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Bitdeer Technologies, led by Jihan Wu and based in Singapore, has unveiled the very latest development in the world of Bitcoin mining technology with the announcement of the successful testing of its proprietary Bitcoin mining chip, slated for integration into its forthcoming mining rig. In addition, the firm has followed up on March 4 with the publication of financial results for Q4 2023.Photo by Thought Catalog on UnsplashSealminer A1The company revealed on X that its inaugural crypto mining chip, known as the SEAL01, destined to drive the Sealminer A1 mining rig, was engineered utilizing four-nanometer process technology, a feat achieved in collaboration with a semiconductor fabricator. Bitdeer boasts that this chip exhibits a power efficiency ratio of 18.1 J/TH. At the heart of Bitdeer's latest achievement lies the SEAL01 chip, the culmination of years of dedicated research and development. By harnessing state-of-the-art technology and meticulous planning, Bitdeer aims to tackle the pressing challenges confronting Bitcoin miners, including skyrocketing operational costs and environmental implications. The company claims that the efficiency of the SEAL01 chip not only promises a shift towards more sustainable mining practices but also holds the potential to significantly reduce energy consumption, thereby bolstering profitability and return on investment for miners. "This powerful chip offers enhanced Bitcoin mining performance with minimized power consumption, leading to lower operating costs and a reduced environmental footprint for miners," Bitdeer affirmed in the X post. The firm stopped short of disclosing the launch timeline for its upcoming mining rig. On the financial front, Bitdeer disclosed its financial results for Q4 2023, on March 4. The company reported a total of 111,966,634 outstanding ordinary shares as of Dec. 31, 2023, including class A and class V ordinary shares. Additionally, Bitdeer revealed key operational metrics for Q4 2023, including total Bitcoin mined, power usage across its mining data centers, average cost of electricity and miner efficiency. Bitdeer's shares closed up 2.11% at $6.76 on Nasdaq on Friday, indicating a positive market response to its recent newly developed Bitcoin mining chip. However, trading outside regular hours, going into March 4, have seen the share price peak at $7.52, yet having retraced to $6.9 at the time of writing. That may indicate that investors are not particularly enthralled by the firm’s Q4 2023 results. Bitdeer emphasizes that the SEAL01 chip is engineered to meet the evolving demands of the cryptocurrency mining industry. As mining activities continue to gain traction and market dynamics evolve, the adaptability of hardware solutions becomes paramount. Bitdeer's strategic emphasis on innovation with the SEAL01 chip aims to pave the way for future advancements in cryptocurrency mining technology, ultimately fostering the growth and sustainability of the industry. Moreover, Bitdeer asserts that the newly developed chip enables it to optimize efficiency, stability and performance in anticipation of the upcoming Bitcoin halving event slated for April. Last month, the company’s founder Jihan Wu was installed as CEO, in a move that is understood to better position the company as it transitions to a growth phase.

Animoca Brands Expands Focus to Non-US MarketsHong Kong-based Web3 and blockchain unicorn, Animoca Brands, is shifting its attention to markets outside the United States following the Securities and Exchange Commission’s (SEC) classification of its $SAND token as an unregistered security.This move comes after the SEC named $SAND, along with other tokens like Solana and Polygon, in lawsuits against major exchanges Binance and Coinbase Global. The labeling of these tokens as securities by the SEC poses legal risks for companies involved in their sale.Photo by Zulian Firmansyah on UnsplashNavigating regulatory challengesAnimoca Brands, led by Co-Founder and Chairman Yat Siu, has long embraced a global approach rather than focusing solely on one territory. Siu clarified the firm’s response to the latest regulatory development to the South China Morning Post (SCMP) via email on Thursday.He emphasized that while the SEC concentrates on the US, Animoca Brands operates in more progressive jurisdictions such as Hong Kong and Japan, where $SAND is widely available and accepted. In response to the recent blockchain-hostile climate in the US, the company has proactively started emphasizing other markets, reducing its reliance on the US market and mitigating potential risks associated with regulatory actions.Exchange business impactWhile Coinbase CEO Brian Armstrong has declared that his company has no intentions of delisting tokens labeled as securities by the SEC, this decision poses challenges for other exchanges less committed to selling these tokens. Dan Gallagher, Chief Legal Compliance and Corporate Affairs Officer of Robinhood Markets, expressed concerns about listing tokens due to regulatory rules and the uncertainty surrounding tokens created by organizations outside the US.These developments could have a chilling effect on exchanges, prompting crypto firms to consider moving away from the US market due to perceived uncertainty and the associated legal risks. As a demonstration of that, in a bankruptcy court hearing on Thursday, it emerged that the FTX Debtor is talking with bidders with a view to restarting the international business but restarting the US-based business is less certain.Animoca’s Middle East ventureIn a further display of its commitment to expanding outside the US, Animoca Brands announced plans in March to make significant investments, worth tens of millions of dollars, in the Middle East. This move reflects the company’s proactive strategy to tap into non-US markets and leverage the growth potential offered by progressive jurisdictions.Animoca Brands’ decision to prioritize non-US markets and reduce its reliance on the US market aligns with its global operating approach. The SEC’s classification of $SAND as a security has prompted the company to shift its attention to more progressive jurisdictions where $SAND remains widely accessible.As other firms, including Ripple, also explore growth opportunities outside the US, the global landscape of the crypto industry is evolving. By navigating regulatory challenges and expanding into promising markets, Animoca Brands aims to position itself for continued success and mitigate potential risks associated with the SEC’s actions in the US market.

Celebrating a Decade of Crypto in South Korea: Experts Convene to Chart the FutureThe MK Virtual Asset Conference, an event held in Seoul yesterday to celebrate the 10th anniversary of South Korea’s cryptocurrency industry, convened experts, politicians, and stakeholders to discuss the future of blockchain and digital assets.The conference was hosted by Maeil Business Newspaper and its blockchain subsidiary Mblock, and sponsored by cryptocurrency exchange Korbit, the Korean Securities Association, and the Korea Derivatives Association. It served as a valuable opportunity to evaluate the current state of the crypto market and explore solutions for pressing challenges.Photo by Ciaran O’Brien on UnsplashInevitable rise of blockchainOne of the distinguished speakers at the event highlighted the inevitable rise of blockchain technology. Kim Yong-beom, CEO of Hashed Open Research, the research arm of Seoul-based crypto venture capital firm Hashed, said, “Blockchain is the antithesis of the modern financial and capital system. While traditional finance possesses its own merits, it also carries substantial transaction fees and is confined within national boundaries. It is only natural that such a counterforce has emerged to address these issues.”He continued, “Given that traditional finance properly responds to blockchain technology’s rise and overcomes its limits, blockchain may lose its competitive edge. However, if traditional finance fails to do so, blockchain will not be easily dismissed.”CEO Kim also highlighted the third section named “Blueprint for the Future Monetary System” of the Bank of International Settlements’ 2023 Annual Economic Report, which was published in June. The report states, “The BIS Innovation Hub, in partnership with central banks around the world, stands at the forefront of experimentation with CBDCs and tokenization.” According to Kim, the traditionally conservative financial institution, which had previously been skeptical about blockchain-based distributed ledger technology, has now shifted its position to be more accepting of blockchain.Importance of institutional investorsDuring the conference, an academic underscored the importance of allowing institutional investors to enter the virtual asset space. Kang Hyoung-goo, an assistant professor in the Department of Finance at Hanyang University Business School, pointed out that the crypto market, when primarily driven by retail investors, tends to favor volatile assets over stable ones. Due to this inclination, more individual investors are attracted to exchanges where speculative trading is a frequent occurrence. This dynamic creates a vicious cycle, he explained.Defining digital assetsOn a different note, Lee Han-jin, a lawyer at Kim and Chang, one of the largest law firms in the country, emphasized the crucial need to establish a legal definition of digital assets. In Lee’s view, digital assets exist in the form of data on the blockchain, setting them apart from traditional assets. He argued that without a legal definition outlining the nature of these assets, they could potentially devolve into entities that mislead the public, lacking both legal reliability and trustworthiness.Political voicesPoliticians also took the stage to share their thoughts. Back Hye-ryun, a Democratic Party of Korea member, expressed in her congratulatory speech her commitment to protecting virtual asset users through legislation. Kim Jong-min, another lawmaker from the same party, underscored the unstoppable nature of the blockchain trend. Yun Chang-hyun, a lawmaker of the ruling People Power Party, mentioned that while Bitcoin couldn’t establish itself as a key currency in an anarchic manner, stablecoins and central bank digital currencies (CBDCs) are now positioned to fill that role.Regulatory considerationsMeanwhile, Kim So-young, Vice Chairman of the Financial Services Commission, stressed the ongoing uncertainty surrounding the societal impact of cryptocurrencies and how governments should oversee them. He emphasized that the Korean government aims to establish a balanced framework to facilitate the responsible development of digital assets. Furthermore, he highlighted the necessity of collaborating with major economies due to the global nature of virtual assets.