Crypto News
Bitcoin Hash Rate Registers New Highs, A Selloff Imminent?
Bitcoin Hash Rate Registers New Highs
The Bitcoin hash rate has recently surged to new highs, climbing over 125 exahash for the first time in history. The strong hash rate of the leading cryptocurrency indicates the fact that more miners are joining the network, showing a strong commitment to the network.
According to data from Blockchain.com, the hash rate of Bitcoin has reached 126.8 exahash. This is the highest hash rate ever seen in the history of Bitcoin, and it seems to be increasing over time. This surge in hash rate is an indication that more miners are joining the Bitcoin network. This is likely due to the fact that the BTC reward halving is just around the corner.
The halving event is a built-in mechanism designed to reduce the rate at which new BTC is created. Every four years or so, the block reward that miners receive is cut in half. This is expected to happen in May 2020 and will reduce the block reward from 12.5 BTC to 6.25 BTC.
The increase in hash rate is also an indication of the increasing usage of Bitcoin. As more people use the cryptocurrency for payments and other services, more miners will be attracted to join the network. This will increase the security of the network, making it more difficult for attackers to launch a 51% attack.
The increase in the hash rate is also a sign that Bitcoin is becoming more profitable for miners. As the rewards for mining will be reduced after the halving event, miners are likely trying to get as much reward as possible before the event.
The increase in the hash rate is a positive sign for the Bitcoin network as it indicates that more miners are joining the network. This is likely to make the network more secure and reduce the risk of a 51% attack.
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#Bitcoin #HashRate #Halving #NetworkSecurity
The post Bitcoin Hash Rate Registers New Highs, A Selloff Imminent? first appeared on Byte Syze Crypto.
Tron founder and advisor to the exchange, Justin Sun, has stated that Huobi could get a Hong Kong crypto license in six to twelve months. Specifically, Sun told Coindesk that the exchange applied to become a virtual asset service provider (VASP) last week. Additionally, Sun discussed the process of the VASP application and his belief that the crypto exchange could have an answer by the end of the year. Huobi had recently relocated to Hong Kong, aiming to launch Huobi Hong Kong by the summer. Sun was asked about embracing potential competition in the Canadian market and noted the strict regulatory standards in the country, referring to the Caribbean, Hong Kong, and Japan. There has been no verification of other cryptocurrency exchanges that have applied for a similar license, however, Coindesk reported Sun’s expectation that five to six other exchanges could make the move.
This news is good for Huobi as they are in the process of obtaining a crypto license in Hong Kong, which would allow them to operate in the region and serve customers. Other exchanges may also apply for the license, and the grace period given to the exchange could provide them with the opportunity to get approval in the next six to twelve months.
#Huobi #HongKong #CryptoLicense #VASP #JustinSun
You can read more about this topic here: Watcher Guru: Justin Sun Says Huobi Could Get Hong Kong Crypto License in 6-12 Months
The post Justin Sun Predicts Huobi Crypto Exchange to Secure Hong Kong License in Under a Year first appeared on Byte Syze Crypto.
#CryptoSafety #RugPulls #DefiExploits #ProtectInvestors
You can read more about this topic here: Watcher Guru: Crypto Rug Pulls Outvalued Defi Attacks in May, $45 Million Lost
The post Crypto Rug Pulls: How $45 Million In Defi Attacks Were Lost In May first appeared on Byte Syze Crypto.
The Commodity Futures Trading Commission (CFTC) has proposed a re-modelled rule-set for risk management as part of its effort to respond to the U.S. banking crisis. Commissioner Christy Goldsmith Romero highlighted the need for such regulations due to the risks posed by the emergence of technologies like crypto, AI, and cloud services. The CFTC’s advance notice of proposed rulemaking will be open for public comments for 60 days. The final version will then be voted upon. #CFTC #RiskManagement #Crypto #Regulations
You can read more about this topic here: Watcher Guru: Crypto: U.S. CFTC Looking to Change Risk Rules
The post CFTC Set to Revamp Risk Regulations: How it Impacts the Crypto Industry first appeared on Byte Syze Crypto.
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