crypto blog
Bitcoin network power demand falls to 10.65GW as hash rate sees 14% drop
The overall power consumption of the Bitcoin (BTC) network recorded a drastic drop after mimicking the two-week-long fall in the mining hash rate, which reduced the commuting power for mining BTC blocks to 199.225 exahash per second (EH/s). According to the data shared by the Cambridge Centre for Alternative Finance, the Bitcoin network recorded the year 2022’s lowest power demand of 10.65 gigawatts (GW). At its peak, the BTC network demanded 16.09 GW of power. Bitcoin network power demand from 2018-2022. Source: ccaf.io On June 16, a Cointelegraph report highlighted how the banking sector utilizes 56 times more energy than the Bitcoin ecosystem. Publisher Michel Khazzaka, an IT engineer, cryptographer and consultant said in an exclusive interview: “Bitcoin Lightning, and Bitcoin, in...
What is StrongBlock (STRONG) and how does it work?
The digital financial environment continues to develop almost every second, which is no surprise to those in the crypto sector. Among such technological advancements, a new project called StrongBlock has popularized the concept of the node as a service (NaaS) on the blockchain. NaaS is an alternative to running entire blockchain nodes on your own; it provides developer infrastructure and tools for setting up and managing blockchain nodes. Connected blockchain nodes relay, transmit and store decentralized blockchain data. But, what is a blockchain node? A node, also known as a Full Node, is a device that stores the blockchain’s whole transaction history. But, who is behind the creation of the StrongBlock ecosystem? The StrongBlock team includes CEO David Moss and chief technology offi...
Crypto Biz: Crypto was in full swing at Collision Conference, June 17-23
For all the gloom and doom in the cryptocurrency market these days, our industry continues to make inroads into mainstream tech. This week, I had the pleasure of attending the sold-out Collision Conference in Toronto, and crypto was featured prominently. During the event, I got to moderate three panels, including two that were crypto-focused. The fact that the biggest tech conference in North America is letting me talk cryptocurrency after a six-month bloodbath proves there’s more to the industry than just price. And, I’m not saying the price isn’t important — but context is everything. My Collision panel on decentralized social media included Stani Kulechov, founder and CEO of Aave and Lens Protocol. This week’s Crypto Biz gives you a taste of Collision Conference 2022 and also draw...
Crypto Stories: YouTuber Paco de la India explains his travels using Bitcoin
A YouTuber started traveling the world to see whether he could survive solely on Bitcoin as a means of payment. In the latest episode of Cointelegraph’s ‘Crypto Stories’ series, Paco from India explained how he started his journey from the city of Bengaluru and learned from the example of travel pioneers who came before him, including Nellie Bly, who circumnavigated the globe in the late 19th century in less than 73 days. Paco worked a variety of jobs before reading up on Bitcoin (BTC) and made a big decision. “This is 2021,” said Paco. “I will travel the world by using Bitcoin.” The YouTuber added: “When my journey started, I had zero dollars. I sold my furniture, got $200 of Bitcoin, and as soon as I started on day one, the first Bitcoin meetup we had in Bengaluru, one guy came and gave ...
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, 2022 Celsius 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 b...
It seems NFT-themed Bored & Hungry restaurant no longer accepts crypto
The Los Angeles Times reported Friday that recently opened NFT-themed burger joint Bored & Hungry no longer accepts cryptocurrency as a form of payment for its food. When questioned, one Bored & Hungry employee told the Los Angeles Times “Not today — I don’t know.” The individual didn’t give any indication of when the decision was made to cut crypto from the menu of payment options, nor did they know if crypto payments would be making a return. Bored & Hungry initially launched back in April of this year. At the time, one worker told the Los Angeles Times that the majority of its customers didn’t seem to care about crypto payment options, also noting that customers were generally indifferent to “the restaurant’s fidelity to the crypto cause.” Another Bored & Hungry restaura...
Mortgage giant Sun West Up to give away 5 ETH as they introduce blockchain technology during the Game on event June 25th via livestream from Vegas
Las Vegas, United States, 24th June, 2022, Chainwire Sun West CEO and Morgan’s innovator Pavan Agarwal was welcomed by Hall of Famers Terrell ‘TO’ Owens and ‘Ivan’ Pudge Rodriguez as part of the leadership coaching event ‘Game On’. The event showcases the recently developed empathetic technology mortgage product which seeks to achieve unbiased and fair lending and greater equality in the house buying experience with integrated blockchain technology. In tandem, the event will be making a donation to The Autism Community in Action (TACA) based on Total attendees and Livestream viewership count Football and baseball Hall of Fame icons Terrell ‘TO’ Owens and Ivan ‘Pudge’ Rodriguez today will induct leading mortgage originator Sun West’s recently developed empathetic technology product Morgan i...
Uganda’s gold discovery: What it could mean for crypto
These are fraught times for the cryptocurrency and blockchain sector, so it isn’t surprising that industry proponents might seize upon any promising news to help charge flagging markets. A Reuters report out of Uganda last week about a massive gold ore discovery supplied just this kind of fuel. What does the state of gold mining in Africa have to do with the price of global Bitcoin (BTC)? Quite a bit, potentially. Bitcoin has periodically laid claim to being digital gold largely on the strength of its strict 21 million supply limit, which makes it non-inflationary and a good store of value — in theory. Gold, of course, is the store of value par excellence, with a limited supply and a solid track record that goes back millennia. But, if Uganda is sitting on 31 million metric tons of gold or...
White hat hacker attempts to recover ‘millions’ in lost Bitcoin, finds only $105
Joe Grand, a computer engineer and hardware hacker known by many for recovering crypto from hard-to-reach places, spent hours breaking into a phone only to find a fraction of a Bitcoin. In a YouTube video released on Thursday, Grand traveled from Portland to Seattle in an effort to potentially recover “millions of dollars” in Bitcoin (BTC) from a Samsung Galaxy SIII phone owned by Lavar Sanders, a local bus operator. Sanders originally purchased the BTC in July 2016 in a “super sketchy” way, paying a person at a cafe and storing the crypto in a wallet on the phone before putting it in storage and losing track of the device. After finding the phone in 2021, Sanders couldn’t recall the swipe password, but remembered setting up the option of erasing the data if too many incorrect attempts wer...
Ethereum price breaks out as ‘bad news is good news’ for stocks
Ethereum’s native token, Ether (ETH), gained alongside riskier assets as investors assessed weak U.S. economic data and its potential to cool down rate hike fears. Ether mirrors risk-on recovery ETH’s price climbed up to 8.31% on June 24 to $1,225, six days after falling below $880, its lowest level since January 2021. Overall, the upside retracement brought bulls 40% in gains, raising anticipation about an extended recovery in the future while alleviating fears of a “clean fakeout.” For instance, independent market analyst “PostyXBT” projected ETH’s price to close above $1,300 by the end of June. In contrast, analyst “Wolf” feared that bears would attempt to “push price back to $1,047,” albeit anticipating a run-up to...
Axie Infinity to compensate Ronin exploit victims and relaunch bridge
Sky Mavis, the creator of the play-to-earn game Axie Infinity, announced that it will reimburse victims of the Ronin bridge hack and reopen the bridge next week. In March, hackers stole more than $620 million in the heist, which included roughly 17,600 Ether (ETH) and 25.5 million USDC tokens. According to a Bloomberg report on Friday, Once the bridge reopens on June 28, users will be able to withdraw one ETH for each one they possessed before the attack. In April, Cointelegraph reported that Sky Mavis closed $150 million in fresh capital led by Binance to refund hack victims. Animoca Brands,16z, Dialectic, Paradigm, and Accel were among the investors during the funding round. Bridge being refilled on the 28th Now it’s time for @Ronin_Network and @SkyMavisHQ to expand its games portfolio I...
‘Brutal and unrelentingly hard’: Singapore regulator’s clampdown on crypto
Singapore’s financial regulator and central bank has pledged to be “brutal and unrelentingly hard” on any “bad behavior” from the cryptocurrency industry. The comments come from Monetary Authority of Singapore (MAS)’s chief fintech officer Sopnendu Mohanty, explaining in an interview that “if somebody has done a bad thing, we are brutal and unrelentingly hard.” He also hit back at the rhetoric of certain crypto market participants who have criticized the regulator for not being friendly enough to crypto, and instead questioned the legitimacy of the market, saying: “We have been called out by many cryptocurrencies for not being friendly, my response has been: Friendly for what? Friendly for a real economy or friendly for some unreal economy?” The fintech chief believes the world is “lost in...
