China-based cryptocurrency mining equipment manufacturer Bitmain is now preparing to produce mining devices for a new altcoin.
Bitmain will provide these altcoin miners with new equipment
The China-based mining device maker has added support for Filecoin (FIL). According to the announcement, the company will offer Filecoin mining devices at $38,800 per unit. Miners will be able to order new devices starting tomorrow. The devices will also provide various advantages within staking services…
BITMAIN is launching $FIL miner❗️
💲38,888/unit 👉4,300T/unit
✨One-stop service： mine w/ BITMAIN and host w/ @AntPoolofficial
✨Delegated staking service fee rate as LOW as 0.5% per month
✨Earn 💰 RIGHT AWAY⏰Sales will start on July 21, 10AM (EST)
😄Mark your calendar pic.twitter.com/HGrkgkCgtZ— BITMAIN (@BITMAINtech) July 20, 2023
This step of Bitmain has already been a remarkable move with its strong position in the production of Bitcoin mining equipment. The company aims to expand its influence in the cryptocurrency industry through new altcoins.
The staking service in question will be exclusive to investors who order new devices. For this service, Bitmain will only charge a 0.5% monthly fee.
SEC considers Filecoin a security
On the other hand, the SEC described Filecoin as a security in a letter to Grayscale last week. Grayscale has applied to register its Filecoin Trust product with the SEC. The regulator’s return stated that the FIL is a security under federal securities laws.
In a statement, Grayscale stated that they received a letter from SEC staff that Filecoin met the security definition. However, the company stated that it does not believe the FIL is a security under federal securities laws. It also did not accept the SEC’s request to withdraw its registration request.
However, the opinions of SEC personnel are stated to constitute no official policy and are merely advisory. The US regulator continues to maintain its tough stance on the crypto industry. The regulator, which previously labeled Ripple’s XRP token as a security and targeted other crypto companies, has imposed regulations and sanctions on major platforms such as Coinbase and Kraken.
The cryptocurrency industry is concerned that the SEC’s regulations are unclear and can change frequently. But SEC Chairman Gary Gensler suggests that the regulatory rules are clear. In conclusion, cryptocoin.comThe victory of Ripple on July 13, which we have quoted as a coin, provided an advantage for coins that are on the radar of the SEC, such as Filecoin.
How about the FIL price?
Filecoin has entered familiar territory again this week. Since mid-June, FIL has charted an ascending triangle pattern, making higher lows with the same highs. It is currently trading in the $4.45 region, where it is up 3.5% on the day. Meanwhile, Bitcoin reached a new high on July 13. But the momentum is weakening at the time of writing. This move dragged BTC back to the 30k region.
