Despite financial experts’ warnings about cryptocurrency, Bitcoin trade in Nigeria has hit $3 trillion. Making it the world’s highest adoption rate, Africa has one of its biggest markets for Bitcoin trading, with an estimated 500 million people currently using or holding Bitcoin. In response to this rapid growth, there will be a conference tackling innovation within the sector- The Africa Bitcoin Conference, which plans to bring 800 attendees from all over Africa together to learn more about how blockchain technology could change their lives. Farida Bemba Nabourema, the convener of the Africa Bitcoin Conference, stressed the dangers associated with investing…
Author: Millicent Odife-Martins
The White House Office of Science and Technology Policy has called for the U.S. to conduct further research on the energy impact of bitcoin and other crypto mining to set standards for the industry. U.S. President Joe Biden’s executive order on cryptocurrencies questions what sort of impact crypto mining has on the environment, including the scale of Proof of Work versus Proof of Stake, which differ in their energy needs. The report calls on federal agencies, including the Environmental Protection Agency and the Department of Energy, to work with states and local officials to develop standards for the industry’s environmental…
According to a survey released by the Brazilian Association of Financial and Capital Market Entities (Anbima), the total number of bitcoin and other crypto investors in the country exceeded 4.2 million people in June, representing 2% of the population. The country’s largest digital bank by market value, which in July said it reached 1 million crypto users after starting its crypto platform in May. In July alone, Brazilians transacted 13.7 billion of crypto, 11% less than in June and 28% less than in May. Receita Federal reported that 1.33 million Brazilians made bitcoin and other crypto purchases in July, 68%…
The Shawn Carter Foundation has provided educational access and opened doors of opportunities for underserved communities for a while now. This summer, the foundation delved into educating residents of Marcy Houses, where Jay-Z grew up, on Bitcoin. Block CEO Jack Dorsey and Shawn Carter gifted $340.000 in Bitcoin to students of The Bitcoin Academy in New York. The duo’s vision is to eliminate barriers within the technology space and provide access for underserved communities to gain Bitcoin education and break down barriers of inequity through financial inclusion. Lamar Wilson, the founder of Black Bitcoin Billionaire and one of the instructors…
Over the past two years, the Human Rights Foundation has donated over $1.5 million in Bitcoin and USD to further Bitcoin development worldwide. It will announce its next round of donations in January 2023. The Human Right Foundation has recently made eight donations in Bitcoin totaling $325,000 to further censorship resistance, open-source solutions, Bitcoin core development, and other initiatives in the ecosystem. The most significant contribution of $100,000 goes to BTCpay server, an open source bitcoin payment processor; that enables merchants to accept bitcoin payments from anyone in partnership with Strike’s affiliated non-profit. Donations of $50,000 each will be allocated…
Bitbase, a cryptocurrency store and ATM company with its headquarters in Spain is planning to begin operations in Venezuela this year. Latin American countries have become attractive destinations for crypto exchanges. Bitfarm announced its interest in the Venezuelan market in February to take advantage of the commercial opening the country was experiencing at that time. Bitbase is betting on this growth, as the country’s economic challenges have made the fertile country ground for the change to continue. Opinions expressed here are entirely that of the writer and do not necessarily reflect those of Satoshi’s Journal or Satoshi’s Entertainment Company.
The President of Iran has approved regulations for trading, mining, and paying for imports with bitcoin and other crypto. This is good news for Iranians since Iran and Russia have engaged closer in recent months to reduce the reliance on the US dollar for bilateral trade. The Iranian government tried to ban bitcoin a few years ago due to the thousands of crypto-mining facilities in Iran. After Iran was banned from the swift network, the government amended the law after recognizing the increasing benefits of a censorship-resistant network like bitcoin. The Minister for trade said the regulation specifies all issues…
According to an Arcane research report, Bitcoin (BTC) mining’s energy consumption will rise 10x and hit 894 Terawatt-hours (TWh) annually if the flagship crypto’s price reaches $2 million by 2040. The report calculated BTC’s future energy consumption based on bullish, bearish, and neutral future scenarios. The effects of halving are observable in bearish and neutral scenarios. The bearish scenario implies a 4x increase in the prices. While it would be logical for the energy consumption levels to increase, the estimated consumption levels are lower than present-day levels. The block subsidy halves every 210,000 blocks, roughly every four years. Due to…
Cryptocurrency exchange KuCoin published a survey titled “Into The Cryptoverse,” showcasing the rising bitcoin and cryptocurrency adoption in India; as its investor class is becoming increasingly with time, 56% of surveyed investors believe bitcoin and crypto are the future of finance. Kucoin also revealed that half of India’s investors plan to increase their holdings within the next six months; 41% of respondents stated they were unsure which cryptocurrencies to invest in, 37% struggle with risk management, and 21% aren’t even sure how the assets work. Ultimately even though there is a large amount of investor interest in India, there are…
Marathon delivered disappointing results in the second quarter as several thousand mining rigs were sitting idle due to storms and energization delays. However, the firm has announced hosting deals to help it reach its hash rate, or computing power, the goal of 23.3 exahash per second (EH/s) by mid-2023. Reflecting on the disappointing quarterly results, the Cowen team lowered its 2022 revenue estimate for Marathon to $150 million from $204 million, now below the consensus forecast for $189 million. Cowen also dropped its expectations for adjusted EBITDA to $39 million from $86 million and mining profit to $91 million with…