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Pakistan to Set up Two State-Owned Bitcoin Mining Farms to Help Boost Economy

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The government of Khyber Pakhtunkhwa (KP), the third largest of Pakistan’s four semi-autonomous provinces, is setting up two state-backed bitcoin mining farms, local media reported last week. Ziaullah Bangash, advisor to the chief minister of KP on Science and Information Technology, said the provincial parliament passed a bill allowing the KP government to use its…

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Pakistan to Set up Two State-Owned Bitcoin Mining Farms to Help Boost Economy

The government of Khyber Pakhtunkhwa (KP), the third largest of Pakistan’s four semi-autonomous provinces, is setting up two state-backed bitcoin mining farms, local media reported last week.

Ziaullah Bangash, advisor to the chief minister of KP on Science and Information Technology, said the provincial parliament passed a bill allowing the KP government to use its own money to establish the mining facilities.

The province, which has since legalized crypto mining, will be mining bitcoin (BTC) for profit, BOL News, a local media organization, reported. No details were given about the capacity of the mining farms nor the funds that the state intends to invest in the project. This particular province has previously advocated friendly crypto laws in Pakistan.

According to Bangash, the KP Assembly also passed a separate no-objection certificate allowing individuals to mine cryptocurrency and issue their own digital assets. The development coincided with the launch of a private bitcoin mining farm by Waqar Zaka, a long-time crypto enthusiast who has worked to develop the Pakistani crypto industry.

“After years of struggle, I am launching the biggest crypto mining farm in KPK where you all can invest & earn,” Zaka said in a tweet. He thanked Bangash for his legal backing. Replying, Bangash stated that “in future, the help of Waqar Zaka will be sought” in the KP administration’s crypto mining plans.

Profits from bitcoin mining may help prop-up Pakistan’s ailing economy, but KP must first overcome the country’s long-running electricity crisis. Pakistan is facing severe electricity shortages, with power cuts a common occurrence.

Last Saturday, the entire country was thrown into darkness, the Financial Times reports. Authorities blamed the blackouts on a “technical fault” at one of the country’s main power plants in the south. Pakistan only started to restore power in bits on Sunday.

Now BTC mining — the process by which new bitcoins are created using sophisticated, super-computers — is not only an energy-intensive venture but also one that demands consistent power supply. Situated in north-western Pakistan, a mountainous, cool region along the border with Afghanistan, KP might have the best weather for bitcoin mining. But will it have enough energy to sustain a profitable operation?

What do you think about the Khyber Pakhtunkhwa government’s bitcoin mining plans? Let us know in the comments section below.

Source: https://www.bitcoinnewsminer.com/pakistan-to-set-up-two-state-owned-bitcoin-mining-farms-to-help-boost-economy/

Blockchain

StormGain: Crypto Mining now available on all smartphones

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For many years, cryptocurrency mining has only been reserved to a select few – those people with enough time and capital willing to invest resources into setting up their own mining rigs. However, cloud mining has been quickly gaining speed, and StormGain’s solution removes the technical barriers from the equation in hopes of creating a more even playing field. 

Since miners need to keep several factors in mind, including electricity costs, upkeep and maintenance, and the overall investment return, mining has become less lucrative for the smaller players. StormGain wants to change this narrative, and give everyone the chance to participate in the verification of cryptocurrency transactions, earning a nice income whilst doing so. 

Cloud mining is a prevalent trend in the cryptocurrency industry today. However, many providers claim to offer significant yields and fail to deliver on those promises. StormGain is a different breed, as it provides a mobile-based cloud mining solution. Every user can mine cryptocurrency directly from their mobile phone without dealing with the hardware side of things. Mobile app users connect directly to remote cloud servers, allowing StormGain to provide a risk-free and convenient mining solution, incomparable to those offered by other cloud mining service providers. 

The first step is to register at the StormGain platform using a smartphone – or desktop computer for those who prefer that option. StormGain purposely opts for a pain-free registration process to get as many people acquainted with cloud mining as possible. The registration process also involves a lucrative bonus of $5 USDT, delivered directly to users’ mining accounts. The process is simple – upon registering, use the promo code MINER to receive the bonus. After confirming the account, users can begin mining Bitcoin right away by connecting to the cloud mining server, with no impact whatsoever on the smartphone’s performance. 

After meeting the minimal $10 USDT profit threshold, users are free to trade and exchange their crypto assets with StormGain. Withdrawal of mined currency is not possible without going through the trading process first, but all profit generated via trading can be transferred out of one’s account at any given time – a fair trade-off.

The trading and exchanging via StormGain is available at 0% commission, with users benefiting from all standard and advanced instruments at their disposal. The service also introduces fiat-based cryptocurrency purchasing for those who want to expand their crypto portfolio quickly and effortlessly. 

StromGain has contracted incredible partnerships since its inception, making it the 1# interest rate provider for crypto traders by CoinMarketCap, a member of the well-known Blockchain Association within the Financial Commission, but also an S.S. Lazio official trading partner, and the market’s best cryptocurrency trading & exchange platform, according to The European. To date, StormGain’s trading product notes a 30-day volume of over $6 billion, generated by tens of thousands of traders worldwide. 

What sets StormGain apart from other cloud mining providers is how mining rewards are proportional to trading volume. Users with a higher trading volume will earn a higher daily mining income. Mining with StormGain over more extended periods can have a significant impact on one’s profit potential, showcasing huge capital inflows for the most active miners and traders.  

Cloud mining rewards are distributed every 30-40 minutes. Then, users are free to withdraw the funds to their trading accounts, within less than 72 hours. For newcomers, the first mined Bitcoin rewards will become accessible within 4 hours, a feat that is available nowhere else within the cloud mining industry. 

About StormGain

As part of its services, StormGain’s cloud mining service effectively removes all entry barriers to the mining market. Consequently, there’s no longer a need to invest in expensive mining chips that take up space, make noise, and consume electricity. Contract prices are inherently small so ongoing investments can translate to significant profits over the long term. Since the bitcoin mining service is readily available via the cloud, accessing it via desktop and mobile devices couldn’t be easier, with no hardware and time investments involved. 

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


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Source: https://ambcrypto.com/stormgain-crypto-mining-now-available-on-all-smartphones

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Satozhi (SATOZ), the World’s First Proof-Of-Burn Blockchain Launches VMT Marketplace

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The hype for digital collectibles is near all-time-high. All appreciation to recently popularized NFT mania. Non-fungible tokens are not new and in fact, were first brought into use as early as 2018 but their primary use was limited to fan tokes for a popular sports league and blockchain in-game memorabilia. However, with every bull season, a new use case rises above all and this time around, it seems NFT has become the most popular one for the time being. A range of mainstream celebrities, including top-level sports stars and athletes, pop stars, artists, and many more have come forward to launch their NFT collection comparison of unique art pieces and rare memorabilia. The top NFT art raked in $69 million giving the much necessary media attention that made more celebrities choose NFT launch over any other form of a traditional auction.

With the rise in popularity of NFTs, a number of auction houses is it traditional or NFT dedicated ones have sprung up over the past couple of months. However, none come close to what Satozhi brings to the table, a world’s first proof-of-burn token that was built using a similar mining consensus to that of Bitcoin’s proof-of-work. We are familiar with Bitcoin’s (BTC) Proof-of-Work (PoW) protocol, but Satozhi (SATOZ) made a better protocol known as Proof-of-Burn (PoB). Satozhi (SATOZ) was created for everyone to save long-term SATOZ as a store of value. Satozhi (SATOZ) is a crypto token that runs fully on the Binance Smart Chain (BSC) network according to the standards of the most advanced smart contract protocols.

Traders can buy SATOZ and sell when it is profitable, on the other hand, miners can burn SATOZ to receive a block reward every 10 minutes in any wallet. The SATOZ token also helps developers, since the SATOZ project is open-source and driven by the community, not creators. This protocol uses the logic of burning the token supply in the blockchain and then creating a new token in the pool every 10 minutes.

Moreover, the platform has also just made its Virtual Mining Tool marketplace live where developers and artists can mint their high-value tokens and auction them for profitability.

What is VMT and What Makes it More Unique than NFTs

VMT a very unique project that only exists on Satoz. VMT is a pioneer in the world of cryptocurrencies and assets VMT is short for Virtual Minting Tool (or for some people call it Virtual Minting Token) is an improved protocol that allows VMT creators to sell their work, not only as a digital item or unique value but also as a lifetime mining reward. and can be traded on the VMT decentralized marketplace (VDEX) via the VMT smart contract itself automatically. This very unique project only exists in Satoz making it an industry first until more similar projects crop up owing to its growing popularity.

VMT takes the NFT mania to the next level and is developing a blockchain 3.0 for the next leg of innovations in the decentralized space. While NFTs offer a unique opportunity to creators, VMT would ensure the minted artworks not only offer their creator a profitable income at the time of the auction, but even if they hold their minted work it pays them like staking.

VMT vs NFT

Non-Fungible Token (NFT) is a digital smart contract standard created to store unique digital ownership assets. NFTs cannot be exchanged for other tokens, NFTs are generally created by uploading files, such as digital artwork, and traded on the auction market or the NFT marketplace. This will create a copy of the file, which is recorded as an NFT on a digital ledger or blockchain. The NFT can then be bought with certain cryptocurrencies and sold back to the market. Even so, the chain of ownership will continue to be recorded in the NFT smart contract itself.

Virtual Minting Tool (VMT) is a digital smart contract innovation whose identity of assets, tokens, and ownership are unique from each other and are managed by the blockchain. Each VMT has its own asset value, different income values, different types of assets, which we refer to as Minter or VMT tokens. Besides being able to be traded on a decentralized market like an NFT, VMT assets can also be mined at any time as a personal asset. If a creator doesn’t want to sell it, they can keep the VMT as a collection, for which they will still get the results of VMT minting assets every time, as long as they keep the ownership forever.

VMT not only gives the value of ownership of a digital asset but also offers an increase in the value of the asset itself over time. Thus, making it an all-in-one collectible item whose value only rises with time and doesn’t solely depend on the auction marketplace. Satoz mining is paid software that can create virtual mining tools, and can be traded and speed up by increasing the number of burns on the tool.

Satoz was redesigned to solve resource problems that have been difficult to achieve. To this day, coin mining has to be done with CPU tools, GPUs, very expensive ASICs with very high electricity costs, and expensive maintenance costs, making it less effective for some miners, which results in increased blockchain transaction fees and confirmation times.  The VMT marketplace has only added benefits to it where the burning mechanism only helps the value of the token powering the platform.

To learn more about Satozhi visit Satozhi.com

Twitter : https://twitter.com/satozhiofficial
Telegram : https://t.me/satozhitoken
CoinMarketCap : https://coinmarketcap.com/currencies/satozhi/
Github: https://github.com/satozhi/satoz-contracts
SatozhiTalk : https://satozhitalk.org/

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Source: https://www.livebitcoinnews.com/satozhi-satoz-the-worlds-first-proof-of-burn-blockchain-launches-vmt-marketplace/

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Blockchain

Cook Finance is Now Live on Ethereum Rinkeby Testnet

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Cook Finance, a cross-chain decentralized asset management platform, today announced the launch of its first DApp on Ethereum Rinkeby Testnet. The latter is a proof-of-authority blockchain that simulates Ethereum to give the developers a chance to kick the tires before real assets are involved.

The test network runs the same software as the original Ethereum network, but has its own separate blockchain.

Cook Finance also invited community members to give the system a test drive through its first networked testnet. This demo release allows them to preview the technology and share their feedback about this testing phase. 

Cook is also working to provide some novel ways for participants to engage with the testnet and monitor the network’s activity, liquidity, gas-saving and no counterparty risk without sacrificing usability.

The purpose of the Testnet launch of Cook Finance DApp is to help improve the protocol UI that will function as the gateway for DeFi market participants. Soon after the Testnet version of the DApp, Cook steams ahead towards the release of the Columbus version on the Ethereum mainnet. 

Cook Finance is a decentralized asset management platform for the DeFi space, built on top of the Ethereum blockchain. As promised, their unique infrastructure solves pain points experienced by the DeFi niche without compromising the quality of its ecosystem. 

Adrian Peng, the CEO of Cook Finance comments: “We have come a long way, but one thing that has always been a priority for us is to be thorough in every step and every process. We do not want to rush anything and miss out on critical details and functionalities of the DApp. After careful planning, we are finally ready for the Testnet launch, which is a major step forward for us. This is an exciting time that will help us better understand how users interact with the platform and what parts of the UI we can improve in the future.”

Next on Cook Finance Roadmap

Cook Finance aims to provide investors and fund managers with professional asset management services that are easy and intuitive to use. Investors can pick up their desired investment strategies and stake their crypto assets using the appropriate smart contract.

On the other hand, fund managers can easily configure their investment strategists with an expanded toolbox and more control over their portfolios. They also can leverage the trust provided by smart contracts and blockchain technology to attract more subscribers.

While there are other projects with a similar vision, Cook Protocol addresses key issues by being a cross-chain solution, currently looking into alternative blockchains like Huobi Eco Chain and Polkadot.

As you may recall, Cook Protocol is a young project launched in the second quarter of 2020. Their previous major milestones were completing the development of COOK token’s smart contract in January. The Uniswap liquidity mining and unlocking COOK token price-based smart contracts were also completed around the same time.

The roadmap for the project includes the release of the protocol architecture and UI design, completing the necessary infrastructure to start working on other functionalities.

The plans for the remaining months of 2021 will see the Cook protocol ecosystem development being launched this quarter, followed by the release of the Magellan version on the Ethereum mainnet in Q4.

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