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Category Archive : Crypto News

Someone Just Paid a $9,000 Fee for a $120 DeFi Transaction

A Reddit user said they accidentally paid a fee 80 times the transaction value while executing a swap on Uniswap.

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Author: Omkar Godbole

Crypto Exchange Coinbase Is on a Hiring Spree in Japan

Coinbase is hiring in Japan, with various roles up for grabs in the capital Tokyo.

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Author: Sebastian Sinclair

Cryptocurrency CEO Donated Second-Largest Amount to Joe Biden’s Campaign

Sam Bankman-Fried, the CEO of cryptocurrency derivatives platform FTX, made the second-largest donation to Joe Biden’s presidential campaign.

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Author: Sebastian Sinclair

Russian energy giant En+ sets up bitcoin mining farm via joint venture with BitRiver

En+ Group, a Moscow-headquartered aluminum and hydropower giant, has moved into the cryptocurrency mining space.

The firm, listed in the London Stock Exchange with close to 20 gigawatt-hour of power capacity globally, has formed a joint venture called Bit+ with BitRiver, the largest known bitcoin miner hosting provider in Russia. 

The two companies said on Thursday Bit+’s first phase of bitcoin mining facility is already up and running with 10 megawatt-hour of capacity provided by En+. The firms added that Bit+ does not engage self-mining and only offers hosting services for customers, which are not exclusive to bitcoin mining.

“We actively support the development of data centers in the Irkutsk Region. Our energy assets in the region produce low-carbon, inexpensive electricity from renewable sources, and we are
able to offer surplus energy to these partnerships,” said Mikhail Khardikov, head of En+ Group’s energy business.

Under the joint venture, BitRiver runs and manages the operations of the facility, which is near to its sites in Russia’s Bratsk, a city known for the vast Bratsk reservoir.

For context, a 10 megawatt-hour hydropower plant can boost as much as 250 petahashes per second (PH/s) of computing power if it’s fully used to support the most advanced bitcoin miners such as Bitmain’s AntMiner S19 Pro. 

At bitcoin’s current mining difficulty, 250 PH/s of computing power can produce roughly 2.2 bitcoin in 24 hours. The two partners plan to complete the first phase by December that will have a total of 14 what they call modulars up and running. Each modular is a converted shipping container that can house up to 400 AntMiner S19 Pro.

At full capacity, 5,600 units of AntMiner S19 Pro could consume about 25 megawatt-hour of electricity with a computing power of over 600 PH/s. Eventually, the two companies aim to scale up Bit+’s mining facility to 40 megawatt-hour. 

“We are delighted to provide our extensive expertise in sustainable cryptocurrency mining. Together we decided to use a modular design for testing this new business model, based on its efficiency in terms of organizing and managing the business,” said Igor Runets, founder and CEO of BitRiver.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: Wolfie Zhao

Bitcoin Jumps Above $14.5K, Taking 2020 Gains to Over 100%

Bitcoin’s price jumped to a 33-month high of $14,558 soon before press time, taking the year-to-date gains to 101%.

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Author: Omkar Godbole

Russian Hydropower Giant Opens Bitcoin Mining Farm

En+, one of the world’s largest energy producers, is joining forces with crypto firm BitRiver to open new mining farms in Russia.

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Author: Anna Baydakova

FTX founder Sam Bankman-Fried is among Joe Biden’s top contributors with more than $5M in donation

Sam Bankman-Fried, the founder of crypto derivative exchange FTX, has made $5.2 million in donation to the U.S. Democratic Party presidential candidate Joe Biden. 

According to Opensecret.org data, FTX.US is cited as one of the top donors in the 2020 cycle that contributed $5,220,000 to Biden’s presidential election campaign against Donald Trump.

Data from the Associated Press shows Biden is leading the race with 264 electoral votes as of press time – six electoral college votes away from winning the 2020 presidential election.

Opensecret.org specifies that the donation “came from the organizations’ PACs; their individual members, employees or owners; and those individuals’ immediate families.”

As such, the organizations themselves did not donate, as they are prohibited by law from doing so at the federal level.

Bankman-Fried confirmed to The Block that he did make the donation via a vehicle but it was through Alameda, the investment arm that is also run by himself.

Bankman-Fried’s political contribution was initially reported by several mainstream media including the Wall Street Journal and Vox but has largely gone unnoticed in the crypto space. 

Other notable names on Biden’s top contributor list that have made the same donation range include U.S. hedge fund Renaissance Technologies (RenTec) and Simon Property Group, the largest shopping mall operator in the U.S.

It was previously reported that the $75 billion hedge fund RenTec has been eyeing the bitcoin futures market, according to its regulatory filing.

Frank Chaparro contributed to reporting

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: Wolfie Zhao

Bitcoin Is Good for PayPal, but Is PayPal Good for Bitcoin?

PayPal’s embrace of crypto brings a potential 345 million people into the ecosystem. But where banks go, regulators follow.

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Author: Ajit Tripathi

Wasabi Wallet 2.0 Will Offer Automatic CoinJoins by Default to Boost Privacy

One of the main Wasabi Wallet 2.0 improvements is not just to the CoinJoin design through WabiSabi, but also its usability. We could see it debut in about nine months.

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Author: Benjamin Powers

Raoul Pal explains why he isn’t surprised by bitcoin’s correlation to stocks

Bitcoin’s value proposition in the eyes of investors has changed since its inception. 

Over the past decade, investors have touted bitcoin as a superior method of payment as well as a kind of digital gold. Some proponents have highlighted its nature as an uncorrelated asset as one feature that could make it a unique addition to a portfolio. 

As noted recently by research by Ark Invest, bitcoin’s deviation from the “behavior of other asset classes” could help it “serve as a strategic allocation in a well-diversified portfolio.” Still, for much of the Covid-19 crisis, bitcoin has remained fairly correlated to the broader stock market, as noted by research from The Block. 

Indeed, the 30-day rolling correlation between bitcoin and the S&P 500 has stood above 0.5 for the majority of the year. 

But according to macro investor Raoul Pal, co-founder of Real Vision, that makes sense given bitcoin’s currency attributes. 

“It has the attributes of a currency and a bit of a commodity,” he told The Block. “Currencies are what’s known as Bayesian in distribution—which means that they have shifting variables that affect them.” 

He went on to say:

“Which is why currencies — which are very simple things — are so impossible to forecast. Because everyone goes look—it’s the interest rate differential, and then it’s not, and then it is the corporate M&A flow, and then it’s not, and then it is the inflation rate in a country, then it is not. There’s always a different reason. It shifts. Bitcoin has that. It has shifting correlation and that’s okay. When you look over an extended period of time, the correction is not so much.”

Considering the rate at which central banks have been expanding their balance sheet, bitcoin has outperformed—despite recent correlation. Here’s Pal:

“Well, you take the G-4 central bank balance sheets, the equity market is basically underperformed over an extended period, then recently kind of held its own against it. Gold underperformed by 50%. Bitcoin [is] the only asset that killed it. Completely outperformed. Over-time even with the correlation between equities and bitcoin, the risk-reward is in favor of bitcoin.”

Watch the full episode of The Block Live here

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: Frank Chaparro