EddieJayonCrypto
4 Jan 23
• Core Scientific pulls the plug on Celsius crypto mining equipment that costs of $2M PER MONTH to host• Hong Kong financial services firms are scrambling to acquire licenses under new regulatory model around digital assets while India's move could cost its CEXs $1.2T• Ethereum Name Service sees ove...
• Core Scientific pulls the plug on Celsius crypto mining equipment that costs of $2M PER MONTH to host• Hong Kong financial services firms are scrambling to acquire licenses under new regulatory model around digital assets while India's move could cost its CEXs $1.2T• Ethereum Name Service sees over 2.8M domain name registrations in 2022; I am expecting more in 2023• Wyre seems to be shutting down according to reporting that also says staff cuts with no severance are currently happeningI'm looking at news from around the world that can affect my holdings. Here is what is on my mind today.1. Core Scientific being allowed to shut down Celsius' mining rigs is a very be deal for the company. Keeping those rigs up and running costs them $2M in incremental revenue every month. Being Core Scientific has its own money woes getting rid of those machines would enable them to use the vacated space to actually make money. I wonder if Galaxy Digital would be interested. 2. Hong Kong's financial services firms are not just gearing up to get licensed to work with crypto assets, they are going after it with enthusiastic vigor. Firms around the world are warming up to the idea that they can either work with crypto or they can go kick rocks as more people are interested in the space. Meanwhile, India's tax moves against the industry could see the country's centralized exchanges lose over a $1T in trading volume by 2026. There is already a lot of outflow to exchanges in other countries and non-custodial wallets. Couple that with some bright flight and India could be creating their own perfect storm for some pretty big negative economic impacts in the future 3. Ethereum Name Service saw 2.8M Web3 domain name registered in 2022. In many cases it is simply brand protection and future-proofing. In other cases, companies really are taking that dive into the new world. I am expecting the registrations to continue through 2023. Remember what I have been telling you. Adoption is the next stage in the life of crypto. 4. Wyre has been around since 2013. Unfortunately, a report by Axios says the blockchain payments transfer company may be shutting down soon. Supposedly, the company has notified employees it will be ceasing operations first quarter this year. Although there has been no official statement, The reporting seems to be on point. It is also said employees were provided no severance. This is a pretty crappy situation for the company, but some would say it was coming since they have been having issues for the past year.