Bitcoin Magazine

04 Jun 2023 09:23

💰 CleanSpark Sees Increased Performance When Mining 30 Bitcoins A Day In May

CleanSpark, a Bitcoin mining firm, issued an update on Bitcoin mining and operations in May. According to CEO Zach Bradford, 609 Bitcoins were produced in May, 3,004 Bitcoins have been produced so far in 2023, and 471 BTCs were sold for approximately $12.9 million in May to cover operating and growth expenses, thanks to increases in operational efficiency and a brief, albeit significant, increase in transaction fees.

Cipher Mining, another Bitcoin miner, credited its 21% rise in May BTC output to a substantial spike in transaction fees throughout the month. The corporation has a deployed fleet of about 67,196 BTC miners with a mining capacity of 6.7 exahashes per second (EH/s). The total number of BTC holdings as of May 31 was 451. CleanSpark now has 67,196 latest-generation Bitcoin mining rigs with a total computational capacity of 6.7 EH/s installed. The 50MW expansion project is scheduled to begin operations in the second part of June. The projected Sandersville extension will increase CleanSpark’s mining activities by more than 6 EH/s.

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Bitcoin Magazine

02 Jun 2023 08:08

💰 OKX Wallet Proposes Creating BRC-30 Tokens To Strengthen Bitcoin Ecosystem

OKX Wallet announced the BRC-30 proposal, an improved version of the BRC-20 protocol that adds equity operation operations, including deposit, minting, and withdrawal. According to the plan, the staking capability would allow BRC-20 token holders to receive passive revenue. Users may now stake their own BRC-20 tokens or Bitcoin in exchange for BRC-30 tokens, thanks to the launch of the new token.

According to the proposal, the launch of new tokens and their staking functionalities gives BRC-20 token holders new ways to interact with their digital assets and generate passive revenue. Additionally, staking encourages users to keep their assets, possibly lowering market selling pressure and leading to a more stable token ecosystem. By introducing BRC-30 and BRC-20 tokens, Bitcoin holders and token holders may create income without depending entirely on purchasing and selling tokens on exchanges. This staking mechanism adds a new layer to the BRC-20 token ecosystem, encouraging increased engagement and strengthening the bond between token holders and the underlying blockchain network.

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Bitcoin Magazine

31 May 2023 08:15

💰 Bitcoin transaction fee revenue soared this month thanks to Ordinals

The amount of transaction fee revenue collected by bitcoin miners soared in May, hitting its highest level in over two years. Bitcoin transaction fee revenue skyrocketed in May thanks to the growth in bitcoin NFTs. According to The Block's Data Dashboard, the share of mining revenue from transaction fees is at 14.3% as of May 29. That's a more than 11% increase over April and the highest since April 2021, as shown in the chart below.

The growth of Ordinals, a method of creating on-chain artworks tied to satoshis, which are the smallest unit of account on the bitcoin network. As previously reported by The Block, bitcoin has emerged as the second-most voluminous network for NFTs for the past few weeks, after Ethereum, according to weekly trade data. Transaction traffic on bitcoin hit a new all-time monthly high in May, reaching 14.9 million as of May 29. Overall monthly mining revenue is at its highest level since last May, nearing $840 million as of today. According to The Block's Data Dashboard, the share of mining revenue from transaction fees is at 14.3% as of May 29.

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Bitcoin Magazine

29 May 2023 10:23

💰 World's first Bitcoin Tower design revealed, guests will get money to stay

Cryptocurrencies like Bitcoin may have lost their sheen as investments but that's not impacting the real enthusiasts. Salvatore Liggiero, an Italian developer unveiled the design of the world's first Bitcoin Tower. This 40-story architectural marvel is planned to be constructed in Dubai. And you guessed right, it will be in the shape of the Bitcoin currency symbol. iggiero claims that his vision for the hotel does not fall under the traditional idea of hospitality.

The developers will incorporate various technologies, and sustainable materials to build the tower. The developers have also offered a commitment to zero CO2 emissions in building the tower. What sets the Bitcoin Tower apart is its approach to guest experiences. A post on Binance Feed explains the blending of the worlds of hospitality and cryptocurrency, the hotel will offer guests exclusive non-fungible tokens (NFTs) as rewards. The rental price for a stay at the Bitcoin Tower is not just a payment but also an investment opportunity. Guests will effectively stake cryptocurrency, generating an annual percentage yield (APY) that the guests can claim.

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Bitcoin Magazine

27 May 2023 15:35

💰 Bitcoin price could reach $45,000 due to rising gold price, says JPMorgan

The current gold price of nearly $2,000 per ounce would imply a bitcoin price of $45,000, according to JPMorgan analysts, as the two assets tend to move in tandem and are seen as alternatives by investors. JPMorgan considers the $45,000 bitcoin price as an upper limit, indicating limited potential for the asset beyond the increase driven by the doubling of mining or production costs.

The upcoming Bitcoin halving in April or May 2024 would mechanically double Bitcoin's production cost to around $40,000, according to JPMorgan. "This is because bitcoin's production cost has historically acted as an effective lower bound," JPMorgan strategists said. "Indeed, the previous halving events of 2016 and 2020 were accompanied by a bullish trajectory for bitcoin prices that had accelerated post the halving event.". The Bitcoin halving is an event that occurs approximately every four years, reducing the reward for mining new Bitcoin blocks by half, effectively decreasing the rate at which new bitcoins are created, in order to control inflation and maintain the scarcity of bitcoin over time.

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Bitcoin Magazine

26 May 2023 09:56

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Bitcoin Magazine

24 May 2023 09:04

💰 MicroStrategy Supports The FASB To Back Fair Value Accounting For Bitcoin

MicroStrategy responded to the Financial Accounting Standards Board’s (FASB) proposed accounting rules for crypto assets in a letter on Monday. According to MicroStrategy, it is the biggest public firm holding Bitcoin. MSTR reported that it has 140,000 Bitcoins as of March 31, 2023. It said that the corporation purchased these Bitcoin for $4.17 billion at the time of purchase. The corporation must utilize the initial purchase price and then record cumulative impairment charges.

MSTR’s Bitcoin assets were valued at about $3.986 billion at the time. This is more than double the amount it had in its Bitcoins on the consolidated financial sheet. MicroStrategy, which supports the FASB’s proposed air value model, said that it would allow them to deliver more relevant information to investors. Despite the market’s increasing spectrum of crypto assets, MicroStrategy supported FASB’s intention to first confine the scope criteria. Yet, it argues that there are several complications associated with non-fungible or wrapped tokens, among other things. In response, the corporation backed the authority’s efforts to encourage fair value accounting for Bitcoin and other cryptocurrencies.

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Bitcoin Magazine

23 May 2023 11:38

💰 Bitcoin's Trading Range Narrows to Tightest in Months

The crypto market has become boring, with bitcoin (BTC), the world's biggest digital asset by market value, settling into the tightest price range for months despite lingering concerns about the stability of U.S. regional banks and the country's debt ceiling. The range, or the difference between the high and the low reached in the seven days to May 21, was 3.4%. That's one of the narrowest in the past three years.

Narrow trading ranges indicate that neither bullish nor bearish perspectives dominate the price action. That typically happens when markets face competing influences and narratives. While lingering U.S. banking sector issues favor the upside in perceived haven assets like bitcoin, the unresolved deadlock in debt ceiling negotiations and the recovery in the dollar index suggest otherwise. Eventually, some influences take a back seat, leading to a sharp widening of the trading range or a strong move in either direction. Traders typically set up price-agnostic strategies like straddle and strangles when anticipating an exit from tighter trading ranges.

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Bitcoin Magazine

21 May 2023 09:47

💰 Mexico’s Internet Provider Now Expands Partnership With Bitcoin Lightning

According to a Bitcoin Magazine report, a large internet service provider in Mexico has integrated Bitcoin Lightning payments, which is a significant accomplishment for crypto industry players. The new development in Mexico is yet another step toward the top cryptocurrency’s total institutional acceptance. On top of the underlying blockchain, the Bitcoin Lightning network provides a layer 2 solution. The Lightning network leverages native Bitcoin via micropayment channels to complete transactions more effectively and at a reduced cost.

The news comes only days after Microstrategy creator Michael Saylor disclosed ambitions to use the Bitcoin Lightning Network in the business sphere. The IT business, which is the biggest institutional Bitcoin holder, revealed plans to introduce a product suite for corporate account holders that includes a Bitcoin wallet and a Lightning address. Total Play, one of the leading internet service providers in North America, incorporated Bitcoin Lightning payments on Thursday. The internet service provider offered a simple payments dashboard that prompts the customer to choose between on-chain Bitcoin payment and BTC Lightning payment. This might be a big development in the United States neighboring country since widespread Bitcoin adoption could educate people about crypto use cases.

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Bitcoin Magazine

18 May 2023 04:07

💰 Bitcoin Lightning Network Developer Unveils Game-Changing Taproot Upgrade

Lightning Labs, a Bitcoin Lightning Network (LN) developer, has recently announced an upgrade to their Taproot Assets Protocol to provide a more efficient method of minting assets on the blockchain. The upgrade, known as Taproot Assets v0.2, follows the recent mayhem that occurred on the BRC-20 network. he release of Taproot Assets v0.2 offers the core set of features for developers to issue, send, receive, and discover assets on the Bitcoin blockchain. The protocol was also designed to operate maximally off-chain to avoid the blockchain congestion.

The developers acknowledged that the current form of the BTC network is not scalable. They stated, “While the excitement around building on Bitcoin is encouraging, the fee market’s response has indicated that these protocols are not designed for scale.” However, the latest release enables the minting or moving of an unbounded number of assets in a single on-chain transaction. Users will soon be able to integrate their assets into the Lightning Network for faster and cheaper transactions. This upgrade leverages existing network effects and negates the need to “bootstrap a new ecosystem from scratch.” The announcement also concluded that, as adoption grows, it should alleviate the blockchain congestion problems.

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Bitcoin Magazine

16 May 2023 08:09

💰 Bitcoin Is Among The Top 3 Preferred Assets As US Default Risks Rise

According to Bloomberg’s latest Markets Live Pulse survey, if the US hits the debt ceiling, gold, US Treasuries, and Bitcoin will be the top three preferred assets for investors, ahead of the USD, Japanese yen, Swiss franc, and other assets. The time frame of the survey is from May 8 to May 12, with 637 respondents worldwide. According to the survey results, for the top preferred asset, gold, 51.7% of professional investors and 45.7% of retail investors are willing to buy.

The precious metal has by far remained the top choice for those seeking protection if Washington’s debt ceiling chicken game ends in a crash. More than half of financial professionals said they would buy gold if the US government did not honor its obligations. Hedging with gold is not cheap as the metal has enjoyed excellent growth year-to-date. Driven at first by growing demand from Chinese luxury buyers, then by a crisis in the banking sector and the threat of a US default, it is currently hovering at high levels. The all-time high is 2,075.47 USD/ounce. Bitcoin’s value stems from many attributes. After all, both cryptocurrencies and fiat currencies have value based on trust.

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Bitcoin Magazine

14 May 2023 03:51

💰 Bitcoin Miner Riot Sues Peer Rhodium Enterprises for Alleged $26M in Unpaid Fees

Whinstone US, a unit of bitcoin mining firm Riot Platforms (RIOT), is suing another miner – Rhodium Enterprises – alleging it is owed $26 million in hosting fees and asking a local court to declare that it doesn't owe any credits related to demand response programs to the defendant. Riot first disclosed its allegations in its first-quarter earnings report yesterday and according to a petition obtained by CoinDesk.

Riot's participation in demand response programs, under which bitcoin miners get power credits to limit their energy consumption, is the key reason that led to the lawsuit. The civil case for breach of contract was filed by Riot with the district court of Milam County in Texas on May 2 and four of Rhodium's subsidiaries as defendants. Riot claims that Rhodium "deliberately miscalculated" how much in hosting fees it had to pay for Riot's hosting services. The two were supposed to share the net revenue from Rhodium's mining at the Whinstone facilities, said the lawsuit, which further alleged that the Rhodium entities short-changed Whinstone for $26 million from 2021 to the first quarter of 2023.

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Bitcoin Magazine

12 May 2023 04:32

💰 Bitcoin Miner Marathon First-Quarter Earnings Beat Estimates as SEC Extends Probe

Marathon Digital Holdings (MARA), one of the largest publicly traded crypto miners in North America, reported a narrower-than-forecast first-quarter loss per share as a rising bitcoin price and increased production helped lift the Las Vegas-based company back toward profitability. The company also said it received another subpoena from the U.S. Securities and Exchange Commission (SEC).

Marathon posted a net loss of $0.05 per share compared with an average estimate of $0.08 according to FactSet data. The loss narrowed from the previous quarter, when it was $3.14, as well as the same period in 2022, when it was $0.12, according to a Wednesday filing. Revenue rose to $51.1 million from $28.4 million in the previous three months. The figure was little changed from the year-earlier period. Analysts had forecast revenue of $48.8 million for the quarter. After facing construction and operational hurdles last year, including the bankruptcy of one of its hosting partners – Compute North, Marathon has increased production.

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Bitcoin Magazine

11 May 2023 06:20

💰 Bitcoin Faces ‘Siege’ From BRC-20 Fees: Expert Warns Of Impending Crisis

The Bitcoin network is currently facing many difficulties, including increased fees and a backlog of transactions. Adler explains that BRC-20 memecoin minting on the BTC blockchain is one of the primary factors causing the surge in block space demand. He notes that this standard is different from conventional token standards, such as Ethereum’s ERC-20, as it does not utilize smart contracts and operates only with wallets supporting the Bitcoin blockchain.

As a result of the rise in block space demand, the average fee per transaction has skyrocketed, exceeding $16 and peaking at $29 on May 9, according to CryptoQuant. Similarly, data from Bitinfocharts has reported a spike in average transaction fees, recording a jump to $31 on May 8 compared to around $19 the day prior. Additionally, on May 8, the total fees per block temporarily exceeded the block subsidy reward of 6.25 BTC for the first time since 2017. On May 9, Bitinfochart data recorded a new all-time high on the seven-day moving average for the number of Bitcoin transactions, hitting a top of 534,000. However, the figure could actually be higher than that, as Bitinfocharts noted two higher spikes over 600,000.

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Bitcoin Magazine

09 May 2023 06:14

💰 Bitcoin-based BRC-20 tokens combined market value eclipses $900 million

Tokens created on Bitcoin through the Ordinals protocol have exceeded a total market value of $900 million, highlighting the rapid rise of an emerging asset niche on the most valuable blockchain. Ordi memecoin lead the BRC-20 category with a fully diluted value exceeding half a billion dollars, based on data from websites brc-20.io and Ordspace. That's after a 22,500% jump to $25 today from $0.11 at the beginning of April amid the ongoing memecoin mania.

Memecoins make up the majority of tokens created using BRC-20, a recently-developed token standard for Bitcoin using the Ordinals protocol. These Bitcoin-based tokens are comparable to ERC-20, the token standard on the Ethereum blockchain. Introduced by developed Casey Rodarmor in January, the protocol allows for indexing and monitoring of every satoshi, the smallest unit of Bitcoin, across the network. Currently, Ordi has a fully diluted market cap of $525 million considering a token supply of 21 million. The token became available for trading today on Gate.io, the first centralized crypto exchange to list the top BRC-20 token.

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Bitcoin Magazine

03 Jun 2023 09:21

💰 Cathedra Bitcoin to Deploy Crypto Miners at 360 Mining's Texas Site

Crypto miner Cathedra Bitcoin (CBIT) plans deploy equipment at a Texas site owned by 360 Mining, which uses off-grid natural gas to supply electricity for bitcoin production. The agreement covers a total supply of 2 megawatts of mining capacity, with an initial 0.3 megawatt deployment in the next 60 days. At full blast, the location is forecast to produce at least 54 petahash per second (PH/s) incremental hashrate, Cathdera said Friday.

The deal sees Vancouver-based Cathedra paying $55 per megawatt hour of power used plus 10% of gross bitcoin mined at the site to the Austin, Texas-based company. Cathedra said the agreement makes it the first publicly listed miner utilizing both on- and off-grid energy. Off-grid energy can allow bitcoin miners to escape some criticism of destabilizing the electricity grid due to the power consumption involved while also providing the option of selling power to the grid should it be advantageous to do so. At full blast, the location is forecast to produce at least 54 petahash per second (PH/s) incremental hashrate, Cathdera said Friday.

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Bitcoin Magazine

01 Jun 2023 18:47

💰 Biden crypto taxes not in current US debt ceiling deal

A possible 30% excise tax on energy usage by cryptocurrency mining is not in the debt ceiling deal being teed up for a vote in the U.S. House of Representatives. The Biden administration floated the measures in March, as part of its annual budget proposal, with the application of wash trading rules being the largest estimated revenue-raiser for the federal government, with the Treasury Department asserting that it would bring in nearly $24 billion over 10 years.

Congressional and White House negotiators reached a preliminary agreement to raise the amount of debt the U.S. can issue before ceasing federal spending. The deal includes caps on non-defense federal spending, rather than tax raises, though it still faces votes in the House and Senate, and some skepticism on both the political right and left. Crypto measures in Biden’s annual budget proposal would be a drop in the bucket for the overall deal, with estimated revenue of approximately $35 billion over ten years compared to a deal expected to cut hundreds of billions to over a trillion in government spending and would raise the debt ceiling into 2025.

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Bitcoin Magazine

30 May 2023 16:25

🥇 Bitcoin Mining Difficulty Reached New High Level

Since its creation, Bitcoin mining difficulty has risen from one to 49.55 trillion hashes that a miner would potentially need to create in order to locate the winning one. This indicates that mining a Bitcoin block now is 49.55 trillion times more difficult than it was in 2009. Bitcoin mining difficulty seems to be at the 50 trillion mark in the coming days. Despite the fact that mining Bitcoin has gotten more difficult, the hashrate has remained consistent at 357.15 exahash per second (EH/s) during the previous 2,016 blocks.

Miners are interested in forecasting Bitcoin’s hash rate growth and difficulty trends for business planning, in addition to the price of BTC. The acceleration in block intervals or periods above the ten-minute average signals that another difficulty increase is on the way next week. Now, predictions show a possible rise on May 31, ranging from 1.1% to 2.51%. If this happens, Bitcoin mining difficulty will be at 50.79 trillion, marking the first time in Bitcoin’s history that it has surpassed the 50 trillion level. The United States seems to be on the verge of a catastrophic debt default after the White House and House Republicans reached a preliminary agreement on May 27.

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Bitcoin Magazine

28 May 2023 16:51

🪙 Bitcoin Core Version 25.0 Is Now Available On GitHub

Bitcoin Core, the standard implementation of the Bitcoin protocol, has released version 25.0, which includes several new features, bug fixes, and speed improvements. This version improves transaction regulations and broadens the use cases for reduced transaction sizes. Non-witness transactions of 65 bytes or more are now permitted per mempool and relay rules. This aims to better represent the real safeguards provided against CVE-2017-12842.

Bitcoin Core provides a transaction verification engine and connects as a complete node to the Bitcoin network. Moreover, a Bitcoin wallet for transferring cash is supplied by default. The wallet enables Bitcoin sending and receiving. It does not enable the purchase or sale of bitcoin. It enables users to produce QR codes in order to accept funds. The program verifies the whole blockchain, including all Bitcoin transactions ever made. This distributed ledger, which has grown to over 235 terabytes in size as of January 2019, must be downloaded or synced before the client can fully participate.

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Bitcoin Magazine

26 May 2023 12:41

🇨🇴 Colombian Senate To Promote A Bill For Crypto

According to Valora Analitik, Gustavo Moreno, a member of the Colombian Senate, held the first debate on Bill No. 139 of 2021, which aims to regulate crypto asset trading services provided through digital platforms. On May 18, a panel discussion was conducted in Colombia about the necessity for regulation of platforms where cryptocurrencies like Bitcoin, Ether, and Ripple, as well as stable currencies like USDC, may be exchanged.

The bill’s regulatory points include the requirement to register in Colombia, conduct identity verification, separate customers’ funds from the company’s funds, and adhere to the principles of free competition and the free market, with the platform responsible for educating users and ensuring blockchain security. Colombia now ranks 15th in the world in terms of crypto adoption; for its part, it ranks third in Latin America, behind only Brazil and Argentina, demonstrating the need to build a clear legal framework for a sector experiencing exponential development. Bill 139 of 2021 aims to enhance the crypto-assets business by ensuring a transition that is regulated, safe, and transparent for all stakeholders.

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Bitcoin Magazine

25 May 2023 08:17

💰 Bitcoin Price Unexpectedly Drops To $26,700 After A Slight Recovery

The price of Bitcoin (BTC) unexpectedly fell sharply and slipped out of the $27,000 level after a period of stagnation. Bitcoin peaked at $27,400 just before the European stock markets opened. For nearly two weeks, BTC has been range-bound between $26,500 and $27,500. Investors worry about ongoing crypto regulatory issues that have reduced market liquidity and macroeconomic uncertainties, including the recent US debt ceiling standoff.

The market was further bewildered by the announcement that the latest data on US inflation, based on the Consumer Price Index, stayed below 5% for the first time since early 2021. However, it remained well above the target 2% of the Federal Reserve. If Bitcoin opens and closes below the $26,500 – $26,600 range, it could indicate a downside breakout from its sideways trend. This could lead to a further drop towards the intermediate support at $25,300 and potentially a drop to $24,000 shortly after that. On the other hand, positive developments related to the US debt crisis could exacerbate the impact of the Fed’s pause in interest rate hikes.

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Bitcoin Magazine

23 May 2023 11:39

📣 Coinone’s Executives Suspected Of Taking Bribes To List At Least 46 Tokens

According to JoongAng Ilbo, as of March 1, there were at least 46 kinds of tokens suspected of receiving bribes from the executives and personnel of the South Korean crypto exchange Coinone, accounting for one-quarter of all listed currencies on the market. The Financial Investigation Division 1 of the Seoul Southern District Prosecutor’s Office examined cooperation and misconduct between exchange officials and brokers throughout the Coinone listing process.

In March and April, ex-Coinone Chief Sales Officer (CGO) Jeon Mo-ssi was probed three times, and listing team head Kim, broker aunt, and Hwang were all charged. Coinone executives and workers got a total of 2.98 billion won from brokers in return for coin listing, including about 1.94 billion won for Chun and approximately 1.04 billion won for Kim. According to an indictment received via Rep. Cho Su-jin, a member of the National Assembly Law and Judiciary Committee, Mr. Jeon and Mr. Kim, who were in charge of listing Coinone, were Mr. Ko, who had been operating as a broker since the second half of 2019. Mr. Hwang, a self-proclaimed ‘agent,’ also assisted Mr. Kim in analyzing the credibility of the listing application foundation and doing due diligence.

Source

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Bitcoin Magazine

22 May 2023 08:16

🇮🇩 Indonesian Governor Plans Bitcoin Exchange, Envisions Future “Bitcoin Heaven” In Country

The Indonesia Bitcoin Mining Campaign,” Governor Ridwan Kamil of the Indonesian Province of West Java shared his enthusiasm for Bitcoin adoption in the country. Governor Kamil expressed a bullish outlook on the flagship cryptocurrency while emphasizing Indonesia’s efforts to embrace this digital asset. Notably, preparations are underway to establish a trading exchange dedicated to Bitcoin within the country.

Governor Kamil revealed that Indonesia has already made significant strides toward cryptocurrency adoption, with over 12 million crypto investors in the country. Remarkably, 70% of these investors have chosen Bitcoin as their preferred digital asset, and this number continues to grow by half a million annually. Recognizing the potential of Bitcoin, the Indonesian governor highlighted its ability to bring financial technology to the unbanked population in Indonesia, which currently represents 40% of the society. By leveraging Bitcoin, he believes that blockchain technology can bridge the gap and provide financial inclusion for previously unreachable communities.

Source

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Bitcoin Magazine

20 May 2023 16:26

💰 MicroStrategy Research Ordinals Protocol And Evaluate Potential Applications

Data analytics firm MicroStrategy says it is working on Ordinals Protocol, a platform for creating NFT-like assets on Bitcoin and assessing its application development potential. According to Decrypt, Michael Saylor, co-founder and executive chairman of MicroStrategy, said in an interview at Bitcoin 2023 in Miami that the company not only understands the Ordinals protocol but also how the Ordinals protocol works, The protocol has sparked heated discussions.

According to Saylor, developing applications based on the functionality of Bitcoin can also promote general Bitcoin adoption among individuals, companies, and governments. Saylor did not specify which use cases MicroStrategy could investigate, but he noted that the ability to transfer data onto the Bitcoin blockchain has many potential uses beyond mere transactions. Often used to create NFT-like assets on Bitcoin, Ordinals launched in January 2019, and the protocol – although not fully adopted by the Bitcoin community – has created a new wave of experimentation with the oldest coin of cryptocurrencies. And since then, thousands of other so-called BRC-20 tokens have been created.

Source

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Bitcoin Magazine

17 May 2023 03:11

⬜️ OKX Wallet Becomes The First Wallet To Launch Marketplace For BRC-20 Trading

OKX is introducing new functionality that will enable consumers to manufacture and trade Bitcoin Ordinals and BRC-20 tokens using the platform’s wallet. Users may now only see and transfer their Ordinals on OKX’s wallet, but they will be able to trade BRC-20 tokens starting this week. Customers will be able to mint Ordinals and BRC-20 tokens inside the wallet by late May.

The OKX Wallet is the first multi-chain Web3 wallet that incorporates multi-party computation (MPC) technology, which increases security by removing a single point of failure and making it simpler for a user to regain access to assets in an emergency. It is a genuinely decentralized, self-custody wallet where all transactions and tokens are on-chain, according to the Bitcoin idea of “not your keys, not your money.” This features Lightning Network compatibility, which allows for cheaper and quicker Bitcoin transactions. Staking is also supported for Bitcoin Layer-2 token Stacks (STX) and BRC-20 tokens, as well as OKX BTC Explorer for BRC-20. Users may now verify BRC-20.

Source

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Bitcoin Magazine

15 May 2023 06:29

🪙 Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy

On May 11, 2023, a long-inactive bitcoin wallet sprang to life and transferred a substantial 139.7 bitcoin worth $3.7 million. The address, established on June 19, 2011, has contributed to the year’s total of 1,125.37 bitcoin moved from dormant 2010 and 2011 wallets. A vintage wallet created on June 19, 2011, suddenly relocated 139.7 BTC, equivalent to $3.7 million at the time of transfer, on Thursday, May 11, 2023.

Btcparser.com flagged this activity, which was confirmed at block height 789,291 at 8:14 p.m. (UTC). Shortly before that date — April 24 — the last 2011 bitcoin transfer from a dormant wallet took place and involved shifting 400 BTC at block height 786,801. The wallet that received the 139.7 bitcoin still holds the funds as of May 12, 2023, at 9:00 a.m. (ET). Throughout this year, inactive wallets from both 2010 and 2011 have collectively transmitted a whopping 1,125.37 BTC valued at around $30 million under current Bitcoin exchange rates. The address responsible for dispatching the aforementioned 139.7 BTC initially received a slightly smaller sum of 134.669 BTC back on June 19, 2011.

Source

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Bitcoin Magazine

13 May 2023 04:08

💰 Bitcoin falls to two-month low as pepe slides 70% from peak

The crypto market has taken a turn for the worse as a combination of large-cap coins and hyped up memecoins have headed south, knocking off $40 billion of the global crypto market cap. Bitcoin is leading the trend, having broken below a recent floor of around $27,000 to its current price of $26,300, according to CoinGecko. This is the lowest bitcoin has been in two months, since its rapid rally from $20,000.

The majority of cryptocurrencies in the top 10 by market cap are down around 6% over the last seven days, showing consistency across the market. Outside of the top 10, polygon was hit hard, down 14%, while memecoin shiba inu fell 13%. Beyond this, a token named after — but not associated with — the Milady Maker NFT project, fell 53% in the last 24 hours. This is a hangover from its sudden pump on May 11 when Elon Musk tweeted a Milady meme, causing its NFT collection and associated projects to soar in value. Similarly the Milady NFT collection itself has seen its floor price slide to not far above its value before Musk’s tweet.

Source

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Bitcoin Magazine

11 May 2023 21:28

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Bitcoin Magazine

10 May 2023 03:16

💰 Bitcoin’s ‘BRC-20’ Explosion Sends Users Scrambling for Options, Including Lightning

A lucky miner raked in 6.701 bitcoin (BTC) or almost $200,000 in transaction fees on Sunday night, exceeding Bitcoin’s current block subsidy of 6.25 BTC – an extremely rare occurrence that illustrates how a recent burst of activity on the blockchain related to the Ordinals protocol has led to soaring costs for users. All these new tokens have quickly exploded in popularity, but at a steep cost.

Fees to send coins are soaring, transactions are waiting longer in the queue, and some users and exchanges are already starting to consider alternatives. Those include the Lightning Network, a so-called “layer 2” scaling solution designed to make Bitcoin transactions faster and cheaper. BRC-20s are inscriptions of JavaScript Object Notation (JSON) data – snippets of code that port data structures across different platforms. And since the JSON inscriptions are actually code, they can be programmed to mint enormous token supplies – one small block-sized batch at a time – effectively creating fungible tokens via a non-fungible protocol.

Source

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Bitcoin Magazine

08 May 2023 14:37

🥇 Bitcoin Provides Insurance Against Fiat Currency Failure, Says Validus Power Corp.'s Greg Foss

On May 4, in a recent Youtube video, Validus Power Corp.’s executive director, Greg Foss, discussed the potential for the banking industry’s failures to wipe out $10 trillion in equity. Foss expressed his support for “hard assets” such as real estate, gold, and bitcoin. He believes that bitcoin, the leading crypto asset, is one of the best hard assets available. According to Foss, bitcoin provides insurance against “the failure of a basket of fiat currencies.”

In less than two months, chaos has erupted in the U.S. banking industry following the second, third, and fourth-largest bank failures in the country’s history. During a conversation with Kitco’s lead anchor and editor-in-chief, Michelle Makori, Greg Foss weighed in on Fed chairman Jerome Powell’s recent statement that the U.S. banking system is “sound and resilient.” According to Foss, the possibility of more banks collapsing is high. While the largest banks are considered “too big to fail” and will likely receive bailouts, shareholders may not be so lucky. This is where significant financial losses can occur, the Validus Power executive emphasized to Makori. Foss estimates that there is “at least $10 trillion of bank equity globally that can literally be wiped out if the system fails.”

Source

/channel/Bitcoin_Magazine