December 2023 Sees Record Bitcoin Mining Revenue: $1.51 Billion Amassed With Soaring Onchain Fees

In December, bitcoin miners garnered the highest monthly revenue of the year, amassing $1.51 billion. Additionally, this month marked a record in fee collection, with miners securing $324.83 million in onchain transaction fees.

Bitcoin Miners Smash Records — Highest Monthly Haul of $1.51 Billion in December 2023

December 2023 has set a new benchmark for monthly revenue garnered by bitcoin (BTC) miners through block discovery and transaction verification. By Dec. 31, 2023, a total of $1.51 billion was amassed, including $324.83 million in onchain fees. This surpasses the former monthly revenue record set in May, where miners collected a total of $919.22 million, with $125.92 million from onchain fees.

In July, miners collected a total of $865 million, with $19.21 million from fees. December, however, marked a significant increase, standing 1.64 times greater than May’s record, representing a growth of 64.27% or an additional $590.78 million. At the moment, according to bitinfocharts.com, December’s onchain transaction rates are soaring, with the average fee at 231 satoshis per virtual byte (sats/vB) or $20.86 per transaction.

On Dec. 31, 2023, the median-sized fee is noted at $9.60 per transaction or 106.3 sats/vB. Moreover, on Dec. 17, 2023, fees spiked to as much as $40 per transfer, averaging around $37.43 per transaction — the year’s peak in on-chain fees, surpassing the previous high of $31 on May 8, 2023.

Also, on Dec. 17, the hash price of Bitcoin — the value of a single petahash per second (PH/s) produced daily — hit a 2023 zenith of $133.62 per PH/s, exceeding the earlier record of $125.64 per PH/s on May 8. Despite the high onchain fees, miners face a backlog of over 496,000 unconfirmed transactions and congestion of 430 blocks.

What do you think about the record-breaking haul bitcoin miners gathered in December 2023? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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5 Mining Pools Dominated in 2023, Discovering Over 84% of Bitcoin’s Blocks

Over the past year, statistics reveal that 54,002 bitcoin blocks have been mined from Dec. 30, 2022, to Dec. 30, 2023. Leading the industry this year, Foundry USA topped the charts by mining 16,492 blocks in the past 12 months. Additionally, miners navigated through a total of 27 difficulty adjustments, predominantly increases, yet successfully propelled the hashrate to an unprecedented lifetime peak.

2023: A Record-Breaking Year in Bitcoin Mining Amidst Technological Triumphs and Upcoming Halving Challenges

In 2023, bitcoin miners had a prosperous year, uncovering over 54,000 bitcoin (BTC) blocks, each comprising 6.25 freshly minted bitcoins along with the fees tied to every discovered block. Archived data collected from btc.com shows that the leading mining pools for the year included Foundry, Antpool, F2pool, Viabtc, and Binance Pool respectively. Together, these five entities found a total of 45,707 block rewards throughout the year.

In 2023, five dominant mining pools discovered over 84% of all BTC blocks. Other significant contributors included Luxor, which found 1,311 blocks (2.43%), btc.com with 978 blocks (1.81%), and Braiins Pool capturing 894 blocks (1.66%). Throughout the year, the network saw 147 empty blocks, accounting for approximately 0.27% of the total, with Antpool, F2pool, and Viabtc being the primary sources of these empty blocks, numbering 65, 20, and 21 respectively.

The year also marked a significant increase in Bitcoin miners’ capabilities, as the hashrate soared to a record 545 EH/s on Dec. 24, 2023. This figure represents a substantial growth from nearly eight years prior in January 2016, when Bitcoin’s hashrate first hit one quintillion hashes per second (H/s). Standing at 529 quintillion H/s, the network’s total hashpower at the end of the year underscores an exponential evolution of total hashrate.

Firms including Bitmain, Canaan, Microbt, and Auradine rolled out advanced generation miners in 2023, anticipated to further boost the hashrate. These cutting-edge devices, capable of delivering upwards of 375 terahash per second (TH/s), also demonstrate superior efficiency with ratings below 20 joules per terahash (J/T). This time last year, Foundry had 71.84 EH/s and today it stands at 147 EH/s. Antpool had 49.95 EH/s and today it is 139 EH/s, while F2pool had 31.99 EH/s in December 2022, it now has 62.27 EH/s.

With the curtain closing on 2023, the pivotal year marked immense growth and innovation for the bitcoin mining industry as a whole. With the halving event looming in April 2024, set to cut block rewards from 6.25 to 3.125 BTC, the sector braces for momentous change on the horizon. But 2023 underscored the industry’s robust advancement, poised to take on the shifting landscape following the reduction in subsidies. With the halving approaching, it will be telling to observe how these dominant mining pools navigate the changing terrain.

What do you think about the mining pool landscape in 2023? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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ETF Fever Continues, Gensler Warns Against Crypto’s ‘Wild West’ of Permissionless Exchange, Latam Update — Week in Review

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has repeated earlier warnings about crypto “non-compliance” being a global “Wild West,” as speculative fever for BTC exchange-traded funds continues to swelter, with monolithic asset manager Blackrock revealing a plan to seed its own ETF with $10 million on Jan. 3. This and more just below, in the year’s final Bitcoin.com News Week in Review.

SEC Chair Gary Gensler Issues Crypto Warnings as Anticipation of Spot Bitcoin ETF Approval Soars

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has issued warnings regarding cryptocurrency investments. “There is a lot of noncompliance in the crypto space,” he stressed, emphasizing that it “undermines confidence when so many people have been hurt and all they can do is stand in line in the bankruptcy court.” Gensler’s warnings came as the market expects imminent approvals of spot bitcoin exchange-traded funds (ETFs).

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Grayscale Adopts Cash Model for Spot Bitcoin ETF but Warns of ‘Adverse Consequences’

Grayscale Investments has adopted the cash creation model, instead of the in-kind model, for its proposed spot bitcoin exchange-traded fund (ETF). However, the crypto asset manager warned of adverse consequences. “A spot commodity exchange-traded product that only employs cash creations and redemptions and does not permit in-kind creations and redemptions is a novel product that has not been tested, and could be impacted by any resulting operational inefficiencies,” the firm’s filing with the U.S. Securities and Exchange Commission (SEC) details.

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Latam Insights: El Salvador Passes Bitcoin Citizenship Law, Argentina to Allow Crypto Denominated Contracts

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: El Salvador passes a Bitcoin donation citizenship law, Argentina will allow the settlement of crypto-denominated contracts, and President Milei moves to deregulate Argentina.

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Blackrock Reveals Plan to Seed Spot Bitcoin ETF With $10 Million on January 3

Blackrock has revealed a plan to seed its spot bitcoin exchange-traded fund (ETF) with $10 million on Jan. 3. The world’s largest asset manager has engaged in six recent meetings with the U.S. Securities and Exchange Commission (SEC) to address its filing. In response to the SEC’s concerns, the firm has opted for the cash creation model, departing from its initial preference for the in-kind model.

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What are your thoughts on BTC exchange-traded funds? You can let us know in the comments section below.

via Bitcoin.com

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Report: EU Represents Just 6% of Bitcoin Mining Hashrate, US Significantly Leads China

The countries in the European Union collectively account for 6% of the Bitcoin network’s hashrate while the U.S. has emerged as the world’s number one bitcoin miner, a new report has said. The economic bloc’s bitcoin mining prospects are however being hamstrung by geopolitical tensions and the region’s energy dependence.

The EU’s Bitcoin Mining Prospects

According to the latest Bankless Times report on bitcoin mining, the 28 countries comprising the European Union (EU) collectively account for 6% of the Bitcoin network’s hashrate. On the other hand, Ireland, whose 2023 gross domestic product (GDP) of $115 billion is nearly 160 times less than the European Union’s GDP, accounts for 2% of the Bitcoin network’s hashrate.

Despite having the potential to increase its share of the Bitcoin network’s hashrate, the EU countries lag because they lack the infrastructure required to achieve this. Commenting on this as well as the report’s data, Alice Leetham from Bankless Times said:

The European Union has the capacity and ability to improve their hashrate. Mining is the current most profitable frontier in the crypto ecosystem. But for them to benefit, they have to lay ground.

The economic bloc’s prospects for bitcoin mining are however greatly impacted by geopolitical tensions and energy dependence. This, together with the general lack of regulatory frameworks to oversee mining, often leaves miners vulnerable and uncertain.

Meanwhile, the report’s data shows that the United States is now the leading bitcoin mining nation-state with 38% of the network’s hashrate. China, which until recently accounted for more than 50% of the Bitcoin network, is in second place with 21%, followed by Kazakhstan (13%) and Canada (7%). Russia completes the top five with 5%.

To address bitcoin mining’s perceived over-reliance on electricity generated by fossil fuels, the Bankless Times report stated that the “future power prospect for Bitcoin mining is renewable energy.” This is expected to be made possible by the anticipated 15% to 25% decrease in solar costs, as well as the increased share of wind-generated power.

What are your thoughts on this story? Let us know what you think in the comments section below.

via Terence Zimwara

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Bitcoin Reigns Supreme in NFT Market With Record-Breaking $853 Million in December Sales

In November, Bitcoin clinched the leading position in monthly non-fungible token (NFT) sales, and interestingly, this month Bitcoin continued to retain its top status, amassing a total of $853 million in sales.

NFT Sales Surge: Bitcoin Holds Top Spot With Unprecedented December Rise

Although NFT sales have declined in the past week, falling over 35% from the previous week, December witnessed a record-breaking $1.7 billion in NFT transactions. This marked an increase of more than 69% compared to November’s figures, with Bitcoin continuing to dominate NFT sales across blockchains. Moreover, BTC-based NFT sales soared 127.63% above the chain’s November totals, according to cryptoslam.io statistics.

In December, Bitcoin’s NFT sales reached $853 million, while Ethereum’s NFT sales totaled $364.79 million. BTC-focused NFT sales outpaced ETH’s, being 2.34 times greater in December. Solana secured the third spot with about $325.14 million in NFT sales, experiencing a 312% increase from November’s Solana-centric NFT figures. Following the top three, Polygon and Arbitrum were the subsequent leading blockchains in NFT sales.

The highest-valued NFT transaction of December featured a digital copy of Vincent Van Gogh’s Self-portrait, 1888 (Van Gogh’s painting #216), which commanded a price of $1.19 million. Ethereum hosted the sale of Frxethredemption Ticket #33, bringing in $638,433 this month. Additionally, Cardano’s Deep Vision #05128 fetched $551,750, while BNB’s Lockdealnft #91 garnered $329,824. Completing the list of December’s five most costly NFTs was Solana’s Boogle #009, selling for $274,209.

Out of the top ten NFT collections in terms of sales, seven of them derive from the Bitcoin blockchain. Solana’s Tensorians took the fifth position in terms of sales and the chain’s Mad Lads collection held the eighth spot. Arbitrum’s Sentry Node collection took the ninth position this past month. In December there were 11,290,812 NFT transactions between 469,389 sellers and 600,744 NFT buyers.

As Bitcoin secures the top spot in NFT sales for November and December, amassing impressive figures, the crypto community watches with bated breath. Will this be a sustaining trend or a fleeting moment of dominance in the NFT world? Only time will tell if Bitcoin can maintain its lead or if the tides will turn, reshaping the landscape of NFT sales in the blockchain world.

What do you think about the NFT sales in December? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Bankruptcy Judge Greenlights Celsius Shift to Bitcoin Mining

The now-defunct crypto lender Celsius has received authorization to pivot to bitcoin mining, following approval from U.S. District Judge Martin Glenn of Manhattan for the firm’s revised strategy. This move comes after the company’s initial proposal encountered obstacles from the U.S. Securities and Exchange Commission (SEC) at November’s end.

Celsius Wins Court Approval to Pivot to Bitcoin Mining Amidst Restructuring Efforts

Initially greenlit for restructuring by the court, Celsius encountered resistance from the U.S. securities regulator. On Nov. 20, 2023, the firm disclosed a shift solely to bitcoin mining. Celsius acknowledged it “received feedback” from the SEC, leading to plans to commence registration of shares in a newly public bitcoin (BTC) mining company, Mining Newco, to be customer-owned.

This week, U.S. District Judge Martin Glenn sanctioned Celsius’ updated blueprint to transition into a bitcoin mining enterprise. Celsius debtors anticipate the total costs and economic incentives for managing Mining Newco will be less than those related to the Fahrenheit deal that was arranged.

Debtors contend the fresh agreement will result in more liquid cryptocurrency for direct customer distribution than if the Fahrenheit deal had persisted, the Celsius estate remarked upon announcing the shift. Celsius’s interim CEO, Chris Ferraro, expressed to Reuters that the judge’s approval marks “a significant day for Celsius creditors.”

Ferraro emphasized the firm’s commitment to “promptly distributing cryptocurrency” to its clientele. It was also mentioned in the report that Celsius is projected to exit Chapter 11 bankruptcy by early 2024. Celsius filed for bankruptcy protection in mid-July 2022, a month after the business halted withdrawals for customers.

In mid-July 2023, Celsius founder Alex Mashinsky was indicted for fraud for “orchestrating a scheme to defraud customers of Celsius through a series of false claims about the fundamental safety and security of the Celsius platform.”

What do you think about the judge approving Celsius’ plan to move forward with a bitcoin mining business? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Bitcoin ETF Mania and Nigeria’s New Stance on Crypto to Drive the Industry’s Revival in Africa — Experts

The U.S. Securities and Exchange Commission’s expected approval of bitcoin exchange-traded funds and Nigeria’s lifting of a directive which excluded the crypto industry from the banking ecosystem are expected to help revive African users’ interest in crypto. The Bitcoin halving event, which is expected to occur sometime in April 2024, will again prove to be pivotal in setting the top crypto asset’s trajectory in 2024.

Nigeria’s New Stance on Crypto Bodes Well for Africa

After experiencing a rocky first half of the year punctuated with startup failures and increased regulator scrutiny, the African crypto and blockchain industry looks poised to start 2024 with renewed hopes and expectations. And nowhere else on the African continent is this renewed optimism more profound than in Nigeria.

Since the removal of the former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, sometime in June, the central bank’s new boss, Olayemi Cardoso, has taken on a more conciliatory approach and dropped some of his predecessor’s most controversial policies. From the devaluation of the local currency to the removal of restrictions on the use of foreign currency, the CBN has steadily moved away from the Emefiele-era regulations.

However, the most significant decision yet made by the CBN under Cardoso’s stewardship has to be the recent lifting of the February 2021 crypto asset-related restrictions. Many Nigerian crypto and blockchain influencers, including Ophi Rume, the executive secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), agree that the central bank’s Dec. 22 move already counts as one of the year’s best moments, not just for the West African nation but the whole continent.

“My best moment is the removal of the ban on cryptocurrency transactions from the bank by the Central Bank of Nigeria. The ban has discouraged innovators from other parts of Africa from seeing Nigeria as an opportunity despite its huge young population and interest in the crypto space. It’s a win for Africa because many African countries look to Nigeria as the big brother in terms of emerging technologies like cryptocurrency and blockchain,” Rume said.

Southern African Countries Seize the Initiative in 2023

In Kenya, East Africa’s largest economy and one of the continent’s top five crypto markets, the crackdown on Worldcoin is seen as the crypto industry’s lowest point in this region. As widely reported by Bitcoin.com News, national security concerns were some of the reasons used by Kenyan authorities to justify the freezing of Worldcoin’s activities in the country.

However, by mid-December, the government’s tune had seemingly changed after a report suggested that Worldcoin would be allowed to resume its activities in early 2024. On the regulation front, the Kenyan parliament finally took steps which would enable the country’s revenue collection agency to tax the country’s reported 4.5 million crypto holders.

In South Africa, one of Africa’s biggest crypto markets, authorities have taken steps to establish a regulatory framework for virtual asset service providers (VASPs). By the end of November, over 90 entities had submitted their applications for licenses to operate a VASP, culminating in this effort.

Angola’s passage of crypto law towards the end of the year is another important milestone seen going a long way in revitalizing the optimism of both users and prospective service providers. In May, Zimbabwe’s central bank launched Africa’s first and only gold-backed digital currency, marking another key moment in the region.

Bitcoin Halving and the ETF Mania

Despite these being key moments for the industry in Africa, many players in the space see the now seemingly inevitable approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) as the key moment that is likely to kickstart another bull run and the subsequent wave of capital inflows.

Shaheer Karrim, the co-founder of Mzansi Web3 ICP Hub, however, believes that while the approval of the ETFs is likely to be seen as an achievement, any benefits of this are likely to be short-lived. Karrim also added that he foresees high-level institutions like Blackrock seeking to control the narrative or the top crypto asset itself.

Concerning spot bitcoin ETFs’ likely impact on Africa, Karrim said:

“For African users, there will be a trickle-down effect as we usually see with African countries taking the lead from the West. With more countries adopting the crypto, it will create more interest in the underlying technology.”

Meanwhile, another influencer, Ivaibi Festo, the founder of Mitroplus Labs, said he also agrees with the assertion that spot bitcoin ETFs will most likely set the tone for the new year. Nevertheless, Festo is confident that the Bitcoin halving event, which is expected to occur sometime in April 2024, will again prove to be pivotal in setting the top crypto asset’s trajectory in 2024.

“My self I think this coming bull run is going to be by far bigger and better than any other we have had in the past across all aspects. It’s going to affect a lot of incomes and value distributions across the world. If anyone should be conscious about what is about to happen in the international monetary system, this is the time,” Festo said.

Nathaniel Luz, an author and the founder of Flincap, believes the approval of bitcoin ETFs is not only going to bring legitimacy to the crypto industry but will also help it restore users’ trust. According to Luz, the collapse of FTX and Luna were some of the confidence-sapping events which plagued the industry for much of the year.

The Flipcap founder, however, rejected the assertion that ordinary African crypto users are particularly interested in the SEC’s approval of the ETFs.

“The average guy is not interested in the technicalities of the SEC’s approval of spot bitcoin ETFs. What they are more interested in is the ambience created by the approval. Everybody wants to be in a positively booming and blooming market. Another aspect of the approval that interests African crypto users is the fact that regulations in most first-world countries, especially the US, usually impact the regulations made in other countries,” Luz insisted.

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What are your thoughts on this story? Let us know what you think in the comments section below.

via Terence Zimwara

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Former Monero Lead Maintainer Calls on Binance to Take a Stance on Privacy Coin Issue

Ricardo Spagni, the former lead maintainer of Monero, one of the most used privacy coins in the cryptocurrency market, has called on Binance to take a stance on the issue of privacy coins. Spagni stated that avoiding taking sides in the process is a disservice to the whole industry and that any protocol-level changes to make Monero compliant are “unnecessary.”

Former Monero Lead Dev Ricardo ‘Fluffypony’ Spagni Calls on Binance to Stand for Privacy Coins

Ricardo “Fluffypony” Spagni, the former lead maintainer of Monero, has called on Binance to change its position on delisting privacy-focused coins. In a recent X post, Spagni criticizes Binance’s stance, which could lead to the delisting of these currencies in January.

Supported by a report produced by consulting firm Perkinscoie, which states that “privacy coins protect legitimate individual and commercial privacy interests and that existing financial regulations sufficiently address the AML issues that privacy coins present,” Spagni blasted Binance’s compliance requirements.

Spagni stated:

By not taking a stance you do the industry a disservice, and support the barrage of attacks against personal privacy. If Apple can take a stance against CSAM, you can grow a backbone and fight for the right to privacy for everyone.

According to reports, one of the requirements that Binance would be asking privacy projects to fulfill is the creation of “exchange only” addresses without privacy shielding features. Firo, another privacy coin, is in the process of implementing these changes.

However, according to Spagni, the Monero community values user privacy over other elements, and any degradation of that goal will never be adopted. He stressed:

Any protocol level changes are unnecessary, but they also simply will never happen.

Binance had announced it would delist 12 privacy coins, including monero and zcash, in some European Union (EU) countries back in May, citing “local regulatory requirements” as the reason behind these actions. However, after receiving feedback from these projects and their communities, the exchange backpedaled, explaining it had reviewed the classification of such currencies to “comply with EU-wide regulatory requirements.”

What do you think of Ricardo Spagni’s statements? Tell us in the comments section below.

via Sergio Goschenko

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ZKSpace Officially Upgrades to ZKBase, Launches ZKSwap for BRC20, and Implements 1:1 Exchange between ZKS and ZKB

PRESS RELEASE. To empower the BTC and ETH ecosystems, the ZKSpace team has rebranded and upgraded to ZKBase. As an infrastructure protocol based on ZK (Zero Knowledge) proof technology, ZKBase is dedicated to providing scalability solutions for mainstream blockchains such as Ethereum and Bitcoin, and building decentralized cross-chain and Layer2 ecosystems. Our new official website, zkbase.org, is now live.

We are about to launch ZKSwap(Bitcoin), catering to BRC20 and other Bitcoin ecosystem token trading. This marks the first step in our exploration of BTC Layer2 solutions. ZKS tokens will be exchanged for ZKB tokens at a 1:1 ratio. ZKB will also be upgraded to serve as the governance token of the ZKBase protocol. We will provide ERC20-BRC20 cross-chain solutions, allowing ZKB holders to enjoy the benefits of both Ethereum and Bitcoin ecosystems. While maintaining existing benefits, 100% of the transaction fees generated by ZKSwap(Bitcoin) will continue to be used for the repurchase and burn of ZKB tokens, empowering ZKB holders.

On December 30th, we will conduct the final ZKS token burn and simultaneously issue ZKB tokens with a total supply of 600 million. Starting from January 2nd, 8:00 AM UTC, users can exchange any amount of ZKS tokens for ZKB tokens through a smart contract. More detailed instructions will be announced in subsequent updates.

Furthermore, we will continue to explore the programmability of the Bitcoin network and ZK cross-chain bridge, enabling secure and convenient cross-chain transactions of BRC20 and other Bitcoin network assets on other public chains. The ZKBase team will actively develop and apply a complete Layer2 ecosystem on the Bitcoin network, creating more use cases for user assets and providing greater composability.

ZKBase Team

bd@zkbase.org

https://twitter.com/ZKSpaceOfficial/status/1740678651903971508

 

 

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

via Media

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Defi Platform Levana Protocol Says $1.14 Million Was Lost During an ‘Oracle Attack’

The decentralized finance platform Levana Protocol confirmed on Dec. 27 that unknown attackers had drained approximately $1.14 million from the liquidity pool. The Levana team however insisted that the issue has “been fixed and opening positions will relaunch next week.”

‘Precognition Oracle Attacks’

The decentralized finance (defi) platform, Levana Protocol, recently confirmed that it was a victim of an oracle attack, in which approximately 10% or $1.14 million was drained from the liquidity pool (LP). However, in an update shared via X on Dec. 27, the Levana team insisted that the issue has already “been fixed and opening positions will relaunch next week.”

According to the update, the attack occurred 14 days earlier, and over 12 days, the hackers were able to drain approximately 4% off the LP. However, the attack increased significantly during Osmosis congestion on Dec. 26, resulting in an additional 5% drain. Initially, the Levana team attributed the resulting change in the profit and loss (PNL) to “organic trader profits and lack of effective cash.”

There have been 7 wallets identified as performing precognition oracle attacks on Levana during times of network congestion, it is assumed these are from one bad actor.

Read the report here: https://t.co/hqVZU8CpWS

Read below for more details:

— Levana Protocol (@Levana_protocol) December 27, 2023

At the time of writing, seven wallets, which are presumed to belong to a bad actor, were said to have performed “precognition oracle attacks” on the protocol during times of network congestion.

Impacted LPs to Receive Airdrop

Commenting on fears that hackers will continue to drain the LPs, the Levana team said:

“Existing LPs are not at risk of further exploit since opening new positions was paused yesterday morning. Impacted LPs will be compensated through future airdrops and protocol fees collected at the time of the exploit.”

Meanwhile, in a Medium post, the Levana team insisted that the protocol’s recent issues had “nothing to do with Osmosis as a chain itself.” Rather, the issues seem to stem from the limitations of the Cosmos software development kit (SDK) and Tendermint.

The team also revealed that, in addition to fixing the vulnerability, Levana will grant an airdrop to LPs impacted by the exploit. Furthermore, the affected LPs will receive a share of the fees collected during the attack window.

What are your thoughts on this story? Let us know what you think in the comments section below.

via Terence Zimwara

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Reports State at Least $1.7B Was Lost in Hacks and Exploits During 2023

Several reports that have recently surfaced have revealed the extent of losses that crypto platforms and users faced during 2023 as a product of exploits and hacks. TRM Labs’ latest report states that the number ascended to $1.7 billion, while De.fi, another Web3 security firm, states that this number reaches higher, to $2 billion.

Reports Share the Extent of Damage Caused by Hacks and Exploits in 2023

At the end of 2023, several reports have surfaced estimating the funds lost due to hacks and exploits during the year. In its latest report, TRM Labs, a blockchain security analytics firm, states this number reached $1.7 billion by mid-December, with the top ten hacks netting 70% of the funds stolen.

Incidents classified as “infrastructure attacks,” which include stealing private keys that give hackers access to a crypto project’s servers or using software to steal funds, contributed almost 60% of the numbers reported.

While $1.7 billion might seem astronomical, it is less than half of the $4 billion that criminals stole last year, aided by a $600 million mega hack against the Axie Infinity linked Ronin bridge. Comparatively, the most significant incidents during this year, which involved Euler Finance, Multichain, and Poloniex, only contributed approximately $100 million each to this number.

TRM Global Head of Policy and Government Affairs Ari Redbord acknowledged the work behind this improvement. He stated:

The global focus on cybercrime is likely to, at least in part, mitigate some of the activity which is critical in order for the overwhelmingly lawful ecosystem to grow.

Nonetheless, De.fi, another Web3 cybersecurity group, puts 2023’s loss even higher, reaching $2 billion. De.fi stated this number stood as a “testament to both the ongoing vulnerabilities and the strides made in addressing them, even as interest in the space was relatively muted by the ongoing bear market in the first half of the year.”

What do you think about the at least $1.7 billion stolen in hacks and exploits during 2023? Tell us in the comments section below.

via Sergio Goschenko

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Tether CEO Paolo Ardoino Celebrates USDT’s $91.5B Market Cap: ‘Tether Evolved’

Tether CEO Paolo Ardoino made a retrospective about the company’s growth since its beginnings. In a post in X, Ardoino celebrated the current standing of the company, with its USDT stablecoin reaching a $91.5 billion market cap on several blockchains, $4 billion in excess reserves, and a portfolio of mining, energy, and artificial intelligence (AI) investments.

Paolo Ardoino Celebrates Tether

Paolo Ardoino, CEO of Tether, the company behind the issuance of USDT, remarked on the evolution of the company, noting the size and significance it has reached for “millions of people,” especially in emerging markets and developing countries.

Making an emphasis on the growth of the company and its change in recent years, Ardoino stated:

Tether evolved. We listened to our community, we learned and improved. It’s a process. Always will be. No company has the luxury to exist without challenges. But the team kept its focus. Through the fire and the flames, we carry on.

Ardoino also praised USDT reaching $95.4 billion in market cap, becoming the largest stablecoin in the cryptocurrency market, with $4 billion in excess reserves that are separated from the actual reserves backing the USDT available on the market.

Tether has not sat idle over these earnings, though, as it has slowly invested in several initiatives involving mining, energy renewables, development platforms, and artificial intelligence (AI). Ardoino mentioned Holepunch, Synonim, Northern Data, and Tether Energy, highlighting the company’s expansion into different fields to keep growing and expanding.

The company has also recently reinforced its compromise in the compliance area, revealing the tight integration with U.S. government agencies like the Secret Service and the Federal Bureau of Investigation (FBI).

Finally, Ardoino revealed Tether’s plans to develop new products for 2024 and consolidate the existing ones. “They will be mind-blowing,” he concluded.

What do you think about Tether’s performance in 2023? Tell us in the comments section below.

via Sergio Goschenko

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FTX Estate Faces Objections Over Lowered Crypto Claims Valuation Amid Bankruptcy Proceedings

On Dec. 27, 2023, FTX debtors released a projected valuation of claims involving digital assets, with the proposal suggesting conversion of claims into dollar amounts pegged to crypto asset values as of Nov. 11, 2022. Consequently, an individual who held bitcoin on FTX would receive $16,871 for each coin, in contrast to the current value of $42,800 per bitcoin.

FTX Customers May See Reduced Payouts in Crypto Asset Bankruptcy Case

People who had funds on FTX and are now navigating the bankruptcy proceedings are less than satisfied with the proposed claims estimates by the debtors. The latest documentation provided by the FTX estate indicates that the “Digital Asset Conversion Table” adheres to section 502(b) of the bankruptcy code, mandating that claims be assessed at the time of the Chapter 11 petition filing.

FTX notes that this valuation method has been utilized in other crypto-related bankruptcy cases, such as those involving Blockfi, Voyager Digital, and the Celsius Network. The FTX estate asserts that the court must endorse the “digital asset conversion table.” This table sets the value of BTC, presently trading at $42,800, at $16,871 by using the Nov. 11, 2022, exchange rates.

ETH holders would receive $1,258 per unit instead of the current $2,396, and SOL, valued at $100 today, is pegged at $16.24 on the table. DASH and BCH holders are also slated to receive less, with values listed at $35.51 per DASH and $102.21 per BCH, compared to their higher current rates.

This extensive list encompasses all digital assets held on FTX, including those in vesting periods. Clients have until Jan. 11, 2024 to contest these valuations, and the X account, known as “FTX 2.0 Customer Coalition,” is guiding individuals on the objection protocol. “Many people are asking how to object,” the spokesperson for the group remarked. “Anyone can send a signed letter addressed to the Delaware bankruptcy court. No lawyer needed.”

Currently, Claims Market, a Cherokee Acquisition subsidiary that facilitates the sale of bankruptcy claims, indicates FTX claims are trading at $0.67 on the dollar, with sellers asking for $0.72. FTX claims, alongside other notable crypto bankruptcy cases like Celsius and Blockfi, are actively traded here, moving millions of dollars in claims.

What do you think about the FTX estate’s digital asset conversion table based on Nov. 11, 2022 crypto prices? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Publicly Listed Bitcoin Miners Soar in 2023 — Marathon Leads With 767% Surge

Since the year began, both bitcoin and the broader crypto economy have risen a great deal in value, with bitcoin climbing over 150% since Jan. 1, 2023. Yet, an impressive 11 out of 13 bitcoin mining firms listed on Nasdaq have seen even more substantial triple-digit increases this year. Topping them all, Marathon Digital Holdings experienced a significant 767% rise since the year’s commencement.

13 Nasdaq-Listed Bitcoin Miners Triumph in 2023

Bitcoin mining companies flourished this year, rebounding from a turbulent 2022. All 13 firms listed on Nasdaq, the electronic marketplace for securities swaps, have posted gains. A significant portion of these publicly traded miners outperformed bitcoin (BTC) this year. With the block reward halving event anticipated in approximately 116 days, 2024 is shaping up to be a pivotal year for mining companies and observers alike.

Marathon (Nasdaq: MARA) claimed the leading position this year, rising 767% since the beginning of the year. MARA’s shares traded at $3.40 at the onset of 2023 and have escalated to $31.07 per share today. Bitfarms (Nasdaq: BITF) experienced a significant uptick of 705%, escalating from $0.4267 in January 2023 to a present value of $3.51 each. Meanwhile, Bit Digital (Nasdaq: BTBT) ascended by 703% this year, and Iris Energy (Nasdaq: IREN) increased by 629%.

Cleanspark (Nasdaq: CLSK) surged 539%, Riot Platforms (Nasdaq: RIOT) leaped 433%, and Terawulf (Nasdaq: WULF) expanded by 332%. Hut8 (Nasdaq: HUT) catapulted by 324% against the U.S. dollar since January, while Argo Blockchain (Nasdaq: ARBK) advanced by 312%. The mining firm Hive (Nasdaq: HIVE) witnessed a 283% uplift, and Greenidge Generation (Nasdaq: GREE), with a 174% increase, was the final mining firm to surpass BTC’s gains.

The other publicly listed mining firms still witnessed gains with Stronghold Digital (Nasdaq: SDIG) rising 117% and Bitdeer (Nasdaq: BTDR) jumping 31%. As 2023 winds down, the surge in bitcoin and mining companies underscores a thriving sector, outpacing broader markets. With Marathon leading at 767% and even the lowest gains still impressive, the industry looks toward 2024’s halving event with anticipation, ready for potential shifts in profitability and further growth in the dynamic landscape of crypto mining.

What do you think about the publicly listed mining firms and their market performances this year? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Hong Kong Regulators Unveil Public Consultation Paper on Stablecoin Regulation

Hong Kong Monetary Authority (HKMA) and Financial Services and the Treasury Bureau have released a public consultation paper to gather residents’ opinions on the proposed regulatory regime for stablecoin issuers. The HKMA also announced the introduction of a sandbox arrangement whose purpose will be to convey supervisory expectations and guidance on compliance to prospective stablecoin issuers.

HKMA’s Sandbox Arrangement

On Dec. 27, the Hong Kong Monetary Authority (HKMA) and Financial Services and the Treasury Bureau (FSTB) released a public consultation paper to gather residents’ opinions on the proposed regulatory regime for stablecoin issuers. The consultation period began on the day of the announcement and will end on Feb. 29, 2024, the two bodies said in a joint statement.

In addition to releasing the consultation paper, the HKMA announced that it will introduce a sandbox arrangement whose purpose will be to convey supervisory expectations and guidance on compliance to prospective stablecoin issuers. The sandbox arrangement will also enable the regulator to get prospective stablecoin issuers’ perspectives on the proposed regulatory requirements.

Commenting on the two developments, Christopher Hui, the Secretary for Financial Services and the Treasury, said:

With the implementation of the licensing regime for VA [virtual assets] trading platforms from June this year, the legislative proposal to regulate FRS [fiat-referenced stablecoin] is another important measure facilitating Web3 ecosystem development in Hong Kong.

Hui added that by having the necessary licensing and enforcement parameters, Hong Kong will be able to oversee stablecoin issuers in line with international standards.

Eddie Yue, the CEO of HKMA, while his organization is supportive of innovation, it is still required to put in place “guardrails and standards to enable the long-term, sustainable, and responsible development of the virtual asset ecosystem.”

Yue added that the public consultation process, as well as the sandbox arrangement, show that the HKMA is on course to achieve this goal. The joint statement said the consultation paper can be found on the websites of both the FSTB and the HKMA.

What are your thoughts on this story? Let us know what you think in the comments section below.

via Terence Zimwara

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India’s De-Dollarization Push Flounders as Oil Suppliers Cite Rupee Repatriation Concerns

The Indian Oil Ministry recently acknowledged that the country’s push to pay for oil with rupees has failed because suppliers are not sure if they will be able to repatriate their funds. The decision is intended to help diminish India’s reliance on the U.S. dollar when settling its cross-border obligations.

High Transactional Costs of Converting Rupees

The Indian oil ministry recently informed a standing committee of parliament that the country’s attempt to have oil producers accept payment in the local currency has failed. The ministry cites the perceived high cost of converting the rupee to other major currencies as one of the reasons for the policy’s failure.

The oil suppliers, including the United Arab Emirates’ ADNOC, have also highlighted possible challenges that may arise when repatriating the generated revenues, the ministry added.

According to a report in the Economic Times, some oil producers believe the rupee’s weaknesses versus the U.S. dollar make it a less-than-ideal payment method.

“During FY 2022-23, no crude oil imports by oil PSUs were settled in [the] Indian rupee. Crude oil suppliers (including UAE’s ADNOC) continue to express their concern on the repatriation of funds in the preferred currency and also highlighted high transactional costs associated with conversion of funds along with exchange fluctuation risks,” the country’s oil ministry said.

The report also added that the Indian Oil Company (IOC) paid a premium over and above the prevailing price, illustrating the extent of India’s de-dollarization failure. Furthermore, the country’s oil ministry stated that the Indian conglomerate Reliance Industries Ltd and oil public sector undertakings (PSUs) still have no agreement to pay in rupees with any supplier.

Since July 11, 2022, the Reserve Bank of India (RBI) has permitted oil importers to pay with rupees and exporters to be paid in rupees. The decision is intended to help diminish India’s reliance on the U.S. dollar when settling its cross-border obligations. India’s regional rival China has already established agreements with some oil-producing countries that allow it to pay via its currency, the yuan.

Despite India’s failed goal of paying for oil with rupees, its de-dollarization policy has still achieved some success in certain non-oil trade transactions.

What are your thoughts on this story? Let us know what you think in the comments section below.

via Terence Zimwara

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Securities Regulators’ Association Calls for the Identification of Individuals Who Exercise Control Over Defi Platforms

The International Organization of Securities Commissions (IOSCO) has urged regulators seeking to understand decentralized finance (defi) arrangements to identify individuals who “exercise control or sufficient influence at the enterprise level.” The identification of such individuals potentially enables regulators to pinpoint “existing or potential regulatory touchpoints.”

Understanding the Defi Arrangement at the ‘Economic Reality’ Level

The International Organization of Securities Commissions (IOSCO) has urged its members seeking to regulate decentralized finance entities to first “understand the defi arrangement at the economic reality or ‘enterprise level.'” To achieve this, IOSCO, an association of securities regulators, encouraged its members to identify the individuals who “exercise control or sufficient influence at the enterprise level.”

According to the association’s final report which comes with policy recommendations for regulating the defi market, the identification of such individuals will enable regulators to pinpoint “existing or potential regulatory touchpoints.” In addition to reviewing publicly available information, regulators seeking to identify the so-called touchpoints should also consider engaging relevant persons like academics or researchers. The association added:

“Further, they could consider using available investigatory tools and techniques to gather additional information, including relevant information sharing arrangements with other authorities located within and outside their jurisdiction.”

Addressing Market Integrity and Investor Protection Concerns

In its 66-page report, IOSCO also urged regulators to understand the activities or services being offered by defi platforms and determine if they amount to the provision of financial services by the platform itself or persons linked with it. It also outlined the steps that regulators should take when seeking to find the ideal way of regulating entities controlled by decentralized autonomous organizations (DAOs).

Meanwhile, in the report’s summary, IOSCO claimed that all nine policy recommendations suggested in the report are aimed at addressing market integrity and investor protection concerns arising from the activities of defi platforms. The recommendations also help the association reach its goal of promoting greater consistency when it comes to the regulation and oversight of crypto asset markets, the report added.

As noted in IOSCO’s final report, the December 2023 recommendations are intended to build on the March 2022 report, which presented what the association characterizes as a “comprehensive description of the defi market.” Both reports are part of IOSCO’s ultimate ostensible goal of ensuring that market regulators around the world apply the “same activity, same risk, same regulation/regulatory outcome” approach to defi.

What are your thoughts on this story? Let us know what you think in the comments section below.

via Terence Zimwara

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LBank Labs’ Strategic Expansion into Morocco’s Casablanca Finance City: A Visionary Move with Enhanced Employee Benefits and Global Partnerships

PRESS RELEASE. In the challenging global financial climate of 2023, LBank Labs, a $100 million fund and Fund of Funds, has made a strategic move by establishing its presence in Morocco. This decision, led by El Bachir Essamari and robustly supported by the leadership team, represents a significant step forward. Culminating in the prestigious Casablanca Finance City (CFC) certification, this move not only underscores Morocco’s role as a pivotal hub connecting the US, Europe, MENA, and African markets but also brings significant benefits and partnerships.

Morocco: A Strategic Hub for Global Business

Morocco’s strategic location serves as a bridge between major global markets, offering a key gateway for international trade and investment. Its political stability is a beacon in a region often marked by turmoil, attracting foreign investors seeking a secure environment. The country’s commitment to renewable energy and technological innovation makes it a dynamic and forward-thinking business landscape.

LBank Labs: Pioneering Innovation Under Esteemed Leadership

Under the leadership of El Bachir Essamari, LBank Labs has made significant strides in the Moroccan financial ecosystem. The organization of Morocco’s largest blockchain conference is a testament to their dedication to technological progress in the region.

The CFC Certification: A Milestone Achievement

Obtaining the CFC certification places LBank Labs in Africa’s leading financial hub, alongside over 200 esteemed members from 70 countries. This membership is not just a strategic position but also opens doors to networking opportunities, market insights, and regional expansion.

Enhanced Employee Benefits: Express Visa and Employment Flexibility

A key aspect of this strategic partnership with CFC is the significant benefit it grants to LBank Labs’ employees. The agreement includes express visa processing, allowing for Business Visas to be obtained within 24 hours. Additionally, the process for foreign employment contracts is expedited to 48 hours, and residence permits can be secured in just two weeks. This streamlined process ensures that LBank Labs can efficiently mobilize international talent, enhancing its operational capabilities and global reach.

Expanding Global Partnerships

LBank Labs’ partnership with CFC extends beyond Morocco, with 15 partnerships with international financial centers. These include prominent financial hubs like Luxembourg, Paris, Abu Dhabi, Hong Kong, Shanghai, Singapore, London, Toronto… These partnerships offer LBank Labs a global platform for collaboration, knowledge exchange, and expansion, further solidifying its position as a leader in the financial and technological sectors.

A Vision for Sustainable and Inclusive Growth

LBank Labs’ expansion into Morocco is not just a business move; it’s a commitment to sustainable and inclusive growth. By tapping into Morocco’s rich cultural heritage and diverse talent pool, LBank Labs is set to foster an environment of innovation and creativity. This approach aligns with Morocco’s own vision of becoming a green economy leader, leveraging renewable energy sources and sustainable practices.

Empowering Local Communities and Talent

A significant part of LBank Labs’ strategy involves empowering local communities and nurturing talent. By offering training programs, workshops, and collaborative projects, LBank Labs aims to build a strong foundation of skilled professionals in Morocco. This initiative not only benefits the local workforce but also contributes to the overall growth and development of the region’s financial and technological sectors.

Conclusion

In 2023, LBank Labs’ strategic investment in Morocco, marked by the CFC certification and led by a visionary team, is a story of resilience, strategic foresight, and commitment to regional development. The added benefits of express visa processing for employees, partnerships with international financial centers, and a focus on sustainable and inclusive growth position LBank Labs not only as a leader in web3 investments but also as a forward-thinking, globally integrated player in African and global finance.

For media inquiries, please contact:

Eddy Wang

PR Manager, LBank

Email: eddy.wang@lbank.com

 

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

via Media

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Elon Musk: ‘I Don’t Spend a Lot of Time Thinking About Cryptocurrency’

Elon Musk, CEO of Tesla, Spacex, chairman of X, and the wealthiest man alive, has declared he doesn’t spend “a lot of time” thinking about cryptocurrency. In a recent X Space hosted by Cathie Wood, CEO of Ark Invest, the self-proclaimed “Dogefather” stated he had more interest in the concept of money and the elements surrounding it.

Elon Musk Is Not Much Into Crypto Anymore

Elon Musk, who had ostensibly been very interested in Bitcoin, declared he was not into crypto anymore. In an X Space hosted by Cathie Wood, CEO of the fund management firm Ark Invest, Musk was asked about his opinion on the future of Bitcoin and its influence on global financial markets.

Musk answered by showing his disinterest in the crypto issue. He stated:

I have to say, I don’t spend a lot of time thinking about cryptocurrency. Hardly any at all.

Nonetheless, the wealthiest man in the world stressed that he was interested in money and its definition, stating that he thought about it as “a database of resource allocation,” establishing similarities between network concepts like latency, noise, congestion, and packet loss with money-related concepts.

Musk explained that fiat currency was “actually fine” if it had a predictable supply, provided that governments don’t abuse the privilege to create more money.

Musk’s recent disinterest in crypto contradicts his former actions, having supported Bitcoin and Dogecoin publicly several times and calling himself the “Dogefather.”

Also, Tesla started receiving bitcoin for payments back in March 2021, only to stop accepting it in May 2021 due to the energy footprint of Bitcoin. At the time, Musk stated that he would start accepting bitcoin “when there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend.” Tesla still owns a bitcoin stash even after selling 75% of its holdings in Q2 2022.

Recently, he has distanced himself from crypto token issuance, declaring that none of his companies would ever issue a cryptocurrency.

What do you think about Musk’s disinterest in crypto? Tell us in the comments section below.

via Sergio Goschenko

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Nobel Prize Winner Robert Shiller Warns Confiscating $300B in Russian Assets Might Cause a ‘Cataclysm’ for the Dollar System

Nobel Prize winning economist Robert Shiller has warned against the effects that the confiscation of Russian assets in Western countries might have on the stability of the dollar-dominated financial system. According to Shiller, a move of this kind might cause a cataclysm, opening the doors for countries that use the dollar as a reserve currency to move their treasuries to other currencies.

Robert Shiller Fears Cataclysmic Events

The confiscation of Russian assets frozen by Western countries due to sanctions following the Russia-Ukraine conflict might trigger a chain of events that would affect the strength of the U.S. dollar-led financial system. This is the opinion of Robert Shiller, winner of the 2013 Nobel Prize in Economic Sciences, who is openly inviting the Biden administration to ponder more carefully about the results of such a measure.

In a recent interview offered to the Italian newspaper La Repubblica, Shiller declared that other nations might assume that if the U.S. does this with Russia, it can do it with any other country, weakening its position in the world economy.

Shiller explained:

This will destroy the halo of security that surrounds the dollar and will be the first step towards de-dollarization, which many are increasingly confidently leaning toward, from China to developing countries, not to mention Russia itself.

Shiller also detailed this move would confirm the Russian claims that this is indeed a proxy war, backfiring against the U.S. and turning it into a “cataclysm” for the current dollar-dominated financial system.

Furthermore, while he claims this can be “morally right,” he acknowledges many unknowns regarding this move, and that it is better to think about it “very carefully.”

According to NYT, the Biden Administration is pressing Britain, France, Germany, Italy, Canada, and Japan to come up with a strategy to achieve the confiscation of more than $300 billion in Russian assets before February 24, a date that will mark the beginning of the third year of the recent Russia-Ukraine conflict.

In April, Bank of Russia governor Elvira Nabiullina stated that while Russia had moved to stockpile reserves in non-U.S. seizable assets, it was still working to retrieve $300 billion.

What do you think about Robert Shiller’s opinion on a possible Russian asset confiscation? Tell us in the comments section below.

via Sergio Goschenko

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