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In December, bitcoin miners garnered the highest monthly revenue of the year, amassing $1.51 billion. Additionally, this month marked a record in fee collection, with miners securing $324.83 million in onchain transaction fees. Bitcoin Miners Smash Records — Highest Monthly Haul of $1.51 Billion in December 2023 December 2023 has set a new benchmark for monthly revenue garnered by bitcoin ( BTC ) miners through block discovery and transaction verification. By Dec. 31, 2023, a total of $1.51 billion was amassed, including $324.83 million in onchain fees. This surpasses the former monthly revenue record set in May, where miners collected a total of $919.22 million, with $125.92 million from onchain fees. In July, miners collected a total of $865 million, with $19.21 million from fees. December, however, marked a significant increase, standing 1.64 times greater than May’s record, representing a growth of 64.27% or an additional $590.78 million. At the moment, according to bitinfoch...

Over the past year, statistics reveal that 54,002 bitcoin blocks have been mined from Dec. 30, 2022, to Dec. 30, 2023. Leading the industry this year, Foundry USA topped the charts by mining 16,492 blocks in the past 12 months. Additionally, miners navigated through a total of 27 difficulty adjustments, predominantly increases, yet successfully propelled the hashrate to an unprecedented lifetime peak. 2023: A Record-Breaking Year in Bitcoin Mining Amidst Technological Triumphs and Upcoming Halving Challenges In 2023, bitcoin miners had a prosperous year, uncovering over 54,000 bitcoin (BTC) blocks, each comprising 6.25 freshly minted bitcoins along with the fees tied to every discovered block. Archived data collected from btc.com shows that the leading mining pools for the year included Foundry, Antpool , F2pool , Viabtc, and Binance Pool respectively. Together, these five entities found a total of 45,707 block rewards throughout the year. In 2023, five dominant mining pools disc...

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has repeated earlier warnings about crypto “non-compliance” being a global “Wild West,” as speculative fever for BTC exchange-traded funds continues to swelter, with monolithic asset manager Blackrock revealing a plan to seed its own ETF with $10 million on Jan. 3. This and more just below, in the year’s final Bitcoin.com News Week in Review. SEC Chair Gary Gensler Issues Crypto Warnings as Anticipation of Spot Bitcoin ETF Approval Soars U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has issued warnings regarding cryptocurrency investments. “There is a lot of noncompliance in the crypto space,” he stressed, emphasizing that it “undermines confidence when so many people have been hurt and all they can do is stand in line in the bankruptcy court.” Gensler’s warnings came as the market expects imminent approvals of spot bitcoin exchange-traded funds (ETFs). Read More Grayscale Adopts Cash Model f...

The countries in the European Union collectively account for 6% of the Bitcoin network’s hashrate while the U.S. has emerged as the world’s number one bitcoin miner, a new report has said. The economic bloc’s bitcoin mining prospects are however being hamstrung by geopolitical tensions and the region’s energy dependence . The EU’s Bitcoin Mining Prospects According to the latest Bankless Times report on bitcoin mining, the 28 countries comprising the European Union (EU) collectively account for 6% of the Bitcoin network’s hashrate. On the other hand, Ireland, whose 2023 gross domestic product (GDP) of $115 billion is nearly 160 times less than the European Union’s GDP, accounts for 2% of the Bitcoin network’s hashrate. Despite having the potential to increase its share of the Bitcoin network’s hashrate, the EU countries lag because they lack the infrastructure required to achieve this. Commenting on this as well as the report’s data, Alice Leetham from Bankless Times said: The E...

In November, Bitcoin clinched the leading position in monthly non-fungible token (NFT) sales, and interestingly, this month Bitcoin continued to retain its top status, amassing a total of $853 million in sales. NFT Sales Surge: Bitcoin Holds Top Spot With Unprecedented December Rise Although NFT sales have declined in the past week, falling over 35% from the previous week, December witnessed a record-breaking $1.7 billion in NFT transactions. This marked an increase of more than 69% compared to November’s figures , with Bitcoin continuing to dominate NFT sales across blockchains. Moreover, BTC-based NFT sales soared 127.63% above the chain’s November totals, according to cryptoslam.io statistics . In December, Bitcoin’s NFT sales reached $853 million, while Ethereum’s NFT sales totaled $364.79 million. BTC-focused NFT sales outpaced ETH ’s, being 2.34 times greater in December. Solana secured the third spot with about $325.14 million in NFT sales, experiencing a 312% increase fro...

The now-defunct crypto lender Celsius has received authorization to pivot to bitcoin mining, following approval from U.S. District Judge Martin Glenn of Manhattan for the firm’s revised strategy. This move comes after the company’s initial proposal encountered obstacles from the U.S. Securities and Exchange Commission (SEC) at November’s end. Celsius Wins Court Approval to Pivot to Bitcoin Mining Amidst Restructuring Efforts Initially greenlit for restructuring by the court, Celsius encountered resistance from the U.S. securities regulator. On Nov. 20, 2023, the firm disclosed a shift solely to bitcoin mining. Celsius acknowledged it “received feedback” from the SEC, leading to plans to commence registration of shares in a newly public bitcoin ( BTC ) mining company, Mining Newco, to be customer-owned. This week, U.S. District Judge Martin Glenn sanctioned Celsius’ updated blueprint to transition into a bitcoin mining enterprise. Celsius debtors anticipate the total costs and ec...

The U.S. Securities and Exchange Commission’s expected approval of bitcoin exchange-traded funds and Nigeria’s lifting of a directive which excluded the crypto industry from the banking ecosystem are expected to help revive African users’ interest in crypto. The Bitcoin halving event, which is expected to occur sometime in April 2024, will again prove to be pivotal in setting the top crypto asset’s trajectory in 2024. Nigeria’s New Stance on Crypto Bodes Well for Africa After experiencing a rocky first half of the year punctuated with startup failures and increased regulator scrutiny, the African crypto and blockchain industry looks poised to start 2024 with renewed hopes and expectations. And nowhere else on the African continent is this renewed optimism more profound than in Nigeria. Since the removal of the former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, sometime in June, the central bank’s new boss, Olayemi Cardoso, has taken on a more conciliatory approa...

Ricardo Spagni, the former lead maintainer of Monero, one of the most used privacy coins in the cryptocurrency market, has called on Binance to take a stance on the issue of privacy coins. Spagni stated that avoiding taking sides in the process is a disservice to the whole industry and that any protocol-level changes to make Monero compliant are “unnecessary.” Former Monero Lead Dev Ricardo ‘Fluffypony’ Spagni Calls on Binance to Stand for Privacy Coins Ricardo “Fluffypony” Spagni, the former lead maintainer of Monero, has called on Binance to change its position on delisting privacy-focused coins. In a recent X post, Spagni criticizes Binance’s stance, which could lead to the delisting of these currencies in January. Supported by a report produced by consulting firm Perkinscoie, which states that “privacy coins protect legitimate individual and commercial privacy interests and that existing financial regulations sufficiently address the AML issues that privacy coins present,” Spa...

PRESS RELEASE. To empower the BTC and ETH ecosystems, the ZKSpace team has rebranded and upgraded to ZKBase. As an infrastructure protocol based on ZK (Zero Knowledge) proof technology, ZKBase is dedicated to providing scalability solutions for mainstream blockchains such as Ethereum and Bitcoin, and building decentralized cross-chain and Layer2 ecosystems. Our new official website, zkbase.org, is now live. We are about to launch ZKSwap(Bitcoin), catering to BRC20 and other Bitcoin ecosystem token trading. This marks the first step in our exploration of BTC Layer2 solutions. ZKS tokens will be exchanged for ZKB tokens at a 1:1 ratio. ZKB will also be upgraded to serve as the governance token of the ZKBase protocol. We will provide ERC20-BRC20 cross-chain solutions, allowing ZKB holders to enjoy the benefits of both Ethereum and Bitcoin ecosystems. While maintaining existing benefits, 100% of the transaction fees generated by ZKSwap(Bitcoin) will continue to be used for the repurc...

Several reports that have recently surfaced have revealed the extent of losses that crypto platforms and users faced during 2023 as a product of exploits and hacks. TRM Labs’ latest report states that the number ascended to $1.7 billion, while De.fi, another Web3 security firm, states that this number reaches higher, to $2 billion. Reports Share the Extent of Damage Caused by Hacks and Exploits in 2023 At the end of 2023, several reports have surfaced estimating the funds lost due to hacks and exploits during the year. In its latest report, TRM Labs, a blockchain security analytics firm, states this number reached $1.7 billion by mid-December, with the top ten hacks netting 70% of the funds stolen. Incidents classified as “infrastructure attacks,” which include stealing private keys that give hackers access to a crypto project’s servers or using software to steal funds, contributed almost 60% of the numbers reported. While $1.7 billion might seem astronomical, it is less than half...

Tether CEO Paolo Ardoino made a retrospective about the company’s growth since its beginnings. In a post in X, Ardoino celebrated the current standing of the company, with its USDT stablecoin reaching a $91.5 billion market cap on several blockchains, $4 billion in excess reserves, and a portfolio of mining, energy, and artificial intelligence (AI) investments. Paolo Ardoino Celebrates Tether Paolo Ardoino, CEO of Tether, the company behind the issuance of USDT , remarked on the evolution of the company, noting the size and significance it has reached for “millions of people,” especially in emerging markets and developing countries. Making an emphasis on the growth of the company and its change in recent years, Ardoino stated : Tether evolved. We listened to our community, we learned and improved. It’s a process. Always will be. No company has the luxury to exist without challenges. But the team kept its focus. Through the fire and the flames, we carry on. Ardoino also praise...

On Dec. 27, 2023, FTX debtors released a projected valuation of claims involving digital assets, with the proposal suggesting conversion of claims into dollar amounts pegged to crypto asset values as of Nov. 11, 2022. Consequently, an individual who held bitcoin on FTX would receive $16,871 for each coin, in contrast to the current value of $42,800 per bitcoin. FTX Customers May See Reduced Payouts in Crypto Asset Bankruptcy Case People who had funds on FTX and are now navigating the bankruptcy proceedings are less than satisfied with the proposed claims estimates by the debtors. The latest documentation provided by the FTX estate indicates that the “Digital Asset Conversion Table” adheres to section 502(b) of the bankruptcy code, mandating that claims be assessed at the time of the Chapter 11 petition filing. FTX notes that this valuation method has been utilized in other crypto-related bankruptcy cases, such as those involving Blockfi, Voyager Digital, and the Celsius Network ...

Since the year began, both bitcoin and the broader crypto economy have risen a great deal in value, with bitcoin climbing over 150% since Jan. 1, 2023. Yet, an impressive 11 out of 13 bitcoin mining firms listed on Nasdaq have seen even more substantial triple-digit increases this year. Topping them all, Marathon Digital Holdings experienced a significant 767% rise since the year’s commencement. 13 Nasdaq-Listed Bitcoin Miners Triumph in 2023 Bitcoin mining companies flourished this year, rebounding from a turbulent 2022. All 13 firms listed on Nasdaq, the electronic marketplace for securities swaps, have posted gains. A significant portion of these publicly traded miners outperformed bitcoin ( BTC ) this year. With the block reward halving event anticipated in approximately 116 days, 2024 is shaping up to be a pivotal year for mining companies and observers alike. Marathon (Nasdaq: MARA ) claimed the leading position this year, rising 767% since the beginning of the year. MARA’s s...

Hong Kong Monetary Authority (HKMA) and Financial Services and the Treasury Bureau have released a public consultation paper to gather residents’ opinions on the proposed regulatory regime for stablecoin issuers. The HKMA also announced the introduction of a sandbox arrangement whose purpose will be to convey supervisory expectations and guidance on compliance to prospective stablecoin issuers. HKMA’s Sandbox Arrangement On Dec. 27, the Hong Kong Monetary Authority (HKMA) and Financial Services and the Treasury Bureau (FSTB) released a public consultation paper to gather residents’ opinions on the proposed regulatory regime for stablecoin issuers. The consultation period began on the day of the announcement and will end on Feb. 29, 2024, the two bodies said in a joint statement . In addition to releasing the consultation paper, the HKMA announced that it will introduce a sandbox arrangement whose purpose will be to convey supervisory expectations and guidance on compliance to prosp...

The Indian Oil Ministry recently acknowledged that the country’s push to pay for oil with rupees has failed because suppliers are not sure if they will be able to repatriate their funds. The decision is intended to help diminish India’s reliance on the U.S. dollar when settling its cross-border obligations. High Transactional Costs of Converting Rupees The Indian oil ministry recently informed a standing committee of parliament that the country’s attempt to have oil producers accept payment in the local currency has failed. The ministry cites the perceived high cost of converting the rupee to other major currencies as one of the reasons for the policy’s failure. The oil suppliers, including the United Arab Emirates’ ADNOC, have also highlighted possible challenges that may arise when repatriating the generated revenues, the ministry added. According to a report in the Economic Times, some oil producers believe the rupee’s weaknesses versus the U.S. dollar make it a less-than-idea...

The International Organization of Securities Commissions (IOSCO) has urged regulators seeking to understand decentralized finance (defi) arrangements to identify individuals who “exercise control or sufficient influence at the enterprise level.” The identification of such individuals potentially enables regulators to pinpoint “existing or potential regulatory touchpoints.” Understanding the Defi Arrangement at the ‘Economic Reality’ Level The International Organization of Securities Commissions (IOSCO) has urged its members seeking to regulate decentralized finance entities to first “understand the defi arrangement at the economic reality or ‘enterprise level.'” To achieve this, IOSCO, an association of securities regulators, encouraged its members to identify the individuals who “exercise control or sufficient influence at the enterprise level.” According to the association’s final report which comes with policy recommendations for regulating the defi market, the identificati...

PRESS RELEASE. In the challenging global financial climate of 2023, LBank Labs, a $100 million fund and Fund of Funds, has made a strategic move by establishing its presence in Morocco. This decision, led by El Bachir Essamari and robustly supported by the leadership team, represents a significant step forward. Culminating in the prestigious Casablanca Finance City (CFC) certification, this move not only underscores Morocco’s role as a pivotal hub connecting the US, Europe, MENA, and African markets but also brings significant benefits and partnerships. Morocco: A Strategic Hub for Global Business Morocco’s strategic location serves as a bridge between major global markets, offering a key gateway for international trade and investment. Its political stability is a beacon in a region often marked by turmoil, attracting foreign investors seeking a secure environment. The country’s commitment to renewable energy and technological innovation makes it a dynamic and forward-thinking busin...

Elon Musk, CEO of Tesla, Spacex, chairman of X, and the wealthiest man alive, has declared he doesn’t spend “a lot of time” thinking about cryptocurrency. In a recent X Space hosted by Cathie Wood, CEO of Ark Invest, the self-proclaimed “Dogefather” stated he had more interest in the concept of money and the elements surrounding it. Elon Musk Is Not Much Into Crypto Anymore Elon Musk, who had ostensibly been very interested in Bitcoin, declared he was not into crypto anymore. In an X Space hosted by Cathie Wood, CEO of the fund management firm Ark Invest, Musk was asked about his opinion on the future of Bitcoin and its influence on global financial markets. Musk answered by showing his disinterest in the crypto issue. He stated: I have to say, I don’t spend a lot of time thinking about cryptocurrency. Hardly any at all. Nonetheless, the wealthiest man in the world stressed that he was interested in money and its definition, stating that he thought about it as “a database of r...

Nobel Prize winning economist Robert Shiller has warned against the effects that the confiscation of Russian assets in Western countries might have on the stability of the dollar-dominated financial system. According to Shiller, a move of this kind might cause a cataclysm, opening the doors for countries that use the dollar as a reserve currency to move their treasuries to other currencies. Robert Shiller Fears Cataclysmic Events The confiscation of Russian assets frozen by Western countries due to sanctions following the Russia-Ukraine conflict might trigger a chain of events that would affect the strength of the U.S. dollar-led financial system. This is the opinion of Robert Shiller, winner of the 2013 Nobel Prize in Economic Sciences, who is openly inviting the Biden administration to ponder more carefully about the results of such a measure. In a recent interview offered to the Italian newspaper La Repubblica, Shiller declared that other nations might assume that if the U.S. d...

On Dec. 26, 2023, the Bitcoin-based BRC20 token, ORDI, soared to a record $81.34 per coin before declining over 14% from its peak. BRC20s have emerged as significant players in the crypto asset arena, with several tokens mirroring ORDI’s trajectory. Bitcoin’s BRC20 Token ORDI Peaks and Dips as a New Era of Crypto Assets Is on the Rise The introduction of BRC20 tokens , an innovative token standard on the Bitcoin blockchain, marked 2023 as a year of substantial growth in value for these assets. BRC20s leverage the Ordinals protocol to facilitate the creation and exchange of fungible tokens, akin to Ethereum’s ERC20, yet functioning under the unique conditions of Bitcoin’s Proof-of-Work (PoW) secured architecture. BRC20 tokens harness the Ordinals protocol , embedding data into individual satoshis, Bitcoin’s smallest denomination. This encoding turns each satoshi into a distinct, fungible token within the Bitcoin network. ORDI, a leading BRC20 token, achieved an unprecedented high on...