NDX Is Down 92% from ATH After $16 Million Hack Sends it Crashing

Indexed Finance’s NDX Is Down 92% from ATH After $16 Million Hack Sends it Crashing

Indexed Finance, a decentralized protocol for passive portfolio management on Ethereum, got hacked for $16 million worth of assets this week.

This resulted in a drop of over 35% in the price of its native token NDX, currently trading at $2.28. The coin is now down about 92% from its early February high of $27.71.

Late on Thursday, the Index Finance team released the post-mortem of the attack noting since the project’s first deployment in December, it is the first time they have been hacked.

The hack was made possible because the way to measure the pool value could be manipulated. A new token could be added to the pool, noted by blockchain security company PeckShield Inc.

Indexed Finance is a modified version of Balancer where the swap affects the balances and the weights of the tokens.

Two of the project’s indexes, DEFI5 and CC10, were targeted in the attack. In the first one, the hacker flash swapped the pool tokens, including UNI and others, and then manipulated its weighing by adding a new token, SUSHI, to control the majority weight of it.

“The actual bug is that the extrapolated value returned by the pool is unreliable. Therefore, any logic that depended on that value is fucked. One way to fix this would have been to use different weights for pricing in the AMM from the weights used in the extrapolated pool value.”

Mudit Gupta Core Developer of SushiSwap

To prevent any future attacks, the controller smart contracts will be modified, said the team. As for compensating the victims of the attack, the core team will discuss that with the community, with a proposal for governance soon coming.

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Author: AnTy

More than 65% of South Korean Crypto Exchanges to Shut Down Once FSC Deadline Hits

More than 65% of South Korean Crypto Exchanges to Shut Down Once FSC Deadline Hits

This could result in “huge investor losses” as users lose access to about 42 local altcoins. Currently, Polkadot (DOT), XRP, Cardano (ADA), and Cosmos (ATOM) are leading cryptos on the four top legit exchanges in the country.

The majority of the South Korean cryptocurrency exchanges are all set to be closed this month.

This will wipe out about 3 trillion won ($2.6 billion) as two-thirds of exchanges shut down, according to a report from the Finance Times.

Earlier last week, The Financial Services Commission (FSC), a financial monitoring agency in South Korea, issued a press release stating that they held an online meeting with “virtual asset service providers” (VASPs) to discuss the requirements related to the Sept. 24 deadline to register their businesses with the government.

“For VASPs that are planning to operate a virtual asset trading platform but are not planning to offer [Korean currency]-based or other fiat currency-based exchange services, the authorities advised them to terminate their fiat currency based exchange services without delay by the September 24 registration deadline.”

Those VASPs that are unable to meet the requirements and, as a result terminating their operation are advised by the authorities to “take measures to minimize damages” to their service users by informing their customers about the same with 7-day advance notice, giving them at least 30 days for withdrawal, and discard users’ personal information according to the relevant rules.

This could result in the shut down of about 40 of South Korea’s 60 crypto service providers, FT reported, citing “industry insiders and regulators.”

This could also force the closure of 42 sought-after coins, which crypto exchanges are expecting to trigger a “bank run” and result in “huge investor losses.”

Upbit, Bithumb, Korbit, and Coinone are the four top exchanges in South Korea that collectively control more than 90% of the country’s total cryptocurrency trading volume.

On Upbit, the largest crypto exchanges in South Korea which won’t be affected by the regulatory tightening, currently the most popular cryptos include Cosmos (ATOM), Tezos (XTZ), XRP, Serum (SRM), Polymath (POLY), Cardano (ADA), Polkadot (DOT), and Tron (TRX).

Bitcoin (BTC) accounts for 3.73% of the exchange’s total volume of just over $6.88 bln in the last 24 hours, the same as Tron, while Ethereum (ETH) has only 2.79% share, according to Coinmarketcap.

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Author: AnTy

Drama Ridden Cover Protocol and Ruler Protocol Shuts Down After Dev Team Leaves Suddenly

Drama Ridden Cover Protocol and Ruler Protocol Shuts Down After Development Team Leaves Suddenly

Decentralized insurance provider Cover Protocol has announced its shut down after their development team left the project. Its sister firm, a smaller lending platform, Ruler, is also shutting down.

The news sent the prices of the tokens of both the platforms crashing with COVER down more than 22% since the Cover team first announced it on Saturday, to trade at $215, while RULER is down over 90% during the same period to trade at $1.2.

The community manager DeFi Ted didn’t reveal why the development team left but said,

“The decision to do this did not come easy and is a final decision the remaining team made after reviewing the path forward after the core developers suddenly left the projects.”

The remaining team has decided to disperse the remaining treasury funds to token holders as a creditor payout, for which a snapshot will be taken at block number 13162680.

Going forward, the team will not be continuing with the RULER & COVER token or contracts, and the UI will be shut down.

The Cover protocol, however, has always been plagued with issues. Last December, it was the victim of a white hat attack. In March this year, DeFi blue-chip Yearn Finance canceled its plans to merge with Cover.

COVER Protocol was also a rebranding from yieldfarming.insure project (SAFE) about a year ago. The launch of the yieldfarming.insure project was a debacle in itself which later gained support from Yearn’s Andre Cronje and FTX CEO Sam Bankman-Fried as advisors, and even the relaunch wasn’t without any issues.

DeFi Ted now warned users to withdraw any funds from both protocols as soon as possible.

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Author: AnTy

Binance.US CEO Brian Brooks Steps Down Just After Three Months Due to “Differences over Strategic Direction”

Binance.US CEO Brian Brooks Steps Down Just After Three Months Due to “Differences over Strategic Direction”

Binance.US CEO Brian Brooks is already stepping down from his position just three months after taking up the role.

Brooks announced his resignation on Friday in a tweet saying, “Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come!”

His resignation came amidst a series of compliance setbacks and regulatory scrutiny from all over the globe tied to the cryptocurrency exchange Binance. Binance CEO Changpeng Zhao said in a statement,

“I remain confident in Binance.US’s business and its commitment to serve its customers and innovate. As one of the largest cryptocurrency exchanges in the United States, Binance.US is poised to continue to grow and empower the future of finance. This transition will not impact Binance.US customers in any way as the company will continue to deliver best-in-class products and services.”

In a separate tweet, CZ wished Brooks the “very best in his future endeavors,” saying his work at its US-based entity has been “invaluable.”

Brooks was the acting Comptroller of the Currency during the Trump administration from May 2020 to January 2021, where he led efforts to provide regulatory clarity for stablecoin and digital asset custody. Brooks joined Binance.US in May, and before joining the regulator, he was the Chief Legal Officer at the competing exchange Coinbase.

“This reminds me of so many other stories of foreigners taking executive-level positions at Chinese companies. Just as an empirical fact, it frequently ends in disaster,” said Matthew Graham, CEO at VC Sino Global Capital, last month regarding the disappearance of Catherine Coley from the social media after Brooks replaced her as the CEO of Binance.US.

“Don’t be surprised if/when the Brian Brooks era ends in similar fashion,” Graham had said at the time.

Amidst this, the latest round of speculation in the market around Binance has been that it is “planning the ultimate rug pull” based on the fact that someone other than CZ is the beneficial owner of Binance, as narrated by a former Binance user who lost his funds on the platform during the May 19 crash when about $10 billion worth liquidation happened during which Binance went down.

But it seems more to do with how things work in China than the nefarious plan in action as claimed by Binance victim Francis Kim, whose Twitter bio says he’s here to expose the truth about the exchange.

Kim’s tweet about Binance “fundamentally misunderstands how business is done in China, where it’s quite common to have assets under other people’s names,” Graham said of the tweet.

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Author: AnTy

Macro Suggests Crypto Cycle Top Might Not be In, Risk-on Could Become a Key Narrative Once Again

After going to nearly $40,000, Bitcoin is down at $38k yet again today. Meanwhile, Ether, currently above $2,600, went as high as $2,770 late on Wednesday ahead of its much anticipated London upgrade that will activate EIP 1559.

The total crypto market cap is also back near $1.7 trillion, up from a $1.29 trillion low a fortnight back.

As crypto asset prices make a strong recovery, the fear of a prolonged 3-year bear market, like after the 2017 bull market, following the new all-time highs in April and May, has been subsidizing. Some traders and investors expect to see a repeat of the first half of 2021.

“Hard to see the cycle top while the Fed remains dovish,” said trader and economist Alex Kruger.

“The Fed remains dovish even as it starts to discuss tapering as it’s concerned with jobs, while it sees inflation as transitory. Jobs are taking longer to recover as remote work has increased productivity. NFP data is key.”

As we have reported, Federal Reserve Chair Jerome Powell has assured the market at every turn that there is still a way to go before fiscal support is removed as employment targets are not met yet. He will tell in advance when the tapering would officially begin.

Divided Views

Fed Vice Chair Richard Clarida, a key architect of the US central bank’s new policy strategy, also said this week that an interest rate hike was likely in 2023, while he could “certainly” see an announcement on a taper “later this year.”

“Commencing policy normalization in 2023 would, under these conditions, be entirely consistent with our new flexible average inflation targeting framework,” he said in a webcast discussion hosted by the Peterson Institute for International Economics.

Fed officials, however, seem divided over when to start tapering, with St. Louis Fed President James Bullard calling for a quicker reduction of the bond-buying. Bullard said earlier on Wednesday,

“So you’d be sitting here next summer, with inflation well above target and jobs on the way back to pre-pandemic levels. That sounds to me like that’s something we should be prepared for.”

While Dallas Fed President Robert Kaplan is also endorsing tapering to start “soon,” his views differ from Bullard in the sense that he wants to pare the pace of purchases gradually.

Market at Glance

Amidst the tapering talks, the dollar has gained strength as it trades above 92.2 while spot gold is around 1,811.62 per ounce.

S&P 500 meanwhile fell from its record high of 4,429 hit on July 29 to 4,402 after data signaled a slowdown in job growth last month. The benchmark index has been on the rise ever since the March sell-off when it fell to 2,200.

Robinhood Markets (HOOD) is actually leading after having a slow start of its debut when it opened at $33, but on Wednesday, it went as high as $85 and is currently trading at $70.39.

The actual yield on 10-year Treasuries fell to a record low as corners over the outlook for economic growth mounts. The exact rate which removes the expected impact of inflation over the next decade is at minus 1.13%

Meanwhile, the cryptocurrency market is also enjoying recovering after experiencing a sharp pullback, 50% to as high as 95%, despite the ongoing regulatory scrutiny. Kruger said,

“Family offices and HNI (high net worth individuals) still coming in. Real yields just hit a new historical low (negative) that pushes speculators out the risk curve. Could become a key narrative once again.”

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Author: AnTy

Binance Bitcoin Futures Skyrockets to $48,000 in a Monster Wick

OI on Binance BTC futures is currently at 78.89k BTC, down from 101.37k BTC from last week, while being the only exchange to have a negative change in ETH futures’ OI in the past 24 hours but still sitting at the highest 627k ETH.

The textbook short squeeze that took place this weekend saw the price of bitcoin going as high as $48,000 on the leading cryptocurrency exchange.

On other crypto exchanges, this short squeeze sent the price of bitcoin to nearly $40,000 and Ether to almost $2,400, with Binance an anomaly.

On Binance itself, while Bitcoin wicked to about $39,800 on spot and on futures, it went as high as $48,168. In response, Binance has reportedly said that “API user place wrong orders, the liquidation price is the marked price, the extreme price will be automatically removed, and the user will not be affected.”

In the past 24 hours, more than 100,000 traders were liquidated for about $1.14 billion, with nearly $950 million being the short positions.

Bybit accounted for a majority of these liquidations at about $440 million, followed by OKEx and Huobi for just under $220 million, according to Bybt.

Binance, meanwhile, is accounting for a mere 11.4% of these liquidations at $129.5 million. However, the leading crypto exchange has stopped showing accurate liquidation for some time now, and these figures are expected to be much higher. Previously, Binance used to lead the market in liquidations.

This can be seen in the second-biggest drop of over 12% in OI on Binance’s Bitcoin futures in the past 24 hours.

Currently, at 78.89k BTC, it is down from 101.37k BTC on June 20, which was an increase of 78% in nearly a month as new short positions were opened. Still, it is the highest OI, accounting for 22.7% of the total BTC futures open interest.

“Binance straight up under-reports liq data, but OI down by ~12k BTC following that move and net buying on that 1m candle was ~12k BTC. Good ol cascade,” commented trader Hsaka. “Around ~$600m of forced buying in under 60 seconds.”

When it comes to Ether futures, only Binance has a negative change of 4.45% in the past 24 hours, now sitting at the highest 627k ETH while others had an increase in OI.

Amidst all this, Binance CEO Changpeng Zhao announced that they have started limiting new users to a maximum of 20x leverage a week ago on Monday.

“In the interest of Consumer Protection, we will apply this to existing users progressively over the next few weeks,” he added.

Meanwhile, several hedge funds have curbed their trading on Binance as the regulatory crackdown on it intensifies, the Financial Times reported.

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Author: AnTy

BUNNY Down Over 97% from its April Peak, Project Enhances Security Protocol After the 2nd Exploit

BUNNY Down Over 97% from its April Peak, Project Enhances Security Protocol After the 2nd Exploit

PancakeBunny, BSC-based decentralized finance (DeFi) yield farming aggregator and optimizer, has been hacked yet again.

Two months ago, PancakeBunny got rekt on Binance Smart Chain, and this time, the same happened on Ethereum sidechain Polygon. In May’s flash loan attack, $45 million was lost; this time, only $2.5 million was lost.

There has been growing speculation that it could be an inside job while the team assures a plan to compensate the victims.

For now, the total value locked (TVL) in the project is at $602 million, up from $593.65 million last week after the hack.

According to Defi Llama, in early May, the project boasted a whopping $7.54 billion in TVL.

The “economic exploit” occurred on July 16, resulting in the minting of 2.1 million polyBUNNY leading to a drop in its price.

As of writing, BUNNY is trading $14.64, down 21% in the past week and more than 97% from its all-time high of $512.75 three months back, as per CoinGecko.

According to the post-mortem, the attacker made a small deposit in one of the Bunny Vaults and, at the same time, made a considerable deposit directly to MiniChefV2 (SushiSwap). They then called for the function “withdrawAll” to execute the attack with the amount deposited in the MiniChefV2 as interest.

The same week, the same exploit occurred on PancakeBuny fork, ApeRocketFi, which lost $260k on BSC and $1 million on Polygon.

Now, the PancakeBunny team has ensured that they are “directly compensating everyone who possessed polyBUNNY at the time of the exploit in the amount of $2.4M.”

Those who held polyBUNNY, including polyBUNNY-ETH and polyBUNNY-QUICK at the time of the exploit, are eligible for compensation in the form of MND tokens from the Team’s share of MND.

MND is the fixed-volume utility token associated with the Mound (MND) Vault to which the Bunny Community has contributed nearly 2 million BUNNY. The Team has/will contribute(d) 1 million BUNNY, 1 million polyBUNNY, 100 million QBT, a portion of all future project tokens, and a share of all future fees from fee-based products. It said,

“The final price of MND will be set at the close of the Community commitment period in a little over 1 week and will be determined by the total value of the assets committed to the Mound (MND) Vault.”

In light of the recent exploit, the team has also revised its protocols to maximize security for the launch of new products with lending platform Qubit to be the first product to launch under this enhanced security protocol.

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Author: AnTy

Bitcoin Mining Difficulty Sees 4th Downward Adjustment in a Row; Also Occured At the End 2018 Bear Market

After the latest negative adjustment, the difficulty is now down 45.6% from ATH, and the market is getting the “same vibes” as of December 2018. Meanwhile, the record downward adjustment of 11 times in a row was in 2011, which was a 51.4% drop.

This past weekend, Bitcoin mining difficulty had yet another downward adjustment of just under 5% to 13.673 trillion, last seen in early January 2020, following the most significant drop in Bitcoin’s history two weeks ago.

At the end of May, the mining difficulty was at its all-time high of just above 25 trillion. Since then, four downward adjustments have been recorded in a row, representing a drop of 45.6% due to a decline in hash rate caused by China’s crackdown on cryptocurrency mining.

These downward adjustments in difficulty are helping the hash rate recover from its 68 Th/s low at the end of June to now around 100 Th/s, with Viabtc, Antpool, Poolin, F2pool, and Btc.com being the top mining pools accounting for 59.4% of global hash rate followed by Binance, Foundry, and Slushpool which has captured nearly 22% hash power.

Bitcoin hash rate surged to its peak at 197.6 TH/s in mid-May after miners increased the overall hash power to capitalize on the booming market. Though orders for the new ASIC machines soared at the time, the total capacity was not installed due to supply chain disruption and semiconductor shortage.

“The hash rate about doubled in the past year. But if all the machines on order had been installed, it would have gone up a lot more,” said Alex de Vries of Digiconomist, which tracks Bitcoin’s energy usage.

“Same vibes” as of December 2018

The downward adjustment in difficulty made a record drop in 2011 between August to November when it dropped 11 times in a row. At the time, the fall was 51.4%.

Back in 2018, at the end of the bear market, we recorded four consecutive difficulty drops between October and December; during this time, the BTC price found its bottom. At the time, the drop was only 31% to a six-month low.

Price-wise, trader Loomdart of eGirl Capital is also getting the “same vibes” as of December 2018.


The drop in difficulty means mining Bitcoin has become much more manageable. Mining Bitcoin has already been profitable and became more of a windfall for miners in the US, Canada, and Russia after China’s crackdown.

These Chinese are now moving to other parts of the world where production is more active such as Kazakhstan, Russia, Malaysia, and Texas, and Tennessee in the US.

“At $28,000 per coin, electrical usage could rise by 30% above the level before China shut down, and the miners would still make good money,” said de Vries. “If it goes back to $65,000, the miners would double their power usage from before China unplugged.”

Bitcoin mining operations like Bitfarms in Quebec are particularly enjoying the abrupt shutdown in Chinese mining operations. The BTC price above $31k and hash rate needed to capture/mine new coins down by 51% from two months back.

According to Bitfarms’ public disclosures, its “mining costs” per BTC in Q1 2021, consisting of the cost of supplies, labor, and electricity, was $8,500. It mined 598 BTC in Q1, amassing $28 million with the production cost of just $6 million.

“On July 3, the Bitcoin network experienced the largest difficulty drop in history due to recent macro developments in China. This has resulted in Bitfarms producing significantly higher quantities of Bitcoin at a lower cost per Bitcoin.” founder and CEO Emiliano Grodzki explained in the company’s production-update report. “Bitfarms has nearly doubled its market share,” he added.

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Author: AnTy

Bitcoin Unaffected by Macro, is Driven by Idiosyncratic Variables But Still Facing A Major Headwind

Crypto assets are in the red this week.

Bitcoin price keeps down around $31,500, and in tandem, Ether has fallen under $1,900. Altcoins are getting hammered except for selective ones like Axie Infinity, with the total market cap now at $1.35 trillion, down 48.5% from the mid-May peak. ETH -3.92% Ethereum / USD ETHUSD $ 1,916.60
Volume 15.72 b Change -$75.13 Open $1,916.60 Circulating 116.71 m Market Cap 223.68 b
8 h SEC Extends Decision On WisdomTree’s Bitcoin ETF Application 9 h Bitcoin Unaffected by Macro, is Driven by Idiosyncratic Variables But Still Facing A Major Headwind 9 h Solana Based Crypto Wallet Phantom Raises $9M to Scale Operations
AXS 2.74% Axie Infinity / USD AXSUSD $ 23.96
Volume 2.07 b Change $0.66 Open $23.96 Circulating 60.91 m Market Cap 1.46 b
9 h Bitcoin Unaffected by Macro, is Driven by Idiosyncratic Variables But Still Facing A Major Headwind 2 d SLP Farming Is Turning Out to Be Very Lucrative, While Axie Infinity (AXS) Has the Lowest P/E Ratio 3 d KuCoin (KCS) Rallies as Degens Turn to KuCoin Community Chain (KCC)

Meanwhile, the stock market is keeping around its all-time highs hit just this week. The US dollar shows strength around 92.55, with gold recording some gains at $1,825.

The latest price action in the stock market is after Federal Reserve Chairman Jerome Powell’s comments on inflation to remain high for some time and assuring that tapering is not coming just yet.

While Bitcoin sometimes responds to macro events like the last FOMC meeting and the latest CPI data, which showed the highest inflation in 13-years, it does so on rare occasions.


The leading cryptocurrency remains an uncorrelated asset, for the most part. For Bitcoin, the dominant factor contributing to risk measures, basically the percentage of volatility due to factor exposure, is “residual.”

This means the cryptocurrency is mainly driven by bitcoin-specific (i.e., idiosyncratic) variables. And for Bitcoin, these idiosyncratic drivers have been money flows lately.

“Equities, rates, inflation, gold, the dollar, these all matter as everything is interconnected, yet most of the time are of secondary importance when it comes to BTC,” said trader and economist Alex Kruger. “Don’t need to have an explanation for every time the price goes up or down.”

This week, the data showed that the price of food, energy, travel and primarily used cars increased dramatically, the most since 2008, which makes sense given that the costs of these things also fell sharply when the lockdowns were implemented last year.

A significant increase in the prices of everyday items makes crypto assets more attractive as in the past year, compared to other investments, crypto has provided much higher returns and more money to spend.

“When it comes down to inflation, most of it is, in fact, transitory,” Kruger noted.

“Inflation is a rate of change. Prices are supposed to increase in aggregate. Price increases are indeed not transitory. High inflation likely is” because central banks’ reserves creation is slowing down, supply-side bottlenecks are temporary, the population is aging, household savings will mean revert leading to fewer dollars to spend, and employers will hire less than before due to limited wage pressures, he added.

In a fireside chat, American economist Ben Bernanke said that the central bank wants to see some modest inflation. The Fed’s target inflation rate is 2%.

According to him, the Fed will be successful in getting it in low 2% for a time before getting it down to 2.0% while noting that in the 1990s, inflation averaged 3% over that whole decade.

Persistent 3% inflation, however, would produce anxiety this time as it would question credibility, given the 2% target, according to him.

Bernanke, who served two terms as the Federal Reserve Chairman from 2006 to 2014, believes the tapering of the current $120 billion per month bonds buying will be a year-long process, $10 billion per meeting was how it was down in 2013. An increase in its rate won’t happen until the end of tapering, which pushes into 2023.

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Author: AnTy

Bitcoin Block Time Soars to Highest Level Since 2010 After Hash Rate Crashes to 2-Year Low

Bitcoin hash rate has taken a drop and is now down about 70% from its all-time high in mid-May. With this latest drop, the hash rate has fallen to a two-year low last seen in July 2019.

However, it’s just a short-term block-interval inferred hash rate, and the actual drop is about 47%.

Still, this drop resulted in an average block time of more than 23 minutes, up from the regular 10 minutes, to mine a single bitcoin block, “the largest daily mean block interval since the very early Bitcoin days,” in 2010, noted Glassnode.

Only 58 Bitcoin blocks were mined throughout Sunday, representing a drop of 60% from the baseline of 144 blocks per day.

This, of course, led to daily bitcoin miner revenue falling 80% from $70 million in May to about $12.8 million yesterday. Miners were earning the same level of revenue in early November when the price of bitcoin was around $13,000.

The largest drop in hash rate is causing a significant decline in Bitcoin network activity, with the number of active addresses also falling off a cliff, reaching levels not seen since early 2019.

Even fee is extremely low, with average fees now 0.00021 BTC ($7.12), down from over $62 in late April, and able to keep stable during this whole ordeal.

As a result, the difficulty is expected to have a negative adjustment, which reached an all-time high on May 13 and has seen two downward adjustments since.

While one wants a quick difficulty adjustment after such a harsh drop in hash rate, the fact is when the hash rate drops a lot, blocks take longer to mine, so difficulty adjustment takes longer to come.

Adjustments are supposed to happen every 14 days, but the last adjustment was 16 days ago, and there are still 453 blocks to go. The difficulty adjustment is expected to be the largest downward ever, which should lower the block times.

This drop follows China’s crackdown on cryptocurrency mining. Such a big drop means China might have gone “almost entirely off grid already.” As we reported, Chinese miners are moving overseas, but this definitely provides a great opportunity for those with access to cheap energy.

Even JPMorgan strategies can feel the bullishness of it, saying, “the crackdown on mining operations in China should be considered as positive for bitcoin over the medium term as it accelerates a shift away from China’s high share in bitcoin’s hash rate, reducing concentration.”

While a real annoyance, 60-80% drop is “not fatal,” said Balaji S. Srinivasan, former Coinbase CTO, and General Partner at Andreessen Horowitz.

“In general, the global decentralization of Bitcoin mining shows a way to robustify against the famous Thanksgiving Turkey Chart. Even the Chinese state going after mining (not really a surprise) is only causing a temporary rise in block times. So far, pretty antifragile!”

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Author: AnTy