Bitcoin hash rate, the computing power securing the network, has reached levels not seen since early November 2018. With the mining difficulty remaining relatively flat for over a month now, new cryptocurrency miners have found it easier to bring their rigs online.
There have been numerous reports that Bitcoin miners in China are buying used equipment and making deals with mining farms and hydroelectric plants. This season a significant amount of excess electricity is expected to be generated by hundreds of hydropower stations, especially in China’s mountainous southwestern provinces of Sichuan and Yunnan. This level of excess power would result in competitive electricity costs for Bitcoin miners.
On a less positive note, the Japanese government has reformulated its position on crypto margin trading after reviewing its current laws pertaining to governing payment services and financial businesses. The new laws will mean that parties who are seeking to trade financial assets using funds via a broker will be eligible to participate in cryptocurrency margin trading at “two to four times the initial deposit.”
Elsewhere, a recent report published for the Brookings Institution is calling for enhanced regulations on cryptocurrencies. The report was authored by Harvard University fellow Timothy Massad, who served as chairman of the United States Commodity Futures Trading Commission (CFTC) during the administration of Pres. Obama.
Finally, despite the calls for another stability fee hike to ensure DAI peg stability, the % of ETH locked in the credit ecosystem of MakerDAO has remained stable at 2.10%.
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