Bitcoin crashes below $40.000, mining-snitching in Inner-Mongolia and Sony files BTC-patent

3 min readMay 19, 2021
Photo by Dmitry Demidko on Unsplash

Bitcoin crashes to same levels as before Tesla-era

Today, Bitcoin (BTC) fell below $40,000 as bearish sentiment continued to dictate price direction resulting in the cryptocurrency market losing $350 billion in value.

Coming after a week of successive drops, Wednesday’s dip put Bitcoin at its lowest level since early February and 40% below its all-time highs.

The spotlight remained on Tesla and its CEO, Elon Musk. After taking the blame for the volatility in recent days, Musk was widely held to have cost himself and his company more than most others with his remarks.

With its return below $40,000, Bitcoin thus traded nearly at the same price on Wednesday as that at which Tesla bought $1.5 billion.

Inner Mongolia wants general public to snitch on crypto mining operations

The Inner Mongolia Development and Reform Commission (DRC) said in an announcement on Tuesday that it has set up a dedicated hotline, email and mail address for local people to inform the government if they know of any crypto mining operations that are still active in the region.

The scope of the platform also targets any local crypto mining operation that is enjoying tax, land and power perks under the disguise of a data center or any company that offers land rental services for crypto mining operations.

The measure follows a March announcement by the Inner Mongolia DRC where the government agency sought to shut down crypto miners in the region that mainly use fossil fuels.

Source: The Block

Sony publishes patent for ‘Bitcoin betting

Sony Interactive Entertainment has published a patent that has been released this month that could potentially pave the way for PlayStation users to bet on competitive esports events with bitcoin.

The firm’s patent is titled “E-sports Betting Platform”. While the patent doesn’t reference PlayStation exclusively, it does call out bitcoin and crypto as a potential tool for wagers. Specifically, the patent language states that “wagers may be pecuniary, e.g., money or bitcoin, or may be non-pecuniary, e.g., game assets, digital rights, and virtual currency”.

The patent suggests that users can bet on live esports events, while watching in real-time.

Source: Bitcoinist

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