🔄 Foundry Restructures: Job Cuts and AI Spin-off

💼 Foundry, a prominent player in the bitcoin mining sector, has recently reduced its workforce by nearly a third (27%) as part of a larger restructuring initiative. This decision affects more than half of the laid-off employees based in the U.S. CEO Mike Coyler confirmed the layoffs, leaving the company with a total of 200 employees.

As part of this realignment, we made the difficult decision to reduce Foundry’s workforce, resulting in layoffs across multiple teams. We’re grateful for the contributions of all our employees, including those impacted by these changes

the miner reportedly said.

🔄 The layoffs are part of Foundry's ongoing restructuring process, which also includes spinning off its artificial intelligence (AI) division, Bittensor, into a new subsidiary called Yuma. This move aims to refocus on Foundry's core business of bitcoin mining and site operations.

📉 Before the official confirmation of the layoffs, a report from Blockspace estimated that up to 60% of employees might be affected. However, Foundry disputed this figure and also denied rumors about shutting down its hardware and ASIC repair business lines, clarifying that it is merely deprioritizing the hardware segment.

📈 Interestingly, Foundry's decision comes at a time when other crypto mining stocks like Marathon Digital Holdings, Hut 8 Mining, and Riot Platforms are experiencing growth in stock prices and revenue. This is despite the recent Bitcoin halving event that reduced the block reward to 3.125 BTC.

🔄 Additionally, Foundry's parent company, DCG, is undergoing its own restructuring efforts following the bankruptcy of its subsidiary Genesis. DCG had invested heavily in Genesis to repay creditors but faced a dispute over a $1.7 billion loan. This issue was resolved in August, with DCG agreeing to pay Genesis $482.5 million in cash and cryptocurrency.

🚀 Ripple's Race to Launch Its U.S. Dollar-Pegged Stablecoin

⏳ Ripple is in a race against time to launch its highly anticipated U.S. dollar-pegged stablecoin, Ripple USD (RLUSD), by the end of the year. The company's Chief Technology Officer, David Schwartz, expressed cautious optimism about meeting this timeline during The Block’s Emergence crypto conference in Prague. Although there were speculations about a launch on December 4, Ripple clarified that it is still in discussions with the New York Department of Financial Services (NYDFS). Schwartz stated,

I’m still hopeful that we’ll launch by the end of the year.

🌐 The stablecoin, first announced in April, is designed to operate on both the XRP Ledger and Ethereum networks. Since August, Ripple has been testing the stablecoin extensively and has built a wide network of partners. Key exchanges supporting the launch include Uphold, Bitstamp, Bitso, Moonpay, Independent Reserve, Coinmena, and Bullish. Market makers B2C2 and Keyrock will provide liquidity to ensure stable trading conditions.

🎄 However, Schwartz acknowledged potential challenges as the holiday season approaches. He mentioned,

The annoying part for us is we’re getting close to the holidays, and we have partners that want to hit the ground running.

📜 Regulatory compliance is also a critical factor in the stablecoin’s rollout. Schwartz explained,

There’s a lot of moving parts involved, and the big one is the stablecoin is launched through a New York state trust, and it’s regulated by the New York State Department of Financial Services.

He noted that the NYDFS is conducting a thorough review of Ripple’s processes and compliance. Schwartz concluded,

Very much looking forward to having the launch headaches behind us, but we will get there.

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💰 El Salvador's $3 Trillion Gold Discovery: A Shift Towards Bitcoin?

🌍 El Salvador's recent discovery of potential gold reserves valued at $3 trillion has ignited discussions about mining practices, sustainability, and the country's future in cryptocurrency. President Nayib Bukele emphasized the transformative potential of these untapped resources, suggesting that responsible mining could significantly boost the nation's economy. He proposed lifting the 2017 ban on metallic mining, viewing it as an obstacle to harnessing the country's natural wealth.

📊 Bukele referenced studies indicating that only 4% of El Salvador's mining areas have been explored, revealing approximately 50 million ounces of gold worth $131 billion. He believes that full exploration could increase this value to over $3 trillion. He stated, ^^We’ve also found gallium, tantalum, tin, and many other materials needed for the 4th and 5th industrial revolution.^^ While supporters see this as a game-changer, critics raise concerns about environmental impacts. Bukele argued for sustainable mining practices to balance economic gains with ecological preservation.

💎 El Salvador's position as the first country to adopt bitcoin as legal tender adds a unique layer to this gold discovery. Pierre Rochard from Riot Platforms pointed out, ^^El Salvador discovered $trillions of gold deposits that when mined will massively dilute the above-ground supply of gold.^^ Bukele agreed, saying, ^^We’ll dilute that thing like there’s no tomorrow.^^

📈 Bitcoin advocate Max Keiser suggested leveraging the gold reserves to invest in bitcoin. He proposed selling convertible preferred shares to finance substantial bitcoin purchases, arguing that bitcoin's increasing dominance over gold makes it a more valuable long-term investment. He remarked on X, ^^El Salvador should monetize this $3 trillion in gold by selling a series of 0% convertible preferreds (a la Saylor) and buy as much bitcoin as possible under $200,000.^^ Keiser noted that while the perceived value of gold is high, its future worth may be significantly lower, making a strategic shift towards bitcoin a wiser choice.

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💰 Bitcoin Investor Sentenced for Tax Evasion on $3.7 Million Gains

👨‍⚖️ Frank Richard Ahlgren III, an early bitcoin investor from Austin, Texas, was sentenced to two years in prison for evading taxes on $3.7 million in cryptocurrency profits. The U.S. Department of Justice (DOJ) announced that Ahlgren falsely reported his capital gains from bitcoin sales on his tax returns.

📈 Ahlgren began investing in bitcoin in 2011 and purchased approximately 1,366 bitcoins through Coinbase in 2015. Despite making significant profits from these investments, he failed to report over $650,000 in bitcoin sales during 2018 and 2019. The DOJ highlighted that Ahlgren's intentional deception towards his accountant and the IRS led to his two-year sentence.

🔍 The investigation revealed that Ahlgren employed various deceptive tactics to conceal his cryptocurrency transactions. He used mixers, multiple wallets, and cash exchanges to obscure his sales. In 2014, he even blogged about using mixers for anonymity in bitcoin dealings. These actions, along with misreporting a $3.7 million bitcoin sale in 2017, resulted in over $1 million in tax losses.

⚖️ U.S. District Court Judge Robert Pitman imposed additional penalties on Ahlgren, including one year of supervised release and $1,095,031 in restitution to the United States. Acting Special Agent in Charge Lucy Tan of IRS-Criminal Investigation stated,

This case demonstrates that no one is above the law…whether it involves dollars, pesos, or cryptocurrency.

🔗 This case highlights the IRS's increasing ability to trace cryptocurrency transactions. The prosecution was led by Assistant Chief Michael C. Boteler and Trial Attorney Mary Frances Richardson, with support from IRS Criminal Investigation and the Texas Office of Attorney General.

🍕 Rethinking Bitcoin Units: A Proposal by Synonym CEO

🤔 John Carvalho, the CEO of Synonym, has proposed a significant change in how we refer to the smallest units of Bitcoin, known as "satoshis" or "sats." In a recent Bitcoin Improvement Proposal (BIP), he suggested that these units be renamed simply to "bitcoin." Carvalho argues that the current terminology creates confusion and adds unnecessary cognitive load for users.

By redefining the smallest unit as ‘one bitcoin,’ this BIP aligns user perception with the protocol’s true nature,”

Carvalho explains. He believes this change would enhance educational clarity and improve the user experience. However, he acknowledges that implementing this shift would be a radical move that could take over a year to fully transition. To ease this process, interim measures would be put in place, such as displaying both the old and new configurations.

💼 Interestingly, Synonym’s Bitkit wallet already adopts this proposed "integer-only" approach. As the price of Bitcoin continues to rise, making it increasingly difficult for individuals to purchase a whole unit, Carvalho's proposal gains traction. If predictions hold true and Bitcoin reaches a million-dollar value in the coming years, switching between bitcoin and sats could become cumbersome.

😄 However, not everyone is on board with Carvalho's idea. Some in the Bitcoin community have mocked the proposal.

Hey, I’ve got this great idea! Instead of one pizza with eight slices, let’s just call each slice a pizza,”

podcast host Stephan Livera quipped on social media. He humorously suggested that if Carvalho's idea were implemented, one would need to order "eight pizzas instead of one" when ordering a pizza with slices.

🤷‍♂️ While Carvalho's proposal aims to simplify the understanding of Bitcoin's structure, it also highlights the ongoing debate within the community about how best to communicate and educate users about cryptocurrency.

📈 Multi-Year Crypto Boom: The Forces Driving Unstoppable Growth

🔮 Matt Hougan, the chief investment officer at Bitwise Asset Management, remains optimistic about the long-term prospects of cryptocurrency despite recent market volatility triggered by the Federal Reserve's announcements. In a recent social media thread, he emphasized that broader trends supporting crypto are still intact, even with bitcoin dipping below $100K.

📉 Hougan acknowledged the Fed's decision to reduce its 2024 rate cut projections from four to two, stating,

Crypto’s in a multi-year bull market. 50bps of projected rate cuts won’t change that.

He noted that while the Fed's announcement led to a sharp pullback in risk assets—with the S&P 500 falling 3% and the Russell 2000 Small Cap Index dropping 4.4%—he does not see this as a shift in the bullish trend for cryptocurrency.

📊 The market reaction was swift, particularly for bitcoin, which experienced a significant drop exacerbated by leveraged trading dynamics. Hougan explained,

This being crypto, however, the initial pullback wasn’t the end of the story. Leverage is a fact of life in crypto, and when there are sharp pullbacks in the market, levered positions get stopped out.

He pointed out that $600 million of leveraged long positions were liquidated during this market event.

🚀 Despite this immediate volatility, Hougan described the downturn as a mere "hiccup" and argued against the notion of a broader trend reversal. He stated,

The Fed is less relevant to crypto than it has been in the past. Crypto now has internal momentum, and nothing about today’s announcement interrupts the mega-trends.

📈 Several factors contribute to this long-term momentum, according to Hougan. These include a pro-crypto shift in Washington policy, increasing institutional adoption and ETF flows, and significant technological advancements in the programmable blockchain space. He also pointed to a technical indicator of resilience:

Bitcoin’s 10-day exponential moving average ($102K) is still above its 20-day exponential moving average ($99K). This simple measure has historically been quite telling on market trends.

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📉 Bitcoin and Ethereum ETFs Experience Significant Outflows Amid Market Downturn

💰 On December 19, the U.S. spot bitcoin ETFs faced their largest single-day outflow ever, totaling $680 million. This marked the first net outflow in 15 days and highlighted the ongoing downturn in the broader crypto market.

Fidelity’s FBTC led the outflow with $208.55 million flowing out of its ETF,

while Grayscale’s BTC and GBTC followed with outflows of $188.6 million and $87.86 million respectively. Bitwise’s BITB also reported a significant outflow of $43.61 million. Despite these withdrawals, Wisdomtree’s BTCW managed to attract $2.05 million in inflows, and Blackrock’s IBIT remained stable with no recorded changes.

📉 Ethereum spot ETFs mirrored this trend, experiencing a total net outflow of $60.4677 million after an 18-day inflow streak. Grayscale’s ETHE and ETH funds led the outflows with $58.13 million and $3.18 million respectively. Bitwise’s ETHW and Invesco’s QETH also contributed to the outflows with $6.78 million and $2.36 million leaving the funds. However, Fidelity’s FETH and Vaneck’s ETHV saw some positive movement with inflows of $5.05 million and $4.94 million each.

🔍 The recent outflows from both bitcoin and ethereum ETFs suggest that investors are adopting a more conservative approach due to the current market volatility. However, the overall outlook for ETFs remains optimistic, with expectations that investors will re-enter the market once stability is restored.

🇷🇺 Putin Advocates for National Currencies as CIS Trade Reaches 85%

💬 At a recent summit in the Leningrad Region, Russian President Vladimir Putin announced a major shift in trade practices within the Commonwealth of Independent States (CIS). He revealed that over 85% of trade transactions among CIS member countries are now conducted in their national currencies. This statement highlights a growing trend towards financial cooperation and independence among these nations.

🌍 The CIS, formed in 1991 after the Soviet Union's collapse, comprises nine full member states: Russia, Belarus, Kazakhstan, Armenia, Azerbaijan, Kyrgyzstan, Uzbekistan, Tajikistan, and Turkmenistan (an associate member). Moldova also participates but to a varying extent. These countries work together on various issues, with economic collaboration being a key focus.

🔗 Putin emphasized the increasing reliance on independent financial tools and domestic payment systems within the bloc. He stated,

Cooperation between CIS states in the currency and financial area is expanding, with their own independent payment systems and payment tools being more and more frequently used for servicing mutual economic transactions.

This shift aims to reduce vulnerability to external sanctions and economic fluctuations, creating a more self-sufficient regional economy.

💪 By prioritizing national currencies and independent financial instruments, CIS countries are strengthening their economic framework to withstand external pressures. This move represents a significant step towards greater economic integration within the bloc, positioning the CIS as a more unified and self-reliant regional alliance.

🪙 AI Chatbots Predict Bitcoin's Price Amid U.S. Strategic Reserve Debate

🤖 Over the past year, our newsroom has tested various generative AI chatbots on their ability to forecast events, including the U.S. election and cryptocurrency prices. Recently, we challenged nine AI chatbots to predict bitcoin's price on February 15, 2025, under the assumption that Congress and the Trump administration would establish a strategic bitcoin reserve.

💬 The discussion around the U.S. creating a strategic bitcoin reserve has intensified. Senator Cynthia Lummis from Wyoming proposed a bill for the U.S. to accumulate bitcoin, even suggesting swapping some gold reserves for it. With Donald Trump returning to office, some in the crypto community believe his administration might pursue this initiative through an Executive Order.

🤔 However, not everyone is on board with this idea. Many crypto enthusiasts express skepticism, viewing it as a potential disaster. Despite these concerns, we decided to seek insights from generative AI chatbots on this hypothetical scenario. We used several models, including Anthropic’s Claude, Google’s Gemini, X’s Grok 2, and OpenAI’s ChatGPT versions, among others.

📊 Each chatbot was given the same prompt: to predict bitcoin's price on February 15, 2025, assuming a strategic U.S. bitcoin reserve was established on February 1. The current price of bitcoin was noted as $94,775.

With the hypothetical establishment of a U.S. strategic bitcoin reserve by President-elect Donald Trump and the incoming Congress, bitcoin’s price could see significant upward movement,

said ChatGPT 4. It projected a potential price of $105,000 by the specified date.

I project bitcoin will trade around $125,000 on Feb. 15, 2025,

predicted ChatGPT o1, emphasizing the reserve's role in boosting institutional adoption.

Given the establishment of a U.S. strategic bitcoin reserve, I project bitcoin’s price to reach approximately $200,000 by February 15, 2025,

wrote X’s Grok 2, citing a possible global demand surge.

In this hypothetical scenario, considering a U.S. strategic bitcoin reserve policy under a Trump presidency, I project bitcoin’s price to reach $157,500 by February 15, 2025,

estimated Anthropic’s Claude, noting the potential for a supply shock.

Given the establishment of a U.S. strategic bitcoin reserve by President-elect Donald Trump and the incoming Congress, this move would likely bolster institutional confidence and drive significant investment into bitcoin,

said Mistral AI’s Le Chat, projecting a price of $120,000.

🌍 The exploration of bitcoin as a strategic reserve asset highlights the evolving perceptions of cryptocurrencies in the global economic landscape. By leveraging generative AI for price predictions, this experiment showcases the potential of technology to inform our understanding of complex economic scenarios.

🌍 Telegram CEO Highlights Media Freedom Divide Between EU and Russia

🎯 Durov Criticizes EU Censorship Amid Russian Openness
Pavel Durov, CEO of Telegram, has flagged rising censorship in the European Union while emphasizing greater media freedom in Russia. He stated on social media platform X:
“Access to certain Russian media has been restricted in the EU under DSA/sanctions laws. Meanwhile, all Western media Telegram channels remain freely accessible in Russia. Who would have thought that in 2025 Russian Telegram users would enjoy more freedom than Europeans?”

📜 Regulatory Concerns and Media Restrictions
Durov’s comments spotlight the impact of the EU’s Digital Services Act (DSA) and sanctions targeting misinformation and state-affiliated Russian outlets. While the EU argues these measures are necessary for information integrity, critics, including Durov, believe they threaten free expression principles. Telegram continues to allow Western media channels to operate freely in Russia, underscoring the stark differences in regulatory approaches.

⚖️ Legal Challenges and Content Moderation
In August, Durov faced legal trouble in France, where he was arrested over Telegram’s alleged role in facilitating illegal activities. After his release on bail, Durov adhered to conditions requiring regular check-ins with French authorities. In response, Telegram reportedly enhanced its content moderation practices and is now on track for its first profitable year.

📱 Apple Review Delays and Financial Milestones
Durov also criticized delays in Telegram’s New Year’s Eve update due to Apple’s app review process. He commented:
“We planned an epic New Year’s Eve update with unique gifts for our users. Unfortunately, it’s been stuck in Apple’s review process for a few days, and we still have no response from them.”

Despite setbacks, Telegram surpassed $1 billion in revenue for 2024, driven by premium subscriptions and new monetization strategies.

🕒 IRS Extends Deadline for Crypto Exchanges to Upgrade Reporting Systems

🔄 Recently, there was confusion in the crypto community regarding an announcement from the IRS that grants centralized crypto exchanges (CEXs) an additional year to upgrade their systems for better cost basis identification. Some interpreted this as a relaxation of reporting requirements, but the agency clarified that all requirements remain in effect; they simply provided a grace period for technological improvements.

📅 In June 2024, the IRS issued guidance mandating that exchanges must identify crypto on an account-by-account or wallet-by-wallet basis, rather than treating it as a single entity. Taxpayers are also required to accurately report the cost basis of their crypto before selling it to calculate any capital gains correctly. If they fail to do so, exchanges can assume that customers are selling their oldest assets first, following the first in, first out (FIFO) accounting method.

⚠️ However, some exchanges were unable to upgrade their systems by the December 31st deadline, prompting the IRS to extend the requirement by a year. When the agency announced this grace period on New Year’s Eve, it led to misunderstandings among crypto users and publications, who mistakenly believed that the wallet-by-wallet or account-by-account reporting requirements were also postponed.

🗣️ David Kemmerer, co-founder and CEO of crypto tax software provider Coin Ledger, clarified,

No, the IRS did not delay tax reporting for investors until 2026. Rather, IRS Notice 2025-7 states that the users of centralized exchanges can still use a specific ID accounting method when calculating gains and losses for 2025.

He further explained that while exchanges can default to a FIFO method this year, which could increase tax liability for their customers, users still have the option to choose the most tax-efficient accounting method, such as last in, first out (LIFO) or highest in, first out (HIFO), to minimize reported capital gains when filing their 2024 taxes.

🔍 Just days before this announcement, the IRS released new regulations classifying front-facing decentralized finance (DeFi) services as brokers, adding to the regulatory burden on crypto users and companies. Kemmerer remarked,

The IRS keeps coming out with more and more confusing guidance, it seems like every day. It’s going to be a painful transition to how the IRS wants reporting to happen.

However, he acknowledged that the agency is working with the crypto community to ease this transition.

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🚨 Vivek Ramaswamy’s Strive Asset Management Files For Bitcoin Bond ETF Launch 🚀

Vivek Ramaswamy's Strive Asset Management files for Bitcoin Bond ETF with the US SEC, potentially boosting BTC's appeal which could push the price to a new high ahead.

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**💡 Inside Bitcoin Mining’s 2024 Revolution: Report Reveals Triumphs and Trials**

🔍 2024 marked a transformative year for the Bitcoin mining industry, showcasing record-breaking network expansion and technological advancements while also grappling with economic challenges. The report, authored by Digital Mining Solutions and Bitcoinminingstock.io, and sponsored by Nicehash, highlighted the growth and resilience of the sector.

🔗 The network hashrate reached a historic 808 exahash per second (EH/s) by the end of 2024. Miners added nearly 300 EH/s to the network, setting unprecedented records. However, April’s Bitcoin halving reduced the block subsidy from 6.25 BTC to 3.125 BTC, significantly impacting profitability. Bitcoin’s price exceeded $100,000 in 2024, closing the year at $93,400, a 121.3% increase, elevating its market capitalization to $2 trillion and making it the seventh-largest global asset.

💰 Transaction fees surged post-halving, temporarily offsetting revenue losses. On April 19, transaction fees accounted for 139.8% of block rewards, showcasing miners' adaptability to economic shifts. Despite this, the hashprice dropped to a record low of $38 PH/day before recovering to $55 PH/day by December.

📈 2024 saw the release of 30 new ASIC models, with advancements in hydro-cooling and standardized designs. The Bitmain Antminer S21 series contributed to the network, though only 4.1% of its capacity was operational by year-end. Falling ASIC prices reflected broader challenges, with some machines losing up to 97.5% of their value.

🌎 The United States retained its position as the leading Bitcoin mining hub, controlling 38% of the global hashrate. Emerging regions like Ethiopia and South America leveraged renewable energy sources, with Ethiopia contributing 2.5% to global hashrate through hydropower.

💻 Bitcoin miners diversified into high-performance computing (HPC) and artificial intelligence (AI) to mitigate fluctuating mining returns. U.S.-based operations repurposed mining facilities, showcasing the sector's adaptability.

🚀 Looking ahead, the report anticipates continued growth in Bitcoin mining through technological innovation and strategic diversification. Operators are encouraged to focus on resilience and adaptability in the face of economic and regulatory challenges.

🛡 Job Seekers Targeted by Cryptocurrency Mining Malware Disguised as Job Listings

🔍 A recent report by cybersecurity firm Crowdstrike has unveiled a phishing scheme targeting job seekers. Attackers are using fake job listings and fraudulent recruitment emails to distribute cryptocurrency mining malware that hijacks victims' systems.

📧 The scheme begins with emails that falsely appear to be from Crowdstrike’s recruitment department. These emails direct recipients to a deceptive website that mimics a legitimate employment platform. Once on the site, victims are prompted to download a fake “employee CRM application”, which actually installs the XMRig cryptominer—a tool used to mine Monero cryptocurrency without the user's consent.

A newly discovered phishing campaign uses Crowdstrike recruitment branding to convince victims to download a fake application, which serves as a downloader for the XMRig cryptominer.

🔒 Once the malware is executed, it undergoes several verification steps to avoid detection by security systems. If successful, it retrieves and installs XMRig, utilizing the infected system's processing power for the attackers' benefit. The cryptominer is designed to operate silently, minimizing resource usage to avoid raising suspicion while gradually degrading the system's performance.

🔄 Crowdstrike also highlighted the malware's persistence mechanisms. It installs itself in critical system directories and deploys scripts to ensure it restarts with the system.

🚫 To protect against such threats, Crowdstrike advises job seekers to verify all recruitment communications through official channels. The company emphasized,

We do not ask candidates to download software for interviews.

Legitimate job postings are only available on its official Careers webpage, and applicants should be cautious of unsolicited emails or unknown online sources.

⚠️ This incident underscores the increasing need for cybersecurity awareness among job seekers. Crowdstrike recommends implementing endpoint protection systems, providing phishing education, and monitoring network activity for unusual behavior. As cybercriminals continue to exploit vulnerabilities, proactive measures and vigilance are essential to mitigate these threats.