Day: October 2, 2023

Bitfarms reports a 7.3% increase in its monthly mining output

Bitfarms produced 411 bitcoins last month and sold 362.
The Canadian miner is still lagging behind last year’s figures.
Bitfarms stock is currently down 40% versus its recent high.

Bitfarms Ltd says its mining output popped 7.3% in September as it continued to install new miners and “fully energised” its facility in Rio Cuarto to 51 MW.

Bitcoin still holds 703 BTC in total

The Canadian miner produced a total of 411 bitcoins last month – of which it sold 362 for about $9.5 million. Geoff Morphy – the Chief Executive of Bitfarms said in a press release today:

We continue to believe that many of our best opportunities for growth and investment will arise around the next Bitcoin halving expected to occur in April 2024.

The Toronto-headquartered firm still holds nearly $20 million worth of Bitcoin (703 in total). Its total operating capacity now sits at 233 MW.

Shares of the bitcoin mining company are still down about 40% versus their recent high.

Bitfarms is still lagging last year’s figures

Bitfarms is committed to strengthening its balance sheet and infrastructure ahead of the halving event next year – by which, it expects to have paid off under $10 million it still has in debt.

The bitcoin mining company now has a total operating capacity of 233 MW. Its hash rate improved another 9.0% in September to 6.1 exahashes per second (EH/s).

Bitfarms wanted its hash rate to hit 6.3 EH/s in the third quarter but “electrical infrastructure delays” at its Baie-Comeau facility saw it come a bit shy of the target.

Note that the Canadian miner is still trailing the numbers it reported last year. Bitfarms mined 3,692 BTC in the first nine months of this year versus 3,733 Bitcoin in the equivalent period of 2022. Wall Street currently has a consensus “buy” rating on BITF.

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Grayscale files to convert its Ethereum Trust into a spot Ethereum ETF

Grayscale is seeking for SEC’s approval to convert its Ethereum Trust to an Ethereum ETF.
Grayscale’s Ethereum Trust manages nearly $5 billion in Ethereum assets.
Transition to spot ETF offers direct and regulated cryptocurrency exposure.

Grayscale Investments, a global leader in digital asset investment, is making headlines again as it seeks approval from the US Securities and Exchange Commission (SEC) to convert its Grayscale Ethereum Trust (ETHE) into a spot Ethereum exchange-traded fund (ETF).

📣We’re proud to announce that @NYSE Arca has filed Form 19b-4 with the SEC to convert Grayscale Ethereum Trust $ETHE to a spot #Ethereum ETF. https://t.co/IAHDHTdeqp
🧵(1/4) https://t.co/IAHDHTdeqp

— Grayscale (@Grayscale) October 2, 2023

The move, which is in partnership with NYSE Arca, marks a significant step toward bringing cryptocurrencies further into the mainstream financial landscape.

Grayscale’s Ethereum Trust

Grayscale’s Ethereum Trust (ETHE) currently stands as the world’s largest Ethereum investment product, boasting a substantial $5 billion in assets under management. The trust gives investors exposure to Ethereum, one of the leading cryptocurrencies, by holding Ethereum on their behalf.

However, the proposed conversion into a spot ETF would change the game.

The rising appetite for crypto ETFs

A spot ETF represents a more direct approach to cryptocurrency investment compared to trusts that rely on futures contracts.

In a spot ETF, investors own the underlying asset itself, in this case, Ethereum, rather than futures contracts. This approach offers increased transparency and security for investors, making it an attractive option for those seeking to participate in the crypto market with regulatory oversight.

Grayscale’s forays into crypto Investment

Michael Sonnenshein, the CEO of Grayscale Investments, expressed the company’s commitment to providing traditional investment products with cryptocurrency exposure.

Grayscale Investments is no stranger to the SEC, having recently won a legal battle that may shape the future of cryptocurrency ETFs. The ruling provided essential guidelines for how regulators should handle forthcoming crypto ETF applications, setting the stage for further developments in the cryptocurrency industry.

As the cryptocurrency market continues to evolve, Grayscale’s application for an Ethereum spot ETF represents another milestone in the integration of cryptocurrencies into mainstream finance. If approved, it would join the Purpose Bitcoin ETF, which gained approval earlier this year, in offering a regulated and direct path for investors to access digital assets.

The development could attract more institutional capital and enhance market liquidity, paving the way for a new era in cryptocurrency investment.

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7 best DeFi crypto tokens to 10x

In DeFi, discovering tokens with the potential for significant returns is similar to finding a diamond in the rough. Within the labyrinth of the DeFi market, certain trailblazers are shifting paradigms, holding the promise of exponential financial gains and pioneering shifts in the Web3 ecosystem. 

Use cases range from platforms reshaping the traditional method of business financing using innovative NFT mechanisms to DeFi projects unravelling the interplay between art, AI, and finance. 

We spotlight seven DeFi crypto altcoins positioned to soar and perhaps 10x in the upcoming bull run. If you take your time to read through and understand the fundamentals behind each of the tokens in this article you might stumble upon your next best crypto investment.

Borroe Finance (ROE) cryptocurrency ICO 

Borroe Finance (ROE) is emerging as a standout player in the DeFi market, recognized for its groundbreaking AI-powered funding marketplace tailored for content creators and Web3 enthusiasts. It’s not just another cryptocurrency ICO but a platform changing the game for Web3 business financing. With $ROE tokens operating on the Polygon chain, an Ethereum sidechain, Borroe allows businesses to mint and sell NFTs representing future earnings. 

For buyers, this means instant cash flow by acquiring discounted invoice NFTs, further tradable on secondary platforms. What sets Borroe apart is its alignment with Web3 principles, championing equitable value distribution and empowering users. This platform promises easy invoice trading, AI-driven risk evaluation, blockchain security, and efficient crypto and fiat transactions.

Additionally, the tokenomics or “Roenomics” of Borroe has a deflationary nature, ensuring scalability and limited transaction fees. Given these attributes and Borroe’s unique value in bridging traditional funding gaps, it’s no wonder industry experts tag it among the top cryptos to buy now. Experts anticipate $ROE to increase by 350% after the presale. To participate in the presale, visit Borroe.Finance Presale

InQubeta (QUBE) DeFi coin

InQubeta (QUBE) is quickly emerging as a game-changer in the DeFi tokens space, positioning itself as the world’s first Web3 crowdfunding platform tailored specifically for AI startups. Pioneering the landscape, InQubeta offers fractionalized investment options, with each AI investment venture represented as an NFT. Whether you’re eyeing the next big thing like MidJourney, QUBE grants you the golden ticket. The Ethereum (ERC-20) based QUBE isn’t just a regular altcoin. It’s a deflationary token, ensuring scarcity and value appreciation. Plus, experts anticipate that QUBE’s price will increase by 400% after the presale. 

Furthermore, QUBE continues to impress as a governance token, it promotes democratic participation. Staking QUBE promises passive income, thanks to its dedicated reward pool, ensuring long-term holders get their fair share.

To purchase the QUBE token, visit InQubeta Presale

Domini (DOMI) altcoin

Domini ($DOMI) is making waves in the DeFi cryptocurrency space, blurring the lines between high-end art and decentralized finance. Positioned on Ethereum’s ERC-20 network, Domini introduces a visionary art marketplace where blockchain technology seamlessly integrates with traditional artistry. This game-changer transforms the elitist blue-chip art domain by tokenizing artworks into unique NFTs, enabling fractional ownership. 

Consequently, even an average Joe can invest in esteemed artworks, removing antiquated barriers. Every tokenized artwork guarantees unwavering ownership records, strengthening trust and diversifying the art market. A salient feature of Domini? The Domini Marketplace is an original NFT platform allowing stakeholders to trade their art shares or scout for alluring art fragments to beef up their collection. 

More than just the best coin to invest in, $DOMI provides passive income, courtesy of its 7% buy and sell tax, divided meticulously to fund burn processes, marketing drives, and ensure liquidity. Investing in $DOMI is simple, thanks to the extensive payment gateway that accepts top cryptocurrencies. 

Stacks (STX) – Bitcoin alternative

Bitcoin-centric scaling solutions have seen heightened interest, driven by a growing urge to harness Bitcoin beyond mere transfers. Amidst this narrative, Stacks (STX) presents itself as an emerging frontrunner. With its Nakamoto upgrade expected later this year, STX offers potential as the native token of the Bitcoin L2, Stacks. Notably, stackers of STX enjoy passive BTC yield, the rise of which correlates with increased Stacks usage. 

However, the STX community faced a setback in April 2023 when a critical bug facilitated a skewed representation of the STX stack balance for a particular address, consequently leading to an unauthorized $425k gain. This flaw compromised the security of sBTC. Another challenge is the exploitation of the Proof-of-Transfer (PoX) consensus mechanism by a player, overshadowing its competitors claiming more STX rewards than due. 

Stacks adopts economic disincentives to synchronize its ecosystem participants; however, the efficacy of this strategy in ensuring a solid BTC bridge and a consistent native price oracle is still under scrutiny. Investors should be discerning given the recent challenges faced by the network and the infancy of Bitcoin scaling solutions. For newcomers and those thinking about the big question of which crypto to buy today for the long-term, considering the evolving landscape of the DeFi market, Stacks indeed offers a promising investment opportunity.

Render (RNDR) – a popular Metaverse project

Born from the Ethereum blockchain and OctaneRender fusion, RNDR embodies decentralization in 3D rendering. Render Network, often abbreviated as RNDR, is a remarkable peer-to-peer GPU marketplace that pivots on enabling individuals to allot their idle GPU prowess to the execution of 3D rendering of motion graphics and visuals. 

What sets it apart? A straightforward ROI in the form of RNDR, the platform’s intrinsic utility token. The elegance of RNDR lies in its optimization of traditional rendering protocols, positioning it as a cornerstone for digital prodigies in the burgeoning metaverse. Amid the digital entertainment era, where 3D visuals are the norm, from the immersive world of online gaming to the mesmerizing crypto metaverse, the demand for advanced rendering – the meticulous transformation of a 3D blueprint into a textured visual treat – is surging. The protocol’s decentralized nature promises scalability beyond comparison, with its robust GPU rendering network capable of massive expansion aligned with evolving project requisites. 

It’s not just about computational might; RNDR offers users a rich palette of choices, whether outsourcing tasks or harnessing surplus GPU energy, driving operational efficiency through the roof. And remember blockchain security ensures unmatched IP safety, safeguarding the creator’s rights, a rarity in today’s centralized platforms. For crypto novices seeking the next best DeFi coins or thinking about what crypto to invest in, RNDR emerges as a fascinating blend of next-gen tech with vast potential. Making it a top contender in the best crypto to invest list.

Hedera (HBAR) – a leading altcoin

Hedera Hashgraph, or HBAR, is a unique entry in the ever-growing DeFi cryptocurrency sector. At its core, Hedera aims to provide a versatile platform, different from typical erc20 tokens, on which individuals can transact or develop applications under the watchful eyes of a conglomerate of businesses. Unlike many decentralized systems on the decentralized cryptocurrency list, it sets itself apart with distinct design choices. While it offers impressive transaction speeds for its HBAR cryptocurrency, it only permits selected nodes to have a say in transaction history. 

Such a model ensures rapid finality, minimizing the potential for subsequent changes to transaction states. This structure assures businesses, offering them the confidence to act based on this reliable data. Beyond its operational features, Hedera has caught the attention of giants such as LG, IBM, and Boeing, which have integrated as nodes in this system. Founded by Leemon Baird and Mance Harmon and having raised $124 million from its HBAR sales, this network’s prominence in the best crypto-to-invest category continues to rise.

Lido Dao (LDO) 

Lido Dao (LDO) stands out as a revolutionary protocol in the cryptocurrency for beginners’ landscape, showcasing innovative solutions to Ethereum’s staking challenges. Born just before Ethereum’s iconic “Merge,” Lido’s Liquid Staking innovation addresses the daunting 32 Ether staking requirement, permitting users to tap into the staked tokens’ locked value. This is achieved through stTokens, acting as placeholders, granting users the flexibility to engage in the Decentralised Finance (DeFi) market and boost their yields. 

Unlike conventional staking methods, Lido offers the advantage of asset liquidity, ensuring assets can be utilized across various DeFi applications and top crypto coins. Not restricted to Ethereum, Lido has extended its wings to other notable Proof of Stake blockchains, including Polygon and Solana. Governed by its community through the LDO token, Lido stays committed to its mission: simplifying decentralized staking, making it accessible and appealing to a vast audience.

Conclusion

As the epoch of decentralization unfolds, Web3 platforms continue to entice, allure, and, more importantly, revolutionize traditional financial constructs. While cryptocurrency trading might seem daunting for beginners, altcoins, like those in this article, paint a promising future picture. Whether the innovation-laden Borroe or the fusion of art and finance in Domini, the DeFi space is brimming with opportunities. 

However, as with all investments, prudence is key. Let this article guide you in ensuring the best DeFi tokens are in your portfolios. After all, today’s informed choice could be the stepping stone to tomorrow’s financial windfall. Consider the nuances when discovering opportunities such as the coolest NFTs or altcoins that can lead to massive returns.

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Will XRP collapse? 3 cryptos to buy with promising futures

The crypto market, characterized by its volatility, often witnesses unprecedented surges and sudden declines. However, the recent uncertainty surrounding Ripple’s XRP has shaken the very foundations of the crypto community. With the SEC reigniting their battle against Ripple, potential investors are grappling with doubts over XRP’s future. Yet, even in this clouded climate, some top altcoins are emerging as beacons of promise.

At the centre of this new-age investment frontier stands InQubeta and its native token, $QUBE, followed closely by Fetch.AI (FET) and the Injective Protocol (INJ). While it’s tempting to focus solely on the potential downfall of XRP, it’s equally critical to keep an eye on emerging cryptocurrency ICOs.

InQubeta ($QUBE): the vanguard of AI-driven investment

The intersection of blockchain and Artificial Intelligence is an unparalleled fusion of technology. InQubeta has harnessed this promise, positioning itself as the bridge between ambitious AI projects and eager investors. Through its innovative QUBE tokens, InQubeta unlocks an arena once dominated by the Silicon Valley elite, enabling average investors to support the AI startups that will shape our future.

QUBE, as a deflationary ERC20 coin, is a beacon of potential for savvy investors. It boasts of a well-thought-out ecosystem, from staking rewards to an exclusive NFT marketplace where AI-driven investment opportunities await. Furthermore, QUBE isn’t merely a good crypto to buy; it’s a symbol of governance. Token holders play an active role in shaping the platform, making decisions that will chart InQubeta’s future. With a strong foundation, an audited smart contract, and a bright roadmap ahead, QUBE stands out as a prime investment opportunity in these uncertain times.

To purchase QUBE tokens, visit InQubeta Presale.

Fetch.AI (FET): pioneering decentralized machine learning

Emerging from the shadows of mainstream crypto projects is Fetch.AI, bringing with it the promise of decentralized machine learning. At its core, Fetch.AI aims to connect IoT devices and data using blockchain technology

By fostering a network where devices can communicate and learn from each other autonomously, Fetch.AI is opening up possibilities for more efficient, smart technology systems. Its token, FET, is an integral part of this decentralized AI ecosystem, which gives it intrinsic value and potential for growth.

Injective Protocol (INJ): revolutionizing decentralized finance

Another star on the horizon is the Injective Protocol. Rooted in the world of decentralized finance (DeFi), Injective Protocol promises fast, secure, and fully decentralized trading. The platform’s ability to support a broad range of financial products, from futures to spot trading, has captured the attention of crypto enthusiasts. 

INJ, the native token, powers this ecosystem, and its utility goes beyond mere transactions. It’s instrumental in governance, staking, and liquidity mining, providing the backbone for the Injective Protocol’s ambitions.

Conclusion

While the ongoing SEC-Ripple saga has cast a shadow over XRP’s future, the crypto landscape is vast and brimming with potential. 

Tokens like QUBE, FET, and INJ, each with its unique value proposition and forward-looking vision, represent the future of this dynamic market. As the tides of the crypto world shift, it’s these top crypto coins—with solid fundamentals and tangible utility—that stand poised to weather the storm and offer promising returns to their believers.

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FTX auditor Prager Metis faces SEC legal action over violations

SEC takes legal action against Prager Metis, auditor of bankrupt crypto exchange FTX.
Prager Metis is accused of breaching auditor independence rules by adding indemnification provisions.
Lack of transparency and ethical concerns raise questions about auditing practices in the cryptocurrency industry.

The United States Securities and Exchange Commission (SEC) has taken legal action against Prager Metis, the auditor of the now-bankrupt cryptocurrency exchange FTX, alleging multiple breaches of auditor independence rules.

The SEC has accused Prager Metis of failing to maintain the required independence while providing auditing services to its clients. This violation of auditor independence rules is a serious issue that can have significant repercussions in the financial industry.

SEC charges against Prager Metis 

According to the SEC, Prager Metis added indemnification provisions to engagement letters for more than 200 audits, reviews, and exams conducted between December 2017 and December 2020. This act compromised their independence from their clients, contravening federal securities laws.

Even more concerning is the allegation that Prager Metis failed to notify its clients about these violations, despite being informed by the Public Company Accounting Oversight Board (PCAOB) that these indemnification provisions breached independence requirements. This failure to communicate such critical information raises questions about the firm’s transparency and ethical conduct.

Prager Metis had also faced scrutiny from Senators Elizabeth Warren and Ron Wyden, who had accused the firm of lacking independence when auditing cryptocurrency companies. Their specific allegation regarding Prager Metis’s audit of FTX, a cryptocurrency exchange that later declared bankruptcy in 2022, adds complexity to the situation.

Importance of auditor independence

The SEC’s legal action against Prager Metis highlights the importance of auditor independence in maintaining the integrity of financial reporting and public trust. The alleged violations spanning several years raise concerns about the auditing practices of Prager Metis and its impact on the clients it served, including FTX.

The outcome of these legal proceedings will determine the extent of accountability and potential consequences for Prager Metis. Additionally, it underscores the need for strict adherence to auditor independence rules and greater transparency in the financial auditing industry.

As this case unfolds, the implications for the cryptocurrency industry and the auditing firms that serve it will be closely monitored. Auditor independence remains a cornerstone of trust in financial markets, and any violations must be addressed to maintain investor confidence.

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