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💰 CleanSpark Bitcoin Miners Get 20% Enhanced Mining Efficiency
CleanSpark, a leading player in the cryptocurrency mining sector, has made a significant move by acquiring 4.4 exahashes per second (EH/s) of the state-of-the-art Antminer S21 Bitcoin mining machines. CleanSpark’s CEO, Zach Bradford, expressed enthusiasm for the integration of these machines into their mining operations. He emphasized that this move aligns with their commitment to using the most efficient mining technology, which will not only enhance their mining capacity but also reduce energy costs per bitcoin mined.
The Antminer S21 boasts an impressive efficiency rating, consuming just 17.5 joules per terahash (J/TH). This remarkable efficiency outperforms the previous industry leader, the XP, by nearly 20%. The arrival of CleanSpark Bitcoin miners, scheduled for January 2024, is expected to further reduce CleanSpark’s power consumption per bitcoin mined, thereby boosting their profit margins. This acquisition underscores CleanSpark’s commitment to staying at the forefront of the cryptocurrency mining industry and capitalizing on technological advancements for the benefit of both the company and its investors. With these CleanSpark Bitcoin miners, the company anticipates not only increasing its mining capacity but also securing strong bitcoin production at sustainable margins, primarily funded through operating cashflows.
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🪙 Iris Energy Increases Bitcoin Mining Capacity by 25%
One of the Canadian bitcoin mining firms Iris Energy has raised its mining capacity by 25%, to stand at 7.0 exahashes per second (EH/s), just before the upcomi ng Bitcoin halving event due on April 2024. The company managed this by purchasing an additional 7,000 of the Latest S21 Miners from Bitmain, which cost $19.6m. The expansion will be financed by using the existing capital sources such as $64m Cash Reserves by iris. Iris Energy had originally planned to meet a 9.1 EH/s target by April 2024 but has since upped it to 9.4 EH/s. They are also watching for other hardware chances in the market.
To put it simply, mining capability matters for getting Bitcoin rewards, with the company having high mining capability standing to earn more Bitcoin. Following this news, Iris Energy’s shares on the NASDAQ (ticker: IREN) rose by 9.5%. As for the Bitcoin halving in April of 2024, it may result in lower mining rewards which could affect the viability of some mining companies. But on the other hand, it might just start a Bitcoin bull market making it more profitable for the industry in terms of dollars. Similarly, other major mining companies such as Blockstream, Riot, and CleanSpark are also increasing their mining activities in preparation for the Bitcoin halving, so as to remain competitive in this emerging market.
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💰 Bitcoin Enters ‘Quiet Bull Market’ as Safe Haven from Bond Market Turmoil, Analyst Says
Bitcoin (BTC) briefly surged above $28,000 during Thursday U.S. morning hours, then dropped to as low as $27,300 as traders took the opportunity to sell the rally. The largest cryptocurrency by market capitalization was changing hands at $27,500 recently, flat over the past 24 hours, but still outperforming the wider crypto market. The CoinDesk Market Index (CMI), which features a broad basket of digital assets, was down 0.3%, while ether (ETH) slid 1.8% over the same period.
“In the near term, I expect the market to sell into this rally,” John Glover, chief investment officer of Ledn, told CoinDesk in an email. “In the absence of new capital flowing into digital assets, I believe that this is what this rally will be: short-lived.” Glover expects a more durable appreciation will materialize later this year and early next year as bitcoin appears to be finished with its corrective move. “I do believe that BTC prices will be higher in three months than they are today as technically we’ve completed the sell off and I now look for a sustained rally into Q2 2024," he said. Investment research firm ByteTree upgraded its BTC market signal from neutral to bull in a report on Thursday. The crypto’s recent price action has defied a rough period for traditional financial markets, offering a safe haven from a rout in equity and bond trading.
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💰 Bitcoin Bridge Nomic Now Expands To Cosmos For BTC Enthusiasts
The decentralized, non-custodial Bitcoin bridge Nomic will soon make it possible for everyone in the Cosmos ecosystem to access Bitcoin (BTC). Today at Cosmoverse, the most important conference for the Cosmos Network, the Nomic DAO Foundation made the update public. As nBTC is tied to Bitcoin, it will always have a 1:1 value with the most valuable virtual currency. As a result, customers won’t need to exchange their Bitcoin for another cryptocurrency in order to utilize Cosmos.
By the end of October, the Nomic layer-1 blockchain will have the update, known as the nBTC Interchain Upgrade. nBTC, a new IBC-compliant coin that will function as a native token in the Cosmos ecosystem and be transferrable through the Interchain Blockchain Communication (IBC) protocol, will be made available. Users will be able to utilize a decentralized exchange like Osmosis or the Bitcoin bridge Nomic app to issue and redeem nBTC for Bitcoin with the update. The activation of the upgraded blockchain is anticipated by October 30 and is slated for October 27. With the introduction of nBTC on Osmosis, users will be able to deposit and withdraw Bitcoin right from the Osmosis Zone app. Since it will provide consumers with a smooth and interoperable Bitcoin experience, this will be a crucial turning point for the Cosmos ecosystem.
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💰 Bitcoin Ordinal Inscriptions Cool Down After Historic Peak
The flurry of Ordinal inscriptions on the Bitcoin network saw a significant dip after the exhilarating climax of 440,760 inscriptions recorded in a single day on September 15. At present, the distributed ledger boasts 34,961,312 inscriptions, yet since September 24, the rate of minting has slowed a great deal. For example, on September 30, 2023, a total of 28,400 inscriptions were chronicled onchain, while the preceding day witnessed the addition of 44,746 inscriptions. The day before that saw the inscription count scarcely nudging past the 100,000 threshold.
From September 2 through the 24th, the daily inscriptions remained above the 175,000 mark. Yet, as August drew to a close, a descent below the 100K realm was observed, with the tally on August 31 and September 1 dipping below 150K on both days. While 2023 has seen its share of inscription lows, the recent plummet has been more pronounced. On the flip side, the deceleration in inscriptions has afforded miners the chance to tackle the backlog of unconfirmed transactions languishing in the mempool. The reasons behind the slowdown in inscriptions remain a mystery, casting a veil of uncertainty on the duration of this lull, and whether or not a resurgence in inscriptions is on the horizon. Despite these uncertainties, the 35 million milestone is within reach.
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💰 Hashdex Bitcoin ETF Filing Now Acknowledged By The SEC
Hashdex Bitcoin ETF filing has emerged on the SEC website, ahead of the anticipated date of October 6, 2023, according to Bloomberg analyst James Seyffart. Hashdex, a prominent crypto asset management company, threw its hat into the ring for a coveted spot in the United States’ Bitcoin exchange-traded fund (ETF) market last month. The firm submitted an application to the SEC for a Bitcoin futures ETF that will directly hold spot Bitcoin, adding to the growing competition in this space.
For those unfamiliar with ETFs, they are investment funds that trade on traditional stock markets, deriving their value from an underlying basket of assets, which can include stocks, bonds, commodities, and other financial instruments. Bitcoin ETFs, on the other hand, allow investors to track the value of Bitcoin through traditional stock exchanges rather than crypto exchanges. Furthermore, Seyffart noted that the SEC has acknowledged the Bitcoin ETF filings from CBOE and Franklin Templeton. Traditionally, it takes about a week for the SEC to acknowledge a 19b-4 filing. However, Franklin Templeton submitted its 19b-4 document only yesterday. Seyffart’s announcement hints at the urgency prompted by concerns surrounding a looming government shutdown.
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💰 Latest Bitwise bitcoin ETF filing takes SEC to task over academic literature
Crypto asset manager Bitwise provided the Securities and Exchange Commission with a detailed review of the academic record about the bitcoin futures market and its relationship to spot pricing in an amendment to its current application for a spot bitcoin ETF that was filed Sunday by NYSE Arca. The regulator in August moved to delay decisions on seven recent proposals, with Bitwise's latest application receiving a deadline of Oct. 16.
"The Commission has repeatedly cited the 'mixed' or 'inconclusive' academic record regarding the lead-lag relationship between spot and futures markets as a core reason it believed that the first prong was not met in past disapproval orders," NYSE Arca wrote in the amended filing for the proposed Bitwise fund. "In order to address all of the Commission’s critical questions regarding the mixed academic record, the Sponsor reviewed all eleven disapproval orders referenced above and summarized the critical questions the Commission has raised regarding the mixed academic record across these orders," it continued. Bitwise also submitted a separate, 24-page white paper demonstrating that a new bitcoin fund "is unlikely to become the predominant influence on prices in the CME bitcoin futures market."
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💰 Peak Mining Signs $150M Deal for Microbt Bitcoin Miners, Eyes Large-Scale Liquid-Cooling Tech
According to Peak Mining, a subsidiary of Northern Data Group, the company has signed a contract with bitcoin mining rig manufacturer Microbt worth $150 million. This agreement will equip Peak Mining with 7 exahash per second (EH/s) of the latest next-generation BTC mining devices. On Friday, Peak Mining, a firm under the Northern Data Group umbrella, announced its purchase of $150 million in Microbt Whatsminer machines.
Through this purchase, Peak indicated it will be among the pioneers to introduce “liquid-cooling mining technology at this scale.” The first shipment of these liquid-cooled Microbt miners is expected in October 2023, with installation set for North Dakota. “The new contract will significantly increase our self-mining capacity and prepares our existing portfolio for the upcoming halving,” Niek Beudeker, the managing director at Peak Mining commented. “We choose to deploy hardware in a higher performance output mode at purpose-built next-generation infrastructure,” Beudeker added. “We choose to deploy hardware in a higher performance output mode at purpose-built next-generation infrastructure,” Beudeker added.
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🇺🇸 U.S. SEC Accuses Binance.US Of Suspicious $250 Million Fund Flows In Ongoing Legal Battle
In a recent development in the ongoing legal battle between Binance.US and the U.S. Securities and Exchange Commission (SEC), court documents reveal that the SEC has raised concerns over suspicious fund flows involving Binance, as reported by Decrypt. According to the court documents made public, the SEC pointed out that on June 6, Binance CEO Changpeng Zhao withdrew $250 million from Binance.US Subsidiary BAM Management and subsequently transferred it to BAM Trading, the entity behind Binance.US.
Binance.US’s legal team responded by stating that BAM Management US Holdings had issued a $250 million convertible note to Zhao in December. Zhao used BUSD to purchase the note, with $183 million sent to Paxos Trust Company to convert BUSD into USD, which was then transferred to BAM Trading in January 2023. Binance.US responded by asserting that concerns regarding Ceffu were baseless, and the SEC’s request for more documents was seen as an attempt at evidence phishing. They clarified that creating a wallet through Ceffu did not grant the international arm of the company custody or access to customer funds. As the legal battle continues, both parties remain entrenched in their positions, leaving the outcome uncertain.
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🪙 Massive 2,925 BTC Transfer To Coinbase Sparks Crypto Community Interest
Whale Alert detected a large amount of BTC has been transferred from an unknown wallet to Coinbase. In a substantial and noteworthy cryptocurrency transaction, Whale Alert monitoring reported that 2,925 BTC, equivalent to approximately US$77,565,181 at the time of the transfer, were moved from an unknown wallet to the renowned cryptocurrency exchange Coinbase on September 16. The magnitude of this Bitcoin transfer has garnered significant attention within the crypto community.
Coinbase, a prominent platform that provides a gateway for traders and investors to access a diverse range of cryptocurrencies, continues to play a pivotal role in the digital asset ecosystem. The exchange’s popularity, coupled with its regulatory compliance and security measures, positions it as a preferred choice for a wide array of crypto participants. While the exact details and motivations behind the transfer remain undisclosed, the cryptocurrency community closely monitors large transactions like this one, considering potential factors such as investment strategies, liquidity management, or the movement of assets between wallets.
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💰 Bitcoin Miner F2Pool Returns 19.8 BTC to Paxos After Overpaid Fee
Bitcoin mining pool F2Pool has returned 19.8 bitcoin (BTC) to Paxos after the crypto services firm paid a $520,000 fee on a transaction worth just $2,000 earlier this week. Paxos said the overpayment was due to a "bug" in the corporate operations side of business. Bitcoin fees are typically no more than $20 per transaction. Blockchain data shows the funds were returned to Paxos on Friday. A bitcoin fee is what miners receive after a transaction is confirmed on the Bitcoin blockchain.
A bitcoin fee is what miners receive after a transaction is confirmed on the Bitcoin blockchain. Fees can be adjusted by the user to give certain transactions priority over others. "After conducting identity verification, we have confirmed the ownership of these BTC, and fully refunded the fee to the sender," F2Pool wrote on X. The refund comes after intense discussion amongst the bitcoin community, with the likes of Stake.fish founder Chun Wang saying that he "regretted" agreeing to a refund with Paxos. Casa Hodl co-founder and early bitcoin developer Jameson Lopp praised Bitcoin as being a "cooperative network" after the fee was returned. Blockchain data shows the funds were returned to Paxos on Friday.
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💰 People Won't Use Bitcoin To Buy Things, Says PayPal Co-Founder
Even as he pushes to get the world past "the fax era of global payments," Bitcoin bull David Marcus said he doesn't believe that BTC will ever become a popular or common payment method. “Our view is actually that Bitcoin is not the currency that people will use to buy things," the entrepreneur said during an interview with CNBC’s Squawk Box on Monday. The comment may seem surprising coming from Marcus, who co-founded PayPal and now serves as the CEO of Lightspark.
The lightning network is intended to make Bitcoin transactions faster, cheaper, and more practical for small payments. It processes BTC transactions separately before later settling them on the main Bitcoin blockchain. According to Marcus, the company’s goal is to turn lightning into a “universal protocol for money on the internet,” similar to how texting is a universal protocol for communication. However, the currencies transferred over the network would still be the fiat currencies we know and use today. “A fragment of a Bitcoin on top of lightning is like a small packet data packet on the internet only for value,” said Marcus. Users could send any currency they’d like—including dollars, yen, or euros—and receive any money of choice on the other side.
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🪙 Steve’s 5.3 Bitcoin Theory Targets The Next Cycle Top At About $77,000
Steve’s theory of Bitcoin returns diminishing by 5.3x questioned. Cycle tops’ returns: 5.34x, 4.96x, & 5.63x with an average of 5.31x. Cycle top prices range from $73,522 to $81,675. To reach $100,000, Bitcoin needs to diminish by 3.84x. ETFs may make a difference. Steve’s theory about Bitcoin returns diminishing by 5.3x from bottom to top each cycle has been making waves in the cryptocurrency community. According to the theory reported by CryptoCon, the next cycle top will be around $77,000.
To find out, they measured returns from cycle bottoms to tops on the daily timeframe as precisely as possible. The returns from cycle tops to bottoms were not 5.3, but rather 5.34x, 4.96x, and 5.63x. However, the average of these numbers is 5.31, which adds merit to Steve’s theory. Unfortunately, none of these numbers are ones that people want to hear. To reach a slightly more optimistic target of $100,000, Bitcoin would need to set in a drastically lower diminishing return rate to reach that target this cycle, at 3.84x diminish. Many believe that ETFs will bring the power it takes to break models and numbers. Despite the numbers, Bitcoin remains an exciting investment option, and it will be interesting to see how it performs in the future.
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🥇 Only 6 Billionaires Trade Bitcoin Out Of 200 Million People: Report
According to Henley & Partners’ Crypto Assets Report, around 425 million people use crypto globally, of which bitcoin makes up less than half of that number. Of the hundreds of millions of people who trade cryptocurrencies and bitcoin, only six have achieved billionaire status. The report shows that there are 88,200 crypto millionaires, 182 centi millionaires (worth $100 million or more), and 22 individuals have crypto assets worth $1 billion.
The current decline in Bitcoin and other cryptocurrencies is caused by a variety of short- and long-term reasons, related to the context of traditional financial markets and the collapse of money empires. large electronics market and management policies are increasingly tightened. Many hoped that the non-dependent nature of cryptocurrencies would help them fight inflation and weather periods of crisis. Since Bitcoin is not under the control of any organization or authority, it is expected to retain its value even through economic downturns, wars, or policy changes. But reality has proven this is not true. The Federal Reserve raises interest rates at a historically rapid pace to fight inflation.
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🇬🇧 Nomura-Backed Komainu Joins UK Crypto Register
Komainu, a crypto custody joint venture of Nomura, Ledger and CoinShares, has successfully registered with the U.K. Financial Conduct Authority. The company landed on the FCA register on Friday just before the regulator's new promotions rules came into effect over the weekend. The rules require firms to be registered in the U.K. to be able to approve their own ads and convey appropriate risk warnings to users. Not complying with the rules could mean up to two years of imprisonment.
FCA-registered crypto firms are required to comply with the country's anti-money laundering rules. There are 42 firms on the register, but at the beginning of the year, the regulator said it had received 300 applications from firms since it opened the registration regime in 2021. Some unregistered companies have withdrawn certain services or stopped serving some clients in response to the new ad rules, while others, like Binance, are relying on other companies to approve their ads. Coinbase added risk disclaimers to its website, the firm said in an email to CoinDesk, while OKX announced modifications such as reducing its token offerings in the country.
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💰 El Salvador’s first volcano-powered Bitcoin mining project goes live
El Salvador marks the launch of Lava Pool today, the country’s first Bitcoin mining pool powered by renewable geothermal energy. The venture, a collaboration between energy company Volcano Energy and tech corporation Luxor Technology, is the country’s first attempt to harness the abundance of renewable geothermal energy for crypto mining. According to the press release, the Lava Pool will be maintained by Volcano Energy, a public-private partnership that has pledged to commit 23% of its net income to the Salvadoran government.
The pool is set to benefit from Luxor’s Hashrate Forward Marketplace, which offers hedging strategies to protect against market volatility—a mechanism already adopted by leading players in the Bitcoin mining market. Volcano Energy’s CSO, Gerson Martinez, highlighted the importance of this project, stating that it is a vivid manifestation of El Salvador’s pioneering role in the Bitcoin ecosystem. The move emphasizes the country’s ongoing efforts to merge Bitcoin into its energy infrastructure—a strategy that could significantly bolster the economics of new energy projects, particularly in remote areas, providing immediate revenue and offering flexible load management capabilities to support the grid during periods of high demand or stress.
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💰 SEC likely to approve all spot bitcoin ETFs at once, says former BlackRock executive
Martin Bednall, former managing director at BlackRock and now CEO of Jacobi Asset Management, said the Securities and Exchange Commission is likely to approve all spot bitcoin exchange-traded fund applications at the same time. "I don't think they're going to want to give anybody first mover advantage," Bednall, who spent over 13 years at BlackRock, said at the CCData Digital Asset Summit earlier this week. The potential bitcoin ETF approvals will be "hugely positive" for crypto markets, Bednall added.
Steven Schoenfeld, CEO at VanEck-owned MarketVector Indexes, who was on the panel with Bednall, echoed him, saying that it is "very likely" that the SEC will approve all bitcoin ETF applications simultaneously and that the approvals could now come in sooner than he previously expected. "Two weeks ago, I would have said [the approval is] 9 to 12 months away. But sitting here today, I'd say it's closer, 3 to 6 months," Schoenfeld said. That's because the SEC recently did not completely reject ETF applications and instead asked for comments, Schoenfeld said. Also, the SEC recently lost the Grayscale case, which means it will likely have to allow the conversion of Grayscale bitcoin trust into a spot bitcoin ETF, Schoenfeld added.
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💰 ETF filings changed the Bitcoin narrative overnight — Ledger CEO
Over the past 12 months, some investors learned the hard way why they needed to move their crypto offline. Those who kept Bitcoin and altcoins on crypto exchanges like FTX lost control of their assets, sometimes forever. Events drew a red line under the storied crypto adage: “Not your keys, not your coins.” In May, for instance, the firm drew industry ire when it launched a new secret recovery phrase storage service called Ledger Recover. Still, it remains one of the best-known and most-used crypto wallet makers in the world.
FTX’s loss was hardware wallet manufacturer Ledger’s gain, however. The Bahamas-based exchange’s November 2022 bankruptcy filing delivered to Ledger “our biggest sales day ever,” the firm’s chief experience officer, Ian Rogers, told Cointelegraph, and “November turned out to be our biggest sales month on record.” Cointelegraph recently caught up with Rogers and Ledger CEO Pascal Gauthier in New York City to discuss the new crypto climate in the United States, the latest trends in crypto storage and differences in doing business in the U.S. and Europe, among other topics. Pascal Gauthier: What happened in 2023 — and went virtually unnoticed — is a change of tone regarding Bitcoin. W
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💰 Bitcoin's Hashrate Holds Steady Above 400 EH/s Amid Sky-High Network Difficulty
The forthcoming difficulty adjustment, slated for October 3, 2023, looms, yet the climb to a formidable 57.12 trillion in difficulty hasn’t swayed miners. Metrics spanning seven days signal that the hashrate has averaged at a robust 417 EH/s, especially after cresting to an all-time high (433 EH/s) on September 19 concerning seven-day averages. On Friday, September 29, a collective of 43 mining pools are channeling their SHA256 hashrate into the network. A mere two days ago, Bitcoin’s hash price index dipped beneath the $60 per petahash daily marker.
Within the last 30 days’ span, bitcoin miners have unveiled a sum of 4,414 block rewards, with Foundry USA claiming 1,296 of these blocks. Foundry has reigned supreme with 29.36% over the last 30 days concerning total hashrate recorded. Antpool emerged as the second leading operation among mining pools regarding hashpower, having discovered 1,043 blocks since the previous month, translating to 23.63% of the 30-day hashrate aggregate. Trailing behind Foundry and Antpool were F2pool, Viabtc, and Binance Pool. While Foundry and Antpool orchestrated 52.99% of the hashrate over the prior month, the other three top pools added an additional 30.77% to the network’s 30-day total. While the recent difficulty alteration hasn’t deterred the miners, projections denote a rise for the impending October 3 retarget.
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🪙 SEC moves to delay decision on ARK 21Shares Bitcoin ETF into next year
The Securities and Exchange Commission moved to delay a decision on the proposed ARK 21Shares Bitcoin ETF into next year, with a new deadline of Jan. 10. The delay came just hours after a group of Republican and Democratic lawmakers pressed SEC Chair Gary Gensler to urgently allow the listing of a spot bitcoin exchange-traded fund. The SEC also delayed a decision on the proposed Global X Bitcoin Trust to Nov. 21, and the move suggests delays to additional applications for spot bitcoin funds could be down the road.
The regulator last month delayed the proposed fund from ARK Invest and 21Shares by asking for new written comments. It had initially said in June said it would either "approve or disapprove, or institute proceedings to determine whether to disapprove" the application by Aug. 13. The regulator is currently reviewing applications for a slew of other proposed spot bitcoin funds from big names including including BlackRock, Fidelity, VanEck and Invesco. The ARK 21Shares Bitcoin ETF was ahead of the pack. Most recently, decision deadlines on BlackRock's iShares Bitcoin Trust, Fidelity's Wise Origin Bitcoin Trust, the VanEck Bitcoin Trust, the WisdomTree Bitcoin Trust and the Invesco Galaxy Bitcoin ETF were extended until Oct. 17, while the deadline for the Valkyrie Bitcoin Fund was pushed back until Oct. 19.
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💰 Bitcoin miners double down on efficiency and renewable energy at the World Digital Mining Summit
Bitmain rolled out its next-generation Antminer S21 and S21 Hydro ASIC miners at the World Digital Mining Summit (WDMS) in Hong Kong on Sept. 22, revealing the crucial performance stats the entire industry has been waiting for. The S21 has a hash rate of 200 terahashes per second (TH/s) and an efficiency of 17.5 joules per terahash (J/T), while the S21 hydro hashes at 335 TH/s and 16 J/T, which is notable given that until recently, most Bitcoin ASICS were operating above the 20 J/T level.
With electricity costs continuing to rise year-over-year and the Bitcoin halving projected to occur in April 2024, ASIC efficiency is quickly becoming the paramount focus of miners, and many are also pivoting toward folding in renewable energy sources as a core component of their operations. Sustainable development in the mining industry was a core theme discussed in a majority of the panels at the WDMS. In the opening roundtable, team members from Terrawulf, Core Scientific, CleanSpark and Iris Energy shared their perspectives on how further integration of renewable energy sources will become a critical strategy to implement for many miners after the April 2024 Bitcoin supply halving.
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🪙 Bitmain Invests In Core Scientific With $53.9 Million To Boost Bitcoin Mining
Bitmain, a prominent player in the cryptocurrency mining industry, has announced a substantial investment of $53.9 million in Bitcoin mining firm Core Scientific. This strategic decision aims to propel both companies further into the world of digital currency mining. Bitmain will provide Core Scientific with a total of 27,000 S19J XP 151 TH Bitcoin mining machines. In exchange, Bitmain will receive $23.1 million in cash and $53.9 million worth of Core Scientific common stock.
Moreover, Bitmain has entered into a fresh hosting agreement with Core Scientific, demonstrating its commitment to supporting its mining operations in North America. The S19J XP mining servers, known for their high efficiency at 21.7 Joules per TH/s, will enhance Core Scientific’s capabilities significantly. Core Scientific, which has been a Bitmain hosting customer for almost five years, already operates more than 600,000 Bitmain miners across its data centers. This investment underscores Bitmain’s continued commitment to the North American digital asset mining industry and promises a stronger and more efficient future for both companies in the cryptocurrency mining landscape.
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💰 Digital Asset Investment Products Experience Weekly Outflow Of $53.5 Million, Led By Bitcoin
CoinShares’ latest weekly report data reveals a continued trend of net outflows in the digital asset investment product sector, with a significant outflow of $53.5 million recorded last week. This marks the eighth out of the past nine weeks that have seen net outflows, accumulating to a total of $455 million in outflows over this period. Bitcoin investment products accounted for the lion’s share of these outflows, constituting 85% of the total outflow with a substantial $45.3 million withdrawn last week. Investors appear to be moving away from Bitcoin investment products, possibly seeking alternative assets or investment strategies.
Digital asset investment products witnessed a net outflow of $53.5 million last week, continuing a trend of net outflows in eight of the past nine weeks, totaling $455 million. Ethereum investment products also experienced a net outflow, although of a lesser magnitude at $3.8 million. This suggests a more moderate shift in sentiment towards Ethereum compared to Bitcoin. The sustained net outflows in digital asset investment products may indicate a cautious approach by investors in response to market dynamics, regulatory developments, or other factors impacting the crypto space. It’s essential to monitor these trends as they provide insights into investor sentiment and allocation preferences within the digital asset landscape. Bitcoin investment products dominated the outflows, accounting for 85% of the total with $45.3 million withdrawn, while Ethereum investment products saw a more modest net outflow of $3.8 million.
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💰 Paxos recovers its $500,000 'fat finger' Bitcoin transaction fee
Crypto services provider Paxos has recovered a "fat finger" overpayment for a Bitcoin transaction fee worth around $500,000. On-chain data reviewed by The Block Research shows that the wallet that made the overpayment of 19.8 BTC earlier this week recovered the funds on Sept. 15. F2Pool also confirmed the recovery on social media. "We would like to provide an update regarding the recent mistakenly overpaid ~20 BTC transaction fee we received," .
On Sept. 10, an unidentified entity paid the transaction fee to move just 0.008 ($200) worth of bitcoin, marking one of the most expensive USD-based bitcoin transactions ever. The wallet was later identified to be owned by Paxos, which stated that it was working with the miner that processed that transaction, F2Pool, to recover the funds. Paxos did not respond to a request for comment from The Block regarding the fee refund. F2Pool wrote. "After conducting identity verification, we have confirmed the ownership of these BTC, and fully refunded the fee to the sender, Paxos."
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🇺🇸 CFTC enforcement director calls DeFi exchanges 'obvious threat'
The Commodity Futures Trading Commission’s enforcement director called unregulated decentralized finance exchanges an "obvious threat" in recent remarks following the agency's charges against a trio of DeFi protocols last week. "The existence of unregulated DeFi exchanges is an obvious threat to the markets regulated and customers protected by the CFTC, and it is one we have taken very seriously," the CFTC’s Enforcement Director Ian McGinley said earlier this week in a speech at a conference hosted by the Practising Law Institute.
The CFTC charged three DeFi protocols last week — Opyn, ZeroEx and Deridex — for offering "illegal digital asset derivatives trading." The three settled the charges and were ordered to pay civil monetary penalties of $250,000, $200,000, and $100,000, respectively. Throughout the speech, McGinley cited other DeFi-related cases the CFTC brought over the past few years, including ones against Polymarket and Ooki DAO. Polymarket settled with the CFTC for $1.4 million, and the agency won its case against Ooki DAO in June. "All of this is to say, the CFTC has brought groundbreaking actions in the DeFi space standing for the proposition that when offering core derivative products based on digital assets to the public—whether in a centralized or decentralized manner—you must comply with the law," McGinley added.
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🇮🇳 India Will Establish Crypto Growth In Coming Months Following G20 Insights
Accoding to CoinDesk, India’s stance on cryptocurrencies will be established in the coming months, as revealed by a senior Finance Ministry official on Sunday. The nation, currently among the least crypto-friendly regions globally, is poised to use the insights gained from the G20‘s development of a crypto risk assessment framework to shape its own policies. Ajay Seth, Secretary of the Department of Economic Affairs, stated during the G20 leaders’ summit that “India’s position will be decided in the coming months.”
India‘s approach to cryptocurrencies has faced scrutiny for years, marked by a series of challenges, including high taxes, a crypto market downturn, a “shadow ban,” anti-money laundering regulations, and enforcement actions against major crypto exchanges. This scrutiny intensified after India prioritized crafting global crypto regulations during its G20 presidency, a goal subsequently achieved through a “synthesis paper” from the International Monetary Fund (IMF) and Financial Stability Board (FSB). The endorsement of these recommendations sets the stage for the establishment of a comprehensive and globally coordinated regulatory framework, aimed at ensuring the stability and integrity of financial markets worldwide.
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🇹🇼 Taiwan Crypto Watchdog to Issue 10 Guiding Principles for Virtual Assets in September: Report
Taiwan's Financial Supervisory Commission for Virtual Currency Management is set to issue 10 guiding principles for virtual asset providers in September, CNA reported on Thursday citing local officials. The East Asian country will set guidelines to ensure that crypto businesses establish review mechanisms, keep customers payments separate from their own tokens and comply with anti-money laundering laws (AML).
It also plans to set out that unregistered overseas firms should not solicit business in the country. In March, Taiwan announced plans to follow other countries around the world and create bespoke legislation for the crypto sector. It also stated that the nation's supervision commission would be in charge of the crypto regime. The country declared that virtual asset service providers must comply with local AML regulations in 2018 and in 2021 it issued rules in line with guidance from the global Financial Action Task Force (FATF). Last year the country registered 24 crypto platforms. It also plans to set out that unregistered overseas firms should not solicit business in the country.
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💰 The Relationship Between Bitcoin and Interest Rates Is Breaking Down: Arthur Hayes
KOREA BLOCKCHAIN WEEK, SEOUL – By all accounts, the United States should be heading into a recession, and risk assets like bitcoin, or tech stocks such as Nvidia (NVDA), should be nowhere near their current values, thanks to the steepest Federal Reserve (Fed) rate hike cycle in decades. But the opposite is happening. Economists have increasingly course corrected on their recession forecasts, bitcoin has doubled since crypto exchange FTX’s multibillion collapse, and Nvidia shares are soaring.
The standard playbook is starting to break down,” Arthur Hayes, the founder of BitMEX and current Chief Investment Officer at Maelstrom, said during a keynote at Korea Blockchain Week attended by CoinDesk. Rising financial asset prices can boost capital gains taxes and government revenue, but when the Fed raises interest rates, these prices can stagnate, reducing tax revenue, Hayes opined. “All the while, this, coupled with the political hostility of austerity, increases deficits, leading the U.S. Treasury to issue more bonds. The resulting interest payments to the wealthy stimulate spending and nominal GDP growth, creating a paradox where the Fed's rate hikes inadvertently fuel economic growth," Hayes said.
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🥇 Crypto ETF Opportunity Doesn't Stop at Bitcoin, Extends Into Multiple Digital Assets: Bernstein
Grayscale secured a landmark win against the U.S. Securities and Exchange Commission (SEC) last week in a court ruling that went past the Grayscale Bitcoin Trust (GBTC) conversion into an exchange-traded-fund (ETF), laying out unambiguous principles for regulators to evaluate spot ETF applications, broker Bernstein said in a report on Monday. “The crypto ETF opportunity won’t stop at just bitcoin (BTC), but will extend into multiple crypto assets,” analysts led by Gautam Chhugani wrote.
The industry will get its first spot bitcoin ETF some time between mid-October and mid-March, and approval of all spot ETF applications, including Grayscale, will happen at the same time, the report said. The asset management industry is expected to push beyond bitcoin and ether into areas including other top blockchains, such as Solana and Polygon, and even leading decentralized finance (DeFi) assets, the note said. DeFi is an umbrella term used for lending, trading and other financial activities carried out on a blockchain, without traditional intermediaries. This is a massive commercial opportunity for the asset management industry to generate healthy fees in a burgeoning asset class, the note added.
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