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Bitcoin Ordinal Subscriptions Surpass 55 Million, Reach Third Highest Daily Record

After the weekend, the number of ordinal subscriptions to the Bitcoin blockchain exceeded 55 million. Notably, on January 13, 2024, the blockchain witnessed its third-highest day of registrations, settling a staggering 477,751 registration-based transactions on Saturday. Furthermore, since first registration began in December 2022, bitcoin miners have accumulated $246 million worth of bitcoins, capitalizing on this growing trend.

Miners raised 246 million dollars with 55 million registrations

From December 28, 2023 to January 12, 2024, the pace of daily ordinal inflows into the Bitcoin blockchain slowed moderately. However, a peak occurred on Saturday, January 13, marking a record number of daily registrations. This date became the third largest in terms of registrations, with a staggering 477,751 added to the blockchain. On that day, approximately 652,483 transactions were processed, with records representing a notable 73.22% of all transfers confirmed by miners.

Continuing the trend, on Sunday, January 14, 2024, the blockchain saw another substantial 446,783 entries added to the distributed ledger system. This indicates that, of the 591,806 verified transfers, a substantial 75.49% were record-based. Furthermore, after these two record-breaking days, the total number of registrations this weekend impressively exceeded 55 million. Between these records, miners have accumulated a total of 5,750 BTC, valued at $246 million based on current BTC exchange rates.

On January 13, miners were paid about $2.7 million in registration fees, and by the next day, miners had accumulated another $4.94 million. Bitcoin miners are reaping the benefits of the fees paid for subscriptions and as of December 16, 2023, miners have collected $9.9 million in fees. Additionally, the number of entries per block has increased considerably as miners have learned ways to include as many as possible. The data also shows that there are also 278,296 recursive inscriptions in the chain.

Recursive ordinal inscriptions involve retrieving and incorporating data from existing inscriptions to create new ones. In the domain of ordinal entries traded in non-fungible token (NFT) markets, Bitcoin has taken the lead over the past 30 days, with $669.53 million in digital collectible sales. Ethereum, previously the leader in NFT blockchain, recorded $321.18 million in sales during the same period. However, on a weekly basis, BTC’s lead is marginal, with sales of $99.68 million, narrowly edging out Ethereum’s $94.42 million.

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Japan to introduce major cryptocurrency tax reforms in 2024

In a recent cabinet meeting held on December 22, the Japanese government finalized the draft cryptocurrency tax reform for fiscal year 2024. This reform comes with a significant change that affects companies that hold crypto assets. The change eliminates the period-end mark-to-market tax that previously applied to companies holding crypto assets issued by third parties (virtual currencies).

As a result, companies will now only pay taxes on profits from the sale of virtual coins and tokens, aligning with the tax system for individual investors. This change aims to ease the tax burden on companies involved in holding and operating crypto assets.

Japan ends cryptocurrency tax on unrealized gains

The revision changes the scope of application of the end-of-period mark-to-market adjustment under the Corporate Tax Law. Previously, companies recorded profits or losses based on the difference between the market value and the book value of crypto assets at the end of the fiscal year. The new policy excludes this valuation at market price if the asset is assumed to be held continuously.

The tax reform responds, in part, to a request submitted by the Japan Crypto Asset Business Association (JCBA) for the 2024 tax reform. The change will promote the growth of Web3, support domestic startups using blockchain technology and attract projects international.

Last year’s tax reform exempted only virtual currencies issued by companies themselves from taxes at the market price. However, growing calls for equal treatment for cryptocurrencies issued by other companies influenced this year’s review.

Will this boost cryptocurrency adoption in Japan?

The 2024 tax reform draft also includes plans to reduce income tax and residence tax by 40,000 yen per person starting in June 2024, tax reductions for companies, and the establishment of a new tax system for sectors strategic and innovation. This is likely to result in a substantial decline in revenue of 3,874.3 billion yen for national and local governments, making it the third largest decline since fiscal year 1989.

The bill requires approval from the House of Representatives and the House of Councilors.

This tax reform marks a crucial step in the introduction of separate taxes (20%) and loss carryover deductions, meeting the wishes of cryptocurrency investors. However, discussions regarding the calculation of profits and losses on crypto asset transactions, including the imposition of a flat tax on the conversion of crypto assets into legal tender, and the consideration of “pass-through” deductions for three years from of the following year, are left for future deliberations. . The development of the corporate tax system is expected to stimulate active discussions on future tax reforms in the crypto space.

Japan has always maintained a friendly approach to cryptocurrencies and therefore remains the preferred destination for cryptocurrency companies. The country has made crucial reforms in a timely manner. Earlier this year, Japan allowed venture capital firms to invest directly in cryptocurrencies.

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Phoenix closes $380 million deal with WhatsMiner to mine green Bitcoin

Phoenix Group is acquiring hydrocooling mining equipment from WhatsMiner worth more than US$136 million, with an option to purchase an additional US$246 million.

UAE company Phoenix Group has revealed a new purchase of hardware equipment from WhatsMiner, with the aim of expanding its portfolio of hydraulic cooling rigs. According to a Dec. 7 announcement, the $380 million deal represents WhatsMiner’s largest order in two years.

Under the agreement, Phoenix received mining equipment valued at US$136 million, with an additional option available worth US$246 million. WhatsMiner’s line of hydrocooling equipment launched in 2022, with current prices ranging from $1,008 to $2,484, according to the company’s website.

WhatsMiner’s hydrocooling hardware uses a closed-loop water system, preserving the volume and quality of water within the pipes. According to the company, the system offers more efficient heat transfer, as water is a more effective heat conductor than air or oil. The benefits of this system include reduced operating costs and minimized environmental impact, the company claims.

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Coinbase Wallet Launches Global Money Transfers with Link-Based Payments

Coinbase has introduced a new feature to its wallet service, streamlining international fund transfers. This new update aims to make transferring funds as easy as sending a text message.

Coinbase Introduces Link-Based Money Transfer Service

Coinbase (Nasdaq: COIN) has launched its latest wallet feature that facilitates global fund transfers. The platform now allows users to transfer money through multiple channels, including widely used messaging and social media apps, by simply sharing a link.

Announced on Tuesday, Coinbase explained that this feature avoids the need for complex banking details and costly electronic transactions, offering free, immediate settlements. The update includes compatibility with various social networks and messaging applications such as Whatsapp, Instagram, Tiktok, Facebook, Telegram, Snapchat and also via email.

Basically, the service works on any platform capable of sharing a link. Coinbase clarified that if the recipient does not claim the funds within two weeks, it will automatically revert them back to the sender. Coinbase’s new payment method is similar to those offered by large payment companies such as Paypal and Stripe.

Paypal facilitates link-based transactions through a service called In this service, people can generate a personalized link to request payments directly to their Paypal account. The Paypal feature can be used for cryptographic payments associated with the selected digital assets it supports.

Aimed at both novice and experienced users, Coinbase has also implemented a “simple mode” in its non-custodial wallet. This feature focuses on basic functionalities such as buying, sending, receiving, and protecting digital currencies.