Monthly Archives: May 2020

China Strikes Down 10% of Global BTC Hashrate, Who Will Pick Up The Slack?

Citing the increase in illicit crypto-related activities, the provincial government of Sichuan moves to stamp out 10% of the global Bitcoin hashrate. The government of China’s Sichuan province moves to stamp out Bitcoin (BTC) mining activity, citing that growing cryptocurrency prices have led to the escalation of illegal activity under the guise of mining. Sichuan — 10% of the global hashrate According to estimates from Cambridge University, Sichuan is responsible for almost 10% of the global hashrate. In fact, this single Chinese province mines more Bitcoins than […]

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Where Are the Bitcoin Pizza Coins Now?

Approximately 10 years ago, someone paid 10,000 Bitcoin for two pizzas, but what happened to those coins after the purchase? Coinfirm has found out. Today marks the 10th anniversary of Bitcoin’s first official commercial purchase. On May 22, 2010, programmer Laszlo Hanyecz completed the first documented commercial Bitcoin purchase, paying 10,000 for two Papa John’s pizzas. Valued at $41 at the time, current market pricing today gives the purchase a $92.5 million price tag. One might logically wonder what happened to the 10,000 Bitcoin (BTC) used for the […]

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African P2P Volume Beats Out Latin America for First Time

African peer-to-peer Bitcoin trade has generated more than $14.6 million in weekly volume, comprising a new record for the continent. African peer-to-peer, or P2P, Bitcoin (BTC) trading volumes have continued to increase, with the continent posting its third-consecutive all-time high for trade activity. Africa’s surging volumes come amid a plateauing in global P2P trade, with Latin America, Asia Pacific, and Western Europe posting significant declines in post-halving volume. As such, this past week saw African P2P trade overtake Latin America to rank as the second-strongest region by […]

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Craig Wright Submits List of Bitcoin Addresses to the Court – Roster Contains Spent Blocks

On May 21, 2020, the infamous Craig Wright, the man who claims to be Satoshi Nakamoto, submitted a list of blocks and bitcoin addresses to the court that stem from the alleged Tulip Trust. However, armchair sleuths and blockchain analysis shows that a few blocks recorded in Wright’s recently filed list have been spent. Craig Wright Files a New List of Bitcoin Blocks and Addresses That Allegedly Belong to the Tulip Trust(s) The ongoing Kleiman vs. Wright lawsuit is heating up once again, as Craig Wright submitted […]

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Wyoming’s Congressional Blockchain Committee Holds First Meeting

After graduating from task force to select committee this week, the blockchain crew within Wyoming’s state legislature held their first meeting today. On May 22, Wyoming’s Select Committee on Blockchain, Financial Technology and Digital Innovation technology convened in full for the first time, albeit virtually. Initially announced on May 17, the new select committee evolved from the previous Blockchain Task Force. Task force to select committee: What has changed? In today’s meeting, Chairman Chris Rothfuss commented on the committee’s new powers: “This is a select committee that […]

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New Bill in Ukraine to Finally Let Crypto Firms Open Bank Accounts

The Ministry of Digital Transformation of Ukraine published crypto draft law “On Virtual Assetsâ€� in response to FATF’s June 2020 deadline. Ukraine is getting closer to providing a legal status for cryptocurrencies like Bitcoin (BTC) with a new draft bill published on Monday. On May 18, the Ministry of Digital Transformation of Ukraine published a new draft bill “On Virtual Assets” that aims to determine the legal status of crypto assets, rule of their circulation and issuance in the country. The current version of the bill is […]

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JP Morgan: CBDC Threatens Hegemony of US Dollar

JPMorgan believes that central bank digital currencies may undermine the hegemony of the US dollar. JPMorgan believes the central bank digital currencies, or CBDC, could pose a threat to the global hegemony of the US dollar. According to a report covered by Bloomberg, the bank’s chief U.S. economist asserted that “[t]here is no country with more to lose from the disruptive potential of digital currency than the United States.” “This revolves primarily around U.S. dollar hegemony. Issuing the global reserve currency and the medium of exchange for […]

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Layer1 Stabilizes Texas Grids With ‘Bitcoin Batteries’

Layer1 Technologies has deployed its proprietary mining containers as electricity storage systems to stabilize Texas’ electricity market. U.S.-based Bitcoin (BTC) mining datacenter operator Layer1 Technologies has deployed its mining containers as “Bitcoin Batteries” comprising large-scale energy storage systems. Layer1 asserts that its bitcoin batteries will help stabilize Texas’ seasonally volatile energy market by releasing electricity to meet demand. “By centralizing the consumption and release of multiple megawatts per data center container, Layer1’s Bitcoin Batteries stabilize national and local energy grids that frequently suffer from the demand shacks,” […]

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We Have All Had A ‘Pizza Day Moment’ — What’s Yours?

Detailing his own coffee purchase experience, Andreas Antonopoulos said many other similar stories likely exist from the years following “Bitcoin Pizza Day”. Famous entrepreneur and author, Andreas Antonopoulos, said that he paid five Bitcoin (BTC) for one pound coffee in 2012.   “I don’t rerget it or any other BTC I spent, or gifted,” Antonopoulos told Cointelegraph in a May 22 email. “Without spending, BTC wouldn’t have become what it is today,” he added. “I still use it as a currency and I do a transaction or two every […]

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Institutional Investors Buying Up BTC Like Crazy After Halving

Institutional interest in Bitcoin is experiencing an unprecedented surge, with GBTC alone swallowing up 17% of newly mined Bitcoins. Both data and first-hand accounts from industry insiders indicates that an interest in Bitcoin (BTC) from institutional investors is accelerating at a rapid pace. This has led some to conclude that the “perfect storm” is about to hit the market. GBTC BTC Holding & Assets Under Management. Source: Cointelegraph, Grayscale. Price is not a factor Grayscale Bitcoin Trust, or GBTC, an exchange traded vehicle backed with Bitcoins, has […]

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