1. Bitcoin miner TeraWulf to Buy 30K Bitmain mining machines
Bitmain’s latest miner, Antminer S19j pro is set to be delivered to TeraWulf from January to June 2022. The machines are expected to increase the total mining hash rate by 3 exahashes per second. This means that the machines can compute an extra 3 quintillion calculations every second.
2. JPMorgan report: Eth2 could kick-start $40B staking industry by 2025
Two JPMorgan analysts say proof-of-stake (PoS) coin yields are attractive in the zero-rate environment despite CEO Jamie Dimon’s pessimistic outlook towards it.
The energy efficient ETH 2.0 network will popularize PoS mechanism and make staking yields higher for both institutional and retail investors. Payouts are expected to reach $20B after ETH completes the transition from proof-of-work(PoW) to PoS in 2022. Staking yields across the blockchain industry are projected to double and hit $40B by 2025.
3. Morgan Stanley buys over 28,000 shares of Grayscale Bitcoin Trust
Morgan Stanley recently made a purchase of 28,289 shares of Grayscale Bitcoin Trust through its Europe Opportunity Fund. This is in addition to it being increasingly active in the cryptocurrency space recently to meet increasing demands from clients.
To accommodate the increasing demand, Morgan Stanley had also allocated a portion of its funds to invest directly into BTC via cash-settled futures contracts and Grayscale’s Bitcoin Trust back in April.
4. Cajee brothers disappear with 69,000 BTC (S$4.8 billion) - the largest cryptocurrency loss in history
The Cajee brothers, operators of Johannesburg-based exchange firm Africrypt have appeared to have vanished, along with USD $3.6 Billion worth of Bitcoin (S$4.8 Billion). The last known contact with the pair was reported back in May, with no official responses recorded from them since April.
Their disappearance comes shortly after they released a statement in April claiming that the Africrypt exchange had been hacked, halting the operations of Africrypt.
The firm recorded 69,000 bitcoins missing as the brothers disappeared, which, at the time of their vanishing, was worth $3.6 billion —making it by far the largest loss of cryptocurrency recorded. Given that cryptocurrency is not yet a regulated product in South Africa, local authorities have yet to take legal action against the brothers.
5. Jay-Z and Jack Dorsey-owned music streaming service could feature NFTs and smart contracts
Rapper Jay-Z and Twitter/Square CEO Jack Dorsey have hinted at integrating software that supports the use of non-fungible tokens (NFTs) and smart contracts onto their music streaming platform Tidal. With Tidal lagging in market share to big players such as Apple and Spotify, the pair believe that the integration of blockchain technology willempower artists and propel the platform to a path of greater success.
Speaking at a conference, Dorsey and Jay-Z emphasised that tools like NFTs and smart contracts give artists the freedom and ability to create freely and shine, stating that anything that can help artists “shine” is up for discussion to add to the platform.
6. Reports from Statista reveal which countries use cryptocurrency the most
Market research company Statista combined 55 different research reports from its Global Consumer Survey to identify where BTC and other cryptocurrencies are most popular.
From the results, it shows that countries in Africa, Asia and South America are more likely to use cryptocurrency than the European and South American nations and the Australians. The country that stood out the most was Nigeria where 32% of the respondents report having used or owned crypto in 2020. They are followed closely by Vietnam (21%) and the Philippines (20%).
7. San Marino approves VeChain eNFT vaccination certificate that's verifiable worldwide
The vaccination passport by VeChain has been approved by San Marino and is dubbed as the San Marino Digital Covid Certificate. This NFT-based vaccination passport is reportedly verifiable worldwide and will contain a record of past infections and negative test results.
The eNFT vaccination certificate will contain 2 QR codes that can be scanned to access an individual’s Covid-related medical records. The certificate will only be issued upon the request from approved facilities by San Marino health authorities.
8. Bitcoin billionaire Mircea Popescu dies at 41
Mircea Popescu, a BTC pioneer believed to have owned over $1B worth of BTC has passed away on the coast of Costa Rica according to a Spanish publication. Popescu’s BTC holdings would have been worth nearly $2B during the mid-April peak this year. As words of his passing spread, many are left wondering where his holdings would go.
9. China shuts down 90% of local Bitcoin mining capacity
Sichuan, home to one of China’s largest cryptocurrency mining bases, was affected by an intensified nationwide crackdown against cryptocurrency mining. This ban has caused more than 90% of China’s BTC mining capacity to be shut down, as the regulation tightens. Notices were also given to local electricity companies to stop power supply to crypto mining projects. New mining projects are also banned from Sichuan.
Shentu Qingchun, CEO of Shenzhen-based blockchain company BankLedger, stated that this nationwide crackdown will result in “more than 90% of Bitcoin mining capacity, or one-thrid of the global crypto network’s processing power, will be suspended in the short term.”
10. A growing number of Indians are moving away from conventional gold to invest in more cryptocurrency
In India, where large amounts of gold are owned by locals, the investments in crypto currency grew as well. In 2020, crypto investments in India grew from about $200M to nearly $40B where many changed their investment strategy from gold to crypto. According to the co-founder of India’s first cryptocurrency exchange, the influx in investments is coming from the 18-35 year old cohort. This cohort found to have less appetite for gold and finds it way easier to invest in crypto.
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