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Argo Blockchain Joins The Texas Bitcoin Mining Rush

Argo Blockchain Joins The Texas Bitcoin Mining Rush

Route 66 Texas map roadsign

U.K.-listed cryptocurrency mining company Argo Blockchain unveiled plans for its new facility in … [+] Texas. Over the past few years, the state has attracted some of the world’s largest crypto mining operators.

Global cryptocurrency mining company Argo Blockchain will construct a cryptocurrency mining facility in West Texas. 

Today, the London-based cryptocurrency mining firm listed on the London Stock Exchange announced the acquisition of New York-based DPN LLC, which gives Argo access to up to 800-megawatts of electrical power in a 320-acre plot of land in West Texas. The firm also announced plans to build its new energy-efficient 200mw mining facility over the next 12 months.

Argo’s purchase of land in Texas not only gives them greater control over its mining operations but also the ability to “meaningfully” expand its mining capacity on a large scale, according to Peter Wall, CEO of Argo Blockchain, quoted in a statement. “We now have access to some of what we believe is the cheapest renewable energy worldwide, in a location where innovation in new technologies is encouraged and incentivized.”

Founded in 2017, the company mined 129 bitcoins, amounting to $6.04 million, in February, bringing the total amount of bitcoin mined year-to-date to 222 BTC. At the end of February, Argo held a total of 599 bitcoins. In a statement published on March 3, the firm announced Wall would receive its entire salary in bitcoin. 

Argo is the latest cryptocurrency mining company setting up shop in the Lone Star State. In 2019, Chinese crypto mining giant Bitmain launched a site in Rockdale, a small town in East Texas. The same year, German cryptocurrency firm Northern Data AG started building what it claimed would become the world’s largest bitcoin mining facility on an area of 100 acres equivalent to around 57 soccer fields. Last year, troubled bitcoin mining startup Layer1 began mining cryptocurrency at its West Texas facility.

So what makes Texas the new El Dorado for bitcoin mining? The two things most important for the business: cheap electricity and a suitable regulatory environment. 

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The wind energy boom of the past two decades combined with the already low energy prices, thanks to an abundance of natural gas, make Texas one of the most attractive places for cryptocurrency mining. Additionally, the state’s electricity market is deregulated. While the lack of regulation brought fast growth and lowered rates, it led to severe blackouts amid extremely cold temperatures the state has seen last month. Bitcoin mining farms have also experienced outages.

But perhaps more importantly, Texas is striving to become one of the most favored jurisdictions in the United States for blockchain innovation and investment, throwing its hat in the ring with other crypto-friendly states like Wyoming and Arizona. In November, the Texas Blockchain Council, a non-profit association of companies working in the blockchain space, launched with the goal to promote blockchain-enabling legislative initiatives. The association says it is already working with state legislators. Texas State Representative Tan Parker, quoted in the council’s statement, notes: “Texas has a long history of technological innovation and free-thinking entrepreneurs. We’ve now set our sights on becoming the jurisdiction of choice for investors, entrepreneurs, and enterprises to build and deploy blockchain technology applications and other emerging tech innovations.”

In April 2019, The Texas Department of Banking issued a supervisory memorandum outlining the Department’s policy with regard to virtual currencies. Later that year, state legislators passed two bills clarifying the ability of local businesses to incorporate blockchain technology into their bookkeeping and communications.

Source: coingraph.uno


Bitcoin Retakes $50,000

Bitcoin Retakes $50,000

The battle for the $50,000 level is on again in Bitcoin as the world’s first cryptocurrency continues to hold its ground.

Despite the fact I’ve been calling for caution, we still see Bitcoin driving higher and for now, holding.

The reason behind the jump in the last 24 hours to me appears nothing more than the normal web and flow of markets. We have heard a few explanations, but I don’t really buy into it.

Firstly, we heard that the proposed stimulus from Biden is helping boost BTC. I personally don’t see the logic behind that. The money value on an individual level is nothing really compared to what has been lost from the shutdowns from the China virus. How it helps Bitcoin I’m not too sure.

At the same time, we are also hearing that inflation fears could boost Bitcoin. This has a little more merit to the argument. We are certainly seeing bond yields rise and cryptos on the surface are a hedge against inflation. The issue is for me is the regulatory environment clamping down, which supersedes inflation.

The other interesting news was around ETH where a new upgrade will lower the volatility of transaction fees. This is of course a good thing and we’ve seen Ethereum trade in a big range over recent weeks.

For the time being, these headlines are still nothing that significant in my eyes. I am fully focused on the $50,000 level in Bitcoin for the time being and of course, the lower $44,400 support as well. I remain bearish for the time being on both ETH and BTC.

That said, watch $50,200 closely to see if that resistance level can hold. So far it has been holding.

Source: www.fxleaders.com


South Korean Crypto Transactions Command an Average of $7 Billion per Day on Domestic Exchanges – News Bitcoin News

South Korean Crypto Transactions Command an Average of $7 Billion per Day on Domestic Exchanges – News Bitcoin News

An investigation unveiled a growing fever among crypto traders in South Korea, who actively transact cryptocurrencies every day. Local media outlets are returning to adopt the term “crypto fever” as the recent billion-dollar figures confirm such a trend.

According to the report made by Dong-A, a major South Korean newspaper, domestic crypto investors transacted around $7 billion per day in the period ranging from January 1 to February 25, 2021.

Kim Byeong-wook, a parliamentary member of the Democratic Party, compiled the numbers by extracting data from Bithumb, Upbit, Korbit, and Coinone, the most prominent local crypto exchanges.

Per the study, 42% of the average volume was traded on the KOSPI stock exchange. The newspaper pointed out that this is the first time that investors’ statistics of the four major South Korean crypto exchanges see the light.

In the same period, the study showed that users of the four exchanges transacted approximately $395 billion. Such a number is well above the 2020 figure of $315.5 billion. Dong-A detailed that South Koreans aged 20-39 are the ones who have been allocating thousands of dollars recently on crypto investments.

The newspaper explained the reasons behind the recent surge of the transaction figures in South Korea:

This investment rush began to catch fire as liquidity was backed up and global companies started to invest in cryptocurrency one after another. After Paypal, an online payment company, started making bitcoin payments, Tesla also decided to accept Bitcoin payments. Leading financial companies such as Black Rock, the world’s largest asset management company, have also announced investments in bitcoin.

Also, the study quotes domestic retail investors’ statements on the matter. One of them, aged 29, perceives cryptocurrencies as a better investment opportunity than trading stocks.

What cryptocurrency will become the main one in a year?
BitcoinEthereum

As news.Bitcoin.com reported recently, females aged 40-49 in South Korea have been actively buying bitcoin (BTC) in recent weeks. The report calls this trend the “second boom” of cryptocurrencies in South Korea, as females surveyed were mostly mothers.

What do you think about this South Korean study? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: bitcoin-core-news.com

Author: by admin


Paypal Acquiring Crypto Security Firm Curv to Expand Digital Asset Initiatives – Bitcoin News

Paypal Acquiring Crypto Security Firm Curv to Expand Digital Asset Initiatives – Bitcoin News

March 8, 2021March 8, 2021

Paypal Acquiring Crypto Security Firm Curv to Expand Digital Asset Initiatives

Payments giant Paypal has announced that it is acquiring Tel Aviv-based crypto security infrastructure provider Curv. According to Paypal, this acquisition will help the company “expand its initiatives to support cryptocurrencies and digital assets.” The deal is reportedly worth less than $200 million.

  • Paypal Holdings Inc. (NASDAQ: PYPL) announced Monday “that it has agreed to acquire Curv to accelerate and expand its initiatives to support cryptocurrencies and digital assets.”
  • Founded in 2018 by CEO Itay Malinger and CTO Dan Yadlin, Curv is a leading provider of cloud-based infrastructure for digital asset security based in Tel Aviv, Israel. The crypto custody company said last year that it raised $30 million in funding from investors, including Commerzventures, Coinbase Ventures, and Digital Currency Group. Curv currently supports more than 200 coins and tokens, including all ERC20 tokens and sub tokens on multiple blockchains.
  • Paypal expects to complete the acquisition of Curv in the first half of 2021. While the company has not disclosed the financial terms of the deal, CNBC reported that the deal is worth less than $200 million, citing a person familiar with the matter.
  • “The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system,” said Jose Fernandez da Ponte, Paypal’s vice president and general manager for blockchain, crypto, and digital currencies.
  • The payments giant recently created a dedicated business unit that focuses on “blockchain, crypto and digital currencies,” it described, noting that Curv will join this group.
  • Paypal began offering its users the ability to buy, sell, and hold cryptocurrencies on its platform in November last year, and will soon expand its crypto offerings to users in the U.K. The company also plans to enable its 28 million merchants to accept cryptocurrencies for payment of goods and services this year.
  • What do you think about Paypal acquiring Curv? Let us know in the comments section below.

    Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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    Source: bitcoin-core-news.com

    Author: by admin


    Publicly Listed Maker of Billion-User Chinese App Meitu Buys $40 Million of Bitcoin and Ether for Its Treasury – Bitcoin News

    Publicly Listed Maker of Billion-User Chinese App Meitu Buys $40 Million of Bitcoin and Ether for Its Treasury – Bitcoin News

    One of China’s top internet app makers, Meitu Inc., is adding up to $100 million worth of cryptocurrencies to its treasury, joining a growing list of companies worldwide to do so. The company has already purchased $40 million worth of bitcoin and ether for its balance sheet.

    Chinese public company Meitu Inc. announced Sunday:

    The group has purchased 15,000 units of ether and 379.1214267 units of bitcoin (BTC), both cryptocurrencies, in open market transactions at an aggregate consideration of approximately US$22.1 million and US$17.9 million respectively, on March 5, 2021.

    Founded in 2008, Meitu is one of China’s top internet enterprises utilizing AI-driven image-and-video processing technologies for editing user-generated mobile content.

    According to its website, Meitu’s flagship app has accumulated more than 1 billion users worldwide. As of June 2020, there are 2.08 billion unique devices with Meitu’s products activated on them, and a total of 295 million monthly active users of Meitu apps. Meitu’s total number of overseas users has exceeded 823 million users, with over 10 million users each in 15 countries including Indonesia, Thailand, Pakistan, Vietnam, the US, Brazil, Japan, Bangladesh, the Philippines, South Korea, Malaysia, Nigeria, Mexico, Canada, Turkey.

    Meitu is listed on the Hong Kong stock exchange under the stock code 1357.HK. Its shares rose as much as 14.4% on Monday morning after the news of its cryptocurrency purchase.

    The coins purchased “will reside with renowned cryptocurrencies trading platform(s) engaged by the group with good security measures set up,” the company explained.

    The announcement further details that “These purchases were made pursuant to a cryptocurrency investment plan previously approved by the board of directors” of the company. Under the plan:

    The group may make a net purchase of up to US$100 million worth of cryptocurrencies, financed by its existing cash reserves other than any remaining proceeds from the company’s initial public offering.

    Meitu is the latest company to say it will hold cryptocurrencies as part of its treasury reserves. Last month, Elon Musk’s Tesla Inc. revealed it had bought $1.5 billion worth of bitcoin and will soon accept the cryptocurrency as a means of payment for its products. Meanwhile, the Nasdaq-listed Microstrategy has accumulated almost 100K bitcoins.

    Do you think more Chinese companies will add bitcoin to their balance sheets? Let us know in the comments section below.

    Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

    Source: cryptoliveinsider.com


    PayPal Acquires Bitcoin Custodian Curv

    PayPal Acquires Bitcoin Custodian Curv

    Online payments giant PayPal said it has agreed to acquire Curv, an Israel-based crypto custodian, in an effort to expand its crypto offerings.

    PayPal did not provide any further details about the deal.

    Curv was founded in 2018 by CEO Itay Malinger and CTO Dan Yadlin.

    “Now, as the adoption of digital assets accelerates, we feel there’s no better home than PayPal to continue our journey of innovation,” Malinger was quoted as saying.

    “The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system,” Jose Fernandez da Ponte, vice president and general manager, blockchain, crypto and digital currencies, PayPal, was quoted as saying in the announcement.

    Source: cryptonews.com

    Author: By Linas Kmieliauskas


    Argo Blockchain Joins The Texas Bitcoin Mining Rush

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