Bitcoin News and Finance: What You Need to Know

While bitcoin has been hovering above the $60K handle for a great majority of the last 28 days, the network’s hashrate has jumped considerably during that time as well. Since August 13, Bitcoin’s hashrate has climbed 42% from 110 exahash per second (EH/s) to today’s 157 EH/s. Moreover, after nine consecutive difficulty changes, going forward, it will be 50% more difficult to mine bitcoin than it was three months ago for the next two weeks. Bitcoin’s Hashrate Follows the Price Rise At the time of writing, Bitcoin’s hashrate is coasting along at 157 EH/s and approximately 14 known mining pools are dedicating hashpower to the network. 16.39 exahash or 10.24% of the network is being mined by stealth miners and the hashrate is classified as “unknown.” The unknown hashrate represents the fifth-largest mining ‘pool’ dedicating hash toward the network. Meanwhile, during the last three months, Bitcoin’s hashrate has followed the price moving northbound. The overall hashrate is 42% higher ...

A large amount of cryptocurrency has reportedly been withdrawn from a wallet previously controlled by the Finiko Ponzi scheme in Russia. The wallet’s unknown operators have transferred coins worth $48 million this month. The digital currency was split into smaller amounts and deposited to different addresses. 750 BTC Removed From Crypto Pyramid Finiko Wallet A total of 750 BTC , worth around $48 million at the time of writing, has been withdrawn from one of the wallets used by crypto Ponzi scheme Finiko, Forklog reported . Youtube blogger Andrey Alistarov broke the news about the transfer, revealing that it was made in three separate transactions of 250 BTC each since the beginning of November. The money was initially moved to a single address and subsequently sent to another wallet at the cryptocurrency exchange Huobi, quoted data from blockchain analysis platform Crystal Blockchain shows. The crypto funds were then divided into smaller amounts and transferred to other addresse...

In mid-June, the ‘Speedy Trial’ lock-in period for the Bitcoin network upgrade Taproot locked in at block height 687,285 and was mined by the bitcoin mining pool Slushpool. Taproot is expected to activate on the network on Saturday, November 13, 2021, and the upgrade is considered one of the largest changes the protocol has seen since Segregated Witness (Segwit) went live in 2017. Bitcoin Upgrade Taproot Expected to Activate on Saturday Taproot is expected to activate and go live on the main network on Saturday, November 13, 2021, following the lock-in period this past summer. When activated, Taproot is expected to enhance the digital currency network’s scripting capacity and the ability to leverage Schnorr signatures (BIP340) will be made available. Taproot is also expected to amplify bitcoin transactions by allowing certain types of complex, ‘smart’ transactions. People say this often but this is actually the first time I do… this may literally be the last dip before a HUGE ral...

ADALend , currently in the process of developing a decentralized financing (DeFi) project has just announced its plans to start the development of its cross-platform integrations very soon. The cross-platform integrations will simplify and allow access to decentralized financial services by a larger segment of users around the globe. ADALend’s GM, Javed Khattak, has earlier announced that ADALend will work on its UI and the platform’s user experience and simplicity to provide less barriers of entry for traditional users to get involved with decentralized financing. About ADALend ADALend is a decentralized lending protocol governed by the Cardano system. Within this Cardano system, ADALend will influence the flexibility of digital finance markets by providing a basis for immediate access to loans and collaterals, resulting in sustained liquidity of the blockchain assets of the lender. Permissionless Lending On Any Pairing Guarantees the users will always be granted the best o...

On Friday, November 12, the U.S. Securities and Exchange Commission (SEC) rejected Vaneck’s bitcoin spot market exchange-traded fund (ETF). The U.S. regulator noted that the denial was due to the lack of prevention toward “fraudulent and manipulative acts and practices.” SEC Turns Down Spot Market ETF – US Regulator Believes There Should be More Manipulation Protection for Investors Following the approval of a few bitcoin ETFs that leverage future markets, the SEC has rejected Vaneck’s bitcoin spot market ETF on Friday. So far, the U.S. regulator has not approved any bitcoin ETFs that are tethered to spot market prices. In its ruling , the SEC explains spot market ETF offerings have not “met its burden” when it comes to “[protecting] investors and the public interest.” The Vaneck ETF was turned down over “the requirement that the rules of a national securities exchange be “designed to prevent fraudulent and manipulative acts and practices.” For one, standards need to include “sur...

Two days ago on November 10, a mystery whale transferred 20 block rewards from 2010, which saw the movement of 1,000 decade-old bitcoins worth $68 million at the time of transfer. Two days later on November 12, the miner from 2010 returned once again, in order to transfer another string of 20 block rewards from 2010 worth roughly $64 million at the time it was sent. After Transferring 1,000 Bitcoins 2 Days Ago, the Mega-Whale From 2010 Has Returned Again Last year, Bitcoin.com News, the members of the Telegram research group GFIS , and the creator of Btcparser.com discovered an extraordinary bitcoin ( BTC ) whale that spent decade-old block rewards from 2010 in strings of 20 blocks at a time. To date, the whale has transferred a total of 13,000 bitcoins that derived from mined blocks in 2010. Using today’s exchange rates that’s close to a billion dollars ($829M) but this whale transferred the 13,000 during various BTC price ranges. The day bitcoin (BTC) reached an all-time price...

At the World Digital Mining Summit in Dubai, the leading application-specific integrated circuit (ASIC) bitcoin mining rig manufacturer, Bitmain, revealed the company’s most powerful bitcoin mining device to date. The new Antminer S19 XP will boast up to 140 terahash per second (TH/s) and uses 27% less electricity per terahash than the most efficient and profitable bitcoin miner today. The New Antminer S19 XP Boasts 140 TH/s and 27% Less Electricity Consumption per Terahash This week the bitcoin mining industry has been buzzing about a new ASIC SHA256 mining rig manufactured by the company Bitmain. News about the new miner was first leaked by the Chinese journalist and former Bitmain employee Colin Wu. The journalist wrote that compared to the current generation of Antminer S19s, the latest in the series of models has “been greatly improved.” Following Wu’s tweet on November 6, Bitmain hosted the World Digital Mining Summit (WDMS) in Dubai and revealed the firm’s next-generation ...

PRESS RELEASE. Sydney, Australia – Cardingo is an NFT series and Cardano NFT marketplace that has secretly been in the works for months. While the world waited for Cardano smart contracts, the Cardingo team busily went to work on a series of NFTs and a unique marketplace to satisfy the tastes of Cardano fans worldwide. CNFTs started selling long before smart contracts. Platforms like cnft.io and easycnft.io have offered CNFTs for months. They have been so successful in fact the platforms are inundated with an overwhelming and constant flow. Cardingo aims to stand out by providing a curated marketplace, which mints NFTs only by selected artists. This brings a unique and exclusive touch and Cardingo will always be searching for additional high-quality art and high profile artists to join the platform. Extra effort is being applied into seeking Aboriginal art and artists to expand their income potential and help share their culture and history with the world. A CARDANO MASCOT – OUTBAC...

India’s central bank, the Reserve Bank of India (RBI), still has “serious concerns” about cryptocurrency from a macroeconomic and financial stability standpoint. Furthermore, RBI Governor Shaktikanta Das says he doubts the veracity of the number of Indian crypto investors reported by the media. RBI Has Serious Concerns About Crypto, Governor Doubts Veracity of Media Reports on Crypto Sector The governor of the Reserve Bank of India (RBI), Shaktikanta Das, reiterated that the central bank still has “serious concerns” about cryptocurrencies at Business Standard’s BFSI Summit this week. He was quoted by local media as saying: Cryptocurrencies are a serious concern to RBI from a macroeconomic and financial stability standpoint. He added that the central bank has “given our detailed suggestions” regarding cryptocurrency to the government, which is now “actively looking at the issue and will decide on it.” However, the central bank governor noted, “But as the central banker, we have s...

Most game developers in U.S. and U.K. are now using blockchain elements in their games, according to a study released this week. The study, commissioned by a company named Stratis, reveals that the popularity of blockchain, NFTs, and the new play-to-earn model in the crypto market is making game developers change the traditional ways in which games are produced, with the intention of enticing new players and accessing new markets. Blockchain and NFTs Becoming Mainstream in Video Game Development The trend of including blockchain elements and NFTs in video games is here to stay. According to a study released this week commissioned by blockchain platform Stratis, and by a research firm called Opinium, 58% of the 197 surveyed developers in the U.S. and U.K. are beginning to use blockchain elements in their games. Furthermore, according to the same study, 48% of these developers are incorporating NFTs in their games. This is a testament to how the use of these elements, which increase...

While Nigerians have seemingly embraced the Central Bank of Nigeria (CBN)’s digital currency, skeptical analysts believe a lack of trust in the government will ultimately limit the e-naira’s prospects for success. Threat From Fintech Startups In addition, some analysts insist the digital currency’s already tenuous position is made worse by the fact that it has to compete with fintech startups. As previously reported by Bitcoin.com News, Nigeria is home to some of the biggest fintech startups and is a country that receives a relatively large chunk of the continent’s fintech investment. According to a Financial Times report , it is this threat from well-funded fintech startups that raises questions about the e-naira’s chances of fulfilling some of the CBN’s goals like bringing more people into the financial system or allowing for more targeted social and welfare spending. One of the analysts who is quoted in the report casting doubts about the e-naira’s prospects of succeeding is A...

OVR has decided to upgrade its token economics to make its own tokens more rare and valuable. Last May, the OVR team burned about 1 million OVR tokens to celebrate the first six months of the project. Now it is announcing an exciting decision to make token burn an integral part of its token economics. OVR’s token economics plan On November 1, a full-fledged token burn program was officially kicked off. The project team has decided to take 50% of the revenue generated from the ongoing sale of OVRLand on a monthly basis and manage it in the following way: 40% is directly used to burn tokens the remaining 10% is used to incentivize the sale of OVRLand. A sort of “lottery” takes place in which one of the OVRLand buyers is drawn each month, with the use of Chainlink VRF, to win the remaining 10% of the revenues. It goes without saying that the more OVRLands tokens an investor has, the better his chances of winning 10% of the revenues. Potential issues The burning program s...

The Bank of Botswana (BOB) has said the country does not have a specific legal or regulatory framework pertaining to crypto assets. The bank does, however, warn residents investing in cryptocurrencies that they will have no legal recourse should they suffer financial losses. Central Bank Responding to Public Inquiries In its statement released on November 10, the central bank starts by acknowledging that local residents, just like their counterparts around the world, are engaged in cryptocurrency trading. In addition, the BOB also acknowledged that it has been receiving and responding to public and media inquiries on the subject. Next, the statement shares some of the observations that were made by the central bank when it monitored developments in the increasing trade of crypto assets. “There is no specific legal or regulatory framework pertaining to, or proscribing investment, in crypto assets, such as bitcoin in Botswana. Therefore, trading in bitcoin or similar decentralised ...

An unknown investor has proposed to acquire a 51% stake in Africrypt — the collapsed cryptocurrency investment company — for a purchase price of $5 million. However, in exchange for the offer, the investor wants all criminal proceedings against Africrypt directors dropped. Offer Must Be Supported by 75% of Creditors According to a report by Moneyweb, Africrypt creditors are set to vote on the compromise offer on November 12, 2021. However, this offer can only become an order of the court if it receives support from 75% of the creditors. As previously reported by Bitcoin.com News, Africrypt collapsed when the firm’s two young directors, Raees and Amir Cajee, reported a breach of the company’s systems. Soon after alleging that Africrypt was the victim of a hack, the Cajees disappeared along with investor funds. This in turn prompted Africrypt investors to launch legal proceedings against the two directors. However, as part of the compromise offer that has been presented to credito...

Twitter has set up a team to focus on “crypto, blockchains, and other decentralized technologies — including and going beyond cryptocurrencies.” Initially, the team will explore how it can “support the growing interest among creators to use decentralized apps to manage virtual goods and currencies, and to support their work and communities.” Twitter to Focus on Crypto, Blockchain, and Decentralized Apps Twitter has established a dedicated crypto-focused team led by Tess Rinearson. She explained Wednesday that the “new team [is] focused on crypto, blockchains, and other decentralized technologies — including and going beyond cryptocurrencies.” Twitter said: We’re exploring ways to incorporate decentralized technologies into our products and infrastructure. Initially, the company will explore payments, ways for people creating content to earn crypto, and the “decentralization of social media.” Rinearson emphasized that “Twitter truly ‘gets’ crypto,” referencing the company’s bit...

As a growing number of governments are looking to tap into crypto profits, authorities in Austria have indicated their intention to tax gains from digital asset investments just like those from stocks and bonds. The move is expected to increase trust and access to cryptocurrencies. Austria to Apply Capital Gains Tax to Bitcoin, Make Crypto More Accessible Claiming it aims for an equal treatment of investments in cryptocurrencies like bitcoin, the government in Vienna has announced it’s considering applying the same 27.5% levy to crypto assets it currently uses to tax capital gains from traditional stocks and bonds. Austria intends to impose the measure as part of a wider tax overhaul to be carried out next year. Тhe news comes as more and more nations around the world are exploring ways to tax incomes stemming from the expanding crypto asset market, а report by Bloomberg notes. Just recently, the total capitalization of the crypto economy exceeded $3 trillion in value, as Bitcoin.c...

Sotheby’s, the British-founded American luxury auction house, has announced the company will be selling Banksy works for real-time bids in ethereum at “The Now Evening Auction” on November 18. While the upcoming auction will have pieces from highly acclaimed artists such as Mark Bradford and Yoshitomo Nara, Banksy’s “Love in the Air” and “Trolley Hunters” will be sold for ether “for the first time at auction.” 2 Banksy Paintings to be Sold at Auction in Ethereum via Sotheby’s Fine Auction House In 2021, the fine auction house Sotheby’s has been in the thick of cryptocurrency payments and non-fungible token (NFT) collectibles. While at first getting into NFTs , the leading auction house decided to accept digital currency payments via Coinbase this past May. In October, Sotheby’s launched the firm’s Metaverse Marketplace and Paris Hilton listed a few NFTs on the newly launched market. On November 11, Sotheby’s announced the “ The Now Evening Auction ” will feature real-time auctio...

PRESS RELEASE. Welnance, a DeFi protocol built on Binance Smart Chain, is set to launch the first Lao crypto and decentralized product on the 11th of November, 2021. Welnance is a decentralized financial platform that’s aimed at promoting financial freedom and choices for people around the world by offering fast, secure, reliable financial products and services to customers. Welnance is under the Phousy Group ( one of the 6 companies authorized by the government of Laos to trade and mine cryptocurrencies). Since its inception in 1997, The company has participated in different business operations in Laos, especially its construction portfolio of roads and bridges. In 2009, The company’s total assets increased to over $3 billion and today it has skyrocketed. Phousy Group Portfolio comprises road and bridge construction, architecture & design, petroleum, irrigation system, mining, hydropower, and import/export, hotel, transportation, and grindstone factory. It’s home to over 10...

Foundry, the Digital Currency Group (DCG) subsidiary and cryptocurrency mining and consulting firm from Rochester, New York announced the launch of a new platform on Wednesday called Foundry Staking. The company says the product currently supports 20 blockchain networks and will provide digital asset staking and advisory services going forward. Foundry Launches Staking Services The New York-based Foundry has been making a number of moves in 2021 and partnering with a variety of crypto mining operations. Companies like Hut8 , Bitfarms , Greenidge, and many others have joined forces with Foundry in recent times. Furthermore, in terms of Bitcoin hashrate, the firm’s mining pool Foundry USA is the fourth largest mining pool operating today with 12.67% of the network hash at the time of writing. The mining pool Foundry USA has 20.72 exahash per second (EH/s) in hashrate on November 11, 2021. The new platform called Foundry Staking offers “white-glove services around various proof-of...

On November 10, the non-fungible token (NFT) marketplace Rarible.com and the Rarible protocol announced an integration with the Flow blockchain. The announcement details that Rarible users can now create, list, and trade Flow-based NFTs on the marketplace. Rarible Partners With Flow Blockchain The NFT market Rarible.com and the Rarible protocol have revealed the support of the Dapper Labs crafted blockchain network Flow. Rarible’s announcement explains that Flow-based NFT users will see “extremely low gas fees and a swift user experience.” For instance, data shows on Thursday, November 11, ethereum ( ETH ) network fees are 0.012 ether per transaction or $57.98. Rarible’s announcement notes that Flow’s network fees are around $0.0001 per transfer. “Moreover, since Flow has been created with both end-users and developers in mind, we also integrated it with the Rarible Protocol , which means that you can now make use of fully open-source infrastructure to build NFT projects with Flow...

In mid-September China’s Evergrande Group, the country’s second-largest property developer by sales, sparked fear in the global economy as the company’s market valuation plummeted to an 11-year low. Global economists have warned that if Evergrande defaults on its debts, it could start a credit contagion similar to the Lehman Brothers bankruptcy in 2007. So far, Evergrande has managed to dodge default on its loans three times in the past month, but Evergrande bondholder Deutsche Marktscreening Agentur (DMSA) seems to be preparing to file for bankruptcy against the real estate giant. Credit Contagion Stemming From Real Estate Sector Looms — Evergrande Wobbles, Zillow Falters The real estate market worldwide has issues and a number of occurrences have shown that major corporations dealing with properties are struggling. China’s Evergrande is just one piece of the puzzle as real estate markets across the globe are feeling a squeeze. For instance, the major real estate company Zillow rev...

Indonesia’s top Islamic body, the country’s authority on Shariah compliance, has reportedly declared cryptocurrency haram, forbidden for Muslims under Islamic law. The Indonesian Ulema Council explained that crypto has elements of uncertainty, wagering, and harm. Cryptocurrency Is Forbidden for Muslims Under Islamic Law in Indonesia Indonesia’s Ulema Council (Majelis Ulama Indonesia or MUI), the country’s top Islamic body that holds the authority on Shariah compliance, has reportedly declared the use of crypto as a currency haram, forbidden under Islamic law for Muslims. Asrorun Niam Sholeh, head of religious decrees, explained Thursday after the council held an expert hearing that cryptocurrency has elements of “uncertainty, wagering, and harm,” Bloomberg reported. However, he noted that if crypto can abide by Shariah tenets and can show a clear benefit, then it can be traded as a digital asset or a commodity. Indonesia, the country with the largest Muslim population, has an e...