Tesla has sold 75% of its Bitcoin holdings worth around $2B at the end of 2021. The company revealed that it invested $1.5B in Bitcoin in Feb. 2021, the same year that the price of Bitcoin soared by $70,000. More: - Tesla converted 75% of its Bitcoin to fiat currency at the end of June, which amounts to $936M of cash.
- The company also stopped accepting Bitcoin as payment for its cars due to the adverse climate impact of Bitcoin mining operations.
- CEO Elon Musk also said that the company sold its Bitcoin holdings due to uncertainty about when China will lift its COVID-19 restrictions.
- Musk explained, "This should not be taken as some verdict on Bitcoin ... it's just that we were concerned about the overall liquidity of the company given the COVID shutdowns in China."
- Tesla had invested $1.5B in Bitcoin, then sold 10% of its stake in the cryptocurrency two months later. The company's digital assets have decreased to $218M, and that Bitcoin impairment dragged on profitability in Q2 2022.
BBC 
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Vitalik Buterin says that Ethereum will be a much more scalable system after the merge. The network will be able to process over 100,000 transactions per second, which is much faster and more scalable than the current system. More: - Buterin explained that the upcoming merge will transition from proof of work to proof of stake and shared his thoughts on the long-term and short-term outcomes.
- Once the transition takes place, developers can build an Ethereum client that does not even know that the proof-of work-phase even occurred.
- The network also includes a "surge" that is designed to increase scalability for rollups through a process known as "sharding."
- The protocol will be 55% complete once the merge happens that will generate over 100,000 transactions per second.
- Some other changes to the network include monetary policy, token issuance, security model, and transaction inclusion process.
Coin Desk
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Dogecoin developers released a new update that will enhance core software and improve security, efficiency and user interface. The updates were completed early Thursday morning, and all users were urged to upgrade to the latest version. More: - The company made the announcement on Twitter by stating, "Dogecoin Core 1.14.6 is now released, live and current!"
- Elon Musk, one of the biggest Dogecoin supporters, tweeted: "Upgrades!"
- Dogecoin traded 3.5% lower at $0.07 over 24 hours into Thursday morning as the meme coin retreats along with the broader crypto market. However, the 24-hour trading volume for DOGE has increased, which is now above the $1B mark.
Coin Telegraph
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Miners transferred $300M (14,000 bitcoins) out of their wallets in 24 hours late last week. CryptoQuant, a blockchain analytics firm, revealed that miners are exiting their Bitcoin positions due to high electricity costs and lower prices. More: - The popular cryptocurrency was trading at around $21,600, up 3% in 24 hours earlier this week.
- Miners have dumped some of their Bitcoin holdings in an event called "miner capitulation," an event that suggests that miners are preparing to sell their digital assets to cover ongoing mining expenses. The value of Bitcoin has dropped nearly 70% from its all-time high of nearly $70,000 in Nov. 2021.
- The ongoing inflation, the war between Russia and Ukraine, and high energy costs are causing some miners to exit the market.
- The low price of Bitcoin and high energy costs are also cutting into profit margins this year, which is another reason why some are selling their holdings at the current price and exiting.
- "With high-profile reports of resignations from mining companies, as well as miners that have used their equipment as collateral to borrow money, the Bitcoin mining industry could be under growing pressure," says a Citi analyst.
- In addition, Core Scientific, the largest publicly traded crypto mining company, sold nearly all of its Bitcoin in June. CEO Mike Levitt says, "We mine and earn or produce Bitcoin, but our costs, expenses, and liabilities are in dollars."
- Mining Bitcoin is still profitable, but the margins have dropped by 50% across the industry.
CNBC
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 A message from BOXABL Imagine if houses were built like cars, with one home coming off the assembly line every 60 seconds...wouldn’t that change the world? Cutting-edge housing manufacturer Boxabl plans to do just that, by setting up the world's largest and most advanced housing factory. Why Boxabl? - Setting up a 170,000 sq ft manufacturing facility in less than one year
- Raising over $100M from over 15,000 investors
- Elon Musk shouted out the Las Vegas-based company calling Boxabl a “cool product.”
- Achieving LEED certification and hurricane wind ratings on all houses
- Strategic partnership and investment from the largest home builder in the USA, D.R. Horton Inc.
- Over 50 patent filings due to considerable innovations in building technology
- Factory 2 is now under construction
- Customer waitlist of over 100,000 pre-orders, indicating potential demand worth billions of dollars
- Guided by Volkswagen Group's Porsche Consulting Inc. for the design and implementation of Boxabl’s new factory
- Shipping houses every day
Invest Today
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Vauld reportedly owes more than $400M to its creditors, with 90% of that amount deposited by individual retail investors. The company suspended operations on July 4th, citing volatile market conditions has now filed for protection from creditors. More: - Vauld is a Singapore-based crypto firm backed by prominent investors including Peter Thiel's Valar Ventures, Pantera Capital, and Coinbase Ventures.
- Court documents show that of the $402M owed, $363M (90%) was deposited by individual retail investors.
- The company also owes a total of $125M to secured creditors, $35M to unnamed secured creditors, and $4.1M to FTX.
- The firm has now filed for protection from its creditors and released the following statement in a blog post: "The management has decided that, in light of the current circumstances, it would be in the best interests of all stakeholders (including creditors) to file the application for moratorium order ... this is so to give DeFi payments (its Singapore entity) the breathing space it requires to prepare for the intended restructuring for the benefit of all stakeholders."
- A Singaporean moratorium is like an American Chapter 11 bankruptcy filing that allows the company to continue operations and avoid liquidations.
- The company suspended withdrawals in early July and laid off 30% of its staff in June.
Decrypt
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Zipmex, the Thai-based cryptocurrency firm, resumed withdrawals Thursday morning. The company is also exploring all available options that include additional fundraising, legal action, and restructuring. More: - Zipmex halted withdrawals on its platform, citing "volatile market conditions," but resumed them less than 24 hours later.
- ZipUp accounts will remain disabled, and trades will resume soon, the company said in a Twitter post.
- The company's statement read: "We are extending our maintenance period and will re-enable withdrawals and deposits for your Trade wallet on 21 July 2022 at 18:00. Trading will remain disabled until further notice."
- The Thai SEC questioned the company's decision to halt withdrawals and requested to "provide evidence of the digital assets of customers deposited in the ZipUp program to invest in various platforms."
- Zipmex also said it has $48M tied up in Babel Finance and $5M in Celsius. The two crypto lenders have faced troubles of their own recently.
Crypto Potato
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 |  | Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
Few and Far, a new NFT marketplace which recently launched on NEAR. | |
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