🇺🇸 US's urgent investigation into Mining

Advertise with us | Our Newsletters

Markets

US starts 'emergency' checks on cryptocurrency power use (4 minute read)
The US government has recently approved an urgent investigation into the energy consumption of cryptocurrency miners on the national electricity grid. A division of the US Department of Energy, has secured funding for a six-month study focused on collecting and analyzing grid utilization data from numerous mining operations.

The EIA justifies the emergency nature of this inquiry by citing a persistent cold snap and a recent surge in Bitcoin prices, leading to increased demand for the digital currency. Concerns have been raised about the potential strain on the US power grid and the subsequent impact on consumers' electricity bills.

According to Digiconimist, which monitors Bitcoin energy usage, one single Bitcoin transaction is said to require around 762.89 kWh, equivalent to the energy usage of the average US household over 26.15 days.

​​Farcaster sees 400% increase in daily active users amid ‘frames’ frenzy (1 minute read)
The Farcaster protocol, a decentralized network for social media applications, has experienced an impressive 400% surge in daily active users within the past week.

Starting at approximately 5,000 daily active users on January 28, the Farcaster network saw a substantial growth to over 24,700 by February 3. This increase in user activity is attributed to the popularity of Frames, an innovative feature enabling users to interact with external links and applications seamlessly within the Warpcast app. The surge in daily "casts" has been remarkable, surpassing two million on February 3, marking a remarkable 1,000% rise from the previous week's 200,000 on January 28.

February will see $800 million of unlocks from Avalanche, Optimism, Aptos and more (3 minute read)
In the upcoming month, several cryptocurrency projects are poised to release substantial quantities of tokens, as outlined in TokenUnlocks data. Token unlocks involve freeing assets that were previously restricted or excluded from circulation within the cryptocurrency market. This unlocking process typically exerts a notable influence on market liquidity, trading volume, and overall market dynamics, contributing to changes in price volatility.

Tech

LayerZero launches name service Clusters, competes with Ethereum Name Service (3 minute read)
Layer Zero, an interoperability protocol facilitating connectivity across more than 50 blockchains and supporting the creation of cross-chain applications, is collaborating with Delegate to power a naming protocol called Clusters.

Comparable to the Ethereum Name Service (ENS), Clusters addresses the challenge users face in maintaining distinct identities across multiple chains in a native manner.

Clusters is powerful because of its similarity to ENS, but with the distinction of being multi-chain, ensuring seamless native interactions across various blockchains.

Donald Trump Calls CBDCs and Artificial Intelligence 'Dangerous' (2 minute read) 
In a recent interview with Fox Business' Maria Bartiromo, former president and leading Republican figure Donald Trump expressed concerns about the "dangerous and scary" nature of artificial intelligence (AI), emphasizing the potential threat posed by deepfakes in activities ranging from generating false product endorsements to influencing the course of warfare.

Trump continued his criticism of Central Bank Digital Currencies (CBDCs), labeling them as a "very dangerous thing." Additionally, he conveyed his decision not to replace Jay Powell as the chair of the Federal Reserve, characterizing the current chair as "political."

Misc

Spain’s finance ministry targets crypto, NFTs with new tax reform (2 minute read)
The Ministry of Finance in Spain is preparing to introduce a tax reform that would provide enhanced authority to confiscate cryptocurrencies and digital collectibles in instances of tax payment default, as reported by the Spanish daily newspaper El Economista. The proposed reforms focus on amending Article 162 of the General Tax Law, aiming to empower the local tax agency to seize cryptocurrencies when addressing outstanding debts from users.

Bitcoin President Nayib Bukele Declares Victory In El Salvador's Elections (2 minute read)
El Salvador's President Nayib Bukele has proclaimed victory in the presidential election, though official confirmation of the results is pending, potentially marking his second term in office.

Bukele's leadership has been associated with a substantial reduction in crime, transforming the country from one of the world's most violent to one of the safest in Latin America. However, his methods, particularly during the anti-gang campaign, have sparked controversy, with human rights groups accusing the administration of arbitrary arrests.

Bukele's re-election follows contentious decisions, including the adoption of Bitcoin as legal tender in 2021, drawing both praise for financial inclusion and criticism for potential risks and implications.

OPNX is ‘dead’ but Zhu and Davies aren’t quite finished (3 minute read)
The cryptocurrency and bankruptcy claims trading platform OPNX, co-founded by Su Zhu, Kyle Davies, Mark Lamb, and Leslie Lamb, is set to officially terminate its operations on February 24. However, the entrepreneurs behind the platform, despite their controversial history, are transitioning to a decentralized exchange.

This new venture will leverage their cryptocurrency, OX, to offer discounted trades. By opting for a decentralized exchange over a bankruptcy claims platform, the founders can sidestep the need for licenses and permits in various jurisdictions.

🐥 Best of Twitter

Thanks for reading, if you enjoyed, tell your friends!

P.S: If you're interested in the wider investing world. Check out our flagship publication.