Cryptocurrency investors are smiling, Bitcoin earned $10,000 in 3 days

Krypto para The total value of the market is 2.10 trillion dollars. Bitcoin’s market cap is $1.20 trillion, Ethereum’s market cap is $323 billion. The bulletin prepared by the CoinTR Research Department includes developments in the cryptocurrency industry.

CMB determined the establishment conditions and gave time to cryptocurrency exchanges

In its bulletin dated August 8, 2024, the Capital Markets Board (CMB) announced that it determined the establishment conditions for crypto asset service providers. Existing companies must apply by meeting the requirements until November 8, 2024. The specified conditions include articles such as establishing the platforms as a joint stock company, paying at least 50 million TL capital, and consisting of at least three members of the board of directors.

It is also stated that founders and managers must meet criteria such as financial strength, honesty and reputation. Existing platforms must make the necessary arrangements to comply with these conditions and apply to the CMB. Those who cannot fulfill the conditions will not be able to operate as crypto asset service providers. Otherwise, unauthorized activity provisions may apply.

Mining profitability falls to record lows

According to the latest Blockbridge report, the “miner hashprice” that measures mining profitability has fallen to a record low of $36 per petahash per second (PH/s). This could make it even harder for miners to stay profitable, especially if the upcoming difficulty recalculation is not adjusted downwards. Although the Bitcoin price has recovered, the hashprice is still around $40 PH/s, 10% lower than the July 2024 low.

At these levels, major mining companies such as MARA (Marathon Digital Holdings), Core Scientific and Riot Platforms are struggling to turn a profit. While MARA faces the highest costs per Bitcoin, Core Scientific is selling all of its mined Bitcoins to cover its operational costs. The report states that MARA and Riot (Riot Platforms) aimed to benefit from future value increases by borrowing, while Core Scientific sold at current market prices to reduce its debt. Marathon Digital Holdings (MARA) increased its treasury holdings by adding another 2,282 BTC. This is notable as part of the company’s long-term Bitcoin strategy.
Bitcoin Mining difficulty reached a new record high of approximately 90.6 trillion on August 1st and will be adjusted again in the week of August 12th.

Russia legalizes Bitcoin and cryptocurrency mining

Russian President Vladimir Putin has approved a law aimed at reducing dependence on the US dollar in international trade, which will come into force in November 2024. This law requires approved mining companies to register with a government database in order to mine cryptocurrencies, while it allows small individual miners to mine unregistered as long as their energy consumption remains below a certain limit.

The new regulations will be overseen by a council of ministers selected from the Central Bank of Russia, the Ministry of Finance and the government. Additionally, mass cryptocurrency advertising will be banned in Russia. This step BRICS It stands out as part of the countries’ efforts to reduce dependence on the US dollar in international trade. BRICS brought up the idea of ​​an alternative digital currency in 2019. However, this project encountered some difficulties due to the failure to reach a consensus among member states. In 2023, Russia announced that the BRICS countries were continuing their work on developing a new currency for international trade, with a renewed focus on this project.