Category Archives: Bitcoin

The European Union (EU) doubled down on previous sanctions against Russia which limited bitcoin and cryptocurrency transactions resulting in an outright ban against all transactions, per a statement from the European Commission.

The Commission welcomes the Council's adoption of an eighth package of hard-hitting sanctions against Russia for its aggression against Ukraine, reads the statement.

All bitcoin and cryptocurrency wallets, accounts and custody services in Russia are hereby banned. Previously, transactions were limited to 10,000 ($9,900).

The ban comes on the heels of recent news from Russia, where its Ministry of Finance announced the countrys intentions to allow any industry to accept bitcoin and cryptocurrency for international trade. Last month, Russian Deputy Finance Minister Alexei Moiseev stated that "there is no way to do without cross-border settlements in cryptocurrency."

Russias need to transact in bitcoin and cryptocurrency has stemmed from a continuing dialogue between the Russian central bank and its Ministry of Finance as the two regulators determine how best to introduce this ability to the economy.

But while the two regulators debate on how to accomplish the task, the EU has stepped in prohibiting any and all cryptocurrency transactions and services with its most recent ban.

The new sanctions extend beyond cryptocurrency to also include restrictions on individuals and entities in the Donetsk, Luhansk, Kherson and Zaporizhzhia regions. Each sanctioned individual is believed to be involved in the Russian occupation, illegal annexation and sham referenda in the previously mentioned territories.

Furthermore, export sanctions aiming at Russian military, industrial and technological access, as well as at its defense sector, were introduced. The EU also imposed a 7 billion import restriction and oil price caps.

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EU Issues Bitcoin, Crypto Ban On Russia With New Sanctions - Bitcoin Magazine

Mt Gox creditors have been issued new information concerning their claims and it seems they now have until January 10, 2023 (Japan time) to register for a repayment method. The latest notice says that any creditors that wish to receive payment, must finish the selection and registration section on the system platform by the deadline. Furthermore, the crypto exchange Bitstamp has revealed it is one of the selected exchanges chosen by the court trustee Nobuaki Kobayashi.

Roughly 38 days ago, the Mt Gox trustee Nobuaki Kobayashi, from the Tokyo-based bankruptcy court system, told creditors that the rehabilitation custodian is currently preparing to make repayments. Interestingly, the day before the trustees notice, 10,001 bitcoin associated with Mt Gox moved after sitting idle since December 19, 2013.

Furthermore, another 5,000 bitcoin associated with Mt Gox moved five days later, after the bitcoins sat for close to nine years of dormancy. Now Kobayashi has issued a deadline notice that explains creditors must finish the claims.mtgox.com platforms selection and registration section by January 10, 2023.

The latest Mt Gox notice says:

The deadline for selection and registration is January 10, 2023 (Japan time); any creditor who wishes to receive repayment must complete selection and registration on the system by such deadline.

It has been known for quite some time now that creditors will have to register with a selected crypto exchange, and submit basic KYC/AML information. Mt Gox creditors need to register with the selected exchange and at the time of writing, the names of all the exchanges have not been disclosed. However, Bitstamp announced on Friday that the Luxembourg-based trading platform was one of the selected crypto exchanges.

Bitstamp is pleased to announce that we are supporting the rehabilitation process for Mt. Gox creditors, the exchange said in a blog post about the subject. Rehabilitation creditors who choose Bitstamp as their cryptocurrency exchange will receive the rehabilitation assets via their Bitstamp account.

According to a Mt Gox creditor, users need to log into the claims.mtgox.com system and perform the identity verification process, and then fully complete the selection and registration section. Then Mt Gox creditors have a choice to choose either fiat or a crypto and fiat combo.

It seems after the deadline commences next year on January 10, Mt Gox claimants will finally get funds distributed after years of waiting and a turbulent rehabilitation process. Theres no way to verify how many creditors will choose to get a full fiat payment, but its been said by a few creditors that choosing the BTC payment was a better option.

Bitstamps announcement notes that due to regulatory reasons it cannot support Mt Gox creditors who are residents of China, Iran, Macao SAR, Singapore, South Korea, Japan, North Korea, Syria, Cuba, or three Ukraine regions which include Crimea, Donetsk, and Luhansk.

What do you think about the latest from the Mt Gox saga? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Mt Gox Saga Nears End of the Road Creditors Required to Register With Exchanges, Bitstamp Selected by Trustee Bitcoin News - Bitcoin News

Back in 2009, when Bitcoin established a peer-to-peer (P2P) lending system supported by its native Bitcoin (BTC) currency, the world regarded a decentralised financial system with amazement and scepticism.

More than a decade years later, BTC has not only become the most valuable cryptocurrency in the world by market cap but has also accelerated the adoption of blockchain technology across several sectors.

Blockchain technology, which uses cryptographic encryption techniques to provide a trustless and decentralised ledger system for recording transactions immutably, has given rise to a number of applications, including DeFi or decentralised finance, which is revolutionising how people conduct business online.

However, the supremacy of blockchain-based protocols like Bitcoin may soon be challenged by a new generation of quantum computers that employ quantum bits, often known as qubits, to do computations orders of magnitude quicker than even the most powerful supercomputers.

How quantum computing works and how it may lead to dangerous attacks?

While conventional computers utilise bits, which alternate between 0 and 1, quantum computers employ qubits, which may exist in both states simultaneously.

These computers are millions of times quicker than the fastest supercomputers available today because they can calculate and take into account several configurations at once.

With this level of processing power, bad actors might leverage the benefits of quantum computing to target protocols like Bitcoin in an effort to steal money from the millions of cryptocurrency users who already conduct online transactions.

Such elements may theoretically deploy potent quantum computers to attack susceptible wallet addresses or even target transactions while they are being processed on the blockchain by using various tactics, such as transit attacks or storage assaults.

While transit attacks are beyond the capabilities of the majority of the quantum computers now in use, storage attacks appear to be more likely since they depend on how securely tokens are maintained by different users.

Is Bitcoin's hegemony currently under threat?

Today's borderless transaction systems, such as Bitcoin and other blockchain protocols, are not especially vulnerable to quantum computing assaults.

This is due to the fact that the processing power of quantum computers has not advanced above 100 qubits, greatly restricting the likelihood of an attack on a protocol as vast and safe as Bitcoin.

Nevertheless, given how quickly technology is developing, it is predicted that over the next 10 years, quantum computers with more than a million qubits will likely become a reality.

With so much computing power, a concerted attack on the Bitcoin network in its current state would be seriously undermined, with even transit attacks being a very real possibility for cybercriminals.

However, given the restricted time, depending on the block processing time of each protocol, and the enormous amount of qubits needed to launch a successful attack, transit assaults would still be a very difficult undertaking.

Quantum computing used by projects that aim to resist any potential attacks

There are several initiatives underway seeking to modify or implement new designs that would make protocols like Bitcoin even more secure, despite the fact that quantum computers have not yet developed the degree of computational power required to pose a danger to them.

Furthermore, blockchain technology itself is constantly developing as developers and business owners compete to be the most innovative.

One of the most pressing jobs for the crypto development community will be to abandon elliptic curve cryptography (ECC), which relies on a set of public and private keys to encrypt data.

Numerous teams are looking at alternative cryptographic techniques to safeguard the future iteration of Bitcoin and other protocols because they see the need for stronger and more attack-proof solutions.

Block lattice technique, used by the QAN Platform, directed acyclic graph (DAG) technology, used in the Iota blockchain, and even quantum key distribution (QKD), which was jointly created by Toshiba and JPMorgan, are some significant instances of quantum-resistant technologies.

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Will Bitcoin be threatened by the development of quantum computing? - Moneycontrol

Although cryptocurrencies do not have the status of legal cash in Namibia, the countrys central bank, the Bank of Namibia (BON), has announced that it has now included virtual assets (VA) and virtual assets service providers (VASP) under its Fintech Innovations Regulatory Framework in a phased approach, through its innovation hub.

The BON also highlighted in a statement issues towards the end of September that, although digital currencies such as Bitcoin (BTC) are still not legally recognized, retailers and dealers may take money in this form if they are willing to participate in such an exchange or trade.

Notably, the central bank said that it is contemplating making changes to applicable laws and regulations diligently in consultation with other relevant authorities.

The banks new stance on digital currencies seems to indicate that the BON is warming up to cryptocurrencies. The central bank has previously said:

It did not recognise, support and recommend the possession, utilisation and trading of cryptocurrencies by members of the public. The bank also warned Namibians there would be no legal recourse in the event they lost money.

In the announcement, Governor Johannes Gawaxab of the BON, who has been known to be sceptical of cryptocurrencies in the past, is reported as conceding that the future of money has reached a crucial juncture. He went on to explain:

The future of money is at an inflection point. The battle between regulated and unregulated money on the one hand, and sovereign versus non-sovereign money on the other.

Nonetheless, Gawaxab argues that central bank digital currencies (CBDCs) provide something that privately issued or developed digital currencies cannot. Nonetheless, the BON governor stressed that his institution, which is likewise examining and analyzing the viability of launching a CBDC, would not hurry into it.

If CBDCs are explored and implemented with due care and caution, they could hold immense potential benefit for a more stable, safer, more widely available, and less expensive means of payment than private forms of digital money, said Gawaxab.

The BON also shared that it will be releasing a CBDC consultation document in the month of October.

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Namibia's central bank says Bitcoin can be accepted as payment - Finbold - Finance in Bold

It's been a strenuous year for the crypto business. After hitting a high of more than $68,000 in November 2021, bitcoin has plunged to hover around $20,000.

But for long-term ETF investors, some experts advise to take crypto's comedown in stride.

"If you're going to do this right, then what's been happening in the past nine months is totally irrelevant," Ric Edelman, founder of Edelman Financial Services, told Bob Pisani on CNBC's "ETF Edge" on Monday.

"If you're investing for the next five to 10 years, this is just an ordinary blip in the marketplace, and you ignore it," he added.

But with bitcoin coming off a nearly two-year low, the short-term temperaments are being met with a mix of positive and negative factors that are guiding where the crypto community goes from here.

"It's a really dynamic moment in the market," Matt Hougan, CIO of Bitwise Asset Management, told Pisani on Monday.

A massive technical upgrade in ethereum is a constructive force for the future of the world's second-largest blockchain, Hougan said. A wave of institutional investors coming into the market, and an influx of venture capital activity are also forward-looking indicators for crypto's future.

On the flipside, regulatory pressures from the Federal Reserve and the Securities and Exchange Commission are working against it.

"That's creating this volatile market where crypto is going up and down and can't quite figure out which way to go," Hougan said. "And I think we're probably stuck there, at least through September."

Edelman explained that for institutional investors to engage with Wall Street firms, endowments and pension funds, regulatory and legislative rules need to be in place.

"The adults in the room recognize that regulation is a good thing," Edelman said. "Right now, we have 1% engaging in crypto. You're not going to get the other 99% until they have clarity on what the rules of the road are.

"We're seeing new rules coming out from the Treasury, IRS, FINRA and from the Fed," he said. "And from the SEC and CFTC. We've got over 50 bills in Congress right now. And all of this is very healthy."

SEC Chair Gary Gensler has said the agency should have a major enforcement role in crypto, particularly for tokens. In a speech this month, Gensler sounded a warning signal to organizations he believes are violating existing securities laws, asking staff to possibly "fine-tune compliance for crypto security tokens and intermediaries."

"I think there was a pretty direct threat against crypto trading venues large-scale entities like Coinbase," Hougan said. "They're clearly on his horizon."

In July, shares of the crypto firm tumbled after it was announced that it was facing an SEC probe into whether the platform offered unregistered securities.

"I'm happy to say it again and again: we are confident that our rigorous diligence process a process the SEC has already reviewed keeps securities off our platform," said Coinbase's chief legal officer Paul Grewalon Twitter.

Proposals for more SEC oversight of the crypto community are likely to be met with hostility from the community itself, although the agency has already taken steps to enforce its regulatory agenda.

In February, the SEC charged BlockFi Lending with failing to register the offer and sale of its retail crypto lending product. The firm agreed to settle the charges, paying a $50 million penalty and ceasing unregistered offers and sales of the lending product.

"A year from now, the large trading venues will be in the process of registering with the SEC," Hougan said. "I think individual tokens, it's a much longer term."

Although the speculative assets have a challenging path forward, Edelman said the number of people who own cryptocurrencies continues to be a steadily rising figure.

"What's interesting is that, despite the fact that [Coinbase is] down 70% from its high, the number of people who own it is unchanged," he said. "Which means that those who wanted are not fazed by this."

Beyond the crypto community, rates of adoption from large investment firms demonstrate that digital currencies are being embraced by Wall Street, Hougan said.

"Blackrock and Schwab coming in reinforces to everyday investor that bitcoin is not going away," Hougan said. "I think that's now been settled. It's now how big is that future."

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Turning point for the crypto community? Where bitcoin goes from here - CNBC

The sugar high of the Ethereum merge on Thursday led into a dour weekend of red for both the newly miner-free ETH and top crypto Bitcoin.

Ethereum is down from its pre-merge perch of $1,580 to $1,335 as of this writing, following a steep drop of 6% within hours of the merge and down 15% overall late Sunday.

Bitcoin, meanwhile, fell to $19,414 on Friday, and saw a brief rally take it above $20,000 on Saturday. The boost was shortlived, however, with the largest cryptocurrency by marketcap returning to its Friday lows as the weekend drew to a close.

Ethereum was down 22% for the week, and Bitcoin was down 10%. The declines echo a similarly down previous week in which overall economic metricsranging from the Consumer Price Index to traditional market indicators Nasdaq and the S&P 500also fell.

But Ethereum's sinking fortunes following the merge belies some analysts' assertions immediately following the upgrade that the impact of the merge on the value of ETH had already been priced into the market.

Prior to the conversion, some had even predicted a "merge surge," But the momentary jump in the price of ETH quickly evaporated. Prominent crypto Twitter commentator Doctor Profit announced today that he had sold all of his Ethereum.

The weekend also brought reports of the first "replay attack" targeting the Ethereum and the recently hardforked EthereumPoW blockchains. As with the invalid blockchain setting that briefly delayed the launch of ETHW, this exploit was caused by the failure to verify the chainlink ID to determine on which blockchain a transaction was taking place.

As for Bitcoin, its total market cap was headed back toward its six-week low of $18,661 on Sept. 6, territory it hasn't touched since the end of June. Bitcoin's total market cap was back below $375 billion on Sunday, a threshold last breached on Sept. 6 and not since July 13 before that.

For his part, Doctor Profitwhose main claim to fame is predicting $18,000 as the "ultimate bottom" for Bitcoin as early as April 2021said that "the bottom is being formed" with a likely prince range of $18,000 to $25,000 through next March.

But a lot hinges on the next move announced by the U.S. Federal Reserve, he warns. While Doctor Profit feels Bitcoin's price can withstand a 0.75 basis point increase in interest rates, a full 1 basis point will mean "we see blood."

"Once the FED decides the great reset, all of us will be fkd," he tweeted.

The last Federal Reserve meeting in July yielded a 0.75% increase. The next meeting, set for Sept. 21, will likely bring another increasethe main question being how big an increase. Some are expecting Federal Reserve Chairman Jerome Powell to announce a full percent hike.

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Ethereum, Bitcoin Slide Further Through The Weekend - Decrypt

Bitcoin (BTC) recovered above the $19,000 mark on Sep. 20, a day after falling to its lowest level in three months.

On the daily chart, the BTC price rose from $18,255 to $19,650. This 7.5% price rebound mirrored similar rebound moves witnessed in the stock market, suggesting that investors have been coming to terms with another significant rate hike by the Federal Reserve expected on Sep. 20-21.

However, opinions differ on the longevity of Bitcoin's rebound. Independent market analyst Jonny Moe stressed that BTC's ongoing price action is similar to its sideways consolidation moves at the beginning of this year.

In other words, Bitcoin's current price rebounds around the $20,000 mark do not make a long-term bull case.

Rudy Takala, former Fox News executive and opinion editor at Cointelegraph, also warns crypto traders to prepare for more "dark times" due to worsening economic conditions globally.

On the other hand, some analysts believe Bitcoin is staring at a strong bullish reversal in the times ahead. Let's take a closer look at the three optimistic market outlooks.

Bitcoin's Sep. 20 candlestick is a bullish hammer, which suggests weakening downside momentum, according to pseudonymous analyst Trader Tardigrade.

A bullish hammer candlestick forms when the asset drops significantly lower from its opening value but recovers to close near the same level. Traders see the hammer as a sign of bearish rejection, given its history of preceding market bottoms.

Trader Tardigrade applies the same theory to Bitcoin's recovery move on Sep. 20, noting that its bullish hammer may usher in a reversal.

Another technical signal that anticipates Bitcoin to rebound sharply is the Pi-Cycle bottom.

Specifically, the open-source indicator tracks twolong-term simple moving averages (SMA): the 471-day SMA and the 150-day EMA. History shows that Bitcoin price bottoms out for the market cycle when the 150-day SMA crossed below the 471-day SMA.

Meanwhile, the price heads for a strong bullish reversal in the days leading up to and after the 150-day SMA closes above the 471-day SMA. Pseudonymous analyst, Titan of Crypto, highlighted that Bitcoin is eyeing a 150-471 SMA bullish crossover sometime by 2023.

"1st cross occurred in July," he noted, adding:

Aurelien Ohayon, the CEO of investment strategy firm XOR Strategy, anticipates Bitcoin to reach $45,000 by early 2023, arguing that BTC price has been following the popular Wyckoff Cycle pattern.

Related:FED sledgehammer will further batter BTC, ETH prices Bloomberg analyst

A Wyckoff Cycle has four phases:accumulation, markup, distribution and markdown. After the markdown phase, the cycle repeats with the accumulation phase, which, as Ohayon points out, is the case with Bitcoin's ongoing price rebound.

"Bitcoin is entering the Final Bullish Phase of the Wyckoff Cycle," the analyst concludes.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin analysts give three reasons why BTC price below $20K may be a 'bear trap' - Cointelegraph

CryptoQuant analyst, Greatest_Trader, revealed that there was possible selling pressure from Bitcoins [BTC] long-term investors. This opinion may not be surprising, especially as BTC led its investors into losses after falling from $22,000 on 13 September.

Since then, the king coin has failed to recover and has been trading below $20,000 for the past few days.

According to the analyst, the current market direction was responsible for this take. He pointed out that several long-term holders recently sent a sizable number of their holdings into exchanges.

This unusual move signaled massive selling pressure at the holders end. A look at the exchange inflow CDD showed that the analyst raised some valid points.

As of 18 September, the exchange inflow CDD was 97,770.62, according to CryptoQuant. At press time, it had increased remarkably to 1,495,425.57, indicating that long-term investors may run out of patience.

While referring to the decrease in the fourteen-day moving average, he added that the selling pressure, if sustained, could lead BTC to $16,000.

Additionally, it may seem that the earlier talks about Bitcoin getting stronger may already be in the drain. This was because the analyst mentioned above was not the only one who shared the opinion about a possible price fall.

Another CryptoQuant analyst, BaroVirtual, noted that recent institutional investors inactiveness might also send BTC further down. Citing the state of fund market volume of Grayscale Bitcoin Trust (GBTC), BaroVirtual said that the decrease might mean BTC could not increase parabolically.

While assessing the GBTC fund market volume, CryptoQuant data showed that there was no signal for improvement. The last time there was a significant increase was on 23 June, when the volume went up to 31,277,925.39. Since then, it had followed some stagnancy and a decline till it was 4,125,627 at the time of writing.

But was there any sign that BTC could at least rise above this stalemate?

The opinion of Nicholas Merten did not agree. The experienced analyst and founder of crypto YouTube channel, DataDash, predicted that BTC was heading lower than the forecast of Greatest_Trader. In fact, Merten predicted a price plunge to $14,000.

In his video uploaded on 19 September, Merten cited the 200-Week Moving Average (WMA) position. According to him, the indicators revealed more resistance than support, highlighting that it was a similar scenario that led to the capitulation in June.

At press time, BTC was trading at $19,327 a 2.72% increase from the last 24 hours. Despite the uptick, expecting a rally from the current point could be unlikely.

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Bitcoin [BTC]: Is this the point where investors call it quits - AMBCrypto News

Bitcoin (BTC) falling lower to the $18,500 level has struck the market by surprise while retail and institutional investor interests are taking a peculiar turn.

Bitcoin has maintained its rangebound price movement under the psychological barrier at the $20,000 mark. As long-term trends presented a rather skewed picture of the larger cryptocurrency market certain trends pointed towards higher volatility and market skepticism in the near term.

Over the last few weeks, the anticipation of the Ethereum Merge largely overshadowed the diminishing institutional interest in the top crypto asset as significant price swings became a norm.

On Sept. 19, BTC traded at a daily low of $18,232 but managed to make a recovery above the $19,000 mark. However, a worrying sight was that the market volume of the Grayscale Bitcoin Trust (GBTC) fund garnered very low interest from institutional investors.

GBTC is the leading player in the Bitcoin market among similar institutions. GBTCs fund market volume shows almost no interest among corporate (institutional) players. Usually, such diminishing interest trends highlight that BTCs price is prone to fall or is in a distribution phase.

On the contrary, a sudden rise in the fund market volume could lead to a parabolic price rise. For now, though, the number of large transactions, as per data from IntoTheBlock, also made a downward slope highlighting that large entities and bigger transactions were on a decline alongside the BTC price.

Fewer large transactions happening on the network further point toward lower activity from institutional investors or large market entities.

Bitcoin charted an uptick in price towards the upper $22,700 price level on Sept. 13 as investors and traders anticipated further gains. However, a quick u-turn amid lower retail volumes brought BTCs price back to the $19,000 range.

At press time, BTCs next solid resistance levels stand at the $20,000 and $21,500 mark. Bitcoins price would need a quick push from bulls to establish itself comfortably above these key resistance levels.

Nonetheless, a positive sight in investors eyes is the high trade volumes on exchanges, indicative of continued retail interest in BTC. However, for long-term price growth, BTC would need additional support from institutions which is lacking at the moment.

DisclaimerAll the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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How the Bitcoin Price Might React as Institutional Interest Diminishes - BeInCrypto

Data shows the public Bitcoin mining companies have been spending more excessively on administration, compared to other industries like gold mining.

According to a new blog post by Arcane Research, most BTC miners have only focused on minimizing direct production costs, and neglected indirect expenses like administration.

The administrative costs here refer to the expenses incurred by companies that arent directly related to revenue generation. Examples of such costs include stock compensation and executive salary.

The direct production costs, on the other hand, include mining farm staff salaries and electricity-related costs. These two expenses make up for the two main types of expenses suffered by Bitcoin miners.

Here is a chart that shows how the BTC mining production margin has been like since 2021:

As you can see in the above graph, public Bitcoin mining companies have maintained their margins around 60% to 80% during recent years, suggesting that they have been good at minimizing their direct production related costs.

The report notes that these margins should be able to cover depreciation and amortization of mining assets, administrative costs, and some profit on top.

Since the first of these is unavoidable, it would appear that the best way for miners to improve their profits is to reduce the administrative costs.

However, as the below chart shows, the public Bitcoin mining companies have been spending big on these expenses since 2021.

From the graph its apparent that public miners have been spending an average of 50% of their revenues on administrative costs alone.

Marathon spent even higher than the rest of the market, paying off administrative expenses with 97% of their total revenues in the last couple of years.

The companys generous executive stock compensation program is behind why the firm has been dropping nearly all of its revenues on administration.

Some companies, however, have been much better at minimizing these costs. Argo managed to keep these expenses at just 16% of its total revenues.

A look at a comparison with other industries like oil and gas industry, and gold mining reveals that Bitcoin mining firms have been spending much more excessively on these costs.

The report explains that the main reason behind this discrepancy lies in the fact that the Bitcoin mining industry is still relatively immature, and as such, their revenues are still quite low.

Companies have been hiring experienced executive teams keeping future growth goals in mind, and hence have needed to offer highly competitive packages.

However, the post points out that the mining industry is still massively overcompensating these executives. The source of this overspending is likely because of mining being a capital intensive industry, which makes it easier to finance costs like these, and the fact that shareholder oversight is weaker in these firms due to the immaturity of the sector.

At the time of writing, Bitcoins price floats around $19.4k, down 13% in the past week.

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Report: Bitcoin Mining Companies Spend Excessively On Administration Compared To Other Industries | - Bitcoinist