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Crypto for Criminals? JPMorgan, Fined $39 Billion And Has Its Own Token

JPMorgan CEO Jamie Dimon faces criticism from the crypto community on X (formerly Twitter) after asserting that Bitcoin (BTC) and cryptocurrency's "only true use case" is to facilitate crime.

In a hearing before the United States Senate Committee on Banking, Housing, and Urban Affairs on Dec. 5, Dimon stated, "The only true use case for it is criminals, drug traffickers, money laundering, tax avoidance. If I were the government, I’d close it down."

However, crypto enthusiasts were quick to highlight the irony in Dimon's remarks, noting that JPMorgan is the second-largest penalized bank, having paid $39.3 billion in fines across 272 violations since 2000, according to Good Jobs First's violation tracker. Approximately $38 billion of these fines occurred under Dimon's leadership, who has been CEO since 2005.

Notably, several JPMorgan traders were investigated for manipulating various metals futures markets between 2008 and 2016 and agreed to pay nearly $1 billion to settle the investigation in September 2020.

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A startup introduces a home heater that mines Bitcoin

The energy consumption of a single Bitcoin transaction is estimated to be around 710 kWh, equivalent to more than 20 days' worth of electricity for an average American household. This translates to a substantial energy bill of approximately $120 for just one Bitcoin transaction, considering the average cost per kWh in the U.S. is around 17 cents.

Heatbit, a startup, has taken an unconventional approach to address the high costs associated with Bitcoin mining by integrating a Bitcoin miner with a heater. Led by Alex Busarov, an LSE graduate and former McKinsey employee, the company unveiled its creation at the Web Summit in Lisbon. Presented as the world's first heater-purifier, it not only warms homes but also claims to add $15 to monthly savings.

The Heatbit Mini utilizes silicon chips that perform complex computations, including Bitcoin mining and AI model training. It aims to generate monetary rewards while maintaining energy consumption levels comparable to standard appliances.

Bitcoin Faces Downturn as U.S. November Job Growth Exceeds Estimates

The U.S. economy witnessed robust job growth in November, surpassing expectations with the addition of 199,000 jobs. The unemployment rate also outperformed forecasts, declining to 3.7%. Economist predictions had anticipated an addition of 180,000 jobs, up from 150,000 in October, with the unemployment rate expected to remain steady at 3.9%.

Bitcoin has experienced a substantial 60% surge since the start of October, driven partly by lower interest rate expectations as investors anticipated a potential shift to easier monetary policy by the Fed. If the job growth report alters these rate expectations, the ongoing rally in Bitcoin may pause or see a modest reversal.

Examining other aspects of the report, average hourly earnings in November rose by 0.4%, surpassing the previous month's 0.2% and market expectations of 0.3%. On a year-over-year basis, average hourly earnings increased by 4%, aligning with the figures from October and meeting forecasts.

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