Kategorie: Crypto Markets

• Marathon Digital (MARA) has disclosed its mined 93 million KAS worth $15 million.
• The Bitcoin miner says the operation is part of its diversification of its revenue streams.
• Marathon to deploy full 60 petahash of KAS power in Q3, 2024.

Bitcoin (BTC) mining firm Marathon Digital has announced that it now mines Kaspa (KAS), a layer-1 proof-of-work (PoW) coin.

In a press release published today, Marathon Digital said the mining operations had seen the company mine 93 million KAS as of June 25. The value of the mined Kaspa tokens was around $15 million at the time.

Marathon diversifies with Kaspa (KAS) mining

According to Marathon Digital, the move to launch KAS mining is part of the company’s quest to diversify its revenue streams. Adam Swick, Marathon’s chief growth officer, said:

“By mining Kaspa, we are able to create a stream of revenue that is diversified from Bitcoin, and that is directly tied to our core competencies in digital asset compute,”

Swick commented further on the decision, noting:

“Because of our existing infrastructure, our unique relationships with hardware manufacturers, our strong balance sheet, and the expertise of our team, Marathon was uniquely positioned to mine Kaspa and to capitalize on the higher margins that exist for those who can deploy Kaspa ASICs today.

Kaspa is 5th-largest proof-of-work coin

Kaspa currently ranks as the world’s fifth-largest PoW coin by market cap with over $4.1 billion.

According to CoinMarketCap, top PoW coins above Kaspa by market cap are Litecoin, Bitcoin Cash, Dogecoin and Bitcoin.

As of writing, the cryptocurrency ranks 28th overall by market cap and was seeing over $56 million in daily trading volume. Kaspa has a maximum supply of 28.7 billion KAS, with circulating supply currently at 24 billion KAS. The network’s block reward is currently 103.83 KAS.

While Bitcoin produces one block every 10 minutes, Kaspa’s BlockDAG mechanism allows for one block per second, which means faster transactions.

Marathon’s Kaspa mining power

Marathon first looked into Kaspa mining in May 2023, and deployed its first ASICs for the altcoin in September. Scaling of this new mining operation followed and the company has acquired 60 petahash of Kaspa ASICs.

ASIC Miner Value estimates that these machines can generate profits of up to 95% margins based on the current KAS price and network difficulty.

Marathon currently has 50% of its Kaspa mining capacity (30 petahash) in operation at the company’s facilities in Texas. Meanwhile, it expects to have the remaining capacity fully operational in Q3 2024.

The price of KAS was 9% up in 24 hours, trading around $0.175 on Wednesday at 5:13 pm ET.

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• US government moved 3,940 Bitcoin (BTC), which was worth over $241 million at the time, to Coinbase.
• This comes amid another sell-off by the German government, which has sold BTC since last week.
• Bitcoin price slipped 1.6% after the news, trading below $61k.

The latest crypto news is that the US government has moved 3,940 bitcoins worth over $241 million onto crypto exchange Coinbase.

Specifically, Lookonchain noted that US government-linked wallets had deposited the BTC into Coinbase Prime. Per the blockchain analytics account, the said wallets still hold 213,546 BTC currently worth over $13 billion.

According to blockchain security firm Arkham, the 3,940 bitcoins the US sent to Coinbase was originally seized from Banmeet Singh, an Indian narcotics trafficker. Singh forfeited the BTC in January this year after pleading guilty to drug trafficking and money laundering charges.

Germany, US selling Bitcoin

The news saw Bitcoin price slip below $61k again, shedding about 1.6% of its value to reach lows of $60,822. With the market still largely in downward momentum, its likely BTC could extend losses as the market reacts. 

Notably, the US government’s BTC transfer to a crypto exchange, probably to sell, comes amid a selling spree by wallets linked to the German government.

Earlier in the day, Lookonchain shared on-chain data that showed the German government’s wallets moved 750 bitcoins worth over $46 million to Bitstamp and Kraken exchanges. These transfers on Wednesday followed the more than 2150 BTC the said wallets had already sent to exchanges.

While the US government reportedly holds $13 billion more of BTC, today’s sales sees Germany remain with 45,609 BTC worth $2.81 billion.

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• Bitwise CIO Matt Hougan says Ethereum ETPs could see $15 billion in net flows in the first 18 months.
• Hougan suggests that a comparison with Bitcoin puts Ether ETFs net inflows at this AUM by end of 2025

The Ethereum spot ETFs are a matter of when, not if, in terms of their trading debut.

Ahead of the SEC’s approval for trading – analysts say it could be next week – Bitwise chief investment officer Matt Hougan has shared a bullish project on potential net inflows.

Bitwise CIO says Ethereum ETFs to see $15 billion in net inflows in 18 months

According to Hougan, the Ethereum ETPs market is set to attract net inflows of $15 billion in the first 18 months.

On how this pans out, the Bitwise CIO shares a scenario comparing the market size of Bitcoin and Ethereum. In this case, BTC currently accounts for 74% of the market share at $1.2 trillion while Ether is at 26% with $400 billion.

“Absent other information, I’d expect investors to allocate to BTC and ETH ETPs roughly in-line with their market caps,” Hougan wrote in a report.

Hougan also noted that US investors have poured about $56 billion into spot Bitcoin ETFs so far and this number could reach $100 billion by the end of 2025. In that case, the debut of Ether spot ETFs would mean an injection of $35 billion in assets for them to reach a comparative level of adoption.

“Using this $100 billion figure as a reference, spot Ethereum ETPs would need to attract $35 billion in assets to reach parity, a process I expect will take about 18 months,” he wrote.

BTC, ETH prices

Spot Bitcoin ETFs launched in January this year, sparking massive demand as new investors sought exposure to the benchmark cryptocurrency. BTC price rose as this and other factors buoyed sentiment to reach the all-time high above $73,000.

Ether also surged to above $4,000, although both coins are back to support levels around $61k and $3.3k respectively.

Despite the bearish flip, analysts are bullish on the two cryptocurrencies, including Standard Chartered who see BTC reaching $250,000 by end of 2025. SEC’s reported ending of probe into Ethereum 2.0 also lifted the Ether market.

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• PancakeSwap partners with Allora Network to launch AI prediction market on Arbitrum.
• Users can earn up to 60,000 ARB rewards with 100% Fund Protection for predicting ETH price movements.
• Future plans include expanding the AI predictions to more on-chain and off-chain markets.

PancakeSwap has partnered with Allora Network to launch an AI-powered prediction market on the Arbitrum Network.

The AI-powered prediction market aims to empower users with advanced tools to predict Ethereum price movements and participate in a dynamic, AI-driven environment.

PancakeSwap’s new AI prediction market

PancakeSwap’s new AI prediction market introduces a novel way for cryptocurrency enthusiasts to engage with market dynamics.

Powered by Allora Network’s sophisticated AI algorithms, users can leverage predictive insights to forecast ETH price fluctuations on the Ethereum Layer 2 (L2) Arbitrum network.

The integration of AI technology ensures a robust prediction mechanism, backed by Allora’s track record of accurate price forecasts across various assets.

Participants in the prediction market have the opportunity to compete for rewards totaling up to 60,000 ARB tokens.

This incentive structure not only encourages active participation but also aligns with PancakeSwap’s commitment to fostering a secure and engaging decentralized finance ecosystem. With 100% Fund Protection, users can confidently engage in predicting ETH price movements without concerns about the safety of their contributions.

PancakeSwap keen on expanding its exchange’s utility

PancakeSwap’s decision to deploy this AI-powered prediction market on Arbitrum highlights its dedication to expanding the utility of decentralized exchanges beyond traditional trading.

By integrating Allora Network’s AI capabilities, PancakeSwap enhances user experience by offering predictive tools that adapt and evolve based on market dynamics. This approach not only enhances the accuracy of price predictions but also mitigates potential risks associated with market manipulation, ensuring a fair and transparent environment for all participants.

Looking ahead, PancakeSwap and Allora Network plan on expanding the predictive capabilities of the predictive market beyond ETH price movements to encompass a broader range of on-chain and off-chain markets.

This strategic expansion aims to cater to a wider audience of cryptocurrency investors and traders, offering tailored investment strategies and real-time risk management tools through upcoming initiatives like CupcakeHop.

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• MAGA Hat (MAGA) traded at $0.0003611, more than 20% up in the past 24 hours.
• Donald Tremp (TREMP) was changing hands at $0.7933, more than 18% up over the sale time frame.
• President Joe Biden and former president Donald Trump will face off in the first debate on Thursday.

MAGA Hat (MAGA) and Donald Tremp (TREMP) are among the top gainers in the PolitiFi meme coins market today.

As well as Trump Mania (TMANIA), these meme coins have soared double digits each in the past 24 hours, outpacing the likes of Constitution DAO, TRUMP and BODEN.

MAGA and TREMP tokens soar

MAGA Hat currently trades around $0.0003611, about 20.5% in the past 24 hours and 49% this past week. Meanwhile, TREMP is changing hands around $0.7933, more than 18% in the past 24 hours and 13% over last week.

The gains are part of the overall bounce for PolitiFi tokens ahead of the US presidential candidate’s debate.

Anticipation around the event and the upcoming election has the sector poised for a possible explosion – with meme coins inspired by former president Donald Trump accounting for most of the top 10 political meme coins.

CoinGecko data in fact shows that there’s only one crypto meme coin on President Joe Biden in the top 10 of PolitiFi tokens as of writing – Jeo Boden (BODEN).

These tokens could collectively see some increased volatility in the week and after the first public debate set for June 27. Trump’s increased crypto-friendly stance contrasts sharply with the Biden administration’s approach over the past years.

Despite recent actions that suggest a crypto shift for the incumbent, including the rehiring of a former crypto advisor, it’s largely been Trump making headway as a crypto champion. The Republican party candidate’s campaign has received crypto donations, holds crypto and has pledged to “end Biden’s war on crypto.”

The televised debate will air on Thursday.

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