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Bitcoin Daily: Report: Up To 87 Pct Of Dogecoin Is Controlled By Chinese Companies; Bitcoin Drops To 3.5-Month Low

Up to 87 percent of Dogecoin mining is done by Chinese-affiliated companies or is mined in China outright, Crypto New Media reported.

Comparatively, Bitcoin does not have nearly as much mining in China, according to the report. Instead, more bitcoin companies have been mining in North America and Europe.

In other news, Bitcoin dropped to a three-month low Monday (May 17), Coindesk reported. That is the biggest price pullback amid the current bull run.

Bitcoin, arguably the best-known cryptocurrency, was priced at $42,212. That level hadn’t been seen since Feb. 8. It marked a 35 percent drop from the record high of $64,880 from April 14, according to Coindesk.

Bitcoin’s price has seen numerous fluctuations this year, although the current 35 percent fall is the biggest one, Coindesk reported.

Meanwhile, Japanese video game giant Sony has published a patent for an eSports betting company that would accept bitcoin wagers, Bitcoin Magazine reported.

“Wagers may be pecuniary, e.g., money or bitcoin, or may be non-pecuniary, e.g., game assets, digital rights and virtual currency,” the patent stated.

The patent outlines a system in which people viewing live events could bet on the outcomes of matches while watching in real time, according to the report. There would be a user interface through which the participants would be able to see how things were going in the overlay to the broadcast and place bets.

It’s still unknown if the patent filing will lead to a live platform letting users bet on eSports using bitcoin, the report stated.

Lastly, Legacy Records has become the first known record company to pay artists with cryptocurrency, according to a press release.

Next, Legacy will allow non-fungible tokens (NFTs) to enter into play, the release stated. The label will be releasing NFTs for extra perks for investors.

By using NFTs, the company plans to change the way the industry operates via new ways for customers to participate in auctions for unique content, according to the release.

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