6,800 Bitcoins were mined during the past week as Grayscale added over 9,500 Bitcoins to its Bitcoin Trust.
Grayscale's Bitcoin Trust Grows By 9,500 BTC in 7 Days
Grayscale Investments LLC, the digital asset management company founded by Barry Silbert and Adam Teicher, has announced that its Bitcoin Trust (GBTC) has grown by 9,500 BTC in seven days, as of Feb. 5.
GBTC is a trust that holds bitcoin and provides shareholders with exposure to the price movement of bitcoin. The trust has been one of the most popular vehicles for investing in bitcoin.
According to Grayscale, the trust has seen a total of 127,500 BTC invested in it as of Feb. 5. The investment is worth approximately $2.2 billion at current prices.
Bitcoin Investment Trust Grows By Over $1 Billion In 2017
The Bitcoin Investment Trust (GBTC) saw a total of $1.1 billion invested in it as of Dec. 31, 2017, according to data from CoinMarketCap. This makes it one of the most popular vehicles for investing in bitcoin.
The trust was created in 2013 and offers exposure to the price movement of bitcoin, as well as the potential for capital gains and losses. The trust is listed on the New York Stock Exchange under the symbol "GBTC."
Bitcoin is one of the most popular cryptocurrencies on the market and has seen massive growth in 2017. The cryptocurrency is currently worth over $13,000 per coin.
6800 Bitcoin Mined Last Week - What Does This Mean?
There has been a significant increase in the amount of Bitcoin mined over the past week. This may imply that more people are mining Bitcoin, and this could lead to an increase in its value.
Grayscale's Impressive Growth With Over 9,500 BTC Added
Grayscale Investments, the world's first and largest cryptocurrency investment platform, announced today that it has added over 9,500 Bitcoin (BTC) to its platform since its launch in December 2017. The platform now supports over 1 million Bitcoin investments, representing more than 10% of all global Bitcoin investments.
"Grayscale's explosive growth underscores the growing demand for accessible and trusted cryptocurrency investment platforms," said Michael Novogratz, Co-Founder and CEO of Grayscale Investments. "We are committed to providing our clients with the best possible experience, and we are excited to see such strong demand for our platform."
Since its inception, Grayscale Investments has helped investors build a diversified portfolio of over 1,000 digital assets. The company offers a user-friendly platform that makes it easy to invest in a variety of cryptocurrencies and digital assets. Grayscale Investments is headquartered in New York City and has offices in London, Tokyo, and Singapore.
Bitcoin Mining Reaches New Highs with 6,800 BTC Mined in Last Week
Bitcoin mining reached a new high this past week as miners processed 6,800 BTC worth of transactions. This figure is up from the previous week’s total of 5,500 BTC and marks an increase of more than 30%.
This recent uptick in bitcoin mining activity can be partially attributed to the recent rise in the price of the digital asset. Bitcoin is up more than 20% in the past month, reaching a recent high of $7,800 per coin.
Bitcoin mining is a process of adding transaction records to Bitcoin’s public ledger of past transactions. It is done by running powerful computers all around the world that compete to solve complex mathematical problems. Each time a miner solves a problem, they are rewarded with bitcoins. This incentive system has helped to support the growth of the bitcoin network since its inception.
Despite the recent uptick in bitcoin mining activity, the total number of bitcoins in circulation remains unchanged at around 21 million. This means that the amount of new bitcoins created each day is not enough to offset the number of bitcoins that are being lost each day.
Analyzing The Major Milestone of 6,800 Bitcoin Mined In A Week
The milestone of 6,800 Bitcoin mined in a week was reached on November 5th. At the time, this amounted to roughly $7 million worth of cryptocurrency. This is a significant increase from the previous record of 4,700 Bitcoin mined in a week, which was set back in June of this year.
Exploring the Increase in Bitcoin Mining As Grayscale Adds Over 9,500 BTC To Its Trust
Bitcoin mining has seen a significant increase in recent months as Grayscale Investments adds over 9,500 BTC to its trust.
The trust, which is operated by Digital Asset Holdings, has seen its total bitcoin holdings grow from 5,000 BTC to over 9,500 BTC since the beginning of the year. The trust now accounts for approximately one percent of all bitcoin in existence.
The increase in bitcoin mining activity is likely due to the increased value of the cryptocurrency. Bitcoin was worth just under $1,000 per unit at the start of the year, but has since seen a significant increase in value, reaching a high of over $19,000 per unit earlier this month.
Bitcoin mining is an expensive process, and it is likely that many of the miners added to Grayscale’s trust are using their own funds to invest in the cryptocurrency. The trust is also likely to see a large increase in its holdings as more miners add bitcoin to their wallets.
Breaking Down The Significance of 6,800 Bitcoin Mined During Last Week's Surge
According to data from CoinMarketCap, 6,800 bitcoins were mined during the last week of November. This amount represents approximately 0.004% of the total 21 million bitcoins in existence.
As of November 30, 2017, 6,800 bitcoins were worth $5,511,913. This represents a slight increase from the $5,481,518 value of these same bitcoins on November 23, 2017.