The cost of mining one Bitcoin (BTC) has fallen to ten-month lows as mining hardware becomes more efficient, and difficulty has dropped 6.7% since its May peak. On July 13, strategists from JPMorgan led by Nikolaos Panigirtzoglou told investors that Bitcoin production costs have fallen to around $13,000 from $24,000 at the beginning of June.…
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Solana Labs is the latest crypto company to be hit with a lawsuit accusing it of promoting an unregistered security. The class action was filed on July 1 by Roche Freedman LLP and Schneider Wallace Cottrell Konecky in the district court for the northern district of California on behalf of plaintiff Mark Young, a state…
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Bitcoin mining revenue and profitability have continued to slide along with the asset’s price this year as the crypto winter deepens. May has been one of the worst months for Bitcoin miners in the past year as revenue and profitability continue to tank. Bitcoin daily mining revenue tanked as much as 27% in May, according…
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Bitcoin software firm Lightning Labs has secured a large funding round enabling it to further develop the Lightning Network for faster, cheaper Bitcoin and stablecoin transactions. The $70 million Series B funding round was led by Valor Equity Partners, with participation from Baillie Gifford, Goldcrest Capital, and several other angel investors. Lightning Labs builds additional…
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The Biden Administration has just passed an executive order furthering research into crypto assets in view of regulating them, but politicians within the ruling Democrat party remain deeply divided on digital currency. The lack of consensus among Democrats could mean that a progressive regulatory framework for cryptocurrencies could still be a long way off —but…
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Blockchain security and forensics firm Elliptic has been working with authorities to expose crypto wallets affiliated with sanctioned individuals or organizations. The United Kingdom-based company has discovered a wallet with “significant crypto-asset holdings” in the millions of dollars that may be linked to sanctioned Russian officials and oligarchs. Speaking to Bloomberg on March 14, Elliptic…
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Southern New York District Court Judge Analisa Torres issued two rulings Friday on motions filed in the Security and Exchange Commission (SEC) lawsuit against Ripple Labs. Ripple argued that it was not given fair notice by the agency that it would consider the token a security, thus denying the company due process. Judge Torres denied…
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The United States Treasury Department is launching a new initiative to raise awareness of the risks involved in investing in digital assets. The move comes as the asset class transitions from a niche market into mainstream investment according to a top Treasury official, potentially drawing in less sophisticated investors. The Department’s “Financial Literacy Education Commission”…
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Blockchain analytics provider Glassnode has depicted a bearish scenario for Bitcoin as on-chain metrics suggest increased selling pressure is imminent. In its weekly analytics report on Feb. 21, on-chain metrics firm Glassnode said that Bitcoin bulls “face a number of headwinds,” referring to increasingly bearish network data. The researchers pointed at the general weakness in…
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The U.S. Securities and Exchange Commission has allowed comments and feedback on a proposed rule change that would convert Grayscale’s Bitcoin Trust to a spot-based exchange-traded fund (ETF). A notice of filing a proposed rule change to list and trade shares of Grayscale Bitcoin Trust as a spot-based ETF has generated a long list of…
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