Cryptocurrency News Official TheBitTimes.com

The Hangzhou Intermediate People’s Court has convicted a former Chinese party official , Xiao Yi, for abuse of power and bribery. Xiao Yi has received a life imprisonment sentence . Officials clarified that he misused his authority to support the growth of Bitcoin mining by facilitating financial support and power supply arrangements. You might also like: China’s SparkPool Ethereum Mining Pool Shutters Operations An Aug. 22 report reveals that the offender accepted bribes totaling almost $17.4 million. The report noted that the bribery charges were categorized as notably substantial, while the abuse of power charges were deemed exceptionally serious. In September 2017, the Chinese authorities banned Bitcoin trading and other crypto currencies. In 2019, the National Development and Reform Commission (NDRC) classified crypto mining as undesirable due to its negative impact on the environment. Later on, in 2021, China’s state council announced that crypto mining was bann...

The Neuralink device is designed to be surgically implanted and, according to CEO Elon Musk, will eventually be marketed to the general public. Elon Musk’s brain -computer interface (BCI) startup, Neuralink, reportedly received approval from the United States Food and Drug Administration (FDA) to conduct some form of “in- human ” trials for its surgically implanted brain device.  Congratulations Neuralink team! https://t.co/AWZGf33UDr — Elon Musk (@elonmusk) May 26, 2023 It’s unclear at this time what kind of trials the Neuralink tweet is referring to — the only other information mentioned was that the company isn’t accepting applicants yet. Neuralink was denied the FDA’s approval for human trials in early 2022 over several concerns related to safety, which, at the time, the company was reportedly working to resolve. The FDA’s apparent U-turn would indicate that such concerns have been worked out, and the company should then be free to conduct limited testing of its sur...

Glassnode noted that this is the first time in Bitcoin history where the network has been used for purposes other than for monetary purposes. The launch of Bitcoin nonfungible tokens (NFTs) — known as Ordinals — has tipped the number of non-zero Bitcoin addresses to a new all-time high of 44 million, according to crypto analytics platform Glassnode. In a Feb. 13 report from Glassnode, the firm explained that for the first time in Bitcoin’s 14-year history, a portion of network activity is being used for purposes other than peer-to-peer monetary Bitcoin (BTC)  transfers: “This is a new and unique moment in Bitcoin history, where an innovation is generating network activity without a classical transfer of coin volume for monetary purposes.” Glassnode explained that the Ordinals surge has contributed to a “short-term uptick in Bitcoin network usage of late” which has brought many “new active users” with a non-zero BTC balance to the network: Number of Bitcoin addresses with a non-zero ba...