Wow, what happened to Satoshi? We are in the thirty-second article of the series. Bitcoin was trading above $47,000 earlier this week. In the last seven days, it has lost about 10% of its value.
While the crypto money market has been falling all week, the most recent statement published by the People’s Bank of China and Evergrande came to the fore. This week’s article in the series will talk about the BTC accumulation of miners, the new candidate of OCC, the Coinbase agreement, the letter to Basel, Nigeria and briefly Kyrgyzstan.
Hundreds of millions of dollars of bitcoin accumulation in six months
Bitcoin (BTC) price In December 2020, it broke its 2017 record and exceeded $20,000, and in the January-February 2021 period over $50,000 rose up.
As the amount of unspent coins in miners’ wallets indicates, miners large amounts of bitcoin compared to before they sold.
After this period, after the miners produced they never spent The amount of coins started to increase again. So much so that, according to Glassnode’s report, miners have been around in the last 6.5 months. 14,000 bitcoins accumulated.
Again, according to the data revealed in Glassnode’s report this week, what miners have done so far to generate bitcoin total cost up to date with bitcoin market value there is a big difference between them.
For this Thermocap named and each awarded in the moment to miners so far, calculated according to the value awarded as a reward Looking at a model that shows the total value of bitcoins in USD.
How much money Bitcoin miners spend to do what they do, their monthly expense, etc. impossible to know. But this one developed by Nic Carter thermocap model of miners how much money you make Based on how much money they spent provides an opportunity to make assumptions about it.
Although it is difficult to make a definitive judgment, if miners in total “If it received a $1 billion block reward, the miners also invested $1 billion to earn this award.” religious duty is being done.
According to current data, on the bitcoin blockchain $30.3 billion While there is a thermocap, bitcoin last week 900 billion dollars had a market value. If thermocap is assumed to show the total cost miners have incurred so far, this means that the market value of bitcoin is less than its total cost of production. which is 29.7 times more It means.
Saule Omarova could head OCC
According to an exclusive report by Bloomberg, US President Joe Biden plans to nominate Saule Omarova, a professor of law at Cornell University, to head the OCC.
Subordinate to the Department of the Treasury, the OCC is responsible for issuing operating licenses, supervising and regulating national banks.
During Brian Brooks’ term, OCC broke new ground for the institution. in the cryptocurrency industry Like Anchorage, Protego, Paxos gave banking permission to some institutions. Brooks was an advisor to Coinbase before becoming head of the OCC during the Trump era.
Michael Hsu, who took office after Brooks, was more skeptical of the institution’s policy towards crypto money companies, Re-examination of the decisions taken during the Brooks era. to be passed wanted.
Although there is no official statement from the White House yet, it is claimed that Omarova may replace Hsu. Omarova in 2019 NewTech v. New Deal He wrote an article entitled, and part of it discussed cryptocurrencies.
Omarova, financial technologies such as crypto money, financial transactions can “accelerate, facilitate and cheapen”, thinks that this will create “new opportunities” in terms of financial participation. However, referring to the risks they pose to the current financial system and its public effects, Omarova uses the following expression in her article:
“It would be too early at this stage to make any firm judgments about the ultimate impact of fintech on society or what specific risks particular technologies pose to financial stability. But before these risks materialize, it is of great importance to consciously and systematically examine this ongoing fintech revolution. Only by doing so can we harness the power of fintech for our long-term collective interests.”
Agreement between the Department of Homeland Security and Coinbase
U.S. Department of Homeland Security, cryptocurrency company Coinbase’s Coinbase Analytics signed a $455,000 contract with the company to use its product.
While the expiry date of the one-year contract was announced as September 29, 2022, it was stated that there is an extension option in the contract. Until September 29, 2024 that it could be continued.
on USAspending.gov According to the information, the potential value of the contract could reach up to $1.36 million in total.
Coinbase’s product, according to official records It will be used by the immigration department under the Department of Homeland Security. agreement between the parties legally “sensitive” nature and therefore the agreement details will not be made public. highlighted.
Although it is not known for what purpose or how the immigration office will use Coinbase Analytics, the institution’s “Coinbase Inc. is the only vendor providing the license it needs.” was stated.
Coinbase Analytics is used to track suspicious transactions on blockchains such as Bitcoin and Ethereum, to identify the owners of wallet addresses, and to examine the flow of money on blockchains.
The company is aware of the information contained in Coinbase Analytics. “from public sources” received and Coinbase users’ information is not used declares.
Letter from giant banks to the committee in Basel
A forum of leading US and European banks is contesting some of the recommendations made by the Basel Committee on Banking Supervision regarding cryptocurrencies.
In our news in June 2021We have stated that the Basel Committee of Banking Supervision has signed a first on its behalf and proposed an article on crypto money regulations. In this proposal, banks that hold cryptocurrencies capital adequacy condition was introduced.
The Basel Committee on Banking Supervision, established within the Bank for International Settlements (BIS), sets international standards on risk management and capital adequacy.
Wall Street Journal’s According to the news on Tuesday Global Financial Markets Association (GFMA), On September 20, he sent a letter to the committee in Basel and accepted this proposal. objected.
There are names such as JPMorgan Chase and Deutsche Bank among the members of the Global Financial Markets Association, which aims to improve financial regulations and includes the leading names of the capital markets.
GFMA officials, You can read it all here In the letter, the involvement of banks in the crypto money sector “transparency” and makes the following assessment about the proposal of the Basel Committee on Banking Supervision:
“We find the proposals presented so conservative and simplistic that we think they will effectively exclude banks from the crypto-asset markets.”
Basel Committee on Banking Supervision has decided that no capital requirement is imposed on banks. stability of the financial system thinks it might pose a risk. The committee’s recommendation was received this week from the Deputy Governor of the Bank of England. support has arrived.
Nigeria works with MasterCard on digital currency
Some officials from the Central Bank of Nigeria, Digital currency and the prospects of CBDC in Nigeria He made some statements about digital money in a webinar called
Rukiya Mohammed, the central bank’s director of information technologies, first for the e-naira project for low-volume payment transactions will focus and areas such as speed and cost. announced that they will focus on
Mohammed said that the widespread use of digital central bank money could contribute to the country’s macroeconomic growth.
The Central Bank of Nigeria plans to start the necessary studies for e-naira as of October 1.
An e-naira will be equivalent to a physical naira and the CBDC a “legal means of payment” unlike cryptocurrencies Mohammed said, “Although Nigeria already has a good system, CBDC will improve the efficiency of payment (transactions) in Nigeria.” said.
According to the statements made, the Central Bank of Nigeria will be working with and receiving support from organizations such as MasterCard while developing the national digital currency project.
Fight against illegal mining in Kyrgyzstan
To the news of 24.kg according to The pressure on farms illegally mining cryptocurrencies in Kyrgyzstan is intensifying.
According to the data shared by the Kyrgyzstan National Security State Committee, it is illegally used in more than 500 facilities across the country. cryptocurrency mining was found to have been made.
In Turkey, two warehouses in Istanbul were raided this week, as a result of which more than 150 devices used for mining were sent to the country. brought in illegally was seized for.
authorities in Kyrgyzstan run on electricity He explained that each device in the facilities consumes 1,500-3,000 kilowatts per hour and this causes power outages.
Iranian government of the miners, who have become the subject of controversy because they consume too much electricity. during the summer period temporarily banned from mining.
Cryptocurrency miners can legally mine cryptocurrencies by paying their taxes in Kyrgyzstan. Rather than paying three different taxes in total, such as VAT, miners mining tax a single 15% pays taxes.