Palau proceeds with Ripple to Phase 2 of PSC currency program launch

Leading crypto exchange platform OKX has disclosed plans to discontinue its mining pool services, marking a strategic shift for the platform.Photo by engin akyurt on UnsplashService shutdown within one monthThe move, outlined by the firm in a notification to platform users on Friday, involves ceasing new user registrations effective immediately. Existing users will be granted access to the mining pool until Feb. 25. All mining pool-related services on OKX will be completely halted by Feb. 26. Mining Pools data reveals that OKX holds the 36th position among the top 70 bitcoin-focused mining pools, boasting a total hash rate slightly exceeding 496 TH/s. The decision to phase out mining pool services was attributed to "business adjustments," as communicated by OKX, though further details were not provided regarding the specific nature of these adjustments. Previously, OKX's mining pool supported various proof-of-work cryptocurrencies and offered staking services. However, over recent years, many supported assets had been terminated. Presently, the website only displays bitcoin, litecoin and ethereum classic pool services. Once accounted for 5% of all BTC blocks minedOKX's bitcoin mining pool had once accounted for around 5% of the blocks mined on the network. However, a setback occurred on October 16, 2020, when the crypto exchange temporarily suspended withdrawals due to one of its private key holders “cooperating with a public security bureau in investigations.” This led to a significant drop in hashpower connected to the pool, from 9,000 PH/s to 20 PH/s. The pool's current 528 TH/s now represents less than 0.0001% of bitcoin’s total hash rate. Industry trend formingThis strategic move by OKX reflects the evolving landscape of the crypto industry and the challenges faced by mining pools, particularly in the context of regulatory and operational adjustments within the market. The decision may even amount to a formative trend, given that global crypto exchange platform rival KuCoin made a similar move back in August. At the time, KuCoin outlined its plans to temporarily suspend its bitcoin and litecoin mining pools. Although it suggested a temporary halt to such services, there was no indication of when such mining-related services would resume. A company spokesperson stated:“We will see if it is needed to restart based on the market and users’ demand in the future.” Bitcoin halving pressuresOKX’s decision to discontinue mining pool services comes ahead of bitcoin's anticipated fourth halving in April, which is expected to reduce miner rewards from 6.25 to 3.125 BTC. The halving is casting a shadow over the mining sector. Miners' business cost per bitcoin mined is going to increase significantly. Some industry commentators speculate that the break-even point for miners will reach an unsustainable level. NASDAQ-listed Riot Blockchain, in particular, is being singled out as potentially being susceptible due to its cost structure. Miners have had a difficult couple of years, working their way through the bear market component of the last market cycle. That period saw leading miner Core Scientific declare bankruptcy. The company has since restructured and has been relisted on the NASDAQ.  

Asia has taken the lead, surpassing North America, in terms of being a crypto developer hub according to a recent report. Electric Capital, a venture capital firm based in Silicon Valley in the United States, recently compiled a report centered upon global crypto developer data. Its analysis of the data has led to some interesting findings. Photo by Shubham Dhage on UnsplashNorth America loses its leadElectric Capital General Partner Maria Shen took to the X social media platform on Oct. 30 to provide further details on some key takeaways. In the first instance, Shen points out that North America has lost its lead in terms of crypto developer share, with Asia emerging as the leading region in this respect. Shen stated that “for the first time, Asia is the #1 continent for crypto talent.” Underpinning that claim, she provided data that identifies a drop in North America’s share of crypto developers from 44% in 2015 to 24% in 2024. Within the same timeframe, Asia’s share of crypto developer talent has increased from 13% to 32%. Teasing the data out further, the United States still remains the number one country for crypto devs on a country-by-country basis. It leads this particular metric with 18.8% of the developer talent pool, followed by India with 11.8% and the United Kingdom with 4.2%. A consequence of U.S. regulatory uncertaintyRegulatory uncertainty in the United States has been identified as a contributing factor by some crypto community commentators. The Securities and Exchange Commission (SEC) in the U.S. has engaged in regulation by enforcement rather than establishing a bespoke regulatory framework for crypto.  This approach has led to SEC Commissioner Mark Uyeda calling crypto regulation in the U.S. “a disaster” earlier this month. Others, like Nic Carter, a partner at Castle Island Ventures, have gone further, describing the approach of the Biden Administration to crypto as “Operation Choke Point 2.0,” suggesting that there is an active plan being implemented to suppress the industry. This negative approach has led many U.S.-headquartered crypto firms to pursue growth opportunities overseas, particularly within centers in Asia and the Middle East such as Dubai, Abu Dhabi, Hong Kong and Singapore. All of these centers have taken the opposite approach, deliberately working towards putting purpose-made regulatory frameworks in place over the course of the past two years, in order to get crypto innovation started on the right footing. Shen underscored the issue from a U.S. perspective, by pointing out that 81% of crypto devs, who are actively playing their part in shaping the future of digital money, live outside the U.S. She highlighted the significance of this, stating: “This is a national security issue & innovation drain for the US.” In a subsequent post, she questioned whether this had come about due to a negative regulatory environment, adding that “the US needs clear crypto policy to maintain its country lead.” 

Klaytn and Incheon City’s NFT Project Set to Bring Blockchain to the PublicThe Klaytn Foundation, a non-profit organization backed by South Korean messaging giant Kakao, announced Tuesday (local time) a new collaboration with the city of Incheon to launch the Incheon Universe NFT project on the Klaytn blockchain.Photo by joon young, Park on PexelsNFTs representing seals and lighthousesSet to be issued on Wednesday, these non-fungible tokens (NFTs) are based on Incheon Heroes characters, which draw inspiration from seals, one of the country’s endangered species, and lighthouses, seen as guardians of the sea. The Incheon Universe NFT project will harness the online metaverse and decentralized autonomous organizations (DAOs) to create a space where residents can connect, sharing their preferences and values. Additionally, the project seeks to enhance the pride of those living in Incheon.The Incheon Universe NFT project is set to kick off on October 25, marking the inaugural minting of Incheon Heroes NFTs on the Klaytn blockchain. These NFTs will also serve as membership passes. For this initiative, the Klaytn Foundation has been offering technical assistance and advice.Fee delegation featureThe foundation and Incheon City plan to leverage the fee delegation feature to remove the burden of a small transaction fee typically associated with NFT minting. This move is intended to lower the entry barrier for individuals unfamiliar with participating in blockchain projects. Incheon is also orchestrating in-person events catered to NFT holders. The city is also in discussions with the Klaytn Foundation, mobile carrier LG Uplus, media commerce entity Lotte Homeshopping, marketing solutions provider Daehong Communications, and others for more collaborative endeavors.Commenting on the collaboration, Lee Se-woong, Brand Manager of Incheon City, emphasized how both parties benefit from the partnership. While the Klaytn Foundation has been at the forefront of collaborations in the global blockchain scene, leading various projects, Incheon is positioning itself for new initiatives in the Web3 era. Lee sees this partnership as a major boost for the city.Seo Sang-min, the Klaytn Foundation’s Representative Director, mentioned that the foundation is committed to working closely with the city to ensure the success of the Incheon Universe NFT project as a city-driven blockchain initiative. He emphasized that Klaytn aims to help more people experience firsthand the benefits of Web3 technology.Incheon has been at the forefront of driving blockchain initiatives. Among its recent undertakings is the Global Blockchain Incheon Conference (GBIC 2023), which is slated for October 30 to 31. The event will highlight presentations from renowned speakers representing blockchain entities like Polygon Labs, Crypto.com, and the Astar Foundation.