PlanB, a leading platform for cryptocurrency trading and education, has announced a strategic partnership with FC Lugano, one of the oldest and most prestigious football clubs in Switzerland. The partnership will enable fans and supporters of FC Lugano to purchase tickets, merchandise and other services using Bitcoin and Tether, two of the most popular and widely used digital currencies in the world.
Additionally, PlanB will become a major sponsor of FC Lugano, featuring its logo on the club’s jerseys during international competitions such as the UEFA Europa League. This collaboration marks a significant milestone for both Plan ? and FC Lugano, as they aim to promote the adoption and awareness of cryptocurrencies among sports enthusiasts and the general public.
The recent surge in the Bitcoin Network Hashrate, which measures the total computing power of all the miners, has led to a sharp drop in the revenue per Terahash (TH) for the participants. According to data from Bitinfocharts, the average revenue per TH per day has fallen from $0.40 in April to $0.15 in August, nearing the record low of $0.09 in November 2018. This means that miners are earning less for each unit of work they contribute to the network, making it harder to cover their operational costs and stay profitable.
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The high hashrate also implies a higher difficulty level, which adjusts every 2016 blocks (about two weeks) to keep the average block time at 10 minutes. The difficulty level determines how hard it is for miners to find a valid hash for each block and earn the block reward and transaction fees. The higher the difficulty, the more resources and electricity are required to mine each block.
As of August 29, the difficulty level is at an all-time high of 19.97 trillion, up by 7.3% from the previous adjustment on August 13. The increasing competition and declining rewards pose significant challenges for miners, especially those with older and less efficient hardware. Some miners may have to shut down their machines or relocate to regions with cheaper electricity to cope with the situation. Others may look for alternative sources of income, such as mining other cryptocurrencies or providing services such as lending or staking.
According to a report by JPMorgan analysts, the recent wave of crypto selloffs may be coming to an end, signaling a positive outlook for the market. The report cites the increased demand for Bitcoin futures contracts as a sign of optimism among investors, who expect the price of the leading cryptocurrency to rise in the near future.
The analysts also note that the market has shown resilience in the face of regulatory pressures and environmental concerns, which have contributed to the volatility of crypto prices in the past months. The report concludes that the crypto market is maturing and becoming more attractive for institutional and retail investors alike.
Hong Kong is embracing blockchain technology as a key driver of innovation and economic development in the digital era. The financial secretary, Paul Chan Mo-po, has expressed his support for the adoption of blockchain in various sectors, such as finance, trade, logistics and public services. He believes that blockchain can enhance efficiency, security and transparency, as well as create new opportunities and value for businesses and consumers.
In his budget speech, Chan announced a series of initiatives to promote blockchain research and development, education and talent cultivation, and regulatory alignment. He also allocated HK$100 million to the Innovation and Technology Fund to support the development of blockchain-based platforms and solutions. Chan said that Hong Kong aims to become a leading hub for blockchain innovation in the region and beyond, and to leverage its strengths as an international financial center and a gateway to mainland China.
Litecoin, one of the oldest and most popular cryptocurrencies, has seen a significant increase in its adoption and usage on BitPay, a leading platform for crypto payments. According to a recent report by BitPay, Litecoin accounted for 50% of the total transactions processed by the platform in August 2023, surpassing Bitcoin, Ethereum and other altcoins. This remarkable surge in Litecoin usage reflects the growing demand and preference for fast, low-cost and secure crypto payments among merchants and consumers.
Litecoin, which was launched in 2011 as a fork of Bitcoin, offers several advantages over its predecessor, such as faster transaction confirmation times, lower fees and higher scalability. Litecoin also benefits from its wide network effect, strong community support and high liquidity. BitPay, which was founded in 2011 as well, is one of the largest and most trusted crypto payment platforms in the world. BitPay enables merchants to accept crypto payments from customers across various industries and regions, without exposing them to the volatility and complexity of the crypto market.
BitPay also provides users with a convenient and secure way to spend their crypto on various goods and services, both online and offline. BitPay supports over 30 cryptocurrencies, including Litecoin, Bitcoin, Ethereum, Dogecoin and stablecoins. The report by BitPay highlights the growing popularity and potential of Litecoin as a medium of exchange and a store of value.
Litecoin is currently ranked as the 15th largest cryptocurrency by market capitalization, with a value of over $10 billion. Litecoin is also one of the most widely traded and accepted cryptocurrencies, with over 3000 merchants and 300 exchanges supporting it. Litecoin is expected to continue its growth trajectory in the coming months and years, as more users and businesses adopt it for their crypto payment needs.
A major cryptocurrency theft has sparked a legal battle involving 50 Russian users of Atomic Wallet, a popular digital asset storage platform. The plaintiffs claim that they lost a total of $100 million worth of various tokens in an exploit that occurred in July 2023. The lawsuit alleges that Atomic Wallet failed to provide adequate security measures and customer support, and that it misled the users about the risks of using its service.
The origin of the exploit is still unclear, but there are different theories circulating among the affected users. Some believe that the attack was carried out by North Korean hackers, who have a history of targeting cryptocurrency platforms and exchanges. Others suspect that Ukrainian actors were involved, possibly with the help of insiders within Atomic Wallet. Boris Feldman, a Moscow-based lawyer who coordinates the victims’ efforts, says that he has evidence of both scenarios, but he cannot disclose it yet due to the ongoing investigation.
The lawsuit is seeking compensation for the losses, as well as punitive damages and legal fees. Atomic Wallet has not commented on the case, but it has previously stated that it is not responsible for any losses caused by external factors or user errors. The company has also advised its customers to enable two-factor authentication and use hardware wallets for extra security. The case is expected to go to trial in early 2024.