CES 2023 Sees Strong Bitcoin (BTC) And Crypto Footprint

MARKET_WATCH Overview

One of the most significant technological events in the year, the 2023 Consumer Electronics Show (CES), saw participation from the Bitcoin and crypto industry. 

 

The nascent asset class has seen a persistent downtrend in its value, but the bear market is failing to slow down innovation.  Bitcoin Miners Take Center Stage According to a report from Michael Carter, from crypto miner and consultant company BitsBeTrippin’ (BBT), the CES 2023 saw heavy participation from this sector. 

 

Carter spent a week at the event and reported a heavy presence of vendors with crypto-mining products.  The main focus was “heat and sound solutions” for Bitcoin mining hardware. This activity has experienced substantial growth since the cryptocurrency’s early years, represented by the BTC mining difficulty. This metric trends to the upside as more miners join the network. 

 

 As seen in the chart below, 2021 saw substantial growth in these terms as the price of Bitcoin supported an expansion in mining operations. Despite downside price action across the board and many miners shutting down their operations, the metric remains high, suggesting that there is still interest in the sector.  BTC mining difficulty trends to the upside, despite the bear market. Source: CoinwarzIn the CES 2023, Carter saw solutions to cool down BTC miners using a cost-efficient approach to Water Cooling. Other mining companies are trying to diversify their operations from BTC mining and Application Specific Integrated Circuit (ASIC), the hardware used to mine this cryptocurrency. 

 

Carter wrote: Several bitcoin companies diversifying their offerings, including taking their fabrication lines and building other focused ASICS for ML/AL processing. Companies that cross-hedge in multiple industries have more of a fighting chance to stay relevant during bear markets. Crypto Trends And Buzzwords With A Presence At CES 2023 Carter described the overall sentiment in the event, from crypto companies, as “positive.” The projects that attended the CES 2022 acknowledged the current trend, are focused on “building,” and welcome the opportunity to grow without the “noise” intrinsic to bull markets.  During the event, Carter asked participants about the trends to watch in 2023. 

 

Many are eyeing the regulatory implications for the industry following the FTX collapse, while others focus on more bankruptcy filings from significant companies.  The crash in the crypto market has negative consequences for operations with debt and a high cost of doing business, but it might positively impact global BTC mining. Finally, Carter saw “significant growth in the Metaverse,” Virtual Reality (VR), and Artificial Intelligence (AI).  

 

These were some of the buzzwords during the CES 2023. The projects coming out of these sectors are poised to have implications for the nascent industry and global markets.  BTC’s price moving sideways on the daily chart. Source: BTCUSDT TradingviewAs of this writing, BTC’s price is experiencing positive price action following a long period of consolidation. The cryptocurrency is trading at $17,200. 

 

Source : [CES 2023 Sees Strong Bitcoin (BTC) And Crypto Footprint](news.google.com/__i/rss/rd/articles/CBMiSWh0dHBzOi8vYml0Y29pbmlzdC5jb20vY2VzLTIwMjMtc2Vlcy1zdHJvbmctYml0Y29pbi1hbmQtY3J5cHRvLWZvb3RwcmludC_SAU1odHRwczovL2JpdGNvaW5pc3QuY29tL2Nlcy0yMDIzLXNlZXMtc3Ryb25nLWJpdGNvaW4tYW5kLWNyeXB0by1mb290cHJpbnQvYW1wLw?oc=5) undefined - Bitcoinist / January 09, 2023

Join our 70k+
tribe of Akters

Have any questions?

Check our Q&A

About the AKTIO coin

Benefit fully from our ecosystem

What’s new in the App?

We’re adding new features

Customer support

support@akt.io

+353 1 574 7382

+39 06 4525 6900

Opening hours:

Monday to Friday: 9am - 5pm CET

Company

About

AKTIO coin

Careers

Learn

News

Glossary

AKT Academy

Help

FAQ

Sitemap

System Status

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata ICO Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma

Italy

Automata Pay Ltd, Reg number 12208424 and incorporated in the United Kingdom is the registered agent of Modulr FS Limited, a company registered in England with company number 09897919, authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573). Traditional currency will be safeguarded by a licensed bank in segregated accounts in accordance with regulatory requirements.

Automata Pay Europe Limited, Reg number 69028 and incorporated in Ireland is the registered agent of Modulr FS Europe Limited, a company registered in Ireland with company number 638002, authorised and regulated by the Central Bank of Ireland as an Electronic Money Institution (Institution Code C191242). Traditional currency is safeguarded as e-money in accordance with our regulatory obligations. Traditional currency will be safeguarded by a licensed bank in segregated accounts in accordance with regulatory requirements.

Automata ICO Limited, Reg number 690280 and incorporated in Ireland has applied for a Virtual Asset Service Provider registration with the Central Bank of Ireland. Whilst the application is ongoing we are permitted to continue business as a Virtual Asset Service Provider in line with the Central Bank of Ireland's regulatory disclosure statement as required under section 106L of the CJA 2010 in relation to registered VASPS. It is important to note that a registration as a VASP is a registration for Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) purposes only. While Automata ICO Limited does have certain financial crime control obligations under this registration, cryptoasset services remain largely unregulated. The Financial Ombudsman Service or the Financial Services Compensation Scheme do not apply to the cryptoasset activities carried on by Automata ICO Limited.