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This Week in Crypto: Mining Miracles, Former Exec Spills on SBF, and Skeptic Says ETFs Unlikely

Press Releases Crypto News BeInCrypto This Week in Crypto: Mining Miracles, Former Exec Spills on SBF, and Skeptic Says ETFs Unlikely

Making headlines in crypto this week was yet another Alameda colleague of Sam Bankman-Fried turning on him after the former FTX boss went to jail for witness intimidation. The focus of the US crypto industry has been on Bitcoin ahead of the applications of several US firms to launch spot Bitcoin ETF. But former US Securities and Exchange Commission (SEC) official John Reed Stark said the agency would unlikely approve spot Bitcoin exchange-traded funds (ETFs) until the industry is more transparent.

Bitcoin’s halving has drawn attention to the concentration of Bitcoin holdings and the revenue challenges miners face when it happens. A standalone miner earned 6.25 Bitcoin mining the asset on Sunday despite a recent increase in hashrate. But as even miners contemplate lower returns, sobering statistics revealed that no matter how many computers are thrown at Bitcoin, the lucrative rewards miners enjoy will one day cease.

Rounding up headlines is a lawsuit against Crypto.com for negligence related to a token listing. The popularity of a new token-sharing app built on Coinbase’s new Base blockchain surprised the Ethereum ecosystem with 30,000 new sign-ups.

Bitcoin Miner Purchases Ramp Up

On Monday, Twitter user Apex Bitcoin did some math to find that the limited supply of 21 million BTC means it is impossible for every human being to own Bitcoin. Considering the number of Bitcoin believed to be lost forever and the number held by its founder, Satoshi Nakamoto, Bitcoin Apex said there will eventually be about 14.5 BTC for every 8,000 people.

When the blockchain software awards the last Bitcoin, each person will be able to own 0.002625 of the asset. Considering the number of so-called “whales” holding large amounts, it is perhaps wise to accept that you may never own it.

The reduction in the emission rate of Bitcoin next year is already seeing miners clamor for new machines to remain profitable after the halving. But increasing hashrate is no guarantee, as we will see shortly.