Bitcoin News and Finance: What You Need to Know

A recent report by The Miner Mag suggests bitcoin mining orders might have sped up Huawei’s development of its new Kirin smartphone chip. The chip, which powers Huawei’s new Mate 60 Pro smartphone, was produced by China’s Semiconductor Manufacturing International Corp. (SMIC) using its N+2 7nm process. Research Suggests Bitcoin Mining Boosted Huawei’s Chip Development, Reducing China’s Dependence on Western Tech The Miner Mag reported that bitcoin mining companies were among the first to buy SMIC’s N+1 process, ordering wafers and providing the volume that helped SMIC improve its 7nm production. The Miner Mag is a blog and data publication by Blocksbridge Consulting focusing on the bitcoin mining industry. Guess who was among the first batch of companies that did tape-out and production on SMIC's N+1 7-nm chips that later proved to power Huawei's comeback? #bitcoin https://t.co/XXbBMWxdvw pic.twitter.com/MHxvcaDaXn — TheMinerMag (@TheMinerMag_) September 4, 2023

The G20 countries are actively discussing a global framework for crypto assets under India’s presidency, Finance Minister Nirmala Sitharaman has revealed. “India’s presidency has put on the table key issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets,” she emphasized. India Says ‘Active Discussions’ on Crypto Are Happening Indian Finance Minister Nirmala Sitharaman provided an update on the discussions regarding global cryptocurrency regulations under India’s G20 presidency on Tuesday at this year’s Global Fintech Fest in Mumbai. Regarding crypto discussions at the G20, the Indian finance minister emphasized: “India’s presidency has put on the table key issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets.” She affirmed: Active discussions are happening. Sitharaman proceeded to reference various in-depth papers relating to the regulatio

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has sounded the alarm about an impending financial crisis. “We have a crisis emerging,” he warned, emphasizing that small business owners will be “cut off at the regional bank level.” He stressed: “You’re going to hear a lot of people crying about this in the next few months.” Kevin O’Leary Warns About Emerging Financial Crisis Shark Tank star and O’Leary Ventures chairman Kevin O’Leary, aka Mr. Wonderful, warned about an impending financial crisis in an interview with Fox News, published Saturday. He said: We have a crisis emerging … I’m talking about companies with five to 500 employees, which represent over 60% of our economy. “If you’re in the S&P 500, you have no trouble financing your business. You can’t say that about small business anymore. The cost of capital has gone through the roof,” the Shark Tank star stressed. He explained small business owners will be “cut off at the regional bank level.” He emphasized: “They’

Tharman Shanmugaratnam, the former deputy prime minister and central bank chairman of Singapore, has been elected as the new president of the country. The Singaporean president-elect, who advocates for a single regulatory system for both crypto and traditional finance, wants to make sure that everyone is aware that there is “one regulatory system for everything.” He emphasized: “If you’re outside of the regulatory system, buyer beware.” President-Elect Tharman Shanmugaratnam’s Crypto Stance Tharman Shanmugaratnam, a former deputy prime minister, finance minister, and education minister, has been elected as Singapore’s ninth president. He also served as the chairman of the country’s central bank, the Monetary Authority of Singapore (MAS), from 2011 to 2023. The president-elect has spoken about cryptocurrency and its regulation on multiple occasions before his election. He stated earlier this year that there could only be one regulatory system for both crypto and traditional finance

Martin Shkreli, the former CEO of several hedge funds and pharmaceutical companies, offered updates about the life of Sam Bankman-Fried in prison. Jeremy Lorenzo (aka Flacco Poops), Shkreli’s source on MDC Brooklyn, the center in which Bankman-Fried is being held, stated that he has been facing some troubles due to inmates believing he was a “chomo” (prison slang for child molester) and that he was now moved to another area with Asian inmates. Martin Shkreli States Sam Bankman-Fried Faces Problems in Brooklyn’s MDC Martin Shkreli, a CEO of various hedge funds and pharmaceutical companies who was convicted of securities fraud and conspiracy charges back in 2017, offered insight into the alleged difficulties that Sam Bankman-Fried, former CEO of FTX, is facing while being held at Brooklyn Metropolitan Detention Center (MDC). Shkreli, also known for telling former Terra CEO Do Kwon that jail was “not that bad,” hosted an X space with Jeremy Lorenzo (Flacco Poops), his alleged source

Drivechain, a Bitcoin improvement proposal that presents a way of scaling Bitcoin using sidechains, level two blockchains that receive bridged tokens from a parent chain, is generating a loud buzz on social media from supporters and detractors. While Paul Sztorc, the author of the Drivechain proposal, states that its concept seeks to drive all innovation toward Bitcoin, some believe it might give rise to complexity and other unintended consequences. What Is Drivechain? Drivechain is the name of an improvement proposal ( BIP 300 ) in development since 2018 that seeks to advance Bitcoin features without modifying its core design. Written and proposed by Layer Two Labs founder and CEO Paul Sztorc, the Drivechain implementation aims to scale Bitcoin through sidechains, adjacent blockchains that would be created and eliminated using Bitcoin code. Drivechain has been purposefully written with minimal changes to the base layer in mind while still requiring a soft fork to be activated. Th

According to Joonatan Lintala, the co-founder and CEO of Phaver, the limited progress of the technology behind Web3 social media platforms is one of the reasons why prospective users are reluctant to try them out. Lintala also added that “none of the current generation Web3 protocols are yet ready to support multi-million user levels.” The Advantages of a Web3 Social Media Platform Lintala , however, told Bitcoin.com News that dozens of Web3 companies are currently working towards finding solutions to drive the adoption and embrace of blockchain-based social media platforms. Meanwhile, Lintala said he sided with those asserting that Web3 social media can potentially overcome problems often seen with Web2 platforms. He said the fact that such Web3 platforms are based on “user-controlled interoperable profiles” will assure prospective users that their data will not be controlled by a few entities or used without their consent. Also, in written answers to questions sent to him via Te