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Why Is The Bitcoin Hash Rate So High During This Downturn In Price?   Why is The BTC network hash rate still so High?   Firstly, an increase in the BTC hash rate means more mining power is being added to the Bitcoin network. Whenever new miners join the network, the mining difficulty increases. This is due to a mechanism implemented on the Bitcoin network which ensures 1 block is mined every 10 minutes. Essentially, if more miners...
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Consensus: DAY 3/DAY 4   Day 3 and day 4 was jam packed with some incredible speakers.   Jimmy Song & Todd Share   We firstly got to see the ultimate Bitcoin Maxi in Jimmy Song discuss all things Bitcoin. He spoke at length on the technical upgrades to Bitcoin, the most recent being the Taproot upgrade, in his infamous cowboy hat!   Jimmy Song is a Bitcoin developer, educator and entrepreneur. He’s a programmer with over 20...
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Consensus: DAY 1/DAY 2   We arrived in beautiful Austin, Texas, to 40 degree weather, dryness, and a whole heap of flavoursome individuals! We were in Austin to attend Consensus by CoinDesk, since 2015, Consensus has been the central meeting point for those committed to decentralising the world. Curated and produced by CoinDesk, the most powerful and trusted name in crypto journalism, Consensus is the only event showcasing and celebrating all sides of the blockchain.   Upon arrival...
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U.S. Federal Reserve Begins Serious Quantitative Tightening Starting June 1, the Fed will begin draining that plus $3.3 trillion of bank reserves from its nearly $9 trillion balance sheet to put all of this money in motion — a process it called “quantitative tightening”.     Quantitative tightening, also known as balance sheet normalisation, is a type of monetary policy followed by central banks. It simply means that a central bank reduces the pace of reinvestment of proceeds...
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The Australian Prudential Regulation Authority Released Roadmap For Digital Assets Policy The Australian Prudential Regulation Authority (APRA) has published a letter to Australian regulatory bodies on Thursday setting out its expectations of risk management, as well as a policy roadmap for the regulation of digital assets through 2025.     Chairman Waynes Byres detailed in the letter “while activities associated with crypto assets are still relatively limited in Australia, the potential scale and risks of such activities could...
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PART 4: 2022: The Future of Cryptocurrency   What we have seen so far in 2022   Entering 2022 and the month of January saw a highly volatile market, continuing the negative trend line, with many of the top cryptocurrencies losing a lot of value. BTC began the year with a $900 billion market capitalisation and a price of $47,600, having been down 5.4% in the week, ETH was at $448 billion market cap with a price of...
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White House Seek To Reduce Cryptocurrency Mining Energy Principal Assistant Director for energy for the White House office of science and technology policy, Costa Samara, has detailed that the White House is seeking to introduce policies to lower cryptocurrency mining energy consumption, according to a report from Bloomberg Law.     Following President Joe Biden’s executive order in March pressing federal agencies to ensure the “responsible” mining of digital assets such as cryptocurrency, White House’s Energy team is...
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Calls For Urgent Regulation In Australia’s Cryptocurrency Markets In a bid to protect Australian consumers from cryptocurrency scams, Choice, an Australian based consumer advocacy group has called on the Labor government to provide action on regulating the cryptocurrency industry.     They are specifically calling for centralised exchanges to be subject to the consumer protection obligations as in the financial services sector.    Cryptocurrency is growing exponentially in Australia. According to a survey from Choice, the findings found...
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Commonwealth Bank Brings Cryptocurrency Trading In-App To A Halt After Serious Market Volatility Australia’s largest bank has decided it will pause its rollout of its app-based trading of digital currencies such as Bitcoin and Ethereum pending further regulation.   The multinational corporation has also sought to pause all testing features, preventing any cryptocurrency sales on its app amid the current cryptocurrency market downturn and uncertainty.     Following strong demand, Commonwealth Bank in November, 2021, announced that it...
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ATO Takes Aim At Cryptocurrency Gains For Tax Time 2022 The Australian Tax Office (ATO) has released its four priorities come tax time at the end of this financial year, honing in on four key focus areas, including record-keeping, work-related expenses, rental property income and deductions, but most importantly, capital gains from cryptocurrency assets, property, and shares.   An entire publication on these four priorities for the ATO this tax time can be read here.    It has...
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LUNA Spectacularly Tanks As UST Fails to Re-Peg TerraUSD (UST), a digital token with a once $16 billion market capitalisation that is designed to maintain a 1:1 peg with the dollar, known as a stablecoin, nosedived over the past 36 hours.    Its price fell below $0.65, before somewhat recovering to $0.93 as yesterday before tumbling to as low as $0.59 as of writing. In other words, UST failed dramatically at the one thing that it was supposed...
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