Wow Wow: Meetings in the USA, Mining Industry, Coinbase and XRP, DeFi Fund and Moody’s

Wow, what happened to Satoshi? We are in the thirtieth article of the series. With bitcoin hitting over $50,000 and $3,900 respectively this week, ether is trading at roughly 45,000 and 3,200 this Saturday.

Within hours of Bitcoin hitting circulation in El Salvador this week 10,000 dollars fell. It would not be wrong to say that this was the development that marked the week.

In this week’s article, rather than what’s going on in price, the mining industry a few developments, a meeting reportedly held in the USA, XRP with Coinbase, Moody’s and Algorand will be mentioned.

Article: US officials meet on stablecoin issue

Reuters on Saturday to your special news According to U.S. Treasury Department officials, stablecoins met with some names in the crypto money industry this week to learn about the risks and benefits.

According to the news, regulators getting very popular whether it should be brought under direct control in case of too many people stablecoin in hand unwillingness to cash in how to prevent the problems that may arise and how stablecoins to traditional assets They discussed whether it should be stopped or not.

According to the news, which is based on three different sources with information on the subject, some of the people interviewed by the Ministry officials representatives of banks and credit institutions took place.

Officials say stablecoins how it should be configured, how it can be used and the existing legal basis. whether it is enough They got information about.

In the same Reuters report, Treasury Department spokesman John Rizzo made the following statement on the subject:

“The Treasury Department is examining what benefits and risks stablecoins have for users, markets and the financial system. The Department is meeting with many different types of stakeholders as this work continues, including members of Congress and those in (this) market.”

$300 million DeFi fund from Algorand

The Algorand Foundation has established a $300 million fund that will be used to support the development of decentralized exchanges, money markets, synthetic asset apps and NFT platforms using the Algorand network.

Total value for the funding program Viridis DeFi, which is approximately $300 million. 150 million ALGOs was donated. (Note: “Viridis” can mean ‘fresh’, ‘alive’ in Latin)

About $200 million of that goes to projects in Algorand’s DeFi ecosystem. distribute incentives will be used for. The goal is to facilitate these projects’ access to liquidity.

The remaining approximately $100 million will be used specifically to support teams working on applications with decentralized finance infrastructure. of this budget first $5 million between Ethereum and other blockchains. build a bridge offered for, the second $5 million portion and recommendations on how to integrate oracle networks will be given.

Another blockchain startup, the Avalanche Foundation, set up an incentive program called Avalanche Rush, worth $180 million, in the middle of last month to support decentralized finance applications in its ecosystem.

Record production from North American miners

compiled by The Block and Wolfie Zhao, Bitcoin miners in North America have accumulated among themselves since the beginning of this year. More than 10,000 bitcoins produced.

At the beginning of this month, many companies, including names such as Riot Blockchain, Marathon Digital Assets, Bitfarms, Hut8, Argo Blockchain, mining company, last month’s activity report shared.

The above-mentioned North American miners totaled among themselves in July. 1,989 bitcoins dug. According to the shared reports, this number is for the month of August. It was 1,796.

Among them, Riot Blockchain, Marathon Digital Assets and Hut8, only in july and august even if the months are behind more than the total amount of bitcoins they produced on their own in the second quarter They produced a large amount of BTC.

The increase in the productivity of North American miners cryptocurrency against mining temporally coincides with the constraints it imposes. According to data shared by Cambridge University, the US the total hash rate it represents on the bitcoin blockchainBetween September 2020-April 2021 It increased by 151% to 17%.

Companies such as Riot, Marathon, Bitfarm, Hut8 and Argo keep the majority of the bitcoins they produce in the company’s financial statement. These companies in December 2020 4.176 pieces in total among themselves to bitcoin while you have August 2021 in total as of 17,960 bitcoins they are holding.

This data does not include other miners in North America such as Bit Digital, Core Scientific, Greenidge Generation, Stronghold Digital.

Miners may have started selling profits

The hash rate on the Bitcoin blockchain had fallen below 100 EH/s after the restrictions China began to impose on cryptocurrency mining in May. According to Glassnode data, the 14-day average hash rate level is as of last week. up to 128 EH/s rose.

Hash rate; Miners from China may have recovered because they could find new facilities or because the devices used by these miners began to be actively used again.

However, too many devices have been unplugged due to these restrictions, meaning that miners are not denominated in BTC. in USD It makes you earn more money than before.

According to Glassnode data, miners average per exahash 380,000 dollars they are gaining, which levels have not been seen since July 2019.

While this is the situation in the mining industry and the price of bitcoin again your $45,000 While you’re on top of it, about the last week from miners’ wallets $145 million corresponding 2,900 bitcoins came out detected.

According to the Glassnode team, these processes “Miners who are switching to fiat money to cover their expenses in China or are already actively working and profiting after the sell-off in May” may have been made by

HIVE Blockchain continues to grow its fleet

Cryptocurrency mining in countries such as Canada, Sweden HIVE Blockchainannounced on Wednesday that it has ordered 3,000 MicroBT WhatsMiners.

The company used these devices to add an extra 294 PH/s to its production capacity, and thus an extra 67 bitcoins per month aims to produce.

delivery 12 months Some of the miners to be spread will be M30S, some M30S+ and some M30S++ model devices.

HIVE Blockchain, which can generate more than 225 bitcoins per month with its current production capacity; It generated 234 bitcoins in August and 200 bitcoins in July. Now in the company’s cold wallets 1,030 bitcoins exists.

Frank Holmes, head of HIVE Blockchain, commented on the company’s performance, “This is caused by the shortage in the global chip market and logistics delays due to Covid-19 in equipment shipped from Asia. despite the difficult times, The work and achievements of our team with our partners have been phenomenal.” said.

HIVE Blockchain appointed Aydın Kılıç as COO at the end of last month to manage facilities in Canada, Iceland and Sweden.

There was a technical issue with XRP on Coinbase Pro

Some investors using Coinbase Pro’s mobile app, on Sept. Some trading pairs opened for XRP they saw.

At 04:00 on the night of Thursday to Friday, XRP was changing hands at about $1.10. Price in about 45 minutes over $1.20 exiting In the same period, the total XRP volume exceeded 4 billion dollars. over $6.2 billion appeared to be out.

The US giant cryptocurrency company, due to the lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple in December 2020 XRP decided to suspend its operations.

Coinbase Pro team made a statement about the fact that XRP was seen in the mobile application at around 06:00 on Friday, and said that “from a technical problem” it originates announced.

According to the company’s statement, users can temporarily use XRP in the app. they could see but they could not make any transactions with XRP.

Tripartite partnership in the mining industry

Operating in North America, ISW Holdings, within the scope of its new agreement with the miner producer Bitmain, has a total of Bitmain-owned plant in the US state of Georgia. 56,000 grains will provide hosting services for the bitcoin generation device.

For devices expected to consume 200 MW of electricity in total, 20 MW of this will be put into use gradually by October 2021 and the rest by October 2022.

Mining devices in the partnership with three names bitmain, hosting services and energy supply will be provided by Bit5ive, funding and mining services will be provided by ISW Holdings.

According to the statement made by ISW Holdings, installing these devices that will consume 200 MW will cost the company. for a total of 62 million dollars will cost. It was stated that 6 million dollars were paid and 56 million dollars remained.

The company uses these devices at full capacity when it starts running $10 million per month in total per year more than $100 million plans to generate income. The company that “not dependent on the pricing of cryptocurrencies” says.

China-based Bitmain has accelerated its activities in countries such as North America and Central Asia after the decisions taken against cryptocurrency mining in the country. The company recently through a distributor He also opened a store in Istanbul.

Moody’s focuses on decentralized finance

International credit rating agency Moody’s is looking for a new analyst to work on cryptocurrencies.

Shared by Moody’s according to the job posting From the analyst who will join the Blockchain C4E team within the company “DeFi, CBDC, stablecoin, NFT and other crypto-assets” It will be expected to support research on the subject.

“Especially DeFi” Candidate who is asked to know about “It will develop models about the size of the DeFi market and applications such as custody, financing, market structure and payment technologies.”

People through decentralized finance protocols to a central agent They can earn interest on deposits and take out loans without having to rely on them.

Moody’s, one of the world’s largest credit rating agencies, as well as names such as Standard & Poor’s, Fitch, “identify the risks and benefits of blockchain and crypto-assets with an emphasis on protocols, smart contracts, token and node designs” it’s working.

According to the information in the advertisement, candidates can apply from Frankfurt, London, New York or Paris.

Update (12:54): Added related images under the heading “Miners may have started selling profits”
Image: Top view of the Treasury Department building in Washington (Carol M. Highsmith, image modified by Koin Bulletin)