its token sale is striking considering remarks Tuesday from SEC head Jay Clayton. </p><p>During a hearing on Capitol Hill Tuesday, Clayton said initial coin offerings should be filing under private placement rules. Here's Clayton:</p><p style="padding-left: 30px;">"I'm unhappy about people conducting ICOs when they should be following private placement rules under our existing securities regulations. Distributed ledger technology has so much promise, as do pure cryptocurrencies, but I'm concerned about ICOs."</p><p><span>The funding mechanism, which is a darling of young tech companies, has helped some raise hundreds of millions of dollars, although not without controversy. Already, the SEC has halted a number of ICOs through its Cyber Unit for issuing securities to investors.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/heres-what-apples-battery-slowing-controversy-means-for-iphone-sales-2018-2">Here's what Apple's battery-slowing controversy means for iPhone sales</a></h3>        <div>                    </div>    </div>

A startup raised $59 million in a token sale to usher in the next generation of crypto

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>MI</span></p></div><p></p></div></div></p><ul><li><strong>Bitcoin has given up gains made over the weekend. </strong></li><li><strong>The cryptocurrency was trading down 8.81% at $14,781, according to Markets Insider data. </strong></li><li><strong>Meanwhile, regulators in Asia are ramping up regulations.</strong></li></ul><p> </p><p><a href="http://markets.businessinsider.com/currencies/BTC-USD">Bitcoin</a> gave up its gains made over the weekend during Monday morning's trading session.</p><p>The red-hot digital coin, which failed to retest its all-time high near $20,000 set in December, broke through $17,000 on Saturday. By Monday morning, however, the digital currency was trading down 8.81% at $14,781, according to <a href="http://markets.businessinsider.com/currencies/BTC-USD">Markets Insider data</a>.</p><p>It's not exactly clear what was behind the selling pressure, but news out of South Korea could be one catalyst.</p><p>The Wall Street Journal <a href="https://www.wsj.com/articles/south-korea-steps-up-cryptocurrency-inspections-at-banks-1515407375">reported Monday that regulators there were preparing a wide-ranging inspection</a> on six commercial banks who manage "virtual" bitcoin accounts. Virtual accounts, according to the Journal, are where investors can store fiat money when they buy or sell crypto.</p><p>"There is growing concern that banks, which should actively act as gatekeepers to prevent the distribution of crime and illegal funds, are aiding and encouraging them," Choi Jong-ku, head of South Korea's Financial Services Commission, said.</p><p>And in China, <a href="http://markets.businessinsider.com/currencies/news/bitcoin-miners-ditch-china-as-crackdown-on-cryptocurrencies-continues-2018-1-1012533774">bitcoin miners are reportedly fleeing</a> to avoid a government crackdown.</p><p>Bitmain, which runs two exchanges, has set up a regional office in Singapore, as well as mining operations in the US and Canada, CEO Wu Jihan told Bloomberg TV in an interview. News of the impending crackdown was first reported Wednesday.</p><p>China banned wildly popular initial coin offerings - or ICOs - and the trading of the digital assets on local exchanges in 2017. The country had initially been popular for cryptocurrency mining because of cheap energy costs. </p><p>Still, not all cryptocurrency watchers view this as a significant development.</p><p>"I don't think it will have a big effect and not sure all miners will stop," Greg Van den Bergh, the CEO of MiCai Limited, a China-based financial technology firm, told Business Insider in an email. "The likelihood of detection is [very] small."<span name="Greg Van den Bergh" data-hovercard-id="greg@micai.ai"></span></p> <p class="tagline">Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a><br><br><div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://read.bi/bitcoin-101-free"></a><strong>EXCLUSIVE FREE REPORT:</strong><br>The Bitcoin 101 Report by the BI Intelligence Research Team.<br><strong><a href="http://read.bi/bitcoin-101-free">Get the Report Now »</a></strong></br></br></div></br></br></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/apple-stock-price-iphone-x-cycle-could-send-shares-tumbling-2017-12">The end of the iPhone X cycle could send Apple's stock tumbling</a></h3>        <div>                    </div>    </div>

Bitcoin plunges 8% after a weekend rally

<p class="source"><span>John McAfee</span></p><p class="caption">John McAfee</p>MGT Capital, the company run by John McAfee, said it will start to <a href="http://ir.stockpr.com/mgtci/company-news/detail/907/mgt-capital-launches-pilot-program-to-mine-ethereum">mine Ethereum</a> - the bitcoin rival that's surged nearly 4000% this year - in it's latest bid to turn a profit. <br /><br />MGT, which is publicly traded over the counter, has mostly pitched itself to investors as a cybersecurity company. Cybersecurity is where McAfee made his mark as the founder of the anti-virus company that bears his name.<br /><br />But McAfee has more recently started to tout cryptocurrencies. He said last month that investments in bitcoin will help put it <a href="https://www.bloomberg.com/news/articles/2017-05-24/john-mcafee-says-bitcoin-boom-to-put-mgt-capital-in-the-black">back in the black</a> by the end of the year. <br /><br />Ethereum is like bitcoin in that <a href="http://www.huffingtonpost.com/entry/ethereum-mining-101-your-complete-guide_us_58b6e1eee4b02f3f81e44e9f">it can be "mined"</a> by computers that solve complex computations. MGT said Friday that it reached an agreement with <span>Bit5ive LLC to buy up to 60 graphics processor-based mining computers to help mine for ether.</span> <p>"<span>We are more convinced each day of the growth and value of digital currencies, and our Company is uniquely positioned to be a leading provider of processing power to relevant blockchains," McAfee said in the statement.</span></p><p><span>McAfee's foray into the cryptocurrency space comes at a time when others have been sounding the alarm after a huge run-up in prices. <br /><br />In early June, billionaire <a href="http://www.businessinsider.com/bitcoin-price-is-a-bubble-mark-cuban-says-2017-6">Mark Cuban said it was evident that bitcoin was a bubble</a> by tweeting that "when everyone is bragging about how easy they are making $=bubble."</span></p><p>Days later, <a href="http://www.businessinsider.com/bitcoin-price-goldman-sachs-2017-6">Goldman Sachs warned that bitcoin was looking "heavy"</a> and that a drop to <span>between 2,330 and </span><span>no lower than 1,915 was looking likely. Bitcoin put in a low of $2,076 just a day later after the scaling debate came back into focus as the bitcoin-mining firm Bitmain outlined its "<a href="https://blog.bitmain.com/en/uahf-contingency-plan-uasf-bip148/">contingency plan</a>" if a hard fork were to occur. </span><span>Bitcoin has since recouped those losses and now trades at $2,708.</span></p><p><span>Ethereum is up 3,964% so far in 2017. </span><span>As for MGT, it's stock is up 42% year-to-date. </span></p><p class="tagline">Get the latest Bitcoin price<a href="http://markets.businessinsider.com/currencies/BTC-USD"> here.</a></p>            <h3>NOW WATCH: <a href="http://www.businessinsider.com/gregory-daco-issues-trump-needs-address-boost-economy-2017-6">An economist explains the key issues that Trump needs to address to boost the economy</a></h3>                                    Please enable Javascript to watch this video

John McAfee's latest gambit is mining Ethereum - the cryptocurrency that's up nearly 4000% this year

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Fabrizio Bensch/REUTERS</span></p><p class="caption">A technician of computer microprocessors maker AMD poses for the media with a wafer at the chip plant in Dresden October 24, 2006. AMD celebrated its 10th anniversary of the AMD plant in the eastern German city of Dresden on Tuesday.</p></div><p></p></div></div></p><ul class="summary-list"><li><strong><a href="https://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Cryptocurrencies</a>, including <span><a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">bitcoin</a></span> and <a href="https://markets.businessinsider.com/currencies/usd-eth">ethereum</a>, are sitting at their lowest levels in more than a year.</strong></li><li><strong>Chipmakers such as <a href="https://markets.businessinsider.com/stocks/amd-stock">AMD</a> and <a href="https://markets.businessinsider.com/stocks/nvda-stock?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Nvidia</a> have warned investors about potential headwinds following the crypto boom and its bust.</strong></li><li><strong>AMD and Nvidia's oversupply of cryptocurrency-mining chips will persist longer than expected RBC says.</strong></li><li><strong>Watch <a href="https://markets.businessinsider.com/stocks/amd-stock">AMD</a> and <a href="https://markets.businessinsider.com/stocks/nvda-stock?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Nvidia</a> trade live.</strong></li></ul><p>As <a href="https://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">cryptocurrencies</a> plunge to their <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-tumbles-crypto-bloodbath-continues-2018-11-1027755712">lowest levels in more than a year</a>, crypto-mining chipmakers such as <a href="https://markets.businessinsider.com/stocks/amd-stock">AMD</a> and <a href="https://markets.businessinsider.com/stocks/nvda-stock?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Nvidia</a> are feeling the long-lasting pain, RBC said in a note titled "Crypto mining issues likely to persist longer than expected."</p><div title="Page 1"><div title="Page 1"><p><span>"A high quality crypto mining GPU was still profitable as of last quarter and at this point in time no GPU is profitable,"</span> Mitch Steves, an RBC analyst, said in a note distributed Sunday.</p></div><p>Cryptocurrencies have been under pressure this year.<span> <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Bitcoin</a>, the largest crypto by market value, has tanked 72.5% since January - touching an intraday low of $3,592 a coin on Monday. </span></p><p><span>And w</span>ith bitcoin<span> </span>and its rival<span>  </span>cryptocurrencies sitting at their lowest price levels in 14 months, using expensive graphics processing units  to mine digital currencies is more and more unprofitable, according to RBC. By the firm's calculation, the break-even point for <a href="https://markets.businessinsider.com/currencies/usd-eth">ethereum</a> - the main <span>currency that can be mined profitably - is about $175 an ether. However, Ethereum has lost 87% value this year and are now near $108.</span></p><p><span>Chipmakers have warned about the potential for crypto headwinds following the boom and bust in digital currencies. </span></p><p>"Our near-term results reflect excess channel inventory post the crypto-currency boom, which will be corrected," <span>Nvidia CEO <a href="https://nvidianews.nvidia.com/news/nvidia-announces-financial-results-for-third-quarter-fiscal-2019" target="_blank" rel="noopener">Jensen Huang</a> said in the company's third-quarter earnings release earlier this month. And in August, m</span>anagement warned that it was expecting "<a href="https://markets.businessinsider.com/currencies/news/nvidia-stock-price-crypto-business-dead-not-coming-back-2018-8-1027467378?utm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurl?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">essentially no cryptocurrency</a>" business moving forward. That mirrored rival AMD's warning in July which said it <a href="https://markets.businessinsider.com/news/stocks/amd-stock-price-crypto-bitcoin-boom-over-earnings-call-2018-7-1027404897?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">expects the impact from crypto to fall to nearly zero</a> in the third quarter.</p><div title="Page 1"><p><span>"While Nvidia and AMD have suggested that the crypto currency overhang will be a one quarter issue, we think it is more likely a two quarter issue given new market dynamics," Steves said.</span><span></span></p></div><div title="Page 1"><p><span> Steves noted that two factors have added to </span>risks for the<span> excess of mining GPUs for cryptocurrencies. First, </span>since most GPUs are on a two-year warranty, there is likely demand for used GPUs which could cause additional near-term inventory issues. Additionally, more private companies are entering the competition to create <span>higher-quality chips.</span> For example, <span>Bitmain's new ethereum specific mining chip is far superior to any GPU and is likely the only product running "in the green" at this time, according to Steves.</span></p><p><span>Despite that, Steves remains bullish on AMD and Nvidia.</span></p><div title="Page 1"><div title="Page 1"><p><span>"While we are taking a cautious stance on crypto related revenue for yet another quarter, we note that the secular trends for both companies remain unchanged," Steves said. </span></p><p><span>"Nvidia's long-term story (AI, Auto, VR/AR) remains solid, and we think AMD's new chiplet architecture and 7nm lead will help on the server CPU side." </span></p><h2><span>Now read:</span></h2><ul><li><a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-tumbles-crypto-bloodbath-continues-2018-11-1027755712">Bitcoin tumbles to its lowest level since September 2017</a></li><li><a href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-short-seller-andrew-left-says-he-is-buyer-2018-11-1027743996">Nvidia recovers all its earlier losses after short seller Andrew Left says he is a buyer<span> </span></a></li><li><a href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-wall-street-ignores-risk-key-business-2018-10-1027646126?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Wall Street is ignoring a risk related to a key part of Nvidia's business, UBS says</a></li><li><a href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-not-much-upside-from-gaming-business-anytime-soon-2018-9-1027552454?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">MORGAN STANLEY: Don't expect much upside from Nvidia's gaming business anytime soon</a></li><li><a href="https://markets.businessinsider.com/news/stocks/nvidia-earnings-q3-what-wall-street-says-2018-11-1027734863?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">'Crypto strikes again': Here's what Wall Street is saying about Nvidia's underwhelming earnings</a><span><a href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-short-seller-andrew-left-says-he-is-buyer-2018-11-1027743996"></a></span><a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-tumbles-crypto-bloodbath-continues-2018-11-1027755712"></a></li></ul></div></div></div></div><p class="tagline">Get the latest Nvidia stock price<a href="http://markets.businessinsider.com/stock/NVDA-Quote"> here &gt;&gt;</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/nuclear-bomb-launch-procedure-us-government-president-2017-11">Here's how easy it is for the US president to launch a nuclear weapon</a></h3>        <div>                    </div>    </div>

You Searched For "bitmain" and got 13 results

China’s Bitcoin miners are looking at US, Kazakhstan, Canada, and Europe amid the exodus — but not every option fits the bill

Shivam Vahia

2018 is shaping up to be a record year for private investing: VCs have already poured $73 billion into startups valued at $1 billion or more

Zoë Bernard

AMD is sinking ahead of earnings

Graham Rapier

CRYPTO INSIDER: Mining ethereum is about to get a lot cheaper

Graham Rapier

Here comes AMD…

Graham Rapier

Bitcoin surges past $4,000 despite reports of a wide-ranging crackdown on trading in China

Frank Chaparro

10 things you need to know before the opening bell

Jonathan Garber

10 things you need to know before the opening bell

Jonathan Garber

Bitcoin storms back

Jonathan Garber

A startup raised $59 million in a token sale to usher in the next generation of crypto

Frank Chaparro

Bitcoin plunges 8% after a weekend rally

Frank Chaparro

John McAfee's latest gambit is mining Ethereum - the cryptocurrency that's up nearly 4000% this year

Jonathan Garber

AMD and Nvidia's crypto problems 'will persist longer than expected,' RBC says

Ethel Jiang