Autor Cointelegraph By Turner Wright

Switzerland-based crypto mining firm expands operations to Texas

White Rock Management, a cryptocurrency mining company based in Switzerland, said it will be expanding its operations to the United States, starting with Texas.In a Tuesday announcement, White Rock said it will be partnering with Natural Gas Onsite Neutralization, or NGON, a company that captures natural gas that would otherwise be burned and converts it to energy for use in the firm’s Bitcoin (BTC) mining operations. White Rock said it will be operating out of NGON’s facility in the Brazos Valley region, mining BTC using “environmentally responsible” methods.According to White Rock CEO Andy Long, the move into Texas was just the first in the firm’s plans to expand its BTC mining operations to areas capable of providing energy from natural gas outside the scope of the state’s power grid. The company began mining crypto at data centers in Sweden in November 2021 and reported its operations in the United States will have an initial capacity of 3 megawatts, aiming for the firm’s total hashrate to be more than 1.6 EH/s.Crypto mining firm White Rock Management’s operations in Texas. Source: White RockThe recent market downturn — the price of Bitcoin has fallen more than 28% in the last 30 days — may be impacting crypto miners’ profits. Cointelegraph reported on June 10 that the “raw” costs for miners in North America were roughly $22,000 per Bitcoin, with additional costs potentially bringing the total to more than $30,000. Many mining firms in the region including Bitfarms have reported selling some of their BTC holdings amid the bear market.So What if the Revenue From Bitcoin Mining is Low?”Bitcoin miners are experiencing record-low Revenue. Miners earn Revenue from two sources..”by @CryptoAlliance_ Read Morehttps://t.co/jiIQVzrnpB— CryptoQuant.com (@cryptoquant_com) June 27, 2022Related: Bitcoin miners sold their entire May harvest: ReportIt’s unclear how the recent volatility may affect White Rock’s operations in the Lone Star State. Prior to the market downturn, Argo Blockchain said it was planning to launch operations in Texas’ Dickens County almost a year after first breaking ground — the 200-megawatt data center started mining in May. In April, the City of Fort Worth also launched a pilot program to mine BTC using three rigs in its city hall building.

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How crypto is attracting some institutional investors — Huobi Global sales head

James Hume, head of sales at Huobi Global, said t while some institutional investors have gotten “cold feet” over crypto, many with billions of dollars are exploring the space.Speaking to Cointelegraph at the European Blockchain Convention on Tuesday, Hume said that the crypto exchange had observed increasing interest from institutional investors within the last one to two years in entering the digital asset space. According to Hume, it took a long time for certain firms and hedge funds to “build teams, raise capital and understand the infrastructure” to participate in crypto, estimating that 20–30 firms with more than $1 billion could start trading within the year.“I think it’s a pretty exciting time,” said Hume. “A lot of the more speculative bets in crypto… Some have got a bit of cold feet, obviously, if you’re looking to come to the market and take a pretty decent size allocation.”Join us at the 7th @EBlockchainCon where our incredible speakers will debate the widespread of staking in crypto sphere.June 27th⏰11:35 AM CETPanel: The Next Big Business in Crypto is Staking️@enevamaria Ben Spiegelman Andrew Howell @JamesHume112#EBC22 pic.twitter.com/n72nC7Nl4G— European Blockchain Convention #EBC22 (@EBlockchainCon) June 21, 2022The Huobi sales head added that the exchange noted that people had “slowed slightly” in investments in hedge funds, speculating that larger venture capital firms could wait out some of the market volatility, but some investors could “get scared, back out, trade, deleverage.” Some institutional investors, according to Hume, needed to be educated on the regulatory aspects of the space. Regulatory compliance, in addition to the number of new crypto market participants and infrastructure, could affect which companies choose to place speculative, long-term bets on cryptocurrencies like Bitcoin (BTC):“Over the past few years, the amount of places who have come out and said “we’re going to do crypto regulation” and it turns out to not be what everyone had quite hoped — either it takes too long, or they put things in places which are quite restrictive.”Related: Institutions are exploring the space — KPMG Canada crypto teamCointelegraph reported in June that Huobi had secured licenses to operate in New Zealand and the United Arab Emirates, while its Thailand-based affiliate — a separate entity — planned to shutter by July 1 after the country’s Securities and Exchanges Commission revoked the firm’s operating license. The crypto exchange also announced the launch of an investment arm with more than $1 billion in crypto assets under management aimed at exploring decentralized finance and Web3 projects.“I think everyone is in agreement now that crypto is going to be around for the long term,” said Hume. “Everyone is kind of in agreement for the most part that it’s going to be around, that it’s not a scam. There’s actual utility in the market […] that people can utilize in the real world.”

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Central African Republic president launches crypto initiative following Bitcoin adoption

Faustin-Archange Touadéra, president of the Central African Republic, has announced the government will be backing an initiative centered around developing the country’s blockchain infrastructure.In a Monday announcement on Twitter, Touadéra said the CAR government would be launching Sango, a crypto initiative proposed following the country’s adoption of Bitcoin (BTC) as legal tender in April. According to Sango’s website, the government intends to launch the program during a July 3 event in which the president, members of his cabinet and industry experts will discuss the physical and digital infrastructure needed for the CAR to enter the crypto space, as well as the legal framework for the country. The Sango project’s plans include building a “legal crypto hub” aimed at attracting businesses and global crypto-enthusiasts, expanding the adoption of Bitcoin in the country, and creating a virtual “crypto island” — a special economic zone in the metaverse that will seemingly have an equivalent space in the physical world. According to Sando, the CAR plans to have a dedicated legal framework for crypto in place by the end of 2022.“The ambitious strategy to quickly build a successful economy can only rely on new technologies that have taken the world by storm and taken money to another level, with Bitcoin as a watchword,” said Touadéra. With #Bitcoin as #legaltender & inspiration, our country opens a new chapter in its inspiring journey towards a brighter future via #blockchain #tech. Everyone is welcome to witness the Sango Genesis Event that will be broadcast on the 3rd of July, on https://t.co/LIQiKGhcBS. pic.twitter.com/7u6knv5f6w— Faustin-Archange Touadéra (@FA_Touadera) June 27, 2022Related: Crypto users in Africa grew by 2,500% in 2021: ReportTouadéra’s and the CAR’s plans to adopt crypto seem to be emulating those of El Salvador, whose Bitcoin Law declaring the digital currency legal tender went into effect in September 2021. The Latin American nation also announced plans to create its town Bitcoin City funded by $1 billion worth of BTC bonds, placed on hold as of June amid the bear market.

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Grayscale reports 99% of SEC comment letters support spot Bitcoin ETF

Digital asset manager Grayscale reported overwhelming support in public comments for its application to launch a spot Bitcoin exchange-traded fund.In a Monday letter to investors, Grayscale said that of the more than 11,400 letters the United States Securities and Exchange Commission, or SEC, had received in regards to its proposed Bitcoin (BTC) investment vehicle, “99.96 percent of those comment letters were supportive of Grayscale’s case” as of June 9. According to Grayscale, roughly 33% of the letters questioned the lack of a spot BTC ETF in the U.S., given the SEC had already approved investment vehicles linked to Bitcoin futures, as was the case for ProShares and Valkyrie.“The SEC’s actions over the past eight months […] have signaled an increased recognition of and comfort with the maturity of the underlying Bitcoin market,” said Grayscale CEO Michael Sonnenshein. “The approval of each and every Bitcoin-linked investment product strengthens our arguments about why the U.S. market deserves a spot Bitcoin ETF.”A message from @Sonnenshein for $GBTC investors, on everything we’ve done and everything we’re ready to do: https://t.co/j1FpuLCpKY pic.twitter.com/6vQKVT97V4— Grayscale (@Grayscale) June 27, 2022The regulatory body is currently reviewing Grayscale’s application allowing the firm to convert shares of its Bitcoin Trust (GBTC) into a physically-backed fund, which, if approved, would be the first spot BTC ETF offering in the United States. The application is nearing the end of a 240-day review process, which started in November 2021 and ends on July 6. Though Grayscale’s campaign to encourage public comments with the SEC has been ongoing since February, many industry experts have suggested the regulatory body approving such an offering was unlikely. The SEC rejected similar applications from NYDIG, and Global X as recently as March, and One River Digital in May. SEC chair Gary Gensler has often pivoted in interviews when questioned as to when the commission could approve a spot Bitcoin ETF, saying in February that he would give the matter “careful consideration.”“[In my opinion] the chances of GBTC being allowed to convert to an ETF next week are 0.5%,” said Bloomberg ETF analyst Eric Balchunas. “About the same odds the NY Jets have of winning the Super Bowl.”Related: ProShares will launch ETF aimed at shorting Bitcoin following dip under $20KIt’s unclear what moves Grayscale may make if the SEC denies its application next week. The firm said it was “unequivocally committed” to converting its BTC trust to an ETF, hiring a former U.S. Solicitor General in June to work as a senior legal strategist for its application. In May, the digital asset manager launched a crypto-linked ETF on the London Stock Exchange, Borsa Italiana and Deutsche Börse Xetra.

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Celsius Network hires advisers ahead of potential bankruptcy: Report

Crypto lending platform Celsius Network has reportedly onboarded advisers from a management consulting firm in advance of the company possibly facing bankruptcy.According to a Friday report from the Wall Street Journal, Celsius hired an unknown number of restructuring consultants from the firm Alvarez & Marsal to advise the platform on potentially filing for bankruptcy. The report followed one from June 14, which said Celsius had hired lawyers in an attempt to restructure the company amid its financial issues. Steady lads https://t.co/5YAdmq5kt8— Ben McKenzie (@ben_mckenzie) June 24, 2022Celsius has been at the forefront of discussions in the media around significant volatility in the market amid the crypto lending platform’s decision to pause “all withdrawals, swaps and transfers between accounts” on June 12. CEO Alex Mashinsky and other Celsius higher-ups have been largely silent on social media since that announcement, with the platform saying on June 19 it would be suspending discussions on “Twitter Spaces and AMAs” to focus on addressing issues with its operations.State authorities have turned their attention to Celsius following the platform’s decision to suspend withdrawals. On June 16, Texas State Securities Board director of enforcement division Joseph Rotunda told Cointelegraph that regulators in Alabama, Kentucky, New Jersey, Texas and Washington were “looking at the issue involving the frozen accounts” at Celsius.Related: Risky business: Celsius crisis and the hated accredited investor lawsOn June 20, Celsius investor and BnkToTheFuture co-founder Simon Dixon proposed a recovery plan aimed at having the crypto lending platform take a similar approach as Bitfinex in 2016, using a “financial innovation” solution. As of November 2021, Celsius had a $3.5 valuation following a $750-million Series B funding round, which may have fallen given the recent market downturn.

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