Bankrupt lending platform Celsius Network LLC has announced that it has selected a proposal by Fahrenheit as the winning bid to lead the company out of bankruptcy, according to reporting by Reuters. Celsius, which filed for Chapter 11 protection in July, sought a buyer to manage its cryptocurrency lending and bitcoin mining businesses. The chosen consortium, Fahrenheit, includes Arrington Capital, a blockchain-based venture capital firm. In addition to the consortium acquiring the company, a new board of directors, primarily appointed by creditors, will oversee the new company formed as a…
Read MoreDay: May 25, 2023
Bitcoin Payments App Bottlepay To Shutdown Services
Bottlepay, a popular consumer app for Bitcoin transactions, has announced its closure on Monday, July 24, 2023, leaving users with the task of withdrawing their funds. The company stated that all accounts will be closed, and users are urged to withdraw their funds either as Bitcoin or fiat currency (GBP/EUR) from the Bottlepay app before the closure date. Failure to withdraw funds by the closure date will result in Bitcoin being converted to fiat currency and returned to the nominated bank account, while any fiat left in the account will…
Read MoreIntroducing The Rolling-Block Method: A New Way To Forecast Bitcoin Mining Difficulty
Since Bitcoin’s inception, network difficulty has grown from 1 to as much as 48.71 trillion hashes that a miner would theoretically need to generate to find the winning one. This means it is 48.71 trillion times harder to mine a Bitcoin block today than when mining first began in 2009 — a compound increase of 20.64% per month. At the time of this writing, Bitcoin’s difficulty is at an all-time high, which means that miners — on a BTC basis — are making less in rewards per unit of hash…
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