When you think of the world of finance, you probably imagine big banks, big corporations, and big financial institutions. But the world of finance isn’t entirely monolithic. It has lots of different players, and if you’re looking to invest in a digital asset, you can find a variety of companies and services that might suit your needs. In this article, you’ll learn more about some of the companies involved in the industry, from BitGo’s digital asset custody service to Hut 8’s modernization of its bitcoin mining production.
Total bitcoin in circulation
The latest statistics from the US National Bureau of Economic Research suggest that the current circulating supply of BTC is more than 13 million. While there is no formal cap on how many of the virtual currency are in circulation, the government of Bulgaria estimates that the country holds more than 213,000 BTC.
There are also a number of new exchanges popping up daily. These include crypto exchanges such as Bitstamp and Binance. Among the more notable are a pair of ETFs offering investors a chance to gain exposure to a small but slew of leading cryptocurrencies. In an effort to curb fraud and increase transparency, the US government has also been active in this space.
On a related note, the latest BTC price has climbed to over $4,500,000,000. This is roughly one millionth the value of the nation’s GDP. For comparison, the UK’s national debt is in the neighborhood of $2,300 billion.
Hut 8’s strategy to modernize its bitcoin mining production
Hut 8 Mining (TSX:HUTMF) is the largest digital asset mining pioneer in North America. The company operates in two business segments: self-mining and high-performance computing.
The self-mining segment is characterized by low-cost production. Currently, Hut 8 operates at two facilities in Canada, one in Alberta and one in Ontario. Each location produces approximately 9,11 BTC a day. During the first quarter of 2020, Hut 8 mined 1,116 BTC. Approximately 92% of all the BTC extracted in this period came from the two Canadian operations.
Hut 8’s strategy to modernize its mining production is to replace legacy miners with a new fleet of mining equipment. To accomplish this goal, Hut 8 aims to increase its installed operating capacity by more than 125 percent by December 31, 2020. Until then, the company’s installed hashrate will be capped at two exahashes per second.
The company has acquired five data centers from TerraGo for $30 million. It plans to install 5,400 M30S units over the next six months. This will bring its total operating capacity to 2.78 exahashes per second.
BitGo’s insurance coverage for digital asset custody
BitGo, the leading provider of institutional grade custody solutions for digital assets, announced recently that they will offer an insurance coverage solution for the custodial cold storage of digital assets. As the market continues to grow, this is a significant milestone.
BitGo’s insurance program is offered on a “loss payee” basis. This means that the policy is provided to BitGo clients at no cost. The insurance will cover the physical loss or damage of keys, third-party hacks and insider theft. In addition to this, BitGo will offer an excess insurance solution, in which they will pay out up to $600 million if a client suffers a catastrophic loss.
The insurance is brokered by Woodruff-Sawyer & Co. and Paragon International. Aside from offering insurance, BitGo also provides security solutions, compliance, liquidity, and a suite of institutional-grade custody solutions.
For example, BitGo offers a “multi-party computation” (MPC) service, which allows clients to access and trade their digital assets in various ways. It also provides secure offline storage.
Exchange rate for the last week
This 8 Bitcoin to Dollar exchange rate is updated weekly. The currency data is delayed by 25 minutes. Currency rates are necessary given the recent global currency volatility. OANDA rates are available for conversions both weekly and daily. If you are a pro plan member, Central Bank rates are also available for you.
For the last 24 hours, the 8 BTC to Dollar exchange rate is 6.807 dollars. This rate is based on a Bloomberg Generic Composite rate. It is also aligned to UTC-midnight. This rate is calculated on a daily basis and is available by 10:00 PM Eastern time.