Kategorie: Bitcoin News

• 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.

The post Core Scientific the first buyer of Block’s 3nm Bitcoin mining ASICs appeared first on CoinJournal.

• Bitcoin (BTC) price fell to under $56,000 as the German government sold more BTC
• On-chain data shows Germany sent more than 16,000 BTC to exchanges on Monday – the largest transfers in a single day.

Bitcoin price fell below $56,000 again on Monday, dropping by about 2% at the time of writing as Germany took its BTC selling spree to a new level.

Per on-chain data tracking the Bitcoin held by the German government, Monday saw more than 16,000 BTC sent to crypto exchanges – the largest such dump by the government-controlled wallet in a single day.

The selling intensified amid transfers of 2,700 BTC, 5,200 BTC and 8,100 BTC in quick succession over a two hour period.  

“The German Government sent another 5200 BTC ($297.3M) to Kraken, Bitstamp, Coinbase and 139Po right after we posted this tweet. That makes this the biggest day for them so far – over 16,000 BTC in total,” the Arkham team posted on X.

Bitcoin price dips amid sell-off

Bitcoin reaction to the selling, which has persisted over the last few weeks, saw Bitcoin price dip from intraday highs of $57,877 to around $55,130.

Germany seized 50,000 bitcoin from Movie2k earlier this year. Over the last few days, it has accelerated its selling to see the total holdings reduce rapidly to 23,787 BTC at the time of writing. The bitcoin’s value reached over $3.6 billion when BTC price skyrocketed to it’s all-time high in March.

However, with more than half sold and BTC price hovering around $55.8k, the total value of the BTC has dropped to $1.34 billion.

Bitcoin price has declined more than 10% in the past week.

The post Bitcoin retreats as German government selling intensifies appeared first on CoinJournal.

• Metaplanet, a Japanese firm, increases Bitcoin holdings with $2.5M purchase.
• Metaplanet now holds 203,734 BTC, acquired at $62,000 per Bitcoin on average.
• This latest acquisition brings Metaplanet’s total Bitcoin holdings to an impressive 203,734 BTC.

In a bold move amidst fluctuating cryptocurrency markets, Metaplanet, a publicly-listed investment and consulting firm based in Japan, has purchased of 42,466 BTC, equivalent to approximately $2.5 million.

The company disclosed that these bitcoins were acquired at an average price of around 10 million yen per BTC, roughly translating to $62,000 per Bitcoin.

This purchase marks a continuation of Metaplanet’s strategy to diversify its investment portfolio into digital assets despite recent price declines in the cryptocurrency market.

Metaplanet optimistic of Bitcoin’s growth prospects

Founded with a mission to explore innovative investment opportunities, Metaplanet has emerged as a prominent player in the cryptocurrency space. The firm’s strategic investments in Bitcoin reflect its commitment to staying at the forefront of financial technology and digital asset management.

Its decision to ramp up its Bitcoin holdings underscores its confidence in the long-term potential of cryptocurrencies.

Despite the average purchase price being approximately 7% higher than current market rates, the firm remains optimistic about Bitcoin’s future growth prospects.

According to industry analysts, Metaplanet’s acquisition of additional Bitcoin not only strengthens its position in the cryptocurrency market but also signals a growing trend among institutional investors towards digital assets.

Such investments are seen as a hedge against inflation and currency devaluation, particularly in the wake of global economic uncertainties.

Looking ahead, Metaplanet’s continued expansion into Bitcoin and other digital assets could pave the way for more institutional involvement in the cryptocurrency market.

With a strategic focus on long-term value creation, the firm’s investment decisions reflect confidence in Bitcoin’s ability to thrive amidst market fluctuations and regulatory developments.

The post Metaplanet loads more bitcoins with 42,466 BTC purchase appeared first on CoinJournal.

• German Government transferred 250 Bitcoin worth approx. $15.4M to Kraken and Bitstamp on June 26.
• The government has transferred a total of $150M in BTC to various addresses.
• The German Government BTC transfers and Mt. Gox repayments pile pressure on Bitcoin price.

The German Federal Criminal Police Office (BKA) has made additional Bitcoin transfers to different addresses, including Kraken and Bitstamp.

These moves have sparked considerable market speculation and concerns about their potential impact on Bitcoin’s price.

Recent Bitcoin transfers by the German Government

On June 26, a wallet reportedly controlled by the BKA transferred 750 BTC, valued at $46.35 million, to different adresses, marking another instance of the German government engaging in Bitcoin transactions.

These transfers are part of a larger series of activities following the seizure of 50,000 BTC from the film piracy site Movie2k in January.

According to Lookonchain, the German authorities sent 250 BTC, worth $15.41 million, to both Bitstamp and Kraken. Additionally, they transferred 500 BTC, valued at $30.9 million, to an unidentified address labeled “139Po,” which is potentially another exchange.

Today’s transfers come just a day after German authorities moved 400 BTC, valued at $24.3 million, to Coinbase and Kraken on June 25.

This activity is part of a broader trend observed over the past week, with the German government transferring approximately $150 million worth of seized Bitcoin to known exchange addresses, in addition to $147 million sent to the “139Po” address.

Despite these substantial transfers, the government still holds a significant amount of 45,609 BTC, valued at approximately $2.8 billion.

Earlier in June, the German authorities received 310 BTC, worth $20.1 million, from Kraken and smaller amounts totaling 90 BTC, worth $5.5 million, from Robinhood, Bitstamp, and Coinbase.

Potential impact on the crypto market

The large movements of bitcoins by the German government have had a noticeable effect on the market.

Notably, Bitcoin’s price has dropped about 6% during this period, reflecting market reactions to these substantial transfers.

Analysts are concerned that the government’s liquidation of its seized Bitcoin might push Bitcoin’s price below the critical $60,000 threshold. Recent market trends support this view, as Bitcoin has experienced an 11% decrease on the monthly chart and over 6% on the weekly chart, with its price standing at $61,065 per coin at the time of writing.

Market analyst Willy Woo suggests that Bitcoin might go through a correction phase lasting up to four weeks before resuming its price rally. He emphasizes the potential for a “cooling down” period in Bitcoin’s price action. Additionally, there might be further selling pressure in July as Mt. Gox plans to distribute repayments in Bitcoin and Bitcoin Cash to its creditors.

With over $9.4 billion worth of Bitcoin owed to approximately 127,000 Mt. Gox creditors, who have been waiting for over a decade, this repayment could substantially impact Bitcoin’s price.

The crypto community is closely monitoring these developments, particularly the sell-off pressure that might be triggered by the German government’s Bitcoin transfers and the upcoming Mt. Gox repayments.

Both events could significantly influence the Bitcoin market dynamics in the coming months.

The post German’s BKA transfers more Bitcoin to exchanges including Kraken and Bitstamp appeared first on CoinJournal.