China News Official Today TheBitTimes.com

Bitcoin mining stocks have been on a triple-digit-tear in 2023, but an uptick in BTC sent to exchanges hints at waning momentum. Bitcoin mining companies outperformed BTC price by a huge margin amid the recent bullish price action in the top cryptocurrency. The average year-to-date gains in 2023 across the stock s of top nine public Bitcoin mining firms by market capitalization stood at 257.14%. The figure is almost three times higher than BTC’s gain in the same period. The higher gains represent the leveraged beta effect that mining stocks enjoy. Leveraged beta suggests that during Bitcoin upside, these stocks outperform. Whereas, when Bitcoin slumps, they face deeper downside risk. Due to a high levered beta, Bitcoin’s price performance will remain a crucial factor in deter mining the direction of mining stock s. The trends within the mining sector show that miners are positioning themselves for the long-term by buying more machines. However, they have yet to exhibit accumulation...

A few hours into the hack, to everyone’s surprise, the attacker surprisingly reached out to the Tornado Cash community with a new proposal, hinting at their intent to give back the governance control. Just a day after an attacker sparked community-wide panic after hijacking the Tornado Cash governance , a new proposal hints at the possible restoration of the state of governance . On May 21, the passing of a malicious proposal allowed an attacker to gain complete control over Tornado Cash’s governance. With total control over the governance of the decentralized crypto mixer, the attacker was in a position to inflict massive losses considering they could withdraw all of the locked votes, drain all of the tokens in the governance contract and brick the router. While the story unfolded, community member Tornadosaurus-Hex or Mr. Tornadosaurus Hex, took proactive steps to minimize the potential damages by publishing a subsequent proposal requesting all members to withdraw all funds loc...