Category: Cryptocurrency

My Sweet Retirement actually build his own rig to mine for Ethereum. These are cryptocurrency related blog posts.

Elon Musk Tweet Moves Bitcoin Prices

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Elon Musk tweet moves the Bitcoin prices again. On Sunday, Elon Musk said that Tesla would resume transactions with Bitcoin (BTC) when mining is done with more clean energy. Is clean energy even possible? l shall share more on this piece of news below.

Elon Musk and Bitcoin

Now, back to Elon Musk. Cryptocurrency investors will know that Elon Musk’s tweet always have a significant impact to Bitcoin (BTC) prices. The below chart shows the impact of how Elon Musk’s tweet causes the price of Bitcoin to jump from estimated US$35K to the current US$39K. That is a 22.52% increase.

Elon Musk Tweet Moves Bitcoin Prices

Square Inc (NYSE:SQ) Invest In Solar Powered Bitcoin Mining Facility

If you are not familiar with Square Inc, this company is an American financial services and digital payments company that is based in San Francisco, California.

On 6th June 2021, the company announced its plan to invest US$5 million to build a solar powered Bitcoin mining facility through a partnership with Blockstream. Blockstream is a leading provider of both open-source and commercial Bitcoin technologies.

The facility will be a “proof-of-concept for a 100% renewable energy Bitcoin mine at scale”.

What Are You Waiting For?

I believe there is still huge potential for Bitcoin (BTC) mining despite China clamping down on Crypto mining.

Solar is a form of clean energy and if this proof-of-concept turns out well, the future of Bitcoin (BTC) remains bright.

If you wish to purchase Bitcoin (BTC), you can use either Coinbase or Crypto.com Exchange which I frequently use.

Recently, I have also signed up for a Hodlnaut account whereby I deposit my Bitcoin to earn additional interests. If you sign up using my Hodlnaut referral link, you will receive a US$20 signup bonus after making an initial deposit equivalent of US$1000 on any of Hodlnaut supported assets. Bonus payouts are paid in the same asset deposited.

Hodlnaut Earn Interest On Your Crypto

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I believe you would already have heard of Hodlnaut. Hodlnaut is a platform that provides financial services for individual investors like you and me where we can deposit our cryptocurrencies and earn interest on our cryptocurrencies by lending it to corporate borrowers.

Until today, I still have problems pronouncing the word “Hodlnaut“. Why would the founders come up with such a geeky name?

Well, according to them, Hodlnaut is a combination of HODL and Astronaut! Hodl is common slang in the cryptocurrency community, where it depicts an act of holding the cryptocurrency rather than selling it.

I am not going to compare the differences between Hodlnaut, BlockFi, Celsius and Nexo as Seedly has written an excellent article to compare the differences and you can read up more there. The only difference I want to call out here is that Hodlnaut is a Singaporean company.

How Hodlnaut works?

  1. Deposit your Bitcoin or alternative coin to Hodlnaut.
  2. Earn compound interest on your asset.
  3. Receive payouts and withdraw funds.

Sounds simple?

How much Interest can I earn on Hodlnaut?

Below are the interest rates (APR/APY) that I have copied from my own account.

Hodlnaut Interest Rates 12 June 2021

Based on an APY of 6.2%, a deposit of 0.5 Bitcoin (BTC) with Hodlnaut will give you 0.03196155.

At the point of writing, 1 Bitcoin (BTC) is S$47,364.12. This means 0.5 Bitcoin (S$23,682) will give you a return of S$1,514 in 12 months.

But of course we know that the price of Bitcoin can either go up or down after 12 months so how much return is really based on the price of Bitcoin at that point in time.

Hodlnaut Bitcoin 12 Months Interest

Summary

If you wish to take a look at features that the Hodlnaut platform offers, they have a demo account where you can try it yourself for the look and feel.

I have signed up for my Hodlnaut account and deposited some Bitcoin and USDC into it. Interest is paid weekly and at the point of writing, the next payout is on 14th June 2021.

Unfortunately, Hodlnaut does not let you purchase crypto directly from their platform. Nevertheless, there are many platforms out there that let you purchase crypto. You can use either Coinbase or Crypto.com Exchange to purchase the coins and send it to your Hodlnaut account.

Join me on Hodlnaut now! If you sign up using my Hodlnaut referral link, you will receive a US$20 signup bonus after making an initial deposit equivalent of US$1000 on any of Hodlnaut supported assets. Bonus payouts are paid in the same asset deposited.