At the World Digital Mining Summit in Las Vegas, Bitmain, a leading manufacturer of application-specific integrated circuit (ASIC) bitcoin mining rigs, introduced two new mining machines. Both models—one air-cooled and one hydro-cooled—boast an efficiency rating of under 14 joules per terahash. Bitmain Introduces S21 XP and S21 XP Hydro Bitmain’s new Antminer S21 series mining…
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Beercoin, the effervescent Solana-based meme coin that promised a taste of financial freedom, is experiencing a hangover of epic proportions. After a meteoric rise in price earlier this month, Beercoin has come crashing down, plummeting by nearly 70% in a matter of days. This dramatic decline reflects a confluence of factors, including a broader crypto…
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According to Venezuelan dissidents and cryptocurrency analysts, the government of Venezuela is likely to keep using crypto to bypass the returning sanctions on oil and gold activities. Even when Nicolas Maduro’s administration seems to have been affected by corruption cases involving crypto, watchers report that these tools will keep diverting funds from regular channels. Venezuelan…
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JPMorgan analysts have raised concerns about the sustainability of the $12 billion year-to-date inflow into crypto assets, given the current high bitcoin prices relative to production costs and gold. The substantial inflows this year have been primarily driven by spot bitcoin exchange-traded funds (ETFs). However, much of this inflow represents a shift from crypto wallets…
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Fidelity Investments’ Director of Global Macro sees bitcoin as “exponential gold” and “an aspiring player on the store of value team.” According to his analysis, bitcoin’s price is “driven primarily by the growth in its network, which is in turn driven by bitcoin’s unique scarcity feature, as well as the monetary and fiscal policy cycle,…
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The head of the Crypto Asset and Cyber Unit at the U.S. Securities and Exchange Commission (SEC)’s Division of Enforcement has left the agency after nine years of service. Under his guidance, the SEC took many enforcement actions against crypto firms, including major crypto trading exchanges Binance and Coinbase. SEC’s Crypto Enforcement Unit Leader Departs…
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The Financial Stability Board (FSB) Plenary met in Toronto on June 14 to discuss various financial stability issues. Key topics included the financial stability outlook, lessons from the March 2023 banking turmoil, and enhancing the resilience of non-bank financial intermediation (NBFI). The FSB also reviewed progress on implementing its global regulatory framework for crypto asset…
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Tanzania plans to amend its Income Tax Act to tax crypto trades. The proposal includes a three per cent withholding tax on income from digital asset transactions. Digital platform owners or facilitators of digital asset transfers will act as withholding agents. Foreign citizens operating such platforms must register under Tanzania’s Simplified Tax Regime. The government…
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Adam Ficsor, the lead developer of Wasabi Wallet, a privacy-centric Bitcoin wallet, has revealed his position regarding the slow adoption of Bitcoin in El Salvador. In a recent interview, Ficsor stated that Bitcoin developers have failed El Salvador, having been unable to improve the situation of Bitcoin as a means of exchange, even with the…
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Toncoin, the native cryptocurrency of The Open Network (TON) blockchain, has recently experienced notable price appreciation and rapid growth in its ecosystem. After a period of consolidation between $1 and $2 since 2022, TON’s price has surged to reach a record high of $8.25 on June 15. This achievement is accompanied by a significant increase…
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