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Marathon Sets New Record by Mining Bitcoin’s Largest Block, Showcasing the Logos’ Manifesto

Marathon Sets New Record by Mining Bitcoin’s Largest Block, Showcasing the Logos’ ManifestoOn May 3, the Bitcoin network validated its largest block to date at block height 841,886, which included an inscription showcasing the technology stack dubbed Logos’ manifesto. This block, similar to the one that previously held the record as the largest, was mined by Marathon. Record-Setting 841,886 Bitcoin Block Mined, Outpacing Previous Milestone Marathon has […]

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Marathon Mines Record-Breaking 4 MB Bitcoin Block Linked to Runestone Airdrop

Marathon Mines Record-Breaking 4 MB Bitcoin Block Linked to Runestone AirdropDuring bitcoin’s extraordinary price peaks in March, this week saw the mining of the biggest block by byte size, with Marathon’s mining pool producing a 3.99 megabyte (MB) block. This block, labeled as 832,849, carried a message linked to the Runestone airdrop. Bitcoin Blockchain Witnesses Unprecedented 4 MB Block Over the recent weekend, Marathon, a […]

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Luxor refutes claims its Bitcoin hashrate-backed product is BlockFi, Celsius 2.0

“The return comes from hashrate, not from pixie dust, ponzi schemes, or rehypothecation,” a Luxor Technology executive stressed.

An upcoming Bitcoin (BTC) hashrate-backed product that could offer 10% to 13% returns shouldn’t be compared to failed products by BlockFi or Celsius as its returns come from proof-of-work, not “ponzi schemes,” claims the product’s creator Bitcoin mining firm Luxor Technology.

The legitimacy of Luxor’s hashrate-backed product was highlighted in an Oct. 17 What Bitcoin Did podcast. Host Peter McCormack expressed concern at Luxor's upcoming offering and discussed what a worst-case-scenario for Luxor’s product would look like.

Luxor’s Head of Derivatives Matt Williams told Cointelegraph that its hashrate-backed product isn’t a repeat of products from BlockFi or Celsius because it's backed by economic production.

“There is actual proof-of-work and demonstrable economic activity happening [here].” Williams said. “The return comes from miners giving up some of the margin that they would produce from their mining business to an investor that is financing their operation.”

“The main takeaway: the return comes from hashrate, not from pixie dust, ponzi schemes, or rehypothecation.”

Luxor’s product works through investors receiving a cut of loan repayments by posting Bitcoin as collateral to Luxor — which will then loan it to other miners to fund their operations.

The returns are created when hashrate is purchased from a Bitcoin miner at a discounted price and is then “locked in” when sold at a higher price. Bitcoin in the form of mining rewards come from that hashrate. Luxor estimates investor returns will range from 10% to 13%.

The process will be managed through Luxor’s upcoming hashrate marketplace.

Williams claimed the offering means miner’s are provided with “better” access to capital because they won’t have to sell their mined BTC to fund their operations.

“It can be a more economically viable option for miners because they can receive funding upfront while retaining ownership of their mined Bitcoin,” he added.

Luxor stressed it isn’t using its own mining pool and is only acting as an intermediary between investors and mining firms. “We only custody bitcoin for a very short period of time as we move funds from the buyer (investor) to the seller (mining firm),” Williams sai.

But those interested in making a return on their Bitcoin should tread with caution, says Joe Kelly, CEO of Bitcoin lending firm Unchained.

Related: El Salvador launches first Bitcoin mining pool as Volcano Energy partners with Luxor

"Any investment or loan that requires a Bitcoin holder to part control with their Bitcoin should receive tremendous diligence and scrutiny,” he said.

“The bitcoin lending and borrowing markets are very nascent and we are likely to see repeats of the failures that happened with BlockFi and Celsius unless investors on the whole exercise extreme caution."

Williams stressed the hashrate-backed product isn’t available to everyone, only those who pass the firm’s due diligence checks.

Williams acknowledged Luxor's hashrate-backed product rightfully comes with “inherent trepidation” in light of the BlockFi and Celsius bankruptcies and noted that investors are taking on counterparty risk with Luxor.

To mitigate those risks, Luxor said it will only work with “reputable miners” and may even mandate them to post insurance.

Luxor did not share when the product will be available.

Magazine: Blockchain detectives: Mt. Gox collapse saw birth of Chainalysis

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Bitcoin Hashrate Reaches All-Time High of 491 EH/s, Close to Half a Zettahash, as Network Preps for Next Difficulty Change

Bitcoin Hashrate Reaches All-Time High of 491 EH/s, Close to Half a Zettahash, as Network Preps for Next Difficulty ChangeWhile the next difficulty change for Bitcoin is just two days away, the network’s hashrate soared to unprecedented heights, reaching 491.15 exahash per second (EH/s) on May 02, 2023, at block height 787,895. This staggering amount of computational power came tantalizingly close to a half zettahash or five hundred quintillion hashes per second. Bitcoin’s Hashrate […]

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Bitcoin Miners Contend With Fifth Network Difficulty Increase of 2023

Bitcoin Miners Contend With Fifth Network Difficulty Increase of 2023Bitcoin miners are contending with the fifth network difficulty increase since February 24, 2023, following a 1.72% rise on April 20 at block height 786,240. The network’s difficulty now stands at 48.71 trillion, marking a 22.62% increase over the last 55 days since block height 778,176. Bitcoin’s Difficulty Has Risen More Than 22% Since Block […]

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Ordinal Inscriptions Surpass 1 Million Mark, Miners Collect $4.7M in Fees as Bitcoin NFT Trend Continues

Ordinal Inscriptions Surpass 1 Million Mark, Miners Collect .7M in Fees as Bitcoin NFT Trend ContinuesOn April 8, 2023, the number of Ordinal inscriptions surpassed the million mark as the non-fungible token (NFT) trend has seemingly become a mainstay. Presently, on Sunday, April 9, the total number of Ordinal inscriptions is 1,049,263, and so far, 169.85 bitcoins worth $4.7 million have been collected in fees. Ordinal Inscriptions Reach 1 Million […]

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Block Sizes Exceeding 3 MB Now Common on Bitcoin Blockchain as Ordinal Inscription Demand Rises

Block Sizes Exceeding 3 MB Now Common on Bitcoin Blockchain as Ordinal Inscription Demand RisesSince Luxor, a bitcoin mining pool, mined a record-setting 3.96 MB block (#774,628) on the Bitcoin blockchain, block sizes have been larger than they were prior to that block height in the past 12 days. Statistics show that blocks larger than 3 MB are now quite common, and demand for Ordinal inscriptions has risen as […]

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Next Bitcoin Mining Difficulty Change Estimated to Decrease as Block Times Have Lengthened

Next Bitcoin Mining Difficulty Change Estimated to Decrease as Block Times Have LengthenedThe last two mining difficulty changes on the Bitcoin network have driven difficulty to an all-time high, causing a decrease in hashrate and block interval speed. Before the latest difficulty retarget increase of 4.68%, block intervals were faster than the 10-minute average, at approximately 8 minutes 54 seconds to 9 minutes 31 seconds. However, since […]

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Bitcoin Records Largest Mined Block to Date, 4 MB Block Containing NFT Causes Unease Among Small-Block Supporters 

Bitcoin Records Largest Mined Block to Date, 4 MB Block Containing NFT Causes Unease Among Small-Block Supporters Amid the controversy surrounding the Ordinals project and the debate over what types of data should be stored on the Bitcoin blockchain, the network mined its largest block, nearly 4 MB in size, containing just 63 transactions. One of the transactions was a 3.94 MB Ordinal inscription featuring an image of a wizard, and the […]

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Ethereum Classic’s Hashrate and Price Trend Lower After Ethereum PoW to PoS Transition

Ethereum Classic’s Hashrate and Price Trend Lower After Ethereum PoW to PoS TransitionJust before the Ethereum network transitioned from a proof-of-work (PoW) blockchain to proof-of-stake (PoS), Ethereum Classic’s hashrate saw a significant increase. Three days after The Merge, Ethereum Classic had 214.37 terahash per second (TH/s) of hashrate. However, since then, the network’s hashrate has decreased significantly as 44.33% of it has been lost over the last […]

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