Crypto News Updates

Argo, DMG Blockchain Join Group Promoting Bitcoin Mining Decarbonization

Bitcoin mining firms DMG Blockchain Solutions and Argo Blockchain have joined an accord promoting industry decarbonization.

Bitcoin mining companies Argo Blockchain and DMG Blockchain Solutions have partnered with the Crypto Climate Accord (CCA) to promote industry decarbonization.

Per a press release, in conjunction with CAA, both firms are developing a new working group to articulate the accord’s objectives, while looking to increase the transparency of the renewable energy sourcing of cryptocurrency mining operations using new technologies.

The CCA proposes several objectives to bring down the carbon emissions within the bitcoin mining industry, including reaching net-zero emissions from electricity consumption by 2030 and collaborating with supporters to develop technology, tools and strategies to accelerate the adoption and verification of 100% renewables-powered blockchains by 2025.

“The Crypto Climate Accord helps lay the groundwork for real, tangible action to address Bitcoin mining’s impact on the environment,” Peter Wall, CEO of Argo Blockchain, said in the statement.

Jesse Morris, the chief commercial officer at Energy Web, a low-carbon electricity system accelerator, said that this “green hash rate solution is critical,” and that it could help individual mining facilities highlight their use of renewables and set an example for other industries.

The CCA consortium consists of over 40 companies, including 20 organizations focused on the cryptocurrency space.

The debate around bitcoin mining’s energy consumption has long caused misunderstandings about the technology, but it has ramped up recently, as highlighted by Tesla CEO Elon Musk’s recent statements. In a recent tweet, he said that the electric vehicle manufacturer will be suspending all of its bitcoin purchases, citing climate change concerns.

However, while bitcoin mining is based on energy consumption, a large shift toward renewables is taking place through initiatives like this partnership and others. Furthermore, many argue that Bitcoin’s energy consumption is a highly-efficient transfer of energy to permissionless value.

Source: Bitcoin magazine

Crypto News Updates

Coinbase Acquires Cryptocurrency Market Analysis Tool Skew

Coinbase has announced the acquisition of cryptocurrency market analytics firm skew, with hopes of adding features for institutional traders.

Cryptocurrency exchange Coinbase has acquired skew, a U.K-based data analytics firm for cryptocurrency markets, allowing the exchange to provide real-time data analytics to the institutions and traders who leverage its platform

Per a Coinbase announcement today, the acquisition is part of its work to strengthen services for institutional clients. According to Greg Tusar, vice president of institutional products at Coinbase, high-quality data access is “essential for institutions assessing investments in crypto assets.”

“We’re excited to integrate skew’s data analytics platform with Coinbase Prime, allowing our customers to track cryptocurrency spot and derivatives markets in real-time,” Tusar said, per the announcement. “With skew, we’ll arm professional traders with dynamic, aggregated market data, presented in a highly actionable format, all within our market leading prime brokerage.”

The integration of skew could help institutional users of Coinbase take advantage of deeper bitcoin market analysis.

The terms of the financial deal remain undisclosed and is expected to close in Coinbase’s second fiscal quarter. The announcement noted that Coinbase will continue to serve skew’s existing customers.

Recently, Coinbase has reported significant growth in revenue, estimating $1.8 billion in total revenue and 6.1 million monthly transacting users in the first quarter of 2021.

“By joining Coinbase, skew will benefit from a widely increased set of resources which will allow us to accelerate the pace of the platform’s development and support our product ambitions,” skew said in its own release.

Source: Bitcoin magazine

Crypto News Updates

Iran Authorizes Use Of Officially Mined Cryptocurrency For Import Payments

Iran has updated its rules on officially mined cryptocurrencies like bitcoin so they can be used more widely for import payments.

The Central Bank of Iran has declared that licensed banks and moneychangers in the country can use cryptocurrency that has been mined by officially sanctioned miners to pay for imports, according to a report from the Financial Tribune.

Hit hard by international sanctions, Iran likely sees the use of cryptocurrency as a way to operate outside of traditional financial controls. In October 2020, the Iranian central bank amended its regulations so that bitcoin and other cryptocurrencies could be mined officially under government control, using subsidized energy, then supplied to the government for funding imports. Now, the central bank has apparently extended the legal use of cryptocurrencies to additional groups within the country.

“It said lenders and moneychangers have been notified about the regulatory framework for crypto payment,” per the Tribune. “No further details were announced, the CBI website reported.”

In 2019, Iran legalized cryptocurrency mining while instituting heavy-handed regulations to control it. Upon embracing the practice as a way to accrue sanction-resistant funds, some wondered if Iran were pivoting to become a “Bitcoin nation.” But Bitcoiners within the country were dubious about the idea that Iran would horde or directly deal with bitcoin, and this latest update to regulations indicates that it would like individual businesses within the country to leverage cryptocurrency.

“I don’t think the central bank will touch bitcoin in any way,” Ziya Sadr, a Bitcoiner based in Tehran, told Bitcoin Magazine last year. “The system will only provide rates and stuff and the bitcoin will be transferred from sender to receiver directly.”

They also noted that regulations about exactly how they can use bitcoin would only incentivize bitcoin miners in Iran to take the practice underground.

“Due to the high price of electricity and gas for the extraction of cryptocurrencies in Iran, the result of changing this decree will be the reduction of bitcoin production in Iran, because no miner is interested in providing his bitcoin to the government,” Omid Alavi, a CEO of an approved bitcoin mining farm in Iran, told Bitcoin Magazine at the time.

Source: Bitcoin magazine

Crypto News Updates

Bitcoin Mining Firm Blockcap Moves Headquarters To Texas As State Embraces Bitcoin

Bitcoin mining firm Blockap has relocated its headquarters to Austin, as Texas officials embrace the Bitcoin industry.

Bitcoin mining firm Blockap has moved its headquarters from Las Vegas to Austin, Texas, an emerging hub for nascent technologies.

Per an announcement on Blockcap’s website, the firm chose Austin as its new headquarters for its workforce, favorable regulations, “as well as pronouncements by Governor Abbott and his team regarding protecting blockchain technology,” founder and executive chairman Darin Feinstein said.

Abbott shared the announcement via Twitter, tagging the @Bitcoin Twitter handle. He has recently been embracing innovation in digital asset technology for the Lone Star State. At the end of March, for instance, he signaled his support for new cryptocurrency laws.

“[Cryptocurrency] is increasingly being used for transactions and is beginning to go mainstream as an investment. (Fidelity, etc. trying to get Bitcoin ETF),” he tweeted. “Texas should lead on this like we did with a gold depository.”

Also, the former governor of Texas, Rick Perry, cited Blockcap’s presence as a major accelerant for job creation and sustainable economic growth in the state.

“The State of Texas welcomes Blockcap and its decision to establish its headquarters in our capital, which is yet more evidence that we have become the premier location for forward-looking industries like blockchain,” Perry said in a release.

Blockcap recently announced it has raised $38 million, a move lifting the firm’s total funding to $75 million since its founding last year. The company has recently acquired over 40,000 ASIC miners from Bitmain and Canaan and it plans to bring another 18,000 online by the end of the year.

Source: Bitcoin magazine