Leading Bitcoin mining company TeraWulf Inc. announced its unaudited interim financial results for the first quarter of fiscal year 2024 along with an operational update.

In Q1 2024, TeraWulf self-mined a total of 1,057 bitcoin across its Lake Mariner and Nautilus Cryptomine facilities, including 6 bitcoin through profit sharing from a hosting agreement, valued at $56.8 million.

Its revenue almost doubled to $42.4 million ($23.3 million in the previous quarter), marking a significant 81.8% increase.

Paul Prager, CEO of TeraWulf, expressed satisfaction with the company’s performance, citing it as a new benchmark for profitability among publicly traded bitcoin miners. He…

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In a significant move, major global banks are embracing Bitcoin Exchange-Traded Funds (ETFs), marking a notable shift in traditional finance towards digital assets.

Canada’s Bank of Montreal (BMO) and Swiss banking giant UBS have emerged as frontrunners in this new trend. Both banks have disclosed their holdings in Bitcoin spot ETFs, signaling a strategic move towards integrating bitcoin into traditional financial portfolios.

According to recent Securities and Exchange Commission (SEC) filings, BMO controls over $1 trillion in spot Bitcoin ETF exposure.

This includes holdings in Fidelity (FBTC) with 9,778 shares worth $540,332, Franklin Templeton (EZBC) with 8,795 shares…

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In a display of bipartisan unity, two senators have called upon the Justice Department (DOJ) to reconsider its recent crackdown on a yet another popular Bitcoin privacy service.

The definition of a “Money Services Business” (MSB) was the topic discussed by Senator Cynthia Lummis (R-WY) and Senator Ron Wyden’s (D-OR) in their letter, publicly urging the DOJ to revise their stance on what constitutes an unlicensed MSB.

Senators Cynthia Lummis Senator Ron Wyden’s letter to the DoJ — Senator Lummis on X

Defining a “Money Services Business”

The senators argued that the DOJ’s recent actions, particularly the arrest of the founders of Bitcoin mixer Samourai…

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Cryptocurrency proponents scored a major victory as Oklahoma Governor Kevin Stitt signed HB 3594 into law, landmark legislation protecting activities in that sector. The new law prohibits state or local government actions that would ban or excessively tax the use of cryptocurrency transactions and self-custody, thus protecting the rights of Oklahoma residents to take part in the two activities.

Further to this, the bill supports home and industrial mining of cryptocurrencies, with some special provisions put in place to facilitate the operation of mining businesses in industrially zoned areas. This places Oklahoma as one of the most conducive environments for crypto enterprises, although some regions like Arkansas put restrictive measures, with the excuse that such activities are noise-making.

Echoing the industry’s approval, the Oklahoma Bitcoin Association has stated that this is the first law in the nation that explicitly guarantees rights to mine, operate nodes, and self-custody crypto. According to Dennis Porter, CEO of the Satoshi Act Fund, the legislation is a critical defense against ever-increasing regulatory pressures, leaving this development as the singular moment for crypto rights in the United States.

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$1M – $10M MarketCap:

1. Frutti Dino (FDT): 79%
2. SolCex (SOLCEX): 28%
3. Ready to Fight (RTF): 28%
4. GPTVerse (GPTV): 21%
5. StoryFire (BLAZE): 16%

$10M – $100M MarketCap:

1. DeFi Land (DFL): 145%
2. Dogelon Mars (ELON): 66%
3. Wall Street Memes (WSM): 29%
4. Oort (OORT): 22%
5. Keep3rV1 (KP3R): 19%

$100M – $1B MarketCap:

1. Arcblock (ABT): 27%
2. Apu Apustaja (APU): 27%
3. PONKE (PONKE): 17%
4. PUPS (PUPS): 15%
5. CyberConnect (CYBER): 10%

Disclaimer: Market capitalizations can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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With his newly launched Edelman Financial Services, which is valued at $291 billion in assets, finance guru Ric Edelman predicts a possible price explosion for Bitcoin of as much as $420,000. Discussing in his Yahoo Finance discussion “Wealth,” Edelman goes on to elaborate the attraction of Spot Bitcoin ETFs, which take Bitcoin and incorporate it into the familiar format of traditional ETFs. Just like any other asset class, this format does not make investments in Bitcoin cheaper or easier to administer.

But, even while recognizing the volatility of Bitcoin and the risks that do come with it, from regulatory risks to fraud, Edelman is optimistic. He says that the price is expected to have risen because the global asset class has gone up to 1% in a hypothetical situation. In such a case, the market cap of Bitcoin would be huge and might indicate that the perception of Bitcoin from that of a transactional currency has largely changed to that of an essential store of value such as gold.

Edelman sees more than just Bitcoin in the mainstream; he sees Ethereum as part of it as well. He envisions the integration of cryptocurrencies driven by regulatory developments. His forecast, fitting neatly into this greater trend toward accepting cryptocurrencies as a legitimate part of traditional financial portfolios, is one reason that many crypto ETFs could easily debut in the near future.

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