Bitcoin News and Finance: What You Need to Know

On December 12, crypto advocates celebrated the fact that 90% of the 21 million bitcoins that will ever exist have been mined into circulation. Currently, Bitcoin’s inflation rate per annum is around 1.88%, which is lower than the central banks’ traditional 2% target reference. Furthermore, in 875 days, the network’s inflation rate is expected to drop to 1.1% after 19.98 million bitcoins have been mined. Programmatic Scarcity One benefit people enjoy about the Bitcoin network is that it is mathematical and predictable, in comparison to monetary systems issued by central banks worldwide, which are based on the whims of policymakers and are completely unpredictable. At the time of writing, 18,899,800 BTC has been mined into circulation and that equates to roughly 90% of the 21 million BTC that will ever exist. Digital currency fans acknowledged this milestone on Sunday, December 12, the same day as the 11th anniversary of Satoshi Nakamoto’s official departure . The 90% statistic c...

As of December 12, around 90% of all the bitcoin that will ever exist is in circulation today, and the top five exchanges hold 1.6 million bitcoin. The bitcoin holdings on Coinbase, Binance, Huobi, Kraken, and Okex combined represent 7.96% of the 21 million bitcoin supply cap. The bitcoin held by Coinbase is a whopping 51% of the 1.6 million bitcoin or $41.6 billion using today’s exchange rates. 5 Exchanges Hold 1.6 Million Bitcoin Worth $81 Billion At the time of writing, 90% of the 21 million bitcoin supply cap has been mined into existence. Currently, there is 18,899,800 BTC that has been mined so far and in the near future, 19 million bitcoin will be mined into existence. We also know that a decent fraction of bitcoin has been lost and Satoshi Nakamoto may have mined around 1.1 million BTC before leaving the bitcoin community. A study published by Coin Metrics on November 19, 2019, indicates that the assumed amount of lost coins was around 1.5 million at block height 600,...

Nigerian blockchain and cryptocurrency experts have suggested that many prospective users will only consider adopting the e-naira once the central bank has done enough to make the CBDC (central bank digital currency) an attractive option to use. E-Naira Still Unattractive to Users Some Nigerian experts have expressed doubts about claims by the Central Bank of Nigeria (CBN) that many residents in the country of more than 200 million inhabitants are interested in or switching to the recently launched central bank digital currency (CBDC), the e-naira. The experts argue the e-naira, which was initially only available to Nigerians with bank accounts, lacks features that are found in privately issued cryptocurrencies. In addition, there is not enough information concerning the number of e-nairas in circulation. From the viewpoint of these experts, it is a lack of these attributes that makes widespread adoption of the CBDC an almost impossible goal to achieve. Since launching the e-naira...

OKEx Blockdream Ventures Bets on the WAX Ecosystem with WAXP Token Purchase (Miami, FL) December 13, 2021 一 The Worldwide Asset eXchange (WAX) announced today that OKEx Blockdream Ventures are placing a bet on the WAX Blockchain Ecosystem, purchasing a significant position in WAXP tokens with the exact token quantity undisclosed. WAX is the most utilized blockchain in the world and the #1 Metaverse Blockchain for Gaming and NFTs, processing 15 million transactions daily including two-thirds of all game related transactions with over 450,000 daily users. The platform is also the #2 Layer-1 blockchain behind only Ethereum in 30 day NFT sales volume. “WAXP has an edge in GameFi, enabling a friendly environment for game developers. They also have high performance and low fees with a huge player base, where native games like Alien Worlds & Farmers World have 350k daily active users. The catalyst is the creative content and virtual items staked by KOLs and loyal audiences in Metave...

The chief of the Government Communications Headquarters (GCHQ), one of the big three intelligence agencies in the U.K., has raised concerns regarding China and its digital renminbi. Sir Jeremy Fleming stated that the already existent Chinese CBDC could be used to collect information from users and, hypothetically, to control and filter global transactions. UK Worried About Chinese CBDC Advancements The chief of the Government Communications Headquarters (GCHQ), one of the biggest intelligence agencies in the U.K., has warned of possible negative effects on global transactions related to the adoption of the digital renminbi. Sir Jeremy Fleming stated that if the currency extended to other countries, and other players use it like locals, it could have a bad effect on the health of the financial system. Fleming stated: If wrongly implemented, it gives a hostile state the ability to surveil transactions. It gives them the ability . . . to be able to exercise control over what is cond...

Gamesta is the smart contract-based guild enabling investors to connect and empower thousands of underprivileged players throughout the world. Gamesta Guild believes the value of any game is created by the network of players playing it. Each player, regardless of their wealth or means, represents the same value in a digital game, investing their time and contributing to an ever-evolving metaverse. Now, through blockchain technology, game developers can finally reward the loyalty of those players. Spencer Tarring is the founder and CEO of Gamesta . He recently joined the Bitcoin.com News Podcast to talk about the business: Founder of VMG & DopeWarz, Spencer comes with a wealth of experience in both startups & crypto, having exited 5+ businesses in a 20 year career of entrepreneurship. He also is an internationally renowned DJ and runs a successful youtube channel called Crypto Money Life. A regular guest on Bitboys ATB show, he is well connected within the crypto & inf...

While bitcoin prices have consolidated around the $50K zone, the network’s hashrate has reached an all-time high (ATH) on December 8, 2021, tapping 194.95 exahash per second. Bitcoin miners have increased their processing power a great deal despite the fact that mining bitcoin is 8.33% harder to mine since December 11. Bitcoin Hashrate Taps 194 Exahash per Second on December 8, Mining Difficulty Jumps Over 8% Higher 3 Days Later Bitcoin prices reached a few all-time price highs in 2021 breaking records from previous years. Similarly, Bitcoin’s hashrate has also seen record highs on two occasions this year as the SHA256 hash power has climbed exponentially. While BTC prices tapped an ATH of $64K in mid-April on May 9th Bitcoin’s hashrate hit a lifetime high at 191.42 exahash per second (EH/s). BTC prices once again reached another ATH on November 10, jumping to $69K per coin. As bitcoin prices have subsided around ​​26% since then, Bitcoin’s hashrate has skyrocketed to another life...

To this day, Satoshi Nakamoto is one of Bitcoin’s biggest mysteries as people have searched far and wide to uncover the creator’s identity. 11 years ago, on December 12, 2010, the pseudonymous blockchain programmer (or programmers) left a final message to the crypto community stressing that “there’s more work to do on [denial-of-service] DoS.” Satoshi Nakamoto’s Legacy: Introducing Bitcoin, Kickstarting the Network and Giving Sound Advice Approximately 11 years ago on December 12, 2010, the inventor of Bitcoin left the community and has never returned. There were a few alleged emails that followed Satoshi Nakamoto’s departure from the community, when Bitcoin’s creator reportedly sent correspondence to the developers’ Mike Hearn and Gavin Andresen. Satoshi first appeared 13 years ago, when the inventor published the Bitcoin white paper on Halloween (Oct. 31) in 2008. In terms of days between, Satoshi spent approximately 772 days or just over 2 years communicating with members of th...

The Twitter account of Indian Prime Minister Narendra Modi was compromised and a tweet was posted claiming that the government of India has adopted bitcoin as legal tender and purchased 500 coins to distribute to all residents in the country. This hack came at a critical time in India as the government is actively working on cryptocurrency legislation. Hacker Tweets About Indian Government Buying and Giving Away Bitcoin The Twitter handle of Indian Prime Minister Narendra Modi was hacked Saturday and a tweet promoting a bitcoin scam was posted on the account. The tweet reads: India has officially adopted bitcoin as legal tender. The government has officially bought 500 BTC and is distributing them to all residents in the country. The tweet also contained a link to a website promoting a bitcoin giveaway scam. At the time of writing, the scam website on blogspot.com has been removed. Prime Minister Modi’s account was soon restored and the bitcoin scam tweet was deleted. The of...

Galileo Exchange is a groundbreaking hybrid of a Crypto exchange, a Blockchain project, and the innovation of accelerated price dynamics. It combines these essential elements to bring trustworthiness, innovation, value and entertainment. Galileo Exchange is Fully Developed, Proprietary & Market Ready The platform introduces many unique features including: Gamification of Financial Markets World’s First Dynamically Tethered Indexes (DTI’s) High Pip Action Trading Instruments Zero-Edge Ecosystem (100% RTP) Native Token (GELT) – built on the Binance Smart Chain (BSC) Bonding Curve Tokenomics BNB Secured Liquidity Pool Community Centric Growth Bi-weekly Trading Tournaments Evolving Development Roadmap Galileo Exchange is a breakthrough in trader engagement, fun, and profitability. The platform is designed to level the playing field by removing all frictions to trading and is engineered to return 100% of funds wagered back to its users. Furthermore, the GEx platform of...

A Russian power utility has found a way to increase electricity prices for consumers mining cryptocurrency using household electricity. The regional distribution company has taken dozens of amateur miners to court and has already won some of the cases. Power Utility Goes After Crypto Miners Using Subsidized Electricity to Mint Digital Coins Irkutskenergosbyt, a power distributor in the Russian region of Irkutsk, has managed to secure an increase of the electricity tariffs for crypto mining farms set up in private homes. The utility was able to prove in court that their owners are carrying out business activities while buying electricity at the low prices meant for household consumers. The enterprise has filed 85 lawsuits this year against people involved in home crypto mining with claims totaling 73.3 million rubles (over $980,000). It has already won nine cases from which it is expecting to receive 18.7 million rubles ($250,000), the Russian business daily Kommersant reported. The...

On December 9, Polygon co-founder Mihailo Bjelic announced that the project has acquired the Ethereum scaling startup Mir in a $400 million deal. The Mir team of cryptographers and engineers are joining Polygon in order to create a “highly-scalable, Ethereum-compatible ZK rollup” called Polygon Zero. Mihailo Bjelic: ‘Polygon Is Focused on Zero-Knowledge Cryptography as the End Game for Blockchain Scaling’ Following Polygon’s acquisition of the Hermez Network (now Polygon Hermez ) for $250 million in August, the project has announced it has purchased the Ethereum scaling startup Mir . Polygon co-founder Mihailo Bjelic revealed the acquisition on Thursday and said the startup is “building groundbreaking ZK tech.” The $400 million deal will pave the way for Polygon’s new ZK Rollup project. “The Mir team is now joining Polygon in order to utilize this groundbreaking technology and build our new project – Polygon Zero, a highly-scalable, Ethereum-compatible ZK Rollup,” Bjelic said. “Po...

The Federation Council of the Russian legislature is forming a working group expected to propose comprehensive regulations for cryptocurrencies. Officials from several ministries and government agencies, as well as members of the country’s expanding crypto industry, will join the body. Federation Council to Prepare New Regulations for Cryptocurrencies in Russia The Federation Council, the upper house of Russian parliament, is establishing a working group of experts to take on the task of developing additional regulations for Russia’s growing crypto space. Cryptocurrencies are now only partially regulated through the law “On Digital Financial Assets,” and officials have recognized the need to adopt more rules to cover various aspects such as circulation and taxation. Besides lawmakers, the group will comprise representatives of the Ministry of Finance, Ministry of Economic Development, Russia’s financial watchdog, Rosfinmonitoring, the Ministry of Digital Development, the Federal Ta...

Bank of Thailand’s officials say that using cryptocurrency as a means of payment is not illegal. However, they added that users “must be able to accept the risks,” including price fluctuation. Using Crypto to Pay for Goods and Services Is Not Illegal in Thailand Sakkapop Panyanukul, senior director at the Bank of Thailand (BOT)’s Monetary Policy Department, clarified the central bank’s cryptocurrency stance this week. He explained that the Bank of Thailand is currently discussing how to regulate cryptocurrency with the Thai Securities and Exchange Commission (SEC), related agencies, and stakeholders. The bank aims to limit consumer risks associated with using cryptocurrency for payments. Noting that some people are already using crypto to pay for goods and services in Thailand, the director emphasized: It’s not illegal … but [users] must be able to accept the risks. The Thai central bank previously said that cryptocurrency is not legal tender in the country and using it as a m...

According to reports, the e-commerce giant Amazon has recently invested in a fractional sports trading card marketplace called Dibbs. The platform, built on top of the Wax blockchain, allows users to purchase and sell fractions of collectible trading cards. Reports further add that the financial terms of Amazon’s backing of Dibbs have not been disclosed. Reports Disclose Amazon Has Entered the Digital Collectibles Space Non-fungible token (NFT) assets and digital collectibles have been gathering a lot of steam in 2021 and it seems that everyone wants a piece of the billion-dollar industry. Just recently reports disclosed that the online marketplace Amazon has invested in the trading-card platform Dibbs . “We’re thrilled to announce that Amazon entered the collectibles space by investing in [Dibbs.io],” the official Wax blockchain Twitter account tweeted on December 8. “[Dibbs] is a real-time fractional card market using Wax vIRL NFT technology.” Dibbs was founded in 2020, and the...

During the first week of November, the reelected Miami mayor Francis Suarez explained that he would receive part of his salary in bitcoin via the payment processor Strike. A month later, speaking at Real Vision’s Takeover event in Las Vegas, Suarez revealed he plans to take part of his 401k in bitcoin as well. Pro-Bitcoin Miami Mayor Plans to Convert a Portion of His 401k Into Crypto Miami mayor Francis Suarez is a big fan of bitcoin ( BTC ) and he has spoken about his fascination with cryptocurrency on various occasions. In mid-October, Suarez told the press that he was building Miami into America’s crypto capital and the mayor stressed that cryptocurrency is a “major priority” for him. Suarez also told Chinese miners to relocate to Miami and leverage Florida’s abundant nuclear energy after China banned bitcoin mining. Last month, Suarez revealed he was utilizing the third-party payment processor Strike to get a portion of his paycheck converted into bitcoin. Additionally, a g...

The International Monetary Fund (IMF) has outlined some recommendations of how cryptocurrency should be regulated, noting that there is an urgent need for cross-border collaboration and cooperation on cryptocurrency regulation. IMF Provides Recommendations on Crypto Regulation The International Monetary Fund published a blog post on cryptocurrency regulation Thursday. The post titled “Global Crypto Regulation Should be Comprehensive, Consistent, and Coordinated” is authored by Tobias Adrian, Dong He, and Aditya Narain from the IMF’s Monetary and Capital Markets Department. Noting that “Crypto assets and associated products and services have grown rapidly in recent years” and their “interlinkages with the regulated financial system are rising,” the authors acknowledged: Crypto assets are potentially changing the international monetary and financial system in profound ways. “Policymakers struggle to monitor risks from this evolving sector, in which many activities are unregulated...

India’s Prime Minister Narendra Modi talked about cryptocurrency at a recent Summit for Democracy hosted by U.S. President Joe Biden. He called for global collaboration on cryptocurrencies “so that they are used to empower democracy, not to undermine it.” Prime Minister Narendra Modi Talks About Crypto at President Joe Biden’s Summit for Democracy President Joe Biden hosted a two-day virtual “Summit for Democracy” on Dec. 9-10. The conference “brought together leaders from government, civil society, and the private sector in our shared effort to set forth an affirmative agenda for democratic renewal and to tackle the greatest threats faced by democracies today through collective action,” the U.S. Department of State described. Indian Prime Minister Narendra Modi said at the summit Friday that emerging technologies, such as cryptocurrencies, should be used to empower democracy. He stressed: We must … jointly shape global norms for emerging technologies like social media and crypto...

The consumer price index (CPI) data released Friday by the U.S. Bureau of Labor Statistics show prices in the United States climbed 6.8% in November compared to 12 months ago. It’s the largest rise in close to forty years, and U.S. policymakers are backing away fast from saying inflation is transitory. Inflation Accelerates in the United States Inflation continues to rear its ugly head in America as the cost of goods and services continues to rise with 2021 nearing the year’s end. On Friday, the Bureau of Labor Statistics, a unit of the United States Department of Labor, published the agency’s consumer price index (CPI) report for November and statistics look awful. Basically, the CPI is a measurement of a basket of goods urban households consume regularly. The metric rose the highest its ever been in close to forty years, jumping 6.8% over the same period in 2020. Of course, economists and analysts all over the world had something to say about America’s rising inflation. The journ...

Cleanspark, a sustainability-focused bitcoin mining company, has announced it will kick-start a 20 MW initiative in its Norcross bitcoin mining facility where miners will be cooled via immersion. The company will host more than 5,900 miners in this facility, which will be submerged into tanks of a biodegradable liquid. Cleanspark states this will help them save energy and increase the hashrate obtained from the miners. Cleanspark to Use Immersion Cooling for New Facility Cleanspark, a sustainability-focused bitcoin mining company, announced it will start shifting to the use of alternative, more efficient methods of cooling its miners. The company revealed the establishment of a 20 MW immersion cooling initiative in its already established Norcross bitcoin mining facility, being one of the first mining companies to implement such technology on a large scale. The company will organize almost 6,000 miners that will be submerged in 180 tanks of liquid distributed across the whole mini...

On December 15, the non-fungible token (NFT) market platform Makersplace will drop an assortment of NFTs based on Tupac Shakur’s most well-known jewelry pieces. Makersplace and the NFT artists and curators Impossible Brief and Digital Arts & Sciences worked closely with Shakur’s estate in order to drop the NFT collectibles called “The Immortal Collection.” Tupac’s ‘The Immortal Collection’ to Drop on December 15 Fans of the rap legend Tupac Shakur (also known by his stage names 2pac and Makaveli) will soon be able to bid on non-fungible tokens (NFTs) officially backed by the Shakur estate. The NFTs will feature rare jewelry inspired by some of the pieces the influential rap star wore before his death on September 7, 1996. The NFTs for the drop hosted on Makersplace were designed by the NFT artist Impossible Brief, and curated by Digital Arts & Sciences in conjunction with the Shakur estate. “[‘ The Immortal Collection ‘ is] set for release on December 15, this drop will fe...