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Swan Mining started its operations in the summer of 2023, and has mined over 750 BTC. Currently, it has 4.5 exahash and expects to exceed 8 exahash by March. Swan Bitcoin, a US-based investment platform focused Bitcoin (BTC), has announced Swan Mining, the company’s mining arm that had been operating in stealth mode. The company’s Bitcoin mining arm launched its operations in July 2023, the company said in a press release on Thursday, noting that it has so far mined over 750 bitcoins. Swan Mining currently contributes 4.5 exahash to the Bitcoin network, the firm added. The mining unit expects its mining capacity to increase to more than 8 exahash by March, 2024. “ Swan Mining is a great example of our company thesis playing out. With our exclusive focus on Bitcoin adoption and helping the industry grow, we continue to attract the talent, opportunities, and capital required to launch new business lines and grow them rapidly ,” Sw...

Using Web3 and NFTs to create another slate of millionaires isn’t a good use of the technology, says EndeavourXR CEO Amy Peck. The crypto industry should focus on building blockchain-based solutions everybody can benefit from instead of launching cash grabs for brands , says Amy Peck, CEO of tech-focused consulting firm EndeavourXR. Peck told Cointelegraph at the Lisbon Web Summit that Web3 firms should be build-first oriented and create attractive products to draw newcomers . She added using Web3 and nonfungible tokens (NFTs) as “just another money grab from brands ” to create another slate of multi-millionaires “doesn’t seem like a good look” nor a good use of what is an “elegant technology.” “This is an infinite landscape. The money’s going to be there, right? Let’s build a better bread box. We have the opportunity to do something really interesting and reinvent this economic construct, invite more people to the party, not just create another 1%.” Obtaining an on-chain proof of id...

VanEck strategy advisor Gabor Gurbacs expects a wave of new investment capital and immigration will push El Salvador’s economic growth in the coming years. El Salvador can follow Singapore’s lead and become a financial center in the Americas, according to  Gabor Gurbacs, strategy advisor of investment management firm VanEck. “I say often to portfolio managers and asset allocators that El Salvador has the potential to become the Singapore of the Americas,” Gurbacs explained in an Oct. 28 X post. Similar to what Singapore achieved in the late 1900s, Gurbacs expects new capital investment and immigration will be the main drivers behind El Salvador’s increased economic growth over the next few years. His comments follow an Oct. 28 post by United States broadcaster and Bitcoiner Max Keiser, which was captioned “Move to #ElSalvador, The New Land of the Free.” Keiser, who now lives in El Salvador, listed Bitcoin (BTC) and the U.S. dollar's legal tender status, a clean up in El Salvador...

Cointelegraph apologizes to its readers and discusses its investigation into what led to the posting of unverified news on X about a spot Bitcoin ETF. Dear Cointelegraph readers, We are incredibly grateful for the support and trust you have placed in our publication over the last 10 years. We strive to deliver the most thoughtful, engaging and impactful news affecting the cryptocurrency space. Earlier today, during routine coverage, Cointelegraph’s social media team posted a message on X without prior editorial approval stating that the United States Securities and Exchange Commission had approved BlackRock’s iShares spot Bitcoin exchange-traded fund, or ETF. This was false , the result of misinformation. The news lead originated from an unconfirmed screenshot posted by an X user who claimed it was from the Bloomberg Terminal. Cointelegraph did not ultimately publish an article with this incorrect information, but we deeply regret posting this in error on X and the impact it has caus...

The plugin is free to use and features up-to-date crypto data sourced from CoinMarketCap. Crypto data aggregator CoinMarketCap, owned by crypto exchange Binance, has created a novel plugin for large-language model (LLM) based AI chatbot ChatGPT. According to the October 11 announcement, users can access the feature by signing in to their ChatGPT Plus account and simply enabling the plugin , allowing them to ask the LLM on a variety of crypto-related questions. There is no additional fee to use the plugin , aside from the $20 per month subscription fee for ChatGPT Plus. "The base ChatGPT has limited use to crypto enthusiasts, as data is mostly restricted up to Sept 2021. ChatGPT's recently-expanded web browsing capabilities likewise have limitations in serving real-time crypto data," developers wrote.  The LLM is capable of generating answers for simple questions such as "How correlated are Bitcoin and Ethereum in 2023?" to "How do variations in token dis...

While TradFi is the main source of demand for blockchain tech, digital identity and supply chain are exciting areas too, according to Google Cloud Head of Web3 James Tromans. The crypto industry is far too focused on token prices, rather than figuring out how smart contracts can be used to solve real-world business problems, according to Google Cloud's Web3 lead.  In an interview with Cointelegraph, Google Cloud’s Head of Web3 James Tromans stressed the need to focus more on the business logic in the smart contract rather than the supply and demand dynamics of the token : “What are the business problems that you want to get executed? When you're running a smart contract to execute some business logic to solve your business problem, you're using a token, but the token is not the thing, it’s the business problem that's the thing.” “So I would like us to get away from all this talk about token s and token speculation as if that is Web3 — that is not Web3,” Tromans added...

The firm behind the “Crypto Wealth Report” said it received a spike in the number of crypto-related inquiries by millionaires in the last six months. A report released by London-based investment migration consultancy firm Henley & Partners suggests there were more than 40,000 crypto millionaires in the world holding Bitcoin.  According to the "Crypto Wealth Report” published on Sept. 5, Henley & Partners said there were roughly 88,200 millionaires worldwide with crypto holdings, with 40,500 holding Bitcoin (BTC). The report suggested that of 182 individuals who held more than $100 million worth of crypto, 78 were Bitcoiners. In addition, six out of 22 crypto traders who held more than $1 billion “amassed their fortunes from trading Bitcoin.” Crypto wealth statistics. Source: Henley & Partners Fortunly reported there were roughly 56.1 million millionaires on Earth as of July 2023, suggesting less than 0.2% had significant crypto holdings. The CEO of Henley & Part...

The investigation centers around Ronaldinho's company '18kRonaldinho', which promised clients daily profits of over 2% through crypto investments. Brazilian soccer star Ronaldinho Gaúcho could be detained by authorities to testify over a crypto fraud investigation in Brazil. According to local media reports, Ronaldinho failed to appear before the country's Congress over a pyramid scheme probe allegedly linked to one of his companies. The former Paris Saint-Germain, F.C Barcelona and AC Milan star failed to testify at a congressional hearing on Aug. 24, citing adverse weather conditions, and ignoring a subpoena for the second time. According to congressman Aureo Ribeiro, he will have another opportunity to testify on Aug. 31. In the event that Ronaldinho fails to appear, law enforcement officials may take him before the committee. Witnesses subpoenaed to appear before Congress have a duty to do so, as per Brazil's law. Witnesses who fail to comply with a subpoen...

Uniswap developer AzFlin has admitted to creating the FRENS token but has argued what he did doesn't constitute a rug pull. Uniswap dev loses job, was it worth it? A Uniswap developer known as “AzFlin” has been sacked by the founder of Uniswap Labs, Hayden Adams, for alleged ly creating a memecoin and rug pulling it a few hours later for 14 wrapped-Ether (wETH), worth $25,800. It is understood that AzFlin developed and deployed FrensTech token (FRENS) on Coinbase’s new layer 2 blockchain Base on Aug 12 before selling the tokens raised from the liquidity shortly after. Adams publicly confirmed the sacking of AzFlin, adding that such behaviour is neither supported nor condoned at Uniswap Labs. Wanted to let people know this person is no longer with the company. Not behavior we support or condone. https://t.co/sxVowwIR3Q — hayden.eth (@haydenzadams) August 12, 2023 The developer has mocked the situation at hand with a series of light-hearted posts along with a new X (formerly Tw...

Circle’s USDC stablecoin has dropped from $45 billion in circulation at the start of 2023 to just $26 billion as the summer winds down. Stablecoin issuer Circle has a $1 billion cash reserve pegged as insurance against a declining market capitalization and fresh competition from the traditional finance and technology industries, said CEO Jeremy Allaire.  In an interview with Bloomberg, Allaire revealed the war chest and shared his views on the uptick in competition from organizations such as PayPal that are new to the stablecoin space: “I expect you will see many many, not just internet payments firms, but also all kinds of financial services companies and others begin to get more involved in this. It’s great to have this new competition. I do think it’s going to drive more and more companies into the field.” Related: PayPal launches PYUSD stablecoin for payment Circle is best known for its USDC (USDC) stablecoin, a digital token similar in design to regular cryptocurrency but backe...

As BlackRock reiterates that an optimal investment allocation should include 84.9% BTC, the firm has formed a major investment partnership in India. Global investment giant BlackRock is expanding its reach in India with a partnership targeting the launch of the “digital-first offering” in India. BlackRock, on July 26, officially announced a joint invest ment project with Jio Financial Services (JFS), an arm of Indian tycoon Mukesh Ambani’s Reliance Industries — India’s most-valued firm. The companies each plan to invest up to $150 million in the 50:50 joint venture. Named “Jio BlackRock,” the project aims to provide “tech-enabled” access to “affordable, innovative investment solutions” to millions of investors in India, the announcement reads. The venture will utilize BlackRock’s expertise and talent in invest ment management, tech access, operations, scale and market intellectual capital, the announcement said. JFS will in turn contribute to local market insights as well as digital ...

Bitcoin-related funds saw outflows of $13 million over the past week, reversing five weeks of bullish inflows, according to Coinshares analyst James Butterfill. Bitcoin-related invest ment products appear to have lost some of their sheen among crypto invest ors, recording its first week of outflows since Blackrock filed for spot Bitcoin ETF in June. According to a July 24 report by CoinShares’ head of research, James Butterfill, Bitcoin (BTC) investment products saw outflows of $13 million for the week ending July 21, reversing five weeks of inflows. Short Bitcoin products also saw outflows of $5.5 million in the week. Bitcoin Fear and Greed Index is 50 ~ Neutral Current price: $29,178 pic.twitter.com/T1DMFpsX9p — Bitcoin Fear and Greed Index (@BitcoinFear) July 25, 2023 In contrast, Ethereum (ETH) and XRP (XRP) invest ment products recorded combined inflow of $9.2 million over the last week. Butterfill noted that Ethereum invest ment products were the best performer last week...

The XRPL saw a significant increase in the total new address count, which reached 138,790, representing a growth of 31.8% compared to the same period last year. Despite lingering concerns over the Ripple vs SEC lawsuit , XRP has demonstrated significant growth in multiple areas of its protocol during the second quarter (Q2) of this year, as revealed by a recent report from crypto analytics platform Messari. Based on data from Messari, XRP's circulating market cap has experienced a Year-to-Date (YTD) increase of 42.5%. This growth was driven by the asset's price surge in the first quarter. However, in the second quarter (Q2), the market cap declined by 10.7% Quarter on Quarter (QoQ), from $27.8 billion to $24.8 billion. Although the XRP network experienced a decline in transaction volume QoQ, there was a notable 12.7% QoQ increase in average daily non-fungible token (NFT) transactions, rising from 13,800 to 15,500. While XRP's XRPL has a strong presence in decentralized ...

Prosecutors claimed Nathaniel Chastain profited from inside information as to which NFTs would be featured on the marketplace. The former OpenSea manager who was accused of insider trading of NFTs has been convicted on May 3 of wire fraud and money laundering in a New York federal court, according to a report from Reuters. According to prosecutors, Nathaniel Chastain, a former Product Manager at OpenSea, was in charge of choosing which NFTs would be featured on the website’s non-fungible token (NFT) marketplace. After making these decisions, he frequently purchased these NFTs and then resold them after they had been featured, prosecutors said. He was charged with wire Fraud and money laundering on June 1 in connection with these alleged transactions.  OpenSea's home page displaying featured NFTs. Source: OpenSea The trial began on April 24 and has been watched closely by lawyers specializing in crypto-related issues. Some legal experts have argued that the outcome of the case may ...

Under the Future Finance Act, the German government is pushing for more welcoming regulations for startups working with financial innovation. The German government is pushing for more welcoming regulations for startups working with financial innovation in the country, according to the newly drafted legislation of the "Future Finance Act" introduced by the finance ministry on April 5.  Key goals of the legislation include capital markets digitalization through the issuance of electronic securities on a Blockchain and improved portability of crypto assets. According to a translated version of the draft bill, Germany's "capital market should become more modern and efficient in order to mobilize more private capital for future investments." Among the government's targets is to create a favorable environment for startups and investors in the country. The legislation reduces the minimum market capital for initial public offerings (IPOs) from 1.25 million euros ...

U.S. consumers sending international bank transfers pay more than $12 billion annually in remittance fees alone. A recent blog post from cryptocurrency exchange Coinbase indicates the vast majority of U.S. remittance fees for international transfers wouldn’t apply to similar transactions conducted using cryptocurrency.  According to the exchange’s research, “The US average fee rate of 6.18%, means Americans' average yearly spend is likely close to $12 billion on remittance fees.” The post goes on to state that the average transaction time for such remittances ranges from one to 10 days, while similar cryptocurrency transactions usually take around 10 minutes. Remittance Payments represent a sort of ‘double whammy’ for international transactions as, typically, they require both a sending fee and a conversion fee to exchange between currencies. Cryptocurrency transactions, however, tend to cost significantly less. Per Coinbase, Bitcoin (BTC) transaction fees average approximately...

Allbridge offered a hacker who pilfered $573,000 from its platform a chance to come forward as a white hat and forgo any legal ramifications. The attacker behind a $573,000 exploit on the multi-chain token bridge, Allbridge, has been offered a chance by the firm to come forward as a white hat and claim a bounty. Blockchain security firm Peckshield first identified the attack on April 1, warning Allbridge in a tweet that its BNB Chain pools swap price was being manipulated by an individual acting as a liquidity provider and swapper, which allowed them to drain the pool of $282,889 in Binance USD (BUSD) and $290,868 worth of Tether (USDT). In an April 1 tweet following the hack, Allbridge offered an olive branch to the attacker in the form of an undisclosed bounty and the chance to escape any legal ramifications. To hacker's attention: addressing the incident and the next steps 1. We continue monitoring the wallets, transactions, and linked CEX accounts of individuals involved in t...

Binance assured its users that this change will not impact them in any way, and that their funds will continue to be held in publicly verifiable addresses. Cryptocurrency exchange Binance announced on March 17 that it has replaced BUSD holdings in the Secure Asset Fund for Users (SAFU) with TrueUSD (TUSD) and Tether (USDT). The move comes in response to Paxos' recent decision to stop minting new Binance USD (BUSD), leading to a decrease in BUSD's market capitalization over time.  As Paxos will no longer be minting new BUSD, #Binance has swapped the BUSD in the SAFU Fund for TUSD & USDT. This change will have no impact on users, and the funds remain on publicly verifiable addresses. Funds are SAFU.https://t.co/edLVgpdCUQ — Binance (@binance) March 17, 2023 The Secure Asset Fund for Users (SAFU) is an emergency insurance fund that was established by Binance in July 2018 to protect users' funds in case of security breaches or other unforeseen events. Binance committed ...

According to Circle, USDC liquidity operations will "resume as normal when banks open on Monday morning in the United States," enabling USDC redemption at 1:1 with the U.S. dollar. USD Coin (USDC) issuer Circle plans to use " corporate resources" to cover the shortfall on its reserves following Silicon Valley Bank's shutdown, said the company in a statement on March 11.  According to Circle, USDC liquidity operations will "resume as normal when banks open on Monday morning in the United States," enabling USDC redemption at 1:1 with the U.S. dollar. The announcement came after the stablecoin lost its $1 peg on March 11 to trade as low as $0.87 before slowly re-pegging at $0.97 at the time of publication. The stablecoin lost its peg after the disclosure of $3.3 billion of Circle's reserve at Silicon Valley Bank. Sharing an Update on USDC and Silicon Valley Bank. https://t.co/Ug3qpot8sJ — Jeremy Allaire (@jerallaire) March 11, 2023 Silicon Vall...

At the European Blockchain Convention, Circularr won the award for blockchain startup of the year. Recycling with blockchain was the pitch. 'Recycle to Earn' was the motto presented by Eric Vogel earlier this month while pitching his startup at the European Blockchain Convention, decades after he started recycling plastics and cans from his grandmother's house to earn extra money for a Game Boy.  Vogel's love for video games and increasing interest in the impact of recycling in the world are behind his inspiration for Circularr, a London-based company seeking to connect recyclers, manufacturers, and brands throughout a decentralized recycling ecosystem. Proper recycling is a growing challenge.According to the Plastic Waste Makers Index, recycling across the world is not expanding fast enough to keep up with plastic waste, resulting in greater chances of being disposed of on oceans, beaches and rivers than going to recycling plants. In 2021, over 139 million metric to...