According to Lamido Yuguda, the director general of the Nigerian Securities and Exchange Commission, the regulator does not plan on including cryptocurrencies in its digital asset agenda. Yuguda reportedly said the commission will only change its stance on cryptos when Nigerian regulators agree on the standards to protect digital asset investors.
Commission to Promote ‘Sensible Digital Assets’
The Nigerian Securities and Exchange Commission (NSEC) said it will only include cryptocurrencies in its digital assets agenda when regulators finally agree on the standards to protect investors. The commission added that cryptocurrencies are currently excluded because the exchange platforms where such digital assets are traded are operating outside of the Nigerian banking system.
According to a Bloomberg report, the NSEC is keen on promoting what the institution’s director general Lamido Yuguda calls “sensible digital assets.” Yuguda explained:
The commission is in the business of protecting investors, not in the business of speculation.
In addition to promoting safer digital assets, the commission reportedly said it will explore blockchain’s use in advancing virtual and traditional investment products.
In May, the NSEC unveiled new rules governing the issuing of digital assets as well as the registration requirements for platforms that offer digital assets. At the time, some in the Nigerian crypto community believed the new rules applied to cryptocurrencies. While Yuguda admitted that cryptos are presently excluded, he did not rule out including them in the future.
“Any asset that is traded in the Nigerian capital market requires the joint approach of different regulators,” the director-general reportedly said.
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Source: Regulation Archives – Bitcoin News
Bitcoin Difficulty Surges 4.68%, Taps New All-Time High; Metric Set to Surpass 40 Trillion
The Bitcoin blockchain recorded another difficulty increase on Sunday, Jan. 29, 2023, at block height 774,144. The network’s difficulty increased by 4.68%, from 37.59 trillion to an all-time high of 39.35 trillion. Bitcoin Difficulty Reaches New All-Time High as Mining Gets Tougher Bitcoin’s difficulty reached another all-time high, surpassing the record set two weeks ago, […]
The Bitcoin blockchain recorded another difficulty increase on Sunday, Jan. 29, 2023, at block height 774,144. The network’s difficulty increased by 4.68%, from 37.59 trillion to an all-time high of 39.35 trillion.
Bitcoin Difficulty Reaches New All-Time High as Mining Gets Tougher
Bitcoin’s difficulty reached another all-time high, surpassing the record set two weeks ago, after rising 4.68% on Sunday. The increase occurred at block height 774,144, at 6:10 a.m. (UTC). The difficulty is now at 39.35 trillion, close to surpassing 40 trillion. The next adjustment is due Feb. 11, 2023.
The rise makes mining blocks more difficult, following a 4.68% jump after the 10.26% increase on Jan. 15, 2023. Jan. 29 statistics show a hashrate of 279.7 exahash per second (EH/s) over the last 2,016 blocks, currently at 283.55 EH/s dedicated to the Bitcoin blockchain.
Statistics from macromicro.me on Jan. 28, 2023, estimate the cost of BTC production at $21,176 per unit. On Jan. 29, the spot price was $23,584. With spot prices higher than the cost of production, bitcoin (BTC) miners have recouped some losses from the end of 2022.
Pool distribution calculated by blocks discovered shows Foundry USA as the top mining pool with 101.47 EH/s, equating to 34.89% of the network’s hashpower. Antpool has 57.54 EH/s, or 19.79% of the total network hashrate. F2pool, Binance Pool, Viabtc, Btc.com, and Braiins Pool follow Foundry and Antpool, respectively.
With the increase in difficulty, block intervals, or the time between each BTC block, have been about 9:02 to 9:38 minutes. This is slower than the recent 8:54 to 9:31 minutes recorded two days ago, but still faster than the 10-minute average.
What impact do you think the increasing difficulty of the Bitcoin network will have on miners and the cryptocurrency industry as a whole? Share your thoughts in the comments section below.
Source: Mining Archives – Bitcoin News