Bitcoin mining revenue at a two-year low; Putin calls for independent and blockchain-based settlement network; and Elon Musk announces Twitter 2.0 plans, Dogecoin pump!
Bitcoin mining revenue is at a two-year low
Bitcoin miners’ revenue slumped to a two-year low amid poor market performance and increasing network difficulty. Still, last month, the short drop in the Bitcoin hash rate allowed miners to make up for losses.
Total Bitcoin mining revenue in US dollars dropped to $11.67 million. This figure was last seen on November 2, 2020, when the Bitcoin price was around $13,500.
On top of all this, the difficulty of mining a Bitcoin block has risen to an all-time high, forcing Bitcoin miners to spend more energy and computational power to stay competitive.
Over the past three months, the Bitcoin network’s hash rate has steadily declined. The hash rate fell 28.6 percent from its all-time high of 316.7 EH/s on October 31, 2022, to 225.9 exahash per second (EH/s).
Putin calls for an independent and blockchain-based settlement network
Russian President Vladimir Putin criticized the monopoly of international global payment systems at the International AI Journey Conference held in Moscow on November 24. Putin has called for an independent and blockchain-based settlement network.
Putin made the following statements on the subject at the organization organized by Sberbank, Russia’s largest bank:
“Digital currency and blockchain technology can be used to create a new international settlement system that is much more convenient, secure for its users, and most importantly, without the intervention of banks or third countries. I am sure that such a thing can be created and developed because no one likes the order of monopolies that harms all parties, including themselves.”
On the other hand, Russian local media recently reported that lawmakers are working on changes to the law on cryptocurrency regulations. According to media reports, the Russian government is preparing to launch a national cryptocurrency exchange.
Another development that has recently occupied the media was the submission of a bill to the Russian State Duma, the lower house of parliament, on November 17, legalizing the mining of cryptocurrencies and the sale of the issued cryptocurrency.
Elon Musk announces Twitter 2.0 plans, Dogecoin pump
Billionaire entrepreneur Elon Musk has confirmed that he plans to integrate payments on the social media platform Twitter. The joke-themed cryptocurrency Dogecoin (DOGE), supported by Musk, gained 20 percent quickly.
Twitter’s new owner announced his plans for the social media platform on his Twitter account with 119.2 million followers on November 27.
Although Elon Musk did not comment on Dogecoin on Twitter, this shows that DOGE investors are hopeful that the cryptocurrency may somehow have a Twitter-related relationship.
According to data from CoinGecko, the DOGE price rose 20 percent to $0.107 while trading at $0.089 a few hours after Musk’s tweet.
Meanwhile, other plans listed as part of Musk’s Twitter 2.0 vision include advertising as entertainment, video, encrypted DM features, longer-character tweets, and a rebooted blue tick.