CryptoEconomy

Today in Crypto: Bitcoin Mining Difficulty & Hashrate Set Records as Bitmain Floods US with Machines, Bitget Reveals Future Quant Bot, Pi Network Debutes Staked DMs-TGN

Today in Crypto: Bitcoin Mining Difficulty & Hashrate Set Records as Bitmain Floods US with Machines, Bitget Reveals Future Quant Bot, Pi Network Debutes Staked DMs-TGN
Source: AdobeStock / feredom

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
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Mining news

  • Bitcoin’s 7-day moving average hashrate keeps setting new records this month, hitting 450 EH/s as summer curtailment activities in the US have wound down, according to the latest Miner Weekly report by BlocksBridge Consulting. As a result, bitcoin’s mining difficulty adjusted to an all-time high on Monday. Per BTC.com, it went up 6.5% to 61.03 T. According to US bitcoin miner import records by TheMinerMag, Bitmain’s US entity registered in Georgia imported 2.33 million kilograms of Antminers over Q3 and 4 million kilograms year-to-date – almost exclusively the S19XP model with a hashrate of either 134 TH/s or 141 TH/s, resulting in an estimated 19 EH/s in Q3 imports and 32 EH/s this year by Bitmain’s US entity alone. It is unclear “how much of the goods are sitting idle in Bitmain’s warehouse or being plugged in by itself or by its customers. Either way, the influx of S19XPs to the US continues to fuel bitcoin’s hashrate growth and the region’s geographic dominance,” the report noted.

Exchange news

  • Bitget launched the futures quant bot product, which leverages artificial intelligence (AI) and powerful algorithms to help users analyze the market and adopt the most suitable investment strategies, it said. Per the announcement, Futures Quant doesn’t require users to input or confirm strategy parameters. It operates through AI automation, continuously optimizing settings in response to market dynamics. Additionally, it isn’t solely about high returns: it also delivers personalized services while managing risk, from selecting investment targets to strategy implementation, the exchange claims.

Web3 news

  • Animoca Brands Web3 technology subsidiary Forj announced the official launch of the APE Accelerator, described as a community-driven Web3 accelerator funded by the ApeCoin DAO. Applications to the APE Accelerator program are now open, with successful applicants given the opportunity to launch their Web3 business idea to an ApeCoin community of over 200,000 starting from Q4 2023, it said. The APE token holders will be given the opportunity to support approved ApeCoin projects through the APE Launchpad by purchasing NFTs and other tokens, as well as voting on proposals for projects to be accepted.
  • Web3 app ecosystem and developer platform Pi Network today debuted Staked Direct Messages (Staked DMs) on the Pi Chat app. This new feature allows Pioneers (Pi Network members) to access any individual in the network via direct message by staking their Pi cryptocurrency. Per the press release, “by creating the first atoms of a crypto-fueled system for social access with 1-on-1 direct messaging, Pi is creating not just a new mode of interaction powered by Pi cryptocurrency, but a model for what a distributed social access mechanism network can be.” The new Pi Chats update is now available on the Pi Browser–another Pi Network mobile app that can be downloaded for free on Google Play or the Apple App Store.
  • Physical activity-focused Web3 ecosystem Sweat Economy has expanded into the United States and eight new countries, including the Bahamas, Barbados, Botswana, Ghana, Jamaica, Pakistan, Zimbabwe, and Uganda. “The move paves the way for millions of users to officially begin tokenizing their physical activity within the Sweat Economy ecosystem,” the announcement said. Sweat Economy enters these new markets with the support of its community, with over 380,000 users voting to burn and reallocate idle tokens to support the current launch effort. As one of the pioneers of the move-to-earn phenomenon, Sweatcoin amassed more than 140M registered users and became the most downloaded health app in over 60 countries, the announcement said.

Wallet news

  • Domain and digital identity platform Unstoppable Domains announced a partnership and integration with Webacy, a software protection layer for self-custody wallets. According to the announcement, the integration will enable users to assess the risk levels of wallets connected to their Web3 domains via a “safety score” and allow them to take action if they suspect an exploit. Additionally, Webacy Pro gives users the power to trigger actions, including a Panic Button, enabling them to move assets in bulk to another wallet in case of a compromise. Users can also natively revoke approvals on their wallets and retrieve assets in a wallet that may no longer be accessible. All Unstoppable Domain holders will gain complimentary access to Webacy Pro for three months, the platform added. 

NFT news

  • Web3 platform Chappyz announced its non-fungible token (NFT) mint event scheduled for October 24. Chappyz NFT Mint participants, aka Chapperz, will be able to mint and reveal unique rarities and rewards instantly. There are six characters, each infused with token rewards. NFT holders gain various benefits, including exclusive access to airdrops, eligibility for community campaigns, the opportunity to stake NFTs for enhanced CHAPZ rewards, and a share of the revenue generated across the Chappyz ecosystem, it said. The Chappyz mint is set at a nominal $8.80 protocol tax, directly contributing to the Chappyz DAO treasury, “fostering a self-sustaining ecosystem where each NFT’s rewards are designed to cover the mint cost,” the announcement added.

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