News
Bitcoin price hits $63,000 after assassination attempt on Trump.
Bitcoin price rises after assassination attempt on Trump Bitcoin price surged above $63,000 following a failed assassination attempt on former US President Donald Trump at a campaign rally. The cryptocurrency climbed nearly 10%, from under $58,000 on Friday to over $63,000 on Monday morning. The sharp rise followed a shooting at a Trump rally in Pennsylvania on Saturday, in which Trump suffered only minor injuries. Analysts see improved prospects Analysts attribute the price increase to the improved prospects for Trump's election in November. Trump's positive attitude toward Bitcoin and his promise to reduce regulatory restrictions make him popular among Bitcoin supporters. Confirming his continued support, Trump's team announced that he will attend the Bitcoin 2024 conference in Nashville in two weeks. Bitcoin overcomes 200-day average Strong trading volume accompanied Bitcoin's rise above its 200-day moving average, a key technical level often seen as a bullish indicator (indication of rising prices) following recent market pressure. Bitcoin is recovering from previous lows near $53,000, caused by selling related to the Mt. Gox payouts (repayment of Bitcoin lost in the Mt. Gox exchange's bankruptcy) and actions by the German government. The market sees this bounce as a potential bottom, and further gains could push Bitcoin toward its previous all-time highs, especially with the possibility of a Trump presidency.
Learn more
Germany's Bitcoin sales ending soon: Less than $1 billion left.
German government continues liquidation of Bitcoin The German government has transferred another 2,375 bitcoins, worth approximately $138 million, to exchanges. This continues a months-long process of liquidating seized reserves originally acquired in 2013 following the seizure of nearly 50,000 bitcoins by the Federal Criminal Police Office (BKA) from the now-defunct piracy website Movie2K. Selling Bitcoin affects price Since mid-June, Germany has been steadily selling over 25,000 bitcoin, worth about $1.5 billion. The recent transfers leave the government with about 13,100 bitcoin, worth $765 million. The sales have contributed to a decline in bitcoin's price, which fell below $55,000 in July due to heavy selling pressure. Analysts suspect that as the government's bitcoin reserves dwindle, the selling pressure will ease, potentially leading to price stabilization. Predictions and criticism Experts predict that at the current rate, Germany's bitcoin holdings could be completely liquidated by September. The sales have sparked criticism from bitcoin supporters in the German Bundestag, who argue the government should keep the digital currency rather than convert it into euros. Positive price development for Bitcoin possible Despite the controversy, the liquidation has netted Germany over $1.5 billion. As the end of the government's Bitcoin reserves approaches, market conditions could change, potentially leading to positive price action for Bitcoin.
Learn more
More Samourai devices seized: Bitcoin privacy activist appears in court before bail
First public court hearing for developers of the Samourai Wallet Today saw the first public court hearing for Samourai Wallet developers William Lonergan Hill and Keonne Rodriguez since May 28, 2024. Hill was extradited from Lisbon, Portugal, and the hearing was led by prosecutors. Important points of the negotiation Hill was indicted on July 9, 2024. 27 electronic devices were seized from Hill and their data is currently being reviewed by the FBI (Federal Bureau of Investigation). Evidence has already been handed over to Rodriguez and will be shared with Hill after review. Hill will be released on bail, although the amount of the bail was not disclosed. Hill bail conditions The bail conditions allow Hill to live in Lisbon under surveillance through an FBI-controlled ankle bracelet system. He must return to New York for necessary court appearances. The next hearing is scheduled for September 10, 2024, and prosecutors plan to release additional evidence by then.
Learn more
EIA Bitcoin Mining Data Collection Webinar: A Summary of Discussions
The Energy Information Administration (EIA) resumes data surveys on Bitcoin mining operations The Energy Information Administration (EIA) has announced that it will resume its data surveys on Bitcoin mining operations in the United States. This follows the suspension of a previous emergency survey and the destruction of associated records. In a recent webinar, the EIA sought feedback on the types of information that should be collected, existing valuable data, and key factors for future surveys. Key challenges and plans of the EIA Two key challenges were identified: first, differentiating mining operations from general energy consumers and second, tracking the relocation of these operations to take advantage of lower electricity prices. The EIA plans to initiate a new survey this year, taking into account both public and industry feedback. Industry representatives discuss the topic The webinar attracted industry representatives including Thomas Mapes (Digital Energy Council), Michael Postupak (Blockchain Association), Margot Paez (Bitcoin Policy Institute and Georgia Tech), Jayson Browder (Marathon Digital Holdings) and Lee Bratcher (Texas Blockchain Council). They argued that Bitcoin mining can support energy infrastructure, particularly in the context of demand response programs and renewable energy development. Participants’ concerns and suggestions Some concerns were raised about Bitcoin miners being singled out in the surveys and the impact this might have on their operations during peak periods. Lee Bratcher suggested expanding the survey to include general data centers and distinguishing between flexible, i.e. adaptable, and inflexible data centers. Jayson Browder and public participant Dennis Heidner raised concerns about financial incentives that might encourage miners to temporarily halt their activities. Research cooperation proposed Margot Paez proposed a partnership between Georgia Tech and Lawrence Berkeley National Laboratory to leverage ongoing research on data center energy consumption. This collaboration could help the EIA obtain the necessary data without compromising the privacy of mining operations. A collaborative approach to informed policy decisions The EIA appears to be seeking a more collaborative approach with industry stakeholders to gain a better understanding of the energy consumption of Bitcoin mining to support informed policy decisions.
Learn more
Block and Core Scientific join forces to decentralize Bitcoin mining with new ASIC chips.
Block, Inc. and Core Scientific: Collaboration for decentralized mining hardware Block, Inc. and Core Scientific have partnered to decentralize mining hardware by integrating Block's advanced 3-nanometer (3nm) ASICs (Application-Specific Integrated Circuits) into Core Scientific's extensive operations. Core Scientific is an industry leader and is now leveraging Block's 3nm chips, adding approximately 15 exahashes per second (EH/s) of hashrate. This is a significant deal in the industry in terms of volume. Development and decentralization of mining Thomas Templeton, a member of Block's Proto team, emphasized that this is an important step towards advancing and decentralizing mining. The Proto team has developed a modular mining platform around its own ASIC chip to improve efficiency and reliability, while focusing on sustainable operations by simplifying infrastructure requirements. Hashrate growth and infrastructure improvement Russell Cann of Core Scientific highlighted that this collaboration is critical to growing hashrate and providing more opportunities for mining operations. The Proto team, in collaboration with ePIC Blockchain Technologies, has developed the platform to be compatible with Core Scientific's existing infrastructure, increasing operational efficiency and reliability. Decentralization of the Bitcoin network Proto's goal is to promote decentralization and transparency of the Bitcoin network through the open development of mining technology. This agreement allows third parties to develop customized solutions using Proto's mining chips, moving towards a more decentralized mining sector.
Learn more
EIA is hosting a webinar today on energy consumption in Bitcoin mining.
Beginning of the year: EIA survey process Earlier this year, the Energy Information Administration (EIA) attempted to bypass the usual survey process. It used emergency authorization statutes—special legal provisions that allow for quick decisions in urgent cases—to conduct a survey of Bitcoin mining energy use without the usual public and industry participation. But that approach ran into legal challenges from Riot Platforms and the Texas Blockchain Council, both of which filed for a temporary restraining order in Waco, Texas, to stop the survey. Ultimately, the EIA agreed to end the emergency survey and destroy the information it had already collected. EIA’s new survey procedure As a result, the EIA initiated a new survey process that included a public comment period. Today, from 12:00 p.m. to 1:30 p.m. Central Time, the EIA is hosting a webinar to discuss questions about energy consumption in Bitcoin mining and related information about mining operations in the United States. Interested parties can register for the webinar and submit questions in advance. The EIA will attempt to answer those questions during the session.
Learn more
The city of Santa Monica opens a Bitcoin office
Santa Monica opens official Bitcoin office Santa Monica has opened an official Bitcoin office. The move was unanimously approved by the City Council in partnership with the nonprofit Proof of Workforce and comes at no cost to the city. The office has several goals: to provide Bitcoin education, promote tourism through partnerships and conferences, connect residents with jobs, and research sustainable Bitcoin mining that relies on the city's renewable energy sources. Initiative by Vice Mayor Lana Negrete The initiative was launched by Vice Mayor Lana Negrete, who is excited about the opportunities for widespread Bitcoin adoption. Santa Monica is taking inspiration from El Salvador, which adopted Bitcoin as legal tender in 2021 and has seen increased investment and tourism since then. Objectives and background Santa Monica has an annual budget of $700 million. In 2023, 4.5 million visitors spent nearly $1 billion in the city. Santa Monica is hoping for similar success through Bitcoin adoption. Recent Bitcoin-related developments include the city's firefighters adopting Bitcoin self-custody, and city leaders visiting El Salvador to study its Bitcoin adoption. Support from Proof of Workforce founder Dom Bei Dom Bei, the founder of Proof of Workforce, is enthusiastically supporting the initiative. He plans to unveil a Bitcoin visual – a visual artwork representing Bitcoin – on the Santa Monica Pier to mark this significant step.
Learn more
Senator Marsha Blackburn now accepts Bitcoin and crypto donations.
US Senator Marsha Blackburn accepts cryptocurrency donations U.S. Senator Marsha Blackburn (R-TN) has announced that her re-election campaign will now accept cryptocurrency donations, including Bitcoin, a move that is consistent with her statements supporting digital currencies and modernizing campaign donations. Support for Bitcoin in the political environment Blackburn's announcement is part of a broader trend among U.S. politicians to support Bitcoin. Recently, Blackburn led the Republican National Committee (RNC) Platform Committee, which passed a 2024 platform blueprint to protect Bitcoin mining and self-custody. Congressman Matt Gaetz introduced a bill that would allow federal taxes to be paid with Bitcoin, while former President Donald Trump began accepting Bitcoin Lightning payments for campaign donations. Support for Bitcoin and criticism of Central Bank Digital Currencies (CBDCs) Earlier this year, Blackburn praised Bitcoin for its freedom and privacy features and contrasted it with Central Bank Digital Currencies (CBDCs), which she criticized as government surveillance tools. Attend the Bitcoin 2024 Conference Senator Blackburn will also speak at the Bitcoin 2024 Conference in Nashville, further reaffirming her support for Bitcoin.
Learn more
Australia’s largest exchange approves its second Bitcoin ETF.
New Bitcoin Exchange-Traded Fund (ETF) approved by ASX The Australian Securities Exchange (ASX) has approved its second Bitcoin exchange-traded fund (ETF), allowing digital asset manager DigitalX to launch a spot Bitcoin ETF under the ticker BTXX, which will begin trading on July 12. This follows the approval of the VanEck Bitcoin ETF by the ASX in June and the launch of the 21Shares Bitcoin ETF in April 2022 on the Cboe Australia Exchange (Cboe stands for Chicago Board Options Exchange, a major exchange for trading options and futures contracts). The Monochrome Bitcoin ETF also began trading on the Cboe in June. Increasing interest in Bitcoin exposure through ETFs These developments highlight the increasing interest among investors in obtaining Bitcoin exposure (the influence or risk an investor suffers from owning Bitcoin) through regulated fund structures rather than investing directly. ETFs (exchange-traded funds, which trade on exchanges like stocks) simplify Bitcoin investing by eliminating the need for direct custody (the storage and management of assets). Australia on a positive course in the Bitcoin sector Australia is showing a positive shift towards Bitcoin as regulatory approvals increase in the financial market.
Learn more
