CRYPTOLOGY

2023-09-01 16:27:20 Bitcoin withdrawals from exchanges are outpacing deposits at highest rates since the FTX collapse

There are currently 58,000 BTC (red) being withdrawn for every 45,000 BTC deposited (green) Open / Comment

2023-08-31 10:28:47 Sam Bankman-Fried's Legal Team Raises Concerns Over Trial Preparations

Sam Bankman-Fried's attorneys have raised concerns regarding the measures taken by authorities for their client's upcoming criminal trial in October. In an August 25 submission to the United States District Court for the Southern District of New York, the legal representatives argued that the measures proposed by the prosecutors were not adequate for the FTX founder to fully prepare for his trial.

The heart of the matter pertains to the discovery materials related to the case. On August 24, the U.S. Justice Department provided approximately 4 million pages of these materials. However, according to the defense, there are still "millions of pages of documents and terabytes of data" left to be reviewed by Sam Bankman-Fried.

“We do not believe that anything short of temporary release will properly address these problems and safeguard Mr. Bankman-Fried’s right to participate in his own defense,” the defense stated. “Before his bail was revoked, Mr. Bankman-Fried was spending 80-100 hours a week reviewing the voluminous discovery and creating detailed analyses that he could update constantly and share with his attorneys.” Open / Comment

2023-08-28 20:24:01 NEW:  Laos energy company Électricité du Laos  will suspend electricity supply to mining amid drought conditions

This is one way in which Bitcoin mining helps to bring flexibility to electric grids:

- When energy is abundant they miners buy excess energy.

- When energy is of need, miners can turn their operation off. Open / Comment

2023-08-27 19:18:39 ICYMI: Coinbase is talking with the biggest Canadian banks to obtain their support.

This move comes amid rising regulatory uncertainty in the US Open / Comment

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2023-08-24 17:43:38 Savl Wallet is the Swiss Army knife of apps for DeFi and cryptocurrency enthusiasts. With its user-friendly interface, it offers more features than any other digital wallet on the market.

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2023-08-22 13:00:00 ICYMI: This is what mining Bitcoin in 2013 looked like during a 40% crash

Bitcoin was trading at aproximately $70 USD at the time Open / Comment

2023-08-21 10:48:07 Open / Comment

2023-08-20 17:00:45 SpaceX Reports $373 Million Bitcoin Write-Down in Financial Documents

Elon Musk’s SpaceX is among many alleged culprits behind a seismic crypto market crash on Thursday, which has triggered over $1 billion in liquidations over the past 24 hours.

Bitcoin (BTC)’s sudden collapse to nearly $25,300 shortly followed the Wall Street Journal (WSJ) published a report offering rare insight into the privately owned aerospace company’s financials.

The report said that SpaceX “wrote down the value of bitcoin it owns by a total of $373 million last year and in 2021 and has sold the cryptocurrency.”

A “write down” may be due to a combination of deliberate BTC sales, and a decline in the value of the company’s BTC compared to its average purchase price. WSJ provided no exact figures showing the amount Bitcoin SpaceX sold or bought, nor at what times throughout the past two years.

Musk has previously confirmed that he personally owns some Bitcoin, as does SpaceX, but never specified how much.

The billionaire’s public car company, Tesla, has been more transparent, announcing a $1.5 billion Bitcoin purchase back in February 2021. Though its value peaked at $2 billion, the company has since sold most of its BTC, which was worth $184 million according to its latest earnings reports. Open / Comment