Kategorie: Bitcoin News

Bitcoin news about the Bitcoin (BTC) blockchain and its crypto ecosystem.

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Mark Cuban: Inflationary Pressure Could See Bitcoin Become Global Reserve

  • Inflationary pressure and geopolitical uncertainty could see Bitcoin become a global reserve currency, states Cuban
  • The billionaire believes Trump’s lower tax rates and tariffs could push up Bitcoin’s price
  • Elon Musk plans to commit $45m a month to back Trump’s presidential run

US billionaire Mark Cuban believes that through a combination of inflationary pressure and geopolitical uncertainty, Bitcoin could become a global reserve currency.

Taking to X, the billionaire indicated that Silicon Valley’s support for former President Donald Trump was a “bitcoin play” to boost its price. Cuban, who has backed Joe Biden for re-election, stated that lower tax rates and tariffs under Trump could push up Bitcoin’s price.

“Combine that with global uncertainty as to the geopolitical role of the USA, and the impact on the US dollar as a reserve currency, and you can’t align the stars any better for a BTC price acceleration,” Cuban wrote.

He added that this will make it easier to “operate a crypto business because of the inevitable, and required, changes at the” US Securities and Exchange Commission (SEC).

How High?

Questioning how high Bitcoin can go, Cuban didn’t give a figure, but wrote “way higher than you think,” adding that this is due to its global status, its 21 million Bitcoin limit, and the fact that the currency has unlimited fractionalisation.

In Cuban’s view, Bitcoin could become a safe haven as countries turn to it as they seek to protect their savings if geopolitical uncertainty continues and the dollar declines as a reserve currency.

While he only indicated that this was a possibility and isn’t saying it will happen, he added that it’s already happened in countries facing hyperinflation.

Following Trump’s injury during an assassination attempt at a campaign rally in Pennsylvania, Musk officially endorsed the former GOP President by saying he plans to commit $45m a month to a new super political action committee backing Trump’s presidential run.

In March, billionaire Elon Musk indicated he wasn’t voting for the Democratic Party in November. The tech mogul who owns Tesla and SpaceX, in addition to X, wrote “I voted 100% Dem until a few years ago. Now, I think we need a red wave or America is toast.”

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StarkWare verifies first zero-knowledge proof on Bitcoin

  • StarkWare has verified the first zero-knowledge (ZK) proof on the Bitcoin.
  • It’s part of the core Starknet developer’s plans to scale Bitcoin for mass adoption.

StarkWare has achieved a historic feat by completing the first zero-knowledge proof verification on the Bitcoin network, according to the details posted on X on Wednesday.

The blockchain developer revealed that after months of exploring, its developers have managed to verify the first ZK proof using a new STARK verifier, Stwo Verifier on OP_CAT-enabled Bitcoin Signet. It’s the first of many steps in the quest to scale Bitcoin.

Scale Bitcoin for mass use

StarkWare announced in June that the company was looking to scale Bitcoin for mass adoption using ZK proofs. With the new scaling solution, dApps can decide to settle on Bitcoin or Ethereum.

“Starknet will become the first network to settle simultaneously on Bitcoin and Ethereum and scale Bitcoin to many thousands of transactions per second. This will happen within six months after the potential Bitcoin upgrade, OP_CAT,” StarkWare CEO Eli Ben-Sasson wrote.

StarkWare offered a $1 million application grant targeted at research efforts around an OP_CAT in June.

“My dream is to see Bitcoin attain the scale it needs to serve everyone, constantly. This involves opening it up to participation for all, without financial barriers to entry. I believe it must happen with steadfast adherence to Satoshi’s insistence on decentralization and security,” Ben-Sasson added.

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Mt. Gox moves Bitcoin worth nearly $2.8 billion

  • Mt.Gox has moved over 44,500 BTC worth over $2.8 billion to an internal wallet.
  • The price of BTC fell slightly after the transfer, retreating to around $62,835.

On-chain data shows a wallet linked to Mt. Gox has just moved more than $2.8 billion worth of Bitcoin.

The huge transfer comes as Bitcoin price looks to hold gains seen since last weekend’s attempted assassination of Donald Trump.

Mt.Gox transfers over $2.8 billion in BTC

On Tuesday, Lookonchain shared details of a large BTC transfer.

Citing data tracked by blockchain analytics firm Arkham, the platform said the transfer originated from the wallet of defunct crypto exchange Mt. Gox.

The said Mt. Gox wallet moved over 44,500 BTC worth over $2.84 billion, with this going to an internal wallet. Market anticipation is that the exchange’s trustee could be preparing for a repayment round following an announcement in late May.

Mt. Gox moved 47,000 bitcoins last month ahead of the expected repayments commencement date this July. As then, Tuesday’s transfer saw the price of BTC slip slightly from above $63,000.

Analysts at Bitfinex said in a report on Monday that while positive news will continue to dictate BTC movement, the threat of fresh sell-off pressure remains. Mt. Gox, which currently holds 138,985 BTC worth over $8.8 billion, is likely to be one source of this anticipated downside pressure.  

“Crypto asset prices in general in the current period have been determined by the news agenda, rather than fundamentals. Selling pressure concerns have not completely disappeared as Mt. Gox creditors are also scheduled to receive their BTC payouts over the next couple of weeks. We expect these headlines to continue to have some impact on price before a complete pricing in of the situation,” Bitfinex analysts wrote in the weekly report.

Bitcoin currently trades around $62,835.

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Core Scientific the first buyer of Block’s 3nm Bitcoin mining ASICs

  • Core Scientific buys Block’s 3nm Bitcoin ASICs in a major deal between the two companies.
  • The deal boosts Core Scientific’s hash rate by 60%, enhancing efficiency and profitability.
  • The deal between Block and Core Scientific aims to redefine Bitcoin mining standards, leveraging advanced ASICs.

Jack Dorsey’s financial services company Block has finalized a major deal with Core Scientific, marking the first sale of its highly anticipated 3 nanometer Bitcoin mining ASICs.

This deal marks one of the largest ASIC agreements ever signed in the history of Bitcoin mining, underscoring Block’s commitment to advancing mining technology and Core Scientific’s strategic expansion in the sector.

Block’s 3nm Bitcoin mining ASICs

Developed by Block’s Proto team, the 3nm mining ASICs represent a leap forward in efficiency and performance for large-scale Bitcoin mining operations.

By integrating cutting-edge technology into these chips, Block aims to significantly enhance the efficiency, reliability, and uptime of mining activities conducted by firms like Core Scientific.

The 3nm ASCIs provides Core with 15 exahashes per second (EH/s) worth of chips and are set to increase the mining firm’s energized hash rate by a remarkable 60% as of June 2024.

Core Scientific, a publicly traded Bitcoin mining giant, has emerged as a key player in the industry’s recovery following recent challenges. The company’s stock (CORZ) has surged, reflecting investor confidence in its ability to leverage advanced mining technologies to bolster operational capabilities and profitability.

Core Scientific’s decision to purchase Block’s 3nm Bitcoin mining ASICs comes amidst a broader industry trend towards greater efficiency and sustainability in cryptocurrency mining, driven by technological innovation and environmental considerations.

Block pioneering a new era in Bitcoin mining

According to Russell Cann, Chief Development Officer at Core Scientific, the collaboration with Block marks a pivotal moment in scaling Bitcoin mining operations.

Cann emphasizes that the new mining platform built around Block’s 3nm ASICs will not only optimize space and operational resources within their data centers but also contribute to the long-term vitality of the Bitcoin network.

The partnership underscores a shared vision to redefine industry standards and accelerate the adoption of advanced mining technologies globally.

The strategic alliance between Block and Core Scientific highlights the growing importance of technological innovation in sustaining and expanding Bitcoin mining capabilities.

As the cryptocurrency landscape continues to evolve, advancements in ASIC technology are expected to play a crucial role in enhancing the efficiency and profitability of mining operations.

With Core Scientific leading the charge as the first recipient of Block’s 3nm ASICs, the stage is set for further advancements that could shape the future of Bitcoin mining worldwide.

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