Is Bitcoin mining sustainable?

GM!Binance revealed over the weekend that they may be having some compliance issues, fortunately they are in discussions with US regulators on how to address these concerns. In other news, The Federal Reserve's search for software developers to help with CBDC research continues, and Galois Capital is closing due to FTX's collapse.

Markets

Bitcoin continues to ‘mirror’ 2017 as weekend sees third attack on $25K (2 minute read)On February 19th, Bitcoin reached $25,000 for the third time, just before the end of an important week. This was observed on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView. Even during out-of-hours trading, there was a push from buyers to surpass the key level, which would represent a major resistance cloud involving several long-term trend lines. One trading firm argued that if you compared current price behavior to Bitcoin’s previous four-year halving cycle, everything was playing out in line with historical norms.

Galois Capital to Shutter Flagship Crypto Fund Citing 'FTX Disaster' (2 minute read)Galois Capital, a crypto hedge fund, has reportedly decided to shut down after suffering significant losses from the collapse of the FTX exchange, led by Sam Bankman-Fried. According to co-founder Kevin Zhou's letter to investors, the fund is no longer sustainable due to the severity of the FTX situation, with all trading activities already ceased. Galois has sold its bankruptcy claims for roughly $0.16 on the dollar and reversed its holdings. Investors will receive 90% of available funds not trapped on the defunct crypto exchange, and the remaining 10% will be temporarily held by Galois until discussions with the administrators and auditor are finalized.

U.S. investigation into Do Kwon and his infamous stablecoin unveils several new revelations (4 minute read)Last May, TerraUSD, a stablecoin, experienced a sudden collapse that caused a loss of over $40 billion in market value for investors who had bought into the creator's, Do Hyeong Kwon, and his company Terraform Labs, promise of a novel and perpetual money-making machine. Recently, the U.S. Securities and Exchange Commission filed a charge sheet in court that provided a more detailed explanation of what went wrong. The allegations suggest a different story than what Kwon and his partners had presented to the public and investors.

Tech

The majority of Bitcoin mining is fueled by sustainable energy (7 minute read)ESG (Environmental, Social, and Governance) investment has been on the rise and is projected to reach $10.5 trillion in the United States alone. For Bitcoin to gain acceptance by ESG investors, it must be seen as having a positive impact on the environment. However, many ESG investors are currently uncomfortable with Bitcoin's environmental impact. One reason for this discomfort is the CCAF study, "A Deep Dive Into Bitcoin's Environmental Impact," which reported that only 37.6% of Bitcoin's energy usage comes from sustainable sources. However, this isn't necessarily the case.

Helium Network sets migration to Solana for March (3 minute read)Helium Network, a communications protocol, has announced that it will migrate to the Solana blockchain on March 27th. The move is intended to enhance scalability and reliability and to deploy oracles. As per a blog post published on February 17th, the transition will occur within a 24-hour timeframe and involve the temporary halt of the current Helium blockchain. However, activities related to Proof-of-Coverage and data transfer will remain unaffected. The migration process will be overseen by a working group consisting of community volunteers.

Misc

Binance Negotiates With US Regulators After Admitting Regulatory Flaws (3 minute read)Binance's Chief Strategy Officer (CSO) has confirmed that the company faced compliance issues in the years following its launch in 2017. The firm is currently in discussions with US regulators to address these concerns and achieve a level of compliance. The US regulatory environment has recently become more stringent for cryptocurrency firms, with regulators focusing on Binance, the largest crypto exchange in the world, as well as other companies in the industry.

Abu Dhabi’s Hub71 Launches $2 Billion Initiative to Fund Web3 Startups (3 minute read)Abu Dhabi's technology ecosystem, Hub71, has announced the launch of a new $2 billion fund, Hub71+ Digital Assets, to support blockchain and Web3 startups in the region. The initiative is aimed at accelerating the growth of the Web3 industry by providing startups with access to programs and potential partners. The goal of this initiative is to foster the growth and development of the Middle East's Web3 and blockchain technology industry. Hub71+ Digital Assets is expected to have a significant impact on the industry and provide a valuable platform for startups in the region to access funding, mentorship, and other resources to help them succeed.

San Fransisco Fed Hiring for Digital Currency Development (4 minute read)The Federal Reserve Bank of San Francisco is seeking software developers to help in the research and design of a central bank digital currency (CBDC). The bank posted a job listing on LinkedIn for a "Senior Application Architect - Digital Currency," which has already garnered 23 applicants within a day. A CBDC is a digital tokenized version of a country's fiat currency, with its value pegged to the currency issued by a government like the US dollar. Unlike stablecoins, CBDCs are issued by central banks like the Federal Reserve instead of private companies.

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