the cryptocurrency wallet Zerion is building an L2 network designed to provide zero fees, making it easier for newcomers to enter the cryptocurrency field. The network will be based on the Ethereum rollup called ZERO Network and is planned to launch in the late second quarter or early third quarter of this year.
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Fox Corp. and Polygon Labs have launched Verify, a protocol that utilizes blockchain technology to protect intellectual property and verify the authenticity of content. The technology has been seen as a viable solution to the issue of deepfake distrust by government regulatory committees and publishers. The use of blockchain technology allows for the establishment of the veracity of data and the authentication of media assets. This is particularly important in a world where AI-generated content is being produced at an unprecedented pace and consumers need to be able to trust the content they are consuming.
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As the next bitcoin halving quickly approaches, Bitfinex CTO and Tether CEO Paolo Ardoino says its effect on price could be hard to predict as spot bitcoin exchange-traded funds increase the demand.
During an online event hosted by Bitfinex on Friday, Ardoino was asked how the upcoming bitcoin halving event could affect prices, which he said could be hard to predict.
"Already today, the demand of bitcoin is far outpacing existing mining," Ardoino said. "So we are seeing with these big institutions and the ETFs … the demand of bitcoin is far exceeding the current mining output. So sure, the mining output will reduce by half but that is a perception issue. The vast majority of the bitcoins have already been mined."
While Bitfinex is no longer the dominant centralized crypto exchange it once was, USDT is the stablecoin most used in bitcoin trading. Tether has a market capitalization of $103 billion as of this writing.
The next halving event is set to happen in April, which is expected to cut miner rewards from 6.25 bitcoin per block to 3.125. Mining revenue for bitcoin hit an all-time high last weekend, according to previous reporting from The Block. This comes as the price of bitcoin broke through to a new high of $71,000 this week, though it has since tapered off closer to $BTC The spot bitcoin ETF effect
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An average of 900 bitcoin are currently mined per day on the Bitcoin network, based on the current reward of 6.25 BTC
-2.97%
per block at an average block time of approximately every 10 minutes. After the halving, the daily average amount mined will halve to 450 bitcoin.
According to data from BitMEX, some spot bitcoin ETF issuers' daily inflows are skyrocketing past those figures. BlackRock, for example, had 4,886 BTC ($345 million) in inflows on Thursday alone, with daily net inflows for the ETFs combined regularly representing multiples of the daily issuance from miner rewards.
According to CoinShares's Head of Research James Butterfill, spot bitcoin exchange-traded funds consumed 2,800 bitcoins per day at the end of February and were significantly influencing recent price trends. Eleven spot bitcoin ETFs were given the greenlight from the Securities and Exchange Commission in January.
James Hunt contributed reporting.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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