**Bitcoin miners are showing signs of capitulation, similar to the market bottom following the FTX collapse in late 2022.** This is marked by a significant drop in daily revenue and hashrate, with miners turning off equipment due to falling profits. **Daily miner revenue has plummeted from $79 million on March 6th to $29 million today, driven by the halving and declining transaction fees.**  The hashrate has also dropped by 7.7% since the halving, reaching near all-time lows. **CryptoQuant, a data provider, believes that this miner capitulation suggests a potential market bottom is near.** Bitcoin's price has been struggling in recent weeks, falling by 13% over the past 30 days and currently trading at $60,300.

Miner capitulation levels are now comparable with those in end of 2022, which was the market bottom after FTX implosion, CryptoQuant said.

Bitcoin Miners Capitulating: Market Bottom Near FTX Crash Levels?

# Bitcoin's Recent Decline

The cryptocurrency market is **experiencing a downturn**, closely mirroring the decline in the stock market. On Wednesday, Bitcoin saw a **significant drop of over 2.5%** in the past 24 hours, with its price hovering around **$65,000**. This decline has dashed hopes of breaking the **$70,000 threshold**, which had gained traction just a week prior.

## Market Volatility and Interconnectedness

The downward trajectory underscores the **growing volatility** in the crypto market and highlights the **interconnectedness** between cryptocurrencies and traditional financial markets.

## Factors Behind the Decline

The decline in Bitcoin can be attributed to mounting pressure on **technology stocks**, particularly **Tesla**. Analysts are anticipating that Tesla will report earnings per share of **60 cents**, down from **66 cents** a year ago, although this marks an improvement from **52 cents** in the previous quarter.

Meanwhile, the yield on the benchmark **10-year U.S. Treasury note** has continued its upward climb, reaching **4.23%**, a level not seen since July. Higher bond yields traditionally create downward pressure on equity valuations, leading investors to favor safer investments like bonds over stocks.

## Performance of Other Cryptocurrencies

Other significant cryptocurrencies have also faced losses:
- **Ether** has experienced a decline of over **3%**, currently trading around **$2,500**.
- **Cardano** fell by more than **3.5%**.
- **Avalanche** dropped by over **4.5%**.
- The popular memecoin **Shiba Inu** decreased by approximately **3%**.

Overall, the **global cryptocurrency market capitalization** has contracted by **2%**, now standing at **$2.2 trillion**, according to data from CoinMarketCap.

The cryptocurrency market is mimicking the downturn in the stock market

Bitcoin Plummets to $65,000 Amid Stock Market Turmoil: What You Need to Know

### **ExSat Network Launches Mainnet**  
ExSat Network has officially launched its mainnet, boasting a **Total Value Locked (TVL) of $281 million**. This launch signifies a major advancement in **Bitcoin's infrastructure**. The network has initiated operations with **50 validators**, each staking a minimum of **100 BTC** and supported by prominent industry players such as **Matrixport, Spiderpool, Antpool,** and **OKX**.  

### **Key Features of ExSat Network**  
The platform's synchronizers represent **53.3% of Bitcoin's hash rate**, including well-known mining pools like **Antpool, Spiderpool, viaBTC,** and **F2Pool**. A spokesperson from ExSat Network stated, "**Bitcoin's original vision of financial accessibility remains partially unrealized due to scaling limitations.** Our solution addresses these constraints while maintaining Bitcoin's fundamental security principles."  

### **Technical Infrastructure and Security Framework**  
ExSat implements a **dual consensus mechanism**, combining **Bitcoin's Proof of Work (PoW)** with **Proof of Stake (PoS)**. A notable feature is the creation of a **decentralized UTXO index for Bitcoin**, enhancing functionality while upholding security. The platform’s security framework is fortified by **50 active validators** and multiple synchronizers, ensuring network integrity through a **multi-layered approach**.  

### **Industry Participation and Market Impact**  
**Matrixport** has committed to stake between **5,000 and 10,000 nBTC**, signaling strong industry confidence and the potential for future institutional participation. With its **$281 million TVL** at launch, ExSat positions itself as a pivotal player in the Bitcoin ecosystem, particularly as Bitcoin nears its **94% mining completion milestone**.  

### **Token Launch and Distribution**  
The **XSAT token** was launched alongside the mainnet, adhering to Bitcoin's distribution model without pre-mining. Tokens are distributed through network participation, ensuring a fair distribution model and aligning incentives among participants.  

Industry analysts are taking note of ExSat's strategy to scale Bitcoin while preserving decentralization principles, which may shape future blockchain infrastructure developments. With a significant initial TVL and robust validator involvement, ExSat is poised to make a substantial impact on Bitcoin's scalability challenges. Market observers will closely watch the network's performance metrics in the upcoming months, focusing on **transaction throughput**, **validator participation rates**, and overall **ecosystem development**.

ExSat Network launched its mainnet today with $281 million in Total Value Locked (TVL) The network launched with 50 validators.

ExSat Network Unveils Mainnet with $281M TVL: A Game Changer for Bitcoin Scalability

## Core Scientific's AI Expansion

Core Scientific is **expanding its AI deal** with CoreWeave. Russell Cann, Chief Development Officer at Core Scientific, discussed the **multi-billion dollar agreement** aimed at enhancing AI capabilities through infrastructure development.

![Bitcoin Nears 'Golden Cross' Amid Rising U.S. Treasury Yields Concerns](https://cdn.jwplayer.com/v2/media/RbLQJLCf/poster.jpg?width=720)

Core Scientific's investment is projected to generate **$8.6 billion in revenue** over 12 years, as the company builds **500 megawatts of infrastructure**. The mining industry has faced significant challenges post the fourth Bitcoin halving, leading companies like Hut 8 and HIVE to pivot towards AI operations.

## Core Scientific's Unique Position

Core Scientific's unique business model, focusing on **application-specific infrastructure**, gives it a competitive edge in integrating AI with mining operations. The company began its foray into AI in **2019**, establishing itself as a pioneer in the space. Despite facing bankruptcy in **2022**, it has emerged with a robust technical foundation.

According to Wolfie Zhao of BlocksBridge Consulting, Core Scientific's **long history** in building and operating infrastructure sets it apart from newer entrants.

## The Complexities of AI and Bitcoin Mining

The agreement with CoreWeave delineates responsibilities, with Core Scientific constructing AI-specific data centers while CoreWeave manages the machines and software. The **costs and requirements** for AI operations differ significantly from bitcoin mining, with AI needing **constant uptime** and costly power redundancy systems.

For instance, the construction costs for AI infrastructure can reach **$10 million to $12 million per megawatt**, compared to **$500,000 to $750,000** for bitcoin mining.

## Leveraging Experience

Core Scientific's experience with high-performance computing and its previous operation of AI clusters have positioned it to capitalize on current market conditions. The firm has adapted its strategies to take advantage of the **rapidly evolving landscape** of AI and bitcoin mining.

Russell Cann emphasizes that while many see the pivot to AI as new, Core Scientific has been involved in AI for years. The team's extensive experience in a **24/7 global market** gives them an edge over competitors lacking bitcoin mining experience.

Edited by Stephen Alpher and Nick Baker.

AI clusters and bitcoin mining operations have vastly different needs. Core Scientific's chief development officer gets down to the nitty gritty.

Why Bitcoin Miners Like Core Scientific Are Betting Big on AI Technology

### Central Bankers Advocate for Trust in mBridge
Participants in **mBridge**, a multi-central bank digital currency (CBDC) platform, must cultivate **trust** and respect for the **legal frameworks** of their partners to ensure the success of their **cross-border payment tool**. This statement was made by **Lu Lei**, deputy governor of the **People’s Bank of China (PBOC)**, during the **Sibos Beijing** event, which is sponsored by **Swift**, the international payments network.

### Reducing Payment Frictions
Lu emphasized the need to **reduce new cross-border payment frictions** while eliminating existing ones. He stated, “We must avoid creating new barriers while reducing existing market fragmentations.” Furthermore, he noted the importance of steering clear of additional **geopolitical and compliance costs** while working to lower current **cross-border payment costs**.

### The mBridge Initiative
**mBridge** serves as a platform for **cross-border payments** and **foreign exchange transactions**, utilizing **central bank digital currencies** and **distributed ledger technology**. Launched in **2021**, this initiative was collaboratively developed by the **Bank for International Settlements Innovation Hub** alongside the central banks of **China, Hong Kong, Thailand, and the United Arab Emirates**. Notably, **Saudi Arabia** joined the project in **June**, which introduced a product equipped with features aimed at **early adopters**, enabling broader participation from both public and private sectors.

### Addressing Undersupplied Services
Lu highlighted that the mBridge project should focus on issues or services that are currently **undersupplied by banks**, such as payments in **cross-border e-commerce** and **remittances**, which can often be complicated and less profitable. He asserted that the project must “**step up to address these urgent pain points** as it is good for human well-being and particularly meaningful to facilitate **cross-border trades**.”

‘We must reduce new cross-border payment frictions while removing existing ones,’ says PBOC deputy governor.

Unlocking the Future of Cross-Border Payments: Insights from Central Bankers on mBridge

### Bitcoin's Roller Coaster Ride

Bitcoin has experienced significant volatility recently, especially after **Elon Musk's unexpected endorsement** of cryptocurrency. This endorsement came just as **Tesla** prepares to announce its third quarter earnings, which could shed light on why the company moved nearly **$800 million** worth of Bitcoin last week.

### Tesla's Bitcoin Maneuver

The price of Bitcoin has surged over **200%** since its lows in 2022, driven by major players like **BlackRock** initiating a Bitcoin and crypto revolution. In a surprising move, Tesla transferred its entire balance of **11,509 Bitcoin** (valued at approximately **$776.9 million**) to new wallets, sparking speculation about potential over-the-counter sales.

### The Market Is Watching

With Tesla set to report its **2024 third-quarter results** on October 23, traders are keen to understand the motives behind this Bitcoin movement. Tesla ranks as the **fourth largest corporate holder** of Bitcoin, trailing behind mining companies and **MicroStrategy**, which holds a staggering **$17 billion** worth.

### Political Implications

As we approach the U.S. presidential election, Bitcoin traders are closely monitoring developments. **Richard Ptardio**, a cryptocurrency analyst, stated that the election could serve as a tipping point for Bitcoin's price. If **Donald Trump** wins, his administration's **pro-crypto stance** might break the current resistance levels and lead to new all-time highs.

### Musk's Views on Crypto

At a recent rally, Musk expressed that he views cryptocurrency as a valuable tool against **centralized control**. Despite this, he clarified that he is not actively involved in crypto and did not endorse any specific cryptocurrencies. 

### Conclusion

The upcoming earnings report from Tesla could have significant implications for Bitcoin's future, as traders await clarity on Musk's plans and the broader market sentiment leading into the election.

Traders are braced for Tesla to post its third quarter earnings, potentially revealing why it suddenly moved its near-$800 million worth of bitcoin last week...

Is Elon Musk About to Shift Bitcoin's Fate? Tesla's Upcoming Earnings Could Trigger a Major Price Move!

## Local Tech Consultant Raises Alarm on Sextortion Scams

In Santa Barbara, **tech consultant Dax Gulje** has highlighted a growing concern among residents regarding a **sextortion scam** that is demanding **Bitcoin** payments. This alarming trend has led to numerous calls to the **Santa Barbara Police Department**, as victims find themselves targeted by scammers threatening to expose sensitive information unless a ransom is paid in cryptocurrency.

### What is Sextortion?
Sextortion is a form of **online blackmail** where perpetrators use compromising photos or information to extort money from their victims. The rise of this scam is particularly concerning in the digital age, where personal data is often shared online without adequate protection.

### The Role of Bitcoin in Scams
Bitcoin, known for its **anonymity and ease of transfer**, has become a popular payment method for scammers. Gulje emphasizes the importance of awareness and caution when dealing with unsolicited communications, especially those that involve financial transactions.

### Protect Yourself
Residents are urged to:
- Be **vigilant** about their online presence.
- Report any suspicious activity to the authorities.
- Avoid engaging with unknown senders that demand payment in Bitcoin or any other cryptocurrency.

Stay informed and protect yourself from potential scams that exploit both personal vulnerabilities and the appeal of cryptocurrency.

SANTA BARBARA, Calif. – Local Tech consultant Dax Gulje wasn't surprised to learn Santa Barbara Police were getting calls about a scam demanding

Beware of Sextortion Scams: Tech Expert Warns of Bitcoin Demands

When Canadian developer **Peter Todd** discovered that an HBO documentary titled _Money Electric: The Bitcoin Mystery_ would identify him as **Satoshi Nakamoto**, the elusive creator of Bitcoin, he was understandably upset. Todd expressed his concerns in an email to WIRED, stating, "This was clearly going to be a circus."

The mystery surrounding the identity of Bitcoin's creator has intrigued many since December 2010, when Satoshi vanished from public life. This intrigue is heightened by the belief that Satoshi controls a fortune in Bitcoin, estimated to be worth **billions of dollars**. Following the documentary's release on October 8, Todd found himself among a long list of alleged Satoshis.

Documentary filmmaker **Cullen Hoback**, who previously claimed to have identified the individual behind QAnon, confronted Todd on camera, leading to a climactic moment in the film. Todd, however, maintained that he was unaware the documentary would focus on his identity, believing it was about Bitcoin's history.

In the aftermath, Todd has vehemently denied being Satoshi, calling the claims a marketing strategy by Hoback. "For the record, I am not Satoshi," Todd stated. Despite Todd's denials, Hoback remains convinced of his theory, suggesting that Todd's responses are part of a broader misdirection.

As speculation swirls, Todd has gone into hiding, bearing the burden of being labeled as Satoshi. The search for Bitcoin's creator has attracted a colorful array of characters, including **Hal Finney**, who conducted the first Bitcoin transaction, and **Adam Back**, a designer of earlier technologies referenced in the Bitcoin white paper. Numerous journalists have attempted to unveil Satoshi's identity, yet definitive proof remains elusive.

In the week leading up to the documentary's release, betting markets favored **Len Sassaman**, a cryptographer linked to Satoshi, as the most likely candidate. Sassaman tragically took his own life in 2011, shortly after Satoshi's disappearance. His widow, **Meredith Patterson**, expressed frustration at the ongoing speculation, emphasizing the toll it takes on those involved.

Many Bitcoin advocates, including Todd, argue that the obsession with uncovering Satoshi's identity is unproductive. They assert that Bitcoin has thrived in the absence of its creator, evolving through community-driven decisions. However, Todd's newfound notoriety has led to an influx of email inquiries, many asking for financial assistance, which he finds troubling.

Todd's primary concern now is personal safety. He warns that falsely identifying individuals as extraordinarily wealthy exposes them to threats like **robbery and kidnapping**. While Hoback contends that the risk to personal safety is overstated, he argues that the identity of Satoshi is crucial to public interest, given the potential for immense wealth and influence.

Hoback presents evidence, including a forum thread from December 2010 where Todd seems to echo Satoshi's thoughts, as support for his claims. Critics question Todd's capability to have developed Bitcoin due to his young age at the time. Yet Hoback argues that this anonymity might stem from a desire to be taken seriously rather than a fear of success.

As tensions rise, Todd's reactions during the documentary have only fueled Hoback's conviction. Todd's dismissive comments and claims of trolling raise questions about his authenticity. Despite the lack of concrete proof, Todd acknowledges the impossibility of disproving such theories, stating, "If you assume a sophisticated enough Satoshi, practically any theory is possible." The search for Satoshi continues, with Todd caught in the crossfire of speculation and scrutiny.

Peter Todd has gone underground after an HBO documentary named him as the creator of Bitcoin, Satoshi Nakamoto, whose real identity has long remained a mystery.

Bitcoin Miners Capitulating: Market Bottom Near FTX Crash Levels?

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Other Latest News

Bitcoin Plummets to $65,000 Amid Stock Market Turmoil: What You Need to Know

ExSat Network Unveils Mainnet with $281M TVL: A Game Changer for Bitcoin Scalability

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Is Elon Musk About to Shift Bitcoin's Fate? Tesla's Upcoming Earnings Could Trigger a Major Price Move!

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Other Latest News

Bitcoin Plummets to $65,000 Amid Stock Market Turmoil: What You Need to Know

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Why Bitcoin Miners Like Core Scientific Are Betting Big on AI Technology

Unlocking the Future of Cross-Border Payments: Insights from Central Bankers on mBridge

Is Elon Musk About to Shift Bitcoin's Fate? Tesla's Upcoming Earnings Could Trigger a Major Price Move!

Beware of Sextortion Scams: Tech Expert Warns of Bitcoin Demands

Peter Todd: The Bitcoin Creator Unmasked? Inside the Controversy and His Disappearance