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The drought that the country experienced in the first half of 2023 resulted in higher electricity demand and lower power generation capabilities from hydropower plants. State-owned electricity distribution company Électricité du Laos (EDL) has announced that it will suspend electricity supply to crypto mining operations in the country, citing various reasons such as the struggle to generate enough power amid drought conditions.  According to the announcement, Laos experienced drought in the first half of 2023. The extreme heat resulted in higher demand for electricity and caused hydropower plants to struggle to generate enough power. Official announcement of suspension of electricity supply to crypto mining projects. Source: Électricité du Laos Apart from this, the EDL said that hydropower plants generate 95% of the country's power, and it aims to supply electricity locally and export large volumes to Thailand in 2024. As conditions become more severe, the country’s export capa...

As the Bitcoin network hash rate tops 414 EH/s, miners are struggling to stay afloat amid plummeting profitability. Bitcoin mining revenue or “hash price” — a measure of dollars earned per TH/s per day — has slumped to levels not seen since the collapse of FTX in November 2022, while hash rate has reached new highs.  Over the past week, Bitcoin network hash rate topped 414 exahashes per second (EH/s) on Aug. 18 marking a new peak for the metric. The peak has seen network hash rate surging 54% from what it was at the beginning of 2023 and 80% over the past 12 months, according to Blockchain.com. BTC hash rate and price 1 year. Source: blockchain.com However, while the network looks good in terms of security, things are not so rosy for Bitcoin miners as revenue has fallen sharply, hitting levels when BTC fell to a market cycle low of around $16,500 in November 2022. According to HashPriceIndex, revenue is just $0.060 per terahash per second per day, around half of what it was in ear...

Ali Charts recommends traders await a notable upswing in the total value of on-chain transfers before considering a full investment in BTC. A significant medium-term bearish technical flag was triggered on BTC’s daily chart. BTC saw its price decrease by about 0.29% over the past day which left it trading at $26,012.31. Ali Charts stated in a tweet that he is awaiting a notable upswing in the total value of on-chain transfers before considering a full investment in Bitcoin (BTC). Monitoring the Bitcoin network’s on-chain activity, especially the value of coins transferred in USD, provides a valuable signal for anticipating larger market uptrends according to the analyst. In the post Ali shared that throughout history, larger increases in this measure have frequently come before significant BTC bullish periods. This particular metric has been stabilizing over the last four months, which could be a good sign for the market leader. #Bitcoin network act...

Dropbox is transitioning from its once- unlimited Advanced storage plan to metered offerings, driven by rising misuse, including cryptocurrency mining activities. In response to the increasing misuse of its Advanced storage policy, particularly for cryptocurrency mining, Dropbox is shifting from its once-unlimited storage plan to a metered system. Dropbox unveiled this policy shift on Aug. 24th in its blog. Previously promoted as “all the space you need” for businesses, the Advanced plan will now provide structured storage limits to prevent exploitation and ensure consistent service for genuine users. You might also like: What is cloud mining? The misuse included cryptocurrency mining, personal storage pooling, and storage reselling. Dropbox’s decision mirrors industry trends, with rivals like Microsoft and Google recently curtailing their unlimited storage offers. Originally designed for businesses wanting unconstrained growth, Dropbox realized its mo...

Crypto Rank shared the top 10 NFT marketplaces by number of 30-days active traders. OpenSea stood on top of the list with a total of 229k traders. OpenSea, Axie Marketplace, and Blur shared the top three rankings. Crypto Rank, a crypto market insights and analytics platform, shared on August 24 the top 10 NFT marketplaces based on 30 days of active traders. On top of the list stands OpenSea, with a high number of 229,000 30-day traders, followed by Axie Marketplace and Blur. Source: CryptoRank.io, DappRadar OpenSea is considered one of the largest NFT marketplaces. The platform offers a wide variety of NFTs and is ranked first with a number of 229,000 30-day active traders. In total, OpenSea raised over $425 million in funding over five rounds. Number two went to Axie Marketplace with 32,900 traders, an increase of 52.63% from last month. The marketplace, as of now, has a volume of $1.67 million. Axie Marketplace is the online marketplace for Axie Infi...

As anti-French sentiment rides high in West Africa, Bitique opens its doors, the “Bitcoin Mastermind” conference beckons and more nodes come online to verify the Bitcoin blockchain. Bitcoin (BTC) adoption in West Africa is dominated by Nigeria, the crypto powerhouse and the region’s economic engine. But against a backdrop of anti-French sentiment, Bitcoin educational efforts are also bubbling away in French-speaking West Africa. Senegal recently opened its first physical Bitcoin exchange and education center called Bitique, and the country of 17 million people will host another Bitcoin Forum in the capital, Dakar, in December, where pseudonymous local Bitcoin advocate, known as Nourou, runs an independent Bitcoin node beamed from space. In Benin, a country of 13 million people to the west of Nigeria, the Bitcoin-only Bitcoin Mastermind conference takes place next month. The first of its kind in the country, Bitcoin Mastermind unites Bitcoin entrepreneurs and crypto enthusiasts from h...

Binance, the largest crypto exchange by trading volumes, is accused of engaging with sanctioned companies in Russia. Binance on focus An Aug. 22 report from WSJ alleges that despite Binance’s assertion of compliance and non-engagement with sanctioned entities, the exchange continues to operate actively in Russia. Binance started limiting operations in Russia in April 2022. Despite this, the WSJ report pointed to the high ruble-based crypto trades as aggregated from external sources. It is alleged that through several layers of intermediaries, clients can deposit funds directly from sanctioned banks in Russia. At the same time, Binance allegedly continues to facilitate peer-to-peer (P2P) rubles trade for crypto assets. Citing user screenshots and messages in official chat groups, it is claimed that Binance coordinate with sanctioned banks to make this possible. A recent examination of Binance’s service website also revealed that they provided Russian clients access to...

Plaintiffs in a new class-action suit against the hacked crypto wallet Atomic Wallet say the firm didn’t share any information about the hack with clients and didn’t report it to the police. A group of disgruntled crypto currency investors have launched a class action against Atomic Wallet, which suffered a major breach and $100 million in losses in June. Dozens of high-net worth investors from Russia and the Commonwealth of Independent States are part of the class action against Atomic Wallet, the German business media agency BNE IntelliNews reported on Aug. 21. The lawsuit is being coordinated by German lawyer Max Gutbrod and Boris Feldman, a co-founder of Moscow legaltech firm Destra Legal. Gutbrod, former partner of over two decades at Baker & McKenzie in Moscow, reportedly claimed that the lawyers are representing about 50 clients who lost a total of $12 million in the aftermath of Atomic Wallet’s breach two months ago. He said: “We are working on recovering the assets for ...

Judge Netburn: You are charged in seven counts [Count 8, campaign finance charges, is gone] How do you plead? Bankman-Fried: Not guilty. AUSA: We'd like to exclude time until the trial, October 3. Mark Cohen for SBF: We'd like to raise two topics regarding the MDC advertisement — Inner City Press (@innercitypress) August 22, 2023 August 11 saw a $250 million bail rev for the 31-year-old millionaire due to witness tampering accusations. Subsequently, he was sent to Brooklyn’s Metropolitan  Detention  Center, where he’s been ever since. Bankman-Fried, in his sixth superseding indictment hearing since his arrest, pled not guilty to all allegations. Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated List Must Read Best Crypto Trading Bo...

An unknown wallet has accrued more than $3 billion worth of Bitcoin in the last three months, sparking a wave of theories about the potential owner. A mysterious Bitcoin wallet has surged up the ranks to become the third large st holder Bitcoin (BTC) in the world in just over three month s, with the timing sparking some wild theories about its owner. According to data from crypto statistics platform BitInfoCharts, the wallet address first received Bitcoin on March 8. Over the course of the next three months and two weeks, the wallet had accrued a staggering 118,000 BTC — worth $3.08 billion at current prices. The mysterious wallet has accrued 118,000 BTC in less than four months. Source: BitInfoCharts The rapid and significant accrual of Bitcoin within a single wallet address has attracted its fair share of conjecture. Some users suggest it’s most likely a crypto exchange moving funds, while some more radical members of Crypto Twitter have posted a more wild theory — suggesting Bl...

Kenya’s parliament has established a government committee tasked with probing controversial eyeball-scanning crypto project Worldcoin and its rollout in the country. As reported by local outlet The Star, the committee is composed of 15 members of parliament from across the Administration and Internal Security, Communication and Innovation, and Tourism and Wildlife departments.   National Assembly, one of the two houses of parliament in Kenya, told the committee it has 42 days to investigate Worldcoin’s activities. The project was launched internationally on July 24. As part of its Kenya n rollout, it set up a site at a Nairobi convention center where residents could hand over their iris data through Worldcoin ‘orbs’ in exchange for Crypto .  However, following a review from Kenyan regulatory bodies, Worldcoin was deemed to have “a number of legitimate regulatory concerns that require urgent attention,” and the government suspended the project. Kenyan police reportedly seiz...

VET could soon break out of the Descending Channel it has been trapped in for more than 800 days according to EGRAG Crypto. The cryptocurrency could look to target $0.5 or $0702 if a bullish breakout occurs. Technicals on VET’s daily chart suggested that bears had the upper hand when it came to short-term and medium-term momentum. VeChain (VET) has been struggling to break out of the Descending Channel that has formed on its weekly chart for more than 850 days, according to a Twitter post shared by the cryptocurrency analyst EGRAG Crypto. This has been ongoing since VET reached its all-time high back in April of 2021. Read Also: VeChain Price Prediction #VET 850 Days Saga – Struggling to Break Free: For a staggering 850 days and counting, #VET has been in an uphill battle to break out of its Descending Channel, tracing its journey back to its all-time high in April 2021. The charts reveal a resilient triple bottom pattern… pic.twitter.com/vX8LeBtOjO ...

Lamborghini is unveiling its first 100% electric vehicle, the Lamborghini Lanzador EV. The new car is set to compete with Tesla, amid the rival car lowering its prices over the past months. JUST IN: Lamborghini officially unveils its first 100% electric vehicle to compete with Tesla. pic.twitter.com/orANp8wTyO — Watcher.Guru (@WatcherGuru) August 18, 2023 Lamborghini says the concept introduces a high-ground-clearance GT with 2+2 seating. According to Lamborghini , the vehicle will include an “unprecedented on-board experience,” which stays true to the brand’s DNA while giving a glimpse into its future. This may be the first look at the line of electric vehicles for the luxury supercar brand. Also Read: SEC Moves To Appeal Ripple XRP Case Ruling According to Lamborghini , the Lanzador EV will feature a high-power electric motor on each axle with over one megawatt of peak power. The all-electric vehicle pulls design elements from the ...

Elon Musk revealed that SpaceX holds Bitcoin on its balance sheet in 2021 but the exact amount of company's holdings remain unknown. SpaceX's Bitcoin write- down report on Aug. 18  sparked confusion among the crypto community. The report published in Wall Street Journal puzzled many, who questioned whether SpaceX held $373 million worth of Bitcoin and sold it in 2021-22 or whether they only reduced their Bitcoin exposure by the same amount. Several social media outlets reported that SpaceX had sold its entire BTC holdings while others expressed uncertainty, claiming they were unable to confirm the amount based on the wording of the report. I actually read the WSJ report. I think @BitcoinMagazine is wrong here Yes, the report claims that SpaceX marked down the value of their bitcoin by 373m (btw, that doesn't mean they SOLD 373m) and sold *some*, but selling some doesn't necessarily mean they have no bitcoin left https://t.co/rLgwA0N8Zi pic.twitter.com/GSrOio7zku — Pl...

Ripple defends XRP‘s status after the SEC’s interlocutory appeal, highlighting a pivotal July 13 ruling and asserting their regulatory stance. The legal battle between Ripple and the US Securities and Exchange Commission (SEC) intensifies, with the latest developments stemming from the regulator’s recent interlocutory appeal request. On July 13, Ripple achieved partial success in a summary decision. However, unsatisfied with the verdict, the SEC is now seeking an interlocutory appeal. This type of appeal challenges a court’s decision before the case’s conclusion. You might also like: Ripple clarifies six misconceptions about the SEC lawsuit Responding to this, Ripple’s legal team, led by chief legal officer Stuart Aldetory, filed objections with Judge Analisa Torres. Aldetory emphasized that there aren’t any extraordinary circumstances justifying an early appeal, pointing to the standard procedure requiring resolving all issues b...

In just one week, Base has attracted hundreds of thousands of new users, attention from mainstay brands and artists, and unfortunately, scammers as well. It’s been an eventful week since Coinbase launched its new layer-2 network Base to the public, bringing with it a frenzy of activity from everyday crypto users, major brands, and more unfortunately, some bad actors as well.  Coinbases’ On chain Summer festival — a three-week-long campaign celebrating the launch of Base — has seemingly attracted a flock of new users to the ecosystem.  As of Aug. 16, more than 700,000 new users have joined the Base network, and have since bridged a total of $242 million to the network, according to data from Dune Analytics. Activity on the chain peaked on Aug. 10 with more than 136,000 daily active users. Total number of daily active users on Base. Source: Dune Analytics In total, the flurry of activity on the network has generated a staggering $2.8 million in fees and has seen the total value locked ...

PayPal will temporarily halt crypto purchases in the United Kingdom starting from Oct. 1, 2023, expecting to reenable the service in early 2024. Cryptocurrency-friendly payments platform PayPal is making some crypto adjustments on its platform in the United Kingdom to comply with local financial regulations. PayPal is temporarily pausing the ability for its U.K. customers to buy cryptocurrencies like Bitcoin (BTC) as it works to comply with new regulations, the firm told Cointelegraph on Aug. 16. “PayPal customers who currently hold crypto can keep it on our platform at no charge and are also able to sell their currency at any time,” a spokesperson for PayPal UK noted. In an email to select U.K. customers, PayPal said that it would temporarily halt cryptocurrency purchases in the U.K. starting from Oct. 1, 2023. “We expect to re-enable crypto purchases in early 2024,” PayPal added. PayPal said it had decided to take this measure in response to new rules enacted by the U.K. Financi...

Stuart Barton, the CIO of Volatility Shares noted: “ Volatility Shares successfully launched the first 2x Bitcoin-linked ETF (BITX) in July and believes that ETHU is the next logical step before turning our forces to spot markets”. advertisement VolatilityShares announcing they intend to list their Ether Futures ETF on Oct 12th (which would be a day or two ahead of the rest of pack (if the 75 days is adhered to).. they did same thing w $BITX pic.twitter.com/hhFtk32f4X — Eric Balchunas (@EricBalchunas) August 15, 2023 Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated List Must Read Best Crypto Trading Bots List 2023 Must Read Top Crypto Marketing...