Home web3.0 Billions of Dollars Worth of Bitcoin (BTC) May Soon Enter the Markets as Mt. Gox Begins Distributing Repayments to Creditors

Billions of Dollars Worth of Bitcoin (BTC) May Soon Enter the Markets as Mt. Gox Begins Distributing Repayments to Creditors

Jun 25, 2024 am 08:22 AM

Nobuaki Kobayashi, Mt. Gox's Rehabilitation Trustee, communicated the news. Kobayashi said that payouts will be made to various cryptocurrency exchanges

Billions of Dollars Worth of Bitcoin (BTC) May Soon Enter the Markets as Mt. Gox Begins Distributing Repayments to Creditors

Mt. Gox, the pioneering and now-defunct Bitcoin exchange, announced on June 24 that it will begin distributing Bitcoin (BTC) and Bitcoin Cash (BCH) repayments to creditors starting in July 2024.

Nobuaki Kobayashi, Mt. Gox's Rehabilitation Trustee, announced the news. Kobayashi stated that payouts will be made to several cryptocurrency exchanges with which he "completed the exchange and confirmation of the required information for implementing the repayments."

"Now that these preparations are in place, the Rehabilitation Trustee will commence the repayments in Bitcoin and Bitcoin Cash from the beginning of July 2024," Kobayashi said.

Kobayashi explained that the exchange has taken time due to the need to establish "safe," "reliable," and compliant repayment arrangements. Repayments will be made in cooperation with specific cryptocurrency exchanges.

Mt. Gox was founded in 2010 and quickly became the largest Bitcoin exchange in the world. However, in 2014, the exchange suffered an exploit resulting in the loss of 850,000 Bitcoins held by 240,000 users.

In September 2023, the trustee announced that creditors would receive partial repayment of 142,000 BTC, 143,000 BCH, and fiat currency amounting to $510 million by October 2024. Creditors have now waited nearly a decade for repayment.

Heavy selling pressureWhile creditors will doubtless be happy to receive repayment, some traders fear the distribution could manifest in heavy selling from investors who have long waited on the sidelines to receive their stolen Bitcoin.

In May, Mt. Gox moved approximately $9 billion in Bitcoin for the first time in five years, triggering fears that a flood of BTC may be about to enter the markets.

The repayments appear set to coincide with heavy selling from miners who are reeling after the fourth Bitcoin halving in April.

The halving reduces the rate of new BTC issuance by 50% every four years, with 3.125 BTC now entering supply per block, down from 6.25 BTC. Combined with a drop in Bitcoin transaction fees, average miner revenue has dropped by 56% per terahash of energy invested in validating the network since the halving, according to The Block.

According to IntoTheBlock data, miners have sold more than 30,000 BTC ($2 billion) since the start of June, the heaviest sales in more than one year. IntoTheBlock attributed the trend to miners adjusting to “tighter margins” following the halving.

Data from CryptoQuant also shows that miner reserves have dropped to their lowest level since July 2021 — the largest annual drop since 2011 — in a bid to cover operational expenses and stay afloat.

In May, CryptoQuant analyst JA Maartun told The Defiant that many inefficient miners are simply turning off their hardware after being rendered unprofitable by the halving.

Decreasing Bitcoin hash rate also indicates miners are exiting the network, with data from Blockchain.com indicating Bitcoin’s hash rate has dropped 7% since peaking at 650 exahashes per second (EH/s) on the day of halving.

Bitmain launches new AntminerHowever, Bitmain, a major manufacturer of Bitcoin mining ASICs, will soon offer a lifeline to suffering miners.

On June 17, Bitmain unveiled its new Antminer S21 series. Irene Gao, VP of Mining at Bitmain said the new Antminer S21 boasts a hash rate of 234 terahashes per second (TH/s) and an energy efficiency ratio of 15.0 Joules per terahash (J/TH) — offering a roughly 50% improvement in energy efficiency over the previous model.

The new ASICs are expected to ship sometime around Q4 2024 or Q1 2025.

Embattled miners in the United States may have found an unlikely ally in the former U.S. President, Donald Trump. Two weeks ago, the Republican candidate met with representatives from the Bitcoin mining industry, pledging to support the industry should he win the upcoming presidential election in November.

However, some onlookers are skeptical, suggesting Trump may be offering hollow promises in a bid to court votes from the crypto industry.

In the past 24 hours, the price of BTC dropped 2.55%, according to The Defiant’s crypto price feeds.

News source:https://www.kdj.com/cryptocurrencies-news/articles/billions-dollars-worth-bitcoin-btc-enter-markets-mt-gox-distributing-repayments-creditors.html

The above is the detailed content of Billions of Dollars Worth of Bitcoin (BTC) May Soon Enter the Markets as Mt. Gox Begins Distributing Repayments to Creditors. For more information, please follow other related articles on the PHP Chinese website!

Statement of this Website
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

Video Face Swap

Video Face Swap

Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Article

Roblox: Bubble Gum Simulator Infinity - How To Get And Use Royal Keys
4 weeks ago By 尊渡假赌尊渡假赌尊渡假赌
Nordhold: Fusion System, Explained
4 weeks ago By 尊渡假赌尊渡假赌尊渡假赌
Mandragora: Whispers Of The Witch Tree - How To Unlock The Grappling Hook
3 weeks ago By 尊渡假赌尊渡假赌尊渡假赌

Hot Tools

Notepad++7.3.1

Notepad++7.3.1

Easy-to-use and free code editor

SublimeText3 Chinese version

SublimeText3 Chinese version

Chinese version, very easy to use

Zend Studio 13.0.1

Zend Studio 13.0.1

Powerful PHP integrated development environment

Dreamweaver CS6

Dreamweaver CS6

Visual web development tools

SublimeText3 Mac version

SublimeText3 Mac version

God-level code editing software (SublimeText3)

Hot Topics

Java Tutorial
1671
14
PHP Tutorial
1276
29
C# Tutorial
1256
24
OM Mantra Cryptocurrency Crashes 90%, Team Allegedly Dumps 90% of Token Supply OM Mantra Cryptocurrency Crashes 90%, Team Allegedly Dumps 90% of Token Supply Apr 14, 2025 am 11:26 AM

In a devastating blow to investors, the OM Mantra cryptocurrency has collapsed by approximately 90% in the past 24 hours, with the price plummeting to $0.58.

TrollerCat ($TCAT) Stands Out as a Dominant Force in the Meme Coin Market TrollerCat ($TCAT) Stands Out as a Dominant Force in the Meme Coin Market Apr 14, 2025 am 10:24 AM

Have you noticed the meteoric rise of meme coins in the cryptocurrency world? What started as an online joke has quickly evolved into a lucrative investment opportunity

Metaplanet Expands Its Bitcoin Treasury Holdings by Another 319 BTC Metaplanet Expands Its Bitcoin Treasury Holdings by Another 319 BTC Apr 15, 2025 am 11:20 AM

In an announcement made earlier today, Japanese firm Metaplanet revealed it has acquired another 319 Bitcoin (BTC), pushing its total corporate holdings beyond 4,500 BTC.

Bitwise Announces the Listing of Four of Its Crypto ETPs on the London Stock Exchange (LSE) Bitwise Announces the Listing of Four of Its Crypto ETPs on the London Stock Exchange (LSE) Apr 18, 2025 am 11:24 AM

Bitwise, a leading digital asset manager, has announced the listing of four of its crypto Exchange-Traded Products (ETPs) on the London Stock Exchange (LSE).

Bitcoin (BTC) analyst who nailed the 2021 market meltdown sees bullish reversal pattern Bitcoin (BTC) analyst who nailed the 2021 market meltdown sees bullish reversal pattern Apr 14, 2025 am 11:20 AM

Pseudonymous analyst Dave the Wave tells his 149,300 followers on the social media platform X that Bitcoin looks to be in the early stages of printing an inverse head-and-shoulders pattern

As Binance Coin (BNB) Gains Momentum Toward a $1,000 Breakout, New Altcoin RCO Finance (RCOF) Is Stirring Conversations As Binance Coin (BNB) Gains Momentum Toward a $1,000 Breakout, New Altcoin RCO Finance (RCOF) Is Stirring Conversations Apr 15, 2025 am 09:50 AM

As Binance Coin (BNB) gains momentum toward a $1,000 breakout

BlockDAG Cuts Through the Noise with 2380% Presale ROI BlockDAG Cuts Through the Noise with 2380% Presale ROI Apr 14, 2025 am 11:24 AM

Price swings and policy pressure aren't new in crypto, but every now and then, a project cuts through the noise with numbers too big to ignore.

Central banks across the world are ramping up their gold purchases Central banks across the world are ramping up their gold purchases Apr 15, 2025 am 11:00 AM

According to a report by The Kobeissi Letter on X, mentioning data from IMS IFS and the Global Gold Council, nations accumulated 24 tonnes of gold in February