While the physical supply and mining difficulty limit gold, the source code of Bitcoin limits its mining to 21 million units. A South Korean professor of urban and environmental engineering developed a biogas-producing system, which he uses to mine cryptocurrencies.
During a visit to Mexico, Wozniak said that Bitcoin was a technological miracle and a unique mathematical formula. He has been a vocal advocate for Bitcoin, which he once referred to as the only digital gold.
According to the Mexican newspaper El Sol de México, the Apple co-founder stated that Bitcoin is a better asset than gold. He suggested that it is easier to mine Bitcoin blocks than it is to find and mine gold. Although he does not invest in Bitcoin, he considers that it is the greatest mathematical miracle and is here to stay.
Many analysts agree that Bitcoin is digital gold since both the precious metal and the cryptocurrency have a limited supply. The physical supply and mining difficulty limit gold, whereas the source code of Bitcoin limits its mining to 21 million coins. That means there will be no new Bitcoin once the last 2140 coin is in circulation.
An American Bitcoin Mining Company Buys 7,200 Mining Rigs
Gryphon Digital Mining has signed an agreement to purchase 7,200 Antminer S19J Pro mining rigs.
According to a statement, they disbursed a total of around USD 48 million for the mining inventory. In August, they will start receiving 600 mining devices each month as part of the deal.
The 7,200 machines would theoretically allow the company to experience an increase in its hash rate of 720 petahashes per second (PH/s). That could be a further achievement for them, as they are already looking to achieve 100% renewable energy-based operations.
ECLAC Warns Against the Adoption of BTC in El Salvador
The Economic Commission for Latin America and the Caribbean (ECLAC) is a regional commission of the United Nations to promote economic cooperation. This agency is the latest to have expressed concern about the acceptance of Bitcoin as legal tender in El Salvador.
According to the executive secretary of ECLAC, Alicia Bárcena, the decision of El Salvador to accept Bitcoin poses systemic risks. She also considers that there are risks of money laundering, according to the local newspaper Diario El Mundo.
Bárcena highlighted that no study has yet investigated the possible risks or benefits of that decision to venture into Bitcoin. She said El Salvador could face risks, in addition to scrutiny from the Financial Action Task Force (FATF).
South Korean Professor Uses Biological Waste to Mine Cryptocurrencies
Cho Jae-Weon is a professor of urban and environmental engineering at the National Institute of Science and Technology in Ulsan, South Korea. He developed an eco-friendly toilet system that produces fertilizers and energy from human excrement.
The professor said that the system uses a vacuum pump that redirects human waste to an underground tank to produce biogas (methane).
His creation uses biogas to provide energy to a university building, gas stoves and water heaters, among others.
Additionally, the experiment of Jae-Weon has a native token called Ggool to incentivize the adoption of the eco-friendly toilet system. When using the bathroom, the students earn 10 Ggool, which they use to buy various things on the campus.
By Alexander Salazar
