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Bitcoin Mining Are Thriving with Cheap Electricity in Argentina


Bitcoin miners are capitalizing on Argentina’s subsidized electricity. The incentive appears to give international miners a viable alternative. Therefore it attracts them to set up their mining facilities domestically. (Read More)

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While the cryptocurrency market experiences a bloodbath globally recently, Bitcoin miners in Argentina thrive as they take advantage of complex energy policies.

In Argentina, Miners are thriving due to serval factors like rampant inflation, energy subsidies, and currency controls. In other words, the rise of capital controls and ultra-low utility rates are helping crypto miners to make profits in the country.

Cryptocurrencies have long been considered a way for locals to hedge against cyclical economic crises in Argentina, including repeat currency devaluations, hyperinflation, defaults, and a three-year recession worsened by the COVID-19 pandemic.

Bitcoin miners are reaping benefits from the nation’s longstanding residential electricity subsidies. Besides cheap electricity, the returns of foreign exchange controls have given local citizens who are banned from purchasing dollars even more incentives to conduct crypto mining activities.

In Argentina, consumer electricity bills are only around 2% to 3% of an average monthly income, compared to about twice that in other Latin American markets such as Chile, Colombia, or Brazil.

“The crypto that miners generate is typically sold at the parallel exchange rate, but the energy is paid for at a subsidized rate. At the moment, revenues are very high,” crypto expert Nicolás Bourbon said.

As a result, international mining companies are seeing huge opportunities in Argentina. Canada’s Bitfarms mining firm plans to establish what is considered to be the largest mining operations in South America, a part of a flourishing cryptocurrency business region in Argentina.

“We were looking for places that have overbuilt their electrical generation systems. Economic activity in Argentina is down, and power is not being fully utilized. So, it was a win-win situation,” Bitfarms President Geoffrey Morphy stated in an interview.

Despite Bitcoin’s volatility, mining in Argentina will nearly remain profitable for miners as long as the government is subsidizing the electricity bill.

“Miners know the subsidies are ridiculous. They simply take advantage of it,” Bourbon said.

However, families which rushing to purchase mining equipment to mine Bitcoin might not make it because the upfront costs can be prohibitive than some expect. Even if energy is cheap in Argentina, not everyone is going to see profit overnights. Mining power is considered a key factor in calculating the benefits of mining in the country.  

Locals Riding into Crypto Craze

Argentina’s deflating currency, high inflation, economic downturn, and a shortage of US dollars to invest in are factors attributed to influence locals to invest in cryptocurrencies. Argentines have been putting their money into Bitcoin, Ether, Tether and Dai, as they consider these virtual currencies a haven for them to hedge from economic crises.

Currently, there are an estimated two million cryptocurrency trading accounts in the nation of 45 million people.

Recent research shows that the local unemployment rate up to 11%, and poverty haunts two in five people.

Cryptocurrencies, therefore, provide relief from low-interest rates and a government-imposed limit on greenback purchases of $200 per month in a population accustomed to dollarizing savings.

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/bitcoin-mining-are-thriving-cheap-electricity-argentina

Blockchain

Ethereum Testnet Burns 88K ETH in Preparation for EIP-1559

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Ethereum’s London hard fork launched on the Ropsten testnet on June 24 in preparation for the mainnet rollout in July.

The upgrade will usher in the implementation of the highly anticipated EIP-1559 modification that will adjust the Ethereum transaction fee calculation mechanism.

The next phase in the London hard fork rollout is deployment on the Goerli testnet which is scheduled for June 30. Following that, it will be launched on the Rinkeby testnet on July 7 and then mainnet later in the month.

Watch The Burn

Part of the EIP-1559 mechanism, aside from changing the fee auction structure, is to burn the “base fee” which will make the Ethereum economy deflationary over time.

A website called Watch The Burn has been set up to see this in action. At the time of press, 88,483 ETH had been burned on the testnet. This is equivalent to around $177 million at current prices.


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Ethereum software solutions firm ConsenSys estimates that the annual supply change will be minus 1.6 million ETH. At current prices, this equates to the burning of $3.2 billion in ETH which will reduce the annual supply rate by 1.4%.

The deflationary properties of the network will be further compounded when proof-of-stake launches on mainnet for ETH 2.0 in 2022 some time and the asset is no longer mined.

In February, Predictions Global founder Ryan Berckmans detailed how, in his opinion, Ethereum prices could surge to five figures through these deflationary mechanisms. He argued that this effectively gives ETH back to holders and not miners as the asset increases in scarcity through fee burns.

Unfortunately, hopes of major gas savings from the upgrade have been dashed. ConsenSys confirmed that it was not the intent of the EIP, adding:

“As a side effect of a more predictable base fee, EIP-1559 may lead to some reduction in gas prices if we assume that fee predictability means users will overpay for gas less frequently.”

Ethereum Prices Lackluster

Ethereum prices had regained the psychological $2,000 level at the time of press. The asset has gained 4.2% on the day but remains in a downtrend.

CoinGecko has reported a 20% decline in the price of ETH over the past fortnight. The world’s number two crypto asset is currently 54% down from its all-time high of $4,350 on May 12.

So there may be a bit longer to wait before these properties of scarcity and demand are reflected in its price action.

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Source: https://cryptopotato.com/ethereum-testnet-burns-88k-eth-in-preparation-for-eip-1559/

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Soku Swap: Providing a secure blockchain-based solution in the DeFi space.

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The advent of blockchain technology and cryptocurrency has allowed millions of users across the world to achieve privacy, freedom, and stability. The idea of decentralization in the crypto space is to give users control over their funds, investments, and privacy without any interference from banks and third parties.

In addition to this, decentralization solves the problem of corruption, inefficient services, and systemic failures within the financial system. 

Soku Swap is a decentralized cryptocurrency exchange hosted on the Ethereum network, and Binance Smart Chain. It uses automated market-maker smart contracts to create liquidity.

Soku Swap has a crypto education system that offers free crypto classes, intending to reduce the spread of misinformation about cryptocurrencies, and allows users to make informed trades on their platform. Additionally, their 24/7 live chat assures users have all the help they need in making trades on the platform. 

The Soku Swap Platform 

What makes Soku Swap the choice of the crypto community is the fact that it addresses the most important pain point which is the high gas fee in the ecosystem. Gas efficiency is one of the core components achieved through the use of optimized AMM smart contracts. This allows Soku Swap to provide a 10% lower gas fee as compared to other exchanges.

This gas efficiency is shared by all the platform-supported cryptocurrencies that can be swapped. The addition of the Binance Smart Chain for making swaps makes it even more gas-friendly. Even in the current market flooded with NFT trades, Soku Swap allows users to enjoy low gas fees for their transactions. 

The liquidity of the user in the Soku Swap pools is managed through SOKU LP, the liquidity tokens issued by the platform. In essence, these tokens represent the liquidity of the user in the Soku pools. If the user stakes on Ethereum, they will receive ERC20 type SOKU LP tokens and for the users providing liquidity on Binance Smart Chain, the token is of BEP20 type. 

The purpose of having Liquidity Tokens is to provide further liquidity to the users as they can use these tokens to perform various financial activities without actually taking their liquidity out of the liquidity pools. This helps in two ways:

a. It allows users to gain interest on their staked amount while still being able to use the liquidity through the tokens issued. It will maintain the liquidity of the protocol.

The platform creates a truly decentralized environment through the availability of SOKU, the governance token that allows the Soku Swap platform to be truly decentralized. Anyone holding SOKU will be allowed to vote in critical decisions of the protocol such as upgrades or the future of exchange.

Furthermore, for the loyal or constant users who stake SOKU LP and complete a few trades on the exchange each week, a small portion of the trading volume will be allocated to them.

This acts as an incentivization model of the platform. With the growth of the exchange, the loyal users of the platform will also enjoy growth in their profits with the added trust of a truly decentralized environment. 

Features of Soku Swap 

The exchange offers various features that are all designed and intended to provide traders with the best experience. 

  1. AI flash loans are no longer for developers. Soku Swap makes it possible for users to make arbitrage trades without prior coding knowledge. Anyone who uses the platform can use them, allowing users to borrow assets without depositing collateral as long as the said amount returns to the protocol within the same block. If that fails, the transaction reverses as if it never happened. The most popular use case for flash loans is arbitrage trading. Users can benefit from price discrepancies across different exchanges and profit off of them. The platform allows users to see whether the arbitrage trades they wish to make will be profitable or not with the help of AI. 
  2. Soku Swap Boxes are another innovation that Soku Swap brings forward to help users capitalize on investment-worthy tokens. Every 2 weeks, the Soku Swap team will go through a list of the top gainers and trending tokens. Then, each token will be verified and researched before being included in the Swap Box. After that, users can buy packages ranging from $50 to $1,000 and select the number of tokens they would like to receive. The main idea behind this is to reduce the efforts that investors need to research.
  3. The token verification tool makes sure traders have all the education and information on a token before making any investments. Thorough research of tokens is done by the Soku Swap team, who then provide traders with a score for each token. The score relies on various factors such as liquidity, community, team members, contract codes, among others. The goal behind this feature is to prevent users from getting caught in scam coins.
  4. Moreover, users don’t have to worry about going through an extensive Know Your Customer (KYC) check. Since the exchange is entirely decentralized, there’s no need to provide any documents or verification. 
  5. 24-hour live on-screen chat for better customer support in the DeFi ecosystem. Live on-screen chat is a feature offered by many exchanges; however, it is not set to Soku Swap’s standard and full potential. Instead, Soku Swap focuses on taking care of their community members by providing instant support and results, something other platforms fail to do.
  1. Crypto awareness and education to help develop a deeper understanding. Soku Swap’s fun and easy-to-understand videos and articles allow users to learn about the crypto, blockchain, and DeFi industry. Furthermore, the platform incentivizes people by offering them rewards in SOKU tokens for taking part in these classes and for every successful referral. 
  2. Governance token to enable true decentralization. 

The SOKU Token 

The native SOKU token is a governance token that allows for all holders to vote on decisions on changes and updates to the DEX, and how network resources are allocated. The token also allows for processing fees for transactions and data storage, rewarding users for cryptocurrency education classes, staking, and providing liquidity. 

The SOKU token may be purchased during the initial exchange offering on LATOKEN June 23rd onwards. 

Catering to both the Ethereum and Binance communities, Soku Swap is a decentralized exchange that accommodates the needs of the ever-evolving cryptocurrency community. Soku Swap aims to make the DeFi space a safer place for all traders, new and experienced alike.

Stepping towards making blockchain-based solutions more secure than ever by researching newly listed projects on the exchange to review the validity of a token and provide crypto education.

This not only helps individual investors from capital loss but also saves the crypto ecosystem from potential hacks and scams while educating new users who are just getting into the cryptocurrency space.

Disclaimer: This is a paid post and should not be treated as news/advice. 

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Source: https://ambcrypto.com/soku-swap-providing-a-secure-blockchain-based-solution-in-the-defi-space

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NetFlowCoin: The world’s first decentralized internet application platform based on SDN and Blockchain

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NetFlowCoin is a fully functioning, secure, and decentralized network that acts as a buffer between its users and the centralized Internet. Made possible by combining Blockchain technology with a Software Defined Network.

With its native protocol NFC (also “NetFlowCoin”) token, the NetFlowCoin Project provides users with a dApp marketplace and a circulating digital asset ecosystem. 

In tandem with blockchain technology, the NFC Project provides users with a decentralized network resource that turns key Internet infrastructure elements into an algorithmic market.

Because it is powered by a unique incentive mechanism, it is distributed, encrypted, and can survive independently from the tech monopolies.

The Makings of the NetFlowCoin Network

Simply put, the NetFlowCoin Project is a combination of Software Defined Network (“SDN”) technology and blockchain technology. 

SDN technology has been used by millions of users worldwide and is a staple of enterprise-level applications. It is known for being a super gateway capable of large-scale data compression, encryption, high bandwidth, and low latency processing performance.

Layered on top of the Internet, NFC builds a global intelligent edge network using chain-network integration to expand its computing power via “cloud-edge-end” synergy. By harnessing the bandwidth, storage, edge computing, and data resources of the NFC, NetFlowCoin forms an intelligent, secure, and reliable network.

NetFlowCoin’s Public Blockchain Architecture

By adopting a ledger to record the traffic, storage, and other resource data on the NFC network, the NFC Project can remain decentralized while being open to all users. Furthermore, NFC can reward users for contributing their idle resources with no risk of political or business influence. 

The NetFlowCoin blockchain runs on NFC tokens, which miners earn by providing network resources (storage/bandwidth/edge computing) to the network’s users. The NFC token can be used for business transactions, currency within dApps, and other uses defined within the NFC ecosystem.

While NetFlowCoin’s SDN technology ensures the rapid flow of data from user to designated user in a precise and secure manner, the blockchain layer promotes the healthy development of the network and fortifies security during expansion. 

The NFC token incentivizes users to contribute to the stable operation and business expansion of the overall NFC Project. Implement smart contract technology to lay the foundation for complex, automated, and lucrative business processing mechanisms.

NetFlowCoin’s blockchain architecture solves many of the issues plaguing the crypto mining industry. This is enabled by NFC’s hybridized consensus mechanism, which consists of Delegated Proof of Stake (DPoS) and Proof of Valuable Flow (or PoVF). The purpose of these mechanisms is to welcome both established and new miners to the blockchain. 

Note: For more details on the NetFlowCoin public chain architecture or NetFlowCoin Nodes, visit the NetFlowCoin White Paper.

What Can Users Expect from NetFlowCoin?

NetFlowCoin is a solution for users looking to liberate their data and footprint from the intrusive, centralized Internet. The NetFlowCoin Project offers the following perks to all users, miners, developers, and partners:

  • Access to Network Layer Capabilities: Provides open-source interfaces for developers to build dApps (blockchain browser, wallet, DEX, decentralized IM, NRC20 token, NFT, etc.)
  • Innovative DataFlow Mining: Everyone can participate in NFC mining thanks to NFC’s novel dual consensus mechanism. Block Mining and DataFlow Mining allow for a custom approach to creating value. The NFC token has multi-dimensional applications within the marketplace.
  • Green Energy: the personal server consumes extremely low amounts of energy.
  • Ultra Secure & Super Fast Performance: NFC’s combined Blockchain technology and SDN layer makes for an efficient and secure data communication value network.
  • Innovation Consensus: ultra-high processing capacity designed for enterprise use. Made to adapt to various scenarios, rapid growth, and hyper scalability.
  • Seamless access: to the NFC network-enabled dApp marketplace.

Participation is Mining on NFC

NetFlowCoin adopts a dual token model, where NFC (“NetFlowCoin”) tokens are issued based on the local blockchain, and NFCS (“NetFlowCoin Stable”, anchored to the USD) stable coins are issued under the ERC20 standard and serve as a bridge between the digital and “real” economies. NFCS tokens will serve as the basic communication service fee for traffic mining and payment credentials.

The NetFlowCoin blockchain consists of a hybridized consensus model. The two consensus mechanisms are Delegated Proof of Stake (or DPos) and Proof of Verified Flow (or PoVF).

Block Mining

The Delegated Proof of Stake or DPoS consensus mechanism rewards NFC tokens by staking tokens to hold a vote. 

Block mining through the DPoS consensus, where miners pledge NFC and vote for specific “candidate nodes” (21 delegates per counting cycle) to obtain the right to produce blocks for 7 days. The NFC token is awarded to the delegate every time a block is produced. 

DataFlow Mining

The Proof of Verified Flow or PoVF mechanism is a mining reward mechanism based

on the actual valuable uplink traffic generated by each node in the system.

DataFlow Mining via PoVF consensus, where the server consumes the miner’s NFCS (NetFlowCoin Stable, an ERC20 stable coin that can be purchased through the NFC platform) in the user account to generate uplink traffic(DataFlow). The PoVF mechanism converts the traffic (DataFlow) into NFC tokens and awards them to the user.

How to Mine on NetFlowCoin

  1. Download the WeLine application and register your account (available on both Google Play and iOS App Store). 
  2. Purchase 1x personal server.
  3. Download and install the Blube Wallet, and register the wallet address
  4. Complete the binding of the wallet NFC address with the WeLine account and the personal server SN.
  5. Top up NFCS, or buy NFC tokens to convert into NFCS.

For specific details on NetFlowCoin’s mining data, blockchain data query, pledge lock data, DPoS consensus data, and one-click coin issuance services, visit NFCScan.

What NetFlowCoin Means for Developers

Today, distributed applications, or “dApps,” are still in a nascent phase, with a handful starting to become household names. The capacity of dApps to interact with smart contracts on the blockchain brings an infinite amount of possibilities when it comes to creating value for NetFlowCoin users.

The NFC application layer provides developers with various open source interfaces. Developers are a cornerstone of NetFlowCoin’s decentralized marketplace. NFC provides diversified open-source interfaces for developers to create new dApps in the decentralized app store.

NetFlowCoin supports smart contracts on Ethereum, as well as the smart contract programming language Solidity. The NetFlowCoin platform can host an infinite number of application scenarios for users on the application layer, such as:

  • Network resource sharing (idle bandwidth sharing, or acceleration) dApp
  • EN data sharing dApp
  • DEX
  • Decentralized video streaming network/platform
  • Decentralized data trading platform
  • NRC20 token
  • NFT
  • IOT platform
  • KYC/CIS/Identity Verification
  • Decentralized MMORPG
  • NFC Lottery dApp

Join NetFlowCoin Today!

Getting connected to NetFlowCoin is easy! Download the WeLine application and register your account (available on both Google Play and iOS App Store) to join the NFC community today. 

For further information on NFC, visit NetFlowCoin.io and check out our latest White Paper.

Disclaimer: This is a paid post and should not be treated as news/advice. 

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Source: https://ambcrypto.com/netflowcoin-the-worlds-first-decentralized-internet-application-platform-based-on-sdn-and-blockchain

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