‘NFT in Peace’ WWE Presents The Undertaker NFTs Ahead Of WrestleMania

The World Wrestling Entertainment announced today it will create the corporation’s first-ever non-fungible tokens (NFTs) representing legendary moments from the career of one of the most iconic fighters – The Undertaker. The four-tier drop will be launched ahead of the company’s biggest event this Saturday, April 10th – WrestleMania.

The Deadman as an NFT

WWE announced it will release non-fungible tokens featuring Mark William Calaway, better know by his ring name, The Undertaker. The legendary ex-superstar NFTs, who retired from professional wrestling last year, will be one of the spotlights of this year’s Wrestlemania.

The auction will open this Saturday at 10:30 AM ET. The drop is supposed to be met with significant interest and will last for 37 hours. The end will be on Sunday, April 11th, at 11:30 PM ET.

The Undertaker NFTs will be offered in four tiers – Platinum, Gold, Silver, and Bronze. The Platinum and Gold will have minimum open bids of respectively $10,000 and $5,000, while the other two will have fixed prices – $1,000 for the Silver and $100 for the Bronze.

The top option would also provide VIP access, hotel accommodations, a personalized video message from the superstar, as well as a unique WWE Championship Title Belt.

ADVERTISEMENT

The Gold one – would get the winner two front-row-seat tickets at a Monday Night Raw or Friday Night SmackDown of their choice in 2021 or 2022, a personalized video message, and a signed Title Belt.

The Silver and Bronze tiers would provide more limited benefits to the winners.

World Wrestling Entertainment has partnered with Bitski for the project. With this being announced, it means participants will need to have a Bitski account, and winners will receive NFTs in their wallets.

The Undertaker. Source: BBC
The Undertaker. Source: BBC

The Expansion of NFT

Non-fungible tokens have been a hot topic recently as they have enjoyed mass acceptance and adoption from various celebrities and industries.

As CryptoPotato recently reported, the US Major League Baseball team Toronto Blue Jays explored options to take advantage of non-fungible tokens. The team’s President and CEO confirmed the move by indicating that it should enhance fan interest in the sport.

Another fresh example of the increased popularity of NFT is Lindsay Lohan’s plan to release an exclusive NFT collection. The famous American actress reaffirmed her support for non-fungible tokens by partnering with TRON to launch personalized digital art products.

In his turn, the founder of TRON and the CEO of BitTorrent, Justin Sun, went even further. Recently, he bought a painting by Picasso for $20 million, and he intended to tokenize it through the JUST NFT Fund.

Featured Image Courtesy of Wrestling Edge

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

SnackMagic picks up $15M to expand from build-your-own snack boxes into a wider gifting marketplace

The office shut-down at the start of the Covid-19 pandemic last year spurred huge investment in digital transformation and a wave of tech companies helping with that, but there were some distinct losers in the shift, too — specifically those whose business models were predicated on serving the very offices that disappeared overnight. Today, one of the companies that had to make an immediate pivot to keep itself afloat is announcing a round of funding, after finding itself not just growing at a clip, but making a profit, as well.

SnackMagic, a build-your-own snack box service, has raised $15 million in a Series A round of funding led by Craft Ventures, with Luxor Capital also participating.

(Both investors have an interesting track record in the food-on-demand space: Most recently, Luxor co-led a $528 million round in Glovo in Spain, while Craft backs/has backed the likes of Cloud Kitchens, Postmates and many more).

The funding comes on the back of a strong year for the company, which hit a $20 million revenue run rate in eight months and turned profitable in December 2020.

Founder and CEO Shaunak Amin said in an interview that the plan will be to use the funding both to continue growing SnackMagic’s existing business, as well as extend into other kinds of gifting categories. Currently, you can ship snacks anywhere in the world, but the customizable boxes — recipients are gifted an amount that they can spend, and they choose what they want in the box themselves from SnackMagic’s menu, or one that a business has created and branded as a subset of that — are only available in locations in North America, serviced by SnackMagic’s primary warehouse. Other locations are given options of pre-packed boxes of snacks right now, but the plan is to slowly extend its pick-and-mix model to more geographies, starting with the U.K.

Alongside this, the company plans to continue widening the categories of items that people can gift each other beyond chocolates, chips, hot sauces and other fun food items, into areas like alcohol, meal kits, and non-food items. There’s also scope for expanding to more use cases into areas like corporate gifting, marketing and consumer services, and analytics coming out of its sales.

Amin calls the data that SnackMagic is amassing about customer interest in different brands and products “the hidden gem” of the platform.

“It’s one of the most interesting things,” he said. Brands that want to add their items to the wider pool of products — which today numbers between 700 and 800 items — also get access to a dashboard where they monitor what’s selling, how much stock is left of their own items, and so on. “One thing that is very opaque [in the CPG world] is good data.”

For many of the bigger companies that lack their own direct sales channels, it’s a significantly richer data set than what they typically get from selling items in the average brick and mortar store, or from a bigger online retailer like Amazon. “All these bigger brands like Pepsi and Kellogg not only want to know this about their own products more but also about the brands they are trying to buy,” Amin said. Several of them, he added, have approached his company to partner and invest, so I guess we should watch this space.

SnackMagic’s success comes from a somewhat unintended, unlikely beginning, and it’s a testament to the power of compelling, yet extensible technology that can be scaled and repurposed if necessary. In its case, there is personalization technology, logistics management, product inventory and accounting, and lots of data analytics involved.

The company started out as Stadium, a lunch delivery service in New York City that was leveraging the fact that when co-workers ordered lunch or dinner together for the office — say around a team-building event or a late-night working session, or just for a regular work day — oftentimes they found that people all hankered for different things to eat.

In many cases, people typically make separate orders for the different items, but that also means if you are ordering to all eat together, things would not arrive at the same time; if it’s being expensed, it’s more complicated on that front too; and if you’re thinking about carbon footprints, it might also mean a lot less efficiency on that front too.

Stadium’s solution was a platform that provided access to multiple restaurants’ menus, and people could pick from all of them for a single order. The business had been operating for six years and was really starting to take off.

“We were quite well known in the city, and we had plans to expand, and we were on track for March 2020 being our best month ever,” Amin said. Then, Covid-19 hit. “There was no one left in the office,” he said. Revenue disappeared overnight, since the idea of delivering many items to one place instantly stopped being a need.

Amin said that they took a look at the platform they had built to pick many options (and many different costs, and the accounting that came with that) and thought about how to use that for a different end. It turned out that even with people working remotely, companies wanted to give props to their workers, either just to say hello and thanks, or around a specific team event, in the form of food and treats — all the more so since the supply of snacks you typically come across in so many office canteens and kitchens were no longer there for workers to tap.

It’s interesting, but perhaps also unsurprising, that one of the by-products of our new way of working has been the rise of more services that cater (no pun intended) to people working in more decentralised ways, and that companies exploring how to improve rewarding people in those environments are also seeing a bump.

Just yesterday, we wrote about a company called Alyce raising $30 million for its corporate gifting platform that is also based on personalization — using AI to help understand the interests of the recipient to make better choices of items that a person might want to receive.

Alyce is taking a somewhat different approach to SnackMagic: it’s not holding any products itself, and there is no warehouse but rather a platform that links up buyers with those providing products. And Alyce’s initial audience is different, too: instead of internal employees (the first, but not final, focus for SnackMagic) it is targeting corporate gifting, or presents that sales and marketing people might send to prospects or current clients as a please and thank you gesture.

But you can also see how and where the two might meet in the middle — and compete not just with each other, but the many other online retailers, Amazon and otherwise, plus the consumer goods companies themselves looking for ways of diversifying business by extending beyond the B2C channel.

“We don’t worry about Amazon. We just get better,” Amin said when I asked him about whether he worried that SnackMagic was too easy to replicate. “It might be tough anyway,” he added, since “others might have the snacks but picking and packing and doing individual customization is very different from regular e-commerce. It’s really more like scalable gifting.”

Investors are impressed with the quick turnaround and identification of a market opportunity, and how it quickly retooled its tech to make it fit for purpose.

“SnackMagic’s immediate success was due to an excellent combination of timing, innovative thinking and world-class execution,” said Bryan Rosenblatt, principal investor at Craft Ventures, in a statement. “As companies embrace the future of a flexible workplace, SnackMagic is not just a snack box delivery platform but a company culture builder.”

The incoming SEC chairman Gary Gensler clearly stated that both Ethereum and XRP were non-compliant securities

In a recent seminar with Court Judge Sarah Netburn, Dugan Bliss, a senior adjudicator at the US Securities and Exchange Commission, argued that the agency has not yet made a formal position on the regulatory status of Bitcoin and Ethereum. Bitcoin looks more certain, however, the status of ETH is being disputed as is the case with XRP.

Ethereum could still be classified as a security

Bliss stated:

“So I want to make clear that this is my understanding of the current situation and I don’t want to be overly technical, but the SEC, itself, my understanding, it has not taken an official position. There is no action that it took to say Bitcoin is not a security, Ether is not a security.”

While former SEC chairman Jay Clayton has repeatedly stated that Bitcoin is not a security, there is less regulatory certainty over Ethereum.

Bill Hinman, former head of the SEC’s Corporate Finance Division, issued a statement of approval on the sale of Ether and non-securities offers just months before the end of his term in 2018.

Bliss stated that Hinman’s speech does not necessarily reflect the regulator’s stance on Ethereum:

“Now, there was a speech by a high-ranking person who said that to him that’s what it looked like but there has been no action letter, no enforcement action, none of the official ways in which the SEC takes a position on that matter that has occurred.”

However, the upcoming SEC chairman Gary Gensler has made it clear that both Ether and XRP are non-compliant securities in an interview with the New York Times:

“There is a strong case for both of them — but particularly Ripple — that they are non-compliant securities.”

Notably, Gensler confirmed that he sees Bitcoin as a commodity during his recent congressional hearing:

“So I think at the SEC it’s really to the extent somebody is offering an investment contract and security that’s under the SEC’s remit and exchanges that operate there. […] If not, it’s a commodity as Bitcoin has been deemed.”

Unlike Bitcoin, Ethereum pre-mined a significant portion of the money prior to holding the initial coin offering (ICO).

Weekly Roundup: Crypto Market Cap Hits $2T, ICE3X Ceases Operations

Jack Dorsey’s NFT tweet will help the poor in East Africa through an upcoming bitcoin donation. To learn more about this developing story and other news, keep reading.

Jack Dorsey’s NFT Tweet to Help the Poor in East Africa

As the non-fungible token (NFT) craze continues, Jack Dorsey is auctioning his first tweet on Twitter as an NFT. Dorsey posted this tweet on May 6, 2006. The auction is taking place on Valuables and will end on March 21, 2021.

Jack Dorsey NFT Tweet

Dorsey has tweeted he will convert the proceeds of this auction to bitcoin and donate them to GiveDirectly. This is a non-profit organization that seeks to end extreme poverty in East Africa. Donations sent to GiveDirectly benefit people in Kenya, Rwanda, and Uganda.

Currently, the highest bidder of this NFT tweet was a Twitter user with the handle @sinaEstavi. He outbid Tron CEO Justin Sun, who had bid $1 million. Estavi bid $2.5 million.

Valuables wrote: “The tweet itself will continue to live on Twitter. What you are purchasing is a digital certificate of the tweet, unique because it has been signed and verified by the creator. Owning any digital content can be a financial investment, hold sentimental value, and create a relationship between collector and creator. Like an autograph on a baseball card, the NFT itself is the creator’s autograph on the content, making it scarce, unique, and valuable.”

Uncertain Regulatory Environment Pushes Crypto Firms Out of South Africa

The uncertain regulatory environment is pushing crypto firms out of South Africa. According to an article on Business Tech, the MTI scam gave regulators in South Africa a jolt and some firms will not wait to see how the matter pans out from a regulatory standpoint.

These crypto firms are planning on moving to Singapore and the UK. That is because Singapore is redrawing legislation to attract crypto firms while the UK is getting requests to embrace cryptocurrencies.

Revix, a crypto investment platform that allows customers to invest in a bundle of cryptocurrencies, is moving its headquarters from Cape Town to the UK. The company is also considering setting up in Germany to scale its operations.

Luno is another crypto company with headquarters in the UK despite being owned by South Africans. The exchange also operates in Singapore.

South African regulators “have been incredibly slow in terms of regulation in the industry and that leads to businesses looking internationally. In an unregulated environment, a customer arrives at our platform with skepticism, and rightfully so,” said Revix CEO Sean Sanders in an interview.

According to Sanders, the uncertainty regarding potential regulation is also making it difficult for crypto firms to market their services on social media platforms thereby limiting growth.

Binance CEO CZ Among the Top Blockchain Billionaires in 2021

Binance CEO, Changpeng Zhao (CZ), is among the top blockchain billionaires in 2021 according to the latest Hurun global list. CZ and 16 other billionaires have cumulative wealth of US$ 77 billion. These billionaires have generated their wealth from running crypto exchanges, investing in cryptocurrencies, and mining crypto.

After facing a price correction in 2018, crypto billionaires are enjoying a boost in their wealth thanks to the recent bull run.

The top five billionaires are Brian Armstrong of Coinbase, Sam Bankman-Fried of FTX, Changpeng Zhao, Chris Larsen, and Jed McCaleb of Ripple. Their net worth is $11.5 billion, $10 billion, $8 billion, $5.1 billion, and $3.2 billion, in that order.

To learn more about Bitcoin, download the Bitcoin Beginner’s Handbook for free.

Bitcoin Beginner's Handbook

[Chainlink] How the Chainlink Network Goes Beyond Data Delivery

How the Chainlink Network Goes Beyond Data Delivery

Oracles are commonly thought of as blockchain middleware that enable smart contracts to access external data—yet oracle networks, as they exist within Chainlink’s model, are much more than data delivery mechanisms. Through a wide-range of off-chain computational abilities, Chainlink’s decentralized oracle networks are providing blockchains with decentralized services that go far beyond securely fetching external data.

From Chainlink’s widely adopted Data Feeds, an extensive collection of on-chain price oracles for DeFi smart contracts, to Chainlink VRF, which generates a verifiable source of randomness for dynamic NFTs, to Chainlink’s highly customizable external adapters, the Chainlink Network is supporting a rapidly-expanding array of key oracle functions that are enhancing the capabilities of smart contracts across numerous blockchains and layer-2 networks.

In his recent presentation at the 2021 ETHDenver Hackathon, Chainlink Co-founder Sergey Nazarov emphasized the expansive functionality of decentralized oracle networks and how Chainlink-powered off-chain computations service a wide variety of smart contract use cases, from DeFi to parametric insurance to blockchain-based gaming.  The following is an excerpt of Sergey’s talk highlighting a key takeaway that the Chainlink Network goes far beyond data delivery to power new features and applications for the fast-growing blockchain economy.


Chainlink is not just about data—it is about an oracle network—and oracle networks are responsible for everything that blockchains are not responsible for. An oracle network is not just about delivering data. It is about providing all the tools and services needed by a contract. Smart contracts run on blockchain platforms are hyper-secure and hyper-reliable, but they are low on feature-richness for security reasons. Oracles extend the capabilities of blockchains by offering decentralized services like off-chain computation.

Centralized systems have completely lost people’s trust in many cases and will continue to lose people’s trust in almost all cases. Centralized services from social media to communications to the financial system are being viewed even by the average person as unreliable. People no longer want to create long-term relationships with these institutions.

How the Chainlink Network Goes Beyond Data Delivery
Chainlink offers a wide-range of off-chain computation and decentralized services.

I think the middle ground between highly centralized, feature-rich systems and highly trust-minimized but low-feature blockchain systems is an oracle network. An oracle network sits between every use case and all of the blockchains that those use cases run on, providing blockchains with all the other services they need. All of the other services a blockchain needs are a huge universe of inputs that may start at providing different types of data but quickly moves on to trust-minimized computations that, generally speaking, blockchains usually don’t do and probably won’t do at scale. Oracle networks will expand to do trust-minimized computation, in addition to providing data, and the combination of these will enable a much wider realm of products to be built.

The middle ground between highly centralized, feature-rich systems and highly trust-minimized but low-feature blockchain systems is an oracle network.

The first thing that is becoming very popular in the blockchain gaming community is Chainlink’s Verifiable Random Function (VRF). VRF is working for many different blockchain games that already use it in production, and it’s going live on multiple blockchains. Anyone can easily use it on Ethereum to provide random inputs to games. Beyond that, we are finalizing some of our plans around Chainlink Keepers and the ability to maintain a smart contract’s proper operation through a Chainlink Network. This is important, once again, because even DevOps and maintenance of contracts are responsibilities of oracle networks, as these operations need to be trust-minimized. Even beyond that, I think developers can think about, “How do I use the expanded computational capabilities of Chainlink’s adapters to compute more and more advanced things in a trust minimized-way that doesn’t require me to disclose things to blockchains?”

The realm of services the Chainlink Network offers will continue to grow, so if you’re a developer and you want to build cutting-edge, truly world-changing applications, Chainlink is  fundamentally here to help you. The Chainlink Network is here to help the world’s developers make trust-minimized decentralized applications that will be the new way that society interacts around various information. To me, it’s apparent that is where society is headed because of the systemic and continued failure of trust relationships with centralized institutions like social media, other communication systems, and financial systems. Fundamentally, our goal is to accelerate the transition to a truly decentralized and fair economic system.

The People’s Bank of China (PBOC) has expanded the trials of their CBDC to the Hainan Province from April 12 to April 25
the-peoples-bank-of-china-pboc-has-expanded-the-trials-of-their-cbdc-to-the-hainan-province-from-april-12-to-april-25

It is reported that from April 12 to April 25, the People’s Bank of China (PBOC) will expand the CBDC trial to Hainan province. This was the first event in an attempt to normalize cryptocurrencies across China. Now the People’s Bank of China has also conducted the test in other provinces.

Hainan Province announces its first-ever CBDC event in an attempt to normalize the digital currency across China

The Digital Currency Electronic Payment (DC/EP) is a fiat currency designed to replace a system of reserve money. Currently in the testing process, but CBDC is still gradually being adopted in China.

Members of the Sanya municipal government, including their employees, businesses, and permanent residents, will be the main participants of this trial. The trial will raise awareness for the digital yuan, foster secure transactions with wide accessibility. Additionally, participants in this trial will receive a 15% discount for every 100 yuan spent on the island.

While CBDC trials continued across China, cities like Chengdu and Beijing have shown promising success. The second batch of trials was announced in Shanghai, Trường Sa, Qingdao, Xi’an, and Dalian.

Currently, the digital yuan is in beta in China. It is being piloted as a retail CBDC. In the future, though, the central bank aims to be able to interact with other countries. The PBOC and the Hong Kong Monetary Authority are currently testing the digital yuan for cross-border use.

Besides, PBOC has included the affiliated banks of digital payments giants, AliPay and WePay, in their trials to increase adoption. Due to this partnership, users with WeBank and MyBank accounts can now access their money using PBOC apps running CBDC. AliPay and WePay together dominate more than 93% of the digital payments market in China.

There are currently 573.6 million users for digital payment platforms in China. This number is expected to increase to 618 million by 2025 showing huge potential for a shopping mall in this market.

CEX.IO Launches Crypto Savings Account Service With up to 20% APY

CEX.IO, a leading international cryptocurrency exchange, launches its Savings service as the newest solution in the fast-growing Earn ecosystem. Available in 171 countries, CEX.IO Savings offers users up to 20% Annual Percentage Yield (APY) on 19 different digital assets with the flexibility to move funds in and out of their accounts without any restrictions.

Similarly to savings accounts in the traditional finance industry, CEX.IO Savings offers users a way to generate a passive return on the digital assets they hold. However, unlike a savings account, the international exchange’s Savings product allows customers to add capital or withdraw their funds at any time without fees, expiration dates, or the requirement to lock their holdings for extended periods.

Currently, CEX.IO Savings users can earn interest between 2% and 20% APY on 19 different cryptocurrencies, including multiple stablecoins and DeFi tokens. However, the company is soon expanding its list of supported digital assets.

Users can earn interest in their cryptocurrencies in two ways within CEX.IO Savings. While Flexible Savings provides customers access to their funds any time they need, Locked Savings is for those who are planning to hold their digital assets for a longer time period. While users have to lock their assets until the expiration date, they can utilize this savings type to achieve higher returns with fixed interest rates. On the other hand, the APY for Flexible Savings is fixed on a daily basis. It is reviewed every 24 hours and will respond to the market conditions based on supply and demand.

CEX.IO launched its Savings service as part of the greater Earn ecosystem, which is centered around crypto users seeking to generate an extra income on their digital asset holdings. As the first solution in the Earn suite, CEX.IO launched Staking in 2020, a service that allows customers to earn rewards for locking up their tokens and maintaining the blockchain networks of cryptocurrency projects utilizing the Proof-of-Stake (PoS) consensus mechanism. One of the USPs of CEX.IO Staking is that CEX.IO takes on all the complexities of staking node management and technical integrations.

This allows CEX.IO Staking to guarantee fast capital withdrawals for our users to the extent that users can even place limit orders on our exchange with the assets they staked. This unique feature allows our users to keep generating a passive return on their staked asset while waiting for the price to increase up to the level when they would like to exit from their position.

Founded in 2013, CEX.IO is an international cryptocurrency exchange that offers a wide range of digital asset solutions to over 4 million customers. With a fast-growing ecosystem of innovative products, the London-based company serves all participants of the cryptocurrency market – from retail traders to institutional investors. With a robust, enterprise-grade service, CEX.IO’s multi-functional digital asset solutions feature cutting-edge security while being regulated in multiple jurisdictions, including the United States, Gibraltar, and Cyprus.

In July 2020 and February 2021, CryptoCompare ranked CEX.IO among the top 10 cryptocurrency exchanges worldwide in its Exchange Benchmark Rating. In both reports, the London-based company secured an A grade as well as the third spot in terms of security.

“The way the crypto market was developing in 2020 and 2021 provided digital asset holders a good deal of new options to earn. Staking, lending, and yield farming – to name a few. During the times we have spent in the DeFi sector, we noticed a demand among our users to earn passive income while holding crypto assets. For that reason, we decided to launch CEX.IO Earn, a new service within CEX.IO ecosystem allowing crypto owners to profit by contributing to the blockchain industry. After rolling out Staking and seeing the hugely positive market response, we are now launching Savings. With our new product, customers can earn interest after the coins they contributed on the platform while having the flexibility to withdraw their funds or increase their holdings to achieve better returns at any time,” Konstantin Anissimov, Executive Director at CEX.IO, stated.

How to Buy Tether (USDT): A Step-by-Step Guide for 2021

Bitcoin broke past the $60,000 mark on March 13, 2021, to surpass Facebook in total market value. To learn more about this and other stories, keep reading this article.

Bitcoin Hits Over $60,000 and Surpasses Facebook in Value

On March 13, 2021, bitcoin recorded a high of $61,683.86. This is yet another milestone that the cryptocurrency has achieved after recording a series of several all-time highs in the past three months.

Institutional investors continue to boost bitcoin’s price with Chinese firm Meitu being the latest company to purchase crypto. The firm bought $22.1 million in ether and $17.9 million in bitcoin.

“Beeple’s $69 million [non-fungible token] record demonstrates the true power of crypto, adding curiosity and fuel to the retail fire. Expect volatility but a landing of $100K levels by Q3,” said Jehan Chu, Managing Partner of trading firm Kenetic.

Furthermore, bitcoin’s market cap has risen to the eighth position, surpassing Facebook. Currently, bitcoin has a market capitalization of about $1.07 trillion while Facebook has a market cap of $808.76 billion.

Luno Users Can Now Earn Interest on Ether and USDC Savings

Luno users can now add ETH and USD coin (USDC) to their savings wallet where they can earn 4 percent and 7.6 percent APR, respectively. The exchange introduced the savings wallet five months ago allowing users to earn up to four percent on their bitcoin savings.

“The addition of two new cryptocurrencies to the savings wallet gives customers even greater flexibility and potential to earn interest as they grow their crypto savings. A high percentage of Africans who own cryptocurrency do so for speculative investment purposes, with the majority holding their crypto for the long term. If your crypto investment strategy is holding your crypto long-term, the savings wallet earns you additional interest for what you were already doing,” said Marius Reitz, the General Manager for Africa, at Luno.

According to a Luno 2020 survey, more than a third of the respondents (35 percent) were not earning interest on their traditional cash savings. On the other hand, 54 percent were not earning interest on their current bank accounts. As a result, Luno wants to change these statistics with its crypto savings wallet.

The savings feature pays out interest monthly and users can access their savings 24/7. Moreover, 250,000 people are using the savings wallet since its launch.

South African Company Invests in Bitcoin

It is not large companies alone that are investing in bitcoin. According to an article on Tech Central, open-source software firm LSD Information Technology has purchased R2 million in bitcoin (about $135,570.70).

The company’s board agreed to invest in the digital asset on January 4, 2021. In the initial purchase, it bought R1 million in bitcoin then bought the other R1 million over the next two weeks. The firm used the crypto exchange BitFund to buy and hold the BTC.

“Our vision is to make the world more open, and bitcoin supports our philosophy on how we believe the world works best. Working in the open-source space seems to attract many crypto enthusiasts for whom the decentralised open nature of cryptocurrencies appeals,” said LSD founder and CEO Stefan Lesicnik.

The firm participates in running and maintaining bitcoin full nodes.

Bitcoin Miners Hit Jackpot as Hash Rate Peaks Again

Data from on-chain analytics provider Glassnode has reported that Bitcoin’s average hash rate hit a new all-time high this week, crossing a daily average of 178 exahashes per second for the first time in history.

Bitinfocharts confirms the record high, reporting the current hash rate at 176 EH/s. It topped 150 EH/s twice in February and has remained at these high levels for the past two months, steadily increasing.

Hashrate is often considered as computing ‘horsepower’ for the Bitcoin network and a strong sign of its security. The higher the hashrate, the harder it is to attack the network.

The bullish on-chain metrics were observed by data scientist Rafael Schultze-Kraft [@n3ocortex], who added that mining difficulty has also hit a new all-time high.

1/ A thread on #Bitcoin miner metrics.

First, some fundamentals.

Bitcoin’s average hash rate hit a new ATH yesterday – crossing a daily average of 178 exahash / sec for the first time in history.

Miners keep spinning up machines – hash rate is up only.https://t.co/SEdtQGNsT7pic.twitter.com/vIjVGyH8QC

— Rafael Schultze-Kraft (@n3ocortex) April 6, 2021

Mining Never More Profitable

The analyst noted that Bitcoin miners have been making more than $50 million per day for the past month. He put this into perspective by pointing out that a year ago, this number was around $12 million – so current earnings are a fourfold increase despite the block subsidy being cut in half in May 2020’s halving.

Miners are also now holding on to the new coins they’re minting as the net position has flipped back to green, according to Glassnode. In the run-up to the $40K price level, miners were aggressively selling off to cover their costs, but they’ve now switched back into accumulation mode.

“In fact, the Bitcoin unspent supply (BTC that has never left the original mining addresses), has started to increase again after a quick and sharp drop of around 15k BTC at the beginning of the year. More hodling than spending.”

He added that direct BTC transfers from miner to exchange wallets have been going back down significantly, and even USD-dominated miner to exchange volume has decreased despite a stable price. However, miner activity represents a tiny fraction of BTC trading volumes as a whole.

The analyst concluded that these metrics are very bullish, and miners have little incentive to cash out now or capitulate as many predicted after the halving.

Bitcoin Price Update

At the time of press, Bitcoin was trading down 1% on the day at $56,700, according to Coingecko. It is down at the same time last week by 3.4% but remains within the month-long range bound channel it has formed.

Bitcoin has not dropped below $50K for over a month, which is also a bullish sign that support is holding strong.