The most important industry news and a detailed analysis of digital assets in the weekly review of Getblock Magazine

New Ethereum miner and DFA trading on the Moscow Stock Exchange. Main news of the crypto industry



4 min

Bitcoin has gained 10,16% over the past seven days. The asset reached the highest values on July 8, when 1 BTC was trading at $22 230, the lowest values were recorded on July 3, at $18 973 per coin. As of July 8, 09:00 UTC, BTC is trading at $21 459 (according to Binance).

The second-largest cryptocurrency by capitalization, Ethereum, has added 14,2% over the week and amounted to $1217. The native token of cryptocurrency exchange Binance (BNB) rose by 6,9%, the asset is trading at $237,5.

The total capitalization of the crypto market rose from $921 billion to $998,3 billion over the week, with bitcoin dominating at 40,7%. Ethereum’s share is 14,89%.

Dogecoin again

Elon Musk’s company, The Boring Company, will start accepting Dogecoin (DOGE) to pay for trips in Las Vegas-based Loop transport system. The Dogecoin Foundation’s graphic designer shared a video of him buying a subscription to the service via the BitPay payment system using DOGE. There has been no official statement from the company yet, but Elon Musk commented on the news as follows: “Supporting Doge wherever possible.”

Bitcoin without fees

From July 8, Binance introduced zero fees on bitcoin spot trading in pairs with the Russian ruble, Ukrainian hryvnia, euro, pound sterling, Australian dollar, Brazilian real, and Turkish lira, as well as BUSD, USDT, USDC, BIDR, TUSD, and USDP stablecoins. The exchange eliminated fees in celebration of its 5th anniversary since its launch. This policy will remain in effect until the next announcement on the platform’s blog.

New Ethereum miner

Bitmain, a manufacturer of crypto mining equipment, announced the start of sales of its Antminer E9 ASIC miner. The new model was announced more than a year ago when Ethereum mining revenues set a record of $2,4 billion per month. In this, the cryptocurrency’s developers report that the network’s transition from the Proof of Work (PoW) consensus algorithm to Proof of Stake (PoS) may take place as early as August 2022. However, after the upgrade, the Antminer E9 can be used to mine other cryptocurrencies based on the Ethash algorithm.

Bitcoin regains its position

According to a report by Binance, in June bitcoin surpassed Ethereum in terms of mining profitability for the first time in a year. Profits from BTC mining totaled $656,47 million, while ETH miners earned $548,58 million. Experts noted a narrowing of the gap between the two crypto assets’ mining profits over the previous two months.

News from Russia

In March-April 2022, the demand for hardware cryptocurrency wallets in Russia increased 5-8 times compared to the fourth quarter of 2021. Russian distributors currently offer two types of hardware wallets: one in the form of a bank card from Tangem and the other similar to a USB drive from Ledger. Vedomosti noted that the growth in demand was caused by currency restrictions and sanctions against Russian banks.

In June, the cost of a minimum cryptocurrency mining set in Russia was 80 290 Russian rubles. This figure is 21% below February’s level, but just 0,12% below the same month last year. Spending on parts other than graphics cards also fell by 14%. Analysts noted that these figures fell due to the drop in the crypto market.

The Moscow Stock Exchange is ready to offer digital financial assets (DFAs) trading services, but according to the holding company’s representatives, this is only possible after implementing crypto regulation.

On July 6, the State Duma of the Russian Federation passed a law on the regulation of DFA circulation, which bans payments for goods and services using them within the country. It will come into force from the date of its official publication, with the changes coming into effect 10 days later.

The Ministry of Finance of the Russian Federation supported the possibility of circulation of stablecoins within the country, as it can make it easier for businesses to operate by providing a new tool for payments and investments, allowing to reduce costs and risks. This was revealed by Ivan Chebeskov, Director of the Financial Policy Department of the department.

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