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Friday, November 26, 2021

Square plans to build new bitcoin mining system: Crypto wrap

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RIYADH: Following the latest report from the University of Cambridge showing that the US has the largest share of bitcoin mining in the world, the CEO of Twitter and Square, Jack Dorsey has announced that Square is considering building a bitcoin mining system based on custom silicon.

Dorsey has been a supporter of bitcoin for years, and recently made it clear that Square is in the midst of building a bitcoin hardware wallet in order to make bitcoin custody more mainstream, he also said that bitcoin will be a big part of Twitter’s future.

“Square is considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide,” Dorsey said. “If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community.”

ETF

As the first bitcoin futures ETF could begin trading as early as next week in the US, the owner of the NBA team Dallas Mavericks, Mark Cuban shared his thoughts on bitcoin exchange-traded funds (ETFs).

Cuban said in an interview with CNBC that he has no plans to invest in bitcoin-based exchange-traded funds (ETFs), and sees no reason for him to invest in a bitcoin ETF, asserting that he can buy the cryptocurrency directly.

While futures-based bitcoin ETFs provide investors with some exposure to the crypto market without owning any actual currencies.

Todd Rosenbluth, director of ETF and mutual fund research at CFRA, explained: “The ETF price will not match the price of bitcoin. As such, it is likely better for short-term exposure than for buy and hold long-term investing.

Mexico won’t adopt bitcoin as legal tender

The President of Mexico, Andres Manuel Lopez Obrador, has denied that there is any interest in adopting cryptocurrencies as legal tender in the country.

“No. We are not going to change in this aspect. We see fit to maintain the orthodoxy in managing finances. We are not going to try to innovate a lot in the financial system,” he said.

Trading

Bitcoin, the leading cryptocurrency in trading internationally, traded lower on Sunday, falling by 0.12 percent to $60,928 at 5 p.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, traded at $3,857, down by 1.51 percent, according to data from Coindesk.

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