BitMEX AND DR DOOM Earlier this week, US economist Nouriel Roubini aka Dr Doom (who was once described as a ‘Bitcoin sadist’), criticised Seychelles-based BitMEX for violating strict US regulations which prevent American citizens from trading on their platform. Roubini went so far as to accuse the platform of aiding in money laundering and referred to BitMEX CEO Arthur Hayes as a “thug”. This news alone probably wouldn’t have afforded too much attention, but it seems to have...Continue Reading
TRUMP TWEETS Last week, bitcoin and cryptocurrency were thrust into the Twittersphere spotlight once again but this time thanks to Donald Trump who tweeted the below from his personal account. This is the first time a sitting American President has referenced publicly or even acknowledged cryptocurrency. It seems the news of Libra has unsettled the President as this came just about a month after Libra’s whitepaper release. Just after these tweets came out, the Bitcoin price did start...Continue Reading
MiningStore’s Weekly Rundown RECESSION FEARS AND BANK LAYOFFS It’s been a week of recession fear and bank layoffs. Bitcoin has been resilient and seems to have settled in a fairly broad trading range of $10k – $13k USD, which begs the question as to how much money is leaving the traditional options of banks, bonds, stock and real estate investments behind and making its way into the crypto space. Last week, Reuters reported that Deutsche Bank was axing...Continue Reading
MiningStore’s Weekly Rundown A SLOW WEEK WITH NEW OPPORTUNITY In Australia, how Bitcoin mining is taxed depends on whether you mine as a hobby or as a business. The Australian Taxation Office treats business mining rewards as ordinary income when received, while hobby miners are generally taxed under capital gains rules on disposal. Either way, mining is a taxable activity and accurate record keeping is essential. Key Takeaways : The ATO treats Bitcoin mining differently depending on whether...Continue Reading
Institutional money flowing into BTC Bitcoin hash rate is the total computing power miners are using to secure the network, measured in hashes per second. A higher hash rate means more machines are competing to validate transactions, which makes the network more secure and harder to attack. It is one of the clearest indicators of mining activity and network health. Institutional money looks to be flowing heavily into the bitcoin economy. Greyscale’s bitcoin trust traded the week with...Continue Reading
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