Cutting-Edge Technology Dampens Bitcoin Energy Demands

  • Bitcoin
  • August 19, 2022
  • No Comment
  • 6

FinancialBuzz.com News Commentary

NEW YORK, Aug. 19, 2022 /PRNewswire/ — The cryptocurrency market is ever-evolving and growing more complex. Now, government agencies are pushing for more regulations because of how popular digital currencies have become. According to the New York Times, cryptocurrency grew from a digital curiosity into a volatile but widely embraced innovation. Now, federal regulators are racing to address the potential risks for consumers and financial markets. Yet, digital currencies are more widely used than ever before. Just recently, Mercado Libre (MELI), Latin America’s largest e-commerce company by market cap, started rolling out its own cryptocurrency in Brazil. Mercado Libre expects the cryptocurrency to be available to its 80 million users in Brazil by the end of August, and said it plans to introduce it in other countries “soon,” without providing further details. SAI.TECH Global Corporation (NASDAQ: SAI), Coinbase Global, Inc. (NASDAQ: COIN), Riot Blockchain, Inc. (NASDAQ: RIOT), Marathon Digital Holdings, Inc. (NASDAQ: MARA), PayPal Holdings, Inc. (NASDAQ: PYPL)

Overall, the approach of financial institutions, businesses and even certain governments has significantly changed in recent years. One of the major reasons for this is that a Bitcoin payments are faster, cheaper, safer and less volatile than the local currencies in many countries. In addition, some of the problems that the crypto market was recently facing are already being resolved. For example, by the latest estimates, the Bitcoin network uses as much energy in one year as the country of Argentina. Yet, some companies in the crypto and blockchain market have taken steps to improve the situation. Manhattan Solar Partners, LLC, a joint venture between BIT5IVE, LLC and GMine LLC, recently announced plans to build crypto data centers utilizing over a gigawatt of renewable energy in Texas.

SAI.TECH Global Corporation (NASDAQ: SAI) announced yesterday breaking news that, “it has recently launched SAIHUB APP 1.1, which supports Bitcoin Lightning Network.

SAIHUB APP 1.1 has been officially released this month with the new function of Lightning Network support. By using SAIHUB APP 1.1, users now can not only top up the wallet on the chain, but also make or receive instant payments off chain based on the second layer added to the Bitcoin Blockchain. Lightning Network supports the smallest transaction to 1 Cong (SAT) or even 0 Cong (SAT), which meets the great needs of users’ actual transaction scenario.

‘In future, SAIHUB App will continue exploring more functions based on the Lightning Network ecology to fulfill a variety of users’ needs, such as instant messaging, Lightning Network lucky money, Blog based on the Lightning Network etc,’ said SAI.TECH’s founder and CEO Arthur Lee, ‘We believe that in the foreseeable future, SAIHUB APP will promise richer user experience by building a more open and functional ecology, while improving the efficiency from information transfer to value transfer.’

About Lightning Network: In February 2015, Bitcoin developers Joseph Poon and Thaddeus Dryja published an article titled “Bitcoin Lightning Network: Scalable Off-chain Instant Payment”, brought the Lightning Network with the concept of ‘scalable off-chain payment’ to the public.

The Bitcoin network is designed to be decentralized and secure by recording ledgers on every Bitcoin node. It would require half of the whole hash rate network to manipulate the transaction record, which is almost impossible to achieve. However, this popularity also comes along with the shortcoming—the amount of transactions that Bitcoin network can process per second is limited by the speed of generating each block and the size of each block, which clearly could not meet the increasing transaction demand resulting from fast growing Bitcoin owners and users. To solve this problem, developers created layers on top of the main network, where the first layer was the primary blockchain.

The Lightning Network is a second layer agreement based on Bitcoin network that features a peer-to-peer system for micropayment channels which enable instant transactions among participating nodes thus resolving the Bitcoin network scalability problem. Generally speaking, it is a ‘green path’ built outside the Bitcoin main chain in order to manage a large number of high-frequency or small transactions with security ensured.

The Lightning Network was first implemented into the Bitcoin network in 2018 and the usage of it has been growing significantly fast since then. According to Arcane’s latest Lightning state report, the number of payments roughly doubled and the value of the payments increased more than 400% over 2021 (measured in USD). According to today’s real-time Lightning Network statistics from 1ml (https://1ml.com/statistics), there are 17,783 Lightning Network nodes running 86,854 channels, 4,567.33 BTC network capacity in total.”

Coinbase Global, Inc. (NASDAQ: COIN) announced in a blog post on August 4th that it was select by BlackRock to provide Aladdin clients access to crypto trading and custody via Coinbase Prime. “Our institutional clients are increasingly interested in gaining exposure to digital asset markets and are focused on how to efficiently manage the operational lifecycle of these assets,” said Joseph Chalom, Global Head of Strategic Ecosystem Partnerships at BlackRock. “This connectivity with Aladdin will allow clients to manage their bitcoin exposures directly in their existing portfolio management and trading workflows for a whole portfolio view of risk across asset classes.”

Riot Blockchain, Inc. (NASDAQ: RIOT) announced on August 3rd, unaudited production and operations updates for July 2022. In July 2022, Riot produced 318 BTC, a decrease of approximately 28% as compared to July 2021 production of 443 BTC, while significantly reducing overall power costs through effective employment of its proprietary power strategy. “We are pleased to report that Riot has demonstrated the effectiveness of its power strategy during the month of July. The Company has consistently and proactively pursued low-cost, large-scale access to power under its long-term fixed rate power contracts, providing it with a unique ability to support ERCOT and release capacity back into the grid when power demand in Texas is high,” said Jason Les, CEO of Riot.

Marathon Digital Holdings, Inc. (NASDAQ: MARA) announced on July 18th, that the Company has secured approximately 254 megawatts of new hosting arrangements for its Bitcoin mining operations, with an option to increase to 324 megawatts, from a variety of hosting providers. As a result, Marathon believes it has now secured ample hosting arrangements to support the Company’s previously stated goal of approximately 23.3 exahashes per second (“EH/s”) of computing power for Bitcoin mining. “With these new arrangements, we believe we have now secured enough hosting capacity to support our target of achieving approximately 23.3 exahashes per second of computing power for Bitcoin mining in 2023,” said Fred Thiel, Marathon’s chairman and CEO. “Each of these facilities is already under construction, which is critical for expediting installations. The first miners to be hosted under these new arrangements are scheduled to be installed in August, with installations ramping at other locations in the fourth quarter of this year and continuing into 2023. We would like to thank each of our hosting providers for working with us on these arrangements and for helping us toward our intended goal of building Marathon into one of the leading Bitcoin miners in North America.”

PayPal Holdings, Inc. (NASDAQ: PYPL) announced on June 7th that all eligible PayPal account holders in the U.S. can now transfer, send and receive cryptocurrency with PayPal. Download the PayPal app or log in to your account to learn more. Jose Fernandez da Ponte, Senior Vice President and General Manager, Blockchain, Crypto & Digital Currencies said, “We are thrilled to announce that starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges. This feature has been consistently ranked by users as one of the most requested enhancements since we began offering the purchase of crypto on our platform.”

Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia

Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz

Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz

Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/

About FinancialBuzz.com 

FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.

FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the ‘Site’) is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. FinancialBuzz.com has not been compensated directly by any of the companies mentioned here in this editorial unless mentioned otherwise. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions, recommendations or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For sai.tech global corporation. video production, filming editing, news reporting, financial and corporate news dissemination, FinancialBuzz.com has been compensated five thousand dollars by the company. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.financialbuzz.com

[email protected]
+1-877-601-1879
www.FinancialBuzz.com

SOURCE FinancialBuzz.com

Source link

Related post

How the EU’s new energy plans impact Southeast Asia

How the EU’s new energy plans impact Southeast Asia

Amid an ongoing energy, European countries have turned to Southeast Asia’s coal and liquefied natural gas (LNG) producers to help offset…
Bitcoin Mining’s First Major Bankruptcy Creates Uncertainty For Key Partners, Opportunity For Others

Bitcoin Mining’s First Major Bankruptcy Creates Uncertainty For Key…

Bitcoin miners are buckling under financial pressure, but it creates opportunity for some. getty What Happened Compute North, the second largest…
Cryptocurrency Using Credit Cards: This is All You Need to Know!

Cryptocurrency Using Credit Cards: This is All You Need…

One of the most common payment methods for purchases is rewards credit cards. You may quickly exchange the incentives you earn…

Leave a Reply

Your email address will not be published.