Autor Cointelegraph By Savannah Fortis

Australian firm raises $28M to expand Bitcoin mining capabilities

Australian firm raises $28M to expand Bitcoin mining capabilities

Uverejnil používateľ | nov 17, 2022 |

The turbulent climate of the crypto industry is not putting a full stop to builders in the space. Arkon Energy, an Australian renewable data center infrastructure company, recently raised millions to expand its Bitcoin (BTC) mining operations and acquired another European-based data center. The funding round was completed with $28 million raised by the data center infrastructure company, which uses 100% renewable electricity to mine BTC. Arkon extracts renewable power trapped in electricity markets to sustainably lowers its costs. Arkon CEO Josh Payne said this type of market creates the perfect storm for growth due to many factors: “The current market climate, with low prices for Bitcoin and mining equipment, offers a compelling opportunity to take advantage of our unique profitability and access to growth capital.”In addition, Arkon acquired one of Norway’s leading renewable energy-based data centers Hydrokraft AS, as a part of a larger plan to create a “vertically integrated green Bitcoin mining platform.”However, on Oct. 6, the Norwegian government recently proposed to eliminate the reduced electricity tax which is available for BTC miners in the country. The country’s finance minister said the power market is in a completely different situation now compared to when it first initiated the tax break in 2016. Similarly, in the Canadian province of Quebec, the energy manager for the region asked the local government to cut power from crypto miners due to high energy demands. Related: Bitcoin miners rethink business strategies to survive long-termThe current market downturn and industry turmoil has created a rough environment for many companies in the space to thrive. One recent example is that the BTC miner Iris Energy, is now facing a default claim worth $103 million from creditors in the United States. A filing with the U.S. Securities and Exchange Commission on Nov. 7 alleged that the company failed in restructuring to meet payment deadlines. The Hashrate Index recently released its Q3 mining report which revealed low hash prices, along with soaring energy costs made the quarter particularly rough for the mining industry. After BTC dropped below $20,000 this past September, hash rates climbed to a new all time high on Oct. 3.Amid the doom and gloom, some companies are pushing forward. The Chinese BTC miner Canaan, recently announced plans to scale its operations globally and include new research and development projects.

Čítaj viac
US reportedly considering Bankman-Fried extradition for questioning

US reportedly considering Bankman-Fried extradition for questioning

Uverejnil používateľ | nov 16, 2022 |

In the aftermath of the FTX exchange liquidity crisis and bankruptcy, the United States and Bahamian authorities are reportedly discussing the possibility of extraditing Sam Bankamn-Fried, former CEO of the company, back to the U.S. for questioning.According to a Bloomberg report citing people familiar with the matter, conversations between local law-enforcement officials, including the FBI, escalated in recent days as they investigated Bankman-Fried’s role in the downfall of the exchangeSince the incident, the former FTX CEO, co-founder Gary Wang and the director of engineering Nishad Singh are known to be in The Bahamas, where they are “under supervision” by the local authorities.Initially, rumors surfaced of Bankman-Fried potentially looking to flee to Dubai. However, due to an agreement between the U.S. and the United Arab Emirates, U.S.-based fugitives attempting to relocate to Dubai have a high chance of being detained and returned.Currently, it is known that Bahamian securities regulators and financial investigators have opened an investigation into the situation surrounding the fall of FTX for criminal misconduct. Financial authorities in Turkey have also launched an investigation into the exchange.FTX filed for bankruptcy on Nov. 11 and on the same day, Bankman-Fried stepped down from his position as CEO of the company, which was filled by restructuring executive John Jay Ray III. The latest filings from the bankruptcy case revealed that FTX could be accountable to over one million creditors.Related: Bahamas’ supreme court approves ‘provisional liquidators’ for FTXSome speculate the former CEO will face little repercussions for his actions. However, as of Nov. 14, nearly 4,000 people signed a petition demanding that Congress formally look into U.S. Securities and Exchange Commission head Gary Gensler’s “actions in the FTX fraud.”In the first days of the crisis, Minnesota Republican lawmaker Tom Emmer said he had reason to believe Gensler had ties with FTX for regulation purposes. Emmer said he was looking into the matter.Since the exchange went up in flames, lawmakers in the U.S., including the White House, have called for more stringent crypto regulation.

Čítaj viac
Island nation turns to metaverse to preserve its disappearing heritage

Island nation turns to metaverse to preserve its disappearing heritage

Uverejnil používateľ | nov 16, 2022 |

In the South Pacific, the island nation of Tuvalu decided to turn to Web3 technology in order to make sure its culture and society are preserved in the future. On Nov. 15 the country’s foreign minister, Simon Kofe, told the COP27 climate summit that it is looking for alternative ways to protect the county’s heritage against rising sea levels brought on by climate change. One of those ways is through recreating itself in the metaverse.As highlighted by Minister Hon @Simon_Kofe in his speech to leaders at #COP27 we have had to act. As rising sea levels threaten to submerge our home we have made a radical plan for the survival of our nation. Visit https://t.co/AKOS8iul64 Save #Tuvalu. Save the world. pic.twitter.com/P8HMkwz4i7— Tuvalu Ministry of Foreign Affairs (@Tuvalu_MJCFA) November 15, 2022In a video broadcast, Kofe said, “As our land disappears we have no choice but to become the world’s first digital nation.”Allegedly up to 40% of the nation’s capital district is underwater at high tide and the entire country is forecast to be underwater by the end of the century.As Tuvalu builds itself into the metaverse, it will become the first digitized nation in the metaverse. Kofe said the country’s land, ocean and culture are its most precious assets and no matter what happens in the physical world they will be kept safe in the cloud.“Islands like this one won’t survive rapid temperature increases, rising sea levels and droughts so we will recreate them virtually.”Although Tuvalu could become the first sovereign nation to recreate itself in the metaverse, other countries have already begun their own explorations into the digital frontier. Related: Ecosystem is bullish on the metaverse, no matter what the numbers imply In 2021, the Caribbean island nation of Barbados opened up an embassy in the Decentraland metaverse and was the first to do so. An indigenious tribe in Australia had also laid out plans for opening an embassy in the metaverse earlier this year.Other countries have begun offering services in the metaverse. Norway recently opened up a branch of its federal tax offices in the metaverse in order to reach its next generation of users. The United Arab Emirates set up a new headquarters for its Ministry of Economy on virtual land.Major tech-forward cities such as Seoul in South Korea and Santa Monica in California have also created digital counterparts.

Čítaj viac
FTX bankruptcy filing speculates over 1 million creditors

FTX bankruptcy filing speculates over 1 million creditors

Uverejnil používateľ | nov 15, 2022 |

The FTX liquidation crisis turned bankruptcy saga continues as a recent filing reveals additional information on Sam Bankman-Fried’s leadership and the exchange’s final days.On Nov. 14, a new document was filed in a United States federal court in Delaware, where FTX US is based. It revealed that the exchange may have “more than 1 million creditors in these Chapter 11 Cases.”This comes after Bankman-Fried’s voluntary Chapter 11 bankruptcy filing on Nov. 11, which initially set forth 100,000 creditors. These speculated 1 million creditors are said to belong to more than 100 different companies.The document also highlights Bankman-Fried’s resignation on Nov. 11 and reiterates that the company is now operating with restructuring executive John Jay Ray III as its CEO.FTX’s new leadership petitioned to consolidate its claims into a single list consisting of 50 individuals and organizations due to overlap and the number of creditors involved. “The debtors anticipate overlap among the various debtors’ creditor lists, and certain debtors may have fewer than 20 significant unsecured creditors.” The company also asked permission from the courts to file electronically by email rather than post. Related: Law Decoded, Nov. 7–14: How regulators reacted to the FTX crashThe latest document also touched on Bankman-Fried’s final days as CEO of the exchange. It said in the lead-up to the events of Nov. 11, “Questions arose about Mr. Bankman-Fried’s leadership and the handling of FTX’s complex array of assets and businesses under his direction.”As events surrounding FTX unraveled, rumors began to surface regarding the former CEO’s status and whereabouts. Currently, it is understood that he is under supervision in the Bahamas and potentially looking to flee to Dubai. The filing also highlighted the interest of global regulators, as FTX was one of the world’s largest exchanges. “There is substantial interest in these events among regulatory authorities around the world.”Following the industry-rattling events, many regulators spoke out in need of tighter, more defined crypto regulations. Maxine Waters, the chair of the U.S. House of Representatives Financial Services Committee, warned of “major consequences” for those using unregulated crypto companies.Regulators in California and New York City also said they would be looking into the collapse of the exchange. Outside of the U.S., federal entities in both the Bahamas and Turkey are investigating the situation.

Čítaj viac
Ownership is the future of digital entertainment, says blockchain exec

Ownership is the future of digital entertainment, says blockchain exec

Uverejnil používateľ | nov 14, 2022 |

Web3 is uprooting traditional entertainment industries with a new way of creating and engaging with digital content.The industry has already seen nonfungible tokens (NFTs) display the potential to transform how television scheduled programming can be created. Increased metaverse activity began challenging artists with new possibilities for performances and connectivity with their fans. All the use cases of Web3 technology upgrading the future of digital entertainment include one key component: ownership. Ownership is one of the defining characteristics that distinguishes Web3 activity from its predecessor. According to professionals in the industry, it will also be a defining characteristic not only of Web3 but of the future of digital entertainment. Cointelegraph spoke with Mitch Liu, CEO of the media and entertainment-centric blockchain Theta Labs, on what users can expect in the not-so-distant future of digital entertainment. Foremost, ownership redirects power back to the users actually engaging with the content rather than a few powerful platforms. Liu highlights that specifically with “tokenized economies for entertainment businesses,” both users and platforms benefit:“For platforms that embrace Web3, they gain new ways of monetization at a time when the margins of Web2 business models are shrinking.”This comes at a time when competition within the streaming industry is driving turbulent results for service providers. According to recent reports, platforms such as Paramount+ and Disney+ saw an increase in subscribers in the last quarter. However, stocks dropped as much as 9% for the latter, and earnings for both fell short of official estimates. Related: Social tokens will be the engine of Web3, from fanbases to incentivizationLiu says streaming wars lead to higher costs for users and more ads. Instead, he suggests such platforms need to adopt new business models which highlight user experience. This comes through ownership:“The key is to give the users and fans a say rather than have every decision come from the top down.”Liu continued by saying that, “giving more control back to users, whether it’s immutable ownership of a movie or the right to vote on how a platform operates, will help to avoid centralization.”Metaverse activity is one way to particularly enhance user experience through ownership. As investors are pouring into the metaverse space, entertainment platforms can take advantage of a new frontier with fewer barriers between audiences:“Decentralized economies and user ownership can be built into metaverses from the ground up.”According to a recent DappRadar report, metaverse and blockchain gaming projects cumulatively raised $1.3 billion during Q3. Companies in the space also see the potential Web3 has for entertainment ventures, as blockchain developer Ripple created a $250 million fund to back entertainment and media-focused Web3 projects. Its second wave of creators launched on Oct. 18 of this year.

Čítaj viac

Získaj BONUS 8 € v Bitcoinoch

nakup bitcoin z karty

Registrácia Binance

Burza Binance

Aktuálne kurzy