🔴 The End of Traditional ETH Mining | This Week in Crypto – Aug 9, 2021

Ethereum’s London upgrade
will end traditional ETH mining, a former Monero developer is arrested
on non-crypto charges, and crypto debate hits the floor
of the US Senate on Capitol Hill. These stories and more
this week in crypto. Hi, I’m Nate Martin
from 99Bitcoins.com, and here’s what’s happened
this week in crypto. Ethereum’s price has surged
over the past few days following a recent upgrade
that analysts have codenamed “London.” The upgrade is slated to make
the Ethereum network more efficient and will purportedly bring it closer
to a proof-of-stake model, which will allow holders
to garner profits on the assets they already own.

The US Senate faced pushback
from the crypto community when it introduced a section
into its proposed infrastructure bill that would clamp down on underreported
digital asset tax liability. At issue is ambiguous language
as to reporting requirements for developers and miners, and whether they would have to collect and report information on users
as a ‘broker.’ Former maintainer of the anonymous
Monero cryptocurrency Riccardo Spagni has been arrested on fraud charges pertaining to events that occurred
between 2009 and 2011 – before he joined
the Monero community. Spagni, who is known in online forums
and platforms as ‘FluffyPony’, is currently in the custody
of the U.S.

Marshals Service and will be held without bail
until his extradition to South Africa. Bitcoin SV—a cryptocurrency
that emerged following a bitcoin cash hard fork— has been victimized by a 51% attack
that caused the asset’s price to fall. The attack allegedly occurred
at the hands of miners when three separate blockchains
were created causing several units of BSV
to be double spent. The Nasdaq-listed cryptocurrency
exchange Coinbase has enabled crypto buys with Apple Pay, and instant cashouts of up to
$100,000 per transaction. While the Apple Pay option has been
available to Coinbase users since June, it required users to have
a Coinbase-branded debit card, but now that workaround
is no longer needed with the update. Fidelity Investments has bought
a 7 percent stake in Marathon Digital Holdings, one of North America’s biggest
and most prominent crypto mining firms. Over the past year, shares in Marathon have surged
by more than 660 percent, suggesting that Fidelity joins
the growing trend among investors of gaining exposure
to the crypto industry through traditional securities as well.

Melanion Capital—
an asset management firm in Paris— has become the first company
of its kind to launch a bitcoin-based
exchange-traded fund (ETF) designed to track the price of bitcoin. The product will be offered to investors
in the European Union (EU) and will track 30 stocks with a high
correlation with bitcoin’s price. Popular sandwich shop Quiznos
has partnered with Bakkt— an institutional crypto trading platform— to allow customers to pay
for food with bitcoin. Several stores in high-traffic areas
will be accepting crypto payments beginning in mid-August. The move is part of a pilot program
that, if successful, could see all U.S. based Quiznos
accepting crypto by the end of 2021. That’s what’s happened
this week in crypto, see you next week. If you've enjoyed this video,
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