Author: Max Bauer

El Salvador has successfully mined nearly 474 bitcoins worth approximately $29 million since 2021, utilizing geothermal energy generated by the country’s Tecapa volcano. This achievement, revealed by official data on Tuesday, boosts the government’s total bitcoin holdings to nearly $354 million at current prices. This was announced by The Bitcoin Office, El Salvador’s Bitcoin office. The government’s official “Bitcoin Office” reported that state coffers now contain a total of 5,750 bitcoins. The newly mined 473.5 bitcoins, worth roughly $29 million since September 2021, were produced using a portion of geothermal energy harnessed from the Tecapa volcano. This approach is touted…

In a recent blog post, Coinbase highlighted the growing influence of young voters, particularly those supportive of digital assets, in U.S. presidential elections. The company emphasized that Gen Z and millennial voters played a key role in the 2020 election and are poised to be decisive again in 2024. According to Coinbase, this demographic already constitutes 40% of all eligible voters and is on track to become the majority by 2028. These younger voters tend to prioritize candidates who champion innovation and policies that could modernize outdated systems, particularly in relation to cryptocurrency. As a result, candidates aiming to secure…

A recent report by VanEck highlights a potential revenue stream for Bitcoin miners struggling with financial challenges. The report suggests that if miners partially transition to provide energy for artificial intelligence (AI) and high-performance computing (HPC) by 2027, they could generate an additional $13.9 billion annually. Financial Struggles of Bitcoin Miners The report doesn’t shy away from addressing the financial difficulties faced by many Bitcoin miners. It bluntly states, “Bitcoin miners generally have terrible balance sheets, either because of too much debt, too much equity issuance, too much executive compensation, or all three.” The AI/HPC Opportunity VanEck’s analysis estimates that…

Vice President Kamala Harris enters her party’s nominating convention this week with a lead over former President Donald Trump in a potential head-to-head matchup, according to a new ABC News/Washington Post/Ipsos poll. The survey highlights improved enthusiasm for Harris compared to President Joe Biden, along with perceived readiness for the presidency, particularly among key swing voters and independents. However, Trump’s edge remains firm on some of the most critical issues in the race: the overall economy, inflation, and immigration. These issues are keeping the competition tight despite Harris’s current lead. The poll shows Harris and Minnesota Governor Tim Walz leading…

The U.S. Securities and Exchange Commission (SEC) has filed charges against NovaTech Ltd. and its principals, Cynthia and Eddy Petion, alleging they orchestrated a massive cryptocurrency fraud scheme that defrauded over 200,000 investors globally, with a significant impact on the Haitian-American community. According to the SEC’s complaint, NovaTech, under the Petions’ leadership, operated as a multi-level marketing (MLM) scheme intertwined with a fraudulent crypto asset investment program. The SEC’s charges also extend to six top NovaTech promoters—Martin Zizi, Dapilinu Dunbar, James Corbett, Corrie Sampson, John Garofano, and Marsha Hadley. These promoters are accused of actively recruiting a vast network of…

blockchain development firm OP Labs has announced a proposal for a major network upgrade aimed at enhancing the security and stability of the Optimism protocol. The upgrade, codenamed “Granite Network Upgrade,” comes in response to a series of third-party security audits that identified several potential vulnerabilities. According to the proposal, which was released by OP Labs protocol engineer Mofi, the upgrade will involve a comprehensive overhaul of several smart contracts to rectify the vulnerabilities discovered in the audits. Additionally, the upgrade will implement a Layer 2 (L2) hard fork designed to bolster the robustness and performance of the error-proofing system.…

Lawyer Scott Johnsson has suggested that the U.S. Marshals Service (USMS) is likely in the process of selling Bitcoin seized from the Silk Road operation. Johnsson’s analysis is based on the USMS’ recent transfers of BTC to a custodial address stipulated in its service agreement with Coinbase. The agreement mandates that USMS assets remain completely isolated until transferred to a mixed trading platform like Coinbase Prime, indicating a sale or imminent sale. Formal confirmation is expected in the Department of Justice’s fiscal year 2024 asset forfeiture plan report. Coinbase had previously announced in July that the USMS had selected Coinbase…

Elon Musk recently shared his perspective on US inflation via X (formerly known as Twitter). He stated that inflation is caused by the federal government exceeding its budget and resorting to printing more money to cover the difference. Musk proposed that the solution to inflation lies in reducing wasteful government spending. Brian Armstrong, CEO of Coinbase, responded to Musk’s tweet, agreeing with his assessment. Armstrong pointed out that the primary cause of inflation is governments spending beyond their means and having to create more money. He suggested that if this practice were curtailed, most inflation problems would dissipate. Armstrong further…

Renowned on-chain detective ZachXBT has revealed a significant network of North Korean developers who have been working for various well-known cryptocurrency projects under false identities. The investigation discovered that this group, with an estimated 21 members, has been involved in more than 25 crypto projects and earning a substantial income of $300,000 to $500,000 per month. The discovery came to light after a victim project suffered a $1.3 million hack and realized that several of their developers were using fake identities and were, in fact, IT personnel from North Korea. The funds were subsequently laundered through numerous transactions. ZachXBT’s investigation…

Cryptocurrency spot ETFs saw contrasting trends on August 16, with Bitcoin funds recording a net inflow while Ethereum funds experienced a net outflow. The 12 Bitcoin spot ETFs in the U.S. witnessed a combined net inflow of $36.015 million. This positive movement was largely driven by substantial inflows into Fidelity’s FBTC ETF, which attracted $61.3469 million. BlackRock’s IBIT ETF also saw a notable inflow of $20.3854 million. However, Grayscale’s GBTC ETF experienced a significant outflow of $72.9033 million. In contrast, the nine Ethereum spot ETFs faced a total net outflow of $15.005 million. Grayscale’s ETHE ETF accounted for a significant…