Cryptocurrency & Mining News - Page 6

A non-fungible token (NFT) titled "This Changed Everything" has sold for much less than anticipated when considering its historical value.

Sir Tim Berners-Lee, a co-inventor of the World Wide Web, has created and sold an NFT for the source code of the World Wide Web. The auction for the digital artwork was hosted on Sotheby's and shows a time-stamped file of the 9,555 lines of source code on a high-res image. The digital artwork also includes a 30-minute animation of the code being written and a letter from Berners-Lee.

Considering the significance the World Wide Web had on modern-day life and how much of an integral piece of code it is in the history of the internet, the NFT only sold for $5.4 million. While that still is a substantial amount of money, it's not that much compared to digital artist Mike Winkelmann's Beeple, which sold for over $69 million.

New reports are indicating that a George Soros investment firm has been given the thumbs up to begin trading cryptocurrencies.

People close to the matter spoke to author Michael Bodley regarding Dawn Fitzpatrick, the chief investment officer for Soros Fund Management, a private investment firm founded by George Soros. The sources said that Fitzpatrick has given the go-ahead for the firm to begin trading Bitcoin and other cryptocurrencies. The sources decided to remain anonymous but revealed that the trading has occurred in the last few weeks.

Additionally, the sources claimed that Fitzpatrick and her team have been investigating cryptocurrencies and other digital assets for a prolonged period of time and that this latest venture is much more than just testing the waters with digital assets. The adoption by Soros, if it is true, maybe a good thing for the price of Bitcoin, but it also could be very bad, as Soros is famous for shorting the British pound in 1992 where he earned $1 billion profit in a single day, making him his reputation we know today by assisting the in breaking of the Bank of England.

The world of cryptocurrency has seen better days as of late after China announced its crackdown on the main digital currency, Bitcoin.

China announced its ban on Bitcoin, and in the following weeks, the value of the Bitcoin steadily dropped for most of May and June. The price dropped all the way down to $30,000 from a high in April of $63,000. Some positive news for the cryptocurrency is coming out of Mexico as the nation's third-richest individual has said that he is currently "working" to get his bank to accept Bitcoin.

The announcement comes from billionaire and cryptocurrency advocate Ricardo Salinas Pliego, who has openly backed Bitcoin and even recommends any investor to have Bitcoin in their portfolio. Salinas personally holds 10% of his liquid portfolio in cryptocurrency, and according to Bloomberg Billionaires Index, Salinas' net worth has risen $2.8 billion in 2021 to $15.8 billion.

A statement on Saturday revealed that Binance has been banned in Britain by the UK regulator watchdog.

The announcement comes from the Financial Conduct Authority (FCA), who stated that Binance was "is not currently permitted to undertake any regulated activities without the prior written consent of the FCA." The FCA didn't exactly state why the exchange has been banned, but Binance Markets Limited has until June 30 to notify the FCA that it will comply with its demands and also notify users in the U.K. of the now imposed restrictions.

However, a Bianace spokesperson stated to CNBC, "The FCA U.K. notice has no direct impact on the services provided on Binance.com ... Our relationship with our users has not changed. We take a collaborative approach in working with regulators, and we take our compliance obligations very seriously. We are actively keeping abreast of changing policies, rules and laws in this new space."

Despite the price of Bitcoin plummeting in recent weeks, Mexico's third-richest individual has said that the cryptocurrency is the "new gold".

Ricardo Salinas Pliego is Mexico's third-richest individual and has amassed a net worth of more than $15 billion through several business interests under the conglomerate Group Salinas. Pliego showed his backing for Bitcoin on Twitter, where he confirmed the recommendation to purchase Bitcoin over fiat currencies if an investment is the goal of the buyer.

Pliego responded to Michael Saylor, the CEO for MicroStrategy, where he said, "That's totally right, Bitcoin is the new gold, but too much more portable, transport Bitcoin is so much easier than having your in pockets gold bars ... and i know that I'm going to be attacked by gold lovers". Saylors tweet referenced an interview with Pliego where he states that Bitcoin can outperform the US dollar in wealth preservation. If you are interested in reading more about this story, check out this link here.

Elon Musk has been a center point for the cryptocurrency market for some time now, and after the events of Tesla accepting and then denying Bitcoin as payment for its electric vehicles, some people have questioned Musk's motives for being involved in the cryptocurrency market.

One individual who has questioned Musk's motives is CEO Alex Mashinsky, the head of a centralized cryptocurrency lending platform called Celsius. Mashinsky says that Musk isn't helping the cryptocurrency community and suggests that he is manipulating the market by saying that he is a "tourist" that visits and leaves the the land of cryptocurrencies.

Additionally, Mashinsky says that Musk is the one benefiting from accepting Bitcoin as payment for its vehicles and not the person doing the purchasing. Here's what Mashinsky said, "If the richest guy in the world is willing to exchange a Bitcoin for a Tesla, you have to ask yourself, who is getting the good deal? The minute you buy that Tesla, it's worth less than what you paid for it, but Bitcoin is going to continue to increase in value. So that transaction is good for Elon, but it's not good for you."

The price of Bitcoin (BTC) is suffering, and everyone that is involved in the cryptocurrency market has felt its effects.

However, the suffering of BTC's price may come to an end relatively soon, or at least according to Celsius, a centralized cryptocurrency lending platform CEO Alex Mashinsky. The Celsius head has pinned BTC to reach $160,000 before the end of the year, saying to Cointelegraph that "we haven't seen the highs yet for 2021". Additionally, Mashinsky said that in the past, he called that the price of BTC will correct and that this happens when "When you go too high, too fast".

Mashinsky goes on to use a metaphor for the price of BTC, saying that BTC is much like a spring "Bitcoin is like a spring - we stretch it too much and we put too much leverage. Too many people got greedy." Using Mashinsky's metaphor, it seemingly appears the current stage of the market is after the spring has reached the apex of its stretch and has now recoiled back to its normal tension. For more information on this story, check out this link here.

Twitter CEO Jack Dorsey will be holding what has been dubbed at "The B Word" summit in the coming weeks, and there will be a special guest appearance.

Dorsey announced the news of "The B Word" summit on his personal Twitter account, where he posted a link to the website that says the summit will be focused around bringing thought-provoking Bitcoin information to the masses. The summit also aims to "demystify and destigmatize mainstream narratives about Bitcoin" and also provide reasons why institutions should embrace as well as bring attention to the parts of the network that require support.

Tesla CEO Elon Musk jokingly replied to the initial tweet by Dorsey with a fantastically lame pun "Bicurious?" to which Dorsey said, "Bizarre! Let's you and I have a conversation at the event. You can share all your curiosities..." Dorsey went on to say that Musk and he should have "THE talk", and Musk agreed. "The B Word" summit will be a live event and commence on July 21. For more information, check out this link here.

Iran has just granted permission for 30 crypto mining farms to operate across the country, while on the other hand clamping down on crypto mining farms.

Iran's Ministry of Industry, Mine and Trade has exempted 30 crypto mining farms to operate, issuing them all licenses. The crypto mining farms that were granted permission to crank up their hash power, with 6 licenses in the Semnan province, while Alborz, Mazandaran, East Azarbaijan and Zanjan each receiving 4 licenses. There's only a single crypto mining farm prohibited to operate in the Tehran province.

The country has been fighting power shortages and blackouts, blaming them on crypto mining since 4.5% of all global Bitcoin mining between January and April 2021 place in Iran, according to blockchain analytics firm Elliptic. The Iranian government says that 85% of Bitcoin mining in the country is done so illegally, with licensed Bitcoin mining farms shutting down their operations voluntarily last month to lower the pressure on Iran's electricity grid.

Bitmain is about to unleash its new ASIC crypto mining rig with some serious horsepower behind it, with Bitmain teasing it will have 9500MH/s of power to mine Dogecoin, Litecoin, and other cryptocurrencies.

The most profitable scrypt miner on the market right now is the Innosilicon A6+ LTC Master, which has 2200MH/s of hash power -- Bitmain has a gigantic upgrade here on its hands with the new Antminer ASIC which has 9500MH/sec of hash rate power -- close to 4x.

Bitmain's new Antminer ASIC was revealed during the week, with China-based journalist Colin Wu having the exclusive. He revealed on Twitter: "On June 19th, Bitmain released the new Litecoin/Dogecoin mining machine L7, with a hashrate of 9500MH/s and 3425W, equivalent to 19 sets of L3+, and the price is $15000, overseas purchase price is reduced by 13%. The delivery time is November 2021".