Despite the latest price hike where BTC lost about $ 2,000 of its price per coin, the number of people owning at least one full BTC is at an all time high. There are currently over 800,000 ‘whole machines.’ Bitcoin investors seem unaffected by recent price swings.
America’s tax collection agency, the IRS, is offering a $ 300,000 contract to anyone who can track transactions occurring through Monero and the Bitcoin Lightning Network. Anyone wishing to take on the challenge has until Wednesday the 16th to submit their proposal.
Switzerland maintains its leading role in mainstreaming crypto by passing a comprehensive set of regulations concerning cryptocurrency. The Swiss Parliament passed a draft of financial and corporate regulations aimed at promoting crypto. One such example would allow companies to create crypto shares and assets.
Bitcoin hash rate hit a new milestone. According to estimates, bitcoin mining computing efforts now consume about 68 terawatt hours per year. This is close to the energy used by the entire Czech Republic.
The liquidity mine project, Yfdexf.Finance, was leaving with a scam of $ 20 million in consumer funds. The project removed its website and social media accounts before disappearing.
Meanwhile, the founder of the Sushi DeFi ticket dumped his coins for Ethereum, bumping the price from over $ 11 last week down to just over $ 2 this week. The founder has since reappeared to return the $ 14 million in ETH he earned to the project treasury.
And now, this week’s Bitcoin Quick Question is: What is product farming? Product farming is definitely one of the hottest topics in the industry today, as the world of DeFi, which we explained in our last episode of Crypto Whiteboard Tuesday, is attracting widespread interest.
In short, product farming is the shorthand for sophisticated trading strategies that include locking cryptocurrencies as collateral on Ethereum-based DeFi applications, and earning fixed or variable interest against it.
The coins can be allocated toward liquidity pools and decentralized exchanges, money markets, or other financial instruments that are typically found in traditional finance – and which have now entered the cryptocurrency space in their decentralized versions.
Product farming involves many risks and the strategies required to implement them are complex to implement. It’s important to keep that in mind before you try to get involved yourself.
If you want to learn more about the potential DeFi applications, visit the link in the description below.
Do you have a question you want us to answer? Leave it in the comments section below.
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That’s what happened this week in Bitcoin. See you next week.