A Dogecoin-donned race car hit a wall in spectacular fashion over the weekend as DOGE fared much the same in the markets. Saturday’s National Association for Stock Car Auto Racing (NASCAR) Xfinity Series Race in Nashville ended in disaster for the Dogecoin sponsored car, with the DOGE-emblazoned Chevrolet Camaro driven by Stefan Parsons smashing into the wall on lap 70.
A Dogecoin-donned race car hit a wall in spectacular fashion over the weekend as DOGE fared much the same in the markets.
Saturday’s National Association for Stock Car Auto Racing (NASCAR) Xfinity Series Race in Nashville ended in disaster for the Dogecoin sponsored car, with the DOGE-emblazoned Chevrolet Camaro driven by Stefan Parsons smashing into the wall on lap 70.
The faithful fans of the meme cryptocurrency had been revved up for the race, with the #dogecar hashtag trending on Twitter in the lead-up to the June 19 event. Photos of the number 99 race car featuring the iconic Shiba Inu plastered across the vehicle’s hood were shared with gusto.
Bitcoin’s network hashrate, a measure of its computational horsepower, has slumped 46% since its peak level in mid-May. According to Bitinfocharts, Bitcoin hashrate is currently 91.2 EH/s (quintillion hashes per second), close to half of its 171.4 EH/s high posted less than six weeks ago.
Bitinfocharts has also reported a drop in mining profitability from a peak of $0.449 USD per day per terahash per second to current levels of $0.226 over the same pe. BTC hashrate has not been this low for 8 months, last creeping below 90 EH/s on November 3, 2020. A higher hash rate means greater competition among miners to validate new blocks, also increasing the scale of resources required to perform a 51% attack and thus making the network more secure.
The slump in hashrate and mining profitability is due to the ongoing crackdown from Chinese authorities on Bitcoin mining facilities across the country. Over the weekend, images of major mining pools in China’s Sichuan province being shut down were shared across social media.
Bitcoin (BTC) shed $1,000 in minutes on June 21 as fresh news from China succeeded in routing bulls yet again.
3rd biggest Chinese bank warns on crypto
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting local lows beneath $32,500 on Monday.
The cause, which disturbed a day of recovery from another dip, appeared to once again come from China via a major bank statement that confirmed it would not allow the use of its services for transactions related to Bitcoin or cryptocurrency.
Involved was China’s third largest bank, the Agricultural Bank of China.
"The statement emphasized that once relevant behaviors are discovered, account transactions will be immediately suspended, customer relationships will be terminated, and relevant departments will be reported," journalist Colin Wu reported on Twitter.
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