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Bitcoin Miner Marathon Digital Sells BTC For First Time In Two Years

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Despite the sale, Nasdaq-listed miner Marathon continues to hold one of the largest public bitcoin treasuries in the world.

Marathon Digital, a publicly traded bitcoin mining company, has announced the sale of bitcoin for the first time in two years.

“We intend to continue to sell a portion of our bitcoin holdings in 2023 to fund monthly operating costs,” Marathon’s monthly mining update reads. “Even with these sales, our unrestricted bitcoin holdings increased from 7,815 bitcoin as of December 31, 2022, to 8,090 bitcoin as of January 31, 2023, as our production improved and the appreciation in bitcoin’s price in January reduced the amount of bitcoin we had posted as collateral. Additionally, we ended the month with $ 133.8 million in unrestricted cash on hand.”  Read more...

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Reduced To Penny Stocks In 2022, Public Bitcoin Miners Are Primed To Come Back

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After a historically-bad year for bitcoin mining, public companies that fell into penny stock status surged back in January following a strong bitcoin rally.

2022 was arguably the worst year on record for bitcoin mining. Every market suffered from the consequences of unprecedented recklessness by central banks around the world. But because bitcoin is nothing if not volatile — and because mining acts as a leveraged bet on bitcoin itself — the mining sector of the bitcoin economy finished last year battered and bruised. In fact, many public mining companies were relegated to trading as literal penny stocks.  Read more...

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Bitcoin Derivatives Market Volumes Show Bullish Trend After 2022 Downturn

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Bitcoin continues to see a bullish uptrend across the board, with the derivatives market volume witnessing an upturn in fortunes. BTC prices in futures contracts have begun to exceed spot market prices indicating that traders are gaining confidence in the derivatives market. 

Bitcoin Derivatives Volume Shows Steep Decline In 2022

Bitcoin witnessed an extended bearish trend in 2022, resulting in a 60% drop in its price and a steep decline in bitcoin futures and options volumes. The collapse of FTX last November further diminished the market sentiments, and there was a significant withdrawal from the derivatives market, accompanied by long liquidations and a strong bearish bias.   Read more...

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Australian Government Releases First Steps To Regulate Crypto And Bitcoin

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The first steps of a multi-stage plan to regulate the cryptocurrency industry within Australia have been released.

The Australian government has announced the first step of what it calls a multi-stage approach to tackling cryptocurrency regulation.

According to the announcement, “the multi‑stage approach has three elements: strengthening enforcement, bolstering consumer protection; and establishing a framework for reform.”

The first step begins with the Australian Securities & Investments Commission (ASIC) increasing the size of its crypto team and “upping enforcement measures.” These enforcement measures described include taking legal action when cryptocurrencies are marketed without appropriate financial licenses. In addition, the report describes that particular attention will be paid to making sure risks are properly disclosed to consumers.  Read more...

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Charlie Munger Doesn’t Understand Bitcoin: Michael Saylor

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Warren Buffett’s right-hand man hasn’t taken the time to understand Bitcoin, MicroStrategy’s Michael Saylor said in an interview with CNBC.

Michael Saylor’s latest interview includes a blast at Western elites, specifically Charlie Munger. 

Munger recently penned an op-ed for the Wall Street Journal titled, “Why America Should Ban Crypto.” In it, he slammed cryptocurrencies, explaining that: 

“Such wretched excess has gone on because there is a gap in regulation. A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity. Obviously the U.S. should now enact a new federal law that prevents this from happening.”  Read more...

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Why Bitcoin Is Among ‘Hottest Subjects’ On Earth, According To ‘Rich Dad’ R. Kiyosaki

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Robert Kiyosaki, a well-known entrepreneur and author of the personal finance book “Rich Dad, Poor Dad,” has long advised investors to purchase gold, silver, and bitcoin.

He previously explained that he is an investor and not a trader in bitcoin, thus he feels thrilled when the price of the most popular cryptocurrency drops.

The financial guru attributes the recent growth in precious metals and digital currencies such as Bitcoin to consumers’ worsening financial circumstances and has reiterated his endorsement for cryptocurrencies as a sensible alternative to the present currency system.  Read more...

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Ralio Dalio Praises Bitcoin For 12 Years Of History, But Issues Warning

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In a recent interview, Bridgewater founder Ray Dalio shared his views on the current Federal Reserve (FED) decision to raise interest rates by 25 basis points (bps) and the performance of Bitcoin (BTC) over the past few years. 

Speaking to CNBC, Dalio stated that what the crypto industry and Bitcoin have done over the past 12 years has been “amazing.” However, the hedge fund manager believes Bitcoin has “no relationship to anything.” For Dalio, Bitcoin is a “tiny” thing that gets “disproportionate attention.”  Read more...

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U.K. Details Plan To Regulate Bitcoin, Cryptocurrency Industry

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The United Kingdom has released its first consultation on crypto trading and lending regulation within the country.

The United Kingdom has released its plans to regulate the cryptocurrency industry within the country.

The announcement highlights that “high levels of volatility and a number of recent failures have exposed the structural vulnerability of some business models in the sector,” amongst other reasons, have led to the new set of regulatory guidelines.  Read more...

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CleanSpark Mines Record 697 Bitcoin In January, A 50% Increase Since December

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The bitcoin mining firm is reaping the rewards of expansion as it had a record month with solid reliability.

CleanSpark has reported that the firm mined a record 697 bitcoin in a single month, an increase of 50% from December 2022’s amount.

“We had a banner month, and not just because we mined a record number of bitcoin,” Zach Bradford, CEO of CleanSpark, said. “We also had our most reliable month ever, achieving 98% uptime across all of our sites.”  Read more...

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Bear Market Setbacks Have Left Bitcoin Miners Behind Their Gold Counterparts

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Digital gold mining companies suffered harsher drawdowns than their legacy counterparts in 2022.

Bitcoin’s prominent memetic narrative as “digital gold” begs a comparison to the real yellow metal. But since the advent of Bitcoin, comparative perspectives of the mining sectors underlying both assets are too often missing.

In May 2022, this author published data on the gold/bitcoin mining contrast as digital gold producers were significantly underperforming ore miners. Now, the time seems right to provide a follow-up overview of some recent market data for bitcoin and gold miners.  Read more...

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Breaking: Bitcoin Breaks Above $24,000 For The First Time In 2023

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Bitcoin continues to see green across all short-time and medium-timeframes as the cryptocurrency reconquest lost territory. As of this writing, the BTC price stood above the significant psychological mark of $ 24,000 and seems ready to keep smashing resistance levels.

Bitcoin BTC BTCUSDT

The Magnetic Forces Pushing Bitcoin To The Upside

Bitcoin has been on an upside trend since January 9th. At that time, the cryptocurrency broke above the 200-day Simple Moving Average (SMA), a critical level that has historically operated as support and resistance during major market trends.  Read more...

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LevelField Financial To Become First FDIC-Insured Bank to Offer Traditional Banking And Bitcoin Services

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LevelField Financial is set to acquire Burling Bank in a move that would enable access to bitcoin for traditional banking customers.

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  • Once the acquisition is approved by regulatory authorities, LevelField Financial will be able to expand its services and products nationwide.
  • The firm would offer customers a full suite of products and services, from traditional banking services to digital asset services, all within an FDIC-insured institution.
  • LevelField Financial will also benefit from the expertise of the senior management team of Burling Bank, which will join the LevelField Financial leadership team.
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Luxor Technologies Launches The First Bitcoin Mining ASIC Request-for-Quote Platform

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Luxor has launched the first ever ASIC RFQ platform with the goal of maximized market transparency and access.

Luxor has launched the first ever ASIC RFQ platform with the goal of maximized market transparency and access.

Luxor Technologies, a full-stack Bitcoin mining software and services company, has launched the first request-for-quote (RFQ) platform for buying and selling Bitcoin mining hardware.

The press release sent to Bitcoin Magazine describes what an RFQ platform is, saying “An RFQ is a marketplace where users can create orders (requests) for specific items. Luxor’s double-sided RFQ allows both buyers and sellers to create requests for Bitcoin mining ASICs.”  Read more...

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Bitcoin Crash: Tesla Suffers $140 Million BTC Loss, SEC Filing Shows

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In February of 2021, Tesla revealed its intention to sell automobiles using Bitcoin, prompting the price of the cryptocurrency to skyrocket, while also purchasing $ 1.5 billion worth of the crypto.

One BTC was valued at around $ 43,000 at the time of the investment. Elon Musk, CEO of Tesla, was then quite positive about the crypto’s future, stating that the company believes in the “long-term potential” of digital assets as an “investment and liquid alternative to cash.”

Due in part to the billionaire’s passionate support of cryptocurrency, the price of Bitcoin reached historic highs of about $ 70,000 by autumn.  Read more...

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Strike Launches Instant, Cheap Remittances For The Philippines Using Bitcoin Lightning

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U.S. users of Strike can now use Send Globally to send instant, cheap remittances to loved ones in the Philippines.

Strike, the leading digital payment platform built on Bitcoin’s Lightning Network, has announced the expansion of its “Send Globally” product to the Philippines. This will allow for fast, secure and low-cost money transfers between the U.S. and the Philippines, which is one of the world’s largest remittance markets. The Philippines relies on more than $ 35 billion annually in money sent from abroad, with over $ 12 billion coming from the U.S. alone.   Read more...

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Mastercard And Binance To Offer Bitcoin, Crypto Card In Brazil

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The new bitcoin and crypto-backed prepaid Binance Card is coming to Brazil, one of the exchange’s largest markets.

Mastercard and Binance have announced the launch of a bitcoin and crypto backed prepaid card in Brazil, Latin America’s largest economy. 

According to a blog post, the Binance Card is currently in beta testing and is expected to be widely available in the country in the next few weeks. The Binance Card is currently already available in many European countries.  Read more...

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Twitter Prepping For Payments, Could Include Bitcoin And Crypto: FT

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Elon Musk’s Twitter is preparing to add payments functionality that could potentially include cryptocurrency, inside sources told the Financial Times.

  • Twitter is prepping for payments, and bitcoin might be in the mix.
  • According to a Financial Times report, Elon is open to adding BTC and crypto to its Twitter payments vision.
  • While the “super app” vision would prioritize fiat, its future will likely include the alternative payment method.

Elon Musks’ Twitter has reportedly begun applying for regulatory licenses across the U.S. in apparent preparation to begin facilitating payments through the app.  Read more...

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A Presidential Visit To Madeira: Is This Island The Next Bitcoin Paradise?

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On a visit to the Portuguese island of Madeira, a delegation of Bitcoiners surfed, met with the president and extended Bitcoin adoption.

This is an opinion editorial by Joe Nakamoto, a pseudonymous Bitcoin traveler and reporter who helped create a recent documentary on Madeira’s Bitcoin adoption.

What is a Madeira? Why do Bitcoiners keep talking about it? Does it come with fries? And why did Pleb Music (aka, Max DeMarco) shoot a Bitcoin documentary on this tiny island?

 Read more...

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Bitcoin Bearish Signal: Aged Supply Flows Into Binance

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On-chain data shows a significant amount of old Bitcoin supply has flowed into Binance today, something that could be bearish for the crypto’s price.

Bitcoin Supply 1-6 Months Old Has Been Deposited To Binance

As pointed out by an analyst in a CryptoQuant post, this aged supply is likely to be in profits and hence the deposits could have been done to sell it. The relevant indicator here is the “Spent Output Age Bands” (SOAB), which measures the total amount of Bitcoin that each age band in the market is moving currently.  Read more...

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Data Shows 50% Of Bitcoin Hashrate Controlled By Two Mining Pools

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Bitcoin hashrate is becoming highly centralized, with a few mining pools controlling most of the blockchain mining power. The latest data from Mempool indicates that 50% of the total hashrate is held by Foundry USA and Antpool. 

A Highly Centralized Mining Network

Foundry USA has maintained a hashrate of over 30% of the total Bitcoin network for several weeks. It became the first mining pool of non-Chinese origin to lead the list in November 2021, following the ban on Bitcoin mining in China in the middle of the same year.   Read more...

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