67. Bitcoin rallies, but why not the miners?
With bitcoin on a meteoric rise the last few weeks, bitcoin miners have not been. Here are are a few theories to explain.
Crypto Corner
The bankrupt Cryptopia exchange plans to return cryptocurrency to some creditors. The New Zealand-based exchange shut down in 2019 after a cyberattack resulted in the theft of millions of dollars worth of tokens.
Optimism has sold $89 million worth of OP tokens in a private transaction to an undisclosed buyer. These tokens will be vested for a period of two years.
Digital Currency Group has filed a motion to dismiss the $3 billion lawsuit brought by the New York Attorney General (NYAG).
Crypto investment scam losses in the U.S. surged by 53% to $3.94 billion in 2023, according to the FBI's Internet Crime Report. Overall investment fraud increased by 38% to $4.57 billion, with crypto scams being the largest type of fraud.
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NFT Spotlight
NFT of the week: PEPELETTERA
Bitcoin wallet provider Ordinals has secured $3 million in funding, with notable investors including Arthur Hayes and Domo, the creator of BRC-20. Additionally, several Ethereum NFT funds have participated in this investment, marking their entry into the Bitcoin-focused sector.
Robert Alice made NFT history and is now writing about it. Legendary art book publisher TASCHEN is releasing the first major survey of NFT art, while Christie's is launching his new art project tonight.
Bitcoin Buzz
Bitcoin has surged to a new all-time high, surpassing the $70,000 mark.
BlackRock's Bitcoin holdings have surged to $12.3 billion as Bitcoin reaches a new all-time high (ATH), demonstrating strong investor confidence.
According to the latest data from Arkham, Elon Musk's companies, Tesla and SpaceX, hold over $1 billion worth of Bitcoin.
BlackRock Plans to Acquire Spot Bitcoin ETPs for Its Global Allocation Fund. Thursday's filing with the SEC follows an update earlier this week to add bitcoin ETPs to BlackRock's $36.7B AUM Strategic Income Opportunities Fund.
Bitcoin Miners’ Marvels
Bitcoin mining is fueling green energy initiatives and creating sustainable job opportunities in an African national park, according to the World Economic Forum.
Core Scientific has secured a $100 million deal with CoreWeave as miners seek to diversify their revenue streams. The agreement involves Core Scientific leasing a former Hewlett Packard data center in Austin, Texas, to accommodate CoreWeave's infrastructure needs.
The expansion of Bitcoin mining in Ethiopia provides an opportunity to capitalize on the forthcoming substantial surge in energy production, contributing to funding the development of electrical grid infrastructure.
Bitcoin's hash rate has reached a record high following a drop in difficulty. Miners are preparing for a potential uptick in difficulty as the network's hash rate continues to surge.
Hut 8 shuts down Bitcoin mining site in Canada, citing energy costs.
Quote Of The Week:
"Life shrinks or expands in proportion to one’s courage." — Anaïs Nin
Thank you for joining us. Have yourselves a great weekend!