Georgia Becomes an Attractive Area for American Bitcoin Miners (Report)

The State of Georgia might become the next hub for cryptocurrency miners as it provides relatively low electricity prices and a large amount of nuclear and solar power, a new coverage revealed. Furthermore, local regulators have shown a friendly stance towards this side of the digital asset industry.

Can Georgia Become The Crypto Mining Capital of The US?

Up until last year, things were not looking so positive for cryptocurrency miners who wanted to position their businesses in the Southeast state as energy prices were sky-high. At the same time, most providers of green electricity did not want to get involved with the digital asset field.

According to a recent report by Bloomberg, the current situation looks much different because, at the end of 2021, the head of Georgia’s power board approved an exciting plan. Reportedly, the old data center would continue purchasing electricity from a big utility, while 15,000 mining machines would be able to buy that power at about half the regular price.

Matt Schultz – Chairman of the Bitcoin miner CleanSpark – highlighted the state’s efforts to stimulate the digital asset universe:

“At the end of the day, Georgia wants this business here. They’ve done everything in their power to grow Bitcoin in the state.”

Georgia does not only attract miners with its relatively low energy prices. It also provides a large amount of nuclear and solar power, allowing entities to brand themselves as sustainable and green-oriented.

At the same time, the state’s watchdogs guide miners towards different programs enabling them to offset their emissions with renewable energy credits. They also provide access to day-ahead power prices, so companies have enough time to increase the speed of their operations in case rates are set to spike.

With the above in mind, it is no wonder that several months ago, Bitmain Technologies vowed to bring another 56,000 miners to Georgia.

Last October, Foundry USA estimated that New York is the most attractive state for BTC mining enterprises. The region is an epicenter of renewable energy, while its cooler climate is also a key factor that miners seek. Back then, Georgia ranked third, accounting for 17.3% of the total hash rate.

The USA Is The Global Leader

The total ban on all cryptocurrency endeavors, which the Chinese government imposed last summer, led to a massive flippening in terms of Bitcoin hash rate share.

Data from the Cambridge University shows that the United States of America is responsible for around 35% of the global hash rate. Kazakhstan stands second with 18.1%, while the Russian Federation is third with 11.2%.


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Polygon Price Analysis: MATIC Eyes $2 as Major Move Appears Imminent

Key Support levels: $1.7, $1

Key Resistance levels: $2.2, $2.7 (ATH)

MATIC’s uptrend has formed a steep ascending triangle (in blue), and the price has hit the resistance at $2.2 before being pushed back down. The price is currently found in the apex of this formation, and there is little room left for MATIC to move. Therefore a breakout can be expected at any moment. Should MATIC fall, the price should find good support at $1.7 and $1.

Considering the current market conditions, it would be mindful to consider that a continuation might fail, despite the strong performance. This is because the weakness in ETH and BTC can pull MATIC down despite showing tremendous strength during the December 4th crash.

Chart by TradingView

Technical Indicators

Trading Volume: The volume during the uptrend was strong, but it’s now fading. A break below the ascending triangle may embolden the bears to push MATIC towards a correction.

RSI: The daily RSI has made a large bearish divergence with a lower high despite price pushing above $2.2 for a brief period. This is a sign that buyers need to be careful, as a correction may follow if this divergence is confirmed.

MACD: The daily MACD is bearish, and MATIC is unlikely to rally until the moving averages return on the uptrend.

Chart by TradingView


The bias for MATIC is neutral. A break from this formation will change the bias to bullish or bearish. Right now, the bearish case seems to have more weight to it, considering the indicators.

Short-Term Price Prediction for MATIC

MATIC had a fantastic rally and show of strength in December, with prices moving higher while most of the crypto market entered a deep correction. It would be impressive if it can continue to keep this momentum, but given the overall crypto sentiment, it seems less likely.


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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Bitcoin’s Price Has Correlated With US Stocks for The Last Month

Over the last month, Bitcoin’s price (BTC) has correlated tightly with stocks. Here’s what could be causing it.

The last week saw hundreds of billions of dollars wiped from the cryptocurrency industry’s overall market cap. Bitcoin’s price is down 8.8% over the last 7 days. Ethereum’s price (ETH) is down 15.4%. Binance Coin BNB) is down a further 17.9% over the same period. And pity the Dogecoin holder (DOGE) who bought last Saturday for a 20% loss by today.

In fact, all of the top ten cryptocurrencies by market cap, other than Solana (SOL), are in the red for the week.

Why Is Bitcoin’s Price Falling With Good News?

The market route has tempted a central bank governor to issue another one of those Bitcoin obituaries. But cryptocurrency traders could be forgiven for thinking this week was going to be really rad for Bitcoin’s price at exchange.

In El Salvador, an entire sovereign government just embraced Bitcoin as an official currency. The total Bitcoin network’s hash power has come roaring back from the expulsion of miners from China. The hash rate has nearly doubled since its late-June lows.

Plus, there’s been a wave of big money pouring capital into Bitcoin. As Institutional Investor noted on Aug 26 that these massive investments (sometimes in $30 million blocks of bitcoin) are indeed coming from institutional investors:

“This came from Coinbase, a prominent cryptocurrency platform with a service that essentially acts as a prime broker for institutions. Its first-quarter report revealed that of the $335 billion in trades the company did in Q1 2021, $215 billion came from institutional investors.”

But that could be exactly why Bitcoin’s price has plummeted over the last week, despite all these positive signs for the blockchain’s business fundamentals. Institutional investors also went risk off this week in equities, with major stock indexes all down for the week too.

Are Institutions Bringing BTC into Correlation with Stocks?

This is what the industry’s stakeholders are bargaining for when they cheer on the institutional adoption of Bitcoin. Along with all their capitalization comes their capitulations, and Bitcoin becomes an increasingly correlated asset roiled like high-tech stocks by broader market movements. It just has more dramatic crests and troughs along the way.

Blue: BTCUSD | Orange: S&P 500 Index | 1-month chart | Source: TradingView

When we chart Bitcoin’s price over the past month against the S&P 500 Index’s gains and losses, we see a strong correlation. Of course, BTC has a more dramatic and volatile curve, but there’s an unmistakable correlation all month at a glance. When we add in the Dow Jones Industrial Average, NASDAQ Composite, and UK100 or FTSE 100 Index, the correlation is further validated. The major stock indexes and Bitcoin’s price are moving in concert.

Blue: BTCUSD | Orange: S&P 500 Index | Indigo: NASDAQ Composite | Teal: Dow Jones Industrial Average | Gold: FTSE 100 1-month chart | Source: TradingView

The S&P 500 was down 1.63% for the last five days. The Dow was down 2.24%. The NASDAQ fell 1.29%. And the FTSE 100 was down 1.53%.

Institutional investors are pragmatic, cautious, and seek to maximize returns and mitigate losses. They don’t share the ideological convictions of Bitcoin hodlers or their wilder expectations for Bitcoin’s price. As they continue pouring into crypto, traders will have to constantly reevaluate and price in their froth and selling hands.


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Marathon Digital Buys Another 30,000 Bitcoin Mining Rigs

Key Takeaways

  • Marathon Digital has agreed to buy 30,000 Antminer S19j Pros from Bitmain.
  • The purchase will increase Marathon’s total hashrate by 30%.
  • The move comes as an increasing number of Bitcoin mining companies look to expand their operations in North America.

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Marathon Digital has agreed to purchase 30,000 Bitcoin mining machines from producer Bitmain in a deal worth over $120 million. 

Marathon Digital Increases Mining Capacity

Marathon Digital has bought 30,000 Bitcoin mining rigs from Bitmain. 

The North American mining company announced the purchase of 30,000 Antminer S19j Pro miners in a press release Monday. 

The mining machines, manufactured by Beijing producer Bitmain, each have a theoretical hashrate of 100 TH/s (terahashes per second) for a total of 3 EH/s (exahashes per second) across all the new machines. Once deployed, the Antminer S19j Pros will bring Marathon’s total hashrate to 13.3 EH/s, around 12% of the entire Bitcoin network hashrate as of Aug. 1. 

Commenting on the recent purchase, Marathon CEO Fred Thiel stated:

 “With this new order, we are growing our operations by 30% to approximately 133,000 miners, producing 13.3 EH/s. As a result, once all miners are fully deployed, our mining operations will be among the largest, not just in North America, but globally.”

Based on current delivery schedules, the new mining machines are set to ship from Bitmain between January 2022 and June 2022. 

Following China’s crypto crackdowns in June, America has become an attractive destination for Bitcoin miners. Along with Marathon Digital, other American mining companies are also aiming to capitalize on the decrease in mining difficulty caused by China’s crackdowns. Another leading Bitcoin miner, Genesis Digital Assets, recently announced a $125 million fundraise to further expand its operations in North America. The announcement comes after Genesis bought an additional 10,000 mining machines in June. 

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Chinese miners who are able to relocate are also eyeing U.S. states such as Texas, thanks to crypto-friendly legislation. In June, Texas authorized state-chartered banks to offer customers custody services for cryptocurrencies, making mining in the state easier. Additionally, Texas is well suited to address recent environmental concerns surrounding Bitcoin mining by offering easier access to renewable energy sources for mining operations. 

Despite recent market turbulence, Bitcoin mining remains a lucrative business. With U.S. state governments taking a liberal stance regarding cryptocurrency mining, North American companies like Marathon Digital are well-positioned to expand into the gap in the market left by China’s regulatory crackdown.

Disclaimer: At the time of writing this feature, the author owned BTC and ETH. 


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Amazon Bitcoin Payment Rumors Spark Market Euphoria

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Rumors have emerged that e-commerce giant Amazon is lining up crypto payments and a native crypto token. However, official sources are yet to confirm the information.

London Newspaper says Amazon to Accept Crypto Payment

Crypto markets rallied Sunday night following rumors that e-commerce giant Amazon plans to accept crypto payments and may even launch its own native token. No official sources have confirmed the information. 

The report originated from the London business newspaper City A.M and has since been referenced by numerous publications. City A.M. posted an interview with an Amazon insider who stated that the company is looking to accept Bitcoin payments “by the end of the year” and is planning its own token for 2022. Additionally, the insider claimed that the recent move towards crypto integration is “coming from Jeff Bezos himself,” despite Bezos stepping down as Amazon CEO on Jul. 5, 2021.

The news sparked excitement on Twitter as users connected the rumors to Bitcoin’s Sunday night rally to $40,000. However, experts like Alex Kruger remain skeptical, commenting that an Amazon insider is unlikely to talk to a publication such as City A.M. Kruger tweeted, 

Nonetheless, as a free and independent newspaper of London, City A.M.’s report has sparked bullish gains in crypto. The publication also found that the e-commerce giant is looking to add three other cryptocurrencies in Ethereum, Cardano, and Bitcoin Cash after Bitcoin.

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The said report was published after the company posted a job listing for a digital currency and blockchain leader on Friday. Amazon, however, is yet to make any official announcement regarding its involvement with cryptocurrencies or a native digital token project. 

Disclaimer: At the time of writing, the author of this feature owned BTC and ETH.

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BNY Mellon Adds to Crypto Activity with Pure Digital Bet

Key Takeaways

  • BNY Mellon is investing in crypto trading platform Pure Digital, along with five other banks.
  • Pure Digital is aiming to compete with Coinbase and FTX for institutional clients.
  • The move suggests BNY Mellon is seeing more institutional demand for cryptocurrencies.

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America’s oldest bank furthers its involvement with cryptocurrencies. 

BNY Mellon Backs Pure Digital 

The Bank of New York Mellon has joined five other banks in backing the institutional Bitcoin trading platform Pure Digital. 

The 237-year-old institution announced its plans to add the institutional Bitcoin exchange Pure Digital to its list of crypto-based ventures Wednesday. BNY Mellon will join five other banks who are already backing the platform, including fellow custody bank State Street. 

As reported by the Financial Times, BNY Mellon will provide public backing for Pure Digital. It also intends to trade on the platform. The report outlines how BNY Mellon, State Street, and the other unnamed backers aim to create a cash cryptocurrency trading venue to compete against larger industry players such as FTX and Coinbase. It’s set to become the first cryptocurrency trading platform led by banks. According to Pure Digital co-founder Campbell Adams, the first Bitcoin trade is scheduled to take place on the new exchange within a week. 

Commenting on the Pure Digital partnership, Jason Vitale, global head of foreign exchange at BNY Mellon, said:

“Digital assets are only going to become more embedded in global markets in the years ahead, and this collaboration accords with BNY Mellon’s wider strategy to develop a digital asset capability for clients across the entire trade life cycle.” 

BNY Mellon first started offering crypto custody services to its clients back in February, citing an increase in institutional interest. Since then, the bank has announced it will provide custody and management services for several high-profile clients, including Grayscale Investment’s illustrious Bitcoin trust. 

Pure Digital CEO Lauren Kiley also commented on custody banks and crypto adoption. She stated that while Pure Digital had spoken to many top-tier banks, custody banks were more advanced as they were the first to see demand for crypto-related services. 

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In addition to providing crypto custody services for institutional clients, BNY Mellon has also actively invested in major players in the crypto industry. In March, the bank helped finance the crypto management firm Fireblocks with a $133 million investment. 

As BNY Mellon increases its presence in the crypto industry through ventures like Pure Digital, the bank seems set on attracting institutional interest from traditional financial markets. While crypto markets have retreated from their highs earlier this year, institutional involvement with cryptocurrencies is showing no signs of slowing.

Disclaimer: At the time of writing, the author of this feature owned BTC and ETH.

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Ben Lilly Discusses Bitcoin’s Market Dynamics

Key Takeaways

  • Bitcoin’s negative price action continues, with BTC down 7.6% this week.
  • Market analyst Ben Lilly told Crypto Briefing that weakness has been creeping into the Bitcoin market since February.
  • Lilly is optimistic about Ethereum because of its rising prominence in the traditional finance world.

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The slump in the crypto market continues. Bitcoin’s price fell below $35,000 to lows of $32,150 this morning. It’s now down 7.6% this week and only 12.5% higher than its yearly opening at $28,900. In an interview with Jarvis Labs analyst Ben Lilly, Crypto Briefing attempts to understand the underlying dynamics that have moved since last year and what may lie ahead for the asset.

The Market’s Leading Players 

Traders cannot justify the volatility of crypto assets on Elon Musk’s tweets or assuming that weaker hands sold alone. 

To understand the noise, there is on-chain data that can help identify trends. Jarvis Labs has designed several on-chain models that help them spot short and long-term trends. They deploy AI techniques and trading bots to identify the leading players in the market. Their meticulous analysis reveals that there is always a phase gap or time-lapse before a trend plays. 

The dominant players in any trading niche are market makers. They sustain the market’s liquidity by constantly buying and selling to capture spreads in the order book. Market makers often change their strategies according to the market conditions. Usually, their strategy involves low-risk income opportunities from the premiums paid by retail traders on crypto-related products—for instance, the premium arbitrage trade of Grayscale shares. 

There are other categories of metaphorical fish in any market ecosystem. The most important among them are whales: the large investors with deep pockets. Then there are market movers, otherwise known as sharks. Market movers are active traders and investors who feed on the weaknesses of the market. Finally, there is the market itself: the ocean, which consists of all other investors in the ecosystem. When Crypto Briefing spoke to Jarvis Labs analyst Ben Lilly, he started the conversation by explaining how market movers have impacted the rest of the ecosystem.

“The most influential market movers appear to be tied not necessarily to one another, but with the media,” he explained. “Tracking specific wallets and their movements can often help us anticipate news drops or regulatory announcements. This is a bit of a change from what we saw in 2018 when pods of whales were more common.”

Bitcoin is trading at around $32,150 today—roughly 50% off its all-time high. According to Lilly, the recent drop is the result of sharks “attacking the softness in the market that was building up from whales and miners selling.” The weakness in the market can be traced back to late February when the demand for Bitcoin started to slow.

Bitcoin’s Bear Build-Up 

Lilly added that the early stage of the bull cycle through late 2020 and early 2021 was heavily focused on the spot market. “In late 2020, it was all about the spot market,” he said. “This is why we saw such incredible price action that spilled over into 2021. But with this price action came some larger players unloading some of their Bitcoin. This is a normal activity.”

The decline in the spot market set the stage for derivatives to shine, which led to a surge in the futures market. Lilly explained that the high spreads in the futures market were a factor in the market’s slowdown because so much capital was allocated to derivatives rather than spot buys for Bitcoin or any other asset. He said:

“The demand in the spot market slowed a bit, and we saw the derivatives market take over once again. This was on full display, with spreads in the futures market expanding to more than 40%. With this spread, larger firms began to allocate capital towards this spread. It’s a great trade as firms can hold a neutral position relative to price and capture that 40%+ spread. The trade-off was capital was no longer being used to buy bitcoin, buy altcoins, or any other instrument. It was being used to capture this spread. This contributed to the market losing upside momentum.”

futures spot
Source: Skew

Lilly added that the peak in open interest on futures matched the peak in the spread. As whales began to distribute their capital, the spot market lost some of its strength.

“A telltale sign this was taking place was the rising amount of capital being used in the futures market,” he said. “Note how the peak in Open Interest pairs up with the peak in the spread. So in Q2, we had the spot market losing a bit of momentum with whales distributing and more and more capital getting tied up into a trade, taking advantage of the market getting overheated through more shorting. Eventually, these spreads compressed, and the momentum shifted to the downside.”

bitcoin price analysis
Source: Skew

Market Movers Plucked the Wound

The market suffered a particularly hard blow throughout May. On May 12, Elon Musk revealed that Tesla would stop accepting Bitcoin payments citing environmental concerns. China also doubled down on mining bans and pledged that it would tighten crypto regulations.

The worst blow came on May 19 when three self-regulatory organizations in China clarifying the country’s stance on cryptocurrencies, reiterating bans from 2013 and 2017 that blocked payments services from offering crypto services and ICOs. On the same day, it was revealed that Inner Mongolia had set up a hotline for reporting Bitcoin miners (the region had banned mining in April). Bitcoin’s price dropped 30% to lows of $30,000 from $42,800. This was when the market movers struck to initiate the downtrend, Lilly says. 

“It’s important to note a lot of these inflows were not just a one-off from the ban,” he explained. “We saw miners selling more coins than they generated since May 5, well before the selloff. But what’s interesting is with this drop, we had multiple areas of crypto involved in selling. Miners were one group. We also had market movers taking part.”

Lilly added that Binance is generally the dominant exchange market movers and miners use for selling, adding that “the most recent selloff was no exception.” Although there was some activity in other China-friendly exchanges following the miner ban, the selloffs paled in comparison to Binance. Jarvis Labs recorded significant inflows from market movers they had tracked before and during the crash.

Is the Bull Market Over? 

Since the selloffs, many crypto enthusiasts have begun to ask “Is the bull market over?” Lilly pointed out that as spreads have returned to near neutral, the spot market could be due for an uplift. He said:

“Now here we are with virtually neutral spreads. This means it is now time for the spot market to gain momentum for another run higher. It’ll take a bit of time.”

The institutional inflows of Q2 2020 have certainly dried out in 2021. Tesla, Ruffer, and many others have booked profits from their BTC investment above $50,000. Grayscale’s demand has also decreased with premiums mostly in the negative since February. Still, Lilly is mildly optimistic about the return of premiums and Grayscale getting an ETF approval. He added: 

“The end of unlockings in 2020 created an immense amount of new GBTC shares in the market. This fresh injection of supply takes time to get eaten up. And to be honest, it’s taken longer than I expected. An excellent way to think of this is like a halving event. It takes a bit of time before the drop in new supply issuance impacts price.”

He also said that it will be some time before the new equilibrium works itself out, explaining that the recent drop sped the process up, and “acted as a rest for the Trust.” He added that when the discount moves closer to a premium, “the impact GBTC has on spot prices is likely to return as private investors accumulate BTC on the spot to allocate towards the Trust.”

Bitcoin vs. Ethereum 

Lilly also shared his thoughts on the second-largest cryptocurrency by market cap, Ethereum. He commented on the blockchain’s strengthening narrative among institutional investors and key players in the traditional finance world. Ethereum futures went live on CME Group in February, while data shows that whales have been accumulating ETH. “I don’t see this slowing down,” Lilly said.

Lilly added that he thinks it “makes more sense” to many investors in the traditional finance space to invest in ETH over BTC. He said:

“I know I’m flying against the wind on this one, but if you reside in traditional finance and understand the dance regulators and Bitcoin are having, the “threat” Ethereum poses to the U.S. dollar is less. Which is not to say Bitcoin is in trouble or anything like that. Ethereum is just less.”

Lilly expanded on his thesis by explaining that Ethereum’s network effect is one of its key strengths. Ethereum has long established itself as the home of DeFi and NFTs this year, with billions of dollars in value locked across protocols like Aave, Uniswap, and MakerDAO. He added that while Bitcoin acts as a competitor to traditional currencies, Ethereum could complement a government’s plans, explaining:

“[Ethereum] is expanding further into traditional FinTech channels than Bitcoin. To me, this is something I’ve heard from investing professionals that view the asset as having more use cases from a financial plumbing point of view. It’s not competing as a currency like Bitcoin is. Ethereum acts more like a facilitator to a country’s global agenda, not as a competitor.”

Lilly also pointed out that Ethereum has EIP-1559, its highly anticipated “ETH buyback” fee burning proposal, on the horizon. EIP-1559, due to ship on Jul. 14, could make ETH a deflationary asset if the network sees enough activity. Lilly said that he expects Ethereum’s investment narrative to grow “in the coming months” as EIP-1559 approaches.

In conclusion, crypto’s bullish and bearish phases in the last two quarters have highlighted the rising and falling in demand since Q2 2020. Consolidation is likely to begin among whales and market movers in a comparatively stable price range. Moreover, these inflows and the eventual break-out will take time to develop.

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Bitcoin Will Survive Energy Debates, Green Miner Says

Key Takeaways

  • Bitcoin will survive despite the recent criticisms surrounding the network’s environmental impact, Iris Energy Pty says.
  • The cryptocurrency space has been the subject of debate in recent weeks after Tesla halted Bitcoin payments, citing environmental concerns.
  • Bitcoin’s price has plummeted this month, which could be an indicator that institutional investors are losing interest in the asset.

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Despite the increasing number of criticisms regarding Bitcoin’s environmental impact, Iris Energy Pty thinks the asset is here to stay. 

The Bitcoin Energy Debate

Environmental debates will not kill Bitcoin, Iris Energy Pty has said. 

The Australian mining company, which uses renewable energy for its operations, spoke to Bloomberg amid ongoing discussions over Bitcoin’s environmental impact. Daniel Roberts, the company’s co-founder, remarked that Bitcoin requires a high level of energy for security because the market has determined that it is valuable. He said: 

“I don’t think it’s up to any individual to decide where energy should be used. It’s a market-based decision where Bitcoin, by virtue of the attraction and adoption it’s gained, is commanding that level of energy to secure it, to secure people’s savings.” 

Bitcoin has faced increased scrutiny in recent weeks after Tesla announced that it would stop accepting payments in the asset owing to environmental concerns. The electric car company’s shock U-turn contributed to a major sell-off that’s seen Bitcoin tumble 43% off record highs recorded in April. An ongoing regulatory crackdown in China has also contributed to the market-wide negative sentiment in recent weeks. 

Bitcoin critics often point out that the network uses roughly 115 terawatt-hours of energy annually, which is more than most of the world’s countries. Many analysts have suggested that growing ESG (Environmental, Social & Governance) concerns could be a major factor preventing big companies from adopting Bitcoin. Prior to Tesla’s comments on the network’s environmental impact, the company had added $1.5 billion worth of the asset to its balance sheet, following the likes of MicroStrategy and MassMutual. 

The long-awaited arrival of institutional investors fueled Bitcoin’s biggest price rally in history, peaking at almost $65,000 in April. In recent weeks, though, momentum has stalled. Bitcoin has failed to break above its 200-day moving average this week, which could be a sign that the market is due to decline further. 

With growing attention on the impact of Proof-of-Work, green mining solutions are in a good position to win from the asset’s success. “The recent news in the space and the focus on ESG continues to highlight that the business model we embarked on many years ago is likely the right one,” Roberts said. 

Roberts told Bloomberg that the firm had been approached by multiple special purpose acquisition companies (SPACs) with a potential listing in mind. The valuation would reportedly be worth around $300 million to $500 million. 


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EBay Is Exploring NFTs and Possibly Crypto Payments

Key Takeaways

  • EBay is exploring the possibility of adding non-fungible tokens (NFTs), or cryptocollectibles, to its platform.
  • To a lesser extent, it is also considering crypto payments.
  • E-commerce sites have become a hotspot for cryptocurrency, as Shopify and Newegg both embrace the technology.

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E-commerce site eBay says that it is exploring the possibility of adding NFT support, according to an interview with CNBC.

EBay Is Considering NFTs

“We’re exploring opportunities on how we can enable [NFTs] on eBay in an easy way,” eBay CEO Jamie Iannone told CNBC.

When asked how long it could take to enable NFTs, Iannone noted that users are already selling NFTs with physical components on eBay. As such, the company’s efforts are largely an attempt to make the experience simpler and more streamlined.

EBay’s decision to explore NFTs appears to be closely related to its long-standing focus on collectible items such as trading cards. “Collectibles are a core category,” Iannone stated. “We’ve already done a billion dollars in GMV in the first quarter and that’s more than we’ve done in half of all of last year’s record setting levels.”

NFTs or “cryptocollectibles” are a special form of cryptocurrency token that can be minted in limited editions, making this type of product a good fit for eBay’s original business plan.

“Everything that’s collectible has been on eBay for decades and will continue to be for the next few decades,” Iannone noted.

He added that eBay is assessing new forms of payment. On whether eBay could accept Bitcoin and other cryptocurrencies as payment, Iannone stated that the company has “no immediate plans” to accept cryptocurrencies but is nevertheless “keeping an eye on” it.

E-Commerce Is Doubling Down On Crypto

The news comes weeks after several other events related to cryptocurrency took place in the e-commerce sector.

In February, rumors emerged about a possible digital currency from Amazon, though it is still not clear whether that digital currency will be a blockchain-based cryptocurrency.

Meanwhile, two companies that already support crypto are expanding their efforts: Shopify is exploring Ethereum DeFi integration, while Newegg has added Dogecoin to its list of payment methods.

Finally, payment companies such as PayPal have decided to integrate Bitcoin trading and payments, while Mastercard and Visa have plans to handle stablecoins and other cryptocurrencies. In this light, eBay’s move into NFTs is a natural course of action.

Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.

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Bitcoin (BTC) $ 26,637.14 1.55%
Ethereum (ETH) $ 1,595.00 1.75%
Litecoin (LTC) $ 65.04 0.25%
Bitcoin Cash (BCH) $ 209.73 1.88%