Elon Musk denies rumors of cooperation with Ethereum, and the income of bitcoin miners drops to an annual minimum

Elon Musk denied rumors of cooperation with ethereum

Last year, actor William Shatner tweeted that he had been preparing to create an Ethereum-based product with Ilon Mask and Vitalik Buterin.

Yesterday, Tesla’s CEO decided to reply to the tweet and said that he was working with a crypto project.

“I’m not building anything on ethereum. Not for or against it, just don’t use it or own any,” Musk wrote.

In 2019, the enrepreneur posted a post with the only word “Ethereum”, but later said it was a joke. Musk also repeatedly spoke positively about bitcoin and reported that he owns 0.25 BTC.

Bitcoin miners’ revenues plunge to an annual minimum

Last month, the profit of bitcoin miners plunged 23% to a minimum since March 2019.

In May, miners earned $366 million, and in June they earned $281 million. The reason was the reduction in commissions and block rewards, CoinDesk analysts say. In May, after the halving, the mempool increased drastically, which lead to a growth in the size of commissions. By early June, the mempool decreased to its usual size, which led to a drop in commission fees.

Last month, their share in the total income of miners was 8.3%, and in June this figure dropped to 4.3%.

Peter Schiff: the bubble of 2017 was the last one for bitcoin

Peter Schiff, Euro Pacific Capital CEO, once again criticized bitcoin as opposed to gold.

He noted that gold shows better profitability, and the idea of long-term retention of bitcoin is crazy.

“Since hitting its high in June of last year the price of Bitcoin has fallen by 33%. During that same time period the price of gold has risen by 27%. So, priced in gold Bitcoin has fallen by 53%. The long-term trend has clearly changed in gold’s favor. HODLers remain delusional,” Schiff tweeted.

He added that the peak of the BTC bubble occurred in 2017, and now the cryptocurrency price is in a long-term downtrend.

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