Florida Takes A Stand Against CBDCs: Anti-CBDC Bill Receives Overwhelming Support In House And Senate

Bitcoin’s network has been putting miners through the wringer lately, with five straight difficulty increases that had them on edge. However, on May 4, 2023, at block height 788,256, the network difficulty level took a dip, dropping by 1.45% and bringing the overall difficulty down to 48.01 trillion for the next two weeks.

Bitcoin’s difficulty level finally dropped on May 4, 2023, after increasing five times since the February 24 increase of 9.95%. The five difficulty increases combined equated to a 22.62% increase, and the latest drop brings it down 1.45% lower. The change occurred at Bitcoin block height 788,256. At the time of writing, the network’s hashrate is 355.90 exahash per second (EH/s).

Just two days ago, the Bitcoin network hit a major milestone as its hashrate soared to an all-time high of 491 EH/s at block height 787,895. But with the next difficulty adjustment just around the corner on May 18, 2023, and less than 2,000 blocks away, miners are bracing themselves for what’s to come. While the recent downward difficulty drop has given them some much-needed relief, current block times are still hovering above the ten-minute average. In fact, the last block interval was a lengthy ten minutes and 49 seconds.

In addition, the Bitcoin network is currently grappling with a mempool with over 200,000 unconfirmed transactions waiting to be processed by miners. To expedite the process, users are shelling out a high-priority fee of $5.05 per transaction, while a medium-priority transfer will set them back $4.61. As for the top mining pools on May 4, Foundry USA takes the cake with 96.62 EH/s of hashpower, accounting for 27.17% of Bitcoin’s total hashrate. Trailing behind are Antpool (80.38 EH/s), F2pool (48.72 EH/s), Binance Pool (38.16 EH/s), and Viabtc (27.61 EH/s).

What do you think the future holds for Bitcoin’s difficulty level? Will it continue to rise steadily, or can we expect more dips in the coming months? Share your thoughts in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bitcoin’s network has been putting miners through the wringer lately, with five straight difficulty increases that had them on edge. However, on May 4, 2023, at block height 788,256, the network difficulty level took a dip, dropping by 1.45% and bringing the overall difficulty down to 48.01 trillion for the next two weeks.

Bitcoin’s difficulty level finally dropped on May 4, 2023, after increasing five times since the February 24 increase of 9.95%. The five difficulty increases combined equated to a 22.62% increase, and the latest drop brings it down 1.45% lower. The change occurred at Bitcoin block height 788,256. At the time of writing, the network’s hashrate is 355.90 exahash per second (EH/s).

Just two days ago, the Bitcoin network hit a major milestone as its hashrate soared to an all-time high of 491 EH/s at block height 787,895. But with the next difficulty adjustment just around the corner on May 18, 2023, and less than 2,000 blocks away, miners are bracing themselves for what’s to come. While the recent downward difficulty drop has given them some much-needed relief, current block times are still hovering above the ten-minute average. In fact, the last block interval was a lengthy ten minutes and 49 seconds.

In addition, the Bitcoin network is currently grappling with a mempool with over 200,000 unconfirmed transactions waiting to be processed by miners. To expedite the process, users are shelling out a high-priority fee of $5.05 per transaction, while a medium-priority transfer will set them back $4.61. As for the top mining pools on May 4, Foundry USA takes the cake with 96.62 EH/s of hashpower, accounting for 27.17% of Bitcoin’s total hashrate. Trailing behind are Antpool (80.38 EH/s), F2pool (48.72 EH/s), Binance Pool (38.16 EH/s), and Viabtc (27.61 EH/s).

What do you think the future holds for Bitcoin’s difficulty level? Will it continue to rise steadily, or can we expect more dips in the coming months? Share your thoughts in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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In the wake of Florida Governor Ron DeSantis’ remarks in Jacksonville on Tuesday, both the Florida House of Representatives and Senate have approved the state’s anti-central bank digital currency (CBDC) legislation, dubbed SB 7054. The bill explicitly states that should the U.S. central bank, a federal agency, or a foreign government issue a CBDC, its use as a “digital medium of exchange” will be strictly forbidden in Florida.

On Wednesday, the Florida House of Representatives endorsed the anti-CBDC bill SB 7054 with an overwhelming 116-1 vote. This backing comes on the heels of the Florida Senate’s approval last week, which saw a 34-5 majority. Governor DeSantis has been vocal in his criticism of CBDC initiatives and asserting Florida’s refusal to accept “woke politics.” Unsurprisingly, he is eager to sign the bill, having initially requested its drafting in March.

Upon DeSantis’ signature, SB 7054 provisions will come into effect on July 1, 2023. The bill offers a comprehensive definition of CBDCs and outlines its primary objective: “to safeguard Floridians by banning central bank digital currencies.” The author of the legislation confirms that these regulations would have no bearing on state and local revenue or any indeterminate impact on Florida’s private sector.

Florida’s Chief Financial Officer Jimmy Patronis has championed the bill and maintained that the Biden administration’s priorities will not find fertile ground in the Sunshine State. He argued on Wednesday that “The last thing our country needs is a federally controlled centralized bank digital currency (CBDC) weaponized by the Biden administration,” adding that it would merely enable unwarranted government surveillance of Floridians’ financial data. He emphatically declared:

Florida won’t let it stand.

Interestingly, several Democratic lawmakers in Florida also supported the anti-CBDC legislation. While opposition to CBDCs has been primarily associated with Republicans, U.S. presidential candidate Robert Kennedy Jr. has cautioned against the potential for political suppression via CBDCs. “CBDCs grease the slippery slope to financial slavery and political tyranny,” Kennedy proclaimed just last month. Florida’s Republican representative Wyman Duggan expressed pride in witnessing the bill’s passage and its subsequent arrival at Governor DeSantis’ desk.

Duggan emphasized, “With this bill, we are looking to protect the privacy of Floridians, and I am so proud that we have seen support from leadership in our State that clearly cares about the wellbeing of our citizens.”

What are your thoughts on Florida’s anti-CBDC legislation? Do you believe other states will follow suit, or is this a unique stance taken by Florida? Share your opinions in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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