Cryptosat Launches its Second Satellite while Core Scientific Shuts Down Celsius Crypto Mining Equipment – Aspen Market Daily

Daily Market Wrap

• Crypto market cap: 820.35B, up 1.49%
• BTC price stands at USD 16,883, up 0.94%
• ETH price stands at USD 1,252, up 2.95%
• Top gainer: Solana (SOL), up 18.15%
• Top loser: OKB (OKB), down 6.24%?

News of the Day

Cryptosat launches second satellite with 30 times faster computation

Why it matters:

• Cryptosat launched its first satellite, Crypto1 in May 2022, with the aim to provide blockchain applications a physically unreachable, tamper-proof platform
• Crypto2, is a small satellite around the size of a mug, was launched onboard a SpaceX Falcon 9 flight
• This CubeSat has 30 times more computational power than Crypto1 and will continue to serve the purpose of improving cryptographic security??

Crypto Daily Spotlight

Core Scientific shuts down 37K mining rigs it was hosting for Celsius

Brief introduction: Core Scientific was the largest Bitcoin miner in the world before it filed for Chapter 11 bankruptcy in December 2022. The miner had recently raised rates due to heightened electricity and gas prices in the US. Due to Bitcoin's stagnant price, the hosting operations are not profitable as the company cashes in on their mining business.?

Why it matters:

• Celsius Network went bankrupt in mid 2022 and has now agreed Core Scientific to shut off more than 37,000 mining rigs, which were still being hosted despite the former’s bankruptcy proceedings
• After Celsius declared bankruptcy and became unable to pay its power bills, Core Scientific still had the lender’s rigs running, which ultimately led to the mining firm to face liquidity issues
• By terminating the agreement, Core Scientific will be able to generate $2 million in revenue per month?

Daily Sector Tracker

Daily News Roundup

1. Core Scientific shuts down 37K mining rigs it was hosting for Celsius
2. Blockchain fintech GammaRey signs $320M merger agreement
3. Winklevoss’ Salvo on Silbert opens new year on combative note
4. Solana NFT trading volume shows signs of strength despite rout
5. Bitcoin miner stronghold moves to erase $18M in debt as CEO’s shares plummet

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