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‘Green mining’ crypto Chia Network causes HDD revenues to skyrocket by 240%

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Growing demand for hard and disk drives has been recorded ever since the appearance of the “green” cryptocurrency Chia (XCH), which utilizes spare storage space for verifying blockchain transactions.

This year’s April analysis performed by research company Context revealed a monster sales growth as the demand for high capacity storage space gear exploded, compared to April 2020. 

Sales in numbers

The year-on-year data showed a staggering 240% sales growth as under 200,000 enterprise-grade nearline storage drives of 10TB capacity and above were sold. 

In addition, a 167% sales increase was recorded as around 250,000 NAS consumer-grade HDDs were sold, while surveillance disk drive gross sales almost reached 200,000, going up 116%.

“For sure it is Chia,” said Gurvan Meyer, a senior enterprise analyst at Context, to The Register news, adding that such an upswing in demand following the launch of Chia took everybody by surprise, including major hard and disc drives manufacturers like Western Digital and Seagate

“We added something that we actually were not fully expecting, that was an increase in the crypto farming demand,” said the Seagate CFO Gianluca Romano, whose company’s stock is on the rise.

Western Digital experienced a stock boost as a positive side effect of the exploded demand as well.

Finding space for green farming

Created by BitTorrent inventor Bram Cohen, Chia addresses the energy consumption culprits of industry-grade mining as it is based on the so-called “proofs of space and time” consensus algorithm, a more energy-efficient alternative to the widely used proof-of-work (PoW) and proof-of-stake (PoS).

Simple and eco-friendly home mining or “farming” of Chia doesn’t require substantial caches for its staking, nor over-budget hardware since its algorithm relies on high-capacity SSDs or HDDs.

Chia witnessed its highest price on the 15th of May by crossing the $1600 mark but has since experienced a continuous dive, with a 49.05% drop during the past month. Will Chia’s plunge slow down farming gear purchases and lower down the HDD prices that have been skyrocketing in the meantime?

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Source: https://cryptoslate.com/green-mining-crypto-chia-network-causes-hdd-revenues-to-skyrocket-by-240/

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Canadian Regulator Adds Bybit to Crypto Exchange Crackdown

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In brief

  • The OSC says it reached out to Bybit in March but heard nothing.
  • A hearing is scheduled for July 15.

Bybit, one of the world’s top five crypto exchanges with $53 billion in trading volume in the last week, is in hot water with Canadian regulators—along with other prominent crypto trading platforms.

The Ontario Securities Commission (OSC) has charged the British Virgin Islands-registered company with “operating an unregistered crypto asset trading platform, encouraging Ontarians to use the platform, and allowing Ontario residents to trade crypto asset products that are securities and derivatives.”

According to the OSC, it had requested on March 29 that Bybit contact it regarding how to bring the exchange into compliance with Ontario securities law but did not receive a reply. It’s now added Bybit to its investor warning list and set a hearing date of July 15.

At that hearing, the commission will consider OSC staff recommendations calling for Bybit to cease securities trading and be prohibited from acquiring securities “permanently or for such period as is specified by the Commission.” Staff also have recommended an administrative penalty of up to $1 million for each breach of Ontario securities law.

Earlier this month, the regulator took a similar enforcement action against another exchange, KuCoin. And last month, the OSC alleged Poloniex had not followed its registration process. Its argument is mostly the same in each instance: The exchange offers securities and derivatives to Ontario residents, meaning it must comply with the province’s securities laws.

Securities are, generally speaking, financial instruments people can buy and trade for the purpose of turning a profit. Derivatives are a type of security that get their value from an underlying asset that may or may not be a security itself. For example, commodity futures and Bitcoin futures contracts are derivatives. These allow someone to set a buy/sell price for an asset in advance; it’s a way of gambling on how much the price of an asset will increase or decrease.

Bybit is a primary investor in the Peter Thiel-backed BitDAO, which last week announced it had taken in $230 million to provide grants, liquidity, and technical expertise to decentralized finance projects. It has promised a cut of its futures contract trading to BitDAO.

Yes, but is it registered in Ontario?

Source: https://decrypt.co/74156/canadian-regulator-adds-bybit-crypto-exchange-crackdown

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Forget Amazon Prime Day, Earn Double Bitcoin Back From Lolli Promo

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Who needs Amazon Prime Day when you can get free bitcoin on your purchases?

Lolli is offering customers up to 14% back in bitcoin in their limited promo offer. A variety of retailers are available on Lolli for you to take advantage of the promo.

You can get cash back (crypto back?) on any purchase you make. All previous percentage offers on crypto back are now double for a limited time when you shop with Lolli. Shop from over 1,000 merchants on the platform and get bitcoin back on every purchase.

What Is Lolli?

Lolli is a cashback/bitcoin rewards company. The platform works as a browser extension that you can add to your browser. The browser extension can be added to Chrome, Firefox, and Safari browsers.

Related Reading | Bitcoin Water Trust Raises $1.4 Million, And Counting

With Lolli, every purchase you make from one of their partner stores gets you bitcoin rewards up to 30%. The average rewards percentage currently sits at 7%.

The company was founded in 2018 by Alex Adelman and Mark Senter. They wanted to create an accessible way where people could get bitcoin as a reward for shopping for everyday items. Making it that people can own bitcoin without having to actually buy it.

Lolli works by giving you a percentage cashback on purchases and depositing the bitcoin into your Lolli wallet. You are then able to withdraw the bitcoin once you have up to $15 in your wallet.

This way, customers get money back on their purchases. And merchants get new customers and generate more sales.

Bitcoin chart from TradingView.com

Current bitcoin price | Source: BTCUSD on TradingView.com

Lolli raised $3 million in a Seed Round that was led by PathFinder in 2020. The seed round’s investors included notable names like Aston Kutcher and Bain Capital.

The company then went on to raise $5 million in a Pre-Series round from Seven Seven Six. Also included in the funding round was Serena Williams’ Serena Ventures. This brings the total funding raised by the company to date to $10.5 million.

How It Works

It’s a pretty straightforward service. You download the browser extension. This only takes a second to do.

The extension then brings you to a page where you can sign up and log in.

Then when you go on merchant sites to shop, Lolli will pop up to show you how much cashback you’re eligible for. You can go on and check out. And then you get your Lolli rewards.

Related Reading | Steve Hanke Calls El Salvador’s President “Stupid” For Making Bitcoin Legal Tender

As a fraud mitigation effort, Lolli only gives you the rewards once your return date has elapsed. This is to make sure that people do not purchase items and then return them. Taking the Lolli rewards and not actually buying.

It usually takes about 30 to 90 days after your purchase that you can get your rewards. You can check your account to see your balance. There is usually an estimate of your cashback on your purchase on your account. Then you can see your actual balance when you get your coins.

As a rule, Lolli never collects your data across websites. You can be sure that your data is not being sold to third parties. Lolli does not store any of your data.

So if you’re looking for ways to get some exposure to bitcoin without having to buy some, this is a great opportunity.

Featured image from CoinCentral, chart from TradingView.com

Source: https://bitcoinist.com/forget-amazon-prime-day-earn-double-bitcoin-back-from-lolli-amazon-promo/?utm_source=rss&utm_medium=rss&utm_campaign=forget-amazon-prime-day-earn-double-bitcoin-back-from-lolli-amazon-promo

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Sotheby’s Will Accept Crypto In Auction Of Rare 100-Carat Diamond

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Global auction house Sotheby’s is no stranger to crypto. In fact, the leading auctioneers have been hosting NFTs, such as multi-million-dollar CryptoPunks. This week, they are kicking off the auction for the code of the World Wide Web. Now, Sotheby’s is integrating crypto for more than just NFTs and their payments – and is allowing crypto to be a form of purchase for a more traditional auction item, an upcoming 100-carat diamond.

Sotheby’s Has Crypto On The Rocks

The auction will be a single-lot sale hosted in Hong Kong, featuring an astounding 101.38-carat diamond. The auction will take place on July 9 and the diamond is expected to fetch north of $10-15M. Sotheby’s will also offer a hybrid online bidding process, which will start later this week.

Accepting cryptocurrency for a traditional sale like this will be a first for the nearly 300 year old auction house. Sotheby’s had also allowed for crypto transactions for previous Banksy physical art pieces and NFTs, but nothing outside of those. Should the winning bidder pay in crypto, Coinbase Commerce will process the transaction, according to Sotheby’s representatives.

Patti Wong, chairman of Sotheby’s Asia, described the auction as a “truly symbolic moment. The most ancient and emblematic denominator of value can now, for the first time, be purchased using humanity’s newest universal currency”.

Related Reading | NFTs In A Nutshell: A Weekly Review

Describe That Diamond

Beyond sheer size, the diamond is a pear-shape with a D-color and flawless GIA rating, called “The Key 101.38”. The name, according to Sotheby’s, was chosen to embrace the past, present, and future – stating that keys, like diamonds, symbolize power and freedom. “We wanted to celebrate this enlightening virtue, while also alluding to the crucial function of digital keys in the world of NFTs and cryptocurrency”, said Sotheby’s deputy chairman of Jewelry in Asia, Wenhao Yu.

The color and clarity are the highest possible grades for a colorless diamond. Additionally, Sotheby’s has said that 100+ carat diamonds have achieved “mythical status”; making this auction the first diamond, and certainly the first diamond of such a size, to be open for bidding at such a major level with crypto. Less than ten 100+ carat D-Flawless diamonds have ever come to auction. Diamonds have been an increasingly hot seller for the premium auction house in recent years.

Furthermore, Sotheby’s engagement in cryptocurrency continues. Earlier this month, the auction house sold CryptoPunk #7523 for just shy of $12M as part of their “Natively Digital: A Curated NFT Sale” series.

The full list of supported cryptocurrency payments from Sotheby's has not been disclosed, but previously the company has accepted ethereum. | Source: ETH-USD on TradingView.com

Related Reading | Sotheby’s To Auction Off World Wide Web Source Code As NFT

Featured image from Pixabay, Charts from TradingView.com

Source: https://bitcoinist.com/sothebys-will-accept-crypto-in-auction-of-rare-100-carat-diamond/?utm_source=rss&utm_medium=rss&utm_campaign=sothebys-will-accept-crypto-in-auction-of-rare-100-carat-diamond

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