Bitcoin mining difficulty hits record level; Brazilian President signs law aimed at regulating crypto companies; Good news for Snoop Dogg fans: The new NFT collection is coming!
According to data from BTC.com, mining difficulty has hit a record level, showing how difficult it is to earn rewards while mining.
Mining difficulty increased by 2.18% to a new peak of 52.35 trillion at block height of 794,304.
Another important data was that the hashrate of the network was at the level of 383.87. This means that the record level is very close.
Bitcoin mining difficulty can be characterized as a measure of the amount of energy required to mine. The difficulty level is adjusted so that the time to generate a new block can stay at 10 minutes as more miners are included in the network and subsequently the block generation rate increases. This adjustment is carried out every two weeks.
Increasing difficulty means stronger competition among Bitcoin miners.
Data from the beginning of 2023 show that mining difficulty is generally volatile. Mining difficulty, which declined to a level of 34.09 trillion at a block height of 770.112 in January, has generally been in an upward trend, although it has experienced decreases since then.
The continuation of the upward trend against the decreases experienced in February and May enabled the record level to be seen.
An increase in mining difficulty may mean that more miners are actively using the Bitcoin network.
Brazilian President signs law aimed at regulating crypto companies
Brazilian President Luiz Inácio Lula da Silva, better known as Lula, has signed into law the law clarifying the roles that the country’s central bank and securities regulator will play in crypto.
President Lula signed government decree 11,563 which sets the rules for a legal framework for cryptos in the country. The legislation gives the Central Bank of Brazil the power to regulate and supervise virtual asset service providers.
The decree will enter into force on June 20, 2023, without affecting certain laws regarding consumer protection and financial crimes.
However, the Central Bank of Brazil is also planning to launch a CBDC project with companies such as Visa and Mastercard. The bank has started work to test its privacy and programmability functions.
Brazil, which has one of the largest markets in South America, hosts the crypto exchange called Mercado Bitcoin. In addition, licensed exchanges such as Crypto com and Bitso also operate in the country.
Coinbase, the largest US cryptocurrency exchange, recently announced that it has partnered with local firms to offer crypto purchases for people residing in Brazil.
Good news for Snoop Dogg fans: The new NFT collection is coming!
World-renowned hip-hop artist Snoop Dogg re-enters the world of Web3 with a new NFT collection. The famous artist is preparing a new NFT collection for his fans so that they can follow his concert tours.
In a recent announcement, Snoop Dogg introduced an NFT collection that provides access to various content such as behind-the-scenes videos and photos uploaded on his tour. The name of the new NFT collection was also determined as Snoop Dogg Passport Series. Holders of the artist’s NFT passport will also have access to future releases such as artwork and merchandise.
According to Snoop Dogg, it is part of the future of the Web3 and NFT industry. The hip-hop artist not only promoted his NFT collection, but also encouraged other artists to go his own way. “I hope other artists will see what I’m doing and continue to be innovative in their own way,” Snoop Dogg said in a statement.
The project was developed in collaboration with Web3 platform Transient Labs. The company’s chief operating officer, Chris Ostoich, stated that he is always looking for a way to leverage blockchain to deliver unique experiences. At this point, too, Ostoich said, the partnership with Snoop Dogg greatly allows them to do that.
As it is known, Snoop Dogg has been releasing NFT collections for his fans in Web3 for a long time. The artist first announced in 2021 that he had his pseudonymous NFT collection “Czomo de’ Medici”. In fact, it is stated that all of the NFTs in the collection of Cozomo de’ Medici are worth 17.6 million dollars.