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Bitcoin network hash rate explodes to a new all-time high of 248.11 EH/s

The Bitcoin (BTC) network has recorded a new hash rate all-time high of 248.11M TH/s as of Feb. 12, 2022, further securing the decentralized ecosystem through a growing network of global BTC miners.  The hash rate correlates to the computing power required by a miner’s computer equipment to confirm a transaction. The recent spike in BTC’s network hash rate ensures further security against attacks by deterring bad actors from confirming fraudulent transactions. Bitcoin hash rate over the past year. Source: YCharts As evidenced by the above screenshot, the network hash rate jumped 31.69% — from 188.40 EH/s to 248.11 EH/s — in just one day. Moreover, the Bitcoin network’s hash rate levels rose 54.33% over the past year.  Bitcoin hash rate over the past one month. Source: YCharts Pre...

Valkyrie debuts a green Bitcoin miners ETF on NASDAQ

Valkyrie Investments is today listing its third Bitcoin-related ETF on the New York -based stock exchange The Valkyrie Bitcoin Miners ETF shall invest in firms whose power consumption is primarily denominated in renewable energy Valkyrie, an asset management firm focused on crypto and traditional finance initiatives is today launching a Bitcoin-related ETF. Known as the Valkyrie Bitcoin Miners ETF, the fund be largely fixated on publicly traded mining firms that get at least 50% of their energy from renewable sources. The ETF goes live on the Nasdaq under the WGMI ticker – a contraction of WAGMI (we’re all gonna make it) and is expected to run an expense ratio of 0.75%. The goal is green The ETF shall invest 80% or more of its assets in company securities for projects that derive at ...

Weekly Report: Banks in Russia may soon offer crypto services in the latest turn of events

Russia’s fate on cryptocurrencies has recently swung from pessimistic, and it’s now slowly crossing the line into optimistic. The country’s Finance Minister reportedly wrote a pro-cryptocurrency letter to the Prime Minister this week pushing for banks to trade crypto as a financial asset. Here is more on this and other top stories from the crypto sector this week: Local banks in Russia could be allowed to deal in crypto Russian banks could get one better if recent reports are anything to go by. Word out of the country, as reported by news outlet Kommersant, indicates the banks could yet be allowed to deal in crypto. Bank of Russia has been candid in its anti-crypto position as it recently published a report on cryptocurrencies and recommended a ban over risks to Russ...

Dogecoin set to adopt a unique Proof of Stake model with Vitalik Buterin’s help

The Proof-of-Work (PoW) blockchain consensus mechanism has come under heavy criticism in recent days owing to its energy-intensive nature Though many are in favour of Dogecoin switching to Proof-of-Stake (PoS) mechanism, the Ethereum community feels that Buterin is becoming too involved with Dogecoin The recent European Securities and Markets Authority’s (ESMA) proposal to outlaw Proof of Work-based mining in Europe is only but one of the many calls to bin the mechanism. For a while now, several individuals and institutions in the crypto sector have censured cryptocurrencies using PoW because of the mechanism’s high energy consumption. Dogecoin is ditching PoW Dogecoin, one of the networks currently using PoW, is the latest name to reveal plans to transition to PoS. The Dogecoi...

Bitcoin miners believe global hash rate to grow ‘aggressively’

Bitcoin (BTC) seems to be on everyone’s mind lately as the world recently witnessed the price of BTC take a rather unexpected bearish turn this month. On January 21, 2022, Bitcoin reached six-month lows, sinking below $40,000 for the first time in months.  While some panicked, other industry experts pointed out that the Bitcoin network has become verifiably stronger than ever before. The growth of the Bitcoin network has become apparent, as hash rate figures for BTC continue to set new highs this month. For example, on Jan. 22, the BTC network recorded an all-time high of 26.643 trillion with an average hash rate of 190.71 exahash per second (EH/s). The hash rate will continue to grow, which is a good thing Samir Tabar, chief strategy officer at Bit Digital — a publicly listed Bitcoin...

Fossils vs. Renewables, PoW vs. PoS: Key policy issues around crypto mining in the U.S.

On Jan. 27, a group of eight U.S. lawmakers, led by Senator Elizabeth Warren, sent letters to the world’s six largest Bitcoin mining companies, demanding to reveal the detailed data on their electricity consumption. This isn’t the first time Senator Warren requested this information from a mining operation — last month a similar letter was sent to Greenidge Generation, which uses a natural gas plant to power its facility. These moves highlight the increasing regulatory pressure on crypto mining businesses in the United States. But, as last week’s Congress hearing showed, the growing scrutiny might turn out to be an opportunity to align the mining sector’s development with the broader political push for clean energy. Here are some of the key themes around crypto mining that have captured th...

Decentralized technology will end the Web3 privacy conundrum

Although the modern internet connects us like never before, one thing that younger generations have never truly experienced is the feeling of genuine privacy. Even older generations have forgotten what life was like before our every thought and action were tracked. Web3 envisions an open, trustless, permissionless internet where users can interact with each other peer-to-peer without giving up ownership control, privacy or relying on intermediaries. Underlying that vision, blockchains are one of the most important tools. They eliminate the need for trusted third parties and help to create a direct relationship between users and service providers, recording the rules of engagement on immutable ledgers and even storing direct interactions between them. Blockchains also fundamentally reconfig...

Putin is not entirely against crypto mining in Russia, cites ‘competitive advantages’

Russia’s central bank last week released a report proposing a blanket ban on cryptocurrencies Some members of the political class are opposed to the idea President Putin has established that Russia has competitive advantages in this sector He asked for a ‘unanimous opinion’ by the government and the central bank In a move that sparks hope for digital assets in Russia and the world, President Vladimir Putin has spoken in favour of cryptocurrencies. During a recent video conference meeting with members of the government, Putin explained that Russia holds certain advantages that have it better-placed to support crypto mining. The Russian President pointed to an abundance of skilled hands and electricity as the boons that put the country in the box seat. “Of course, we ...

Valkyrie aims for ETF linked to Bitcoin mining firms on Nasdaq

Crypto asset manager Valkyrie has filed an application with the United States Securities and Exchange Commission to trade an exchange-traded fund (ETF) with exposure to Bitcoin mining firms on the Nasdaq Stock Market. In a Wednesday SEC filing, Valkyrie said its Bitcoin Miners ETF will not invest directly in Bitcoin (BTC) but at least 80% of its net assets would offer exposure to the crypto asset through the securities of companies that “derive at least 50% of their revenue or profits” from BTC mining or providing hardware or software related to mining. The filing added Valkyrie would invest up to 20% of the ETF’s net assets in companies holding “a significant portion of their net assets” in Bitcoin. Valkyrie launched a Bitcoin Strategy ETF in October 2021, which offered indirect exposure ...

Here is why Russia wants to ban cryptocurrency mining and trading

Russia has previously outlawed payments via crypto and investment in crypto by mutual fund Last week Thursday, Russia’s central bank released a report proposing a blanket ban on the use and mining of crypto in the country. Russian authorities are worried that the increasingly strong position that crypto is taking could well pose a risk to the stability of the country’s financial and monetary systems. “Potential financial stability risks associated with cryptocurrencies are much higher for emerging markets, including in Russia,” the report said. Crypto is a ‘bubble’ and leads to serious environmental effects The report further suggested that cryptocurrencies carry the characteristics of a financial pyramid scheme. It detailed that with the burgeoning grow...

How to pick or analyze altcoins?

What are altcoins? The word “altcoin” is derived from “alternative” and “coin.” Altcoins refer to all alternatives to Bitcoin. Altcoins are cryptocurrencies that share characteristics with Bitcoin (BTC). For example, Bitcoin and altcoins have a similar basic framework. Altcoins also function like peer-to-peer (P2P) systems and share code, much like Bitcoin. Of course, there are also marked differences between Bitcoin and altcoins. One such difference is the consensus mechanism used by these altcoins to validate transactions or produce blocks. While Bitcoin uses the proof-of-work (PoW) consensus mechanism, altcoins typically use proof-of-stake (PoS). There are different altcoin categories, and they can best be defined by their consensus mechanisms and unique functionalities. Here are the mo...

MXC’s 200% gain hints that LoRaWAN IOT mining projects could rally in 2022

Cryptocurrency mining has become a hot topic of conversation over the past couple of years due to its lucrative nature and the impact the industry has on the environment.  The emergence of Web3 and the increased presence of Internet of Things (IoT) devices has led to a new class of low-cost mining protocols with low-power network technology. These include LPWAN or LoRaWAN which are designed to transmit low bit rate data over long distances. One such protocol that has been gaining traction in recent months is MXC, a Web3 infrastructure protocol designed to provide geolocation-based LPWAN coverage to IoT devices around the world Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.046 on Jan. 1, the price of MXC has seen a 200% rally to a new all-time...