Rural Kenya Harnesses Stranded Potential Energy to Mine BTC Using Hydropower

Audy Castañeda
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<strong>Rural Kenya Harnesses Stranded Potential Energy to Mine BTC Using Hydropower</strong>

Gridless Compute, a hydropowered Bitcoin mining initiative, tweeted that the project successfully boosted a rural community and lowered their existing energy rates.

An Africa-based hydropower-powered cryptocurrency mining project posted an update on its efforts to bring energy development to rural communities through Bitcoin.

On Dec. 9, Gridless Compute tweeted photos and comments about how its hydropowered BTC mining rigs are powering an entire rural settlement while lowering energy rates for 2,000 people, the equivalent of 500 families. According to the tweet, costs drop from $10 a month to $4.

How It Works

The model is from Gridless Computing, a Kenya-based green energy initiative. The company is primarily focused on providing cheap, uninterrupted power to rural Kenya.

Due to the lack of adequate infrastructure, it can be up to four times more expensive to pay for electricity in a small Kenyan town than in a large city. In addition to being expensive, this power is often interrupted.

Gridless buys mini-grid hydropower generators in rural areas that local families use to extract power, and uses excess capacity from the grids to mine BTC.

BTC Mining for Energy, Not Energy for BTC Mining

Gridless’s impressive work swayed investors to participate, even during the bear market. On December 6, No Network secured $2 million in a seed investment round that Stillmark and Block led.

Gridless CEO Erik Hersman pointed out that “Africa needs affordable electricity. Our work supporting renewable energy mini-grid developers fills a gap, helping developers scale faster, become more sustainable, and serve thousands of homes.”

Figures for 2020 show that more than 50% of people in Africa do not have access to electricity. But, simple access to uninterruptible power is not enough to solve the problem of energy use in the region either. Hersman describes the problem by stating that “It takes a few years for households to switch from getting electricity to buying more energy-hungry refrigerators, TVs, and other appliances.”

He further adds that “scaling up is not fast, which means you need another buyer of that power in the interim, or the costs to generate that power will be too high for that community to pay for as well, slowing down adoption. Even more.”

Gridless believes that it can use the power of BTC mining to bring access to electricity to all African citizens and help increase usage.

Notably, crypto activity on the African continent has been gaining momentum over the past year as use cases for cryptocurrencies and cryptocurrency technology continue to emerge.

In fact, the International Monetary Fund has recently called for stricter regulation of cryptocurrencies in Africa.

Additionally, new partnerships have made cross-border payments possible between US citizens, sending funds to Nigeria, Ghana, and Kenya via the BTC Lightning Network.

By Audy Castaneda

Price Analysis of Top Four Major Cryptocurrencies

Audy Castañeda
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<strong>Price Analysis of Top Four Major Cryptocurrencies</strong>

Bitcoin and most major altcoins remain stuck within a range, as traders keep an eye on macroeconomic events in the coming week.

US stock markets are set for a down week as market participants remain cautious ahead of next week’s key Consumer Price Index data.

After a terrible year in which some high-profile cryptocurrency companies failed, bulls are hoping that 2022 ends on a positive note. The bears will also look to maintain their strength and extend the decline into next year.

What is the path of least resistance in Bitcoin and altcoins? Let’s study the charts of the top four cryptocurrencies to find out.

USDT/BTC

The bulls successfully held the support at $16,787 on Dec. 7, indicating strong demand at the lower levels. On Dec. 8, buyers pushed Bitcoin above the 20-day EMA of $17,004.

If the price breaks out of the resistance zone between $17,622 and the 50-day SMA at $18,046, the BTC/Tether (USDT) pair could signal a possible trend reversal.

Conversely, if the price falls below $16,787, the bears will try to drag the pair toward the fundamental support of $15,476.

EUR/USDT

Ether (ETH) broke below the 20-day EMA of $1,254 on Dec. 7, but the bears failed to hold lower levels. On Dec. 8, the bulls bought the downside and pushed the price above the 20-day EMA.

Once again, the buyers will look to push the price above the overhead resistance at the 50-day SMA of $1331.

Conversely, if the price turns down from the 50-day SMA, it could keep the pair range-bound for a few days. The flat moving averages, and the RSI just above the midpoint, also point to a near-term consolidation.

USD/USDT

BNB (BNB) closed below the $285 support on Dec. 7, but the bears failed to capitalize on this opportunity. The bulls bought the downside and pushed the price to the 20-day EMA of $291.

If the price turns down from the moving averages, the bears will try to push the BNB/USDT pair below $281. If the bulls want to take control, they will need to push and hold the price above $300.

USD/XRP

XRP (XRP) has risen from the strong support of $0.37 on Dec. 7, indicating that the bulls are buying the bears.

If the buyers push the price above the 20-day EMA, the pair can rally to $0.41. This level could serve as a major barrier for the bulls, but if they can break above it, the pair could pick up momentum and go as high as $0.51.

If the price turns down from the 20-day EMA, the bears will try again to push the pair below $0.37 and strengthen their hold. If they do, the pair could drop to $0.34.

By Audy Castaneda

Blockchain Technology Could Replace Facebook and Other Social Media Due to a Supreme Court Case

Alexander Salazar
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<strong>Blockchain Technology Could Replace Facebook and Other Social Media Due to a Supreme Court Case</strong>

Although the legal case focuses on the United States, it may lead other countries to regulate Internet platforms, especially social media. Blockchain technology allows for protecting and proving the identity of Internet users without having to reveal sensitive data.

It is increasingly hard to know whether people interact with friends or enemies (bots) on the Internet. The problem largely stems from the inability of leading tech companies, like Google and Facebook, to verify and protect privacy.

However, things might change after the Supreme Court hears the González – Google case, which could reshape Section 230. Since it is hard to imagine a scenario where social media would not die, blockchain technology could replace them.

The Problem Starts because the Law Protects Social Media

Section 230 states that web platforms are not legally responsible for user posts. Therefore, social media like Facebook and Twitter are free to profit from anything people share.

The plaintiff in the abovementioned Supreme Court case believes Internet platforms are responsible for the death of his daughter. He believes algorithms developed by YouTube recommend ISIS videos, leading to recruitment and attacks by terrorist organizations.

If a YouTube user posts defamatory or violent content, the platform can show it before being able to take any action. While determining whether the content violates the law, it can cause much damage, as Section 230 protects the platform.

Implications for the Future of Social Media Worldwide

Although the case focuses on a US law, it raises issues that may have a global impact. Other countries, like France and the UK, struggle to regulate Internet platforms, especially social media.

France ordered manufacturers to install parental controls on computers and devices and banned collecting data from children for commercial purposes. In the UK, the authorities found that the Instagram algorithm led a teenage girl to commit suicide.

Authoritarian regimes increase censorship and manipulation efforts through trolls and bots to sow misinformation and mistrust. That situation is unavoidable due to the lack of a viable form of identity verification for most social media accounts.

A world holding social networks responsible for content posted by their users would require armies of editors and content moderators. The task seems impossible due to the high volume of content, which could benefit traditional media organizations.

This Situation Is an Excellent Opportunity for Blockchain Technology

In 1996, the Internet consisted of relatively few static websites and message boards. No one could predict that its growth would cause people to question the concepts of freedom and security.

There are fundamental rights regarding digital and physical activities of people, including their privacy. Therefore, a mechanism to separate facts from misinformation and honest people from fraudsters is necessary.

Some experts argue that the Internet may have a healthier future through compromises between privacy and security. However, it would be possible to achieve both by ambitious and intentional efforts.

Blockchain technology allows for protecting and proving the identity of Internet users simultaneously. Zero-knowledge technology implies that people can verify information, such as age or title, without revealing sensitive data.

That will benefit everyone in their business, personal, or family lives. Schools and social media will be safer, adult content will have restrictions by age, and misinformation will be easier to locate.

By Alexander Salazar

Kris Marszalek Explains the Problems Causing Fear, Uncertainty, and Doubt about Cryto.com

Alexander Salazar
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Kris Marszalek Explains the Problems Causing Fear, Uncertainty, and Doubt about Cryto.com

Crypto.com noted that nothing proves wrongdoing in the ventures previously led by Marszalek, who believes more FUD targets his cryptocurrency exchange. The Polish entrepreneur said his experience with Starline was complicated but allowed him to learn how to solve problems better.

Although nothing proves that Crypto.com has done something wrong, Kris Marszalek, its CEO, has a story full of red flags.

After one of his companies collapsed in 2009, a judge called his testimony unreliable. Additionally, his business activities before he founded Crypto.com involved a multi-million dollar settlement of defective product claims and corporate bankruptcy.

However, Crypto.com pointed out that there is no evidence of wrongdoing in the ventures previously led by Marszalek. At the request of CNBC, he recently said that more fear, uncertainty, and doubt (FUD) was targeting Cryto.com.

Marszalek explained that the FUD targeting the cryptocurrency exchange was about a trading failure in his early career.

The Polish entrepreneur described his past bankruptcy and the closure of his e-commerce business as learning experiences. Besides, he said that startups are complex and may fail once and again.

He expressed he was proud of his battle scars and had nothing to hide. He highlighted that his early failures made him a trader that could grow a business and manage risk.

The Company Starline Files Bankruptcy Due to a Lack of Funds

In 2004, Marszalek founded Starline, a company that manufactured hardware products like hard drives and USB drives. However, an investigation by CNBC indicates that there is much more history behind that firm.

Between 2008 and 2009, Marszalek and his partner reportedly received almost USD 3 million in unsubstantiated payments from Starline.

Marszalek received over USD 1 million, which the court called disputed payments, while his partner took around USD 1.9 million.

Judge Anthony Chan said in a court file that there seemed to be a concerted effort to extract the cash from Starline.

In late 2009, Kris Marszalek and the company Starline had to file for bankruptcy protection. According to court records, that was due to a lack of funds to pay the credit lines.

However, Marszalek said the experience with Starline was a complicated but fruitful learning opportunity. That allowed him to found Monaco, a new e-commerce, which he later renamed Crypto.com. In 2012, he could repay outstanding debt with interest, leading to canceling the abovementioned bankruptcy petition.

The Crypto Market Crash Forces Crypto.com to Lay Off Many Employees

According to the Financial Times, the revenues of the company Crypto.com exceeded USD 1.2 billion in 2021. That year, the price of cryptocurrencies skyrocketed, with Bitcoin rising to more than USD 68,000 in November.

However, the crypto market crash in 2022 has been catastrophic for leading players, going beyond the collapse of the FTX exchange. For example, the shares of Coinbase have fallen by 84%, which forced the company to lay off 18% of its staff. As for Crypto.com, various reports indicate that it dismissed hundreds of employees over the last few months.

Meanwhile, Bitcoin (BTC) is trading at around USD 17,184 and has accumulated a 0.2% gain over the last 24 hours. While its trading volume is above USD 14.72 billion, its market capitalization is about USD 330.47 billion, according to CoinGecko.

By Alexander Salazar

Who is the “Crypto Baroness” Michelle Mone?

Audy Castañeda
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<strong>Who is the “Crypto Baroness” Michelle Mone?</strong>

Michelle Mone made headlines amid claims she profited from a company she recommended for a Covid contract. She was appointed to the UK House of Lords in 2015 as a Conservative member.

Scottish Baroness Michelle Mone recently made headlines for the potential misappropriation of UK public funds during the COVID crisis. One company, which she lobbied for, won £203m worth of public contracts, via the UK government’s VIP fast track for companies with political contacts. It is suspected that she improperly pocketed a large percentage of that money. However, one of her previous controversies revolves around her troublesome security token, EQUI.

In the past, Mone has described herself as “one of the foremost experts in cryptocurrency and Blockchain”. ”– a bold claim backed by little evidence. According to The Guardian, her critics have described her as “more glamor than substance.”

Former Conservative Party Prime Minister David Cameron appointed her, and she officially sits in the unelected upper house as a fellow Conservative. However, she did make a name for herself as the founder of the lingerie company Ultimo.

Due to the recent controversy related to COVID, as of December 7, Mone has announced that she will be taking a “leave of absence” from the House of Lords. UK Prime Minister Rishi Sunak said he was “shocked” to read the allegations against the baroness.

Michelle Mone’s EQUI Token

Mone’s story involves an overconfident, PR-based businessperson, relatively new to the ICO (initial coin offering) model.

With her entrepreneur boyfriend (now husband) Doug Barrowman, Baroness Mone launched their Ethereum-based security token EQUI in 2018, meant to give inexperienced investors access to early-stage tech companies.

However, in the build-up to a spectacular failure, the so-called “British Bitcoin” was promoted in the country’s leading right-wing broadsheet as a way to “encourage more women to invest in tech.”

A Failed ICO

Under the name EQUI Capital, the couple planned for their ICO to raise $80 million. However, by March 30, 2018, they had apparently only raised $7 million.

After extending their fundraiser to the end of June, the lack of confidence seems to have been contagious and the couple failed to raise much more.

Having met with failure with their ICO, they seemed determined to continue their business adventure through other means. EQUI Capital said that “Everyone has found the ICO World of Business to be a very strange place to do business with some very alarming things.”

In addition, they claimed that related investors had pledged $6 million of the funds raised. When considering their initial goal, this paints the picture of a deeply failed ICO, to say the least.

Despite recent mounting controversies, Mone had been the subject of multiple glowing profiles about her rags-to-riches story.

While she became a regular subject of celebrity and business magazines in the run-up to her peerage, she doesn’t appear to have any discernible cryptocurrency experience, despite her claims.

By Audy Castaneda

Cubans Ensure that Power Cuts Sentenced Cryptocurrency Mining

Audy Castañeda
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<strong>Cubans Ensure that Power Cuts Sentenced Cryptocurrency Mining</strong>

Crypto assets offer advantages on the island such as access to online purchases abroad. In August 2021, the Central Bank of Cuba (BCC) regulated the granting of licenses to virtual asset service providers.

Cuban cryptocurrency miners made evident in the last hours the reality that they have to go through. In that country, many young entrepreneurs had found an alternative to obtaining foreign currency in cryptocurrency mining. It happens that the return of the electric power cuts prevents them from being able to carry out the activity correctly.

Crypto assets offer different advantages on the island, such as access to online purchases abroad, recharges for mobile phones, sending remittances, and payments for services on the Internet.

The miners, use powerful computers to compete with each other and find solutions to complex mathematical problems before everyone else, notices problems. After the energy crisis and with the return of the blackouts, the protagonists narrate the difficulties they are going through.

Miners Facing Problems in Cuba

Mining requires a constant internet connection. In addition, the power consumption of graphics cards is high. Power cuts in many places cause ETCSA plants to stop working (also due to fuel shortages). Therefore, internet services are affected intermittently.

Some miners have tried to look for alternatives such as power plants or battery-powered voltage converters, but so far the variants are not profitable, or simply not sustainable.

Desperate, some miners have tried to sell their technology park below the original value. Others risk their jobs or even expose themselves to some other greater sanction for hiding their mining equipment in state-owned work centers that have power plants.

Regulation on Digital Assets

In August 2021, the Central Bank of Cuba (BCC) regulated the granting of licenses to virtual asset service providers. The application was for operations related to financial, exchange, as well as collection or payment activities in cryptocurrencies.

The regulations establish that exchange activities with cryptocurrencies will be regulated by the Central Bank as long as they involve people or institutions settled in the Caribbean country. The entity communicated details of the regulations as follows:

“Within the scope of its competence, it dictates the legal provisions that proceed, for the purposes of preventing and confronting money laundering, financing of terrorism, and the proliferation of weapons of mass destruction and executes the necessary actions for the implementation of the provisions.”

Any irregularity in the exchange activity with cryptocurrencies will be at the disposal of the Superintendent of the Central Bank of Cuba. However, mining still continues in legal limbo.

By Audy Castaneda

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