Month: May 2023

Stablecoin giant Tether to mine bitcoin in Uruguay using renewables

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Paolo Ardoino, Tether’s chief technology officer, said the company estimates that the excess reserve will increase by $700 million in the current quarter, which is not yet over. Justin Tallis | Afp | Getty Images Cryptocurrency giant Tether is setting up a bitcoin mining operation in Uruguay using renewable energy, as the company looks to diversify the revenue mix to support its USDT stablecoin. The company said Tuesday that it plans to invest its resources into renewable energy production, marking its first foray into the energy sector. Tether is also…

Tenet, LayerZero partner to drive cross-chain liquid staking adoption

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Layer-1 blockchain Tenet is set to see its liquid staking derivatives platfrom plug into a cross-chain decentralized finance (DeFi) ecosystem through a partnership with omnichain messaging protocol LayerZero. Tenet has plugged into LayerZero’s cross-chain protocol to access the wider DeFi ecosystem across a number of different blockchains. The Cosmos-based blockchain is a DeFi-focused ecosystem which provides liquidity and yield products for liquid staking derivatives (LSDs). LSDs have been a central cog in the DeFi ecosystem for some time. A prime example is Ethereum (ETH) liquid staking pools like Lido allowing users…

Canto Blockchain Difficulties Demonstrate Dreary DeFi Outlook

Canto is a blockchain that was designed for DeFi services like lending, staking and liquidity provision. Since its inception, it has seen a total of $591 million bridged from Ethereum’s mainnet, but that figure has stagnated over the past month as daily inflows struggle to top $3 million versus more than $20 million seen earlier this year, according to data from Dune Analytics. Source

Nvidia CEO Says Generative AI Will Birth ‘New Computing Era’

Nvidia believes that generative AI might be the most important computing platform of this generation. Nvidia CEO Jensen Huang has shared some of the prospects of generative AI being a form of artificial intelligence technology that will greatly impact the world. He shared his thoughts on Monday while delivering a keynote speech at the Computex forum in Taiwan. According to Huang, it is the dawn of a “new computing era” where a layman can easily be a programmer. He claims that generative AI gives virtually anyone the capabilities of being…

Tether Ups Bitcoin Bet With BTC Mining In Uruguay

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Summary: Tether plans to tap into Uruguay’s renewable energy ecosystem and mine Bitcoin (BTC), crypto’s largest token by market cap. The digital payment company is looking to diversify its operations after solidifying USDT’s position as the top stablecoin with an 83 billion token supply. Tether recently started buying Bitcoin with 15% of net realized profits and holds over $1.5 billion in BTC. Tether, the company that issues crypto’s largest stablecoin USDT, announced plans to mine Bitcoin (BTC) in Uruguay using renewable and sustainable energy. The Company’s CTO Paolo Ardoino said…

What the ‘anti-mining bill’ means for the crypto industry in Texas

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In late April, over a hundred people gathered near the Texas Capitol building to protest.  Peaceful protests in the United States are not uncommon, but what made this one unique was that its participants were gathered to advocate for the right to own and use cryptocurrencies. The location is also puzzling, as the Lone Star State has been presenting itself as a potential hub for the crypto industry in the United States, with varying state and federal laws creating an uneven regulatory landscape. ‘Digital Freedom rally’ to oppose Senate Bill…

Laos Government Organizes Meeting on Blockchain 4.0 and Digital Economy Development

Laos has set up a committee to oversee legal compliance and draft appropriate legislation to prepare for the digital economy. A conference organized by the Laotian government on May 26, 2023, brought together national blockchain and Web3 experts. The meeting’s goal was to discuss the implementation of blockchain 4.0 in Laos’ economic sectors.  The conference examined the digital potential of the nation and ways to apply digital technology to various sectors of the economy. According to reports, MetaBank and the government of Laos are working on a system to aid…

Russia Shifts Strategy: Abandons National Crypto Exchange for Private Sector Regulation

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The Russian Federation has reportedly decided to halt its plans to establish a national cryptocurrency exchange. It has instead decided to concentrate on regulating the private cryptocurrency sector. This decision aims to foster the development of a legal and regulatory framework for crypto businesses operating within the country, according to Anatoly Aksakov, the Head of Economy in the State Duma, media reports said.  The move to regulate the private sector rather than rely on a centralized exchange will likely provide multiple advantages for Russia. By encouraging the establishment of compliant…

Tether Invests in Sustainable Bitcoin BTC Mining in Uruguay

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Bitcoin is on a collision course with ‘Net Zero’ promises – Cointelegraph Magazine

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Each year at the annual UN Climate Change Conference (COP), individual countries are pressured to ramp up their emissions reductions promises and showcase evidence they are taking steps to meet them. With Bitcoin mining blamed for using as much power as an entire country, and politicians searching for easy targets to strike, the industry appears to be on a collision course with these global commitments to achieve net-zero emissions. While it’s not possible to ban Bitcoin completely, lawmakers and regulators can tank the price and make life very difficult in…