A new record-breaking hash rate for the Raise Bitcoin Hash Rate network surpassed 1,000 exahashes per second, Elon Musk is being criticized for announcing a change to the X social media algorithm, and at least fifteen blockchain wallets that are believed to have engaged in insider trading have grown an initial investment of $14,600 into more than $20 million.
Musk’s X Algorithm Change Sparks Debate
A reaction has ensued following Elon Musk’s announcement that X will alter the social media algorithm to favour certain content types over others. Our objective is to have a maximum of user seconds without remorse. The businessman said in a post from January 3 that, in theory, an excess of pessimism increases user time but is not regrettable.
Users quickly labelled the algorithm tweak as censorship, claiming that the term ‘negativity’ was very subjective and questioning Musk’s authority to decide what content was unfavourable. An online fight between Musk and his followers on immigration permits recently prompted the social media company to tweak its algorithm.
Focai Memecoin Nets $20M for Insiders
Recently created on Solana’s Pump, a fun memecoin launchpad, Focai. fun (FOCAI) generated over $20 million in profit for at least fifteen insider wallets. Based on data from on-chain analytics firm Lookonchain, the individuals accused of being insiders have reportedly earned a return of more than 136,000 times their original investment of $14,600, which they used to purchase more than 60.5% of the token supply. “They made $20.48 million after selling all of their Focai for 94,175 Solis.
Experts Criticize Focai’s Token Concentration
The Bitcoin network continued to receive capacity additions from miners on January 3, which led to the hash rate temporarily reaching a new record high. CoinWarz stated that Bitcoin’s hash rate reached more than one thousand exahashes per second (EH/s) when it was at its highest point.
At 4:45 am UTC, the market capitalization of the FOCAI coin reached a peak of more than $46 million. As of 11:55 am UTC, data from Pump. fun showed that the token’s market capitalization dropped to $39.6 million, a decline of nearly 14%.
Bitcoin Hash Rate Hits New Record
The Bitcoin network continued to receive capacity additions from miners on January 3, which resulted in the hash rate temporarily reaching a new record high. CoinWarz stated that Bitcoin’s hash rate reached more than one thousand exahashes per second (EH/s) when it was at its highest point.
From 510 EH/s in January 2024, the hash rate more than quadrupled. Following the intraday peak, the hash rate once again fell below 780 EH/s. A higher hash rate for Raise Bitcoin Hash Rate happens when miners contribute more processing power to the network.
Despite reducing mining payouts from 6.25 BTC to 3.125 BTC in April 2024, miners continue to increase their capacity. JPMorgan reported in December that mining businesses “acquired other miners with turn-key facilities to increase the near-term hash rate and increase their power pipeline” in 2024. In line with the increasing value of its Bitcoin assets, JPMorgan also increased the price objective of four stocks related to Bitcoin mining.
Final Thoughts
Even with incentives cut in half, a record-breaking hash rate on the Bitcoin network indicates that mining is still attracting investment and driving growth. Meanwhile, insider trading allegations in the Focai memecoin and the controversy surrounding Elon Musk’s algorithm tweaks on X underscore the continuing disputes around control, decentralization, and regulation in the cryptocurrency realm. The conflict between investor interests, technical advancement, and more generalized ideals of openness and free expression is on full display in these recent events.
FAQs
Why is Elon Musk's change to the X social media algorithm being criticized?
Musk's announcement to modify the algorithm to reduce negativity has faced backlash. Users consider it a form of censorship and question who defines "negativity" on the platform.
What is Focai and why is it controversial?
Focai is a new memecoin launched on Solana's Pump. fun platform. Allegations of insider trading have arisen, with insiders reportedly earning significant profits by purchasing a majority of the token's supply and later selling it for millions.
Why are experts criticizing Focai's token distribution?
Blockchain experts are concerned about the concentration of tokens in a few wallets, which threatens the decentralization of cryptocurrencies, a core principle of the technology.
How are the developments in Bitcoin mining and social media algorithms affecting the cryptocurrency industry?
These developments reflect ongoing debates around control, decentralization, regulation, and ethical concerns in the cryptocurrency realm, which will likely influence future digital currencies and social platforms.
