Market
July’s Crypto Mining Highlights: Russia’s New Law, Iris Energy’s Funding, and More

July 2024 saw interesting developments in the crypto mining industry. Significant legal advancements and strategic corporate developments shaped the sector.
From Russia’s implementation of stringent regulations to key investments in mining infrastructure, these series of events showcase the sector’s swift evolution.
Crypto Mining Gets Legal Framework in Russia
Russia’s State Duma passed a law in late July to regulate crypto mining and digital asset circulation. The legislation targets large-scale operations by requiring them to be listed in the mining infrastructure operators’ registry.
Home miners can continue without registration, provided they adhere to government-set energy consumption limits. However, this law excludes individuals with criminal records related to economic crimes. The exclusion is designed to ensure that only compliant and trustworthy entities can participate in Russia’s growing crypto mining industry.
President Vladimir Putin further solidified these regulations by signing the law on August 8, introducing official terminology like “digital currency mining” and “mining infrastructure operator.” This legal framework clarifies the operational settings, recognizing mining as part of the turnover process, which may influence future regulatory and taxation policies.
Read more: What is Cryptocurrency Mining?
Australian Bitcoin Miner Iris Energy Boosts Capacity with New Funds
Iris Energy, a Bitcoin miner based in New South Wales, raised $413 million in July. The company plans to use these funds to boost its operational capacity, adding 30 EH/s and 510 megawatts (MW) of data centers, fully supporting its 2024 expansion goals.
This financial maneuver also strengthens Iris Energy’s position and provides flexibility for future procurement, additional power capacity, and strategic monetization opportunities. Particularly in the US, the company focuses on its 1,400 megawatt (MW) project in West Texas.
Riot Platforms Expands with $92.5 Million Block Mining Acquisition
Riot Platforms also made headlines in July by acquiring Block Mining, a Kentucky-based Bitcoin miner, for $92.5 million. This acquisition is part of Riot’s strategy to diversify and expand its operations across the US.
The deal, funded through a mix of cash and stock, provides Riot with an additional 60 MW of developed capacity, with the potential to scale to over 300 MW. Riot’s CEO, Jason Les, highlighted that this acquisition is crucial for achieving their growth target of 100 EH/s and expanding into new power markets.
“The acquisition of Block Mining also diversifies Riot geographically into new power markets and brings onboard a proven operating team,” Les added.
Northern Data Eyes U.S. IPO for AI and Data Center Units
European Bitcoin miner Northern Data is reportedly exploring an initial public offering (IPO) for its AI cloud computing and data center businesses in the US. The potential IPO, targeted for the first half of next year, could value the combined businesses between $10 billion and $16 billion.
The Frankfurt-based company is considering listing its cloud computing activities, Taiga, and its data centers, Ardent, on the Nasdaq. This move could boost Northern Data’s market presence and supply the capital needed for its US expansion. Additionally, the firm’s decision to pursue a US IPO reflects its strategy to capitalize on the growing intersection of AI, cloud computing, and crypto mining.
This news has also positively impacted Northern Data’s stock price. Data revealed that on July 2, NB2 jumped from €25 to as high as €32.85. However, during the market after-hours on August 9, its price had stabilized at €20.60.
Read more: Best Crypto Mining Stocks to Buy or Watch Now

Former Executive Wins $138 Million Verdict Against Marathon Digital
Marathon Digital was penalized $138 million in late July following a jury’s decision. The company had violated a non-disclosure agreement with its former executive, Michael Ho, who now serves as Chief Strategy Officer at Hut 8.
David W. Affeld and Edward E. Johnson, from Affeld England & Johnson LLP, represented Michael Ho in a trial against Marathon’s counsel at Weil Gotchal and Manges LLP. Affeld explained that the unanimous jury verdict of $138 million vindicates Michael Ho’s efforts and expertise. Furthermore, it reinforces the importance of honoring contractual obligations and respecting professional relationships.
The post July’s Crypto Mining Highlights: Russia’s New Law, Iris Energy’s Funding, and More appeared first on BeInCrypto.
Market
Cardano (ADA) Jumps 4% as Bullish Signals Emerge

Cardano (ADA) is up 4% on Monday, trying to hit $0.65, showing signs of renewed bullish momentum. Technical indicators are beginning to align in favor of buyers, with the BBTrend turning positive for the first time in days and the DMI signaling strengthening upward pressure.
ADA is also nearing a potential golden cross formation on its EMA lines, which could further support a breakout if resistance levels are cleared. With momentum building and key levels in sight, Cardano is entering a critical zone that could define its short-term direction.
Cardano Shows Early Signs of Recovery as BBTrend Turns Positive
Cardano BBTrend has just flipped back into positive territory at 0.11, following four straight days in the negative zone. This shift, though subtle, may be the first sign of momentum stabilizing after recent weakness.
BBTrend, or Bollinger Band Trend, is a technical indicator that gauges the strength and direction of a trend based on how wide or narrow the Bollinger Bands are.
When the bands begin to expand and BBTrend moves into positive values, it often suggests growing volatility in favor of an emerging bullish trend. On the other hand, prolonged negative readings typically signal fading momentum and a lack of directional strength.

While a BBTrend of 0.11 is still low and not yet signaling a strong uptrend, the fact that it turned positive marks a potential inflection point.
It suggests that selling pressure may be fading and the price could be entering a recovery phase if buying activity increases. This early uptick in BBTrend often precedes a broader move.
Traders will likely be watching closely to see if this positive shift is sustained in the coming sessions, as continued gains in BBTrend could indicate the beginning of a more defined upward move for ADA.
Cardano Buyers Regain Control as Uptrend Shows Early Strength
Cardano Directional Movement Index (DMI) is showing a notable shift in momentum, with its Average Directional Index (ADX) climbing to 17.79, up from 13.77 yesterday.
The ADX measures the strength of a trend, regardless of its direction, on a scale from 0 to 100. Values below 20 suggest a weak or non-existent trend, while readings above 25 typically confirm that a trend is gaining strength.
ADA’s ADX is still below the 20 threshold but rising steadily—indicating that momentum is building and a stronger directional move could soon take shape.

Looking deeper, the +DI (positive directional indicator) has jumped to 26.38 from 16.30 just a day ago, signaling increased buying pressure. Although it has slightly pulled back from an earlier peak at 29.57, it remains firmly above the -DI (negative directional indicator), which has dropped significantly from 22.72 to 13.73.
This widening gap between the +DI and -DI suggests a clear shift in favor of bulls, with buyers regaining control after a brief period of selling pressure.
If the ADX continues to rise alongside a dominant +DI, it could confirm a strengthening uptrend for Cardano.
Cardano Nears Golden Cross as Bulls Eye Breakout—but Key Support Still in Play
Cardano price is approaching a potentially bullish technical development, as its EMA lines suggest a golden cross may form in the coming sessions.
A golden cross occurs when the short-term moving average crosses above the long-term moving average, often signaling the start of a stronger uptrend.
If this crossover is confirmed and ADA manages to break above the resistance at $0.668, the next upside targets sit at $0.709 and $0.77—levels not seen since late March.

However, if ADA fails to maintain its upward trajectory and the momentum fades, downside risks remain in play.
A drop back toward the $0.594 support would be the first sign of weakness, and a breakdown below that level could expose the asset to deeper losses, with $0.511 as the next key support zone.
Price action around the $0.668 resistance will likely be the deciding factor.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Bitcoin ETFs Dominate Market Despite 72 Altcoin Proposals

As the SEC is signaling its willingness to approve new altcoin ETFs, 72 active proposals are awaiting a nod. Despite the growing interest from asset managers to launch more altcoin-based products in the institutional market, Bitcoin ETFs currently command 90% of crypto fund assets worldwide.
New listings can attract inflows and liquidity in these tokens, as demonstrated by Ethereum’s approval of ETF options. Still, given the current market interest, it’s highly unlikely that any crypto found will replicate Bitcoin’s runaway success in the ETF market
Bitcoin Dominates the ETF Market
Bitcoin ETFs dramatically changed the global digital assets market over the past month, and they are performing quite well at the moment. In the US, total net assets have reached $94.5 billion, despite continuous outflows in the past few months.
Their impressive early success opened a new market for crypto-related assets, and issuers have been flooding the SEC with new applications since.
This flood has been so intense that there are currently 72 active proposals for the SEC’s consideration:
“There are now 72 crypto-related ETFs sitting with the SEC awaiting approval to list or list options. Everything from XRP, Litecoin and Solana to Penguins, Doge and 2x MELANIA and everything in between. Gonna be a wild year,” claimed ETF analyst Eric Balchunas.
The US regulatory environment has become much friendlier toward crypto, and the SEC is signaling its willingness to approve new products. Many ETF issuers are attempting to seize the opportunity to create a product as successful as Bitcoin.
However, Bitcoin has a sizable head start, and it’s difficult to imagine any newcomer disrupting its 90% market share.

To put that into perspective, BlackRock’s Bitcoin ETF was declared “the greatest launch in ETF history.” Any new altcoin product would need a significant value-add to encroach upon Bitcoin’s position.
Recent products like Ethereum ETF options have attracted fresh liquidity. Yet, Bitcoin’s dominance in the institutional market remains unchanged.
Of these 72 proposals, only 23 refer to altcoins other than Solana, XRP, or Litecoin, and many more concern new derivatives on existing ETFs.
Some analysts claim that these products, taken together, couldn’t displace more than 5-10% of Bitcoin’s ETF market dominance. If an event significantly disrupted Bitcoin, it would also impact the rest of crypto.
Still, that doesn’t mean that the altcoins ETFs are a futile endeavor. These products have continually created new inflows and interest in their underlying assets, especially with issuers acquiring token stockpiles.
However, it’s important to be realistic. While XRP and Solana ETF approvals could drive new bullish cycles for the altcoin market, Bitcoin will likely dominate the ETF market by a large margin — given its widespread recognition as a ‘store of value’.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Coinbase Lists RSR, Atkins Association Fuels Bullishness

Coinbase is listing Reserve Rights (RSR), a dual‑token stablecoin platform aimed at creating a collateral‑backed, self‑regulating stablecoin ecosystem. Following the announcement, Binance’s ‘smart money’ traders are increasing long positions on the altcoin.
Incoming SEC Chair Paul Atkins was an early advisor for RSR, but he doesn’t maintain any active connection to the project. Nonetheless, RSR speculators may be anticipating some benefits from this old association.
Coinbase Lists RSR To New Enthusiasm
RSR has been active since 2019, aiming to upend the stablecoin ecosystem. It’s an ERC‑20 utility and governance token that underpins the Reserve Protocol, a dual‑token system designed to back and stabilize the Reserve stablecoin (RSV) at a $1 USD peg. RSR, a non-stablecoin, provides governance and backstop insurance to its counterpart.
The asset’s valuation peaked in 2021 but has been quiet since then until regaining prominence in 2024. Today’s Coinbase listing announcement saw RSR jump nearly 10%.

Coinbase first announced that it would list RSR a little under three weeks ago. Coinbase listings usually cause the underlying tokens to spike, and this has been no exception.
However, an intriguing side effect has also taken place. As the asset prepares its debut on Coinbase, top traders on Binance are showing a strong bullish positioning.

On Binance, the top‑trader long/short ratio measures the share of total open positions held as longs by the top 20% of accounts by margin balance. A 65.48% long ratio means these “smart money” participants are overwhelmingly betting prices will rise.
Meanwhile, beyond Coinbase listing, RSR is getting attention due to its link with incoming SEC Chair Paul Atkins. Although Atkins disclosed his crypto investments and has no current link with RSR, he joined the Reserve Rights Foundation as an advisor in its early stages.
Since Atkins succeeded in his confirmation hearing, RSR posted an impressive 22% rally. Technically, he hasn’t been seated as Chair yet, but traders are evidently expecting bullish developments.
Atkins has promised to bring crypto-friendly reform, and this connection could disproportionately impact his former associates.
That isn’t to say that anyone has alleged that Atkins will engage in corruption to unfairly boost RSR. However, since becoming President, members of Trump’s family have been involved in several controversial crypto deals. This precedent may be encouraging traders to believe in the importance of political connections.
For now, market narratives are very important in this industry. As Atkins officially begins his career as the SEC’s new Chair, RSR may continue to receive indirect benefits.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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