OnlyFans' Ethereum investment is part of a strategy to diversify its working capital, the content platform reported in its latest financial report. This and more news is in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
OnlyFans invests in Ethereum
📍OnlyFans owner Leonid Radvinsky has allocated part of the platform's funds to investing in Ethereum. In a financial report filed by Fenix International Limited, the parent company of OnlyFans, it was revealed that the subscription-based adult content platform had invested almost $20 million in ETH, the native cryptocurrency of the Ethereum network. This investment represented almost 5% of the platform's working capital.
However, according to the report, as of November 30, 2022, the value of OnlyFans’ investment had deteriorated, almost halving to just $11,4 million, as a result of the drop in ETH prices. The release of this report has sparked interest in the crypto community.
Although the cryptocurrency market remains in a bearish streak, many consider OnlyFans' investment in Ethereum to be part of a larger plan by the platform, which focuses on generating content and, with it, money.
OnlyFans said it had invested in Ethereum to diversify some of its working capital.
Last year, the platform had enabled support for Ethereum-based NFT tokens, allowing its content creators to upload these digital assets to their profiles, receiving the blockchain token to identify themselves as owners of an NFT.
Bitcoin mining difficulty hits another ATH
📍The mining difficulty level on the Bitcoin network has reached a new all-time high. According to data from Coinwarz, Bitcoin's difficulty stood at 55,62 trillion this week, up 6,16% from its previous level.
Analysts at The Block highlighted that the upward adjustment in difficulty has coincided with low BTC selling by miners, suggesting that confidence in the cryptocurrency remains high for the long term. According to them, Bitcoin miners seem to be taking advantage of the opportunity to accumulate BTC at current prices, a strategy that could be highly profitable in the future.
Source: Coinwarz
The next adjustment to the blockchain network's mining difficulty will take place in the middle of next week and it is estimated that the mining difficulty will correct downwards, returning to 52,56 trillion.
Will Wyoming launch a stablecoin?
📍The state of Wyoming has plans to create its own state stablecoin. According to several media outlets, the state represented by Congresswoman Cynthia Lummis is moving forward with its plans to develop a stablecoin called “Stable Token.” As it became known, Wyoming is currently looking for a commission head to lead the legal team that will develop a regulatory framework for issuing the stablecoin.
Plans to create a state-run stablecoin came to fruition in March of this year, when Governor Mark Gordon signed into law SF 127 – the Wyoming Stable Token Act, which was introduced in early 2022.
Stable Token will be the first stablecoin developed and managed by a local government worldwide.
Laotian electricity company withdraws support for cryptocurrency miners
📍Laos' state-owned energy corporation has announced that it will no longer support crypto mining operations in the country. After authorizing the operations of six cryptocurrency mining farms in 2021, the Lao government is withdrawing its support for this activity.
Electricite du Laos, the state-owned energy corporation of Laos, which operates nearly 95% of the hydroelectric power produced in the country, said it will no longer supply electricity to crypto miners.
Laos is known for its industry-friendly approach to blockchain and Web3. In late May, Lao Prime Minister Sonexay Siphandone had reported that he was banking on blockchain technology to drive the country’s digital transformation.
Siphandone announced plans to embrace blockchain to develop new solutions that will enable it to improve efficiency and reduce costs across several key sectors, as well as accelerate financial inclusion, ensure transparency and facilitate access to safer and faster payments and transactions.
Continue reading: Charles Hoskinson: Politics, not securities law, is driving the SEC to pursue cryptocurrencies
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