UK August Composite PMI Preliminary

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What is a mining pool? Good hardware only takes you so far. You could be running several high-powered ASICs, and you’d still be just a drop in the Bitcoin mining ocean. The chances of you actually mining a block are pretty slim, even though you’ve spent a lot of money on your hardware and the electricity required to run it. You don’t have a guarantee on when you’ll get paid with a block reward, or even if you’ll get paid at all. If consistent revenue is what you’re after, you’ll have much greater luck in a mining pool. Let’s say that you and nine other participants own 0.1% of the network’s total hashing power each. That means that, on average, you would expect to find one in every thousand blocks. With an estimated 144 blocks mined a day, you’d probably find one block a week. Depending on your cash flow and investment into hardware and electricity, this “solo mining” approach could be a feasible strategy. However, what if this revenue won’t be enough to turn a profit? Well, you could join forces with the other nine participants we mentioned. If all of you combine your hashing power, you’d have 1% of the network’s hash rate. This means you’d find one in every hundred blocks on average, which works out at one to two blocks a day. Then, you could just split up the reward and share it amongst all the involved miners.

We are clearly in a memecoin super-cycle, based on the top gainers and trending coins over the past 30 days. Meanwhile, utility altcoins are in a downtrend due to too many new launches without enough fresh liquidity in the market. Since early April, the crypto market has seen over 1 million new tokens launched. Ethereum and Solana lead this surge, with Ethereum hosting over 370,000 new tokens and Solana adding 640,000, primarily memecoins, according to Dune Analytics. In this environment, I advise sticking with your utility altcoins and avoiding the lure of quick gains. Memecoins are highly risky, and the chances of finding that 100x memecoin are slim. Most people end up losing money on memecoins rather than profiting. #ContentStar##HotTopicDiscussion#