Marathon Digital Mines $16M In Kaspa To Diversify From Bitcoin

Here are some of the major developments from the world of crypto over the past few days
some of the major developments from the world of crypto
some of the major developments from the world of crypto

Bitcoin heavyweight mining Marathon Digital said that, in an effort to diversify away from Bitcoin, it had mined $16 million worth of Kaspa (KAS), a token created to solve the cryptocurrency's scaling issue, since September. Adam Swick stated that, chief growth officer of Marathon, By mining Kaspa, we are able to create a stream of revenue that is diversified from Bitcoin.

Marathon has mined 9,761 Bitcoin BTC $60,787 worth $594.9 million since September. Bitcoin has climbed 135% while KAS tokens have increased 420%. About sixty petahashes of KS3, KS5, and KS5 Pro ASICs have been acquired by Marathon in order to mine Kaspa coins. After Kaspa is completely implemented, it will only make up 1% of our energy capacity, said Samuelsm.

The company's overall mining income of 9,761 Bitcoin BTC $60,787, or $594.9 million, has only been little impacted by Marathon's Kaspa mining activities. With the Kaspa hovering at 20,000, Bitcoin presently sees between 700,000 and 1 million unique active addresses connect with the network per day

Bitstamp drops Tether’s euro stablecoin amid new MiCA rules

Bitstamp, a cryptocurrency exchange, has delisted EURT, Tether's euro-pegged stablecoin, in anticipation of the full implementation of Europe's Markets in Crypto-Assets Regulation (MiCA). Bitstamp, which was among the initial exchanges to trade EURT in November 2021, declared on June 26 that it will delist the cryptocurrency by the end of June.

According to CoinGecko, EURT's market capitalization is far lower than USDT's, coming in at only under $33 million at the time of writing. The stablecoin has seen a significant decline in terms of market cap since 2022 and 2023 after peaking at around $236 million in February 2022.

Bitstamp will not list any new EMTs that don’t meet MiCA criteria, nor will it engage in any marketing of them, the exchange said. In May 2024, Tether CEO Paolo Ardoino allegedly rejected the European rule, claiming that the business did not plan to be governed by MiCA.

UAE Crypto Payment Ban Possible Due to New Regulations, Lawyer Warns

Irina Heaver, a cryptocurrency and blockchain lawyer, believes that recently revealed laws in the United Arab Emirates (UAE) may outlaw cryptocurrency payments in the nation. On June 5, the board of the UAE Central Bank examined initiatives funded under the FIT program to accelerate digital transformation.

During the meeting, the board authorized the implementation of payment token services regulations to monitor and license stablecoins. The new criteria said that payment tokens in the nation must be backed by UAE dirhams and not tied to foreign currencies. The blockchain lawyer believes this may violate the country's pro-commerce posture.

Heaver also stated that the UAE lacks industry bodies, such as Switzerland's Crypto Valley Association. Heaver emphasized that a lack of representation means that no one is opposing regulations that she feels are not fully examined and may be adverse to the future of Web3 and cryptocurrency in the UAE.

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