The buzz surrounding Bitcoin’s leap into the NFT world via Ordinals might be fleeting. A Dappradar study reveals that trading actions and sales figures for Bitcoin Ordinals have plummeted by a staggering 97% since their May 2023 zenith. This downturn mirrors a wider slowdown in the NFT sector. However, the slump in Bitcoin Ordinals is…
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In a recent report, the Bitcoin Mining Council (BMC) unveiled the results of its first half of 2023 survey, highlighting the industry’s strides in electricity consumption, technological efficiency, and sustainable power. Furthermore, the survey details that the BMC accounts for 43.4% of the global mining network. Insights From the Bitcoin Mining Council’s Latest Survey The…
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Authorities and power utilities in various Russian regions have shut down illegal crypto mining farms, seizing hardware and taking operators to court. The action against the coin minting facilities comes amid discussions on a proposal to introduce criminal liability for miners breaking the upcoming legislation for the industry. ‘Underground’ Crypto Mining Farms Shut Down Across…
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On Feb. 17, 2023, Tokyo-based Sony Network Communications announced that it is co-hosting a Web3 incubation program with the multichain smart contract platform Astar Network. The program has started accepting applications, and Sony and Astar will jointly mentor Web3 projects “focused on the utility” of non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs). Sony and…
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Authorities in the Russian region of Irkutsk have so far filed 1,000 lawsuits against what they call “gray” miners, or people minting coins in their homes. In over half of these cases, courts have ordered the defendants to compensate the operators of the distribution networks. Hundreds of Crypto Miners Sued in Irkutsk for Extracting Digital…
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Defunct cryptocurrency lender Celsius aims to secure more than $14 million from credits and coupons backed by Bitmain, according to an interim CEO Christopher Ferraro in a bankruptcy court filing dated Feb. 9, 2023. Ferraro stated in the filing that the “coupons currently provide no utility to the debtors’ mining business.” Celsius Interim CEO Outlines…
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In the past two years, law enforcement authorities in Malaysia have arrested hundreds of individuals for theft of electricity allegedly used to mint digital currencies. The country’s police force has also confiscated equipment worth millions of dollars. Malaysia Police Announce Results From Crackdown on Illegal Mining Since 2020, Malaysian authorities have detained a total of…
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To assess the value of an NFT, consider looking at various factors like ownership, utility, rarity and social proof. Understanding the valuation matrix There is no rule book on how to assess an NFT valuation. The metrics you use for evaluating private companies or conventional investment vehicles such as shares are simply not applicable to…
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Crypto farms in Kazakhstan will remain unplugged until Feb. 7, as the local utility has extended power cuts for miners. The company points to ongoing difficulties with electricity supply as the main reason for the measure, which was supposed to expire at the end of January. Mining Facilities in Kazakhstan Still Shut Down Data centers…
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Russians mining cryptocurrency in their homes have been blamed for the problems with the electricity supply in Irkutsk. Power outages have become a frequent occurrence in the region which maintains the lowest electricity rates in Russia. Subsidized household energy has turned mining into a source of income for many locals. Electricity Consumption Spikes Amid Spread…
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