Holy Cow Post

HOLY COW POST

“Mt. Gox, Bitcoin Hash Rate, Sotheby's Art Sales, and More"”

Mt. Gox Double Payment Glitch

Mt. Gox, a defunct cryptocurrency exchange, accidentally paid some creditors twice due to a system error. This occurred during the distribution of settlement funds. The Trustee of Mt. Gox Rehabilitation Trust contacted recipients via email, requesting the return of the unintended extra payments. Several Reddit users discussed their experiences of receiving double payments and their responses to the Trustee's request. This incident reflects ongoing complexities in the aftermath of Mt. Gox's historic collapse and subsequent legal proceedings.

Bitcoin Mining Dynamics in 2023

As of Christmas 2023, Bitcoin's hash rate hit a record high of 544 exahashes per second. Despite this, the profitability for miners has significantly decreased. The hash price, which indicates mining profitability, dropped to $0.09 per terahash per second per day, a 34% fall from its 2023 peak. This decline in profitability comes despite a substantial rise in Bitcoin's price and its network's hash rate over the year.

Spot Bitcoin ETF's Potential Impact

The spotlight is on the potential approval of spot Bitcoin ETFs in the United States. Market analysis suggests these could dramatically overshadow the current $50.3 billion market of around 150 crypto exchange-traded products (ETPs). If approved, spot Bitcoin ETFs are predicted to capture significant assets, with estimates ranging from $2.4 billion to $72 billion in the next few years. This development reflects growing institutional interest in crypto investment products, evidenced by the $1.6 billion net inflow into global crypto ETFs in 2023.

Sotheby's Digital Art Sales in 2023

In 2023, Sotheby's, a renowned fine arts auction house, achieved close to $35 million in digital art sales. This figure includes a record sale of an NFT titled "Ringers #879" by digital artist Dmitri Cherniak, which fetched $6.2 million. The year witnessed Sotheby's first live digital art auction, attracting 300 attendees and $12 million in sales. Additionally, Sotheby's launched an on-chain marketplace for NFT trade, reflecting the auction house's increasing involvement in the digital art sphere.

Immutable's 'Passport' Wallet Innovation

Immutable, a Web3 game publisher, introduced a new wallet infrastructure, "Immutable Passport," on December 19, 2023. This wallet allows users to create and recover their wallet using a Google or Apple account or an email address, simplifying access and security for gamers. At launch, five apps and games implemented Immutable Passport, with a combined user base of over 500,000. Immutable Passport is designed to make Web3 gaming more accessible and user-friendly, offering a noncustodial login solution.

SEC's Deadline for Spot Bitcoin ETF Filings

The U.S. Securities and Exchange Commission (SEC) set a deadline of December 29, 2023, for spot Bitcoin ETF applicants to file final S-1 amendments. This deadline is crucial for those wishing to be considered in the first wave of potential spot Bitcoin ETF approvals in early January 2024. The SEC's decision came after meetings with representatives from various firms interested in launching spot Bitcoin ETFs, emphasizing the importance of complete filings by the deadline.