Bitcoin (BTC) miner Marathon Digitial will reissue a number of previous financial statements after the Securities and Exchange Commission (SEC) pointed out some accounting errors the firm made. According to a Feb. 27 SEC filing, Marathon will restate its unaudited Q1, Q2, and Q3 quarterly reports from both 2021 and 2022 in addition to its audited annual report from 2021. Marathon noted that affected financial statements, related earnings releases and other financial communications during these periods “should not be relied upon.” The issues highlighted by the SEC were Marathon’s method for calculating impairment on digital assets, as well as Marathon’s …

As Bitcoin (BTC) shows a minor bull run, the connected sub-ecosystems’ year-long struggle for survival has started to pay off. For starters, the Bitcoin mining community experienced a 50% increase in revenue — through mining rewards and transaction fees — in the first month of 2023. On Dec. 28, 2022, Bitcoin mining revenue dipped to $13.6 million for the first time since October 2020. This, coupled with rising energy prices amid geopolitical tensions, imposed tremendous financial pressure on the companies running mining operations – forcing a few to shut shop. As Bitcoin remains well-positioned for a steady recovery, the mining …

In this week’s newsletter, read about how two Bored Ape nonfungible tokens (NFTs) sold for almost $1 million during the bear market and how the word “metaverse” made it into the top three finalists for Oxford Word of the Year. Check out how the metaverse can generate passive income through royalties and how NFT marketplace OpenSea has integrated BNB Chain into its platform. And, don’t forget this week’s Nifty News featuring COVID-19 protests in China being converted into a Polygon-based NFT collection. ‘Metaverse’ a top 3 contender for Oxford’s Word of the Year The word “metaverse” has made it through …

When new technologies and platforms are created, there are incredible discovery phases in which economic activity eventually picks up and starts taking shape. The metaverse is arguably in that discovery phase, with many entrepreneurs finding ways to earn passive income on it. As economic activity in the metaverse rises, new passive income opportunities are seemingly being created on a regular basis, as are opportunities to actively earn income. While what works and what doesn’t is still up for debate, there are some in the vanguard of metaverse passive income. What is the metaverse? Before digging into passive income opportunities in …

Trading volume on three major Indian crypto exchanges plummeted 72.5% on average since Friday, when a 1% tax per transaction was enforced in the country. The Tax Deducted at Source (TDS) came into effect on Friday and appears to have negatively affected traders as exchange volumes dropped from 37.4% on BitBNS and 90.9% on CoinDCX by Sunday. Volumes have stabilized slightly since hitting lows but are still down 56.8% on average, according to CoinGecko. Indian YouTube channel Crypto India tweeted on Monday that exchange revenues, based on a 0.1% trading fee, are abysmal due to the low volume levels. At …

Generating a yield on crypto is increasingly tricky. The Terra ecosystem implosion — where up to $50 billion was wiped out — led to a decline in decentralized finance (DeFi) protocols offering interest. At the other end of the table, centralized finance, or CeFi, where all processes are rooted through a central body, has endured a comparatively peaceful bear market, yet interest rates are trending down. On the first of the month, investors who have an account with a CeFi provider such as Ledn, Celsius, BlockFi or Nexo generally receive emails detailing the interest rate for the following month. A …

For international travelers still able to cross borders amid an ongoing pandemic, using cryptocurrency to prove they have the means to sustain themselves abroad is a relatively new concept. Many countries around the world are closed to visitors in an effort to protect their residents from COVID-19, but some have continued to allow students, retirees, and others seeking medium- to long-term stays through immigration. Under normal circumstances, entrants are sometimes required to present evidence of funds, both to show they have the necessary savings to provide for themselves and are less likely to work illegally. The definition of this “Evidence …

The Securities and Exchange Commission of Thailand has launched a public consultation on proposed cryptocurrency investor qualification rules. According to an official announcement Thursday, the Thai SEC is now seeking public comments on proposed qualifications for crypto investors including certain income and trading experience requirements. As part of the initiative, the Thai SEC is planning to hold a live hearing through its Facebook page on March 24. The public consultation will continue until March 27, the authority said. According to a proposed consultation paper, the regulator is planning to set solid limits on cryptocurrency trading in Thailand, including requiring local …

What types of tokens are out there? There are many, let’s see. Due to the cryptocurrency boom, the terms “token”, “coin”, “initial coin offering” (ICO) and many others have become an integral part of the vocabulary of every trader and investor. Their use, however, is often shrouded in uncertainty and confusion. Here are the differences between the main types of tokens. Currency tokens. As the name suggests, these are tokens used as a form of payment and a store of value which can be retrieved at a later time. Arguably, this makes them identical to “coins” like Bitcoin and other …