Bitfarms to purchase 48 thousand rigs, CBOE files to list Van Eck’s ETF and Coinbase as Whale-Custodian

Photo by Pierre Borthiry on Unsplash

Bitfarms wants to purchase over 48 thousand mining rigs

Bitfarms, one of the largest publicly traded Bitcoin mining operations in the world, plans to purchase 48,000 new miners over the next two years.

The Canadian mining company has sourced the equipment from Chinese supplier MicroBT in a bid to increase its hashing capacity by another 5 EH (exahashes). Bitfarms was founded in 2017 and currently has a capacity of 1 EH. It has targeted a 200% increase by the end of 2021.

The hashing capacity is the amount of calculations that a rig can dedicate to mining Bitcoin or cryptocurrencies. The total hashrate of the Bitcoin network is 170 EH/s.

Source: Cointelegraph

CBOE files to list Van Eck’s proposed Bitcoin ETF

The holding company Chicago Board Options Exchange (CBOE) has filed to list the Bitcoin exchange-traded fund, proposed by asset manager Van Eck.

CBOE filed a Form 19b-4 requesting permission to list the ETF from the United States Securities and Exchange Commission on Jan. 3. On the form, CBOE emphasizes the benefits an ETF would offer to retail investors over the spot Bitcoin markets, including custody:

“Exposure to bitcoin through an ETP also presents certain advantages for retail investors compared to buying spot bitcoin directly. The most notable advantage is the use of the Custodian to custody the Trust’s bitcoin assets.”

As of the time of writing, the SEC has yet to approve any crypto ETF product.

Source: Cointelegraph

Coinbase custodies 11% of entire crypto capitalization

The custody service of leading U.S. exchange Coinbase now controls more than 10% of the combined crypto asset market cap.

Messari Crypto has revealed that as much as 11% of the entire crypto market capitalization was held with Coinbase custody at the end of 2020. Coinbase offers custody services for over 90 crypto assets, roughly half of which are tradable on Coinbase’s exchange.

The value of assets custodied with Coinbase spiked to roughly $90 billion in the fourth quarter of 2020 as the combined crypto capitalization more than doubled to tag $780 billion by 2021.

Source: Messari

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