White House Calls for Crypto Mining Standards to Minimize Environmental Impact
South_agency / iStock.com
The report is the first public response to U.S. President Joe Biden's executive order on crypto, and also called for standards to be set to reduce energy usage.
Bitcoin mining is a computational process that achieves two distinct and important goals. First, it allows miners to “find” new bitcoins that are added to circulation. Second, bitcoin miners verify transactions while mining. This helps ensure the integrity of the blockchain, which serves as a ledger of transactions.
Bitcoin mining works by having a computer attempt to produce a string of characters that is less than or equal to a target hash. The target hash is a 64-digit alphanumeric code, and miners are rewarded with bitcoin if they are the first to come up with a solution.
If you are a bitcoin bull, you might wonder if it’s time to start mining it. This article will take a look at how bitcoin mining works and whether it is something you should consider. Read More
SEC Enforcement Chief: We Can't Ignore Crypto Law-Breaking
Jesse Hamilton/CoinDesk
Enforcement Director Gurbir Grewal defended the SEC from accusations it’s stamping out innovation.
Gurbir Grewal, director of enforcement at the U.S. Securities and Exchange Commission, said his agency can’t look the other way as the cryptocurrency industry violates securities laws.
“It often seems that critics are upset because we're not giving crypto a pass,” Grewal said Friday at a Practising Law Institute conference in Washington, D.C. His brief remarks focused largely on crypto – it was the only industry specifically addressed – revealing how much the agency is currently thinking about digital assets. Read More
Crypto Investors Backed by Coinbase Sue U.S. Department of Treasury After Tornado Cash Sanctions
According to a new lawsuit filed in the U.S. District Court, Western District of Texas. On Thursday, six users of the Ethereum blockchain and cryptocurrency mixer Tornado Cash sued the U.S. Department of Treasury, alleging that its recent designation of 44 Tornado Cash smart contract addresses to the Specially Designated Nationals (SDN) list of the Office of Foreign Asset Control (OFAC) is "not in accordance with law."
Since Aug. 8, U.S. persons and entities have been prohibited from interacting with the sanctioned Tornado Cash smart contract addresses, blockchain or business-wise, under the threat of criminal or civil penalties for non-compliance. The plaintiffs seek to annul the designation based on three arguments. First, they argue Tornado Cash does not meet the definition of a property, a foreign country, or a national thereof, nor a person and therefore cannot be added to the SDN list. Read More
1/7 This morning, Brian Armstrong shared why Coinbase is funding and supporting a challenge by six individuals (including two CB employees) against the Treasury Department and OFAC’s novel sanctions of open source software associated with Tornado Cash.— paulgrewal.eth (@iampaulgrewal) 1:56 PM • Sep 8, 2022
MicroStrategy Files to Sell Up to $500M of Stock to Fund Bitcoin Purchases
Photo by Joe Raedle/Getty Images
The deal is a sign Executive Chairman Michael Saylor isn't backing off his audacious plan to turn his software developer into a bitcoin proxy.
MicroStrategy (MSTR), a software developer that has become a corporate bitcoin (BTC) vault, plans to sell up to $500 million of stock to fund more purchases of the cryptocurrency.
A Friday filing with the U.S. Securities and Exchange Commission revealed the stock offering, which will be for “general corporate purposes, including the acquisition of bitcoin.” Read More
Analytical Data
Buckle Up for the Incoming Volatile Week
Sep 12 - CPI Data
Sep 15 - ETH Merge
Sep 16 - Mt. Gox Claims Deadline
📊 Interest in Keyword "Buy Bitcoin" on Google Search Drops to a 2 Year Low
⚡️ What Types of Stablecoins are There?
There are a total of four at the moment:
▶️ Secured with real commodities (gold and silver)
▶️ Secured with fiat (regular money)
▶️ Secured with cryptocurrency
▶️ Algorithmic Stablecoins
Florida Blockchain Politics
Julio Fuentes: Building Florida as Leader in Digital Assets Space
Florida Politics
Let’s keep working together to build the future and strengthen Florida’s position as a leader in the digital assets space.
Few industries have produced the kind of rapid growth – or shown as big of a potential impact across society – as the digital assets revolution.
Despite that this technology remains in its early stages, one out of every five Americans has already used or invested in cryptocurrency. The work of entrepreneurs and tech experts can redefine the way money moves around our economy and opens access to an array of new financial products that make people’s lives better. Read More
New Crypto Group Grades Lawmakers’ Industry Friendliness
Crypto Action Network, which declined to provide details about its donors, will launch digital ads on a number of websites and apps, primarily those in news, politics and technology. The ads have already begun appearing in D.C., Tennessee, Minnesota, North Carolina, Florida, Michigan, and Pennsylvania.
The group is the latest crypto advocacy organization that has popped up to influence lawmakers in Washington, as Congress scrambles to understand and regulate the emerging fintech industry. The quickly burgeoning field of crypto advocacy in D.C., meanwhile, has provided K Street a boon in new business. Read More
Events
Click below for events & meetups in September 2022
Florida Bitcoin & Blockchain Summit (Tampa) November 3-4
Crypto News Heard Around the State
Central Florida News
Tampa startup wins Seedfunders’ pitch competition
A local entrepreneur who wants to help restauranteurs respond to their customers in a timely fashion - even if it's a complaint about the food or service - has secured new investment. On Wednesday, Review Reply.AI Founder Henry Coan pitched to a roomful of startup founders and a panel of judges, including Andreas Calabrese of [...]
stpetecatalyst.com
Orlando-based startup enters NFT realm
It's creating original comic book-inspired characters.
mynews13.com
Miami News
Miami Trio Duped Banks, Crypto Exchange in $4 Million Scam, Prosecutors Say
Prosecutors allege the men used fake passports and drivers’ licenses to open accounts at a cryptocurrency exchange then reported to banks that the cryptocurrency purchases were unauthorized.
wsj.com
Newly built Miami residential tower becomes bridge between cryptocurrency and real estate
For better portfolio diversification, cryptocurrency can now be used to purchase real estate in Miami’s desirable luxury market
cointelegraph.com
Florida Man Pleads Guilty to Stealing $100 Million in Crypto Ponzi Scheme - Decrypt
Joshua David Nicholas convinced investors that a high-tech bot was helping him to earn them 1% daily returns.
decrypt.co
Disclaimer: Crypto Flo DOES NOT provide financial advice. All content is for informational purposes only. Crypto Flo is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.