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Core Scientific files for bankruptcy
One of the largest bitcoin miners, Core Scientific, has failed to cope financially and filed for Chapter 11 bankruptcy on 21 December 2022.
For the time being, the company still manages to generate positive cashflow. But according to an insider, this revenue is not enough to pay off debts to finance the miner's units it has been leasing.
The firm has no plans to liquidate. They will continue to operate and mine the cryptocurrency until they make a deal with the majority holders of their shares.
Miner claims that its operating performance and liquidity have been severely affected by the prolonged decline in the bitcoin price, higher power costs, and litigation with cryptocurrency lender Celsius Networks and its affiliates.
The other day, B. Riley committed $72 million to bailout Core Scientific, but as it turns out, that didn't help save them from bankruptcy.
Reckless and Massive loans which were made when the price of bitcoin was significantly higher than it is today, finally took a bad joke with them |
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Mastercard will simplify banks' operations with cryptocurrencies
International payment giant Mastercard is launching a new program to work with banks. It will accelerate and facilitate operations with cryptocurrencies.
Mastercard will act as an intermediary between Paxos (a well-known crypto-provider) and banks. The company will reportedly oversee security and regulatory compliance.
"There are a lot of customers who are interested in crypto. But to be more confident, they want such services to be offered by financial institutions," explains Mastercard's director of digital technology, Jorn Lambert.
He added that Mastercard's role is very simple. They will be intermediaries and will leave banks their main job: to control and check clients' transactions, prevent money laundering, etc. Mastercard plans to launch the new product in the first quarter of 2023 within one region. And if it will be successful, the service will appear all over the world. The company did not say which banks will participate in this project.
Interestingly, bitcoin was invented to break the monopoly of banks and intermediaries (including Mastercard). Blockchain technology makes it possible to transfer money without intermediaries and with minimal fees. Lambert also said:
"Cryptocurrency is on the cusp of the mainstream. But for now, it needs to merge with existing players. Without intermediaries from trusted companies, digital currencies will not achieve mass adoption"
It’s hard to believe that the crypto industry will truly go mainstream without embracing the financial industry as we know it |
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Bitcoin hashrate reaches new all-time high
On September 11, the hashrate of the Bitcoin network reached 281.79 Eh/s. This all-time high shows an increasing interest from a wide audience. Because of this, the halving date has been pushed back to Q4 2023.
New highs confirm the statistics. The graph shows that since June the hashrate trend in the network has been growing rapidly, albeit with small “drawdowns”.
At the same time, this also aligns with the conclusions of the previous report that BTC miner revenues rose by 10% in August. The decline in the “farm” is coming to naught, with an increasing number of participants returning to processing blocks.
Looking for best times for mining. Thanks to PoS algorithm Ethereum is almost dead. Hoping new generations of ASIC will give for Btc a new breath I had read a Dubai based mining firm were switching to Bitcoin mining using GPU because they'll still make some money. Another crypto site mentioned (probably in hopeful earnest) that mining will switch to the smaller coins, which will in turn inflate their value and hence mining interest. Apparently the global Ethereum mining was equivalent to the Netherlands power consumption but that has been effectively reduced by more than 99%. Hopefully this will do something to address the fact that over the past several years, Nvidia has been acting like we need them more than they need us, though I personally doubt it. I would also like to think that it'd have a substantive effect on the pricing of videocards, especially the soon to be released ones, since the market has just contracted substantially...but the "free market" never seems to behave like we're told it should when that behavior would benefit consumers. How much you want to bet that the 4090 MSRP is larger than that of the 3090? |
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Bitcoin hashrate reaches new all-time high
On September 11, the hashrate of the Bitcoin network reached 281.79 Eh/s. This all-time high shows an increasing interest from a wide audience. Because of this, the halving date has been pushed back to Q4 2023.
New highs confirm the statistics. The graph shows that since June the hashrate trend in the network has been growing rapidly, albeit with small “drawdowns”.
At the same time, this also aligns with the conclusions of the previous report that BTC miner revenues rose by 10% in August. The decline in the “farm” is coming to naught, with an increasing number of participants returning to processing blocks.
Looking for best times for mining. Thanks to PoS algorithm Ethereum is almost dead. Hoping new generations of ASIC will give for Btc a new breath |
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A lot of cool movies came out in 2021:Old, DON’T LOOK UP, The King's Man
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Maybe he'll hit the bottom
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A very complex story. Got confused a couple of times
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Flights to Mars, biological laboratories, air cars. If the nuclear bomb does not explode in 2022.
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Yes, after homeschooling my child, I really bow my head to the teachers, patience with them and, of course, a decent salary plan. Because not everyone can teach someone. I personally can't stand it.
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This is a very long process, the supply of gas with Russia has been established for a long time, no one thought to assume that the world order would change. Some countries have indeed begun to buy gas from other sources and countries, but it takes more than one year for the whole world to refuse.
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