In early September this year, El Salvador became the first country in the world to include Bitcoin as legal tender, with over $225 million invested to increase the government’s stockpile to 550 Bitcoins, launching a project designed to solidify the country as a world leader in cryptocurrency. The El Salvadoran President had another bright idea; to create a state-owned Bitcoin mining operation using geothermal energy, which is now a reality.
Crypto exchanges and related service providers are rushing to sever ties with Chinese clients after The People’s Bank of China dubbed all crypto-related activities illegal as the country’s latest crackdown on cryptos unfolds – the broadest yet by any major economy. The Chinese central bank announced on Friday that all digital currency-related services within mainland China are banned and also warned overseas exchanges providing services to Chinese users to end operations in the country.
Crypto critics have been making a lot of fuss over the years about the environmental impacts related to the mining of said cryptocurrencies, especially that of the world’s most prominent digital currency, Bitcoin. But new research shows that a large portion of the carbon emissions caused by Bitcoin mining has been reduced quite drastically in the last six months, and it seems the future of cryptocurrency seems a lot “greener” moving forward.
The city of Miami is finding innovative ways to boost its revenue intake and raise funding for local projects, and one of these ways is by embracing the use of cryptocurrency. But now the city is taking it a step further by partnering with CityCoins in developing a new cryptocurrency designed specifically for Miami, and city officials believe this will generate millions of dollars in revenue.
Mining and trading crackdown in China plus high volatility are the biggest contributors behind the significant dive. Not the Finest Hour Last month was not the finest hour for cryptocurrency trading volume and there was a reportedly huge drop of as much as 40%. CryptoCompare, a price and volume tracking organization, is behind the recent […]
A pan-European governing authority would help take back control of the market while dealing with concerns about the existing criminal activity. The Only Way Forward With the current European crypto market currently estimated to be worth over €1 trillion, is giving the regulatory reins to one central entity the only way forward? The answer is […]
The crypto community was left in shock after the announcement of China’s latest crackdown on cryptocurrencies, which included not only the ban of financial services related to cryptos and the trading of digital currencies but also the mining of said currencies. China has been the global bitcoin mining hub throughout the years and is responsible for around 65% of all bitcoin mining worldwide, even after the recent ban. But the effects of local regulations are pushing large mining operations out of the country. Several big mining firms have ceased operations in China and are looking to move their operations to regions such as Central Asia and North America.