Coinbase earned $2 billion, Facebook may quit Libra project, and miners are on brink of cost recovery

Facebook would quit Libra if the project would be launched without regulators’ approval

During yesterday’s speech to the US Congress Commission, Mark Zuckerberg said that Facebook is ready to pull out of Libra Association if the project would be launched without the permission of the financial regulator.

At the same time, Zuckerberg supported the idea of the Libra token launching, saying that it is necessary for America’s financial leadership. According to Facebook’s founder, 6 out of 10 IT-companies are Chinese.

Coinbase exchange reported record profit

Brian Armstrong, the CEO of Coinbase has reported that since launching in 2012 his company earned more than $2 billion. Most of the profits were plowed back into the business, and not on the dividends.

The CEO also said that he does not understand the negative reaction of the US regulators towards Libra project.

“There are a lot of people who are unbanked in the world, who are underbanked… My hope is the U.S. embraces this kind of innovation, even if it comes from a company like Facebook”

Bitcoin hash rate reached its maximum

Despite yesterday’s drop in stock quotes, the bitcoin hash network once again updated the maximum. As of October, 23, the computing power of the network reached 114 EH/s (quintillion operations per second). This is the highest figure in the history of BTC.

The growth of has rate and the simultaneous drop in bitcoin price once again brought the miners on the brink of cost recovery. Given that one kilowatt of electricity costs $0,06, the most popular model of mining equipment, Antminer S9 mines the coins the cost of $7,190 for 1 BTC. This is only $300 lower than the current bitcoin’s price.