Day: April 29, 2021

Why The Chinese Government Started Mining Bitcoin (BTC)

by NEWSBTC

Reporter Colin Wu shared news published by Chinese state media PengPai related to Bitcoin mining activities by the national government. At the very least, China’s view of cryptocurrencies is ambiguous, but according to the report they have been dabbing with BTC.

The state media confirmed a rumor on the Beijing government’s collection data center being used in BTC mining activities. The report stated that data centers in China’s capital were asked to submit feedback to “sort out the situation”.

According to the Beijing Economic and Information Bureau, there were concerns about the energy consumption related to these activities. PengPai quotes Yu Jianing, rotating Chairman of the Blockchain Special Committee of China, to claim that the country’s environmental requirements could lead to crypto mining being more “strictly regulated”. Jianing said this will be “inevitable”.

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Chinese authorities are allegedly “paying more attention” to the sector. The state media claims Bitcoin mining and the equipment required “consume a lot of electricity to run”.

An investigation published in Nature Communications, conducted by the Chinese Academy of Sciences and Tsinghua University, claims that BTC mining activities in China will peak at 296.59 TWh. In consequence, the researchers expected 130.5 million metric tons of carbon emissions to be generated.

Therefore, pressure in the country to pass a crypto mining regulation could increase. However, the same research claims that 75% of BTC hashrate is in China. This data has been contested by many external sources. Wu added:

This caused some panic in China.  However, the Chinese government said it was only conducting an investigation.  Data centers are difficult to use for Bitcoin mining and are mainly used for ETH Filecoin.

Bitcoin’s Network Recovers After Energy Outages in China

Blackouts in the Chinese province of Xinjiang took a toll on Bitcoin’s hashrate. Mining operations were halted due to security inspections by the local government.

Although this crypto sector was affected, Wu said the measures were not targeting BTC mining but were part of an “overall safety” study of the electrical system in northwestern China. Data provided by OKLink and shared by the reporter shows Bitcoin’s hashrate has recovered.

Bitcoin BTC BTCUSD

On its way to levels seen before the outages, when the hashrate was at 172 TH/s. Currently, it stands at 154 TH/s. As a consequence, Bitcoin’s network has experienced high levels of congestions with transaction fees skyrocketing towards an average of 150 sat/vB (around $11).

BTC trades at $53,247 with sideways movement in the 1-hour chart and small losses in higher timeframes. In the 30-day chart, BTC has a 7.5% loss.

Bitcoin BTC BTCUSD

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Interview: Making Bitcoin Easy With Simon Lapscher Of Liquality

by Bitcoin Magazine

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This week on the “Bitcoin Magazine Podcast,” host Christian Keroles sat down with Simon Lapscher, the CEO of Liquality wallet. Liquality is a very interesting wallet because it is focused on atomic swaps. In particular, it is focused on atomic swaps with Bitcoin.

Liquality makes it possible for your bitcoin to swap into any other currency that they support, trustlessly. One of the key user groups of Liquality wallet is Bitcoiners looking to leverage the RSK blockchain. Liquality makes it easy, trustless and seamless to swap into RBTC on RSK.

Lapscher stressed the importance of a wallet that makes Bitcoin’s native features accessible to users. The Liquality wallet is designed to make bitcoin and other digital assets/tokens interoperable and functional across the entire blockchain space. The goal is to make blockchain-based, trustless features easy and accessible for average users. This includes features that bitcoiners are really excited about, like using Lightning, CoinJoin, batch transactions, multisig and more.

Liquality plans to roll out Liquid support and atomic swaps between BTC and L-BTC. This will make Liquality the one-stop shop for BTC native features as well as atomic swaps with the extended Bitcoin ecosystem. 

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Three Underrated Crypto Assets Poised To Rally in Biggest Altseason Ever, Says Trader Michaël van de Poppe

by Dailyhodl

Prominent analyst and crypto trader Michaël van de Poppe is shining a spotlight on the altcoin market.

In a new video, Van de Poppe tells his 74,000 YouTube subscribers that altcoins are prepared to significantly outperform Bitcoin in the coming weeks.

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“Altcoins are heavily outperforming Bitcoin as Bitcoin is most likely going to make a range bound construction, and during those months altcoins will do well.”

Van de Poppe tells traders that as an extreme altseason approaches and Bitcoin ranges, it is important to look for the projects that have not yet mooned.

For example, the trader mentions distributed web protocol Holochain (HOT), which had a huge breakout in early April to an all-time high of $0.031.

While Van de Poppe believes Holo will break out again, he predicts its second rally will occur later in the next wave of the altseason, likely around mid-June.

“Do I assume that we’re going to have a new cycle for altcoins? Yes. Do I assume that tokens like Holo token can have another run? Yes, for sure, but I’m assuming we’re going to have this breakout later. I think we’re going to have some more sideways action and then we start to accelerate while other altcoins that did not have this [rally] yet will newly breakout.“

Two assets that the analyst says will likely move in the short term are smart wallet asset Swipe (SXP) and oracle project Tellor (TRB).

Van de Poppe points out that Swipe has a lot of upside potential, down 80% from its high in its Bitcoin pair (SXP/BTC), while Tellor’s technical analysis (TA) looks strong as well and will likely “start expanding and accelerating as there hasn’t been much of a bull cycle” for the asset yet.

As for Bitcoin, Van de Poppe adds that if the asset is able to surpass the $58,000 resistance zone in one shot, he will be bullish in the short term. However, the analyst says this scenario is unlikely, and will be watching for the flagship cryptocurrency to retest $46,500 as support and create a range bound construction over the course of the next month or so.

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Inverse Finance acquires Tonic Finance in possible first-ever DeFi protocol merger

by Cointelegraph

In a possible decentralized finance (DeFi) first, Inverse Finance’s governance has approved today a proposal to buyout Tonic Finance in a $1.6 million-dollar deal that will bring Tonic under Inverse’s umbrella. 

First floated after “weeks of negotiation” in early April, members of the Inverse Finance DAO began voting yesterday on a proposal to acquire Tonic and hire its solo developer, Tony Snark.

The proposal quickly crossed the 4000 token approval mark and as of today is set to pass — notably without a single dissenting vote.

As a result, Snark will receive 250 INV — Inverse’s native governance token — immediately, and is set to receive another 250 upon “becoming a full-time contributor” as well as an additional 1000 INV vested over two years. Tonic, which built dollar-cost averaging vaults (a competitor to Inverse’s initial product), will continue to operate under the Inverse umbrella. 

“Tony will be joining Inverse as a full time dev to lead the entire Inverse DCA product lineup including both our yield vaults and the acquired Tonic Finance Swirl vaults,” said Inverse Finance founder Nour Haridy of the vote.

While there has been some talk and speculation about mergers in DeFi, there’s been little actual traction. The closest instance was last year’s string of “mergers” from Yearn.Finance, but the nature of those acquisitions are somewhat muddled.

In an interview with Cointelegraph, Leo Cheng of C.R.E.A.M. Finance teased that there may eventually be a YFI ecosystem meta-token, but at the moment the relationships are closer to a loose, supportive collective focused on individual projects.

By contrast, the Inverse/Tonic merger is much closer to what one would see in the traditional finance world, where both the tech and the developers come aboard. This was aided in part by the fact that Tonic did not have a governance token, and negotiations could take place with Snark directly.

“A governance token would make an acquisition a lot more complicated since it’s not possible to market-buy the entire token supply,” Haridy told Cointelegraph. “If we skip buying the governance token, then the token becomes useless. I think it’s worth exploring better ways to acquire projects with governance tokens though.”

A full-time contributor working on DCA vaults means Nour now has more time to devote to Anchor, Inverse’s synthetic stablecoin protocol. The expansion is potentially one step into turning Inverse into a fully-fledged DeFi ecosystem in the mould of 1inch or Sushiswap, which both now offer multiple services.

“We’re headed towards decoupling each product from the Inverse brand. Our existing DCA vaults will likely be branded under Tonic similar to how our lending product is branded as Anchor. Both may have their own core devs, marketing, domains, communities, etc under the umbrella and the funding of Inverse DAO,” said Haridy.

Haridy added that he’s hopeful there will be more DAO-based merger and acquisition activity after Inverse has now paved the way — and that Inverse itself might be open to further acquisitions.

“I hope that our work here sets a new precedent for projects merging with DAOs instead of going public. We certainly plan on exploring more M&A opportunities In the future. We’re also open to talk to any new DeFi projects out there at any stage.”