Crypto News Digest
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The Bearish news:
- In order to reduce electricity costs, a group of Chinese Bitcoin miners tampered a power grid in Tianjin, which encountered an increase in electricity consumption (up to 28%). As a result, Chinese police confiscated 600 Bitcoin mining rigs over one of the largest case of power theft in recent years.
- Reminder: China is cracking down Bitcoin miners to transfer electricity to where it’s needed, so a number of miners (like Bitmain) are moving to other locations like Switzerland or U.S.
- BTC vs BCH: Block explorer at https://t.co/n4pybRduoJ (owned by Roger Ver) listed Bitcoin Cash as ‘Bitcoin (BCH)’ and Bitcoin as ‘Bitcoin Core (BTC)’. As a result, BTC supporters got even more angry, stating that this explorer can confuse new users. Wikipedia Bitcoin page removed https://t.co/n4pybRduoJ explorer for misleading its users. The largest Bitcoin mining pool, Antpool, announced that it will burn 12% of Bitcoin Cash (BCH) transaction fees.
- The Crypto community reaction is very divided. Some people are happy that the price of BCH will increase, but others are accusing Jihan Wu (runs Antpool) in manipulating the price through increasing scarcity and that it’s not possible to prove that Jihan Wu doesn’t have private keys from ‘the black hole address’, where 12% of BCH fees will be sent to. Worth mentioning, that BCH block transaction fees are incredibly small comparative to new block rewards, so some people state that this ‘burning’ event won’t have any real impact on scarcity, but it’s made purely for marketing.
The Bullish News:
- Adena Friedman, CEO of Nasdaq (the second-largest stock exchange in the world by market cap), told on CNBC that Nasdaq would consider becoming a crypto exchange when space matures and regulations are smoothed. Her statement sounds very bullish, but it’s worth mentioning that this approach is very realistic and doesn’t imply that something is going to happen anytime soon.
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