Mining News
Several crypto mining operators in Kazakhstan have expressed their concerns about high energy prices in an open letter to President Kassym-Jomart Tokayev. The companies, including BCD Company, TT TECH Limited, and KZ Systems, claim that the digital mining industry in the country is facing serious challenges. They state that many major players in the industry have suspended their activities and plan to cease their business in Kazakhstan by the end of the year.
Trading News
Research firm Chainalysis reports a significant drop in cryptocurrency transactions in mainland China and Hong Kong over the past year. The decline is attributed to Beijing’s crackdown on digital assets and the ongoing slump in the crypto market. Mainland China saw $86.4 billion worth of crypto transactions between July 2022 and June 2023, compared to $220 billion traded a year earlier. Hong Kong also experienced a decrease with $64 billion in crypto transactions during the same period.
Gaming News
Gaming company Wemade has partnered with Chainlink Labs to create an interoperable Web3 gaming ecosystem. The collaboration aims to unlock novel cross-chain use and enhance seamless cross-chain communications and asset transfers. Wemade has selected Chainlink Cross-Chain Interoperability Protocol (CCIP) as its exclusive interoperability solution for unagi(x), the interoperability engine for its omnichain initiative: unagi. Chainlink Labs has become an official member of COURT (Certified Organizations for Unagi Round Table), a consortium dedicated to joint research, development, and innovation.
Investment News
Valkyrie Funds, a digital asset investment management company, has announced the launch of Valkyrie Bitcoin and Ether Strategy ETF (Nasdaq: BTF), which is described as the first-of-its-kind dual cryptocurrency futures exchange-traded fund. The fund will provide investors with exposure to both Bitcoin Futures and Ether Futures, with up to 50% allocated to Ether Futures. Trading under the new investment strategy will commence on October 3.
Alchemy, a blockchain developer platform, has acquired Satsuma, a Web3 subgraph indexing platform. This acquisition will enable Alchemy to address key challenges faced by Web3 developers, such as slow sync times, operational overhead, engineering costs, and reliability issues. Alchemy Subgraphs offer enterprise-grade reliability with a 99.9% API SLA and significantly reduce indexing speeds.
Crime News
Binance has assisted Thai authorities in cracking down on criminal networks involved in major crypto scams. The exchange’s Investigations team collaborated with the Royal Thai Police in two operations that led to the dismantling of these criminal networks. As a result, principal members were arrested and significant asset seizures were made.
Hot Take: Crypto Industry Facing Challenges in Kazakhstan
The crypto mining industry in Kazakhstan is currently facing difficulties due to high energy prices, according to several mining operators in the country. In an open letter to President Kassym-Jomart Tokayev, these companies expressed their concerns and stated that they plan to cease their business operations in Kazakhstan by the end of the year. This situation highlights the impact of energy costs on crypto mining activities and underscores the need for favorable policies and regulations to support the industry’s growth. It remains to be seen how the government will respond to these concerns and whether any measures will be taken to address the challenges faced by crypto miners in Kazakhstan.
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