Bitcoin News and Finance: What You Need to Know

Quantum Blockchain Technologies (QBT), a research firm hailing from the U.K., purports to have spearheaded a revolutionary leap in bitcoin mining tech. They’ve unveiled certain methods that reportedly enhance the chances of pinpointing a winning hash. One such strategy, dubbed “Method B,” asserts it elevates the likelihood by a remarkable 260% compared to traditional mining searches, simultaneously slashing energy use by 4.3%. QBT’s Innovation Claims to Find Hashes Faster The crypto sphere is abuzz over a freshly uncovered research firm, Quantum Blockchain Technologies (QBT). For over two years, they’ve been diving deep into BTC mining and the intricacies of the SHA256 algorithm. QBT boasts a breakthrough: using machine learning to predict blockchain movements, allowing for advanced block computations. Their claimed cutting-edge research taps into quantum computing, cryptographic enhancements, deep learning, AI, and the design of FPGA and ASIC, among other innovative methods. I...

The cybercrime fighting unit within the Philippines National Police has asked residents to be wary of rewards promised by play-to-earn (P2E) games because they can be used to steal crypto assets worth millions of dollars. The unit said players can reduce the chances of losing money to scammers by doing their own research before committing funds. Role Played by Custom-Made Gaming Apps The Philippines’ cybercrime fighting unit, the National Police Anti-Cybercrime Group (PNP ACG), has told residents to be wary of rewards offered by play-to-earn (P2E) games as such games are increasingly being used to steal crypto assets worth millions of dollars. In a warning published in the unit’s latest cyber security bulletin , the cybercrime unit said the theft of unsuspecting victims’ crypto assets is perpetrated via custom-created gaming apps. According to the unit, these gaming apps lure victims with promises of “huge financial rewards directly proportional to investments to potential targets....

Spacex reportedly wrote down the value of its bitcoin holdings by $373 million over the past two years and sold an undisclosed amount of the cryptocurrency. According to reports, Tesla, another company run by billionaire Elon Musk, has taken a similar approach with its bitcoin holdings. Spacex Writes Down $373M in Bitcoin Value On Thursday, the Wall Street Journal reported that Elon Musk’s Spacex has written down its bitcoin investments, citing documents it has seen. The news outlet wrote: Spacex wrote down the value of bitcoin it owns by a total of $373 million last year and in 2021 and has sold the cryptocurrency. Tesla has taken a similar approach with its bitcoin holdings. Musk has posted about cryptocurrencies frequently over the years. This led to numerous headlines claiming that Spacex had liquidated its entire bitcoin holdings, sending the price of bitcoin tumbling. However, many people took to social media to point out that writing down investments is a standard accou...

Dubai will offer subsidized licenses for Web3 and artificial intelligence (AI) companies that want to enter the country. The Dubai International Financial Centre (DIFC) and its campus will subsidize 90% of the costs of these licenses to attract companies in this sector as part of its push to become a worldwide tech hub. Dubai to Offer Subsidies for Web3 and AI Companies The Dubai International Financial Centre (DIFC) announced the issuance of special commercial licenses for Web3 and artificial intelligence (AI) companies wanting to set up operations in the emirate. 90% of the cost of each license will be subsidized to help companies in their initial stages. The licenses offered will allow the companies to access physical offices and co-working spaces in the Innovation One building, according to a press release issued by the DIFC. The UAE Ministry of Economy details that the DIFC has more than 25,000 professionals working at more than 2,000 active registered companies, as one of t...

The buzz surrounding Bitcoin’s leap into the NFT world via Ordinals might be fleeting. A Dappradar study reveals that trading actions and sales figures for Bitcoin Ordinals have plummeted by a staggering 97% since their May 2023 zenith. This downturn mirrors a wider slowdown in the NFT sector. However, the slump in Bitcoin Ordinals is far more pronounced than in established networks such as Ethereum. Bitcoin NFTs Face Crossroads: Ordinal Sales Decline Highlights Market Volatility and the Quest for Tangible Utility After soaring to record levels this spring, the nascent market for Bitcoin-centric NFTs has hit a snag. By June and July, Bitcoin Ordinals reported a sharp drop in both sales and transactions, diving 97% and 98% from their May pinnacle. Dappradar’s analysis indicates that Ordinals trading dwindled from $452 million in May to a mere $3 million in early August. There’s also been a sharp downturn in active participants in the Bitcoin NFT arena. The number of unique active B...