On Tuesday ProShares’ Bitcoin Strategy Exchange traded Fund (ETF), the first-ever US-based ETF, was launched. It trades under the ticker BITO. The launch and its seismic reception created upward momentum, which saw the top cryptocurrencies [Bitcoin & Ethereum], surpass their previous highs and reach new heights during Thursday’s trading session
Aside from the markets, significant developments were seen in several crypto-oriented entities like Coinbase and Chainalysis. This week’s headlines include
Square may build bitcoin miner, chief executive discloses
Square CEO Jack Dorsey suggested last Friday that Square might be joining the bitcoin mining industry. He announced plans to create a miner that would open-source for all users and businesses worldwide. In a series tweets, Dorsey stated that the custom silicon-based system would incorporate community input just like Square’s hardware Bitcoin wallet.
The Twitter chief stated that his company will use this project to make Bitcoin mining more accessible to as many people possible. Dorsey pointed out that crypto mining is still dominated by large-scale investors who have substantial capital backing to support their endeavors.
The Square Jesse Dorogusker, who is the head of hardware at Square, proposed that the team work on the project. He will be responsible for studying the technical hurdles necessary to make it a reality. Dorsey, who has shown a dedication to Bitcoin in the past, said that he would quit his positions at Square and Twitter to devote himself to the digital asset.
Grayscale files to convert its Bitcoin Trust to Bitcoin ETF
Grayscale, a digital asset manager, has applied to the US regulators for a change in its Grayscale Bitcoin Trust (GBTC), into a Bitcoin Spot Exchange Trade Fund. On Tuesday, the world’s largest crypto asset manager announced the change. Grayscale Investments Vice President and Head Of Legal Craig Salm expressed delight at Proshares Bitcoin Futures ETF being listed on a trading platform; the NYSE.
The executive explained that his company’s filing had set the timer for a 240-day by which the SEC would approve or deny the offering. Salm stated that Bitcoin is an asset that will be here to stay, and that as investors access the coin increases, it will become more popular.
Grayscale Investments’ Global Head of ETFs Dave LaValle stated that they believe regulators are still open to future-based ETFs. He explained that this means that financial watchdogs should be able to accept ETFs that offer spot pricing exposure for these assets. Grayscale currently holds approximately 3. 44% is the current largest Bitcoin trust holding approximately 3.
Chainalysis joins the Bitcoin bandwagon
Chainalysis added an undisclosed amount Bitcoin to its books. The blockchain data solutions company revealed its plans via a blog post Tuesday. It stated that it would use the New York Digital Investment Group’s (NYDIG), brokerage services, and would also provide custody.
Michael Gronager from Chainalysis explained that although this crypto purchase was unique, it wouldn’t be the first. The company plans to invest in other digital assets in future. Gronager stated that Chainalysis is still committed to building trust in cryptocurrency and that the company will be adding Bitcoin to its investment portfolio.
Chainalysis is one of the many corporate companies that have added crypto to their portfolio. Significantly the largest, even by the numbers, Michael Saylor’s MicroStrategy holds more than 114,000 Bitcoin. The top five publicly held BTC companies include Square, Galaxy Digital and Voyager Digital.
Coinbase partners with Facebook and the NBA
The National Basketball Association (NBA), announced Tuesday that it had reached a deal with Coinbase. Coinbase will be the official cryptocurrency partner of the NBA. This new venture would see Coinbase featured in the NBA 2K League and USA Basketball as well as the NBA G League and the WNBA.
It wasn’t clear, however, if the partnership meant fans could use cryptocurrency to purchase matchday tickets or merchandise from their favorite teams, as Mark Cubans’ Maverick Texas has done.
Coinbase confirmed that it will be working with Facebook to launch the digital wallet Novi, a social network company. Coinbase will hold crypto while Diem (Novi’s host company), plans to manage the pilot program. This launch will also adopt the Pax Dollar stablecoin to be the token of preference, but Facebook plans eventually to replace it with Diem once it has received the regulatory approvals.
Five US senators wrote to Mark Zuckerberg after the announcement asking him to stop activities related to the digital wallet. Senators claimed that Facebook was not trustworthy to manage a payment system, citing past abuse. Diem responded to the letter, explaining that the company is not linked to Facebook and instead functions independently with representatives of the social media company.
Huobi gets go-ahead to trade crypto derivatives
A Monday statement revealed that Huobi was approved by Hong Kong’s Financial Services Agency to register as a Type 1 Financial Instruments Business. This will allow the exchange to trade in cryptocurrency derivatives. Huobi stated that the approval allows it to create derivatives and facilitate trading.
Haiteng Chen, the CEO of the exchange, stated that the new license would allow for expansion of services to customers and help the company move into the next phase. Haiteng Chen, the CEO of the exchange, explained the importance of this type license by stating that it allows the company to offer more services than spot trading.
The FSA is well-known for its strict regulatory requirements. It has established regulations regarding cryptocurrencies. All crypto exchanges must adhere to the same rules that govern financial institutions. Compulsory registration is required for all exchanges to be registered as type I financial instrument businesses. The FSA requires that all crypto tokens must be approved before being listed on any exchange in the country.
Bitcoin Mining Difficulty Drops to 4.33%, Largest Reduction in 10 months
It’s now 4. 33% easier to mine bitcoin over the next two weeks as the difficulty adjustment algorithm (DAA) dropped from 31. 25 trillion to today’s 29. 85 trillion. It’s the largest DAA drop since July 17, 2021, when the difficulty dropped 4. 81% at block height 691,488.
Bitcoin Mining Difficulty Drops 4. 33% — The Largest Drop Since July 2021
- Mining bitcoin is a lot less difficult than it was before May 25, 2022, as Bitcoin’s difficulty adjustment algorithm (DAA) saw a 4. 33% reduction in difficulty.
- Prior to the drop, Bitcoin’s difficulty was approximately 31. 25 trillion and today, it’s approximately 29. 85 trillion after the largest drop since July 2021. The DAA change occurred at block height 737,856 on Wednesday.
- Bitcoin’s USD value has been lower in recent times, so a downward difficulty adjustment helps miners recoup some of the losses by making it 4. 33% easier to find bitcoin block rewards. Currently, a Bitmain Antminer S19 Pro+ Hyd. with 198 terahash per second (TH/s) in hashpower can get an estimated $9. 24 per day in BTC profits.
- Bitcoin’s global hashrate has been consistent and above the 200 exahash per second (EH/s) region for quite some time now. On May 2, 2022, Bitcoin’s hashrate tapped an all-time high at 275 EH/s at block height 734,577.
- Right now, there are 1,864 bitcoin (BTC) blocks left to be found until the next DAA change on June 8, 2022, and 101,992 blocks left until the next reward halving. There will be roughly 51 consecutive DAA changes every two weeks before the block reward halving occurs.
- Bitcoin’s current difficulty, the USD value, and a cost of $0. 12 per kilowatt-hour (kWh) makes it so machines that produce 30 terahash per second (TH/s) are not very profitable, unless the miner pays less than $0. 12 per kWh. For example, the Innosilicon T3+ (52 TH/s), gets around $0. 21 per day in BTC profits if electricity costs $0. 12 per kWh.
- Three-day mining pool statistics indicate that there are 12 known mining pools today dedicating SHA256 hashpower to the BTC chain. Around 1. 44% of the global hashrate is operated by unknown or stealth miners with roughly 3. 04 EH/s of hashpower.
- Metrics over the past 72 hours show Foundry USA has been the top bitcoin mining pool in terms of global hashrate and blocks found. At the time of writing, Foundry’s hashrate is approximately 24. 28% of Bitcoin’s global hashrate or 51. 10 EH/s. The pool found 101 BTC block rewards out of the 416 blocks found during the past three days.
- Bitmain’s Antpool managed to find 61 blocks out of the 416 found in three days, making it the second largest pool in terms of computational power. Antpool’s 30. 86 EH/s of hashrate equates to 14. 66% of the global aggregate.
- With BTC‘s difficulty running at 29,850,529,410,160 estimates currently show another reduction is in the cards, but 13 days can change the estimation a great deal. The DAA has a reduction of 0. 16% lower.
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What do you think about the downward difficulty change on May 25 at block height 737,856 on Wednesday? Please comment below to let us know your thoughts on this topic.
Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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LimeWire signs major deal with Universal Music Group to provide music-based NFTs
LimeWire, the new NFTs marketplace that sprung from the discontinued popular music app of the early 2000s, has scored a huge deal with Universal Music Group (UMG). LimeWire’s continued rise into the spotlight is due to the partnership with UMG. UMG is a global leader in entertainment and music. Per a press announcement released on…
LimeWire, the new NFTs marketplace that sprung from the discontinued popular music app of the early 2000s, has scored a huge deal with Universal Music Group (UMG).
LimeWire’s continued rise into the spotlight is due to the partnership with UMG. UMG is a global leader in entertainment and music.
Per a press announcement released on Tuesday, the deal with Universal Music allows the firm to offer its digital collectibles marketplace to several iconic record labels and revered artists.
UMG to license artists to LimeWire’s NFT marketplace
Labels could tap into LimeWire NFT Marketplace to increase fan engagement through digital music NFTs. These include Virgin Music, Virgin Music and Republic Records.
Paul, LimeWire coCEOs, commented on the collaboration. Julian Zehetmayr and Paul, LimeWire coCEOs, stated that the partnership was “true evidence of the speed at which the music business embraces Web3”.
“We’re thrilled to open up the LimeWire NFT ecosystem to Universal Music Group artists and fans and can’t wait to see the first creative projects being launched on the marketplace,” they added.
Important milestone reached! We’re thrilled to announce our partnership with Universal Music Group @UMG, opening up opportunities for music NFTs to all artists signed to Universal and UMG labels.
— LimeWire (@limewire) May 17, 2022
The partnership will enable the marketplace to access the licenses it needs to partner artists signed up by UMG. The collaboration will translate to original music-based NFT project.
The NFT market continues to grow, as major players, including governments, embrace technology that allows the creation and security of digital items on blockchain.
Monetization possibilities make the industry a great fit for artists and other people looking to improve their revenue streams. LimeWire will offer that opportunity to UMG artists.
Smart Token Labs supports Carla Chan & La Prairie in First NFT drop
Manly, Australia, 17th May, 2022, Chainwire Bringing Art and Beauty Lovers Into Web3 The first NFT art collection by La Prairie, the leading luxury skincare brand in the world, was created with the help of Carla Chan, a world-renowned digital artist. It is more than just the inspiring and innovative art it contains. “Space Beyond”…
Manly, Australia, 17th May, 2022, Chainwire
Bringing Art and Beauty Lovers Into Web3
The first NFT art collection by La Prairie, the leading luxury skincare brand in the world, was created with the help of Carla Chan, a world-renowned digital artist. It is more than just the inspiring and innovative art it contains.
“Space Beyond” by Carla Chan involves 365 + 1 editions of unique, forever-changing artworks generated in real-time with weather and demographic data. Each artwork represents a day in the year of the 31 most populated cities across the globe.
The artwork will be dropped on May 18 at FRIEZE New York and proceeds will benefit the preservation of glaciers around the world.
The drop can be accessed at www.nft.carlachan.com from 11am EDT on May 18.
Smart Token Labs supports Carla Chan, La Prairie and brings the NFT drop to life in order to attract an art buyer audience that isn’t necessarily crypto-native.
“Our TokenScript framework was used to make it simple for people to buy the NFT without having a digital wallet, and then to unlock unique experiences using the La Prairie brand via NFT,” stated Victor Zhang, CEO of Smart Token Labs.
‘ The payment flow allows you to buy the NFT using a credit card. A magic link attestation will be sent to the buyer to prove ownership. The magic link can be used to mint the NFT at a later date via a digital wallet.
NFT holders will have access to exclusive experiences and custom software via TokenScript Brand Connector, which connects the NFT with a La Prairie brand website.
Carla Chan stated : “We are thrilled that holders of Space Beyond NFTs can seamlessly interact with La Prairie brands at locations around the globe via experiences such as events and product reveals. Smart Token Labs has provided world-class technology and support to us in bringing art buyers from all over the globe into our first NFT collection. We are grateful for their help. We couldn’t have been happier with the scope and excitement of this project. Now I’m super excited to launch my collection at Frieze New York and Art Basel Hong Kong. It will certainly bring/attract old collectors into web3 with no hassle “
About Smart Token Labs
Smart Token Labs has set a new standard in tokenized future. Since 2017, it has been building two core bridges to this future: AlphaWallet, a superuser agent for smart tokens and TokenScript, the smart token interface for token composability. TokenScript is a token-centric framework that allows you to build composable smart tokens across all NFTs, PlayFi and DeFi.
About Carla Chan
Carla Chan, a media artist based in Berlin from Hong Kong, is . Her approach to media art is similar to the ever-evolving technology. It challenges conventional perceptions of media interfaces and opens up new possibilities for artistic expressions. Chan’s work has been exhibited at many international venues, including the Hong Kong Museum of Art (HK), ZKM (DE), Art Basel (HK), Frieze New York (US), Today Art Museum (CN), among others. At the Hong Kong Arts Development Awards, she was awarded the Toy Berlin Masters Award in DE and Young Artist Award in Media Arts. Her works are in the Burger Collection (CH/HK), and M+ Museum, (HK )
About La Prairie
La Prairie is the leader in luxury skincare, present in 90 countries around the world. Rooted in Switzerland, La Prairie evokes innovation, performance, high-touch service and Swissness — the purity, precision and excellence inherent to the extraordinary land that saw the brand’s inception in 1978.
About La Prairie and Art
La Prairie is intrinsically connected to the world art from its inceptions. It finds inspiration in contemporary aesthetic codes which fuel the House’s creative approach. Paul Niehans, La Prairie’s founder, has been a tireless pursuer of timeless beauty. La Prairie creates new connections with other art worlds in an effort to preserve beauty for all time.
Chief Marketing Officer, Brent Annells, Smart Token Labs, [email protected]
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