Bitcoin News Roundup

Elana K. - July 28, 2021

This week's bitcoin news: The largest private bitcoin deal closed, crypto miner prepares to launch on Nasdaq, Malaysian police destroy bitcoin mining rigs, and Elon Musk sends price of bitcoin surging.

Bitcoin is constantly in the news these days, due to its volatility and the intriguing nature of the cryptocurrency. Here are some of this week’s biggest headlines.

Largest Private Bitcoin Deal Closed

FTX, a crypto derivatives exchange, raised the largest private equity round in the history of cryptocurrency, nearly double the previous record. FTX raised $900 million in Series B funding, leading to a company valuation of $18 billion. The step is enormous, especially considering that FTX was valuated at only $1.2 billion a year ago.

Core Scientific Prepares for Nasdaq Launch

Core Scientific, a large cryptocurrency miner in the US, announced plans to list on the Nasdaq. To get an idea of the scope of its operations, Core mined 1,683 bitcoins in the first half of 2021, valued at about $53 million. Its facilities are based in Georgia, Kentucky, and North Carolina and there are plans for expansion. The Nasdaq deal includes merging Core with Power & Digital Infrastructure and will put the company's valuation at $4.3 billion.

Malaysian Police Destroy Bitcoin

A video that went viral shows Malaysian police laying out over 1000 bitcoin mining rigs, worth about $1.26 million, in a parking lot and stream rolling them. The Assistant Commissioner of Police said that the crackdown came after miners allegedly siphoned (aka, stole) $2 million worth of electricity from city power lines.

Elon Musk’s Influence

Bitcoin and other cryptocurrencies have been known to rise and fall based on the words of any given billionaire, though Elon Musk has particular sway. During the B Word conference, Musk said that Tesla would likely resume accepting bitcoin, which made the cryptocurrency surge. He also said that he has personally invested in bitcoin, Ethereum, and Dogecoin.



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