Please take all and any precaution and be advised that this crypto-asset is classified as a high-risk crypto-asset. This crypto-asset lacks a clearly identifiable issuer or/and an established project team, which increases or may increase its susceptibility to significant market risks, including but not limited to extreme volatility, low liquidity, or/and the potential for market abuse or price manipulation. There is no absolute guarantee of the value, stability, or the ability to sell this crypto-asset at preferred or desired prices.
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The social content on this page ("Content"), including but not limited to tweets and statistics provided by LunarCrush, is sourced from third parties and provided "as is" for informational purposes only. OKX does not guarantee the quality or accuracy of the Content, and the Content does not represent the views of OKX. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly. The price and performance of the digital assets are not guaranteed and may change without notice. OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. For further details, please refer to our Terms of Use and Risk Warning. By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX and its affiliates (“OKX”) are not in any way associated with the owner or operator of the TPW. You agree that OKX is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets. Product may not be available in all jurisdictions.
Bitcoin market info
Market cap
Market cap is calculated by multiplying the circulating supply of a coin with its latest price. Market cap = Circulating supply × Last price
Circulating supply
Total amount of a coin that is publicly available on the market.
Market cap ranking
A coin's ranking in terms of market cap value.
All-time high
Highest price a coin has reached in its trading history.
All-time low
Lowest price a coin has reached in its trading history.
📰 News and Market Updates 📰
Two major developments caught my eye: PancakeSwap's one-click crosschain swaps with Across Protocol, and Ukraine's draft bill allowing the National Bank of Ukraine to allocate crypto assets as part of state reserves.
BNB's market cap is at 97.9 billion, with a current price of 671.27. Price changes over the last 24 hours are at 1.54%. Meanwhile, Bitcoin's market cap is at 2.18 trillion, with a current price of 109,530. Price changes over the last 24 hours are at 0.26%.
These developments may lead to increased adoption and usage of PancakeSwap, driving up trading volumes and valuations of associated cryptocurrencies. Ukraine's draft bill could also boost investor confidence and mainstream adoption of cryptocurrencies like $BTC.
Not watching Ukraine's draft bill too closely, though - it's not mandatory. Keeping an eye on $BNB for potential growth.
4.34K
0
Elfa AI
CRYTPO IPO SEASON IS UPON US
Institutional demand is well and alive for crypto and crypto-related companies. Everyone wants to be a publicly listed company now 📈
What's next to watch for institutional crypto investors? 👇
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TechFlow
Written by Nancy, PANews
At a time when the Solana ecosystem is at a low mood, an ETF news has once again ignited the market's optimistic expectations. On June 11, the SEC asked potential Solana spot ETF issuers to update their S-1 filings. This move is seen by the market as a turning signal that Solana ETF has entered the substantive review stage, releasing a positive signal from the regulator. Driven by this, the market's expectation of an official approval in July has rapidly increased, and the Solana ecosystem has ushered in a general upward trend.
Solana spot ETF approvals accelerated, and the SEC focused on physical redemption and staking mechanisms
According to Blockworks, the SEC has notified a number of issuers intending to launch Solana spot ETFs to file updated S-1 registration statements in the coming week, according to multiple people familiar with the matter. This means that a number of issuers intending to launch Solana spot ETFs have been notified to file updated S-1 registration statements in the coming week.
The SEC will provide review feedback within 30 days of the submission of the S-1 filing, and the document update focuses on changes to the language of physical redemptions and the handling of the staking mechanism, both of which are also becoming a core focus in the approval process for crypto spot ETFs, the sources noted.
In the design of crypto asset ETFs, physical redemption means that investors can exchange ETF shares back to the corresponding underlying asset (such as SOL) instead of cash. When the SEC reviews the S-1 filing, it will focus on whether the issuer's description of how the redemption in kind is executed, how the value of the asset is calculated, and whether the redemption of some or all of the assets in cash is sufficiently clear, legal, compliant, and actionable. The setting of this mechanism is directly related to the market transparency, liquidity and arbitrage efficiency of ETFs, and its compliance statement has also become an important basis for the SEC to evaluate whether ETFs are suitable for retail and institutional investors.
The staking mechanism is another focus of the market, and staking is a means of asset appreciation native to PoS public chains such as Solana, which can bring on-chain benefits to holders. Staking Rewards data shows that as of June 11, Solana's staking rate was 65.44% and the staking yield was 7.56%, more than double that of Ethereum (3.13%). In the past, the SEC has repeatedly avoided the staking clause in the approval of Ethereum ETFs, fearing that it may involve the attributes of securities income. But during negotiations with BlackRock for an Ethereum spot ETF in May, the SEC relented and began to accept the inclusion of staking functionality under certain conditions. According to a person familiar with the matter, the SEC is currently open to including a staking mechanism in Solana's spot ETF, so it requires issuers to have sufficient legal clarity and implementation rules.
Since Grayscale first filed 19b-4 filings for the Solana spot ETF in 2024 and was officially accepted by the SEC in February this year, the Solana ETF has entered a substantial regulatory process. Although the SEC again announced at the end of May that it would delay the approval of some Solana ETFs, citing the need for "more time to evaluate legal and policy issues", the revised S-1 directive sends an important signal that regulators no longer reject the viability of Solana ETFs and have shifted from a veto stance to a rule-playing and detail-polishing stage.
So far, Fidelity, Franklin Templeton, VanEck, Bitwise, Canary Capital, 21Shares, and Grayscale have all applied for Solana spot ETFs.
Affected by this news, CoinGecko data shows that the Solana ecological token has seen a general rise, and the SOL price once hit a new high this month. Previously, due to factors such as the blood-sucking effect of Pump.fun issuance and the diversion of other on-chain liquidity incentives, Solana's participation in the popularity has dropped significantly compared with the beginning of the year.
It may be implemented as early as July, with a 90% probability of approval
After the successful launch of Bitcoin and Ethereum spot ETFs, the market's focus is quickly shifting to the potential targets of the next round of crypto spot ETFs.
Solana is the third crypto asset to make a spot ETF application after Bitcoin and Ethereum. According to Blockworks, citing people familiar with the matter, judging from the latest ETF application document update cadence, the Solana spot ETF is expected to be approved in the next 3 to 5 weeks, that is, it could be approved as soon as July, which is earlier than the end of the second half of the year that was widely expected by the market.
James Seyffart, an analyst at Bloomberg ETF, said in his latest forecast that the product could be approved this year, or even as early as July. "We think the SEC may be processing the 19b-4 filings for Solana and staked ETFs earlier than originally planned," he said. Issuers and industry participants have likely been working with the SEC and its cryptoasset task force to develop the rules, but the deadline for the SEC to make a final decision on these applications is still in October this year."
Solana was considered to have met the key prerequisites for approval. James Seyffart added that Solana's ETF application with XRP has now been approved for a derivatives ETF, which paves the way for the approval of spot ETFs.
In fact, in March this year, Volatility Shares launched two Solana futures ETFs, which are the first L1 public chain projects to be licensed as a U.S. futures ETF after Bitcoin and Ethereum, which are regarded as important indicators to assess the maturity of the spot ETF market. This path highly echoes the pace of Bitcoin and Ethereum spot ETFs, which first "explore" by futures ETFs and then promote the landing of spot products.
Outside of the U.S., Canada's Toronto Stock Exchange launched four Solana spot ETFs in April with support for staking. This product innovation not only shows its attractiveness to institutional investors, but also creates indirect pressure on the SEC in an international regulatory dimension.
In James Seyffart's latest prediction of the approval probability of crypto spot ETFs, Solana and Litecoin are in the first echelon in terms of approval probability. Among them, Litecoin and Solana have a 90% chance of being approved; XRP has an 85% chance of approval; Dogecoin, HBAR are expected to pass with an 80% probability; Cardano, Polkadot, Avalanche are expected to pass with a 75% chance of passing; SUI expects a 60% chance of passing.
While Solana already meets most of the key requirements for approval as a U.S. spot ETF, the SEC has previously classified SOL as an "unregistered security" in its lawsuit against Coinbase and Binance. While some of these lawsuits have been suspended or withdrawn, the security labels have not been formally clarified or adjudicated, posing a potential obstacle.
Show original
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Quinten | 048.eth
🚨🇺🇦 Ukraine introduced a bill to create a Bitcoin and crypto reserve
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Coin Bureau
🚨JUST IN: UKRAINE INTRODUCES BITCOIN RESERVE BILL! 🇺🇦
A new bill proposes the creation of a Strategic BTC Reserve, giving the central bank full control over if, when, and how much #Bitcoin to hold. 🏦
The current price of Bitcoin is $109,582.2. Over the last 24 hours, Bitcoin has increased by +0.36%. It currently has a circulating supply of 19,877,256 BTC and a maximum supply of 21,000,000 BTC, giving it a fully diluted market cap of $2,177.76B. At present, Bitcoin holds the 1 position in market cap rankings. The Bitcoin/USD price is updated in real-time.
The rating provided is an aggregated rating collected by OKX from the sources provided and is for informational purpose only. OKX does not guarantee the quality or accuracy of the ratings. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly, and can even become worthless. The price and performance of the digital assets are not guaranteed and may change without notice. Your digital assets are not covered by insurance against potential losses. Historical returns are not indicative of future returns. OKX does not guarantee any return, repayment of principal or interest. OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/ tax/ investment professional for questions about your specific circumstances.
By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX and its affiliates ("OKX") are not in any way associated with the owner or operator of the TPW. You agree that OKX is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets.
Bitcoin (BTC) is a revolutionary virtual currency that supports a decentralized peer-to-peer (P2P) payment system free from the centralized control of any government or entity. Bitcoin was created in 2008 by an anonymous person or group of people known by the pseudonym Satoshi Nakamoto.
Although Bitcoin wasn't technically the first cryptocurrency created, the asset and its ground-breaking blockchain technology are widely considered the catalyst for today's flourishing digital asset industry. Bitcoin is currently the largest cryptocurrency by market capitalization.
How does Bitcoin work?
Bitcoin is entirely digital and operates on a decentralized blockchain network — a virtual public ledger that records all transactions made on the Bitcoin blockchain. Bitcoin transactions are sent electronically to nodes that verify their validity. Once confirmed, a transaction is grouped with others to create a 'block' of information, which is then added to the blockchain. This process is known as Proof of Work, and it helps to protect the network's security.
The blockchain ledger is immutable, making it virtually impossible to be removed or altered. The ledger is freely accessible to anyone, making it an open blockchain, and transactions can be made anonymously, bringing privacy and transparency to the network. Being decentralized, Bitcoin can be traded freely between anyone with an internet connection through P2P trading.
Who created Bitcoin?
Bitcoin was created by the individual or collective group known as Satoshi Nakamoto as a response to perceived issues with the traditional banking system. Bitcoin was launched immediately after the global economic crash of 2007 and 2008, and its purpose was revealed to the world through a white paper titled Bitcoin: A Peer-to-Peer Electronic Cash System. Ultimately, Bitcoin was designed to help create a fairer, more equitable, and more democratic financial system for all — free from the control of banks and centralized entities.
Over the years, various figures have claimed to be Bitcoin's creator, and some media titles have incorrectly identified individuals as such. But, to this day, Nakamoto's true identity has never been revealed.
What is Bitcoin used for?
Bitcoin is considered by many to be a store of value, which is why some refer to the asset as "digital gold". The currency also provides a decentralized payment system through which other digital assets can be traded and transferred.
Bitcoin is widely traded speculatively, and is growing in adoption as a form of payment for goods and services. What's more, some companies allow their employees to be paid a portion of their salary in Bitcoin. Many people see Bitcoin as a hedge against inflation, given its historical resilience and alleged outperformance during inflationary periods.
Advancements to blockchain technology have brought about an evolution in what's possible on the Bitcoin network. The ordinals protocol, for example, now allows users to inscribe data such as videos, images, and text onto individual satoshis — the smallest unit of Bitcoin — on the Bitcoin blockchain. This created a new way of storing and sharing digital assets using blockchain technology. Then, in 2024, Bitcoin Runes arrived. The protocol allows users to create new tokens directly on the Bitcoin network, and potentially provides Bitcoin miners with a new revenue stream.
Bitcoin price and tokenomics
One unique factor of Bitcoin is that the BTC price and value is ultimately determined by the collective opinion and actions of the community that trades it. Where fiat currencies are backed by physical commodities or government guarantees, Bitcoin is simply backed by data and shared beliefs.
Bitcoin's price and value is also influenced by the demand for the asset relative to its available supply. From the asset's inception, its supply was limited to 21 million Bitcoin to create scarcity and theoretically increase the asset's value over time as demand increases. Factors outside of the asset's controlled supply and scarcity also have an impact on BTC price. One major factor is the sentiment surrounding Bitcoin news and how it influences public opinion to either buy or sell the asset.
The supply of total Bitcoin is managed by a process known as 'mining', which is also decentralized and open to anyone with the required connectivity, knowledge, and resources. BTC mining involves using computers to solve complex equations to validate transactions and store them on the blockchain. Bitcoin miners earn BTC as a reward for solving these equations. Not only does this incentive increase the supply of Bitcoin, it also helps to strengthen the network's security.
What is the Bitcoin halving?
Bitcoin's code has been deliberately designed to reduce the rewards given to miners through an event known as Bitcoin halving. The amount of Bitcoin awarded to miners for successfully adding blocks to the blockchain is reduced by half after every 210,000 blocks, or approximately every four years. To date, the Bitcoin network has witnessed a halving event in November 2012, July 2016, May 2020, and April 2024.
The Bitcoin halving progressively reduces the rate at which new BTC enters circulation until the total fixed supply of 21 million Bitcoin is mined. Bitcoin mining will end when the token reaches its maximum circulating supply around the year 2140. Since the latest halving event in 2024, the Bitcoin mining reward has been cut from 6.25 BTC to 3.125 BTC. The next Bitcoin halving is expected to take place at some point during 2028, although the exact date is difficult to estimate. Following the next halving event, the Bitcoin mining block reward will be reduced to 1.5625 BTC.
Historically, the BTC price has rallied following halving events, although the gains made have diminished with each successive halving. The Bitcoin price jumped by over 12,400% following the first halving event in 2012, 5,200% after the 2016 halving, and 1,200% following the 2020 halving.
Bitcoin mining and its environmental impact
'Bitcoin mining' refers to the process through which new Bitcoin are created and Bitcoin transactions are verified before being added to the blockchain. During the mining process, miners compete to solve difficult cryptographic problems. The first miner to solve the problem is rewarded with newly created Bitcoins — what's known as the block reward.
Bitcoin mining has come under scrutiny for its environmental impact because the process is highly energy intensive. Research have shown that, in 2023, the electricity used to support Bitcoin mining represented around 0.2% to 0.9% of the total global demand for electricity. As a result, Bitcoin mining consumes a similar amount of electricity as some countries. And, as the difficulty of solving cryptographic problems during the mining process increases, so does the energy demanded. The environmental impact of Bitcoin mining is understandably a challenge for the crypto space. Today, organizations such as the Crypto Climate Accord (CCA) and Bitcoin Mining Council (BMC) are working to address the sustainability challenges facing crypto and provide transparency to mining operations.
Towards more sustainable Bitcoin mining methods, the activity has been adopted as a method of monetizing energy sources that would otherwise go to waste, providing a valuable source of income in developing nations in particular. In both Nigeria and Costa Rica for example, hydroelectric power is being repurposed to support crypto mining operations, generating income not only through mined BTC but also the hosting of mining infrastructure. Meanwhile, some Bitcoin mining operations have invested their BTC earnings into renewable energy sources to help offset the environmental impact of mining.
How to trade Bitcoin
There are many ways to acquire and trade Bitcoin, and one of the most common is through an exchange. Although Bitcoin was built on the idea of decentralization, what's known as a centralized exchange provides access to the currency. On a centralized exchange, you can purchase Bitcoin using traditional currencies such as USD and EUR, or using other cryptocurrencies including USDC or ETH. Alongside providing an avenue to purchase Bitcoin, centralized exchanges also match buyers to sellers so you can trade Bitcoin with ease.
Decentralized exchanges are an alternative to centralized services. On a decentralized exchange, buyers and sellers interact directly without the involvement of an intermediary to trade cryptocurrencies. This is known as P2P. Although decentralized exchanges may be hosted by a centralized entity, it has no influence over the transactions between users, and only provides the platform for exchanges to take place. As a result, you'll need a Bitcoin wallet to safely store your BTC.
Alongside the trading of Bitcoin for other digital assets, it's possible to obtain Bitcoin through mining and even by using Bitcoin ATMs. Like a conventional ATM but one that's connected to the blockchain, Bitcoin ATMs allow you to effortlessly exchange BTC for cash or cash for BTC.
How can I keep my Bitcoin safe?
If you buy or trade Bitcoin through a centralized exchange, your chosen platform will hold your tokens on your behalf. However, it's recommended that you use a self-custody Bitcoin wallet to manage your BTC yourself. With a secure and trusted Bitcoin wallet, you won't need to rely on a third-party to keep your Bitcoin safe. You'll keep full control of your private keys, while you also avoid the need to share personal details with a third-party, preserving your privacy. Whether you choose a hardware or a software wallet when selecting a Bitcoin wallet, it's essential to understand how the tool works and how to manage your private keys, so you avoid errors that could compromise the security of your assets.
Latest Bitcoin news
2024 has been a noteworthy year for Bitcoin. One major development for the currency came with the approval of a Spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC), which was announced on January 10, 2024. Eleven proposals from issuers including Grayscale, Blackrock, ARK, and VanEck were approved, marking a major shift towards the mainstream adoption of Bitcoin. This was followed by the approval of six further Spot Bitcoin ETFs in Hong Kong on April 30, 2024 as the funds reached retail traders in Asia for the first time.
Around three months after the approval of the Spot Bitcoin ETF in the U.S., the virtual currency experienced its fourth Bitcoin halving since launch, which happened on April 19, 2024. The Bitcoin halving cut the reward granted to miners on the Bitcoin network from 6.25 BTC to 3.125 BTC. There's much speculation around the impact the latest Bitcoin halving event will have on the asset's value, and it's still too early to assess how the 2024 halving will impact the Bitcoin price long-term.
Events such as the Spot Bitcoin ETF approval, the 2024 halving event, and bullish sentiment for the crypto market broadly helped Bitcoin to reach a new all-time high price of $73,787 on March 13, 2024. However, BTC prices pulled back as far as $56,825.40 on April 30, 2024, before reaching above $60,000 and entering a period of sideways movement.
Number of posts mentioning a token in the last 24h. This can help gauge the level of interest surrounding this token.
Contributors
Number of individuals posting about a token in the last 24h. A higher number of contributors can suggest improved token performance.
Interactions
Sum of socially-driven online engagement in the last 24h, such as likes, comments, and reposts. High engagement levels can indicate strong interest in a token.
Sentiment
Percentage score reflecting post sentiment in the last 24h. A high percentage score correlates with positive sentiment and can indicate improved market performance.
Volume rank
Volume refers to post volume in the last 24h. A higher volume ranking reflects a token’s favored position relative to other tokens.
In the last 24 hours, there have been 142K new posts about Bitcoin, driven by 56K contributors, and total online engagement reached 88M social interactions. The sentiment score for Bitcoin currently stands at 79%. Compared to all cryptocurrencies, post volume for Bitcoin currently ranks at 49. Keep an eye on changes to social metrics as they can be key indicators of the influence and reach of Bitcoin.
Powered by LunarCrush
Posts
142,036
Contributors
55,542
Interactions
87,784,423
Sentiment
79%
Volume rank
#49
X
Posts
93,698
Interactions
67,976,459
Sentiment
81%
Bitcoin FAQ
Who created Bitcoin?
Bitcoin was created by an individual or group of people known only as Satoshi Nakamoto. Despite much interest, media speculation, and claims, the exact identity of Satoshi Nakamoto has never been revealed. Nakamoto withdrew from the Bitcoin project in 2010 and shared their last public email in 2011.
How do I buy Bitcoin?
Bitcoin can be used to purchase online and offline goods and services. It is accepted by over 15,000 businesses, including Microsoft, Starbucks, Newegg, AT&T, Subway, and Burger King.
Additionally, Bitcoin can be sent directly between users without intermediaries, making it a faster, cheaper, and more secure payment method than traditional options like credit cards or bank transfers.
Beyond Bitcoin’s purpose as a means of exchange, it can also be held long-term for potential returns.
Is Bitcoin accepted as legal tender?
Currently, Bitcoin is accepted as legal tender in two countries: El Salvador and the Central African Republic (CAR). These nations have embraced Bitcoin as an official currency, with El Salvador leading the way in this adoption.
How to buy Bitcoin?
You can buy BTC tokens on the OKX cryptocurrency platform. Available trading pairs in the OKX spot trading terminal include BTC/USDT, BTC/USDC, and BTC/DAI.
Another way you can purchase BTC tokens is via the OKX P2P Trading platform. P2P trading allows users to buy and sell cryptocurrencies directly from other users without needing a middleperson.
To view the estimated real-time conversion prices between fiat currencies, such as the USD, EUR, GBP, and others, into BTC, visit the OKX Crypto Converter Calculator. OKX's high-liquidity crypto exchange ensures the best prices for your crypto purchases.
How can I access Bitcoin?
Bitcoin can be purchased through a centralized exchange such as OKX using fiat currency or other cryptocurrencies, or purchased directly from another individual via a decentralized exchange. If you already hold a cryptocurrency such as ETH, SOL, or USDT, you can also trade this for Bitcoin via a decentralized exchange.
Bitcoin can be obtained by mining the asset, which requires specialized knowledge and the necessary hardware and software. Meanwhile, Bitcoin can be purchased through a physical Bitcoin ATM, although they’re not as widely used as exchanges.
Is it safe to trade Bitcoin?
Bitcoin trading does come with some risks, including cybersecurity threats and the potential loss of your funds if the price of Bitcoin falls. It’s important to remember that cryptocurrencies are a volatile asset and prices can fluctuate unexpectedly.
With Bitcoin trading taking place across digital platforms, there’s the risk of fraud, scams, and hacks. However, the leading exchanges put in place measures to protect users from these threats. There’s also plenty you can do to protect yourself as a crypto trader, such as by using two-factor authentication and diligently protecting your wallet’s private keys and seed phrases.
Will the price of Bitcoin always rise?
Put simply, no. Bitcoin is a volatile asset that regularly sees price fluctuations. Although the price of Bitcoin has risen significantly in the past, this is no guarantee of future performance. It’s important to keep in mind that the trading of cryptocurrencies is purely speculative, which is why you should never trade with more than you can afford to lose.
Are Bitcoin and other cryptocurrencies illegal?
The legal status of cryptocurrencies is different across countries. Crypto is illegal in some nations, while others have embraced the technology and put in place regulations to manage the industry and protect users. Before you attempt to trade, it’s wise to first research what the law states regarding the ownership and trading of cryptocurrencies and other digital assets.
What is the Spot Bitcoin ETF?
The Spot Bitcoin ETF is a form of exchange-traded fund offered by major TradFi institutions including BlackRock, Grayscale, and Fidelity. Approved by the U.S. Securities and Exchange Commision on January 10, 2024, the Spot Bitcoin ETF tracks the current price of Bitcoin — referred to as the ‘spot’ — and its value therefore rises and falls in line with real-time Bitcoin price movements. As a result, the Spot Bitcoin ETF provides exposure to Bitcoin as an asset but without requiring you to hold BTC coins yourself.
How much is 1 Bitcoin worth today?
Currently, one Bitcoin is worth $109,582.2. For answers and insight into Bitcoin's price action, you're in the right place. Explore the latest Bitcoin charts and trade responsibly with OKX.
What is cryptocurrency?
Cryptocurrencies, such as Bitcoin, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Bitcoin have been created as well.
Watch this video to learn about what happens when you move your money to a crypto exchange.
ESG Disclosure
ESG (Environmental, Social, and Governance) regulations for crypto assets aim to address their environmental impact (e.g., energy-intensive mining), promote transparency, and ensure ethical governance practices to align the crypto industry with broader sustainability and societal goals. These regulations encourage compliance with standards that mitigate risks and foster trust in digital assets.
Asset details
Name
OKcoin Europe LTD
Relevant legal entity identifier
54930069NLWEIGLHXU42
Name of the crypto-asset
Bitcoin
Consensus Mechanism
Bitcoin is present on the following networks: Bitcoin, Lightning Network.
The Bitcoin blockchain network uses a consensus mechanism called Proof of Work (PoW) to achieve distributed consensus among its nodes. Here's a detailed breakdown of how it works: Core Concepts 1. Nodes and Miners: Nodes: Nodes are computers running the Bitcoin software that participate in the network by validating transactions and blocks. Miners: Special nodes, called miners, perform the work of creating new blocks by solving complex cryptographic puzzles. 2. Blockchain: The blockchain is a public ledger that records all Bitcoin transactions in a series of blocks. Each block contains a list of transactions, a reference to the previous block (hash), a timestamp, and a nonce (a random number used once). 3. Hash Functions: Bitcoin uses the SHA-256 cryptographic hash function to secure the data in blocks. A hash function takes input data and produces a fixed-size string of characters, which appears random. Consensus Process 1. Transaction Validation: Transactions are broadcast to the network and collected by miners into a block. Each transaction must be validated by nodes to ensure it follows the network's rules, such as correct signatures and sufficient funds. 2. Mining and Block Creation: Nonce and Hash Puzzle: Miners compete to find a nonce that, when combined with the block's data and passed through the SHA-256 hash function, produces a hash that is less than a target value. This target value is adjusted periodically to ensure that blocks are mined approximately every 10 minutes. Proof of Work: The process of finding this nonce is computationally intensive and requires significant energy and resources. Once a miner finds a valid nonce, they broadcast the newly mined block to the network. 3. Block Validation and Addition: Other nodes in the network verify the new block to ensure the hash is correct and that all transactions within the block are valid. If the block is valid, nodes add it to their copy of the blockchain and the process starts again with the next block. 4. Chain Consensus: The longest chain (the chain with the most accumulated proof of work) is considered the valid chain by the network. Nodes always work to extend the longest valid chain. In the case of multiple valid chains (forks), the network will eventually resolve the fork by continuing to mine and extending one chain until it becomes longer. For the calculation of the corresponding indicators, the additional energy consumption and the transactions of the Lightning Network have also been taken into account, as this reflects the categorization of the Digital Token Identifier Foundation for the respective functionally fungible group (“FFG”) relevant for this reporting. If one would exclude these transactions, the respective estimations regarding the “per transaction” count would be substantially higher.
Incentive Mechanisms and Applicable Fees
Bitcoin is present on the following networks: Bitcoin, Lightning Network.
The Bitcoin blockchain relies on a Proof-of-Work (PoW) consensus mechanism to ensure the security and integrity of transactions. This mechanism involves economic incentives for miners and a fee structure that supports network sustainability: Incentive Mechanisms 1. Block Rewards: Newly Minted Bitcoins: Miners are incentivized by block rewards, which consist of newly created bitcoins awarded to the miner who successfully mines a new block. Initially, the block reward was 50 BTC, but it halves every 210,000 blocks (approx. every four years) in an event known as the "halving." Halving and Scarcity: The halving mechanism ensures that the total supply of Bitcoin is capped at 21 million, creating scarcity and potentially increasing value over time. 2. Transaction Fees: User Fees: Each transaction includes a fee paid by the user to incentivize miners to include their transaction in a block. These fees are crucial, especially as the block reward diminishes over time due to halving. Fee Market: Transaction fees are determined by the market, where users compete to have their transactions processed quickly. Higher fees typically result in faster inclusion in a block, especially during periods of high network congestion. For the calculation of the corresponding indicators, the additional energy consumption and the transactions of the Lightning Network have also been taken into account, as this reflects the categorization of the Digital Token Identifier Foundation for the respective functionally fungible group (“FFG”) relevant for this reporting. If one would exclude these transactions, the respective estimations regarding the “per transaction” count would be substantially higher.
Beginning of the period to which the disclosure relates
2024-06-09
End of the period to which the disclosure relates
2025-06-09
Energy report
Energy consumption
210680358820.91519 (kWh/a)
Renewable energy consumption
24.134702976 (%)
Energy intensity
11.07477 (kWh)
Key energy sources and methodologies
To determine the proportion of renewable energy usage, the locations of the nodes are to be determined using public information sites, open-source crawlers and crawlers developed in-house. If no information is available on the geographic distribution of the nodes, reference networks are used which are comparable in terms of their incentivization structure and consensus mechanism. This geo-information is merged with public information from Our World in Data, see citation. The intensity is calculated as the marginal energy cost wrt. one more transaction.
Ember (2025); Energy Institute - Statistical Review of World Energy (2024) – with major processing by Our World in Data. “Share of electricity generated by renewables – Ember and Energy Institute” [dataset]. Ember, “Yearly Electricity Data Europe”; Ember, “Yearly Electricity Data”; Energy Institute, “Statistical Review of World Energy” [original data]. Retrieved from https://ourworldindata.org/grapher/share-electricity-renewables
Energy consumption sources and methodologies
The energy consumption of this asset is aggregated across multiple components:
For the calculation of energy consumptions, the so called “top-down” approach is being used, within which an economic calculation of the miners is assumed. Miners are persons or devices that actively participate in the proof-of-work consensus mechanism. The miners are considered to be the central factor for the energy consumption of the network. Hardware is pre-selected based on the consensus mechanism's hash algorithm: SHA-256. A current profitability threshold is determined on the basis of the revenue and cost structure for mining operations. Only Hardware above the profitability threshold is considered for the network. The energy consumption of the network can be determined by taking into account the distribution for the hardware, the efficiency levels for operating the hardware and on-chain information regarding the miners' revenue opportunities. If significant use of merge mining is known, this is taken into account. When calculating the energy consumption, we used - if available - the Functionally Fungible Group Digital Token Identifier (FFG DTI) to determine all implementations of the asset of question in scope and we update the mappings regulary, based on data of the Digital Token Identifier Foundation.
To determine the energy consumption of a token, the energy consumption of the network(s) lightning_network is calculated first. For the energy consumption of the token, a fraction of the energy consumption of the network is attributed to the token, which is determined based on the activity of the crypto-asset within the network. When calculating the energy consumption, the Functionally Fungible Group Digital Token Identifier (FFG DTI) is used - if available - to determine all implementations of the asset in scope. The mappings are updated regularly, based on data of the Digital Token Identifier Foundation.
Emissions report
Scope 1 DLT GHG emissions – Controlled
0.00000 (tCO2e/a)
Scope 2 DLT GHG emissions - Purchased
86799478.03400 (tCO2e/a)
GHG intensity
4.56276 (kgCO2e)
Key GHG sources and methodologies
To determine the GHG Emissions, the locations of the nodes are to be determined using public information sites, open-source crawlers and crawlers developed in-house. If no information is available on the geographic distribution of the nodes, reference networks are used which are comparable in terms of their incentivization structure and consensus mechanism. This geo-information is merged with public information from Our World in Data, see citation. The intensity is calculated as the marginal emission wrt. one more transaction.
Ember (2025); Energy Institute - Statistical Review of World Energy (2024) – with major processing by Our World in Data. “Carbon intensity of electricity generation – Ember and Energy Institute” [dataset]. Ember, “Yearly Electricity Data Europe”; Ember, “Yearly Electricity Data”; Energy Institute, “Statistical Review of World Energy” [original data]. Retrieved from https://ourworldindata.org/grapher/carbon-intensity-electricity Licenced under CC BY 4.0
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