Aurelia Butler

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    in Cryptocurrency

    Bitcoin Miners Smash Records With $1.51B Monthly Revenue; How Will It Impact BTC Price?

    The surge in monthly revenue is attributed to the miners’ relentless efforts in discovering blocks and verifying transactions on the Bitcoin blockchain. Kapoor highlighted that the $1.51 billion includes an impressive $324.83 million earned from on-chain fees alone, showcasing the growing importance of transaction fees in the overall revenue generated by Bitcoin miners.Jameson Lopp, a renowned software engineer and advocate for Bitcoin, provided into the surge in transaction fees. According to his tweet, transaction fees collected by Bitcoin miners averaged nearly $2 million per day throughout 2023, marking a staggering 400% increase compared to the previous year. This substantial growth in transaction fees emphasizes the robustness and increasing demand for Bitcoin transactions.Over the past year, Bitcoin has experienced an impressive surge, with its value soaring by 157.50%. The over the year, coupled with the record-breaking monthly revenue for miners, has stirred discussions on the potential correlation between mining revenue and the Bitcoin price.Market analysts and experts are debating whether the surge in mining revenue could translate into a for Bitcoin, potentially driving the cryptocurrency to new all-time highs. Bitcoin’s decentralized nature and limited supply have historically been key drivers of its value. The increased revenue for miners may further enhance the cryptocurrency’s attractiveness, especially as institutional interest continues to grow.Investors and enthusiasts are eagerly awaiting further developments, as the cryptocurrency market remains dynamic and subject to rapid shifts. The record-breaking monthly revenue for Bitcoin miners undoubtedly adds a new layer of intrigue and anticipation to the ongoing narrative surrounding the world’s leading cryptocurrency.This article was originally published on U.Today More

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    in Economy

    Australian home prices surged 8% in 2023 but rates, inflation cloud outlook

    Figures from property consultant CoreLogic out on Tuesday showed prices nationally jumped 8.1% in 2023, but well below the 24.5% surge recorded in 2021. Prices in December nudged higher by 0.4%, the smallest monthly gain since February.Sydney boasted a 11.1% annual rise but were still 2.1% below their January 2022 peak, with a median home value of just under A$1.13 million ($769,530).Most other cities surged, with Perth up 15% and Brisbane 13%, while Melbourne prices rose only 3.5%.But CoreLogic analysts said along with higher rates and inflation, affordability challenges, rising advertised stock levels and low consumer sentiment have taken some heat out of the market through the second half of last year.That is expected to continue into the first half of 2024, CoreLogic Research Director Tim Lawless said in a research note.The Reserve Bank of Australia (RBA) had in November hiked rates by a quarter point to 4.35% amid worries inflation expectations could become un-moored. It has jacked up interest rates by a whopping 425 basis points since May last year.Australian households are under broad financial pressure from high inflation, which spiked as high as 7.8% last December, before slowing to 5.4% in the third quarter, but RBA believes the vast majority of borrowers can service their mortgages.The trajectory of interest rates through 2024 will be a key factor influencing housing trends though data suggests another hike was “looking increasingly unlikely”, Lawless said, adding any rate cuts could help stoke demand later in the year.”If interest rates do move lower, there is a good chance we will see a lift in consumer sentiment and a more positive trend in housing activity and values through the second half of the year.” ($1 = 1.4684 Australian dollars) More

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    in Economy

    US and UK step up pressure on Houthi rebels to deter Red Sea shipping attacks

    Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The UK and the US have stepped up pressure on Houthi rebels as the Yemeni movement targets commercial vessels passing through the Red Sea, disrupting a critical maritime trade route.UK defence secretary Grant Shapps said on Monday that Britain was willing to take “direct action” against the Iranian-aligned group to “deter threats to freedom of navigation in the Red Sea”.Writing in the Daily Telegraph, Shapps said: “If we don’t protect the Red Sea, it risks emboldening those looking to threaten elsewhere, including in the South China Sea and Crimea”.His comments came a day after US Navy helicopters returned fire against small Houthi boats that were attacking an AP Moller-Maersk container ship in the Red Sea, sinking three of the rebels’ vessels and killing the crews. The Houthis said 10 of its members were dead or missing. The US military’s Central Command said the Houthis had fired on the helicopters as they responded to a distress call from the Maersk ship. Maersk said it was pausing all sailing through the Red Sea for 48 hours after the attack, the latest in a string of assaults by the Houthis in the waterway. A Houthi helicopter flies above a cargo ship in the Red Sea More

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    in Cryptocurrency

    Ethereum (ETH) Layer 2 Networks Growth Is Crucial: Here’s Why

    The main network layer of Ethereum has faced significant challenges in scaling to meet the demands of its growing user base and application field. High gas fees and network congestion have highlighted the limitations of the current infrastructure, making the need for efficient L2 solutions more pressing than ever. These L2 networks are designed to offload the burden from the mainnet, offering faster transactions and lower fees, making them an attractive alternative for developers.ETH/USD chart by This shift toward L2 networks does not just represent a stop-gap solution but is becoming integral to Ethereum’s future. It is reasonable to expect that the initial signs of a rally within the Ethereum ecosystem will emerge on these scalable platforms. They are set to be the breeding ground for innovation and the go-to space for new projects in DeFi, NFTs and beyond.The new road map, as outlined by Vitalik Buterin, underscores this transition. Key updates to the road map include the solidification of single slot finality (SSF) in post-Merge proof of stake (PoS) improvements, which aims to enhance the efficiency and security of the network. Buterin has also highlighted the importance of cross-rollup standards and interoperability as areas requiring long-term development. These would enable seamless communication and transaction execution across different L2 solutions, furthering the composability of the ecosystem.Further developments such as the redesign of The Scourge, the nearing readiness of Verkle trees for inclusion, and the shrinking of “state expiry” to reflect a broader consensus show a commitment to continuous improvement. Additions like deep cryptography, including obfuscation and delay-encrypted mempools, suggest a forward-looking approach to security and privacy within the network.This article was originally published on U.Today More

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    in Economy

    Bank of Korea’s Rhee eyes warning signs of prolonged monetary tightening

    While managing inflation remains the top priority, it is important to find the right policy mix as South Korea approaches the end of its long fight to bring consumer prices under control, Rhee said in a New Year message.He cited doubts about the integrity of commercial real estate loans in major countries and a mid-sized local developer that was forced to restructure its heavy debt load as some of the warning signs for the economy.”There is a need to be thoroughly prepared for the possibility of financial instability that can arise as tightened policy continues,” he said.”We need to pay particular attention to make sure credit risks do not grow around what is a weak link in our economy.”Rhee met with Finance Minister Choi Sang-mok and financial regulators on Friday and pledged to provide liquidity support after an announcement by Taeyoung Engineering & Construction to restructure its debt caused market jitters.The country’s 16th largest builder has 4.58 trillion won ($3.6 billion) of debt, including project financing loans.The central bank’s inflation target of 2% remains valid although external and domestic factors require more fine tuning to determine the optimal interest rate path and how much longer to maintain tightened monetary policy, Rhee said.South Korea’s annual consumer inflation eased for a second month in December to 3.2%, supporting the BOK’s view on the inflation path, which is that price pressure will ease gradually to its target level of 2% towards the end of 2024.President Yoon Suk Yeol said on Monday that pressure on prices is expected to ease further in 2024 and the government will take measures to ensure the financially more vulnerable, including small business owners, see the benefits of a pull back in inflation. More

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    in Economy

    Global minimum tax on multinationals goes live to raise up to $220bn

    Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Big multinational companies will from Monday be subject to a global minimum tax for the first time, as landmark cross-border tax reforms go live, seeking to raise up to $220bn in extra annual revenue. Almost three years after 140 countries struck a deal to close glaring loopholes in the international system, some major economies will from January start to apply an effective tax rate of at least 15 per cent on corporate profits. Under a series of interlocking rules, if profit by a multinational is taxed below this rate in one country, other countries will be able to charge a top-up levy. The OECD, which drove the reforms, estimates it will increase annual tax revenue by as much as 9 per cent, or $220bn worldwide.Jason Ward, principal analyst at the Centre for International Corporate Tax Accountability and Research pressure group, praised the “super smart design” of the reform. “It will reduce incentives from companies to use tax havens and incentives for countries to be tax havens,” he said, adding that it puts “a serious brake on what was a race to the bottom”.The first wave of jurisdictions implementing the global minimum tax from January include the EU, UK, Norway, Australia, South Korea, Japan and Canada. The rules will apply to multinational companies with an annual turnover of more than €750mn.Several countries long seen as havens by multinationals will take part, including Ireland, Luxembourg, the Netherlands, Switzerland and Barbados, which previously had a corporate tax rate of 5.5 per cent. Neither the US nor China have introduced legislation to do so yet despite backing the deal in 2021. But the global reforms are designed to still have a significant impact. South Korea is among those implementing the global minimum tax More

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    in Cryptocurrency

    Can Solana (SOL) Continue Its Path Up in 2024?

    However, SOL has recently experienced a pullback, hinting at a period of consolidation. This could be attributed to active profit-taking from venture capitalists (VCs), which was a foreseen event given the asset’s substantial appreciation over the past months. The retracement is also part of the natural market cycle following such an impressive rally.The Solana ecosystem has seen significant growth, particularly in decentralized finance (DeFi) and the proliferation of meme coins. The rapid expansion of DeFi on has been fueled by its high transaction throughput and relatively low fees, making it a competitive environment for DeFi applications. The meme coin phenomenon has also found a foothold on Solana, attracting both positive attention for its viral nature and negative scrutiny due to the high magnitude of scams and market manipulations associated with this niche.While these factors have contributed to Solana’s visibility and adoption, they have also led to increased volatility. The ecosystem’s resilience is being tested as it navigates the fallout from various high-profile scams and manipulative practices, most notably within the meme coin market. These events have triggered skepticism among investors, as they weigh the platform’s innovative potential against the risks posed by these malicious activities.Looking forward, for to continue its upward path, the ecosystem will need to address these challenges head-on. Enhancements in security protocols, more rigorous vetting of projects and an overall shift toward more sustainable and utility-driven applications will be critical. The network’s capability to scale effectively, maintain uptime and foster a secure environment for both DeFi and other applications will be key determinants of its trajectory.Despite the current correction and associated challenges, the fundamentals of Solana, especially its blockchain’s architecture designed for speed and efficiency, remain strong. If the community and developers can collaborate to bolster the network’s robustness against scams and ensure a more stable platform, Solana has the potential to resume its upward trend. The path forward for SOL will likely hinge on its ability to mature as an ecosystem, prioritizing security and long-term utility over the transient hype of meme coins and speculative ventures.The price chart of Ethereum indicates a mixed scenario. After a period of bullish trend, ETH is showing signs of consolidation. The moving averages are providing support at lower levels, and the price is oscillating around these key indicators, suggesting a balancing act between bullish optimism and bearish caution.The L2 networks, like and Optimism, have been a beacon of growth, with transaction volume skyrocketing by 90 times compared to 2021. This incredible expansion signifies a shift in focus to scalability and efficiency. The L2 solutions are not just a technical improvement but also a strategic realignment, positioning Ethereum to better handle the burgeoning demands of DeFi, NFTs and other blockchain applications.Buterin’s new Ethereum vision, which emphasizes single slot finality, cross-rollup standards and the inclusion of Verkle trees, points to a more secure, efficient and scalable network. The road map update also hints at long-term improvements to Ethereum’s architecture, ensuring its place at the forefront of blockchain innovation.Despite these promising developments, Ethereum’s price rally has been lagging when compared to some of its competitors. This underperformance could be due to market dynamics that have seen investors chase higher yields elsewhere. However, the solid rise in traction on L2 networks suggests that the groundwork is being laid for a more robust and expansive ecosystem.This article was originally published on U.Today More