Bitcoin’s mining power has surged to unprecedented levels, setting a new record with a seven-day simple moving average (SMA) hashrate of 677 exahash per second (EH/s) on July 25, 2024. This significant increase, up from 659 EH/s recorded on May 25, reflects a growing confidence in the network’s stability and the profitability of mining activities. The rising hashprice, which reached $52.85 per petahash (PH/s), underscores an optimistic outlook for the cryptocurrency’s future.

The robust performance of Bitcoin’s network continues as the three-day SMA hashrate even outpaced the seven-day average, reaching a high of 707 EH/s on July 22. This peak is indicative of the increasing efficiency and power capacity brought online by miners, likely driven by the attractive returns marked by the hashprice improvements since early July.

This upturn in mining activity is resulting in faster block times, now averaging between 9 minutes 4 seconds and 9 minutes 16 seconds, suggesting that a significant network difficulty adjustment may be on the horizon. Expected on July 31, 2024, this adjustment could be the most substantial of the year, potentially increasing by up to 10.17%, which would solidify the network’s resilience and operational capacity.

Data

U.S. Senator Cynthia Lummis has introduced legislation advocating for the acquisition of 5% of the global Bitcoin supply, a strategic investment aimed at fortifying the U.S. economy. During her speech at the Bitcoin 2024 conference, Lummis revealed a plan to establish a “strategic Bitcoin reserve,” intended to reduce national debt and bolster economic stability. Over the next five years, the government plans to procure approximately one million Bitcoin, valued at about $68.1 billion.

This initiative aligns with Lummis’ vision of transitioning from traditional assets that depreciate by at least 2% annually to a more robust asset class that appreciates over time. The Senator emphasized that this shift would begin with an initial 210,000 Bitcoin, securely stored in various locations, marking a significant departure from conventional fiscal strategies.

The proposal comes on the heels of former President Donald Trump’s declaration of intent to transform the U.S. into the “crypto capital of the world,” complementing Lummis’ earlier criticisms of proposed taxes on Bitcoin mining. With these bold steps, Lummis, a celebrated figure in the cryptocurrency community, positions the U.S. at the forefront of the digital economy, potentially heralding a new era of fiscal policy centered around digital asset growth.

As Bitcoin continues to grow in popularity and influence within the global financial system, questions have been raised about its compatibility with various religious doctrines.

Is Bitcoin haram (forbidden)? This topic is particularly significant given the large Muslim population worldwide and the growing interest in Bitcoin.

To address this question, we must explore the principles of Islamic finance, the characteristics of Bitcoin, and the varying perspectives of Islamic scholars.

Principles of Islamic Finance

Islamic finance is governed by Shariah law, which emphasizes justice, fairness, and ethical considerations in financial transactions. The primary principles…

Read more on bitcoinnews

The University of Wyoming has unveiled the UW Bitcoin Research Institute, the pioneer academic hub exclusively focused on Bitcoin studies. Dr. Bradley Rettler, a leading voice in Bitcoin philosophy, has taken the helm as the first director, as announced at the Bitcoin 2024 Conference in Nashville. This move positions the university as a trailblazer in promoting sophisticated and influential Bitcoin scholarship.

Aimed at enhancing the caliber of Bitcoin research, the institute is set to develop dedicated faculty roles, offer incentives for notable academic contributions, and foster the next generation of Bitcoin scholars. By organizing workshops and providing peer-reviewed resources for journalists and policymakers, it seeks to rectify the current subpar state of Bitcoin studies with more precise and robust academic insights.

With its unique advantages of interdisciplinary collaboration, proximity to renewable energy resources, and a favorable regulatory setting, the University of Wyoming is ideally situated to spearhead this initiative. The institute plans to collaborate with various academic departments and the Center for Blockchain and Digital Innovation, ensuring comprehensive research outreach. Contributions to the institute are encouraged, with all donations being tax-deductible and retained in Bitcoin.

UW Bitcoin Research Institute

The University of Wyoming (UW) has established the UW Bitcoin Research Institute, marking the first academic institute dedicated to Bitcoin studies. Dr. Bradley Rettler, an Associate Professor of Philosophy and author of Resistance Money: A Philosophical Case for Bitcoin, has been appointed as the inaugural director, Rettler announced on the Genesis Stage at the Bitcoin 2024 Conference in Nashville.

The institute aims to elevate the quality and impact of Bitcoin research by creating faculty positions for Bitcoin research, incentivizing and rewarding good academic research on Bitcoin, encouraging young scholars to pursue Bitcoin research projects, and providing workshops on related papers…

Read more on BitcoinMagazine