ESMA Top Executive: The EU Should Ban Proof-of-Work Mining

The vice-chair of the European Securities and Markets Authority (ESMA) – Erik Thedéen – urged the EU financial regulators to prohibit the cryptocurrency mining model known as proof-of-work. He also claimed that bitcoin has turned into a “national issue” for his homeland Sweden because of the amount of renewable energy devoted to mining the asset.

‘The Solution Is to Ban Proof-of-Work’

In a recent interview for the Financial Times, Erik Thedéen (also Director-General of Sweden’s FCA) opined that cryptocurrencies employing the proof-of-work mining methodology pose significant risks to the environment. As such, European regulators should encourage the proof-of-stake model, which is less energy-intensive:

“We need to have a discussion about shifting the industry to a more efficient technology. The solution is to ban proof-of-work. Proof-of-stake has a significantly lower energy profile.”

It is worth noting that the two largest digital assets by market capitalization – Bitcoin and Ether – rely on the proof-of-work mining technology. However, Ethereum is on its way to upgrading the network to Ethereum 2.0 as the transition is expected to happen this summer. Following the development, the second-largest blockchain protocol will start utilizing the proof-of-stake method and thus become more green-focused.

Bitcoin, though, has no plans to switch its mining model. Thedéen said the primary digital asset is now a “national issue” for Sweden because a considerable percentage of renewable energy is currently dedicated to mining it. The ESMA exec thinks Swedish electricity should be employed in creating traditional services and not BTC:

“It would be an irony if the wind power generated on Sweden’s long coastline would be devoted to bitcoin mining.”

Erik Thedéen
Erik Thedéen, Source: Nord News

The Good Side of BTC Mining

In October last year, the authorities of the Canadian town North Vancouver decided to employ the energy released from bitcoin mining into heating residential and commercial buildings. The initiative should see the light of day during the first half of 2022 as it was supported by the joint efforts of Lonsdale Energy Corporation (LEC) and the local digital asset miner MintGreen.


The latter asserted that its “Digital Boilers” could prevent 20,000 tones of GHGs from entering the atmosphere per MW compared to natural gas.

In turn, Karsten Veng – CEO at Lonsdale Energy Corporation – raised hopes that the collaboration will be beneficial for the Canadian town, home to nearly 50,000 people, and for the environment:

“LEC is on a journey to lower greenhouse gas emissions, and this project will be part of that.”


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.

You Might Also Like:


Tagged : / / / / / / / / / / / / /

300 Small US Banks Set To Offer Bitcoin Trading in Second Quarter of 2022: Report

Hundreds of small US banks are set to offer Bitcoin (BTC) trading services during the first half of 2022 as digital assets continue to become popular among clients.

According to a report from American Banker, an estimated 300 community banks will start providing BTC trading on their mobile apps starting in the first or second quarter of this year with the aid of crypto fintech company NYDIG.

One bank involved in the program is Georgia-based BankSouth with over $1.3 billion in assets.

BankSouth CEO Harold Reynolds said,

“We have seen significant activity in cryptocurrency transactions from our customer accounts, and a few investments have been rather large, so that is obviously getting our attention.”

The first bank to offer BTC trading, Oklahoma-based Vast Bank, has already seen success, according to CEO Brad Scrivner. Vast Bank teamed up with crypto exchange giant Coinbase and began supporting digital assets last October. The bank currently offers 12 crypto assets.

“The Vast crypto banking launch has gone well. In the first four months since launch, we added approximately five times our historical retail customer base and those customers are in all 50 states and three U.S. territories.”

Zack Bishop of Synovus Financial, which manages $56 billion in assets and plans to launch BTC trading in its mobile app, says banks are taking digital assets more seriously.

Bishop says that banks have traditionally lent capital based on physical assets such as trucks, farming equipment and real estate. However, he says banks have recently begun showing interest in blockchain-based assets that show proof of ownership.

“We think that that’s the beginning point of how the operational structures on the back end of the bank need to start to pivot toward working on blockchains. Cryptocurrency was the first place we wanted to be.”

Bitcoin is changing hands at $42,288 at time of writing, a 2.5% increase from its seven-day low of $41,265.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix



Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/digitalart4k


Tagged : / / / /

Crypto Analyst Justin Bennett Says Polkadot (DOT) Breakout Imminent – Here Are His Targets

Popular crypto strategist and trader Justin Bennett says a strong breakout is on the horizon for interoperability blockchain Polkadot (DOT).

In a new strategy session, Bennett says that Polkadot’s price action is coiling as it trades within a bullish continuation pattern.

“The fact that this is a falling wedge, which is inherently a bullish pattern, and we also have the market in a macro uptrend, I do have reason to believe that this is more likely to break higher than lower.”

According to Bennett, he sees Polkadot ending its short-term downtrend and breaking out of the falling wedge by the second week of February.

Looking at potential targets for Polkadot, the crypto analyst believes that DOT can potentially ignite a 78% surge once it takes out the diagonal resistance of the wedge.

“Is the market going to break higher? I personally think that there’s a very good chance it will, and if it does, the area I’m going to be targeting is up here. The first ones would be $32, $38 and $45.”

At time of writing, Polkadot is trading at $25.22.

While Bennett is long-term bullish on DOT, he sees the crypto asset significantly correcting in the coming days before rallying and hitting his targets.

“Don’t be surprised if we get something like this, where DOT breaks out of its terminal pattern to the upside, retests support [$20] maybe, breaks out from here and then starts to move higher up toward $32, $38 and $45 and eventually later this year we get a move up here into this resistance area [$65].” 

[embedded content]


Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix



Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/breakermaximus


Tagged : / / / / / /

Bitcoin Implied Volatility Plummets To Pre-Bull Market Levels: What This Means

Bitcoin has sharply declined in the past month which has dragged it down to the $40K price point. The digital asset’s downtrend had then promptly dragged their metrics like implied volatility down with it. This decline has been even sharper as bears have gotten a tighter grip on the market. For some, this could be bad news. However, for others, it could mean a period of opportunity.

Bitcoin Implied Volatility Crumbles

Bitcoin’s implied volatility is a metric that is used to illustrate investor expectations of future price volatility of the digital asset going forward. This metric is not only prominent in the crypto space but is used across a number of actives to map out investor expectations over time when it comes to volatility. If this metric is high, then investors are clearly expecting price volatility to be on the high side going forward, which is why this is an important metric for investors, especially those invested for the short term.

Related Reading | Bitcoin Millionaires Are Flocking To This North American Tax Haven. But What Do The Locals Think?

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

For bitcoin, implied volatility has been on a steady downtrend since the end of 2021. This follows the price movements which have also recorded a similar downtrend in its value. The implied volatile downtrend however ramped up even more at the beginning of this year. It is important to note that low implied volatility (IV) for bitcoin is uncharacteristic, hence why it is important.

Bitcoin implied volatility down

BTC implied volatility declines | Source: Arcane Research

With such low levels, volatility bets become a more attractive venture for bitcoin where they can buy call and put options. One thing about low IV levels for bitcoin is that they tend to extend for a Lon time. An example of this is the low IV levels recorded in June 2020 that lasted for six months into December 2020.

Get 110 USDT Futures Bonus for FREE!

Bitcoin’s IV is being impacted by a number of factors, including decentralized finance (DeFi) innovations that are popping up around the corner.

BTC Price Movements

Bitcoin has been moving more or less erratically over the past few months. After hitting its peak of $69K, the digital asset had gone a consistent descent that saw it lose over 30% of the all-time high value. Additionally, the digital asset high is known to be a market mover has dragged the market down with it, losing about $300 billion off its own market cap in the process.

Related Reading | What’s In Store For MicroStrategy Going Forward? CEO Michael Saylor Reveals

Bitcoin has however held strong above the $40K point. The digital asset continues to show strong support at this point, suggesting that this is the point for bulls to hold and for bears to beat.

Bitcoin price chart from

BTC at $42K | Source: BTCUSD on

In the last 24 hours, the price of BTC has grown from the low $41,000 to above $42,000, adding about $1,000 to its value just as the markets begin to open for midweek trading. The price of the digital asset is currently trending at $42,300, with indicators pointing towards a retest of the $42,500 resistance point.

Featured image from Binaryx, charts from Arcane Research and


Tagged : / / / / /

Secret Network Offers $400M to Build Privacy Ecosystem

Key Takeaways

  • Secret Network is offering $400 million to members of its ecosystem through two separate funds.
  • Various blockchain firms have obtained SCRT as stakeholders, including DeFiance Capital and Alameda Research.
  • Secret Network is best known for hosting Quentin Tarantino’s Pulp Fiction NFT project and a number of other projects.

Share this article

Secret Network has announced that it is offering $400 million to projects in its privacy-oriented blockchain ecosystem.

Two Separate Funds Are Available

Secret’s $400 million fund is made up of two parts. The first is a $225 million ecosystem fund that has gained contributions from several of Secret’s partners and venture capital firms. This fund is meant to aid developers already building on Secret by offering long-term strategic and financial support.

The second fund is a $175 million accelerator pool, which has been filled with the project’s SCRT token. This fund will provide grants, capital, and incentives to “rapidly expand user adoption.”

Both funds are part of Secret’s Shockwave development phase, which aims to promote adoption by attracting new projects and users and by offering new features to the community.

Secret also says that several firms have obtained SCRT tokens as stakeholders, including Alameda Research, a venture capital firm best known for backing the major cryptocurrency exchange FTX .

Other participants include DeFiance Capital, CoinFund, HashKey, Kucoin Labs, and Huobi Ventures, among others.

Secret Network Is a Data Privacy Blockchain

Secret Network is a blockchain that aims to provide data privacy for smart contracts and applications. While other chains such as Ethereum and Solana support such programs as well, Secret claims to be the “first blockchain with data privacy by default.”

The platform has recently become notable for hosting Quentin Tarantino’s Pulp Fiction NFT auction. Other projects on the platform include the messaging app Alter, the NFT project PrivatePandas, and the Shade Protocol (the basis of the stablecoin Silk).

Secret Network’s SCRT token is currently the 80th largest cryptocurrency on the market, with a capitalization of $1.3 billion. The coin’s price is up 37% over the past seven days.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies. 

Share this article


Tagged : / / / /

Google Tiptoes Into Crypto

Key Takeaways

  • Google may be preparing for a foray into the world of cryptocurrency.
  • The company has hired a former PayPal executive and partnered with Coinbase and Bitpay.
  • The specifics of Google’s crypto plans are unclear, but its entry into the industry would have massive implications.

Share this article

Google has hired former PayPal executive Arnold Goldberg to run its payments division in a move geared toward broadening its users’ access to financial services, including cryptocurrencies. Despite historically shying away from crypto, now Google is more actively considering the industry, according to statements from the company’s president of commerce, Bill Ready.

Google Mulls Crypto Plans

Per Bloomberg today, Alphabet Inc.’s Google has hired a new vice president and general manager for its payments and emerging markets division, former PayPal executive Arnold Goldberg.

The payments and emerging markets division is part of Google’s Next Billion Users initiative. Bill Ready, Google’s president of commerce who himself used to be PayPal’s chief operating officer, emphasized that the hiring move was part of Google’s broader expansion into more financial services, including cryptocurrencies.

Moreover, Peeyush Ranjan has been promoted to general manager of Google’s consumer payments services. Ranjan is a Google engineer who spearheaded Google Pay’s expansion in India, which is the nation in which Google Pay has been the most successful. 

The company has also joined forces with crypto exchange Coinbase and digital currencies payment provider BitPay to allow users to store their crypto assets in “digital cards,” though users will still spend in fiat rather than crypto. Ready stated that Google has plans for more of these types of partnerships.

Despite the fact that Google still will not accept digital assets as payments, Ready emphasized that “crypto is something we pay a lot of attention to,” and that “as user demand and merchant demand evolves, we’ll evolve with it.” 

Though its crypto plans are still not fully fleshed out, Ready alluded to Google’s ambitions to the be ultimate connector of the entire consumer finance industry. 

In a perhaps unintentional ode to the promise of Web3, the executive said:

“Helping more activity occur on a free and open web—that naturally pays dividends to our overall business.” 

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.

Share this article


Tagged : / / / / /

MXC’s 200% gain hints that LoRaWAN IOT mining projects could rally in 2022

Cryptocurrency mining has become a hot topic of conversation over the past couple of years due to its lucrative nature and the impact the industry has on the environment. 

The emergence of Web3 and the increased presence of Internet of Things (IoT) devices has led to a new class of low-cost mining protocols with low-power network technology. These include LPWAN or LoRaWAN which are designed to transmit low bit rate data over long distances.

One such protocol that has been gaining traction in recent months is MXC, a Web3 infrastructure protocol designed to provide geolocation-based LPWAN coverage to IoT devices around the world

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.046 on Jan. 1, the price of MXC has seen a 200% rally to a new all-time high of $0.139 on Jan. 19.

MXC/USDT 1-day chart. Source: TradingView

Three factors adding to MXC’s building momentum include the earning capability of the MXC miners that can mine multiple cryptocurrencies simultaneously, the introduction of one-week shipping for new mining devices and an expanding, global ecosystem of partners and independent mining nodes.

Mining diversity could be an advantage

The IoT mining sector has seen many new entrants become established in recent years with projects like Helium (HNT) and Nitro Network (NCASH) offering LoRaWAN based networks that transfer data in exchange for the native HNT and NCASH tokens.

MXC has chosen a different route that utilizes a low-power wide-area network (LPWAN) to offer coverage for IoT devices that can also mine multiple cryptocurrencies, including Bitcoin (BTC), MXC and DataHighway (DHX) simultaneously.

The MXC network uses its MatchX M2 Pro LPWAN miner, which is available for purchase on their website at a price of € 2,499 or on Amazon for a price of $3,299, alongside the DataDash app, which allows users to manage its miners and rewards.

In terms of devices capable of mining Bitcoin, the M2 Pro miner requires 5 watts of power as compared to the 3,250 watts required by the Bitmain “Antminer S19 Pro.” This makes the M2 better suited for individuals that don’t have a lot of funds to invest in a hefty mining operation.

According to one user’s self-report, the M2 Pro miners have been earning a yield of $8 to $10 dollars per day and estimates that it will take a total of 8 months to recoup the original investment.

Easy access to M2 Pro

Another reason for the building momentum for MXC has been the introduction of one-week shipping for new M2 Pro orders.

For LPWAN networks, achieving widespread coverage is key to the overall health and long-term viability of the network. Having an easy way for interested parties to obtain mining equipment helps to increase the rate of growth.

Delays in miner shipments have been an issue for other networks, including Helium, which has led to hard feelings and some cancellations as users lament the lost-mining time and funds that could have been put to more productive use elsewhere.

As a result of the access interested parties have in obtaining the M2 Pro, the MXC network has now reached 18,186 nodes worldwide.

MXC node network. Source: MXC Mapper

Related: EU securities regulator calls for proof-of-work crypto mining ban

New partners and the launch of F-NFTs

In addition to an expanding network, MXC has new partner projects joining its network and there are plans to integrate “functional nonfungible tokens” or F-NFTs.

The protocol has partnered with Matcha and the team is currently in talks with Huobi exchange to create promotional offers for international users.

MXC has also revealed a new partnership with Random Network which will provide the community with a dashboard for the data that MXC distributes from its global network of M2 Pro miners.

On top of collaborating with other entities, MXC recently unveiled plans to launch F-NFTs in an effort to bring “hardware to the metaverse” and expand the community and functionality of the “MXC Data Republic.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.