RABIT Weekly News (W4 October 2022)

The top three US mining firms, Core Scientific, Marathon Digital, and Riot Blockchain, lost more than $1 billion during the second quarter. US media group Bloomberg reports, ‘‘Bitcoin mining firms consider selling off stockpiles due to financial pressure,’ that the third quarter malaise is expected to be more acute than the second quarter.
In the 2022 annual tax draft instructions presented by the US IRS, the current “virtual currency” was replaced with the term “digital assets,” which has a broader range. In addition, it regulates digital assets as “any digital representations of value that are recorded on a cryptographically secured distributed ledger or any similar technology.” According to this, NFT is expected to be included in the tax return subject.
On October 21th, the US film production Warner Bros. announced their plans to launch “The Lord of the Rings: The Fellowship of the Ring” as a digital collectible. This is part of the Web 3 site, the WB Movieverse. Once this plan proceeds, Warner Bros. is expected to be the first major media enterprise to produce and launch a famous movie as NFT.