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Expansion of Bitcoin Mining in Argentina Using Subsidized Energy

Expansion of Bitcoin mining

Rate this post Bitcoin miners profit from the country’s interventionist economy’s inefficiencies, low-cost energy subsidies are driving the expansion of Bitcoin mining in Argentina. The Expansion Of Bitcoin Mining In Argentina Bitcoin miners in Argentina are benefiting from inefficiencies in the country’s interventionist economy; low-cost energy subsidies are fueling the expansion of bitcoin mining, which is motivated by memories of currency crises and powered by government-subsidized electricity. While several nations have witnessed crypto mining booms this year, ultra-low utility rates and the reappearance of capital constraints in the South American country are helping miners boost profitability. Many analysts saw it as just another illustration of Argentines’ enduring ability to exploit the country’s unconventional policies “Even with Bitcoin’s price drop, the cost of power for someone mining from their home is still a fraction of the overall cash generated,” Nicolás Bourbon, a Buenos Aires-based cryptocurrency miner, said. Cryptocurrencies have long been promoted in Argentina as a means for residents to hedge against cyclical economic crises such as currency depreciation, defaults, hyperinflation, and now, a three-year recession exacerbated by the epidemic. Aside from cheap power, the recent return of foreign-exchange controls has given Argentines barred from purchasing dollars even more incentive to mine digital tokens, as surging demand for non-peso assets has sent the value of Bitcoin skyrocketing to nearly 5.9 million pesos in unofficial markets as of Sunday, versus about 3.4 million pesos at the official rate. Miners profit from Argentina’s long-standing household electricity subsidies. The program is meant to score political points with voters, but it is causing friction within the ruling Peronist alliance. Consumer power expenses account for just approximately two to three percent of the typical monthly income. The peso is currently almost 70% lower than the official rate. Inflation is around 50% per year, and currency restrictions enable individuals to legally exchange just US$200 per month. Bitfarms In Canada Establish A Local Mining Business Bitfarms Ltd. of Canada said last month that it had acquired an agreement to connect directly into a local power plant to draw up to 210 megawatts of natural gas-powered energy. The price is significantly lower than the wholesale market pricing for industrial clients, which is roughly $0.06 per kWh. “Selling extra power to Bitcoin miners throughout part of the year makes sense for some power providers with easy access to gas,” Fernández adds. Argentina’s Energy Ministry spokeswoman declined to comment on the arrangement.

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Bitcoin miners profit from the country’s interventionist economy’s inefficiencies, low-cost energy subsidies are driving the expansion of Bitcoin mining in Argentina.

The Expansion Of Bitcoin Mining In Argentina

Bitcoin miners in Argentina are benefiting from inefficiencies in the country’s interventionist economy; low-cost energy subsidies are fueling the expansion of bitcoin mining, which is motivated by memories of currency crises and powered by government-subsidized electricity.

While several nations have witnessed crypto mining booms this year, ultra-low utility rates and the reappearance of capital constraints in the South American country are helping miners boost profitability. Many analysts saw it as just another illustration of Argentines’ enduring ability to exploit the country’s unconventional policies

“Even with Bitcoin’s price drop, the cost of power for someone mining from their home is still a fraction of the overall cash generated,” Nicolás Bourbon, a Buenos Aires-based cryptocurrency miner, said.

Cryptocurrencies have long been promoted in Argentina as a means for residents to hedge against cyclical economic crises such as currency depreciation, defaults, hyperinflation, and now, a three-year recession exacerbated by the epidemic.

Aside from cheap power, the recent return of foreign-exchange controls has given Argentines barred from purchasing dollars even more incentive to mine digital tokens, as surging demand for non-peso assets has sent the value of Bitcoin skyrocketing to nearly 5.9 million pesos in unofficial markets as of Sunday, versus about 3.4 million pesos at the official rate.

Miners profit from Argentina’s long-standing household electricity subsidies. The program is meant to score political points with voters, but it is causing friction within the ruling Peronist alliance. Consumer power expenses account for just approximately two to three percent of the typical monthly income.

The peso is currently almost 70% lower than the official rate. Inflation is around 50% per year, and currency restrictions enable individuals to legally exchange just US$200 per month.

Bitfarms In Canada Establish A Local Mining Business

Bitfarms Ltd. of Canada said last month that it had acquired an agreement to connect directly into a local power plant to draw up to 210 megawatts of natural gas-powered energy. The price is significantly lower than the wholesale market pricing for industrial clients, which is roughly $0.06 per kWh.

“Selling extra power to Bitcoin miners throughout part of the year makes sense for some power providers with easy access to gas,” Fernández adds. Argentina’s Energy Ministry spokeswoman declined to comment on the arrangement.

READ  Sichaun Province,in China Planning a Ban on Bitcoin Mining

#Argentina #Bitcoin Miners #Bitcoin Mining #Bitfarms Ltd #Local Mining Business in Canada

Source: https://www.cryptoknowmics.com/news/expansion-of-bitcoin-mining-in-argentina-using-subsidized-energy/

Blockchain

PayPal and Visa Lead $300M Funding for Blockchain Capital

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Blockchain Capital remains a major tech backer in the DLT space with investments in numerous crypto and DLT projects.

Fund V with $300M Funding

According to a press release published on Monday (June 22, 2021), Blockchain Capital has closed funding for its Fund V LP. The capital raise reportedly drew participation from several high-profile backers including global payment giants Visa and PayPal.

Capped at $300 million, Blockchain Capital’s latest fund was oversubscribed likely pointing to the continued appetite for DLT-related funding despite the current crypto market downturn. Apart from Visa and PayPal, university endowments, hedge funds, family offices, and pension funds also participated in the capital raise.

Bart Stephens, co-founder and managing partner at Blockchain Capital commented on the closure of the fifth VC fund, stating:

“We are incredibly honored to welcome a world class group of investors into Fund V who appreciate the value of a firm dedicated to a single industry. As founders ourselves, we know how hard it is to build companies, protocols and, indeed, a whole new industry.”

Spokespersons for both Visa and PayPal stated that their support for Blockchain Capital was part of efforts to boost innovation in digital finance. According to Jose Fernandez da Ponte, vice president and general manager of blockchain, crypto and digital currencies at PayPal:


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“Investing in Blockchain Capital’s new fund allows us to engage with the entrepreneurs driving the future of the decentralized economy and the new wave of financial services.”

Serial Blockchain Backer

Blockchain Capital is a serial investor in the crypto and DLT space. The company’s portfolio of projects cuts across several facets of the emerging industry including United States-based exchange giants like Coinbase and Kraken.

Blockchain Capital’s investment portfolio also extends to the decentralized finance market arena, backing projects like Aave, UMA, and Nexus Mutual.

Since securing about $2 million in funding from Blockchain Capital and other investors back in May 2018, OpenSea has been able to attract additional investments, including a $23 million injection as reported by CryptoPotato back in March.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/paypal-and-visa-lead-300m-funding-for-blockchain-capital/

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Blockchain

Ethereum, MATIC, Solana Price Analysis: 22 June

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With a depreciation of 8.1% in 24 hours, the global crypto-market cap fell to 1.31 trillion at press time. Following Bitcoin’s footsteps, most altcoins in the market have been struggling within the bearish zone throughout the weekend. Ethereum and Solana, for instance, fell below their respective support levels. MATIC, on the contrary, while it moved south too, stayed above its support. 

Ethereum [ETH]

Ethereum failed to stay afloat above the $2,250 support level, with the alt trading at $1902 at press time. In case the coin doesn’t fall further, it could see resistance near $2055. The second-largest coin by market capitalization noted a decline of 27.2% over the past week. 

ETH’s charts pictured a bearish crossover on 15 June and despite the price recovering slightly on 20 June, the MACD’s histogram underlined bearish momentum. The Bollinger Bands diverged in the early hours of 21 June, meaning that there could be a hike in price volatility. 

The Chaikin Money Flow neared the equilibrium mark – A finding that predicted an even amount of capital outflows and inflows. Alas, at press time, capital outflows slightly exceeded inflows. 

MATIC

MATIC showed promising recovery from 12 June to 15 June post the crypto market crash. However, it failed to hold on to the same momentum and prices dipped soon after. Worth noting though that the alt had not breached its crucial support level of $1.04, unlike other altcoins, at the time of writing when MATIC was priced at $1.06. 

A slight dip in prices would mean that MATIC too would break past the $1.04 support level. The Bollinger Bands were observed to be diverging, a sign of steep price volatility in the near term.  

Finally, the MACD’s histogram gave bearish signals for the whole week while the Awesome Oscillator suggested that bearish momentum was building up. That being said, it did read a few scattered bullish trading sessions in between. 

Solana [SOL]

SOL breached its $31 support level in the last 24 hours and then broke past its $24 support level too. It was priced at $23.66, at the time of writing. The alt somehow had managed to recover briefly in the last 48 hours, however, it did see a decline of 24.1% soon after. 

The market has been seeing intense selling pressure over the last few days. At press time, the coin had fallen below the 30-mark on the Relative Strength Index, a development which meant that the alt had hit the oversold and undervalued zone. 

The Awesome Oscillator suggested that bearish momentum was continuing to build up on the charts. Finally, the widening of the Bollinger Bands projected a hike in price volatility. 


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/ethereum-matic-and-solana-price-analysis-22-june

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Blockchain

ZkTube Partners With Mo Works to Expand Global Outreach

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ZkTube Partners With Mo Works to Expand Global Outreach

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ZkTube, a scaling solution built to offer safety, low gas fees, and optimal zero-knowledge proof mining, has announced a new partnership with Mo Works in a recent report, following a global expansion plan.

Mo Works is a Melbourne-based leading digital solution provider. Its collaboration with ZkTube happened after the company appointed Mo Works founder and director, Mo Hamdouna as their global marketing advisor.

Mo Works Backs ZkTube on Its Adventure For a Global Expansion

ZkTube seeks to scale and support blockchain transaction capacity and project while retaining the Defi performances of a distributed protocol. It is basically aimed at promoting the global market.

Following the partnership, Mo Works has agreed to bring its exclusive experience in the cryptocurrency industry to help kick the global growth of zkTube in an accelerating mode.

Considering the functionality of the partnering companies, the collaboration will cause an integration between both communities as Mo Works will begin to provide support for ZkTube’s launch of strategic community engagement programs. Thereby, enriching and exploring the performances of both companies all around the globe.

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Mo Hamdouna expressed excitements on his new appointment saying; 

“zkTube has a sophisticated, intelligent, and experienced team who will be disrupting the blockchain payment network industry with a technology solution that offers excellent safety, low gas fee, and optimal POS mining. I am very happy to work with their team on their project and look forward to a great year launching their solution.”

ZkTube’s aim to join efforts with Mo Works to raise a global community that will fully facilitate ZkTube’s marketing strategy and expansion plans towards the global launch is becoming a reality.

The founder of ZkTube affirmed this saying;

“the strategic partnership of Mo Works and zkTube will be instrumental in the overall development of the global marketing. But, more importantly, with Mo Works, our partnership will allow us to widen our community globally.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/zktube-partners-with-mo-works-to-expand-global-outreach/

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