Circle and NEAR in Remittances Deal

March 27, 2025

The biggest crypto news and ideas of the day 

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Welcome to The Node! This is Ben Schiller to take you through the latest crypto news. 

 

In today's news from CoinDesk reporters:
GameStop Tumbles 25% Following Bitcoin Convertible Bond Plan. What's Happening?
Circle and Near Invest $14M in Remittances App for Indian Diaspora
Studio Ghibli Craze Inspires Memecoins on Ethereum, Solana After OpenAI’s 4o Release

Trump's Pick to Run SEC Paul Atkins Promises New Crypto Stance, Gets Few Questions

 

Opinion: Bitcoin miners, hoping for more efficiency, are increasingly marching in step with the traditional datacenter industry, says Colin Harper of Blockspace. 👇

 

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GameStop Plunges 

  • GameStop's shares plunged 25% on Thursday, more than erasing all gains since the firm announced its bitcoin (BTC) buying plans.
  • The company's $1.3 billion, 0% convertible note offering to fund its bitcoin acquisition plan was met with initial excitement, but investor enthusiasm waned upon closer examination of the financing.
  • Analysts predict that GameStop's share price will continue to decline prior to the issuance of the convertible note.
 

Circle, NEAR Invest in Abound App

  • Remittance app Abound raised $14 million in a seed round from Circle Ventures and the Near Foundation.
  • The app has processed $150 million worth of remittances and has 500,000 monthly active users.
 

#Ghibli Memes Go Viral 

  • A new trend of AI-generated art styled after Studio Ghibli films has gone viral, with the hashtag #GhibliAI gaining millions of hits.
  • OpenAI's 4o model, a powerful image generation tool, is behind this trend, generating artwork that mimics the unique style of Studio Ghibli.
  • The trend has sparked the creation of Ghibli-themed cryptocurrencies, with 'ghiblification' (GHIBLI) reaching a market cap of $21 million.
 

Atkins in SEC Confirmation Hearing

  • Two key nominees for future crypto regulation — Paul Atkins to run the Securities and Exchange Commission and Jonathan Gould to lead the Office of the Comptroller of the Currency — faced their nomination hearing in the Senate.
  • Crypto came up a few times, but Atkins fielded no substantial questioning of his views on oversight of the industry and on the legislation that may potentially direct the SEC how to govern it.
 

Opinion: New Mining Machine Designs

By Colin Harper, Blockspace Media

In the beginning, there were only CPUs, then GPUs, for bitcoin mining. Then came the mighty ASIC in 2013, and with it, the “shoebox” form factor that has become emblematic of the bitcoin mining industry.

 

What comes next? Will the shoebox design persist as standard for bitcoin mining ASICs? Or will another form factor that more resembles traditional datacenter servers win out?

 

This article first appeared on Blockspace Media.

 

ASIC manufacturers are increasingly betting on the latter – or at least, that a hydro-cooled server rack design will become a substantial portion of bitcoin mining fleets. Moreover, they’re leaning into the “direct-to-chip” cooling for further efficiency gains.

 

Last September, Bitmain announced its model U3S21EXPH (a bit of a mouthful, eh?) developed in a partnership with Hut 8. Its U3 design means that one unit takes up three spaces in a traditional server rack. MicroBT soon followed with its M63 Hydro series, as did Bitdeer’s Sealminer A2 Hydro unit.

 

Following suit, Auradine released its server rack model, the AH3880, this March. Its U2 design, which occupies two server slots, is a bit smaller, but it packs more hashrate per unit of space at 600 TH/s (or 300 TH/s per slot) versus Bitmain’s 860 TH/s (286.66 TH/s per slot).

 

So, what’s with the switch up from the traditional shoe box? For Auradine, it’s all about customer demand.

 

“[Our new model is] based upon a lot of feedback that we got from our miner customers … we've been working with the miners even throughout the design process,” Auradine CSO Sanjay Gupta said on the most recent Mining Pod. “They indicated to us that they were looking for a quality hydro based miner.”

 

In its partnership with Bitmain for the U3S21EXPH, “Hut 8 was instrumental in the custom design for the infrastructure, particularly the U form factor which is compatible with HPC style architecture,” Hut 8 Head of Investor Relations Sue Ennis told Blockspace last September. (More on the high performance computing angle later).

 

The benefit of a server rack ASIC lies in standardization. Bitcoin miners are increasingly marching in step with the traditional datacenter industry, and that industry could see 40% adoption of direct liquid-to-chip cooling by 2026, according to data center developer Cyrus One.

 

If miners adopt this design, then theoretically, they can optimize their supply chains by converging on server designs that are becoming best practice in the big-boy data center sector.

 

A message from

How Do You Get to 200 Million Downloads? Trust Wallet leads the way 

 

Trust Wallet surpassed 200 million total downloads as of March 24, a game-changing milestone in the crypto space. The Web3 wallet now stands as the most widely used non-custodial wallet globally for on-chain users, but that’s just the beginning, according to CEO Eowyn Chen, who sees Trust Wallet’s popularity as an indicator that Web3 is growing – and that her project has now cemented its role as a key gateway to Web3. Continue reading.

 

Links, Links, Links

 

Meet The Crypto Billionaire Who Helped The Trumps Make $400 Million – Forbes

Why DePIN matters, and how to make it work – a16z

Elizabeth Warren Slams SEC Chair Nominee for Potential Crypto 'Pre-Bribe' – Decrypt

The sane person’s guide to crypto investing – Fortune

 

Eye of the Beholder

 

 

 
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