According to data from Blockchain.com, the hash rate of Bitcoin has reached an all-time high. As of July 5th, the BTC hash rate surpassed 74.5 million tera hashes per second- an increase of 109% year-over-year from 2018. The previous all-time high hash rate was attained on 29 June and registered 68.6 million tera hashes per second.
In simple terms, the hash rate is the output of a hash function and relates to how quickly a computer completes an operation in Bitcoin code. If you have a higher hash rate, it is better when you are mining as this increases the chances of finding the next block.
Cailu, a blockchain startup raises $10 million in investment round
Cailu, a Chinese-owned blockchain media startup has managed to raise an impressive $10 million in pre-Series A funding for further development. The round of fundraising was led by the Smart-city orientated GBCI Ventures, with significant participation from a Singapore-based hedge fund, Orka Capital.
The platform was launched last year and it provides content socialisation and industry information as well as its own token. Called CLC, the token is designed to incentivise users to use the platform as well as to create and provide content for it.
The money will be used to further research and develop blockchain immersion media. It will also be used to help further the CLC ecosystem whilst developing the platform further and launching partnership programmes.
Indian government not keen on Facebook crypto Libra
The Indian government have been the latest party to show cynicism towards Facebook’s planned cryptocurrency offering. According to Bloomberg, Subhash Chandra Garg, the secretary of the Department of Economic Affairs under the Ministry of Finance said that they were not sure how it would work but that as a private cryptocurrency, they would not be comfortable with it.
The country is not known for being welcoming to cryptocurrency with both the central bank and the government taking steps towards outlawing crypto as well as banning banks from having anything to dow with them. The Reserve Bank of India has also put restrictions on cryptocurrency and the government is believed to be drafting a law with tough penalties for anyone found in possession of crypto.
Facebook announced their plans for Libra last month. A stablecoin that will be pegged to the US dollar, it is expected to be the catalyst for mainstream adoption of cryptocurrency.
India has some 310 million facebook users yet the social media giant has not yet formally sought permission from the indian government to launch the digital currency within the country.
Singapore to exempt crypto from VAT
The Singaporean government is proposing to end value added tax (VAT) on cryptocurrencies in cases where they function or are intended to function as a medium of exchange.
The Inland Revenue Authority of Singapore published draft guidelines last week and stated that “digital payment tokens” when exchanged with fiat currency or other digital payment tokens would be exempt from the tax.
The proposal, if enacted will become effective as of 1 January 2020 pending comments and consultation from cryptocurrency businesses and other stakeholders in the country.