Day: January 11, 2023

Tesla to Spend Over $770M on Texas Plant Expansion for Battery Cells and Manufacturing

EV maker Tesla has applied with the state of Texas regarding the expansion of its Austin-based gigafactory to accommodate more operations.  Tesla (NASDAQ: TSLA) plans to spend more than $770 million on the expansion of its factory in Austin, Texas. January filings with the Texas Department of Licensing and Registration disclose the massive fund outlay. Per reports, Tesla plans to spend on constructing facilities geared towards testing battery cells and manufacturing. In addition, the prominent electric vehicle maker also intends to situate a drive unit manufacturing base, and a die…

South Korean Tax Authorities Investigating Crypto Exchange Operator Bithumb Holdings

A local report states that the investigation will be conducted by a unit dedicated to “special tax investigations.” South Korean tax authorities are investigating local crypto exchange operator Bithumb Holdings. This is according to a Tuesday report by Yonhap News which states that the National Tax Service is reportedly investigating possible tax evasion via domestic and international transactions of Bithumb Korea, Bithumb Holdings, and affiliates in Gangnam-gu, Seoul. A company official confirmed the news to CoinDesk Korea but could not share details. A local report states that the investigation will…

Brazilians Turn to Stablecoins as Alternative to US Dollar for Hedge Against Volatility – News Bitcoin News

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Brazilians are turning to stablecoins as a way of shielding themselves from the volatility of economic circumstances. This is happening now in the wake of the inauguration of the new government of Luis Inacio “Lula” Da Silva. According to statements coming from exchange executives, the trading volumes of stablecoins have soared in 2022, especially during the last two months of the year. Brazilians Harness Stablecoins as Dollar Replacement The popularity of stablecoins in Brazil is soaring as investors and companies are looking to take refuge in the U.S.…

Argo Blockchain’s Bitcoin Mining Margin Widens Most In at Least a Year

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Coinbase to close majority of Japan operations following global layoffs: Report

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Crypto exchange Coinbase will be closing down most of its operations in Japan as part of its efforts to survive in the bear market. The move is part of the company’s restructuring plan and follows the recent layoff announcement that it was reducing its employees by 20%.  In an interview with BNN Bloomberg, Coinbase executive Nana Murugesan said that most of the operations in Japan will be closed. “We’ve decided to wind down the majority of our operations in Japan, which led to eliminating most of the roles in our…

Twitter Launches Coins Feature with Stripe Payments

Along with the accommodation of this feature, traders will also be able to acquire on-time cryptocurrency market information on all the monetary tokens on the platform. Jane Manchun Wong, a prominent reverse engineering expert, has disclosed that the social media platform Twitter is moving closer to inaugurating a new feature which is known as Coins. The feature is all set to reward users for posting some specific tweets by entering Twitter’s internal token with fiat money. The feature will also engage in conducting transactions via Stripe, an internet technology platform…

Argo Blockchain mines 25% less Bitcoin due to winter storm at Helios

Publicly-listed Bitcoin (BTC) mining company Argo Blockchain saw a significant drop in mining activity in December due to a winter storm in Texas. On Jan. 11, Argo released its first operational update since selling its flagship mining facility Helios to Mike Novogratz’s Galaxy Digital. The company said it mined 147 Bitcoin or BTC equivalents in December, compared to 198 BTC in November 2022. As of Dec. 31, Argo held 141 BTC, with its December mining revenue amounting to $2.49 million, the firm said. Argo’s total debt was approximately $79 million,…