Wednesday 28 September 2022
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Bitcoin miner prices will continue to fall, F2Pool exec predicts

The price of cryptocurrency mining hardware is likely to continue falling in the near future amid the ongoing crypto winter, according to an executive at major Bitcoin (BTC) mining pool F2Pool. Supporting 14.3% of the BTC network, F2Pool is one of the world’s biggest Bitcoin mining pools. On Tuesday, F2Pool released its latest mining industry update. Focusing on June 2022 BTC mining results, F2Pool’s report noted that the majority of Bitcoin mining companies like Core Scientific have opted to sell their self-mined Bitcoin recently. Bitfarms, a major Canadian BTC mining firm, sold 3,000 Bitcoin, or almost 50% of its entire BTC stake for $62 million ito reduce its credit facility in June. “I have studied almost 10 publicly traded industrial miners and found that they are all very honestly telling everyone that they are selling self-mined Bitcoins,” F2Pool’s director of global business development Lisa Liu wrote in the report. She added that the proceeds are used to fund operating expens..

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Ethereum co-founder responds to PoS critics amid upcoming Merge

While some believe that Ethereum’s upcoming shift to proof-of-stake (PoS) may push the platform to eventually surpass Bitcoin (BTC), others are taking this opportunity to make snarky remarks on Twitter, triggering a rebuttal from Vitalik Buterin, a co-founder of Ethereum. In a tweet, Bitcoiner Nick Payton called out “Proof of Stakers” and argued that voting to change the properties on PoS platforms proves that PoS assets are securities. Buterin responded to the post, describing Payton’s notions as an “unmitigated bare-faced lie.” According to Buterin, PoS does not include voting on protocol parameters, just like proof-of-work (PoW) doesn’t. Buterin also explained that nodes reject invalid blocks in both PoS and PoW. Last week, author Jimmy Song also came after PoS, questioning the decentralization of the consensus mechanism. According to Song, the mechanism doesn't solve the Byzantine generals problem. Buterin called out Song’s notions in a tweet: Fellow Ethereum founder and P..

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Swiss Post’s banking arm developing in-house crypto custody platform

Switzerland’s Post Office is set to onboard cryptocurrency trading through its banking arm PostFinance as user appetite for custody grows in the country. Some 2.6 million users that currently bank with PostFinance, the fifth largest bank in the country, are expected to be able to buy and sell Bitcoin and other cryptocurrencies through an inhouse trading and custody service in the next two years. As reported by local media outlet Swissinfo, the executive board of the Post Office’s banking arm intends to provide direct access to cryptocurrency markets through a proprietary service operated by PostFinance by 2024 at the latest. It’s the latest step by the institution to afford its clients the ability to gain access to cryptocurrencies. In 2021, PostFinance partnered with online trading platform Swissquote to develop the Yuh mobile application, which gives users access to traditional shares and stock markets as well as over 25 cryptocurrencies. Related: Swiss asset manager Julius Baer eyes..

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Korean fintech giant plans to create 10K Web3 jobs amid bear market

Dunamu, a major fintech firm in South Korea that operates crypto exchange Upbit and several other blockchain and securities platforms, is planning to invest 500 billion won ($380 million) to create about 10,000 new Web3 jobs in the next five years. The firm is reportedly considering offering specific software and funding to encourage more firms to join the Web3 industry. The $380 million investment is a part of Korea’s efforts to lead the Web3 race, reported Korea JoongAng Daily. Dunamu has already invested about 88 billion won ($67 million) since 2018 toward blockchain-centered firms. Dunamu CEO Lee Sirgoo said in a statement: “We plan to strengthen the competitiveness of domestic industry through an active investment and creation of jobs of the newly growing future industries, like blockchain, nonfungible token (NFT) and the metaverse.”The fintech giant aims to open offices in major cities across the country and develop training programs to induct new people into the Web3 ecosystem. ..

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US trademark and copyright offices to study IP impact of NFTs

As nonfungible tokens (NFTs) continue to garner interest, the United States Patent and Trademark Office and U.S. Copyright Office are set to launch a study into their impact on intellectual property rights. The examination of NFTs comes after a request from Senators Patrick Leahy and Thom Tillis in June for a deep dive into the potential ramifications the burgeoning asset class could have in regard to intellectual property rights. The two departments have agreed to conduct the study in correspondence with Leahy and Tillis, conducting preliminary discussions to plot a plan of action tha will include consultations with various stakeholders well-versed in the NFT landscape. A broad range of topics, which were initially raised by the Vermont and North Carolina senators, will be considered. This includes potential intellectual property challenges with future applications of NFTs, the rights associated with transferring ownership of an NFT, licensing rights and infringements and the potentia..

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Bitcoin price hits 7-day low as US warns of ‘highly elevated’ CPI data

Bitcoin (BTC) carried through threats of new local lows on July 12 as the White House warned of “highly elevated” inflation. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewWhite House warns ahead of "decisive day"Data from Cointelegraph Markets Pro and TradingView showed BTC/USD approaching $19,500 prior to the Wall Street open, down over 4% on the day. Having failed to hold $20,300 support, the pair appeared to react badly to comments on the inflation outlook from White House press secretary Karine Jean-Pierre. Markets were already primed for higher than expected figures for June from the Consumer Price Index (CPI), which made new forty-year highs in May. “So on Wednesday, we will have new CPI inflation data, and we expect the headline number, which includes gas and food, to be highly elevated, mainly because gas prices were so elevated in June,” she told reporters at a press briefing July 11. The trip to $19,520 meanwhile marked Bitcoin’s lowest levels in a week. “Tomorro..

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Law Decoded, July 4–11: Access denied for crypto-owning policymakers

It’s been a century or so since the property qualification came out of vogue, but it doesn’t seem a problem if you want to apply it to crypto and policymaking. An advisory notice released by the United States Office of Government Ethics last week states that the de minimis exemption — which allows for the owners of securities who hold an amount below a certain threshold to work on policy related to that security — is universally inapplicable when it comes to cryptocurrencies and stablecoins. As the note specifies, even holding a mere $100 of a certain stablecoin should prevent a civil servant from participating in drafting regulation “until and unless they divest their interests in [that] stablecoin.” Stablecoins are not an exception — the same goes for any kind of cryptocurrency. The only exemption will be made for policymakers who hold up to $50,000 in mutual funds that invest broadly in companies that would benefit from crypto and blockchain technology. The reasoning for this exem..

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Bank of Russia opposes private stablecoins in the country

In a fresh episode of the longstanding battle between the Central Bank of Russia (CBR) and the country's Ministry of Finance, representatives of the former have criticized the latter’s idea of supporting the stablecoins, which some private investors have sought to launch in the country. According to local media, an unnamed representative of the central bank dismissed talk of Russia-based stablecoins, started last week by the Ministry of Finance’s director of financial policy department Ivan Chebeskov. Back then, Chebeskov voiced his ministry’s support for creating stablecoins tied to assets like “the ruble, gold, oil or grain.” He called it “the right path for developing new technology” and urged private companies to try this kind of financial tool if they find it necessary. The CBR speaker said that private stablecoins “are characterized by higher risks,” because the pool of underlying assets doesn’t belong to the issuer. They also stated that there is no guarantee of redempti..

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The UK’s largest Bitcoin conference comes to Scotland

The bear market won’t scuttle Bitcoin’s (BTC) adoption plans in the United Kingdom. From Oct. 21–22 this year, internationally recognized Bitcoin experts, authors and content creators will take part in the United Kingdom’s largest Bitcoin conference to date. Organized by the Bitcoin Collective, a newly formed Bitcoin company, and in partnership with Bitcoin and crypto exchange OKX, the event takes place at the Assembly Rooms on Edinburgh’s George Street. Edinburgh, Scotland's capital city. Source: Telegraph.co.ukJordan Walker, CEO of the Bitcoin Collective, told Cointelegraph, “the conference is solely Bitcoin related, as this is our focus as we aim to inform and educate the collective.” In the press release, Walker added: “However, it’s not about buying or investing in Bitcoin, that’s a whole different discussion. Our focus is on education, so make sure to bring a notebook and pen!”Speakers include Jeff Booth, author of The Price of Tomorrow, Greg Foss, Validus Power Corp strate..

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Helium network team resolves consensus error after 4-hour outage

The Internet of Things (IoT) blockchain Helium shut down for about 4 hours on Monday due to validator outages from a software update, causing delayed transaction finality. During the outage, devices transferring data over the network were not affected, but miner rewards and token transfers were left pending. The team resolved the issue by skipping the blockchain forward by one block and resuming normal functions. At 10:20 am EST, the Consensus Group stopped producing blocks at block height 1435692 on the Helium blockchain, according to a status update. Lacking network consensus, token transfers could not be completed, and new blocks were not being produced. Helium is an IoT network that uses physical radio hotspots to allow users to connect to their devices from anywhere there is radio coverage. On the Helium network, a Consensus Group consists of 43 validator nodes randomly chosen in fixed intervals to provide network consensus. In the postmortem for the event, Helium engineers cite..

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