BLOCK

According to a report released by NBC on Wednesday, U.S. prosecutors are investigating Block, a company featuring cryptocurrency services co-founded by Twitter co-founder Jack Dorsey. The allegations against the company involve accusations of processing transactions linked to sanctioned countries and potentially even individuals associated with terrorist activities. Former Employee Alleges Compliance Failures at Block During discussions with prosecutors from the Southern District of New York, a former employee provided documents allegedly demonstrating inadequate information collected from Square and Cash App…

Federal prosecutors are currently investigating payment processing company Block over non-compliance. The investigation centers on Block’s deficiency in collecting user data, Which now enables entities from sanctioned nations to process their transactions using Block’s product.  Federal prosecutors are currently investigating payment processing company Block over non-compliance with such dodging transactions of terrorist groups and sanctioned entities, which got concealed through this messaging app. The investigation, spearheaded by the U.S. Attorney’s Office for the Southern District of New York, centers on…

A Bitcoin miner defied the odds by independently solving a network block 841,286, which allowed them to acquire a full 3.125 BTC reward. The fourth Bitcoin halving took place on April 20 at block 840,000, reducing the block reward from 6.25 BTC to 3.125 BTC, which is currently valued at around $200,000. Bitcoin Miner Solves 282nd Solo Block On April 29, Con Kolivas, a software engineer and administrator from the solo mining pool ckpool, shared on X that a miner…

An “epic sat,” an extremely rare satoshi (the smallest unit of Bitcoin) from the network’s fourth halving block, was recently sold for over $2 million. On April 25, the crypto mining pool ViaBTC successfully auctioned off “Sat 1,968,750,000,000,000” for 33.3 BTC, approximately $2.13 million, on the cryptocurrency exchange CoinEx Global. ViaBTC’s Rare Satoshi Auctioned CoinEx Global announced that its partner, the ViaBTC mining pool, successfully mined the 840,000th block. This milestone marked Bitcoin’s fourth halving and featured a block identified…

With Bitcoin finally completing its fourth-year halving cycle, many users are aggressively competing for halving blocks, paying exorbitant amounts of fees to mine a single block.  Bitcoin Mining Pool Pays Over $2.4 Million In Block Fees Earlier today, the 840,000th block was added to the Bitcoin blockchain, triggering the onslaught of the highly anticipated halving event. While the price of BTC did not witness a dramatic change following the halving, transaction fees spiked to unprecedented highs.  Amidst the massive competition,…

Jack Dorsey’s financial company Block has unveiled a survey from January examining top reasons that people don’t buy Bitcoin. The top reason, cited by 51% of respondents, was that they simply don’t understand it well enough. Conducted in partnership with Wakefield Research, the study surveyed 9500 people across 14 different countries. Besides the lack of knowledge, other common reasons for avoiding Bitcoin included cybersecurity risks (32%) and price volatility (30%). Among those that refused to buy Bitcoin despite sufficient knowledge,…

Adam Back – CEO of Blockstream – announced on Friday that his company will construct a $12 million Bitcoin mining facility. The project is a joint effort with Jack Dorsey’s Block and it will leverage renewable energy technology originating from Tesla. A Triple-Threat Bitcoin Partnership Adam Back is one of Bitcoin’s original developers, who many suspect of being Satoshi Nakamoto himself. The CEO is the man behind Hashcash, which is the basis of proof-of-work mining that secures Bitcoin today.   However,…

Jack Dorsey's Block promised to be at the forefront of Bitcoin innovation. Now, they are starting to deliver. Cash App finally confirmed free and free and instant Bitcoin transfers anywhere in the world. Block (formerly Square) finally integrates the Lightning Network with its Cash App. A feature promised back in 2019 will soon be available to all U.S. users. Users will soon instantly send Bitcoin to any wallet that can accept Lightning Network payments. This includes wallets such as Chivo,…

Jack Dorsey has begun yet another quest to expand the security and adoption of Bitcoin worldwide. His company Block Inc. has confirmed its plans to develop a global Bitcoin mining system. The CEO confirmed the news in a tweet today, with a team member explaining details on the project in a thread. A Mission To Decentralize Mining According to Thomas Templeton – Block’s general manager for hardware – Block’s goal is to make mining “more distributed and efficient”. This includes…