Author: NBTC
The cost of producing a Bitcoin is taking a toll on Bitcoin miners whose machines are struggling to yield profits due to the flagship digital asset’s price difficulties. According to data platform MacroMicro, the average cost of mining a single BTC at the start of June soared to $83,668 but slightly declined to around $72,000 as of July 2. Bitcoin Mining Machines Becoming Unprofitable James Butterfill, CoinShares’ head of digital research, shared data showing that Bitcoin price was hovering around the average production cost during the April halving event. Per the data, half of the 14 identified miners, including Bit…
The University of Buenos Aires’ Innovation and Artificial Intelligence Lab (UBA IALAB) and Web3 data platform Archisinal have established a partnership. The organizations are working together to create a Polkadot-based initiative that will modernize the UBA law facilities. In order to adapt blockchain technology to design and urbanism, Archisinal will collaborate with UBA’s Web3, Blockchain & IA Lab. The faculty’s Hearing Room will be transformed into a smart classroom via a contest open to students, architects, and academic community members who would want to be involved in the project. Archisinal will manage the competition and make use of Polkadot’s blockchain…
While Bitcoin, the leading cryptocurrency, followed a fluctuating course yesterday, it experienced declines and rises along with the events. BTC, which rose before the PPI data, started to decline during FED President Jerome Powell’s speech. It then rose again with news that the US state of Wisconsin had invested in a Bitcoin ETF. While BTC continues its volatile movements, critical inflation data expected from the USA has been announced. Here is the announced data: Consumer Price Index Monthly: Announced 0.3% – Expected 0.4% – Previous 0.4% Consumer Price Index Annual: Announced 3.4% – Expected 3.4% – Previous 3.5% Core Consumer…
The Shiba Inu blockchain, Shibarium, has seen a dramatic drop in activity over the past 24 hours. As data from Shibariumscan shows, transaction fees collected on this layer-2 blockchain have dropped by 52% in the last 24 hours, from 46.5 BONE to 22.33 BONE. For those unfamiliar with the Shiba Inu ecosystem, it is important to clarify that Shibarium facilitates the transfer of Shiba Inu tokens, using BONE tokens to cover transaction fees. Specifically, each transaction contributes to the burning of SHIB tokens, with a portion of the BONE transaction fee being converted to SHIB tokens and sent to the…
Singapore has blockchain technology firm Paxos full approval, granting the New York-based firm the permission to offer digital payment token services through its entity, Paxos Digital Singapore Pte. Ltd. This approval from the Monetary Authority of Singapore (MAS) enables Paxos to issue stablecoins under the upcoming stablecoin regulatory framework. With this latest regulatory milestone, Paxos has expanded the number of markets where it its authorized to issuer stablecoins, which include US and the UAE. Paxos has chosen DBS Bank, Southeast Asia’s largest bank by assets, as its primary banking partner for cash management and the custody of stablecoin reserves. Speaking…
Archisinal, a go-to forum for designers and architects to accrue coins with their products, has recently announced a new collaboration. As per the platform, it has partnered with the University of Buenos Aires’ Artificial Intelligence Labs to revamp its facilities via a Polkadot-based project. The platform noted that it will operate with the university’s Web3, Blockchain & IA Lab, enhancing it with blockchain technology. Archisinal Takes the University of Buenos Aires as Its New Partner to Revamp the Facilities According to the reports, the platform will improve the urbanism and design of the lab. The company disclosed that the architects,…
In April 2024, Bitcoin faced its sharpest price drop since the FTX collapse, with halving charts in focus, but network activity soared to record highs, driven by new protocols and ETF developments. This report explores and analyzes Bitcoin’s ecosystem and the BTC price developments last month. Key takeaways: The Bitcoin price dropped following the fourth halving, reaching $57,000 before a quick rebound. This marks the sharpest decline since the FTX collapse. Despite the price drop, the Bitcoin network saw a surge in activity in April, with daily transactions reaching a record high of 927k on April 23. However, this increase…
Ethena Labs’ USDe, a synthetic dollar stablecoin, has garnered significant community adoption, propelling it to become the fourth-largest stablecoin by market capitalization. This achievement comes at a notable juncture, as the stablecoin surpassed the entire Solana blockchain in revenue generation within the past week. USDe supply crosses $3 billion According to data from CryptoSlate, the supply of the USDe stablecoin has surpassed $3 billion four months after its public launch in February. This remarkable growth rate makes USDe the fastest-growing USD-pegged asset in crypto history. Its market capitalization now exceeds the Binance-favored FDUSD stablecoin and trails behind MakerDAO’s DAI. Notably,…
The IRS has set up a tax reporting framework for cryptocurrency brokers, which will be implemented in 2025. The framework does not include decentralised finance and non-hosted wallets, although rules for those will come later in the year. Under the new framework, crypto brokers, hosted wallet services, and digital asset outlets must file 1099 tax forms to document gains earned on their users’ digital assets. These assets will include coins, tokens, NFTs, and stablecoin transactions above a certain threshold. The new regime does not yet include tax reporting processes for proceeds and earnings from decentralised finance activities or non-hosted wallets,…
Cryptocurrency exchange Backpack founded by ex-FTX employees has onboarded Citibank expert to serve as its head of audit. Crypto trading platform Backpack has onboarded banking veteran Laurence King to serve as the company’s head of audit in an effort to underscore the exchange’s commitment to transparency and audit integrity. In a Jul. 2 press release, the crypto exchange highlighted King’s nearly 30 years of experience in leading audit and risk functions, most recently at Citibank where he served as head of audit in various APAC regions. King’s career also includes executive roles at Morgan Stanley, Deutsche Bank, and JP Morgan…