Blockchain.com President Lane Kassleman said in an interview that his firm’s SoFi partnership equates to hundreds of thousands of users and hundreds of millions of dollars.
Blockchain.com Closes $110M Raise: Bloomberg
The exchange’s valuation in the $110 million round was less than half of its previous $14 billion valuation, according to the report.
Blockchain.com $110M funding round halves its 2022 valuation: Report
Despite new investment in the crypto exchange, Blockchain.com’s valuation has more than halved from its $14 billion peak.
Fake Ledger Live app sneaks into Microsoft’s app store, $588K stolen
The $588,000 was stolen across 38 transactions, with the largest transfer totaling $81,200.
Blockchain.com scores payment license from Singapore central bank
The crypto exchange is the 12th to receive a crypto-dealing license in the country allowing it to service accredited investors and institutions.
Blockchain.com suspends its asset management subsidiary launched in April: Report
The timing of opening the subsidiary was unfortunate, a spokesperson noted to Bloomberg, although the company held up to the crypto winter for quite a while.
Blockchain.com to Suspend Operations of Asset Management Arm: Bloomberg
Crypto financial services company Blockchain.com is suspending operations of its recently-launched asset management arm, citing the prolonged crypto winter as the reason for its decision, according to a Bloomberg report.
No businesses are for sale, says Blockchain.com
Financial services firm Blockchain.com doesn’t deny recent efforts to raise capital, but disputes claims about selling assets.
Still bullish: 40% of survey respondents plan to buy crypto in 2023
Despite a challenging year for the crypto industry, nearly 40% of respondents indicated a plan to purchase cryptocurrencies like Bitcoin in 2023.
Blockchain.com partners with Visa to offer crypto debit card
The launch of the new crypto debit card follows the announcement of similar products from FTX and BitOasis.
Blockchain.com closes crypto custody for Russians amid EU sanctions
Blockchain.com will soon shut down accounts of Russian nationals, while companies like Binance are also working to apply the new EU sanctions.
Dubai grants regulatory approval for Blockchain.com office: Report
The Virtual Assets Regulatory Authority of Dubai has previously given approval for Crypto.com, OKX and FTX subsidiaries to offer crypto-related services in the emirate.
Blockchain.com wins registration next to parent firm on the Cayman Islands
Blockchain.com is working to seek registrations in countries like Italy, France, Spain, The Netherlands and cities like Dubai.
Bitcoin Hashrate Plummets Following Crypto Winter, What Will Follow Onwards?
The crypto winter keeps spreading to all sectors of the industry, especially resulting in Bitcoin failing to climb. Besides investors losing their funds due to price crashes, companies also downsize their workforce. Some other crypto firms declared bankruptcy, and many stopped some services to fight liquidity issues.
At a point, many miners also found it difficult to pay off their loans on mining equipment due to the price crash. According to reports, the collateral value of their mining rigs became too low to sustain the loans acquired with them.
Amid all these crises, the latest reports reveal that the bitcoin mining hash rate has plummeted due to the ongoing price fall. The data on Coinwarz shows that the hash rate fell by more than 26% within one month.
Related Reading | Data Suggests Buying On Coinbase Behind The Bitcoin Pump
Early in June, the Bitcoin hash rate was high at 292.02 EH/s. This increase brought hope to bitcoin supporters, showing that the network is healthy and not collapsing soon. But a few days ago, on July 9, the hash rate showed 178.44 EH/s but recovered to 241.07 EH/s.
Hashrate And Mining Difficulty Levels
Hashrate facilitates mining and transaction processing on a crypto network such as Bitcoin. A high hashrate indicates the health of a network. It means that many machines provide enough computational power to keep the network working. Such increased activity convinces investors that a network is worth their investment.
From early June, Bitcoin price tried maintaining the $20K mark, but by June 18, the price fell below $18K. But it regained the $20 mark.
BTC 1% down on the candle chart | Source: BTCUSD on TradingView
Besides the price being a little steady at $20K plus, Bitcoin mining difficulty had adjusted favorably for miners. For instance, the adjustment simplified new BTC block discovery by 3.7%. Miners expect it to reduce further by 0.13% after 1,600 BTC blocks. Also, there is a growing expectation that further adjustments are imminent.
Impact Of Crash On Bitcoin Miners
The revenue for miners has continued to drop due to the general market crash. The available data on blockchain.com shows more than a 79% loss of revenue within 9 months, amounting to $15M losses on July 4.
This fall in revenue is affecting many mining firms since the likes of Compass Mining plan to downsize 15% of its staff and reduce the earnings of its top executives. Many others, such as Riot Blockchain, Marathon Digital, etc., have sold their BTC holding to cushion increasing operational costs.
Related Reading | Bitcoin Drops Below $22,000, Is Peter Brandt’s Analysis Still In Play?
Many analysts believe that such a sell-off of BTC holdings will pressure the Bitcoin price in Q3 of 2022 and affect the price. But the good news for small miners in all these is that they can mine bitcoin given the fall in the price of graphics cards by 15% and fall in hash rate.
Featured image from Pexels charts from TradingView.com
Takeaways and reviews, what went down during Miami Tech Week
One of largest VC deals so far in Q1 2022 went to Miami-Based Yuga Labs with its $450 million seed funding round led by Andreessen Horowitz.
Blockchain.com co-founder thinks the EU and UK are ‘progressive’ crypto regulators
In a conversation on stage at Paris Blockchain Week Summit and in an exclusive interview afterwards, Nicolas Cary shared his insights on inflation, regulation and Web3.
Crypto startup Blockchain dot com planning 2022 IPO
Blockchain.com would be just the second crypto exchange to go public in the U.S. if it can perform an IPO before Binance.US which is attempting to do the same.
Missed Paris Blockchain Week Summit? Here are 5 key takeaways from the event
The event included commentary from CZ, Brad Garlinghouse and Paolo Ardoino on topics of crypto regulation, the SEC lawsuit and European nations adopting digital assets.
Blockchain.com’s value rockets to $14B after new funding round: Reports
Blockchain.com has secured a staggering $14 billion valuation after raising an undisclosed amount in funding from global VC firms.
Blockchain.com acquires SeSocio to cement presence in Latin America
100 SeSocio’s employees will join Blockchain.com, immediately bringing its global headcount to 400 people.