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PRESS RELEASE. Lasting for two months, the largest Metaverse Hackathon (called Metathon) organized by Metaverse Alliance and LD Capital has officially ended on January 21, 2022, PST. Over 100 contestants took part, with nearly 280 developers from 13 different countries engaged. To ensure the professionalism and fairness of the Metathon, 36 judges were invited from the leading funds such as Republic, Delphi Digital, Binance Labs, LD Capital, YGG, HashKey Capital, Huobi Ventures, OKEx Blockdream Ventures, KuCoin Labs, DHVC, NGC, SpringWind, Kardiachain, MEXC Pioneer, etc., top tier public chains such as Solana, Flow, Neo, Klaytn, etc., and successful metaverse organizations like illuvium, Bigtime, Mask Network, Impossible Finance, Chain IDE, etc. (Find out more: https://metaversealliance.com/) During the judging process, each judge graded ten final projects based on six criteria including potential impact, functionality, novelty, mass usability, design, and technical complexity. Each project was graded by at least five judges and the top three projects for each track were selected based on the average score. Excited to announce the winning teams today, across five tracks — GameFi, SocialFi, DAO tool, Financial NFT. GameFi Track Winners: 1ST: MetaOasis $25,000 MetaOasis is a futuristic, sci-fi-themed multiplayer online game, a multi-game platform, a meta world with not just gameplay. Website: https://www.metaoasis.cc/ 2ED: My Meta Farm $15,000 My Meta Farm is an open world farming NFT game project inspired by Animal Crossing, where players can create their own world by themselves to cultivate land and crops, raise livestock, take care of pets, rent shops, purchase items, decorate houses, explore and exploit in-game resources for rent or convert them into official currencies Website: http://mymetafarm.com/ 3RD: TAP FANTASY $10,000 TAP FANTASY METAVERSE is the Metaverse version of the well-known MMORPG TAPTAP FANTASY, which has been recommended by Facebook and accumulated more than 20 million users with more than 1 million DAU worldwide. Website: https://www.tapfantasy.io/ Infrastructure Track Winners: 1ST: MetaLoop $25,000 As a learn-to-earn airdrop platform with 22M college students, MetaLoop aims to accelerate blockchain adoption to college students to learn about blockchain in a gamified way. 2ED: 4EVERLAND $15,000 4EVERLAND is a Web 3.0 cloud computing platform that integrates storage, computing, and network core capabilities. Website: https://www.4everland.org/ 3RD: Web3Games $10,000 Web3Games is an integrated blockchain gaming ecosystem that includes 4 core products: Portal, Protocol, Studios, and Chain. Website: https://web3games.org/ SocialFi Track Winners: 1ST: ShowMe $25,000 ShowMe is an NFT subscription social network that uses various subscription methods and PONA(Proof of NFT Achievements) to help projects, communities, KOLs, DAOs, and GameFis accumulate users and tag users. Website: https://showme.fan/ 2ED: Neo3D Live! $15,000 Real-time video conferencing integrated with a 3D world to create the first user and developer-friendly Metaverse. 3RD: Metamobile $10,000 Mobile provider for the Metaverse, initiated by world-renowned automotive designers. MetaMobile aims to provide original state-of-the-art mobile transportation for players across Metaverse. Github: https://github.com/metamobileNFT/MetaMobile Financial NFT Winners: 1ST: Capsid $25,000 Capsid is an NFT derivative protocol that enables owners to issue “rights” to generate income from derivatives and services. Website: https://capsid.one/ 2ED: Themis Protocol $15,000 Themis lets users access NFT collateral, NFT leverage, and GameFi liquidity. Earn DeFi yields that are driven not by trading, but by playing and consumption. Website: https://themis.exchange/ 3RD: Mimicry Protocol $10,000 Mimics are fully-collateralized derivative tokens on Polygon that leverage oracles to mirror the floor price of one or more NFT collections on OpenSea. Website: https://www.mimicry.finance/ Dao tool Track Winners: 1ST: Rainbow DAO $25,000 RainbowDAO Protocol is developed under the authorization of the Rainbowcity Foundation, focusing on the creation of web3 basic components. Website: https://www.rainbowdao.io/ In Addition, Here Are the Winners of Six Special Prizes: Most Creative Project: Cosmic Factions $8,000 CosmicFactions is a blockchain-based, gamified virtual ecosystem that hosts a multitude of competing factions within one consolidated yet continuously expanding Eco-verse. Website: https://cosmicfactions.io/ Most Promising Project: Rentero $8,000 Tenant farming is an agricultural production system in which landowners contribute their land and often a measure of operating capital and management, while tenant farmers contribute their labor along with at times varying amounts of capital and management. Website: https://rentero.gitbook.io/lita/ Most Popular Project: FOTA $10,000 FOTA is a Triple-A MOBA Game Project published by DJINN PTE.LTD with a fantasy universe that is home to many races. FOTA allows a large number of players to together engage in the Metaverse. Twitter: https://twitter.com/fightoftheages Best Technical Project: Hoglet $8,000 Hoglet is a marketplace for users to trade NFTs on a Future date. Hoglet is now rebranded to Open land. Website: https://hoglet.io/ Best Design Project: FERMION $8,000 A highly open P2E Universe Sandbox game with strong economic systems. You are a space resource gatherer, snatcher, building madman or a union founder. Website: http://www.fermiongame.com/#/ Best Prospect Project: TOPDJ $8,000 A one-stop shop platform that aims to be a marketplace where DJs and musicians can mint DJ products into NFTs and bridged the gap with their fan base redefining how music-driven digital assets are consumed. Website: http://www.topdj.io/#/ Special Grant: StarryNift The first gamified massive creation platform & launchpad for fun digital collectibles. Website: https://app.starrynift.art/ Important explanations: Considering the passing score and different perspectives from several judges, it was decided to select one winner from the DAO track. There are four projects that have not been classified during the preliminary round. They were divided into the corresponding track according to the opinions of the judges. About the Sponsor Grants from Cradles, NEO, Klyayth, and Multiverse, the Metaverse Alliance team will communicate closely with sponsors and help sponsors connect with selected projects which deploy on their ecosystem. Sponsors have the right to choose projects to grant and reserve the right not to reward any project. None of this would have been possible without the advice and support of partners and participants, who spent time before the hackathon curating the challenges and ironing out the submission and evaluation process. The support of the partners is appreciated, for believing in the potential of Metaverse Alliance and for spreading the word to make miracles happen. Metaverse Alliance looks forward to hosting the next global hackathon in 2022. A big thank you goes out to everyone that participated and thanks again to the judges for taking the time out of their busy schedules to review projects. Lastly, appreciate Spring Wind Venture for sponsoring a $100,000 prize to be awarded to the winners. SWV aims to support early-stage projects and accelerate innovation in the Metaverse. About Metaverse Alliance Metaverse Alliance is a team of Metaverse enthusiasts and blockchain believers. They are on an adventure to explore the infinite possibilities of the Metaverse, and they seek to bring all enthusiasts together. They want to support promising Metaverse projects even if the idea is yet to fully take shape. Contact US Website: www.metaversealliance.com Twitter: https://twitter.com/MetaAlliance_ Discord: https://discord.gg/XFaeVUZ9 This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not 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 the press release. View the full article

After trading lower for the majority of Monday’s session, cryptocurrency prices were slowly starting to find support, with a few markets rallying, as we headed toward the end of the day. Cosmos One such crypto was cosmos (ATOM), which was the biggest gainer in the top 20, climbing by almost 10% to start the week. ATOM/USD climbed to an intraday high of $36.23, which is around $10 from its all-time high (ATH), which it hit on January 7th. Monday’s move came as prices rebounded from the recent support level of $31.00, after briefly falling to a secondary support point of $27.05 over the weekend. That move, which now appears to have been a false breakout, has led to bulls pushing prices higher. Looking at the chart below will also show that a downwards cross of the 10-EMA (red) and 25-EMA (blue) has taken place, which typically signals bearish momentum, however, with the support level being held, it may also mean prices could be heading higher. According to the RSI indicator, ATOM/USD is currently tracking at 50, which means it is neither oversold, nor overbought, meaning that price momentum could shift either way. Solana Despite Monday’s selloff slowing as the day approached a close, prices of solana (SOL) remained lower. SOL/USD which is currently #8 in the crypto top 10, was trading over 11% lower (as of writing), hitting an intraday low of $81.23 in the process. The chart below shows that Solana has formed a descending triangle, after a streak of lower lows, with today’s fall sending prices to their lowest level since August 27th. Prices briefly broke out of the price floor of $85.15 earlier in today’s session, however have since rebounded above this level. Currently, the RSI is tracking at 23, which is in oversold territory, and may be setting the way for bulls to re-enter on Tuesday. What do you think about cosmos and solana’s price action? Let us know your thoughts in the comments below. View the full article

The Biden administration is reportedly drafting a government-wide cryptocurrency strategy as an executive order. The directive is expected to be presented to President Joe Biden in the coming weeks. The strategy could be released as soon as next month. US Government-Wide Crypto Strategy The Biden administration is reportedly preparing to release an initial government-wide strategy on digital assets, including cryptocurrencies. The strategy is being drafted as an executive order, Bloomberg reported Friday, citing people familiar with the matter, who revealed that senior administration officials have held multiple meetings on the plan. The finalized executive order is expected to be on President Joe Biden’s desk in the coming weeks, the publication conveyed, adding that the strategy could be released as soon as next month. The directive will detail economic, regulatory, and national security challenges posed by cryptocurrencies. It will direct various federal agencies to weigh in with their assessments of crypto’s risks and opportunities. They will be asked to submit reports of their findings in the second half of 2022. For example, the Financial Stability Oversight Council will evaluate the possible systemic impacts of digital assets. Another report will determine illicit uses of cryptocurrencies. The Biden administration is also expected to weigh in on the prospect of the Fed issuing a central bank digital currency (CBDC). On Thursday, the Federal Reserve issued a long-awaited report on CBDC and opened a public comment period until May 20. Some people have voiced concerns that the U.S. is falling behind other countries, particularly China, in its development of a central bank digital currency. However, Federal Reserve Chairman Jerome Powell has insisted that the U.S. is not falling behind and the U.S. dollar’s status as the world’s reserve currency is not at risk. What do you think about the Biden administration drafting a government-wide crypto strategy? Let us know in the comments section below. View the full article

One of the largest bitcoin mining rig manufacturers in the world, Bitmain announced the launch of a new bitcoin miner that boasts speeds of up to 198 terahash per second (TH/s). The new model is called the Antminer S19 Pro+ Hyd. and it leverages liquid cooling technology in order to improve overall efficiency. Bitmain’s Latest Miner Processes 198 Terahash per Second of Computing Power Bitmain announced the launch of a new miner called the Antminer S19 Pro+ Hyd on January 17, 2022. “The Antminer S19 Pro+ Hyd. has officially launched,” Bitmain explained. “Equipped with a hashrate of 198 TH/s, power consumption of 5445W, and power efficiency of 27.5 J/TH. The S19 Pro+ Hyd. operates with the latest liquid cooling technology. Enter a new era of liquid cooling,” the company’s announcement concluded. Bitmain’s shopping section that hosts the machine’s specifications does not mention a price but notes that shipping will begin in May through September 2022. Bitmain recommends that mining rig operators leverage the Antspace HK3 storage unit with the new miners. The company details that the Antspace HK3 can hold 210 units of Antminer S19 Pro+ Hyd. mining rigs. Specifications also detail that the machine weighs around 17.5kg and its around 410 x 196 x 209mm in size. If the specifications are accurate, Bitmain’s new hydro-powered unit will be the most powerful mining rig to date. The mining device’s hashrate will outperform Bitmain’s other next-generation bitcoin mining rig that boasts 140 TH/s, which means the hydro unit is 41% more powerful. Currently, Bitmain’s Antminer S19 Pro (110 TH/s) and the Microbt Whatsminer M30S++ (112 TH/s) are the top two most profitable bitcoin miners. The previously announced Antminer S19 XP (140 TH/s) is due to be delivered in July 2022, according to Bitmain’s website. A number of Bitcoin mining operations like Bitnile and Greenidge Generation Holdings pre-ordered batches of Bitmain’s XP machines when the machine was first revealed. What do you think about the newly introduced Bitmain Antminer S19 Pro+ Hyd.? Let us know what you think about this mining machine in the comments section below. View the full article

After Bitcoin’s mining difficulty jumped to the highest value ever at 26.64 trillion, the overall hashrate slumped a hair due to the rise in difficulty and lower bitcoin price. This weekend, Bitcoin’s hashrate is coasting along at 189 exahash per second (EH/s), after dropping to a low of 167 EH/s three days ago. The lower price and difficulty rise has put a squeeze on bitcoin mining profits. Mining Difficulty Makes Block Rewards Harder to Find, Bitcoin’s Lower Price Makes It Less Profitable for Miners Bitcoin’s hashrate remains high after the network saw the mining difficulty reach an all-time high of 26.64 trillion on January 20, 2022. That day, the network difficulty adjustment algorithm (DAA) increased 9.32% and the next DAA epoch is set to change in 11 days. The last change makes it a lot harder for miners to find a bitcoin (BTC) block subsidy and more difficult than ever before during the last 13 years. Another obstacle bitcoin miners faced this past week is the fact that BTC’s price shed 17.9% over the last week. Both the higher difficulty and the lower price make it less profitable for miners. With 189 EH/s of SHA256 hashrate dedicated to the chain, it doesn’t seem like these factors have slowed miners down. Although, aggregate profits stemming from bitcoin mining rig statistics indicates that SHA256 miners are feeling the pressure from both the price drop and difficulty rise. Top Six Bitcoin Mining Rigs Today Make Less Than $10 a Day, Older Machines Suffer Currently, the top bitcoin mining rig on January 23, 2022, using $0.12 per kilowatt-hour (kWh) and current BTC exchange rates, makes around $9.41 per day. The mining rig, Bitmain’s Antminer S19 Pro processes around 110 terahash per second (TH/s). The second-most profitable miner on Sunday is Microbt’s Whatsminer M30S++ with roughly 112 TH/s. The Whatsminer M30S++ gets an estimated $9.12 per day in profit using current BTC exchange rates. Two weeks ago, these two mining devices were getting $13-16 per day in profits, and two weeks before that, profits were up to $25 per day per machine. Following Microbt’s M30S++ machine, are three models from Bitmain stemming from the S19j series, which process between 96 to 104 TH/s. These three models make an estimated $8.23 to $8.91 per day in profit. The sixth most profitable mining rig today is Microbt’s Whatsminer M30S+, which processes around 100 terahash per second. The M30S+ pulls around 3400W of electricity off the wall and with electricity rates at $0.12 per kWh and current BTC exchange rates, the mining rig can profit by $7.28 per day. A great number of older bitcoin mining machines, with less than 28 TH/s in processing power, are having a hard time grabbing profits unless the electricity rates are lower than $0.12 per kWh. This means that older generation units, like the well known Bitmain S9, are far less profitable today than they were when BTC prices were higher and mining difficulty was less. What do you think about the profits miners are making with the current bitcoin price change and mining difficulty increase? Let us know what you think about this subject in the comments section below. View the full article

Digital currency markets have slipped significantly in value during the last two weeks and the lower prices have not sparked higher trade volumes. Data shows cryptocurrency spot market volume has slipped from $1.4 trillion in November 2021, to this month’s $593 billion in volume. Bitcoin futures open interest and volumes have dropped considerably over the last two months as well. Crypto Volumes Slide Month-Over-Month Since November When crypto markets shed significant value, traders typically look to see if trade volume increases in order to support the current prices. Since a number of coins tapped all-time high prices during the second week of November, crypto spot market volume has continued to slide. Data from theblockcrypto.com’s exchange volume dashboard, which sources data from cryptocompare.com metrics, indicates spot market volume has fallen month-over-month since November. While November saw $1.4 trillion, December saw a recorded $1.04 trillion. While data is incomplete for the month of January 2022, so far $593 billion in volume has been settled. Even though November’s spot market volume was larger than December’s and the three weeks of January, the $2.23 trillion in volume recorded in May 2021 was double the size. Daily exchange volume has followed the same pattern as daily crypto trade volumes are lower than they were two months ago. On November 2, 2021, $53.27 billion was settled that day, while data from January 22, 2022, shows $24.65 billion. While monthly and daily crypto-asset spot market volumes have dipped, the same can be said for derivatives markets like futures and options. When BTC tapped an all-time price high on November 10, 2021, the following day $28 billion in bitcoin futures open interest was recorded. January 22 metrics indicate $14.64 billion in open interest was recorded across a slew of bitcoin futures exchanges. Regarding bitcoin futures volumes, they were higher in October than they were in November. $1.94 trillion was recorded last October and this month, there’s only been $1.08 trillion recorded so far. Aggregated open interest and volumes tied to bitcoin options have also dropped month-over-month for the last two months. For the most part, the low volumes across crypto spot markets and derivatives have affected the crypto economy negatively. Up volume typically indicates bullish trading, but that hasn’t been the case in recent times. What do you think about the volume downturn in crypto markets in recent times? Let us know what you think about this subject in the comments section below. View the full article

The value locked in decentralized finance (defi) has dropped 21.22% since January 4, 2022. At the time, the total value locked (TVL) in defi was $255.84 billion and today, the TVL is around $201.55 billion. TVL in Defi Loses $54 Billion in 2 Weeks While digital currency markets shed significant value during the last two weeks, the value locked in decentralized finance has also dropped considerably. Since the first week of January, the TVL in defi shed $54.29 billion in value. Today, the TVL in defi is $201.55 billion which is down 1.19% over the last 24 hours. While defi has seen a significant dip in value, overall it has more than doubled its share of the crypto economy. Since the start of 2021, the share of defi in the crypto economy has “more than doubled from 2.8% to an all-time high of 6.5%,” according to stats from Coingecko.com’s annual crypto report. At the time of writing, the defi protocol Curve Finance has a dominance rating of 9.69% of the $201 billion locked. Curve is active on eight different blockchains and has a TVL of around $19.53 billion. Metrics show Curve’s TVL is down 16.34% over the last seven days. Curve is followed by Makerdao, Convex Finance, Aave, and WBTC, respectively, in terms of total value locked. Ethereum Defi Dominance Still Reigns, Fantom’s TVL Jumps 59% While the TVL in defi today is $201 billion, the value locked in Ethereum is $119.04 billion. Ethereum’s TVL represents 59.06% of the aggregate TVL across all defi protocols on Sunday morning (EST). Terra’s blockchain commands $16.94 billion, followed by Binance Smart Chain’s $12.22 billion. Fantom commands the fourth largest position in terms of TVL held by a specific blockchain with $12.06 billion today. Avalanche holds the fifth-largest position with $8.62 billion TVL and Solana commands the sixth top spot with $8.12 billion. Terra’s largest defi protocol is the application Anchor, BSC’s biggest is Pancakeswap, and Fantom’s is the Multichain protocol. Avalanche’s biggest defi protocol on Sunday is Aave and Solana’s is the application Serum. While most blockchains shed value this past week, Fantom’s TVL jumped 59.61% and Heco’s TVL spiked by 52.77% in seven days. What do you think about the latest action in the world of decentralized finance? Let us know what you think about this subject in the comments section below. View the full article

Houbi Global, which is based in Seychelles, has been accused by lawyer Jonathan Levy of operating without accountability to any jurisdiction. The lawyer adds that the exchange’s physical address in the island nation is for mailing purposes only. Accountability Issues U.S.-based lawyer Jonathan Levy has accused Huobi cryptocurrency exchange of running a decentralized global operation that “operates everywhere but is held accountable nowhere.” Levy’s accusation follows the Seychelles registered cryptocurrency exchange’s alleged intransigence which eventually led to a French national losing their funds to a Chinese fraudster. Before the Chinese national’s disappearance along with the stolen funds, the unnamed victim had — with the aid of Ciphertrace — successfully located the fraudster’s account with Huobi. Based on the victim’s efforts, the French National police had opened an investigation as well as requested the cryptocurrency exchange’s assistance in recovering the funds. Huobi’s Seychelles Presence However, according to a statement released by the lawyer, the fraud victim’s attempts to recover their funds were ultimately frustrated by Houbi’s refusal to cooperate with both French and Seychelles law enforcement. He explained: Huobi Global misled the French Police and claimed they were under the jurisdiction of Seychelles. This delay allowed the criminal to escape with their loot. When the Seychelles Police finally investigated it was already too late and by their own admission, they lacked jurisdiction over the crime since Huobi’s presence in that island nation is just a mailing address. Levy, meanwhile, points to this latest incident as another example of why authorities in Europe need to establish a crypto industry-funded “Superfund.” He said such a fund would prove to be useful to victims of crypto crime, like the the French national, whose only hope of recovering the funds now hinges on the European Union or the OECD’s intervention. Concerning leading crypto exchanges’ ability to make sufficient contributions to any such superfund, Levy argues that platforms like Huobi (whose daily crypto volume reportedly exceeds $10 billion) and the other top ten exchanges, are well placed to make such contributions. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

The Government of Zimbabwe has confirmed signing an agreement with Daedalus World Limited which enables the latter to collect taxes from crypto and other content providers. Zimbabwe’s Stance on Crypto The Zimbabwean government recently said it had entered into an agreement with the British Virgin Islands-based Daedalus World Limited wherein the latter is expected to collect taxes from companies that offer “betting, gaming and cryptocurrency services to persons and organisations within the territory of the Republic of Zimbabwe.” According to a News24 report, the inclusion of crypto assets in the tax list is the latest signal from the Zimbabwean government suggesting the country is gradually changing its stance on cryptocurrencies. As reported by Bitcoin.com News, the country’s monetary authorities have previously said Zimbabwe is not planning to adopt cryptocurrencies. Public-Private Partnership Despite these past pronouncements by the central bank and others, a general notice published by the information technology minister Jenfan Muswere may suggest the government has had a change of heart. The November 19 general notice states: “The Republic of Zimbabwe entered into a public-private partnership agreement with Daedalus World Limited of Tortola, British Virgin Islands, in terms of which Daedalus World Limited will assist the Republic of Zimbabwe by providing a revenue collection service through taxing qualifying companies that provide digital advertising, content, cloud computing, e-commerce [and] gambling.” Meanwhile, a News24 report states that as part of Daedalus World Limited’s tax revenue collection agreement with the government, internet giants like Google, Youtube and Facebook will be targeted. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

Bastyon.com is a social platform built on the Bitcoin foundation. It is decentralized with no central serve. Bastyon’s codebase is open source, and everything is governed by the users themselves. Bastyon’s core concept is censorship resistance. It can work even with domains are blocked by connecting directly to the nodes. Bastyon is powered by Pocketcoin (PKOIN), a Proof-of-Stake cryptocurrency that pays content creators and node operators who run the network. Daniel Satchkov is the inventor of Bastyon (which was originally called Pocketnet). He recently joined the Bitcoin.com News Podcast to talk about the technology: Daniel worked and published in the fields of quantitative finance and machine learning. In 2015 he was a winner of the prestigious Peter L. Bernstein award for the article in the Institutional Investor Journals. Daniel’s mission in inventing the Bastyon was to ensure that people can govern their own communication without arbitrary censorship from large corporations. Daniel is fascinated by the potential of Bitcoin to help secure human freedom of choice and to disrupt not just finance, but many other quasi-monopolistic industries. Learn how to stake Pocketcoin and run a Bastyon easy node here. For further reading, this is the article that influenced Daniel’s thinking: Why Decentralization Matters, by Chris Dixon. The Bitcoin.com News podcast features interviews with the most interesting leaders, founders and investors in the world of Cryptocurrency, Decentralized Finance (DeFi), NFTs and the Metaverse. Follow us on iTunes, Spotify and Google Play. This is a sponsored podcast. Learn how to reach our audience here. Read disclaimer below. View the full article

Armenia is going to invite cryptocurrency miners to install their coin minting hardware in an old thermal power plant. The TPP will be decommissioned and the government intends to rent it out to industrial companies including mining enterprises. Miners Welcome to Set Up Data Centers at Old TPP in Armenia The equipment at the Hrazdan TPP has been deemed obsolete and inefficient, producing expensive electricity, and authorities in Armenia have decided to shut down the old power plant in the near future. Its premises and infrastructure, including power lines, water and gas pipelines, will be offered to other, more profitable businesses. The plan to rent out the old thermal station was approved at a meeting of the Commission for Regulation of Public Services on Wednesday, Sputnik Armenia reported. A company manufacturing refrigeration units has already arranged the transfer of some of its production to the TPP, the news portal revealed. In another part of the plant, a free economic zone called Ecos has been established and is now open. Entities involved in the extraction of digital currencies will be allowed to set up their crypto farms in this area. A law legalizing crypto mining in Armenia was introduced in 2018. Even after the Hrazdan TPP is decommissioned, the mining facilities will have access to enough electrical energy. A new thermal power plant with four power generating units, Hrazdan-5, has been built nearby by the Russian giant Gazprom. In November 2021, another TPP was completed by the Italian company Renco and Germany’s Siemens. With the state-run Yerevan TPP, Armenia now has three modern thermal power stations. The report notes that the electricity they generate is more expensive than the energy produced by hydroelectric power plants and the Armenian nuclear power station west of the capital city. However, the small nation in the Caucasus exports around 75% of their electricity to neighboring Iran which supplies Armenia with cheap natural gas used for power generation. This cooperation will be expanded after the construction of a new transmission line between Armenia and the Islamic Republic in 2023. Cryptocurrency mining has been developing in Iran which recognized it as a legal industrial activity in 2019. The sector’s energy needs have also increased and both licensed and illegal miners were blamed for the country’s growing power deficit last year. In May, then-President Hassan Rouhani announced a temporary ban on crypto mining amid rising demand and insufficient supply of electricity caused by the extraordinarily hot weather and droughts. Tehran lifted the restrictions in September when power consumption decreased with cooler weather but reintroduced them in December to avoid winter blackouts. Do you think Armenia will take further steps to create favorable conditions for cryptocurrency miners? Share your expectations in the comments section below. View the full article

Russia can legalize cryptocurrency mining and stablecoins backed by gold under government control, a high-ranking member of the Russian parliament has suggested. The statement comes after Bank of Russia proposed a wide-ranging ban on the use of cryptocurrencies, and their trading and mining. Mining and Some Stablecoins Can Be Legalized in Russia, Duma Deputy Insists The free circulation of cryptocurrencies must not be allowed as they carry risks for unqualified investors, but Russia may permit the use of gold-backed stablecoins and the mining of cryptocurrencies under government control, the Chairman of the State Duma Committee on Industry and Trade, Vladimir Gutenev, told the RIA Novosti news agency. On Thursday, The Central Bank of Russia (CBR) published a consultation paper in which it presented its comprehensive view on cryptocurrencies. The monetary authority proposed to prohibit coin operations through the Russian financial system, crypto investments, exchange, and mining in the country. Meanwhile, the bank has launched the pilot phase of its own digital ruble project. Cryptocurrencies should be banned, Gutenev agreed, but Russia could make use of a stablecoin denominated in gold and under state control. Such a financial product would be an interesting proposition for both private investors and companies. It can also be used for saving, the deputy said, quoted by the Prime business news portal. The gold-backed stablecoin could be similar to a golden ruble, the parliamentarian elaborated, and Russia can employ it to circumvent sanctions and the policy of containment applied against the country. The coin can also be used to facilitate regular and transparent economic relations with other nations. Gutenev revealed he had already discussed the idea with CBR governor Elvira Nabiullina. The head of the Industry and Trade Committee thinks that as an asset, gold is quite undervalued in comparison with reserve fiat currencies such as the U.S. dollar and the euro. In October, the Ministry of Foreign Affairs said that Russia may consider partially replacing the greenback in currency reserves and trade settlements with other currencies, and even digital assets in the future. Amid expanding U.S. sanctions, Moscow is putting an emphasis on “dedollarization,” Deputy Foreign Minister Alexander Pankin stated in an interview with Interfax. Commenting on Bank of Russia’s call for a ban on crypto mining, Vladimir Gutenev said he thinks that cryptocurrency farms can be allowed to operate legally if their activities are under strict control of the state. Miners can take advantage of the abundant energy resources and favorable climate conditions in some Russian regions, provided their facilities are powered transparently and they pay all due taxes. A working group at the State Duma, the lower house of parliament, is now preparing proposals to fill the regulatory gaps in the Russian crypto space remaining after the adoption of the law “On Digital Financial Assets.” Its members are expected to address the outstanding issues in several areas, including the legal status of cryptocurrencies, coin trading, and mining. Media reports have revealed that not all government institutions share Bank of Russia’s hardline position on the matter. Do you think Russia will permit the use of stablecoins and authorize cryptocurrency mining? Share your expectations in the comments section below. View the full article

The price of bitcoin tapped a new low this year hitting $34K per unit at just after 5 a.m. (EST) on Saturday morning. Bitcoin is now down over 48% lower than its all-time high (ATH) reached two months ago on November 10, 2021 — when it jumped above the $69K mark. During the last week alone, bitcoin has lost 17% in value and a great number of traders and investors are curious as to when the carnage is going to end. Digital Currency Market Carnage Continues, Crypto Economy Drops to $1.75 Trillion It’s been a blood bath in the world of cryptocurrencies this week, as bitcoin’s (BTC) price has dragged every coin down with it. Today, the entire crypto-economy has lost 11% in the last 24 hours. BTC has been on a downtrend since the crypto asset’s ATH, and since December 27, 2021, back when BTC was trading for $52K, bitcoin has lost more than 32% in value against the U.S. dollar. Just after 5 a.m. (EST) on Saturday morning, BTC’s value dropped to its lowest point of the year so far, tapping $34,000 per unit. The leading crypto asset’s 24-hour range has been between $39,177 and 34,000 per BTC. While BTC has dropped in value a great deal during the last 48 hours from $43,400 to the current $35.5K to $36K per unit, BTC dominance has increased significantly. At the time of writing, BTC’s market dominance is 39.5% which is 5.33% higher than it was on January 6, 2022. Ethereum dominance, on the other hand, has dropped to 17% and a myriad of other crypto assets shed lots of dominance percentages as well. Out of the top ten crypto assets, polkadot (DOT) shed the most during the week, losing 32.1%. Furthermore, solana (SOL) is down 30.5% in seven days, and ethereum (ETH) has dropped by 24.6% since last week. BNB is down 23.9% and xrp (XRP) and terra (LUNA) are both down 21.2% over the last seven days. BTC and ADA saw the least amount of percentage losses this week as ADA shed 12.4% and BTC dropped 16.8%. The crypto economy has shed quite a bit of value this past week, and it has a lot of people talking about the crash on social media. Vertical trends on Twitter indicate hashtags like #cryptocrash and #bitcoincrash are trending alongside discussions about Michael Saylor and Microstrategy’s bitcoin stash. People have been wondering whether or not Saylor and Microstrategy will sell their BTC holdings and people have questioned Tesla holding its bitcoin long term as well. Meanwhile, most of the crypto supporters on Reddit forums and social media channels like Twitter, have no idea when the carnage is going to end. While a number of crypto advocates believe the bearish markets are almost over and new ATHs are on the horizon, others believe BTC could drop even further, below the $20K zone. Youtuber Colin Talks Crypto tweeted that he believes the bull run is not over. “Bitcoin’s price has crashed enormously,” the crypto Youtuber wrote. “Many are fearful and panicking. This is understandable. Zoom out. We’re still up from the July 2021 drop to $29K. For me, the bull run isn’t over unless the bitcoin price is below $29,000 (and not just a momentary dip below it).” What do you think about the recent bitcoin price plunge and how it dragged down the entire crypto-economy? Do you expect more bearish crypto prices or do you think the bull run is not entirely over? Let us know what you think about this subject in the comments section below. View the full article

2022 is ramping up to a buzzing year for the metaverse. Upcoming projects like Next Earth aim to usher in a new era of user-governed virtual worlds. Next Earth is a metaverse that uses blockchain technology to manage virtual land NFTs on a 1:1 replica with Earth. This allows users to buy, sell, and trade virtual land as they please. The platform also has a built-in marketplace where users can buy and sell digital assets, from the virtual Pyramids to pixel-colored Land Art. One of the most impressive features of Next Earth is its focus on environmentalism. 10% of all transactions on the platform are donated to charities like The Ocean Cleanup, Amazon Watch, Kiss the Ground, and SEE Turtles. This helps to support the platform’s goal of creating a more sustainable metaverse. So far, Next Earth has been a resounding success. The platform has 30,000 virtual land owners and 180,000 registered users. Further, the marketplace has seen 2,418 transactions, worth $717,843. This has resulted in over $650,000 in user profit. In total, the platform has generated $8 million in income, with $800,000 (10%) donated to environmental initiatives. Some of the most notable sales on Next Earth include the New York MET, which was bought for $100 and then resold for $32,000. Other noteworthy sales include the pyramids, the colosseum, many stadiums, and various points of interest at similar values. The Future of Next Earth Next Earth is just getting started. The platform’s roadmap includes NFT skins, business functionality, creating a non-profit foundation, shifting to virtual reality, the publication of improvement proposals, and more. Let’s explore a few of these developments. Play-to-Earn As the metaverse continues to take shape, it’s important to consider the role of game mechanics in driving user engagement. Next Earth is a platform that is taking this issue seriously, and is developing a play-to-earn system that rewards users for their contributions. Most virtual worlds are based on a model where users pay to access the world and then can purchase in-world items or services. This type of economy creates a barrier to entry for many people and limits the potential for widespread adoption. To counter that, Next Earth’s play-to-earn system will allow anyone to partake just by playing. With Next Earth soon launching their NXTT token, alongside a decentralized exchange listing, those players will be able to cash out their earnings to real-world currency. This will provide an incentive for users to participate and drive the growth of the metaverse. There are many other platforms that are also working on similar systems, and it will be interesting to see how this trend develops. If done right, a play-to-earn system could be a key to unlocking the full potential of the metaverse. A Platform Open For Business Users will also be able to run businesses on Next Earth. This will allow them to earn income for the activities that they perform on the platform. Users will also be able to participate in the DAO governing the metaverse. This will give them a say in how the metaverse develops. In other words, the Next Earth platform is setting out to do for businesses what Second Life did for socializing and gaming. It’s a virtual world that allows for the creation of objects, businesses, and communities. But it’s not just a copy of Second Life. One of the things that businesses care about is the ability to create branded environments. They can have their own private spaces, or they can join one of the existing communities that are tailored to their industry. Implementing VR If there’s one thing that virtual reality (VR) has going for it, it’s the potential to create immersive digital experiences that feel real. This has made VR an attractive proposition for a range of industries, from gaming and entertainment to education and training. But what about the metaverse? The metaverse is the term often used to describe a virtual world that is fully realized, where users can interact and engage with each other on a wide range of activities. It’s been described as the next step in the evolution of the internet, and many believe that it will eventually replace physical reality as the primary platform for human interaction. But there’s one big problem: VR is not yet capable of delivering a truly compelling metaverse experience. This is because VR suffers from a number of limitations, including low resolution, lack of physical interactivity, and social isolation. These limitations have kept the metaverse firmly in the realm of science fiction, with few projects able to deliver on its promise. However, when those problems are resolved, Next Earth aims to become a fully immersive, social metaverse platform that can replace physical reality. With VR technology evolving rapidly, it’s only a matter of time before a fully realistic metaverse becomes a reality. Ultimately, Next Earth, as its name declares, seeks to bring about a new era of virtual worlds. With its focus on environmentalism, community-based improvement proposals, VR, and more, it is gearing up to become a key player in the metaverse industry. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

Banks in Russia are preparing to dive into the pilot phase of the digital ruble project and some are already testing transactions with the currency. Trials have started with customer-to-customer (C2C) payments and Bank of Russia plans to expand the types of operations in the future. Digital Ruble Pilot Launches With 12 Participating Banks The Central Bank of Russia (CBR) completed the prototype of the digital ruble platform in December and is now beginning to experiment with transactions. A dozen banks have been invited to join the first stage of the project’s pilot phase. The monetary authority plans to gradually expand the range of participants to include other financial service providers and types of transactions. Right now, the majority of Russian banks are gearing up to start testing the new central bank digital currency (CBDC), Tass reported after contacting the institutions. One of them, Promsvyazbank (PSB), is currently processing C2C payments, Maxim Khrustalev, advisor to the deputy chairman of the bank told the news agency. After the customer-to-customer transactions, “the technical testing of C2B, B2C and B2B payments will begin. Based on the results of the piloting, Bank of Russia will start to introduce the digital ruble platform into commercial operation,” Khrustalev added. Tinkoff Bank is also joining the efforts to trial the new, digital form of Russian fiat. “Tinkoff is preparing to pilot the digital ruble in the near future,” according to a statement from the online neobank. Tinkoff recently entered the crypto space by acquiring a controlling stake in the Swiss-registered fintech startup Aximetria. Another major Russian bank, VTB, said its infrastructure is ready to pilot the digital ruble. “Piloting includes integration with the digital ruble platform and the introduction of services such as opening a wallet through a mobile application and digital ruble transfers between individuals,” the bank’s press office detailed. According to Vitaly Kopysov, chief innovation officer at SKB-Bank, the digital ruble will become a driver for the development of new national payment services for both citizens and companies. Speaking with Tass, he elaborated: The digital ruble will give an additional impetus to the creation of offline cashless payment services for businesses in the absence of Internet access at a point of sale, which is very important given the geography of the Russian Federation. Russia’s central bank has maintained a hardline stance on cryptocurrencies and recently proposed a wide-ranging ban on crypto-related activities. It began contemplating a digital ruble three years ago and decided to explore options to issue the CBDC in 2020, when it published a consultation paper on the matter. In April 2021, the bank released a digital ruble concept outlining its principal architecture. Other banks taking part in the first stage of the pilot are Ak Bars, Alfa-Bank, Dom.rf Bank, Gazprombank, Rosbank, Sberbank, Bank Soyuz, and Transcapitalbank. The Federal Treasury, along with financial intermediaries, will join at the second stage when transactions between private individuals and corporate entities will be carried out, including consumer-to-business (С2B), business-to-business (B2B) and business-to-government (B2G) transactions. Do you think Russia will be able to successfully launch a digital ruble? Share your expectations in the comments section below. View the full article

Bitdefender, a cybersecurity and antivirus company, has detected BHUNT, a new kind of malware that targets cryptocurrency wallets via software installs. The malware works on top of installs of unsecured or cracked software, that already comes packaged with the system to be deployed on desktop environments. Once installed, the software extracts passphrases and seeds from popular wallets. BHUNT Malware Spotted in the Wild Bitdefender, a leading cybersecurity firm, has issued a report regarding a new kind of password stealer that focuses on cryptocurrency wallets users have on their PCs. BHUNT, as this new malware is called, enters computers through infected software installs, mostly of cracked software. According to the technical document issued on the software, BHUNT attacks Exodus, Electrum, Atomic, Jaxx, Ethereum, Bitcoin, and Litecoin wallets. Once installed, the software can transfer the funds of the users to another wallet, and also steal other private data residing in the infected computer. Password stealers are not new to the PC sector, as computers can already be infected by various viruses that also have these capabilities. What is special about this software is that its presence is heavily encrypted and it is packaged as digitally signed software, but the issued certificate does not match with the binary of the program. Infection and Prevention Bitdefender concluded that BHUNT was released in the wild with no clear target by the way it has spread. On how the software spread, Bitdefender’s report states: All our telemetry originated from home users who are more likely to have cryptocurrency wallet software installed on their systems. This target group is also more likely to install cracks for operating system software, which we suspect is the main infection source. The company indicated the level of infections detected on a map, and the countries with the most infections presented were Australia, Egypt, Germany, India, Indonesia, Japan, Malaysia, Norway, Singapore, South Africa, Spain, and the U.S. Bitdefender also issued recommendations to avoid being infected with BHUNT or with other, similar password-stealing malware. “The most effective way to defend against this threat is to avoid installing software from untrusted sources and to keep security solutions up to date,” the report concluded. Recently, a torrent that contained the new “Spiderman: No Way Home” movie was reported to also contain cryptocurrency malware. What do you think about the new BHUNT cryptocurrency-stealing malware? Tell us in the comments section below. View the full article

The Central Bank of Iran soon plans to launch the pilot phase of its digital currency project, an official unveiled. The Islamic Republic hopes to a join a growing club of nations that want to take advantage of having a sovereign coin, while it also seeks to implement blockchain technology in other areas. Iran to Begin State-Backed Digital Currency Trials The monetary authority of Iran intends to pilot its central bank digital currency (CBDC) in the near future, a high-ranking representative of the financial regulator said, quoted by the Iranian Labour News Agency (ILNA). The news comes in the fourth year since the initial announcement of the project. According to a statement by Mehran Moharamian, deputy governor for IT at the Central Bank of Iran, the CBI sees digital currencies as a solution for resolving certain inconsistencies and decentralizing resources. Other countries have already begun to benefit from CBDCs, he noted. Moharamian did not provide specific details about the start of the pilot phase. Authorities in Tehran tasked the country’s Informatics Services Corporation with developing a “national cryptocurrency” in 2018. The CBI arm is operating the country’s banking automation and payment services network. Later, the company explained that the Iranian digital currency has been designed using the Hyperledger Fabric platform, a blockchain framework implementation and one of Hyperledger’s projects hosted by the Linux Foundation. Blockchain Expected to Revive Iranian Stock Market Although the Iranian crypto space remains largely unregulated — aside from mining — another report this week indicated that officials have been looking for various ways to employ the technology that underpins cryptocurrencies like bitcoin. Iran’s capital market should genuinely consider using blockchain technology as it can help address some major needs of the share market and create new opportunities for its revival, Majid Eshqi, head of the Iranian Securities and Exchange Organization recently commented. Quoted by SENA and the English-language business daily Financial Tribune, he elaborated: At the latest, in two years we will be compelled to make use of blockchain technology… It will not be long before we start tokenizing physical assets and stocks that can be easily traded on the new platforms. He added that the time has come to consider the potential of blockchain technologies to solve some existing issues, such as identity verification of shareholders, for example, and start the infrastructure process. Earlier in January, Iranian media revealed that Tehran is going to allow local companies to use cryptocurrencies in international settlements with their partners abroad. The Central bank and the government of the sanctioned country have reportedly given the green light to the adoption of a mechanism facilitating payments with digital coins in the field of foreign trade. Do you think Iran will continue to explore ways to implement cryptocurrency and blockchain technology? Tell us in the comments section below. View the full article

The Botswana government is set to present a “Virtual Asset Bill” to the country’s parliament, a move that could see it become one of the first countries in Africa to have laws regulating cryptocurrencies. Preventing the Proliferation of Risks Associated With Cryptos A Botswana government draft document that proposes to regulate new and developing virtual assets businesses, as well as to provide a regulatory body with its functions and powers, is now set to be presented before the country’s lawmakers, a recent government gazette has shown. The planned presentation of the Virtual Asset Bill alongside other bills such as the Financial Intelligence Bill comes just over two months after the country’s central bank warned residents engaged in cryptocurrency trading that Botswana does not have a regulatory framework to govern such trading. Yet, in the draft that was published in the Extraordinary Government Gazette on December 23, Botswana authorities suggest they are not only seeking to recognize crypto trade but plan to include “provisions for managing, mitigating and preventing money laundering and financing of terrorism” into the proposed law. The draft also seeks to prevent the proliferation risks that are associated with virtual assets and new emerging business practices and technologies. Concerning companies or entities that issue tokens, the draft bill states: Part III further provides that the Regulatory Authority may grant a licence if the applicant demonstrates that it has the necessary infrastructure and resources to carry out the business activities of a virtual asset service provider or issuer of initial token offerings and that the applicant is a fit and proper person. The definition of “fit and proper” is provided for in clause 11 (2) consistently with the provisions of the Financial Intelligence Act. Elsewhere, the draft explains the instances where the regulator can grant an operating license to applicants. For their part, license holders are expected to protect assets belonging to clients. They are also expected to “prevent market abuse and provide measures for the acquisition of a beneficial interest in their businesses.” White Paper Issuance Mandatory With respect to the advertisement of token offerings, the draft states: “Part IV further provides that a licence holder shall issue a white paper that contains full and accurate information for potential purchasers of virtual assets and initial token offerings to make informed decisions.” Meanwhile, some crypto enthusiasts have speculated that Botswana’s proposal to amend its financial laws could be linked to the country’s removal from the Financial Action Task Force’s (FATF) graylisted countries in October 2021. The FATF had previously cited deficiencies in the country’s anti-money laundering (AML) and counter-terrorist financing (CTF) regimes as reasons for flagging the country. However, in late 2021 — nearly three years after grey-listing — the FATF said it had removed Botswana from the list after noting some improvement. What are your thoughts on this story? You can share your views in the comments section below. View the full article

Trading platform Robinhood has begun rolling out crypto wallets to 1,000 customers. Users can send and receive their cryptocurrencies from Robinhood to external crypto wallets, the company explained, adding that by March, 10,000 customers will be testing the wallets before rolling out to the rest of the waitlist. Robinhood Lets 1,000 Customers Test Its Crypto Wallets Popular trading platform Robinhood announced Thursday that its “crypto wallets beta program” is now live. The announcement details: Starting today, we’ll begin rolling out crypto wallets to 1,000 customers from the top of the wallets waitlist (subject to owning an external wallet for testing and some safety checks). “By March, we will expand the program to 10,000 customers before rolling out to the rest of the Wenwallets waitlist,” the announcement adds. The company explained that in the beta testing phase, its customers can send and receive their cryptocurrencies from Robinhood to external crypto wallets. There is a daily limit of $2,999 in total withdrawals and 10 transactions for beta testers. Robinhood also revealed that over the duration of the beta program, it “will finalize the send and receive flows, add delightful QR scanning experiences, improve the transaction history interface, and add block explorer support to provide more insights into their on-chain transactions.” Furthermore, the company noted: We will also add the ability for customers to calculate the dollar amount of crypto to send/receive in terms of dollar amounts. Earlier this month, Robinhood said that 1.6 million people have signed up for its crypto wallets so far. The trading platform currently supports the buying, selling, and real-time market data for bitcoin (BTC), bitcoin cash (BCH), bitcoin sv (BSV), dogecoin (DOGE), ethereum (ETH), ethereum classic (ETC), and litecoin (LTC). Shiba inu crypto supporters have petitioned on Change.org for Robinhood to list SHIB. However, the company said: “We’re a highly regulated company in a highly regulated industry, and we think it’s important that we get a bit more clarity from regulators.” What do you think about Robinhood launching crypto wallets? Let us know in the comments section below. View the full article

The mayor of New York City, Eric Adams, has received his first paycheck in bitcoin and ether via Coinbase. “Promise made, promise kept,” the mayor said, referring to his promise to take his first three paychecks in cryptocurrency. Mayor of New York City Takes Paycheck in Cryptocurrency With the Help of Coinbase New York City Mayor Eric Adams has made good on his promise about getting paid in bitcoin. In a video he posted on Twitter Thursday, the mayor said: Promise made, promise kept. Took my first check in bitcoin and ethereum. “This is a reason to highlight. New York must be the center for innovation and new ideas. I want my young people to thrive in every industry,” the mayor emphasized. The official website of the city of New York also announced Thursday that Mayor Adams will “receive [his] first paycheck in cryptocurrency.” The mayor’s first paycheck “will automatically be converted into cryptocurrency via Coinbase … before funds are made available,” the announcement details, adding that “The salary will be converted to ethereum and bitcoin.” Mayor Adams announced in November last year that he would take his first three paychecks in bitcoin. However, the city explained: Due to U.S. Department of Labor regulations, New York City cannot pay employees in cryptocurrency. By using a cryptocurrency exchange, anyone paid in U.S. dollars can have funds converted into cryptocurrency before funds are deposited into their account. Mayor Adams commented Thursday: “New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations … Being on the forefront of such innovation will help us create jobs, improve our economy, and continue to be a magnet for talent from all over the globe.” He also said in November that he wants schools to teach crypto, noting that bitcoin is a new way to pay for goods and services. Earlier this month, when the price of BTC fell to the $41K level, the mayor said, “Sometimes the best time to buy is when things go down, so when they go back up, you’ve made a good profit.” What do you think about NYC Mayor Eric Adams converting his paycheck into cryptocurrency? Let us know in the comments section below. View the full article

Indonesia’s Tarjih Council and the Central Executive Tajdid of Muhammadiyah have issued a fatwa (decree) stipulating the illegality of cryptocurrency use or investment by the country’s Muslims. The fatwa points to the volatility as well as the lack of state backing as reasons why Muslims must avoid investing or using cryptocurrencies. Cryptocurrencies Thought to Be Too Volatile The Indonesian Islamic organization Tarjih Council and the Central Executive Tajdid of Muhammadiyah has issued a fatwa against the use of cryptocurrency in the Asian country. The fatwa, which comes a few months after another Islamic organization discouraged the use of cryptocurrencies, explains to Muslims the illegality and harmfulness of using cryptocurrencies. “Tarjih’s fatwa stipulates that cryptocurrency is illegal both as an investment tool and as a medium of exchange,” a statement on the Islamic organization’s website explained. As explained in a CNBC Indonesia report, the Islamic organization points to the volatility of cryptocurrencies as one of the reasons for issuing the fatwa. The organization argues that since cryptocurrencies like bitcoin are not backed by an asset and are thought to be obscure, they are therefore not lawful for use by Indonesia’s Muslims. Consumer Protection Concerns In addition to citing concerns about the volatile nature of cryptocurrencies, the Tarjih Assembly’s fatwa explains why digital assets such as bitcoin do not fully satisfy the conditions needed for them to be regarded as a medium of exchange. The organization’s fatwa notes: The use of bitcoin as a medium of exchange itself, not only has not been legalized by our country but also has no official authority responsible for it. Not to mention when we talk about the protection of consumers who use bitcoin. The Tarjih Assembly’s fatwa is the latest move by an Indonesian Islamic organization opposing cryptocurrencies after another one, the National Ulema Council (MUI), banned them in November 2021. In explaining the ban, the MUI similarly highlights the harm that is associated with crypto assets as well as their uncertainty. Although the decrees by Islamic organizations are not legally binding, they can still deter Indonesia’s mainly Muslim population from investing in or using digital assets. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

PRESS RELEASE. Irvine, California, January 21, 2022: Merkle Standard, a sustainable digital asset mining platform, announced a new miner purchase order from Bitmain Technologies Limited. The executed purchase agreement is for 13,500 mining rigs from the leading ASIC mining manufacturer and aligns with Merkle Standard’s goal of becoming the industry’s most efficient and sustainable miner. The acquisition of the miners consists of 6,000 latest generation BITMAIN S19 XP machines which boast a hash rate of 140 TH/s and 21.5J/TH power efficiency that significantly improves its operating capability. The purchase order provides for a monthly allotment to be delivered from July to December of 2022. The new purchase of Merkle Standard also includes 7,500 BITMAIN S19J Pro, a high performing miner that generates a maximum hash rate of 100 TH/s and will be shipped July 2022 to September 2022. The miners will then be deployed at the company’s 225 MW flagship site in Eastern Washington. “This purchase from our strategic partner, BITMAIN, reflects Merkle Standard’s commitment to becoming one of the most efficient and sustainably focused miners,” said Ruslan Zinurov, CEO of Merkle Standard. This Washington facility is the key to the vision of building a power infrastructure and to drive Merkle Standard’s mission of becoming one of North America’s largest mining platforms. “Our growing strategic partnership with Merkle Standard reflects the continued success of the company and how it positions itself to become a market leader by leveraging BITMAIN’s latest Bitcoin mining technology. The acquisition of new and powerful machines will lead the company into greater heights and solidify its growth in this digital era”, says Irene Gao from BITMAIN. With the purchase of the ASIC miners, it will guarantee the ability of the company to grow its hash rate at an average efficiency of 25.5 W/TH. This new purchase will showcase the commitment of the company to be a market leader in the most efficient and sustainable way, backed by the power of digital currency. About Merkle Standard Merkle Standard is a premier digital asset mining company with a distinct focus on developing North America’s most efficient vertically integrated self-mining platform with a negative carbon footprint. The company’s flagship mining facility features 225 MW of power infrastructure, with expansion capabilities up to 500 MW. Merkle Standard’s management has over 18 years of digital asset mining experience. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not 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 the press release. View the full article

A16z, a leading VC company in crypto, is reportedly ramping up its investments in the field this year. The company is said to be looking for $4.5 billion to invest in different cryptocurrency-related funds. This amount more than doubles the entire amount the company invested in crypto last year. A16z to Double Down on Crypto A16z will continue to put funds behind cryptocurrency-related projects this year, according to reports. The VC company, which focuses its investments on tech-related companies and has more than $28 billion in assets, is seeking $4.5 billion dollars to invest in two different crypto-related funds this year. According to people briefed in the exploratory meetings to complete this fund, A16z will be seeking $3.5 billion to invest in a new cryptocurrency fund and $1 billion to power another fund directed for seed investments in early-stage startups. The company is reportedly scouting different participants for support to acquire these funds, and A16z is said to be aiming for April as the month to reach the goal. If the company really manages to raise the money, it would be one of the biggest funds in the history of the cryptocurrency scene. Last year, A16z invested more than $2 billion in crypto startups. This initiative, if completed, would be more than double the amount that the company invested last year. Crypto Investments and Opposition A16z has managed to get in some early investments in the cryptocurrency sphere last year. In August, the company invested in an uncollateralized cryptocurrency-based lending platform called Truefi. That same month, it also invested in a play-to-earn guild called Yield Guild games, which identifies investment opportunities in blockchain games. Later, in October, the company led a funding round for Alchemy, one of the leading web3 infrastructure providers. And in November, A16z also led the Series C investment round of Mythical Games, a blockchain gaming company. The interest of A16z and other companies in crypto, metaverse, and web3-related projects has made them a target of criticism in recent times. Jack Dorsey, the former CEO of Twitter, has called out those who want to own the current take on the metaverse through their investments in startups. Elon Musk also criticized the state of web3, stating that it seemed more a buzzword than a reality, but that he was excited about what this movement might bring in the future. What do you think about the new funds a16z is aiming to launch later this year? Tell us in the comments section below. View the full article

Following the drop in value during Thursday evening’s trading sessions, Bitcoin’s mining difficulty rose to a lifetime high, reaching 26.64 trillion after jumping 9.32% at block height 719,712. The mining difficulty’s all-time high (ATH) is now higher than the ATH it reached on May 15, 2021, which means it is currently more difficult than ever before to find a bitcoin block reward. Bitcoin’s Mining Difficulty Taps an ATH at 26.64 Trillion, Hashrate Shudders After Price Dip and Difficulty Increase On January 20, 2022, Bitcoin experienced its 357th epoch difficulty adjustment moving 9.32% higher than the two weeks prior. At the time of writing, the Bitcoin (BTC) network’s mining difficulty has reached an ATH tapping 26.64 trillion. The last difficulty ATH was recorded 251 days ago on May 15, 2021, when it reached a high of just above 25 trillion. At that time, at block height 683,424, Bitcoin’s mining difficulty jumped 21.53% making it harder than ever to find a BTC block reward. However, a large shift downward occurred when China banned crypto mining in the summer months of 2021. BTC’s mining difficulty saw the largest epoch drop ever on July 3, 2021, slipping 27.94% lower at block height 689,472. The difficulty change that occurred Thursday evening, January 21, 2022, makes it the highest the parameter has ever been in 13 years. At the time of writing and for the next two weeks, BTC’s mining difficulty is approximately 26,643,185,256,535. Since the difficulty increase and BTC’s sudden price drop last night, the global hashrate has decreased a great deal. Currently, the global hashrate is just above 160 exahash per second (EH/s) and just before the difficulty increase the hashrate was coasting along at 218 EH/s, which is 26% higher than today’s hashrate. The largest mining pool is Foundry USA over the last three days, with 18.1% of the global hashpower. Foundry commands 35.42 EH/s and is followed by F2pool (29.65 EH/s) and Poolin (26.77 EH/s). What do you think about Bitcoin’s mining difficulty reaching an ATH this week? Let us know what you think about this subject in the comments section below. View the full article

A lot has changed in regard to the prices of various crypto assets throughout 2021, as today’s top crypto assets look a lot different than they did 12 months ago. Moreover, the most valuable cryptocurrencies in terms of U.S. dollars per unit have also changed, and the top ten most expensive coins have shifted. The following is a look at the top ten most expensive crypto assets in 2022, in terms of USD per unit. The Top Ten Most Expensive Crypto Assets in 2022 At the time of writing, the top four most expensive digital currencies today are worth 5-digits in value against the U.S. dollar. For instance, the price of bitcoin (BTC) is around $38K per unit, and BTC, WBTC, and Huobi BTC (HBTC) are the top three most expensive crypto assets. Of course, HBTC and WBTC are tokenized forms of bitcoin, which means — give or take a few percentages — they are all roughly the same price per token. Meanwhile, the fourth-most expensive crypto-asset, which is also 5-digits in USD value, is the token yearn finance (YFI). Currently, YFI is changing hands for $28,425 per unit. The next two tokens are ethereum (ETH) and a tokenized ethereum coin called lido staked ether (STETH). Similar to the tokenized BTC projects, ETH and STETH are roughly the same price. However, ETH is trading for $2.7K per unit which is only four digits in USD value. Another four-digit contender following ETH and STETH is maker (MKR), which is swapping hands for $1,800 per unit. The aforementioned digital currencies represent the top seven most expensive crypto assets today. Below maker (MKR) is binance coin (BNB), trading for three digits in USD value at $417 per unit, bitcoin cash (BCH) at $337 per coin, and kusama (KSM) at $228 per unit. While BNB, BCH, and KSM represent the last of the top ten most expensive, ten more coins below KSM are trading for three digits in USD value. These include aave, monero, elrond, compound, quant, litecoin, solana, dash, zcash, and bitcoinsv. Every coin below bitcoinsv (BSV) is trading for under $100 per coin. What do you think about the top ten most expensive crypto assets and the triple-digit coins below the top ten? What do you think about looking at the crypto economy from this perspective? Let us know what you think about this subject in the comments section below. View the full article