CryptoDigest. 19.11

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Against the backdrop of another Bitcoin rally, the BTC hash rate has grown significantly over the week. The income of miners has also increased. Now the pools, on average, earn about $ 60 million daily. In parallel, analysts are recording an increase in network commissions.

The life of the inhabitants of Miami is getting better: the local authorities announced the distribution of rewards in bitcoin to each city dweller – a kind of version of an unconditional basic income. In an interview with NBC, Mayor Francis Suarez shared the details of the action.

The American branch of the FTX exchange, FTX US, is also doing well – in the third quarter it significantly strengthened its position on the US market.

An important cultural event in the blockchain industry cannot be ignored either. The day before, an ambitious exhibition of digitized works of art started at the Russian Hermitage. Anyone can become a visitor – just register on the organizers’ website.

Bitcoin power on the rise again

On the back of improved mining profitability, the Bitcoin network hash rate this week rose to 170,715 exa hashes per second (EH / s). The average daily earnings of mining pools now reaches $ 60 million (according to Arcane Research).

Researchers welcome the growth of bitcoin power and remind: the higher the hash rate, the safer the network, since a large number of miners are connected to it, and this enhances the decentralization of the blockchain.

Now the amount of computing power is about 12% below the May record. Recall that in the summer, the hash rate collapsed due to the repression against mining pools in China.

In July, bitcoin capacities fell to 68 EH / s, and after the completion of the migration of the pools, they began to grow again. Transaction fees soared about 19% over the week to $ 3.44.

Bitcoin is trading at $ 63,300 tonight. Market volatility has eased by the end of the week. Altcoins also pass positions. The largest of them – Ether (ETH) and Binance Coin (BNB) – fell in price by 3.60% and 2.09% to $ 4,565 and $ 612.60 (according to CMC). Cryptocurrency market capitalization fell to $ 2.77 trillion.

Bitcoin Bounty Ride in Miami

The authorities of this American city announced that every resident has the right to a reward in BTC. The cryptocurrency will be purchased with the funds received from the placement of the MiamiCoin token. This project brought the city budget more than $ 21 million in investments.

You don’t have to convert MiamiCoin to Bitcoin on your own. It is enough just to register a crypto wallet, to which the authorities will send BTC. Recall that the local digital currency was launched in Miami at the initiative of the Mayor Francis Suarez and with the participation of the Citycoin team.

The head of the city administration is famous for his love of bitcoin. The mayor in a recent interview said: if the profitability of cryptocurrency investments brings a decent income, residents of the metropolis can be exempted from paying taxes altogether.

This step will be revolutionary for both the city and the country, Suarez emphasized. The initiative was backed by Anthony Pompliano, co-founder of Morgan Creek, who also called Miami’s plans “revolutionary”.

Digitized masterpieces

An important event of the outgoing week was the launch of a free online exhibition organized by the State Hermitage. The Russian Museum is actively testing the capabilities of NFT technology for digitizing art objects.

The exposition runs until December 10. It can be visited in real time by registering on the organizers website. A virtual tour of the NFT world awaits the museum guests. By the way, at the beginning of autumn, the Hermitage held the first auction of NFT tokens on the Binance exchange.

The museum was able to earn more than $ 400,000 from the sale of digitized art objects. The Hermitage management will continue to work with NFT if this direction turns out to be promising. The exhibition also features popular NFT platforms – ArtBlocks, and OpenSea.

FTX US Trading Volume Soars More Than 500%

The American branch of the FTX cryptocurrency exchange has significantly expanded its presence in the US market in the third quarter of 2021.

Trading volume increased by 512% to $ 807 million per day. Peak values ​​of traders’ activity were recorded in September. The number of users has increased by over 50%.

FTX US handles 4.5% of US crypto traders’ transactions. The exchange, founded by billionaire Sam Bankman-Freed, raised $ 900 million in investments in September and $ 420 million in October in several rounds of funding, and the company’s capitalization reached $ 25 billion.

Sources: CoinTelegraph, CoinMarketCap, Bitcoinist, Arcane Research, Twitter, BitinfoCharts

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