On today’s Coin Logic news flash we are looking at the latest cryptocurrency market and industry news and looking at Congress shaping crypto regulations after the FTX fallout, as well as, taking a look at rising tensions with Bitcoin mining hashrate. Also a mining company resuming trading on the NASDAQ. We read the news so you don’t have to, but give you the links so you can do your own research!
Congress Shaping Crypto Regulations
This article from Coindesk discusses how Congress is preparing to regulate the crypto industry following the recent controversy surrounding the FTX crypto exchange. The article notes that while the crypto industry has grown rapidly in recent years, there has been little regulation in place to protect consumers and prevent illegal activities such as money laundering.
Now, Congress is starting to take notice and is taking steps to address these issues. The article discusses several potential regulatory measures that Congress may take, including increasing oversight of crypto exchanges and requiring them to register with the Securities and Exchange Commission (SEC). Additionally, the article suggests that Congress may also consider implementing stricter anti-money laundering (AML) and know-your-customer (KYC) regulations for crypto companies, as if it is not already strict enough.
These moves are being made in an attempt to help protect investors from these centralized exchanges and any shady practices they may be using. After all of the different companies that have filed bankruptcy due to being over leveraged and using customer funds, these centralized exchanges need some serious oversight.
BTC’s hashrate leads to rising tensions
Bitcoin’s high hashrate has led to rising tensions in the mining industry. The hashrate, which measures the power of the network, has hit an all-time high of 61.8 exahashes per second (EH/s) in recent days. This has caused some miners to worry about the future of the industry.
Some experts believe that the high hashrate is a sign of a healthy and growing network, while others worry that it could lead to centralization of the mining industry. The concern is that larger mining operations, with access to more resources, will have an unfair advantage over smaller players. This could lead to a concentration of power in the hands of a few large players, which could be detrimental to the overall health of the network. It has already become impractical for the average person to mine BTC in their home.
Overall, the high hashrate is a double-edged sword. On one hand, it is a sign of a robust and growing network. On the other hand, it could lead to centralization of the mining industry, which could be detrimental to the overall health of the network. This is causing rising tensions among miners and experts, and the industry is at a crossroads.
Bitcoin Miner Argo Blockchain Resumes Trading on NASDAQ
Speaking of mining companies, Bitcoin miner Argo Blockchain has resumed trading on the Nasdaq stock exchange after a temporary halt. Argo Blockchain is a publicly traded company that specializes in Bitcoin mining. It operates several mining facilities in Canada and Iceland, and its shares are traded on the London Stock Exchange and the Nasdaq.
The company’s shares had been halted due to a dispute over the company’s listing status, but the issue has now been resolved and trading has resumed. Basically, their stock could not hold over $1 for 30 consecutive days so the NASDAQ halted trading of the stock. To restart trading, the companies stock had to hold over $1.00 for 10 consecutive days. With the price of Bitcoin running up over the last couple of weeks, this helped them reach that goal on the 13th of January.
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