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BT Daily News: Bitcoin Mining Council is committed to sustainability

BT Daily News: Bitcoin Mining Council is committed to sustainability

1. More than half of Bitcoin mining is to be operated with sustainable electricity

The Bitcoin Mining Council (BMC) is made up of numerous Bitcoin miners who want to advance the blockchain of the crypto bedrock. "We promote transparency, share best practices, and educate the public about the benefits of bitcoin and bitcoin mining," the company's project page says. Founding members of the organization include software developer MicroStrategy, crypto miner Marathon Digital Holdings, and blockchain company Galaxy, among others. According to its own information, 51 mining companies are included in the merger, representing 45.4 percent of the industry.

In October 2022, the Mining Council published a report on the third quarter of the current year. According to the report, Bitcoin's hash rate, which measures the network's total computing power, rose 73 percent to 267,390,203 tera hashes per second (TH/s) in the third quarter of 2022. One tera hash equals one trillion hashes. For comparison, according to the report, Ethereum Classic, the original network of the second-largest cryptocurrency Ethereum, only clocks in at 141 TH/s. The ratio between Bitcoin and Ethereum Classic corresponds to the size ratio between the Japanese volcano Fuji, which has a total height of 3,776.24 meters, and a grain of sand. Also, the competitors Dogecoin and Litecoinhave clearly left the cyber motto behind.

In addition, the Bitcoin Mining Council came to the conclusion that the Bitcoin blockchain is the most secure crypto network, which is also significantly more powerful than all other competing networks combined. "With a hashrate of nearly 267 EH [exa-hashes], bitcoin represents 99% of all crypto power and offers 100 times the security of all other crypto networks combined," said MicroStrategy CEO and bitcoin enthusiast Michael Saylor, who serves as the mouthpiece of the organization.

2. How to earn passive crypto income with Ethereum?

Here are some of the popular ways to make passive income with Ethereum:

Staking: Staking is the process of locking one’s funds on a PoS blockchain (such as Ethereum) to help validate transactions and earn rewards. When users stake their ETH, they are essentially putting their skin in the game and helping to secure the network. In return for their efforts, stakers earn rewards in the form of ETH or other tokens.

Hodl: a derivative of “hold,” also “hold on for dear life,” is a crypto slang term used to describe the act of holding onto cryptocurrency for long-term investment purposes. When Ethereum investors hodl their Ether, they are essentially betting that its price will go up in the future and that they will be able to sell it for a profit. It’s one of the simplest and most popular ways to earn passive income from cryptocurrency. And, while this strategy does not offer any immediate or guaranteed returns, it can be profitable in the long run if the price of Ether does indeed increase. Given that, Ethereum has seen a tremendous amount of growth since its inception and is currently one of the most valuable cryptocurrencies in the world, so there is a good chance that its price will continue to rise in the future.

Automated trading: Another way for users to generate passive income through their Ethereum investment is by using a bot for automated Ether trading. Automated trading bots are software programs that use pre-programmed algorithms to buy and sell cryptocurrency on exchanges 24/7.

Lending: Lending is another popular way for investors to generate passive income from their ETH investment. Typically, investors make a profit by lending crypto to borrowers with a high-interest rate. This can be done either through centralized or decentralized lending platforms.

Liquidity mining: Liquidity mining or yield farming is also an alternative to generate passive income from Ethereum. Here, users lend their Ether or other assets to liquidity pools on decentralized exchanges like Yearn.finance, SushiSwap and Uniswap to earn rewards.

3. ‘Hyperbitcoinization’ Is a Few Years Away, Predicts Samson Mow

Eurozone and U.K. inflation rates are at record, double-digit highs, prompting some governments to begin warming up to bitcoin. One evangelist is meeting with officials to accelerate the process.

Most people already know El Salvador made bitcoin legal tender in September of last year. The Central African Republic followed suit this past April. But less publicized is that some elected officials in places like the U.K. and Portugal are increasingly taking a shine to bitcoin.

Samson Mow spent half a decade as chief strategy officer of Blockstream, the blockchain infrastructure company started by Bitcoin pioneer Adam Back. It was there that Mow advised El Salvador President Nayib Bukele on the country’s $1 billion bond backed by bitcoin.

Now, Mow is CEO of Bitcoin technology startup Jan3 (the Bitcoin blockchain launched on Jan. 3, 2009), and he has made it his mission to educate other governments on Bitcoin. Based on conversations he has had with politicians, Mow said “hyperbitcoinization” – or the point where Bitcoin becomes the world’s dominant monetary system – is only a few years away.

If your criteria [for hypberbitcoinization] is every country in the world, it might take 20 or 30 years. But if you're talking about a good number of countries; let's say North America, Europe and a number of countries in Latin America and Africa, I think it's definitely possible around 2030,” Mow told CoinDesk in an interview.

4. Fed Interest Rake Hike Fails To Destabilize Bitcoin, Is This The Bottom?

The FOMC meeting was concluded on Wednesday and the Fed had finally made its decision public. As expected, there was another interest rate hike but surprisingly, the crypto market did not respond as expected. Instead of wild volatility, digital assets in the space were able to hold on to their gains for last week, sparking speculation on if the reason was the market had reached its bottom.

An example is the accumulation that has been going on in the market so far. Bitcoin investors, large and small, have been hoarding BTC in the last two weeks. This has seen the digital asset form much-needed support at $20,000. Historically, once bitcoin has hit its bottom, it deviates from established trends such as high market volatility following an FOMC meeting. This could point towards a bottom for the digital asset.

Another explanation for this could be the forecast that the Fed will finally start easing up on its stance to tackle inflation. Despite inflation rates still remaining above 8%, the interest rate hikes are expected to reach a natural end in the next few months.

Once this reduction in interest rates begins, there will be a move into bitcoin, which would also signal that the bottom is close, if it has not already been reached. Expectations are that bitcoin will not go below its current cycle low of $17,600.

The decline in the dollar that followed the FOMC meeting could also point toward a bottom. A weakening of the dollar will see investors flock to assets such as bitcoin to serve as a hedge and protection for their purchasing power. Once this point is reached, it will likely be the start of another bull market.

5. Dubai’s crypto token regime comes into force

The Dubai Financial Services Authority (DFSA), the regulator of the Dubai International Financial Centre (DIFC), on 1 November unveiled its cryptocurrency token regime. It is the second phase of DFSA’s work regarding the introduction of a regulatory framework for crypto assets in October 2021.

The crypto token regime aims to foster innovation in a measured, responsible and transparent manner while still meeting the DFSA’s regulatory objectives. It aims to facilitate a market for innovative financial products while protecting customer interest.

The notification adds that the regime not only complies with anti-money laundering (AML)/ counter-terrorism financing (CTF) but also addresses risks relating to consumer protection, market integrity, custody, and financial resources for service providers.

DFSA Chief Executive Ian Johnston said, “As a progressive regulator, the DFSA recognises the growing interest in innovative financial products. Our work to develop a comprehensive Crypto Token regime has taken into account feedback from a broad range of stakeholders. It aims to strike a balance between encouraging innovation in the DIFC and protecting the consumers of these financial products.”
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