• EU lawmakers vote to impose strict capital requirements on banks holding bitcoin and crypto
    • European Union lawmakers have voted to impose strict capital requirements on banks that hold cryptocurrencies
    • Banks would be allowed to hold 2% of capital in bitcoin, but required to have one euro in capital for every euro in cryptocurrency held
    • Lawmakers cite the chaos in the markets seen over the last few months as further evidence that such regulation is necessary - to “prevent instability in the crypto world from spilling over into the financial system,” according to Markus Ferber, economic spokesperson for the EU parliament’s European People’s Party
    • The regulation mirrors the recommendation from the Bank for International Settlements’ Basel Committee - a 2% limit on tier 1 capital that could be held denominated in unbacked cryptocurrencies
    • BIS committee recommendation was discussed at last month’s BitDevs




  • Luxor releases “Hashrate Index 2022 Bitcoin Mining Year in Review”
    • 2021 bull market brought a lot of capital into the bitcoin mining industry, which became increasingly institutionalized and intertwined with traditional finance and energy sectors
    • 2022’s bear market hit hard - most mining profits gained in the bull market were lost
    • Hashprice hit an all-time low in November
    • New-gen ASICs exited the year at all-time low valuations
    • Many Bitcoin mining stocks fell more than 90%
    • North America’s leading hosting providers went bankrupt
    • Acquisitions and asset sales became a prevailing theme
    • Even with last year’s market carnage, Bitcoin’s hashrate grew 41% in 2022 (compared to 2021’s 18% growth)

Coinkite Giveaway #3

  • “Guess the Nonce” Google Form
    • Submit guesses ahead of time (only if you plan on attending the meetup!)
    • A specific block will be chosen at the meetup and its nonce will be compared to all submissions - closest guess wins
    • Previous winners are ineligible
    • Video explaining what a nonce is in relation to bitcoin mining
      • A “nonce” is a “number used only once”
      • Miners are continuously hashing block data when trying to “win” the block lottery
      • The nonce is an extra field that can be repeatedly modified to produce entirely new hashes without changing the actual transaction data in the block
      • Miners keep changing the nonce to generate new hashes, ultimately trying to get close enough to the difficulty target

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