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El Salvador, the first country to mine Bitcoin using volcanoes

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El Salvador, the first country to mine Bitcoin using volcanoes

El Salvador, the first country to make bitcoin legal tender, has officially mined the first bitcoin using volcanic energy. This was revealed when President Nayib Bukele shared a screenshot of a mined bitcoin on Twitter. 

We’re still testing and installing, but this is officially the fist Bitcoin mining from the volcanode – tweeted Bukele.  Almost 22% of the country’s power market is geothermal.

El Salvador, the first country to mine Bitcoin using volcanoes 17

Following the approval by El Salvador’s congress, the Bitcoin price surged to $48,000 earlier today. This surge in prices was seen after $241 million in Bitcoin shorts were liquidated according to bybt.com

The country has mined 0.0059 BTC so far, worth $260 using geothermal energy from volcanoes. 

Further to this, El Salvador became the first country to make bitcoin legal tender last month. It has also created the Chivo wallet for citizens to access the Bitcoin network and make payments. As an incentive, the government gave out $30 to anyone who signed up.

El Salvador’s harnessing of geothermal energy could provide an answer to the hunt for a reliable clean energy source to power bitcoin mining.

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Circle (USDC) Will Support Ethereum’s PoS Merge Chain Only

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Circle (USDC) Will Support Ethereum’s PoS Merge Chain Only

Summary:

  • USDC stablecoin Issuer Circle has plans to solely support the Ethereum Proof-of-Stake chain post-merge.
  • Circle announced the decision on Tuesday amid rising speculations regarding a Proof-of-Work hard fork by major Ethereum miner Chandler Guo.
  • The digital asset firm stated that only a “single valid version” of USDC can exist.
  • Circle’s stablecoin is the largest ERC-20 asset on ETH’s network with a market cap of over $45 billion.
  • More firms have openly confirmed their support for the Merge as the watershed moment draws closer.
  • Core ETH developers previously set September 19 as the date for the pivotal switch to a PoS consensus.

Circle, the issuer of crypto’s second largest centralized stablecoin USDC, announced on Tuesday its intentions to fully support the Merge, Ethereum’s switch to a Proof-of-Stake consensus. 

The news comes at a time when speculations have flooded the crypto community regarding possible hard forks of Ethereum’s current Proof-of-Work chain. Chandler Guo, a prominent ETH miner based in China, supposedly plans to sustain ETH’s PoW chain by forking the network. 

Chandler Guo’s plan would create a new chain and ecosystem where miners remain relevant if the move goes as intended. Tron founder Justin Sun said he would donate 1 million ETH to the new chain, as previously reported. 

[DB] USDC Issuer Circle Will Only Support the Ethereum POS Chain Post-Merge: Blog

— db (@tier10k) August 9, 2022

While Sun is open to the ETH PoW hard fork idea, Circle’s announcement revealed that the firm would only support the PoS network post-merge. Tuesday’s announcement stated that “USDC as an Ethereum asset can only exist as a single valid version”. 

The USDC issuer added that their sole plan is “to fully support the upgraded Ethereum PoS chain”.

At press time, USDC is both the largest ERC-20 asset on the ETH chain and the largest dollar-backed stablecoin token on the network. USDC has grown to reach a market cap north of $45 billion since it launched on ETH’s chain back in 2018.

Circle (USDC) Will Support Ethereum's PoS Merge Chain Only 10
USDC Market Cap (Source: CoinMarketCap)

Crypto Companies Declare Their Stance On Ethereum’s Merge And Hard Forks

Circle is the latest firm to openly confirm support for the Merge. Earlier today, DeFi aggregator DeBank shared a similar announcement. Ethereum-based oracle protocol Chainlink also pledged full support for ETH’s PoS transition earlier this week. 

Notably, all three firms stated their support exists solely for the Merge leaving little to no room for hard forks.

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Ethereum Is The Most Prospective Blockchain For Web3, Hard Forks Not Necessary – DeBank

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Ethereum Is The Most Prospective Blockchain For Web3, Hard Forks Not Necessary – DeBank

Summary:

  • DeFi aggregator DeBank believes that Ethereum hard forks could be counterproductive.
  • DeBank also shared these remarks after naming ETH’s network as the most prospective chain for Web3 solutions and apps.
  • The service said they do not plan to support any hard forks during ETH’s transition to Proof-of-Stake.
  • Chainlink shared similar comments on Monday.
  • Crypto exchanges Deribit and OKX hinted at possible support for forked tokens but based on specific conditions. 

DeFi platform DeBank has tipped Ethereum as the most prospective blockchain in crypto for Web3 solutions as rumors built around possible Proof-of-Work hard fork surface weeks ahead of the Merge scheduled for September 19.

The decentralized finance aggregator opined that hard forks of ETH’s PoW chain during the transition to Proof-of-Stake could prove detrimental to the broader Web3 ecosystem. Such remarks were confirmed and shared by WuBlockchain on Tuesday.

DeBank is a self-acclaimed leading Web3 portfolio tracker with the largest data bank of DeFi protocols across more than 30 blockchain networks. 

DeBank: Ethereum is now becoming the most prospective chain for Web3 applications. A hard fork would bring a big disaster for the entire Web3 ecosystem. Therefore our team will NOT support any forked chains during Ethereum’s PoS merge transition. @DeBankDeFi

— Wu Blockchain (@WuBlockchain) August 9, 2022

The service said it would not support ETH PoW hard forks in alignment with its comments and support for the PoS Merge. Chainlink revealed a similar stance towards hard forks on Monday.

Comments from DeBank represent yet another opposing presence to Chandler Guo’s hard fork plan. The major ETH miner hopes to fork Ethereum’s chain during the Merge and churn out an ecosystem that taps a PoW consensus, EthereumWorldNews previously reported.

However, ETH founder Vitalik Buterin along with some social media users have pointed out that PoW proponents already have an existing community in Ethereum Classic (ETC). Buterin also opined that ETC has built a better product as well, per reports.

Ethereum Hard Forked Coins Could See Support From Deribit And OKX

Cryptocurrency exchange Deribit disclosed its approach to possible ETH PoW hard forked tokens as well on Tuesday. The platform said users would receive forked tokens if they are valued at nothing less than 0.25% of ETH post-merge. 

Deribit added that the new chain must show stability before it is supported by the exchange. As reported by EWN, another exchange called OKX said they would list forked coins if they build up sufficient demand.

At press time, the price of ETH has rallied over 45 % in the last month and exchanges hand at $1680.

Ethereum Is The Most Prospective Blockchain For Web3, Hard Forks Not Necessary - DeBank 11
ETH Daily Chart (Source: TradingView)

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Insider Misconduct To Be Investigated by Celsius’ Creditor Committee

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Insider Misconduct To Be Investigated by Celsius’ Creditor Committee
  • A Celsius committee of creditors is investigating potential misconduct by Celsius and insiders.
  • The official statement singles out CEO Alex Mashinsky.
  • The committee has hired a law firm and other agencies to help with the process.

More developments are unfolding in the Celsius Network saga, as the Celsius’ Creditor Committee has announced that it will investigate potential misconduct of insiders. The Official Committee of Unsecured Creditors published an official statement saying that it was thoroughly investigating Celsius, “including potential misconduct by Celsius and its insiders.”

The statement describes several objectives of the committee. First, it wants to ensure that Celsius is effectively safeguarding the assets of account holders. Secondly, it wants to oversee the efforts to develop a business plan that reduces overhead and preserves the Debtors’ limited cash reserves.

But the key point is the third objective, where the committee wants to “thoroughly investigate the prepetition conduct of Mashinsky and other Celsius insiders, including the problematic asset deployment decisions, prepetition transfers, and other issues.” The Committee says that it has already started this investigation. Alex Mashinsky is the CEO of the platform in question.

The statement also said that the Official Committee of Unsecured Creditors was appointed on July 27. The committee is composed of seven individuals and entities from institutions.

The committee has hired law firm White & Case, restructuring advisor M3 Partners, investment bank Perella Weinberg Partners, and blockchain consultancy company Elementus. It is also working on hiring one more company to help set up a related website.

The investigation is another episode in the Celsius bankruptcy case, which has seen multiple ups and downs in the past few weeks. The latest development will not be welcome news to Celsius, which is trying to move through the bankruptcy process as smoothly as possible.

Lots of Drama Surrounding Celsius

A lot has happened in a short span of time for Celsius. The company tried to rehire its former CFO to help with the bankruptcy process, but withdrew its motion at the last minute. Meanwhile, some say that Celsius Network’s assets could be locked away for a long time.

The legal woes may mount as New York Attorney General Letitia James has asked Anchor and Celsius Network investors to speak out. At the same time, those already involved in the case are keeping a close eye on how Celsius is conducting itself. The next few weeks will be pivotal in how the case unfolds for investors, who are hoping that the bankruptcy process will result in reparations sooner rather than later.

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