While active equipment is migrating to other parts of Asia, new devices are going to North America. This migration process could be complete in the first quarter of 2022.

It is a fact that Bitcoin mining equipment is currently emigrating. Many of those devices are destined for North America, Europe, and other parts of Central Asia, such as Kazakhstan.

A series of tweets from Edward Evenson, Head of Business Development at Braiins, led to that information. He said that many devices dedicated to Bitcoin mining are moving from the Xinjiang region to other areas in Asia. Meanwhile, manufacturers Bitmain and MicroBT are sending new equipment primarily to North America.

A potential wave of measures by the Chinese government against mining farms could lead to mass emigration of miners. The authorities have reported that interest, generating a wave of fear in the industry and a steep drop in the network’s hash rate.

The executive said that this is not the first time that a situation like this has occurred. It is “the continuation of a trend that Chinese miners had already set in motion and which has spread to Central Asia, the Middle East, Russia and, to a lesser extent, North America.” According to Evenson, the total megawatts that would come out of China are equivalent to the capacity of all the miners in the Canadian region of Quebec.

Evenson agrees with various personalities that the news of this increased distribution is good for Bitcoin and the mining industry. This is especially true as miners are exchanging energy that comes primarily from coal for renewable energy.

Discussions on the environmental impact of Bitcoin mining have been on the table for a couple of weeks. The main reason for this has been billionaire Elon Musk’s attacks on the pioneering cryptocurrency. Musk himself, jointly with Michael Saylor (of MicroStrategy) formed the Bitcoin Mining Council. Through this organization, major miners in North America hope to develop mining policies that are more environmentally friendly.

Greater Hash Rate Distribution Means a More Decentralized Network

“The distribution of the hash rate is growing all over the world. That reduces attack vectors and alleviates concerns about the use of coal power in Xinjiang. This is a good time, considering the latest developments around energy use and mining,” said Edward Evenson.

Thanks to the highest distribution of the hash rate in the world, there is also less dependency of the network on a particular area. For example, most of the hash rate has been in Chinese territory. For that reason, the Bitcoin network has been at the expense of large sudden drops in the accumulated hash rate in seasons of heavy rain. This has happened in those regions of the Asian country with the highest concentration of mining devices.

The emigration of miners is already underway, but Evenson warned that this will not end in the short term. He predicts that this long process will be complete by the end of the first quarter of 2022.

By Alexander Salazar

The representative said that the issue of cryptocurrencies is handled with doubts. Lawmakers question even whether digital assets are of any use.

Many congressmen in the United States of America do not understand how Bitcoin (BTC) or cryptocurrencies work, so there is a possible regulation coming soon. The Democratic deputy reported this news thanks to Jim Himes, who assured that the issue in the capitol is happening with many doubts and uncertainties.

The legislator explained that he is constantly approached by congressmen who openly show their ignorance on the matter, making questions about digital currencies. Among the questions the legislator gets from colleagues is knowing what the real benefit of digital assets is.

The legislator says in an interview with Yahoo Finance that most of his colleagues do not have a deep understanding of cryptocurrencies. So, for better or for worse, a legislation passed by the US Congress seems far from possible anytime soon, ”Himes said during an interview with Yahoo Finance.

The deputy pointed out that congressmen already know what is happening with Bitcoin and even see it as something highly positive. However, officials profile cryptocurrencies as instruments that serve as financial support for drug traffickers, human traffickers, and potential terrorists. Generally speaking, legislators want to know what the problems that cryptocurrencies could solve are.

On this point, Himes said that, from the congress, there are no clear intentions to forbid operations with cryptocurrencies. The representative even assured that there will be many discussions about Bitcoin in the coming years because congress needs to know how to regulate it or how to control it through taxes.

Audiences to Get to Know Bitcoin

The US Congress has led various hearings that have served to talk about the issue of cryptocurrencies and blockchains. The Capitol has become a place to discuss the implications that digital assets bring to the economy. Even Facebook CEO Mark Zuckerberg has been challenged by his Libra cryptocurrency project, later renamed Diem.

Since 2016, congressmen have proposed various resolutions related to Bitcoin. Lawmakers Adam Kinzinger, Republican of the state of Indiana, and Tony Cárdenas, Democrat of California, presented a proposal five years ago to develop a national policy that would promote the development of cryptocurrencies.

This issue that congressmen do not fully understand how Bitcoin works is not new. There is still a long political road to recognize BTC as a new asset type, something that investment banks such as Goldman Sachs have been doing.

Matthew McDermott, Global Head of Digital Assets at US bank Goldman Sachs, said that bitcoin (BTC) can now play the role of an investment asset. In this sense, he stressed that the cryptocurrency has its risk, but this happens because it is relatively new and is facing its adoption phase.

Regarding the regulation of cryptocurrencies, McDermott let the media outlets know that he does not think that this situation could pose any future risk. He said that a key concern is the inconsistencies in global regulations, which prevents the development of the crypto space or that more regulated entities get interested in it.

By: Jenson Nuñez

GameStop is hiring engineers and designers for a new project. The company has a smart contract on the Ethereum blockchain.

The chain of video game stores GameStop announced in a short statement that the company is looking for designers and engineers to join them on what could be the project of a platform for non-fungible tokens (NFT), based on Ethereum.

GameStop said that the company needs a new team to work on a new project. They are looking for exceptional engineers, with experience in solidity, react, and python, They also look for designers, gamers, marketers, and community leaders, the company reported this statement on a website called nft.gamestop.com.

Also, an address that directs the GameStop smart contract, located on the Ethereum blockchain, Etherscan appeared on the internet. This contract is compatible with the ERC-20 and ERC-721 standards, which also works in the NFTs.

GameStop also achieved two transactions on May 25. The first was for the acquisition of a Cryptokittie, a famous NFT-based game and the second transaction is the purchase of a card from the Gods Unchained game.

The new search for professionals by GameStop happens right after the announcement published by the company on May 8, where they requested security analysts with experience on the blockchain, cryptocurrencies, and even non-fungible tokens. This action unveils the possibility that GameStop may be working on projects related to non-fungible tokens or even some cryptocurrency.

A Top-secret Game, and GameStop’s New Opportunity

On the new GameStop page for NFT, there is also a hidden game. At the top right there is a white dot, which when clicked, leads to a game similar to Chrome Dino Run. It is the famous Chrome browser game, which gets activated when there is no internet connection. The slight difference is that in the GameStop game the dinosaur has a cat’s head.

After being a chain of video game stores in decline, GameStop reached back to the top suddenly, after the confrontation between large Wall Street financial companies and a group of retail investors that put it back in the media headlines by a massive purchase.

For the company, everything changed in January of this year due to a situation with GameStop’s share, which is listed on the New York Stock Exchange, and that went from USD 4.50 to being valued at USD 242.56, today.

As a result of the Covid pandemic, GameStop started to crumble down in March 2020. GameStop’s stock went from USD 18.40 at the start of 2020, and by July of that year, it had dropped to USD 4.50. Despite a gradual rally in the share price, which ended the year at $ 17, a group of large Wall Street investors decided to short GameStop. In easier words, they bet that the price would go down at the end of January.

Short positions are common on Wall Street. If an investor thinks that a certain share is going to decay in price, they borrow shares from an investment bank for a specified period and sell them at the prevailing market price. If the share does fall in price, the investor buys the cheapest shares, returns them to the investment bank, and pays the respective commissions.

By: Jenson Nuñez

The advertising regulator stated that bitcoin is a complex investment, and it implies many risks. Future campaigns should add clear warnings about investing with cryptocurrencies.

The UK’s Advertising Standards Agency (ASA) ordered the removal of bitcoin ads across London’s transport network because they consider it irresponsible and misleading. The banned notices come from a campaign launched in December last year by Singapore-based cryptocurrency exchange Luno.

The ads show an image of the cryptocurrency along with a phrase stating, “If you see bitcoin on the subway [or on a bus], it’s time to buy.” However, the agency believes that it is irresponsible to take advantage of the lack of experience of consumers and therefore every ad should disappear from the public immediately.

In its opinion, issued on May 26, the ASA adds that the notices intend to convince the people that investing in bitcoins is a very simple and accessible activity when the fact is that investing in bitcoin is a very complex process, and it implies a series of risks and possible losses.

The advertising regulator said it was acting in response to three complaints against the Luno exchange “for failing to warn on its posters of the risks posed by investing in bitcoin.” Luno said in response that they would add a proper risk warning to his future campaigns. However, the agency said that the company must turn down the current format of its campaign.

For the ASA, any notice about bitcoin must show that the value of the cryptocurrency is not stable and that neither the exchange nor the crypto has proper regulation. In addition, it asks companies to not seek to exploit the lack of consumer experience by reflecting the process of investing in digital assets as a simple and easy activity.

The Bitcoin ads are Under a Magnifying Glass

Notably, Luno’s is not the first bitcoin ad campaign that the ASA has prohibited. In mid-March, the Coinfloor exchange made an announcement that was also labeled as misleading for irresponsibly advocating cryptocurrency as an investment.

According to British media, it was a full-page ad published in a local newspaper that read the following message: “There is no point keeping your money in the bank” and included a testimony describing bitcoin as “digital gold.”

Last year experienced a 42% increase in the popularity of cryptocurrencies in theUnited Kingdom. A study published by the Financial Conduct Authority (FCA) states that the British population is familiar with digital assets. They are aware of the lack of a regulatory framework on them, and they understand the risks of volatility.

Spain is also growing; among its current plans is the regulation of outdoor advertisements that promote cryptocurrencies. A law reform, approved by the Extraordinary Council of Ministers on March 12 of this year, gave the National Securities Market Commission the green light to stipulate what kind of advertising content cryptocurrency companies can use during their spreading campaigns.

By: Jenson Nuñez

The government measure has already taken effect and will keep on running until September 22. The country blames the miners and the drought for the constant power outages.

The government of Iran banned Bitcoin (BTC) mining for a while due to the constant power outages the Persian nation has experienced in recent weeks. During a televised address today, May 26, President Hassan Rouhani reported that the measure came into effect and will last until late September.

For at least four months the miners of bitcoin and other cryptocurrencies will have to stop their operations. According to government authorities, digital mining, which provides security to the network and allows validation of transactions, is affecting the national electricity system, and having an impact on the Persian nation.

According to Reuters, President Rouhani said in the meeting with his cabinet that the cryptocurrency mining ban comes into effect immediately and it will last until September 22. Around 85% of current mining in Iran has not been licensed.

Although the government is directly targeting Bitcoin mining as the protagonist of the electric impact, the energy deficit would also be a consequence of the prolonged drought in the country and the increase in energy demand due to the summer. The instability that the electric system is currently showing has been questioned by the inhabitants, so the government has taken note of the discomfort, especially because of the approaching presidential elections.

It is not clear if the measure is extendable or if there is any kind of financial compensation with the miners. The stoppage of mining farms could represent a decrease in the country’s income since miners must sell cryptocurrencies to the central bank to finance imports, as reported by CriptoNoticias.

Bitcoin Mining amid Controversy

Iran’s decision comes right after the government took into account that Bitcoin mining is being targeted for the use of large amounts of electrical energy. China is also restricting activity and has issued new guidelines to minimize the work of miners, a significant fact if one takes into account that the Asian giant concentrates the greatest processing power of the Bitcoin network.

Electric vehicle maker Tesla also recently announced, through its CEO, Elon Musk, that it was no longer accepting BTC as a payment method due to high amounts of polluting emissions produced by digital mining through its Proof of Work (Proof of Work consensus protocol). PoW).

Multiple studies from many countries have shown that most of the energy used to mine bitcoins comes from renewable sources. But, on a global scale, initiatives are also being born that intend to advocate bitcoin mining through cleaner and more environmentally friendly mining.

By: Jenson Nuñez