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Austrian Exchange Bitpanda GmbH Secures Germany Cryptos Operating License

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Austrian Exchange Bitpanda GmbH Secures Germany Cryptos Operating License

Bitpanda GmbH landed the operating license from the German financial watchdog despite the wake-up call for regulators prompted by the FTX Group’s demise.  

Announcing the Bitpanda milestone in Europe, the company’s growth lead Magdalena Hoerhager celebrated the issuance of license by the German Federal Financial Supervisory Authority (BaFin). Hoerhager retaliated that Bitpanda secured the comprehensive Bafin-issued license amidst the ongoing appetite for regulatory scrutiny in the crypto industry following the sudden FTX collapse.

In particular, the crypto growth expert lauded Bitpanda’s accomplishment amidst the stark reaction by regulators globally awakened by the dramatic collapse of the FTX Group exchange. Citing probs initiated in South Korea, Bahamas, US and Turkey, Bitpanda’s executive acknowledged regulators worldwide had launched multiple probes into the Bankman-Fried’s sunk empire. 

Bitpanda to Leverage FTX Group Demise

The Austria-based crypto vice president emphasized that the FTX collapse has materially altered the Europe crypto scene. However, she expressed optimism about the demise of the Bahamas-based exchange, which served as a wake-up call to the crypto industry on the platform investors should trust with their hard-earned investment.  

The Bitpanda executive lamented the continued presence of wild west players within the crypto custody and exchange wallets devoted to circumventing regulation to realize fast growth. Although a disguised remark, Magdalena’s admission that growth facilitated by steroids is undesirable, referred to FTX’s meteoritic rise to a $32 billion company in three years. 

With the industry experiencing an extreme crisis, increased regulatory scrutiny is a norm for exchange and trading platforms. Addressing the audience during the acceptance ceremony, she illustrated that investors desire regulated and secure platforms. 

German Crypto License Timely for Bitpanda Growth

Attaining the Bafin-issued license will facilitate Bitpanda’s expansion in Europe to offer its 4 million customers a fully regulated platform for crypto investment. Tracing the 18-month journey to the BaFin license, Hoerhager commended Bitpanda’s rise to the pioneer retail investment platform in Europe to satisfy the strict regulatory requirements in Germany. 

Bitpanda chief executive Eric Demuth assured investors of retaining the strict separation of the entity’s assets and customer deposits that have often been contravened. While calming customers over the crypto turbulence witnessed this year, Demuth portrayed Bitpanda Group as eliminating grey areas by offering safe and regulated platforms. 

He added that besides the BaFin license, the Austria unicorn has landed other operating licenses in France, Italy, Sweden, Spain and Czech Republic alongside the approval to offer custody services in the UK. The expanding permissibility of Bitpanda across Europe portrays its suitability in facilitating investment where customer security is a collective priority.  


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Crypto Derivatives DEXs Reposition for Life After FTX

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Crypto Derivatives DEXs Reposition for Life After FTX


That’s driven lots of new interest to some of the earliest decentralized players. Dan Gunsberg, creator of Solana-based derivatives exchange Hxro, said that in recent weeks he’s seen a boom in interest for his trading platform, which he claims cannot fall prey to the same pain points that felled FTX and its sister company, Alameda.


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Price analysis 12/2: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

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Price analysis 12/2: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

Bitcoin and altcoins are beginning to flash signals of a potential trend change, but a handful of downside risks remain.


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Bitcoin’s Total Hashrate Slides Lower in December as BTC Miners Struggle for Profits – Mining Bitcoin News

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Bitcoin's Total Hashrate Slides Lower in December as BTC Miners Struggle for Profits

While bitcoin prices have been lower than the estimated cost of bitcoin production, the network’s hashrate has dropped a great deal since mid-November. Presently, the total hashrate dedicated to the Bitcoin network is coasting along at 236 exahash per second (EH/s) after dropping below the 200 EH/s range six days ago.

Bitcoin’s Hashrate Slips Lower

The first week of November 2022 was brutal for digital currency prices as FTX’s collapse rippled across the entire industry in a negative fashion. Prior to the FTX fallout, bitcoin was trading above the $20K zone and the network’s total hashrate was coasting along at roughly 270 to 290 exahash per second (EH/s) before the blowout.

There was a quick burst of increased hashrate the day after FTX filed for bankruptcy and BTC’s total hashrate tapped an all-time high on Nov. 12, 2022. At block height 762,845, bitcoin miners managed to get the hashrate to briefly rise to a whopping 347.16 EH/s. Since then, the hashrate has divebombed and slid below the 200 EH/s range on Nov. 26.

Bitcoin's Total Hashrate Slides Lower in December as BTC Miners Struggle for Profits

Presently, bitcoin miners have managed to rise above the 200 EH/s region, to the current 236 EH/s recorded at 10:15 a.m. (ET) on Dec. 2, 2022. The drop in hashrate indicates that unprofitable mining entities have been forced to shut down machines, while only the strong operators survive.

At the time of writing, the estimated cost of bitcoin production ($16,956) is awfully close to the leading crypto asset’s spot market value ($16,897). Previously, the cost of bitcoin production was $18,313 on Nov. 30, which was significantly higher than BTC’s spot market value. With a drop in BTC production costs, it makes it easier for current operators to survive.

Bitcoin miners are also expecting a large mining difficulty reduction between 6.56% to 7.9% lower than today’s difficulty rating on or around Dec. 5, 2022. Presently, the estimated mining difficulty reduction could be the largest difficulty drop the network has seen in 2022. Since Nov. 30, up until Dec. 2, 2022, roughly 80 exahash of hashpower has been removed from the network’s total hashrate.

Tags in this story
Bitcoin, Bitcoin (BTC), Bitcoin Miners, Bitcoin mining, bitcoin mining sector, block rewards, block times, Blocks, braiins.com, cash reserves, Change in Difficulty, Cost of Production, Cryptoslate, difficulty change, difficulty retarget, glassnode, Hash Price, Macromicro.me, Miners, mining, Mining BTC, Mining Difficulty, Mining Operations, Mining Pools, Mining Report, pay down debt, selling BTC

What do you think about the current state of Bitcoin’s hashrate? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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