Monday, October 18th, 2021
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Your Weekly Update On All Things Crypto |
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The U.S Surpasses China As The Worldwide Leader In BTC Mining |
The United States now accounts for more than 35% of the world's hash power. The country has greatly benefited from China's still ongoing crackdown on all activities and operations related to cryptocurrencies, in particular the nation's Bitcoin (BTC) mining prohibition. Most recently, a number of Bitcoin mining rigs that were being operated via public officials in the Zhejiang province had been shut down by the Chinese government, thereby adding it to the list of other provinces such as Sichuan and Xinjiang who shared the same fate.
This has political ramifications for how both the flagship cryptocurrency and various other altcoins would be viewed going forward in the United States. Simultaneously, the general regulatory attitude of the U.S regarding the crypto industry and the market remains relatively unclear.
China’s loss is the U.S’ gain
Amid China's extensive crackdown on the cryptocurrency sector, the United States has seized the top ranking as far as Bitcoin mining is concerned for the very first time. A number of retail and institutional investors along with various industry leaders thus do not expect this trajectory to reverse in the foreseeable future, although others have stated that mounting pressure from regulatory authorities will be a continuous challenge that must be overcome.
No matter what the future may hold, however, the Bitcoin network's hashrate, which is a gauge of the computing resources needed to execute mining operations, has rebounded from its July lows, despite the fact that China's ban on Bitcoin mining had caused miners to suspend their operations and relocate elsewhere.
As per the data analytics provided by Glassnode, the Bitcoin network's hashrate has now increased by around 117% to 133 EH/s as of this week from a low of 61 EH/s back in July. As of this writing, the United States has managed to more than double its hashrate from this past April, which was around 17% at the time.
Keeping an eye on Russia
Although the United States is currently the global leader in Bitcoin mining, another country is steadily gaining ground. Following China's ban on cryptocurrency mining, the Irkutsk region of Russia witnessed its energy usage rates increase by a considerable 160%. Russia's Ministry of Energy is therefore considering the implementation of distinct electricity tariffs pertaining to the cryptocurrency miners.
The United States and Russia have a complicated history, to say the least. It is hence difficult to imagine that the latter would want the former to maintain its position atop the Bitcoin mining sector for long. Similarly, the U.S cannot ignore the explosive growth of Bitcoin mining which is occurring in Russia, as was made evident when several Russian districts were supposedly experiencing exponential increases in energy usage, presumably as a result of Chinese miners fleeing the country amid a countrywide cryptocurrency-oriented crackdown.
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Long-Awaited Parachains Are Finally Coming To Polkadot |
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Polkadot's (DOT) long-awaited parachains are expected to launch on the network later on in the year, according to its developers earlier this week. From the projected initial date of November 11th, the community may start celebrating soon with thanks to the existence of ‘auctions’.
After approximately 5 years of rigorous study, research, testing and development, the layer-0 blockchain will be able to finally reach a much-anticipated milestone before long. As a result of this announcement, DOT’s price has also been steadily increasing as of late, as it currently sits at just about $44 which is an increase of over 30% in the past 7 days. DOT is now also the 8th highest-ranked cryptocurrency by market capitalization.
Parachains
For those who might be unaware, parachains are unique, project-oriented blockchains which, for the purposes of this article, are incorporated into the Polkadot as well as Kusama (KSM) networks. We may hence understand parachains to be distinct blockchains that run on top of the primary Polkadot blockchain. They may be tailored to a variety of use cases and allocated into the aforementioned blockchain, which is also known as the Relay Chain. The Relay Chain is essentially the core of the Kusama and Polkadot networks.
Furthermore, Gavin Wood himself had recently stated that all of the technical barriers pertaining to the launch of parachains on Polkadot have effectively been overcome. Additionally, he stated that both auctions and parachains are now indeed ready for the first production release which will occur on Polkadot. Finally, he concluded his statement by saying that ever since the first week of this past June, the parachains have in fact been running smoothly on Kusama.
What’s next?
Over 49,000 separate addresses have contributed more than 2 million KSM, Kusama's native token, to crowd loans through the existing Kusama parachain auctions by now. To that end, DOT shall be utilized in the forthcoming auctions. So far, a slew of decentralized initiatives, including decentralized identity protocol Kilt and DeFi-based entities like Phala's Khala Network and Moonbeam's Moonriver Network have earned parachain slots, with more expected to follow suit.
If authorized via the on-chain governance of Polkadot, then the starting auctions for the first batch shall commence from November 11th till December 9th. Auctions for the second batch shall begin in early 2022, and these are anticipated to last from 2023 till 2024 when 'winners' are proclaimed and additional networks join Polkadot.
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Nakamoto Games offers gamers worldwide the opportunity to participate in countless blockchain-based games and generate a sustainable and sizable income.
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ANNOUNCEMENTS & FUNDING (SPONSORED) |
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StockBattle Introduces The World to 'Fantasy Sports' Style Stock Betting |
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Fantasy trading is the latest trend in the crypto world. These competitions are an excellent way to have fun and earn money in the process. If you are an experienced trader, this can be a new way of profiting from the knowledge you have. On the other hand, if you are a newbie, you’ll appreciate the option to learn about crypto trading. Fantasy finance platforms, such as StockBattle, are a good method of understanding how cryptocurrencies fluctuate.
How 'Fantasy Finance' Works
All StockBattle contests are backed by real-time data. It means you can try your hand at predicting the ups and downs of the actual market without any of the actual risks. StockBattle can be accessed worldwide and is only limited to the stock market hours but crypto isn’t. You can enter crypto contests 24/7 and profit even when the market is bearish. In StockBattle, you can garner the fastest feedback on your market insights and double your gains every 15 minutes (all contests are 15 minutes long).
What Are StockBattle Contests Like?
StockBattle contests follow in the well-established footsteps of fantasy sports. Just like in a fantasy baseball league, you choose your “players” (stocks or crypto) and see how well they perform in a series of “matches” (pre-set timeframes on the actual stock and crypto market).
Users can select up to five different cryptocurrencies (or stocks) to add to their virtual portfolio. Based on how those fantasy cryptocurrency or fantasy stocks selections perform in the real world, entrants are awarded points at the end of each match.
All StockBattle contests are head-to-head competitions where entrants contend against only one rival - a person with the same passion for stocks and crypto (not against the whole market), so victory is real, all you need to do is to outsmart that only rival.
Where To Start?
The great thing about StockBattle is that it offers free contests. These competitions don’t require investing a single cent. Yet, they are exactly what you need to become comfortable with the platform.
Free contests will help you become familiar with the basics of stocks and crypto trading. That includes learning how asset prices move and what volatility looks like. You’ll also learn how to read charts and graphs. All this will be of immense help in the world of trading.
Before you engage in real money competitions, you’ll need to deposit actual funds into your balance. StockBattle offers a generous deposit bonus -- they’ll double your first deposit, which will help to boost the beginning of your fantasy career!
You’ll love experimenting with different approaches while learning a lot about the stock and crypto market in StockBattle. Having a good time is guaranteed, and if you put effort into drafting your portfolio, you could walk away with a profit!
If you are ready to jump on the fantasy finance bandwagon and cross your crypto swords in crypto contests, join StockBattle right now..
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Solana Breakpoint is a groundbreaking celebration of everything the Solana community has accomplished, what they've inspired, and for what comes next. Breakpoint is the first conference organized by the Solana Foundation. The Lisbon-based conference will bring together industry leaders, builders, and innovators from around the globe. This year, the conference will be held in beautiful Lisbon, Portugal, from November 7th - 10th, and will be broken down into 3 separate tracks.
THE ECOSYSTEM STAGE - LxFactory
Amazing use-cases and applications.
A 175-year-old textile factory has been converted into a dynamic hub for artists, architects, and creative professionals. LxFactory can host up to 1,900 guests surrounded by restaurants, bars, shops, and street art. This is the home of Breakpoint’s Ecosystem stage.
THE GROWTH STAGE - Estufa Fria
Agenda setting discussions and announcements on the future of Solana.
Lisbon’s historic botanical gardens span 1.5 hectares, housing hundreds of species of plants. It’s also the setting for Breakpoint’s Growth stage, where we’ll get hands-on with the DeFi, NFT, and other use-cases driving the Solana world.
DEVELOPER TRACK - SUD Lisboa
Hands-on workshops and tutorials with the best devs in the ecosystem.
Sun’s out, the laptop’s out. With stunning rooftop views over the Tagus river, SUD Lisboa will host Breakpoint’s Developer track. Apply to speak on the Developer track below.
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We at CryptoWeekly are not Financial Advisors. None of the content or opinions expressed in this newsletter should be considered financial advice. We highly recommend that you do your own research before investing in any project within or outside the cryptocurrency space. |
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