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On the back of a bitcoin (BTC) rally, the price of ether (ETH) is also surging.

ETH has crossed the $500 mark today, for the first time since July 18, 2018. The world’s second-largest cryptocurrency is currently trading at around $501 on Coinbase, according to tracker TradingView. 

Ethereum’s mining hashrate, or the network’s computing power, also reached a new all-time high yesterday. It crossed 256 terahash per second (TH/S) in terms of a seven-day moving average (7DMA), according to data tracked by The Block.

The surge in Ethereum’s mining hashrate suggests that more miners are joining the race to mint ETH. 

Ethereum mining is set to cease in the medium term as the network is moving toward a proof-of-stake model with developments around the Ethereum 2.0 upgrade.

The Eth2 upgrade is divided into multiple phases — the beacon chain, shard chains, and the docking — which are expected to run at least until 2022.  After the final Eth2 launch, Ethereum mining will be sunsetted.

© 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.

Ethereum’s native token ether has jumped to 28-month highs, taking year-to-date gains to nearly 290%.

Japanese banking giant MUFG plans to launch its blockchain payment network across the country in 2021 with U.S.-based fintech company Akamai.

Goldman Sachs predicts China’s digital yuan will attract 1 billion users within a decade, helping China’s commercial banks compete with fintech companies.

Quick Take

• Disclaimer: The Block Research team has, is, and will be experimenting with the various protocols, projects, and applications mentioned in this series. The projects mentioned in our reports are not recommendations from our team and should not be misconstrued as investment advice. Many projects that appear in this series are highly experimental and, as such, will come with risks. Readers should evaluate their own risk tolerance before experimenting with these projects.
• At the request of various The Block Research members, we launched a weekly digest that summarizes recently launched projects and applications that our research team found interesting.
• This week’s digest looks at 88mph, Charm, and Primitive.

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Many of the alleged crypto scams had a common tactic: savvy social media posts to draw victims in.

Monaker Group, which builds booking platforms for the travel industry, is venturing into tokenized assets with the indirect acquisition of Thailand’s Longroot initial coin offering (ICO) portal. The Nasdaq traded company took an “indirect controlling stake” in the entity that owns Longroot on Thursday, one day after buying up a third of Longroot minority shareholder […]

Bitcoin’s price pulled off the bull road for a rest stop Thursday while ether holders pull out of DeFi.

The U.S. Internal Revenue Service is assessing different approaches to rules on cryptocurrency taxation, a government official said during an event on Thursday.

Erika Nijenhuis, who serves as senior counsel for the Treasury Department’s Office of Tax Policy, said during a blockchain-focused OECD event that “[t]here are trade-offs among all of them and we are hard at work thinking about all of those issues,” referring to the varying elements that factor into what will ultimately constitute tax rules for cryptocurrencies. Nijenhuis’ comments were reported by Bloomberg Law.

Nijenhuis also focused on “the burden each approach puts on cryptocurrency parties, like exchanges, and the range of benefits, like enhancing compliance, each approach provides,” per the report. 

Calls for greater clarity from the agency have persisted for some time, and those demands were on display during a crypto tax summit hosted by the IRS last March. The IRS has been expanding its pool of resources to pursue and investigate crypto tax issues, and the expected tax rules form part of that broader process. 

Virtual currency issues were included on the Service’s 2020-2021 Priority Guidance Plan.

© 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.

It’s conceivable. Here are the scenarios where a $100,000 bitcoin valuation might begin to become feasible.