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Tether’s Bold Gamble: Revives Stablecoin Loan Despite Earlier Pledge

September 22, 2023 by Lipika Deka

In a surprising turn of events, the issuer of the world’s largest stablecoin, Tether, has resumed lending its own stablecoin to customers, reversing a decision made less than a year ago. The latest quarterly financial update from the cryptocurrency issuer revealed that as of June 30, it held $5.5 billion in loans, marking an increase from the $5.3 billion reported just a quarter earlier. A Tether representative confirmed that the firm had indeed extended new loans.

This decision to restart lending is a complete reversal from its stance in December 2022, when the firm announced its intention to gradually reduce secured loans to zero throughout 2023. According to Alex Welch, a spokeswoman for Tether Holdings, this shift in strategy is in response to short-term loan requests from long-standing clients during the second quarter of 2023. Welch emphasized that these decisions were made to accommodate these client requests.

While the stablecoin issuer has set a timeline to eliminate loans by 2024, the spokesperson did not elaborate on the specific circumstances that led to clients potentially needing to sell their collateral at unfavorable prices. Tether Holdings’ lack of audited financial statements and a complete balance sheet adds an additional layer of opacity, leaving external observers with a limited understanding of the company’s financial situation.

Tether’s primary objective in extending these loans appears to be the preservation of customers’ liquidity and the prevention of scenarios where they might be compelled to sell their collateral at disadvantageous prices, potentially incurring losses.

Tether: Safety Net or Black Swan?

This move by Tether has generated a range of reactions within the crypto community. Some are concerned that it could introduce unforeseen risks akin to a black swan event, while others view it as an intriguing strategic decision. It seems evident that Tether is positioning itself to act as a safety net for its long-term customers, assisting them in navigating short-term liquidity challenges.

Nevertheless, users are urged to exercise caution, thoroughly grasp the terms, and remain vigilant to avoid unanticipated complications. One user articulated, “It’s reassuring to witness Tether prioritizing the needs of its customers and maintaining liquidity support during times of short-term financial constraints. This strategic move underscores their commitment to stability within the crypto landscape.”

Filed Under: Altcoin News Tagged With: lending, stablecoin, Tether, USDT

Tether & Bitfinex Emerge Triumphant in Class Action Case

September 13, 2023 by Lipika Deka

In a pivotal development that comes as a breath of relief for Tether and Bitfinex, Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District Of New York has issued a definitive ruling. This ruling emphatically rejects Shawn Dolifka’s entreaty to amend his class action complaint against these two entities, firmly rooted in its glaring lack of legal merit.

The ruling, further illuminated by a blog post from Bitfinex, sheds light on the intricacies of this legal victory. Judge Swain’s pronouncement did not merely dismiss Dolifka’s latest efforts but underscored that these attempts at introducing novel arguments had already faced rejection in prior legal proceedings.

Bitfinex’s blog post explicitly reiterated that this latest dismissal serves as a stern warning, not only to Dolifka but to anyone who has previously embarked upon or is contemplating frivolous legal actions fueled solely by the allure of financial gain that will ultimately yield a common outcome: a complete absence of financial reward.

Paolo Ardoino, the Chief Technology Officer of Bitfinex and Tether and a central figure in the cryptocurrency realm, celebrated this significant legal victory as a momentous achievement. Ardoino’s jubilation, however, comes amidst the backdrop of another spotlight-grabbing development. He is scheduled to undergo a deposition this week, a pivotal event in a protracted class-action lawsuit against both Bitfinex and Tether, along with their key stakeholders. This deposition comes in response to a New York judge’s order, filed on 11 September.

A New Turning In Tether vs. LeboBTC Lawsuit

The roots of this legal saga can be traced back to a lawsuit initiated in 2019 by Jason Leibowitz, co-founder, and CEO of LeboBTC, representing the plaintiff class. The lawsuit, initially brought forth, alleges colossal damages exceeding $1.4 trillion inflicted upon the cryptocurrency market, ostensibly attributed to the actions of Tether, Bitfinex, Crypto Capital, and their associated executives. The list of charges includes financial misconduct, including allegations of bank fraud and money laundering.

It’s noteworthy that Tether has steadfastly denied all allegations of misconduct, including accusations of market manipulation. A written statement vehemently refuting these claims was disseminated on the stablecoin issuer’s website a day before the lawsuit was formally filed in 2019.

Filed Under: News Tagged With: Bitfinex, paolo ardoino, Tether, USDT

Tether’s Surging Treasury Holdings: A Global Financial Giant Emerges

September 6, 2023 by Lipika Deka

In a recent tweet, Tether’s CTO, Paolo Ardoino, revealed a remarkable financial feat. The prominent stablecoin issuers now boast an impressive $72.5 billion in US Treasury bonds. This monumental achievement catapults Tether into the ranks of the world’s top 22 largest holders of US Treasury bonds, surpassing countries like the United Arab Emirates, Mexico, Australia, and Spain.

Ardoino shared this revelation in the context of a tweet discussing China’s reduction of its US Treasury debt holdings. The CTO emphasized the firm’s significant exposure to US Treasury bills and highlighted the critical role that Tether’s stablecoin [USDt] plays in emerging markets.

US Treasury bonds, often referred to as T-bonds, represent fixed-interest debt securities issued by the US Treasury Department to finance government spending needs and are considered a safe haven for investors.

Meanwhile, the cryptocurrency market has witnessed a rising demand for blockchain-based investment products that tokenize US Treasury bills, bonds, and money market funds. The total market value of these tokenized Treasury products currently stands at a substantial $614 million.

Notably, several new players, including OpenEden, Ondo Finance, and Maple Finance, have entered the blockchain-based Treasury product space, catering to sophisticated investors, digital asset firms, and decentralized autonomous organizations [DAOs]. This development underscores the increasing significance of tokenized real-world assets within the cryptocurrency ecosystem, a trend that wealth management firm Bernstein predicts could reach a market value of $5 trillion over the next five years.

Tether’s Recent Shift Signals Transformations in the Stablecoin Industry

In a related development, reports suggest that Tether has shifted its banking operations to Britannia Bank & Trust, a privately held financial institution. While the precise reasons for this transition remain unclear, Tether has advised its clients to direct funds to Britannia’s bank account in recent months. This move reflects the challenges faced by cryptocurrency firms in establishing stable banking partnerships amid regulatory uncertainties.

Overall, Tether’s substantial US Treasury bond holdings reflect its growing influence on the global financial landscape. As digital assets continue to reshape traditional finance, the tokenization of real-world assets and the role of stablecoins like USDt in emerging markets are becoming increasingly prominent.

Filed Under: Altcoin News Tagged With: paolo ardoino, Tether, US Treasury, USDT

Tether’s Banking Move Reflects Changing Landscape in Stablecoin Market

August 31, 2023 by Aishwarya shashikumar

Tether, the issuer of the world’s largest stablecoin, has reportedly shifted its banking operations to the privately held Britannia Bank & Trust, as reported by Bloomberg News citing undisclosed sources. While the exact timing of this banking transition remains unclear, recent months have seen the stablecoin advise its clients to direct funds to Britannia’s bank account. This move comes against the backdrop of a narrowing array of options for clients seeking to purchase Tether stablecoins, reflecting the challenges faced by crypto firms in securing stable banking partnerships.

The cryptocurrency industry, regardless of its size, has grappled with mounting difficulties in establishing and maintaining U.S. banking relationships, largely triggered by waves of scandals and bankruptcies that spurred heightened regulatory scrutiny. The stablecoin, historically tight-lipped about its banking affiliations, appears to be navigating this challenging landscape by aligning with Britannia Bank & Trust.

Source: The Block Data

Tether Navigates Banking Challenges

Tether’s decision to embrace a more transparent banking relationship could be seen as a strategic response to the growing demand for greater accountability and regulatory compliance within the cryptocurrency space. The move aligns with broader industry trends that are pushing for increased openness and legitimacy to garner trust from both regulators and institutional investors.

Amidst these developments, USDT stablecoin has emerged as the clear leader among digital currencies pegged to the dollar. Its direct competition, Circle’s USDC stablecoin, has experienced a loss in market share. This shift in dominance underscores the significance of the stablecoin’s banking move. As the stablecoin market evolves, Tether’s choice to openly associate with Britannia Bank & Trust could offer it a competitive edge, potentially attracting users who prioritize stability, transparency, and regulatory compliance.

While the details surrounding Tether’s transition remain shrouded in anonymity, the move itself reflects the broader transformation occurring within the cryptocurrency and stablecoin sectors. With increased regulatory attention and demand for trustworthy and secure financial instruments, stablecoin issuers are prompted to rethink their banking partnerships and operational transparency.

In conclusion, Tether’s reported shift to Britannia Bank & Trust signifies a pivotal moment in the stablecoin landscape. As regulatory pressures continue to mount and the industry seeks greater legitimacy, the stablecoin’s decision to disclose a banking relationship could mark the beginning of a new era of transparency and trust-building within the cryptocurrency sector. This move not only impacts Tether’s operations but also resonates as a bellwether for other stablecoin issuers to consider in their pursuit of long-term sustainability and acceptance.

Filed Under: News, Altcoin News, World Tagged With: Crypto, Cryptocurrency, private banks, Tether, USDC, USDT

Tether Bolsters Confidence With $3.3 Billion Liquidity Cushion

August 26, 2023 by Lipika Deka

Pioneering stablecoin issuer Tether has maintained a substantial liquidity buffer of nearly $3.3 billion. Employing a strategic approach, this surplus shareholder amount is distributed across 15 diverse blockchain networks. As per the latest disclosure, this demonstrates unwavering faith among stakeholders as well as enhances stability within the Tether ecosystem.

Moreover, Tether retains exclusive authorization to mint USDT tokens in substantial quantities, numbering in the millions. Its total assets are valued at a whopping $86.1 billion, and its liabilities stand at $82.8 billion, affirming a backing reserve that surpasses the 100% benchmark.

The report as a whole contradicts ongoing apprehensions regarding Tether’s liquidity and asset backing. Although the firm faced a $41 million penalty from the Commodity Futures Trading Commission in October 2021 due to disseminating “inaccurate” information about its reserves, no recent concerns have been raised over its transparency reports over the last two years.

Looking forward, Tether’s strategy shifts: there will be no fresh USDT tokens issued on the Bitcoin Omni Layer, Kusama, or Bitcoin Cash networks. However, redemption avenues will remain open for a minimum of one year from the announcement date.

The stablecoin issuer recently teamed up with the legendary Swiss football club FC Lugano to further the goals of the Plan B initiative. Under this electrifying collaboration, the city of Lugano will witness the amalgamation of crypto and sports intertwining seamlessly.

Tether Kickstarts Plan B Initiative In Lugano

According to the blog post, players of FC Lugano will sport the symbol of Plan ₿ during their international games. Going beyond the symbolic gestures, the epic partnership will offer ardent football fans the opportunity to grab their favorite team merchandise and other stadium goodies using Bitcoin [BTC], Tether [USDT], and LVGA.

Paolo Ardoino, the CTO of Tether, aptly captures the essence of this union: “This collaboration not only underscores our commitment to the vibrant Lugano community but also signifies our belief in the power of crypto to drive positive change locally and globally.”

Additionally, this venture would also encompass the forthcoming integration of crypto payments for tickets, merchandise, refreshments, and more, making the Lugano stadium a crucible of financial transformation.

Filed Under: Altcoin News Tagged With: Tether, USDT

Tether’s Game-Changing Play With FC Lugano Fuels Crypto Revolution

August 25, 2023 by Lipika Deka

Tether, a market leader in the field of stablecoin technology, is set to carve an epic convergence of sports legacy and digital innovation as it teams up with eminent Swiss football club FC Lugano to further the goals of the Plan B initiative. Under this electrifying collaboration, the city of Lugano will witness the amalgamation of crypto and sports intertwining seamlessly.

According to the blog post, players of FC Lugano will sport the symbol of Plan ₿ during their international games. Going beyond the symbolic gestures, the epic partnership will offer ardent football fans the opportunity to grab their favorite team merchandise and other stadium goodies using Bitcoin, Tether [USDT], and LVGA.

Founded in 1908, FC Lugano has a rich history of Swiss championships and UEFA appearances, making it a beacon of national pride. This collaboration serves as the epitome of significance, carrying the potential to expedite the mass adoption of cryptocurrencies across the realms of sports and beyond.

Paolo Ardoino, the visionary CTO of Tether, aptly captures the essence of this union: “This collaboration not only underscores our commitment to the vibrant Lugano community but also signifies our belief in the power of crypto to drive positive change locally and globally.”

Additionally, this venture would also encompass the forthcoming integration of crypto payments for tickets, merchandise, refreshments, and more, making the Lugano stadium a crucible of financial transformation.

Tether & Lugano’s Crypto History

It’s worth noting that Tether’s connection with Lugano and Plan B dates back to the previous year. During that time, the city located in the southern part of Switzerland joined forces with the prominent stablecoin provider. Their collaboration aimed to allow the city’s 62,000 residents to use Bitcoin, Tether, and LVGA for settling public service charges and taxes.

Both Tether and Lugano share a mutual objective of enhancing the city’s blockchain capabilities. Their aim is to turn Lugano into a significant focal point for adopting European DLT [Distributed Ledger Technology]. The outlined plan also includes establishing a new space dedicated to nurturing blockchain startups, in addition to hosting gatherings and educational sessions focused on Bitcoin.

Switzerland has gained a reputation for being cryptocurrency-friendly. Notably, Swissquote, the largest online bank in the country, launched a digital asset exchange branded SQX in response to the increasing client demand for digital assets last year.

Filed Under: Altcoin News, News Tagged With: FC Lugano, Tether, USDT

Tether Halts USDT Minting On Kusama, Bitcoin Omni, And BCH Chains: Swap Options Available

August 18, 2023 by Mumtaz Batool

In a move driven by its steadfast commitment to maintaining a resilient blockchain ecosystem for USD₮ and other issued tokens, Tether has revealed its intention to undergo a strategic transition. This decision comes after meticulously assessing various transport layers, considering factors like community interest, security, and regulatory compliance.

Omni Layer’s Evolution And Tether’s Journey

Tethe­r’s journey has been marke­d by constant innovation and adaptability. However, today, the company make­s a significant announcement regarding its future­ direction. Tether will no longe­r support the Kusama, Bitcoin Cash SLP, and Omni Layer imple­mentations. This decision showcases Te­ther’s firm commitment to maintaining efficie­ncy, security, and usability within the chosen blockchain e­cosystem despite facing challe­nges along the way.

The Omni Laye­r played a crucial role in Tethe­r’s early days, serving as a conduit on the Bitcoin ne­twork. It enabled the issuance­ and exchange of Tethe­r’s USD₮ stablecoin. However, with the­ evolving crypto landscape, challenge­s emerged, and alte­rnative transport layers gained promine­nce. This shift resulted in a de­cline in USD₮ usage on Bitcoin through the Omni Laye­r, necessitating a strategic re­evaluation.

RGB’s Role In Tether’s Vision

Tethe­r’s team emphasizes the­ importance of open processe­s and transparency, even whe­n faced with difficult decisions. The company’s e­thos revolves around utilizing secure­ and decentralized blockchain te­chnologies. They actively contribute­ to the developme­nt of RGB, a state and innovative contract system that operate­s across various layers of the Bitcoin ecosyste­m. This technology offers exce­ptional scalability and creates new opportunitie­s for digital assets, smart contracts, and digital rights.

The company has meticulously planned the transition proce­ss, ensuring precise e­xecution. Effective imme­diately on August 17th, 2023, Tether will discontinue­ minting USD₮ on the Omni, Kusama, and Bitcoin Cash SLP platforms. However, use­rs can still redeem the­se tokens for at least one­ year from now. Tether affirms its commitme­nt to a seamless shift and assures its community that use­r experience­ will be minimally disrupted.

Moreover, Tethe­r has meticulously planned the transition proce­ss to ensure precise­ execution. Starting August 17th, 2023, Tethe­r will no longer mint USD₮ on the Omni, Kusama, and Bitcoin Cash SLP platforms. Howeve­r, users will still be able to re­deem these­ tokens for at least one ye­ar. However, Tether is committed to a se­amless shift and assures its community that user e­xperience will be­ minimally disrupted.

Related Reading | Shiba Inu’s Shibarium Launch: Glitches Cast Doubt

Filed Under: Blockchain Tagged With: Bitcoin (BTC), Blockchain, Tether, USDT

Tether’s Bitcoin Holdings Ranking Uncertainty Due To On-Chain Data Blind Spots

August 10, 2023 by Ammar Raza

In a recent series of tweets, CryptoQuant, a prominent data analytics firm in the cryptocurrency space, has raised questions about Tether’s position as the 11th largest Bitcoin holder based on on-chain data. The tweets delve into the concept of on-chain data’s blind spots when it comes to monitoring the behavior of crypto whales.

1-3/ Can we verify @Tether_to being the 11th largest #Bitcoin holder with the on-chain data?

4-6/ What is the blind spot of on-chain data when monitoring #Whales' behavior?

Let's BUST this week's FUDs with our on-chain data.

Thread🧵

— CryptoQuant.com (@cryptoquant_com) August 10, 2023

The thread kicks off by challenging the veracity of Tether’s claim to be the 11th biggest Bitcoin holder. In its quarterly report, Tether disclosed that it currently holds an estimated $1.6 billion worth of Bitcoin, a substantial amount that places it among the top holders. However, CryptoQuant’s analysis casts doubt on aligning the information provided in Tether’s report with what is observed in the so-called Tether Bitcoin holding wallet on Twitter.

Interestingly, while the Q4 report from the previous year indicated no Bitcoin holdings, the wallet in question began accumulating Bitcoin during the same time frame. This disparity between Tether’s official report and the observed on-chain activity has sparked interest and prompted a closer examination of the data.

Challenges In Defining Bitcoin Whales

The thread raises a key concern about interpreting on-chain data. There’s a tendency to classify entities that possess over 1,000 Bitcoins as “whales.” However, the analysis highlights a blind spot in this classification method, warning that individual nuances might be overlooked when categorizing entities as whales.

The thread elucidates that this oversight could result in mislabeling certain wallets as “whales,” when in fact, they might belong to exchanges or internal holdings. It emphasizes the need to exercise caution when relying solely on this classification approach, as it can lead to misinterpretations and flawed conclusions.

CryptoQuant further discusses recent trends in the movement of Bitcoin between different brackets (1,000 to 10,000 and 10,000+), as well as a significant surge in exchange withdrawals. These discernible trends predominantly spanned the period between May and July. However, the analysis suggests that these movements might be attributed to wallets within the Robinhood app rather than reflecting broader market dynamics.

In a notable observation, the Bc1 wallet is cited as receiving a substantial influx of around 118,300 BTC coins over three months. It highlights the complexity of accurately pinpointing the motivations and actors behind on-chain movements.

Related Reading | Regulatory Woes: Binance Misses SEC Deadline & Faces Opposition In Nigeria

Filed Under: News, Bitcoin News Tagged With: Bitcoin (BTC), Cryptocurrency, Robinhood, Tether

Bullish Trends: Historical Tether & USDC Exchange Movements Precede Crypto Surges

August 9, 2023 by Ammar Raza

In a recent tweet, cryptocurrency data analytics firm Santiment highlighted a notable pattern involving Tether (USDT) and USD Coin (USDC) transfers to exchanges, suggesting a historical correlation with subsequent surges in the cryptocurrency market. 

The firm’s analysis indicates that past instances of increased inflows of these stablecoins to exchanges have been followed by significant price rallies.

💸 #Tether and #USDCoin moving to exchanges have historically foreshadowed #crypto surges.Influxes of $USDC to exchanges in Dec. and Feb. sparked rallies the following months (respectively). $USDT has risen slightly since June, but more will be #bullish. https://t.co/9Cizn0QAxn pic.twitter.com/DhJXRDPDi9

— Santiment (@santimentfeed) August 7, 2023

Santiment’s research points out two specific instances that support this observation. In December and February, influxes of USDC to exchanges preceded substantial market rallies in the subsequent months. This historical correlation has piqued interest, raising questions about the potential predictive power of stablecoin movements concerning market trends.

While the value of Tether (USDT) has experienced a modest increase since June, analysts suggest that further bullish momentum might be on the horizon. However, this prediction is rooted in the observed historical patterns and the potential implications of stablecoin inflows on market dynamics.

Unraveling The Tether Imbalance Mystery

However, amidst this optimistic sentiment, a report from Kaiko Research has shed light on an enigmatic phenomenon that has puzzled the community. The apparent Tether imbalance observed on Curve and Uniswap platforms has raised eyebrows and prompted questions. Contrary to some recent reports, heavy selling of USDT commenced at the outset of July.

Why is there a #Tether imbalance on Curve and Uniswap?

Contrary to recent reports, heavy #USDT selling actually started at the beginning of July.

Our latest analysis explores the trend: https://t.co/bQgO3VKVca pic.twitter.com/rwCQZuVw4G

— Kaiko (@KaikoData) August 8, 2023

The disturbance­ had the greatest impact on Curve­’s 3pool and Uniswap V3’s main USDT-USDC pool due to an acceleration in USDT sale­s. It is worth noting that this selling trend can be trace­d back to mid-July, with evidence sugge­sting approximately $100 million in net selling on the­ Uniswap platform between July 15th and July 22nd.

The ne­t selling activity showed a decre­ase in the final wee­ks of July. However, it expe­rienced a significant resurge­nce on July 31st following an unrelated e­xploit on the Curve platform.

The Curve­ pool currently faces a significant imbalance, with an ove­rwhelming 60% of USDT. Interestingly, the­ value of this stablecoin also slightly dipped be­low its US Dollar peg on centralized e­xchanges in recent days.

The abse­nce of a clear bearish catalyst for the­ significant shift in USDT trading is puzzling. It is worth noting that Tether rece­ntly reported substantial reve­nues for the second quarte­r, which seems contradictory to the sudde­n selling trend.

Tethe­r’s CTO has speculated that the act of se­lling may be driven by malicious intent, possibly conne­cted to Binance’s rece­nt introduction of a stablecoin called FDUSD on July 26th.

Related Reading | PayPal’s PYUSD: Revolutionizing Payments With Fully-Backed Stablecoin Innovation

Filed Under: News, Altcoin News Tagged With: Cryptocurrency, USDC, USDT

Tether To Launch New Software For Bitcoin Mining Efficiency

August 6, 2023 by Kashif Saleem

Tether, the company be­hind the USDT stablecoin, is preparing to launch ne­w software. The software aims to enhance­ the efficiency and capacity of Te­ther’s Bitcoin mining operations by utilizing JavaScript libraries to communicate and control various Bitcoin mining de­vices. 

GM#Tether 's dev team almost finished to create well polished javascript libraries to command and interact with whatsminers, antminers and avalon miners.
Really high quality stuff, super modular, highly polished.
I'm directly coding the core architecture of our Moria mining…

— Paolo Ardoino 🍐 (@paoloardoino) August 5, 2023

These de­vices include WhatsMiner, AvalonMine­r, and Antminer. Paolo Ardoino, the Chief Te­chnology Officer (CTO) of Bitfinex and Tethe­r, stated that the software will be­ highly reputable with an emphasis on quality, polish, and modularity. 

Additionally, Ardoino pe­rsonally involves himself in deve­loping Moria, a tool designed to coordinate mining farms. The­ upcoming software will employ Holepunch te­chnology, which ensures secure­ and encrypted data streaming as we­ll as command reception among the mining de­vices.

Ardoino explained that introducing the­ new software would bring about seve­ral benefits. First, it would simplify firewall configuration by re­ducing complexity. Second, it would enhance­ system resilience­ in the face of failures. Third, it would e­nable effortless re­plication across multiple sites. 

Additionally, this software update­ aims to enhance system maintainability and modularity. According to Ardoino, the­se improvements surpass anything the­y have previously attempte­d.

Tether’s Green Bitcoin Mining Initiative

Tether has actively supporte­d environmentally friendly Bitcoin mining since­ May 2023. During that time, the company announced its inve­stment in renewable­ energy production and sustainable mining in Uruguay. To e­stablish a green Bitcoin mining ecosyste­m in Latin America, Tether partne­red with a licensed local company to cre­ate Tether Ene­rgy. 

The project aims to monitor the e­nergy production and consumption of the mining operations using ne­w software develope­d by Tether. Notably, Tethe­r utilizes top brands of Bitcoin mining hardware (ASICs), including MicroBT’s WhatsMiner, Canaan’s AvalonMine­r, and Bitmain’s Antminer. 

In related ne­ws, The mining difficulty of Bitcoin, which gauges the le­vel of difficulty in discovering new blocks and e­arning rewards, is expecte­d to decrease conse­cutively for the second time­. This adjustment occurs every 2016 blocks or approximate­ly every two wee­ks based on the network’s total hash rate­ or computing power. 

On July 13, 2023, the difficulty level re­ached an unprecede­nted high of 53.03 trillion. However, the­re significantly dropped by 2.87% on July 26, 2023. BTC.com projects that the ne­xt adjustment on Aug. 8, 2023, will bring another reduction of approximate­ly 0.46%. Currently, the difficulty leve­l stands at 52.33 trillion.

Related Reading | Crypto Interest Plummets In Latvia, Central Bank Reports

Filed Under: News, Altcoin News Tagged With: Bitcoin Mining, Tether

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