Daily Crypto News | August 12th, 2022

2022.08.12 Daily news

Welcome to Barmy’s Daily Crypto News – August 12th, 2022

1. ETH devs Move up the Date for The Merge.

After core developers Tim Beiko and Prysmatic Lab’s co-founder Terence Tsao announced a tentative Merge date of Sept. 15, the Ethereum Merge may be coming sooner than planned that will see the blockchain transition to Proof-of-Stake.

The successes of many testnet merges would be a clear hint that the Ethereum mainnet will be changed to Proof-of-Stake (PoS) consensus next month without issue.

The Ethereum network’s energy consumption is expected to decend by more than 99.99% after the Merge, it will be able to stave off attacks on the network, and scalability will improve.

Roadmap 1

2. The Closing of Virtual Asset Provider License Applications in Philippines.

The Banko Sentral ng Pilipinas (BSP) said that The Philippines halts virtual asset provider license applications from Sept. 1, 2022, and will keep this close for three years. At this time, many people believe that the Philippines can become a new crypto hub, that dream may be ruined in the meantime as the country’s central bank announced a three-year interruption from accepting new virtual asset service provider (VASP) applications.

The reason of that change is that the BSP aim to balance the promotion of innovation in finance and managing the risks associated with virtual assets. They recognize that to promote greater access to financial services at reduced costs, VAs offer more opportunities and also create a lot of risks that may damage financial stability.

3. Ethereum Classic Hits 4-Month High as Merge Approaches.

Base on the plan of the Ethereum Merge coming sooner next month, the price of Ethereum Classic ($ETC) hit a four-month high of $42.29 per token today, an increase of 15% in 24 hours.

With a market cap of $5.6 billion, ETC becomes the 19th largest cryptocurrency. While no longer a part of the broader Ethereum network, $ETC is growing fastly day by day because of the increased interest in the move from proof of work to proof of stake that Ethereum will soon undertake.

4. Uzbekistan to Block Foreign Cryptocurrency Exchanges.

Government of Uzbekistan are restricting access to online crypto trading platforms based outside the country and not registered under its laws. A presidential decree obliges residents and nearby organizations to just utilize digital asset exchanges licensed by the government of the Central Asian nation.

The Uzbekistan government said that such platforms “do not bear any legal responsibility for carrying out operations with crypto assets, cannot guarantee the legitimacy of transactions, as well as the proper storage and confidentiality of the personal data of citizens of the Republic of Uzbekistan.” In light of these findings, the regulator has restricted access to their domains.

So far, Operated by the South Korean entity Kobea Group, Uznex is the only one cryptocurrency exchange is licensed by Uzbekistan.

5. BTC Mining Companies’ Stock Doubled in a Month.

As a result of rising mining profitability, reviving crypto asset values, and strong gains in BTC production, companies in the crypto mining sector have seen their stock prices rise significantly by 120% over the past month.

According to data from Yahoo Finance, firms such as Marathon Digital Holdings (up about 124.12%), Core Scientific (up 110.39%), Hut 8 (up 98.95%), and Riot Blockchain (up 96.69%) have seen their stock prices soar upward over the past 30 days, far outpacing the asset prices of Bitcoin (BTC) (18.0%) and Ether (ETH) (67.8%).

Core Scientific announced a startling 1601% gain in self-mined Bitcoin year-to-date, reaching 6,567 Bitcoin, in a Q2 results filing on August 11th. Revenue from digital mining and hosting increased in Q2, driving a 118% year-over-year growth in revenue to $164 million.

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