While the bitcoin (BTC) price may be a bit boring, there were plenty of interesting developments within the crypto sector! In this article you will find an overview of the biggest news of the past week. Starting with the situation in China.
China’s approach causes major decline in Bitcoin (BTC) computing power
The topic of conversation in the crypto world is still China’s crackdown. The country is chasing bitcoin miners out of the tent and as a result the hash rate, or computing power, has decreased enormously. This contributes to the uncertainty in the market. In addition, it is assumed that many Chinese miners (who produced more than 50% of the total computing power) have sold their bitcoins in order to pay for the move.
A large bitcoin mining pool has already partly moved its operation to Kazakhstan. It is expected that many mining companies will also relocate their operations, with North America and Europe also being popular destinations. According to MicroStrategy CEO Michael Saylor, China is making a “trillion-dollar mistake” by chasing away the burgeoning mining industry.
Ethereum (ETH) Launches London on Testnet
Then some positive news! Ethereum (ETH) developers have successfully launched London on the testnet. London is the big update that will bring some improvements. These improvements are primarily intended to solve the problem of high transaction costs. This is done by overhauling the entire transaction cost structure.
Many ETH holders are particularly looking forward to implementing EIP-1559. For example, a basic fee is set that is automatically adjusted when it is busier or quieter. This base fee is then destroyed, turning ethereum into a deflationary currency.
Launch $2.2 Billion Crypto Investment Fund, Largest Fund Ever
Adoption among investors is also continuing. Andreessen Horowitz, a well-known venture capital firm, announced on June 24 that it has launched a new crypto fund. The new venture capital fund, called Crypto Fund III, is worth a staggering $2.2 billion, making it “the largest crypto fund ever.”
Controversial figure John McAfee dies in jail
John McAfee, the eccentric billionaire and founder of McAfee Antivirus, was found dead in his cell in Barcelona this week. He became known in the cryptocurrency industry for promoting many initial coin offerings (ICOs) and especially for the prediction that the bitcoin price will rise to $500,000 in 2020. If this did not happen, he would eat his cock. Learn more about why McAfee is such a hotly debated figure in the crypto world here!