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Also on Dec. 30, Tether moved almost $780 million worth of Bitcoin into its corporate Bitcoin reserve in its largest move since March.
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Meanwhile, a tax development from the Federal Tax Authority provided that all cryptocurrency transactions are exempt from value-added tax (VAT) from Nov. 15, 2024, retroactive to Jan. 1, 2018. This tax relief is only relevant to those making a lot of trades on centralized UAE exchanges and being charged VAT on exchange fees. Therefore, please disregard the hyped-up, misleading tweets claiming the UAE has released all virtual assets from taxes. That is not the case.
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Similarly, the Abu Dhabi Global Market (ADGM) introduced a regulatory framework specifically for stablecoins, or “fiat-referenced tokens.” Under these rules, issuers must fully back their tokens with reserves, maintain strong governance and ensure rigorous transparency.
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According to Yifan He, CEO of major Chinese blockchain firm Red Date Technology, Alipay’s parent firm, Ant Financial Services Group, does offer some US ETF trading services.
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Cointelegraph approached Alipay and Wu for a comment regarding the crypto ads on Alipay but had not received a response at the time of publication.
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Rival miners CleanSpark and TeraWulf told Cointelegraph that they intend to continue mining only Bitcoin in the foreseeable future.
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BIT Mining now has over 5,550 active machines that can mine DOGE, LTC and Bellscoin (BEL), representing 1.32% of the total network hashrate.
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The firm started its DOGE and LTC mining operations in May 2023 — two-and-a-half years after it changed its name from 500.com and started mining Bitcoin, moving away from being an online sports lottery.
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BIT Mining’s shares are down 37% year to date, continuing a decline in the stock price since 2014.
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BIT Mining rallied 10% on the New York Stock Exchange to close Dec. 4 at $3.26, while most other Bitcoin miners rose between 3% and 7%, Google Finance data shows.
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“Elon Musk’s influence and the changing regulatory landscape in the US after the Trump win has had a major impact on mining profitability,” said BIT Mining’s vice president and chief economist, Youwei Yang.
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It did note that it benefited from DOGE’s price increase, partly fueled by Donald Trump’s United States election win and Elon Musk’s promise to make a Department of Government Efficiency, or DOGE, an advisory agency to Trump on government cost-cutting.
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The company said up until Nov. 27, it had mined 227,908,250.38 DOGE, worth $94.8 million and 84,485.42 LTC, worth $10.7 million. It didn’t say how much of the mined DOGE and LTC it had held onto, as both cryptocurrencies have surged over the past month.
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Crypto mining company BIT Mining said its move to mine proof-of-work coins Dogecoin and Litecoin has been more profitable than mining only Bitcoin.
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“If you kept the $100 USD you’d only be able to purchase about $73 worth of goods today,” he said before adding:
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The S&P 500 has struggled to maintain levels above 6,000 over the past three weeks, signaling growing investor caution. This shift in sentiment is reflected in the United States five-year Treasury yield, which has declined from 4.35% on Nov. 15 to the current 4.12%.
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On the other hand, El Salvador has increased efforts to seek alternative Bitcoin mining methods using geothermal volcanic energy.
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Some major crypto mining firms like Marathon Digital sold significant amounts of mined BTC this year after the fourth halving, citing efforts to improve efficiency and remain competitive. Marathon also turned to aggressive Bitcoin buying, announcing a $250 million offering of convertible senior notes in August.
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In July, Bitcoin mining firm TeraWulf considered a merger due to low profitability margins when BTC traded at around $56,500.
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“The Bitcoin mining industry has faced significant challenges this year, with revenues and hash prices declining,” CoinShares said in a mining report in October.
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