Dunamu reports Q3 slump amid interest rate hikes and economic slowdown

Japan’s HashPort Group Raises $8.5M in Funding RoundHashPort, a leading blockchain developer based in Japan, has successfully raised 1.2 billion Japanese yen (approximately $8.5 million) in a Series C funding round.The funding was secured through key investors, including Sumitomo Mitsui Banking Corporation (SMBC), The University of Tokyo, Edge Capital Partners, and Japanese billionaire entrepreneur Yusaku Maezawa. With this latest infusion of capital, HashPort’s total funding has now reached an impressive 2 billion yen (about $14.2 million).Global expansion plansThe announcement, which was made on Friday, revealed that these fresh funds will be instrumental in driving HashPort’s global expansion plans, particularly in the face of complex regulatory environments. The company aims to fortify its business operations and establish a robust compliance management system, essential for navigating the intricate web of global regulations.At the core of HashPort’s ecosystem are two significant components. The first is its namesake blockchain-related consulting and system solution, which has gained substantial recognition in Japan. The second is HashPalette, a public chain specially designed for non-fungible tokens (NFTs), tapping into the booming NFT market. Additionally, HashPort is set to unveil an exciting metaverse game called The Land Elf Crossing in the upcoming fourth quarter.Coincheck collaborationHashPort’s previous collaboration with Japanese cryptocurrency exchange Coincheck garnered considerable attention. Together, they launched Japan’s first initial exchange offering (IEO), which raised an impressive 22.45 billion yen (approximately $160 million) in commitments for the Palette (PLT) token. As a testament to the success of this venture, PLT Place, the official NFT marketplace of Palette Chain, now boasts over 370,000 users.President Seihaku Yoshida expressed HashPort’s future ambitions, revealing plans to cooperate with Expo 2025, a highly anticipated event scheduled to take place in Osaka. HashPort aims to develop digital wallets and digital passports linked to soulbound tokens (SBTs) for Expo 2025. With an estimated 28 million visitors expected to attend the expo, the company sees this as a historic opportunity to introduce Web3 technology to a broader audience.Soulbound tokensIn December 2022, one of HashPort’s current investors, SMBC, joined forces with the company to explore the potential applications of SBTs. Proposed by Ethereum Co-Founder Vitalik Buterin, SBTs represent the characteristics or reputation of individuals or entities, much like the concept of soulbound items in the popular massively multiplayer online role-playing game (MMORPG), World of Warcraft.As part of that collaboration, SMBC and HashPort were discussing the possibility of creating a “safe and secure Web3 economic zone.” No further details were given beyond that, but the idea may have been along the lines of creating something like Cyberport, an innovative digital community which has been created in Hong Kong, featuring over 1,900 start-ups and technology companies.The successful funding round marks a significant milestone for HashPort, providing the necessary financial resources to accelerate its expansion plans and drive innovation in the Web3 space. As the company continues to pioneer advancements in the blockchain and NFT sectors, its collaboration with Expo 2025 and ongoing exploration of SBTs showcase the company’s efforts in attempting to contribute towards shaping the future of decentralized technologies.

KuCoin Halts Bitcoin and Litecoin Mining Pools Amidst Strategic ShiftIn an announcement on Tuesday, Seychelles-based cryptocurrency exchange KuCoin revealed its decision to temporarily suspend its Bitcoin and Litecoin mining pools, effective from 16:00:00 on August 15, 2023 (UTC).Photo by Traxer on UnsplashChanging business strategyThis move is attributed to KuCoin’s evolving business strategy, although specific details remain undisclosed. The exchange expressed its regret for any inconvenience caused and extended gratitude for users’ continued support.It appears that the company wants to focus on core business activities and for that reason, it’s terminating its mining pool activity. That said, the discontinuation was described in its statement as being “temporary” although that has been left open-ended with no indication of if or when it would bring the service back into operation.The company is open to the idea of revisiting the facilitation of mining pools in the future. “We will see if it is needed to restart based on the market and users’ demand in the future,” a spokesperson for the company told The Block.To ensure miners’ uninterrupted earnings during the suspension, KuCoin advised users engaged in cryptocurrency mining to transition their Bitcoin (BTC) and Litecoin (LTC) miners to alternative mining pools before the specified suspension date. Additionally, the exchange emphasized the importance of backing up and preserving mining records and related data, recommending users complete these actions before August 27.Presently, the KuCoin Bitcoin mining pool maintains a hash rate of 9.08 exahash per second (EH/s), while the Litecoin pool operates at 3.90 terrahash per second (TH/s). These figures contribute to the broader hash rate landscape, where the entire Bitcoin network boasts a hash rate of 349.19 EH/s, compared to the Litecoin network’s 792.16 TH/s.Workforce reductionIt is clear that the company is in the process of adjusting to current market conditions. Last week, rumors surfaced of a plan to effect a workforce reduction. That prompted KuCoin’s CEO Johnny Lyu to respond, clarifying that the exchange’s operations are running smoothly. Dismissing layoff speculation, Lyu highlighted the exchange’s steady expansion and strong growth as demonstrated by the H1 2023 report. The report showcased an increase in users and new listings, underscoring the platform’s vitality and development.Mandatory KYCIn recent months, KuCoin has also implemented mandatory Know Your Customer (KYC) requirements, obligating users to undergo verification processes. Existing customers who fail to complete KYC procedures will be unable to make deposits. With over 20 million registered accounts, the exchange felt that it needed to improve on its level of regulatory compliance and security measures.It’s highly likely that an action taken by authorities in New York in the United States in March prompted KuCoin’s decision to tighten up on KYC. At that time, the New York Attorney General said that action was being taken against KuCoin due to its failure to register as a securities and commodities broker-dealer.As KuCoin undergoes these changes, the suspension of its mining pools raises questions about the broader implications for its business strategy and the potential impact on miners within its ecosystem. That said, the firm is not alone in making changes, with most crypto exchanges having had to adjust to a business and regulatory environment that has changed considerably since the 2021 crypto bull run.

Bitmain’s Latest Air-Cooled Antminer Set to Ship in Q1 2024Bitmain, the prominent Chinese Bitcoin mining equipment manufacturer, has officially unveiled its latest innovation, the Antminer T21.Photo by Traxer on UnsplashHeat toleranceThe company confirmed in an announcement made on Thursday that the state-of-the-art air-cooled Bitcoin miner will ship during the first quarter of 2024. The Antminer T21 is expected to make waves in the world of cryptocurrency mining given that it can withstand scorching temperatures of up to 45 degrees Celsius.During a facility tour, the firm tweeted out on Friday: “Although it is so hot here, ANTMINER is still running stable!”The context of the comment relates to an installation of the new miner’s predecessor at a Moonwalk Systems facility in the arid heat of the United Arab Emirates (UAE). Moonwalk is utilizing water cooling to overcome the local conditions. However, it’s in environments like this one that Bitmain is likely to envisage its latest Antminer performing well.Energy efficiencyAnother standout feature of the Antminer T21 is its energy efficiency. With a stellar energy efficiency ratio of 19 joules per terahash (J/TH), it outpaces its predecessor, the Bitcoin Miner S21 Hyd, which offers an energy efficiency of 16.0 J/TH. This efficiency means miners can maximize their returns while minimizing their energy costs. Additionally, the Antminer T21 boasts an impressive processing power of 190 terahashes per second (TH/s), a crucial factor in the competitive world of Bitcoin mining.The compatibility of the Antminer T21 with the SHA256 mining algorithm, used in the proof-of-work (PoW) consensus mechanism for cryptocurrencies like Bitcoin, Bitcoin Cash, and Bitcoin SV (BSV), adds to its appeal.Notably, Bitmain has extended a helping hand to pre-order buyers of the Antminer T21 by offering Bitmain’s Price Protection Plan. This plan, available until November 25, aims to support miners in times of cryptocurrency market volatility. The plan shields customers from price fluctuations in Bitcoin for periods of one, three, or six months.Company difficultiesFounded in Beijing in 2013, Bitmain swiftly rose to prominence as a global leader in producing Bitcoin (BTC) mining ASICs. However, the company faced internal turmoil due to a power struggle between its co-founders, Wu Jihan and Ketuan Zhan. The situation was eventually resolved in 2021, with Jihan Wu stepping down from his roles as chairman and CEO of Bitmain and selling his ownership share to Zhan for $600 million.ASIC miner manufacturers like Bitmain have also had to grapple with the backdrop of a challenging market environment that has seen plummeting prices paid for mining equipment over the past two years.Bitmain has faced scrutiny regarding its treatment of employees. Recent reports from local sources and Bitmain employees revealed that the company issued a notification in September indicating negative operating cash flow. In response to these financial challenges, Bitmain delayed the disbursement of a portion of its employees’ September salaries, raising concerns about the financial stability of the organization. In April of this year, it emerged that the Chinese authorities had imposed a fine on the company due to tax irregularities.