Tether top buy BTC with 15% of profits, Lightning Labs announces new Taro-software and bankrupt Celsius keeps mining
Tether Pledges to Plow 15% of Profits into Bitcoin
Tether is to start regular purchases of Bitcoin to bolster its excess reserves, the stablecoin issuer said in an announcement on Wednesday.
The company will allocate up to 15% of its net realized operating profits for buying up the world’s largest cryptocurrency, starting this month.
“Bitcoin has continually proven its resilience and has emerged as a long-term store of value with substantial growth potential,” said Paolo Ardoino, Tether’s CTO. “Its limited supply, decentralized nature, and widespread adoption have positioned Bitcoin as a favored choice among institutional and retail investors alike.”
Source: Decrypt
Lightning Labs unveils updated protocol to address bitcoin’s BRC-20 challenges
Lightning Labs has unveiled an enhanced edition of the Taproot Assets Protocol, offering users a potentially more efficient method for minting new assets on the blockchain.
It’s a new version of Taro, which has to rename itself after it faced a trademark infringement lawsuit filed by blockchain development firm Tari Labs.
Lightning Labs further stated that users of the protocol would soon be able to integrate BRC-20 assets into lightning, eliminating the need to establish an entirely new ecosystem from scratch. Wallets, exchanges, and merchants can readily adapt to support the protocol, enabling faster and more cost-effective transactions.
Source: Crypto.News
Celsius’ latest bitcoin mining stats show signs of improvement
Celsius Network has increased the number of mining rigs deployed by 18% in April as compared to the previous month. As of April 30, 2023, the bankrupt crypto lender had 53,000 mining rigs active. The firm reported optimistic numbers from its mining operations as revenue reached the highest in six months.
Celsius recently filed an update on its ongoing activities. These activities included facilitating withdrawals for eligible customers, bitcoin mining operations, and managing the company’s cash flow. The bankrupt crypto miner reported some positive developments on the bitcoin mining fronts, with an increase in revenue and margins.
Source: CoinEdition
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