👀 Bitcoin Anomaly Just Got Rejected!

GM Readers. Your daily BitDegree breakdown is served ☕️

Today’s selection:

• 😎Bitcoin’s Upbeat Mood

• 🧩️Answer to Yesterday’s Quiz

• 📰Bite-Sized News

• 👌Selected Meme of The Day

BITCOIN'S STRENGTH PROVEN

Marathon Digital, a mining company, mined an invalid Bitcoin block at height 809478. This error was pinpointed by an independent “Bitcoin observer”. Yep, there are folks out there who vigilantly watch the blockchain on their own accord!

The invalid Bitcoin block was rejected by other node operators. Later on, the company's representatives confirmed the incident, describing it as an "unexpected error during an experiment".

The exact nature of their experiment, however, remains shrouded in mystery…

So, the mining of this invalid block raised some concerns within the community regarding the security of the Bitcoin network.

Yet, Marathon Digital stated that their experiment was not an attempt to alter the blockchain. They believe the incident further underscores the reliability and security of the Bitcoin network, which "rejected and rectified the anomaly". Phew!!!

Many others echoed this sentiment, seeing the incident as further evidence that Bitcoin is an impregnable fortress of verification, preventing double-spending.

In a twist of financial flair, Bitcoin has soared once more past the $27,000 mark!

Furthermore, the analytics firm MatrixPort shared research and estimates on the profitability of mining companies when Bitcoin reaches a new record price.

As a reminder, the current all-time high (ATH) is approximately $68,789 — at that price point, the profitability of mining companies would be 167%!

Even though the Bitcoin mining difficulty increased by 5.48% on September 19th, setting a new historical maximum, it remains a lucrative venture, especially for the major players in the industry.

Thankfully, as we approach the weekend, the mood remains upbeat!

Even today's "visual glitch" on Binance Futures, which saw BTC plummet to $2700, hasn't negatively impacted the market charts.

Similarly, the SEC's decision to delay their verdict on several Bitcoin ETFs has not swayed sentiment.

TL;DR: Marathon Digital's invalid Bitcoin block caused a stir, but BTC swiftly overcame the anomaly, rallying past $27,000. An analyst firm's research underscores the lucrative appeal of mining, yet for big players. Meanwhile, futures experience a short-lived $27000 dip, and the SEC keeps everyone waiting on ETF decisions.

ANSWER TO YESTERDAY'S QUIZ

Yesterday's challenge seemed to be no match for our brilliant community members! Kudos to those who successfully found the ETH.

For clarity, we'll be sharing an image with the solution. As we head into the weekend, we hope you take some time to relax and rejuvenate. Best wishes for a fantastic weekend ahead!

BITE-SIZED NEWS

• SEC files yet another lawsuit. PayPal Steps Forward with Patent Application for NFT Trading System. Something's cooking?

• Epic Games Trims Workforce Following Overestimated Metaverse Revenue. Reality bites! Apparently … wasn't that 'epic’.

• Six-Week Court Trial Awaits Former FTX CEO Sam Bankman-Fried. Will the drama finally end?

Sounds interesting? Find more crypto news on our website: 

SELECTED MEME OF THE DAY

Disclaimer: This newsletter is strictly educational. None of this information is intended to be financial advice. Always do your research and act responsibly with your profits.