In the crypto world, it’s been a week of ups, downs, and complete shockers — most notably, NFTs And Play-To-Earn Are The Future Of Gaming, claims EA CEO. There’s a lot going on in the crypto realm, and we’ve compiled a list of some of the most interesting stories for you.
Here’s the scoop.
Marathon Digital’s BTC holdings have increased to $457 million as a result of Bitcoin mining
On its October update on the company’s bitcoin generation and mining activities, Marathon Digital Holdings claimed a rise in total BTC holdings. After mining 417.7 bitcoins in October, the business grew its overall bitcoin holdings to approximately 7,453 BTC. This corresponds to $457.4 million in market value, and their total liquidity is currently at $478.3 million. Furthermore, after obtaining mining equipment from Bitmain for $120,7 million, they got a cargo of about 42,381 top-tier ASIC miners, “with 12,331 delivered to a Compute North facility” awaiting deployment and a further 3,285 ASIC miners now in transit.”
Throughout the third quarter, Square’s Cash App’s Bitcoin growth slowed by 33%
Square’s overall net revenue in the third quarter of 2021 was $3.84 billion, up 27% from the previous year. With $1.13 billion in gross profit, it increased by 43% year over year. Jack Dorsey, who also operates Twitter and is a major BTC fan, is the company’s CEO.
The App is now working on growing and providing accessible and flexible commerce options to all users. Dorsey has previously tweeted about Square’s plans to develop a more energy-efficient and accessible Bitcoin mining technology. According to the corporation, their focus remains on their “international approach of establishing global product parity.”
Cardano vs. Solana: Is It A Losing Battle?
The primary contenders for the top smart contract platform are Cardano and Solana. Cardano’s blockchain has seen little movement since the debut of smart contract capabilities less than two months ago. However, Solana is leading the charge, with activity on the Solana blockchain already underway.
Cardano has been in third place on the crypto top ten projects by market size for months before being knocked out by BNB last month. The market capitalization of Solana has surged to above $75 billion, making it one of the most valuable cryptocurrencies on the world. After plunging to a low of $2, Cardano had seen no action.
Solana’s price reached a new all-time high, bringing its market capitalization over $72 billion, well above Cardano’s. Solana climbed to fourth place in the crypto top 10 with its new market cap, while Cardano fell to sixth behind Tether.
With over 37 billion total transactions, Solana has over $14 billion in TVL (Total Value Locked). DApps and DEXes in the Cardano ecosystem have yet to be added to Cardano DeFi. In terms of DeFi, Solana has shown to be the preferable alternative.
According to EA CEO, NFTs and play-to-earn are the future of gaming
Electronic Arts (EA) is one of the largest gaming businesses, with long-running franchises such as FIFA and Madden that have a loyal following. NFTs and play-to-earn capabilities, according to EA CEO Andrew Wilson, might represent “the future of our industry.” Ubisoft is one among the first top-tier developers to act decisively, providing funds to blockchain-powered Animoca Brands. At the moment, Valve has said unequivocally that it has no interest in engaging in NFT. Also with rise of gaming and cryptocurrency, established companies are certainly feeling the need to prepare for the game industry’s future.
Tim Sweeney, CEO of Epic Games, stated that his business would “welcome games that incorporate blockchain technology.” “Collectible digital material will play an important role in our future in the context of the games we make and the live services we provide,” Wilson noted. When it comes to NFTs, titles like Fortnite and CS: GO, as well as the aforementioned FIFA, are frequently highlighted, since in-game skins and collectibles that can be transferred from one developer’s product to another are typically regarded as the most prevalent notion for NFT integration in gaming.
Along with its favorable tax laws, Puerto Rico is poised to become the world’s cryptocurrency capital
As the U.S. clamped down on non-compliant citizens, the top affluent crypto investors moved to Puerto Rico to avoid taxes. The territory, though in the USA, is not charging federal income tax on crypto gains. According to its local law Act 22, residents of Puerto Rico are exempted from paying taxes on capital gains, interests and dividends. However, there is an ongoing competition between Puerto Rico and El Salvador. When our sources asked him for a reason, he pointed out that the tax exemption is part of it. Apart from these two places, crypto investors can enjoy the same freedom in places like the Cayman Islands, Malta, Switzerland, Nevis, and Portugal, where miners and traders don’t pay income tax.
Bitcoin is being mined by the Navajo Nation using renewable energy. Here’s How It Works:
The Navajo Nation’s Bitcoin narrative is one of the most positive in recent months. The mine is not only generating jobs on the reserve, but it is also assisting them in their transition from coal to renewable energy. Interesting research project demonstrating how Bitcoin simply encourages and finances renewable power.
Bakkt is going to expand Ethereum to its cryptocurrency offering
Bakkt, a digital asset marketplace, has expanded its offering to include ethereum. Users will be able to purchase, sell, and store ether (ETH). The corporation did not indicate when the offer will be made accessible to its consumers. With a market worth of around $532 billion, Ether is the second-largest cryptocurrency. Last month, the firm began trading as a public corporation on the New York Stock Exchange. In October, company teamed with Google to allow customers to spend their cryptocurrency using the Bakkt Visa debit card at any retailer accepting Google Pay.
Is This Why China Prohibited Bitcoin Mining? Carvalho’s Surprising Theory
John Carvalho, a Bitcoin entrepreneur, has a hypothesis on why China halted Bitcoin mining. They’ve made much too much money in the mining industry alone, he claims. They also have a stronghold on ASIC producers and deliberately increase chip prices. The following section contains a lot of assumptions and suppositions. China outlawed Bitcoin mining and shut off all ASICs across the country.
Just “look at the hashrate” to see how the world perceived the prohibition to be true. It is the first time something like this has happened. Consequently, China sold a tiny percentage of its ASICs to the United States. Marty Bent, the presenter of Tales From The Crypt, believes that we must differentiate the CCP from individual Chinese miners. Bent believes that the Chinese may not have shifted all of the hashrate to the United States, but they did move “a significant amount.” For a while after the prohibition, there is still hashrate in China.
Using online traffic measurement tools, Carvalho claims that traffic to Chinese mining pools is nearly the same as before the ban. So, what does this imply? Is mining already being done by the Chinese? Would there be a rise in the number of unsigned blocks? Or who are they essentially registering them as non-Chinese entities?
Based on his interaction with Edwar Evenson of Braiins, who resided in China, the TFTC host proposes an alternate perspective. The CCP celebrated its 100th anniversary this year, and the subject of the commemoration is “harmony,” according to Evenson. Regrettably, they regard Bitcoin mining as disruptive. They’ll discreetly allow it back after the anniversary.
POLYDOGE, a polygon-based meme token, is now listed on OKEx
OKEx, one of the most popular cryptocurrency exchanges and trading platforms, has added PolyDoge to its list of cryptocurrencies. PolyDoge, the Polygon Network-based competitor to Dogecoin and Shiba Inu, has established itself as a blockchain entertainment powerhouse. Users can begin trading POLYDOGE versus USDT on the spot trading market as of today. The initiative is now in phase 2 of its development plan, with the goal of launching a range of gaming dApps such as first-person shooters, real-time strategy, racing, and card games. By competing in these games, it can also mint NFTs.
Partnerships with Netvrk and Ferrum Network are two more major developments in the platform’s favor. There are 1,000,000,000,000,000 tokens in total supply and 868,093,485,320,190 tokens in circulation.
On the top ten watch-list tokens, Shiba Inu surpasses Cardano and Dogecoin
Shiba Inu was removed from CoinMarketCap’s ranking of the top ten most watched cryptocurrencies by market cap. The meme currency is still one of the most widely used crypto currencies. It came in third place, trailing only Bitcoin and Ethereum, which were first and second, respectively. SHIB came in third position, outperforming several of its competitors. Due to the obvious extreme volatility of dog-themed cryptocurrencies, investors must stay one step ahead if they want to maximize their profits.
On Sunday, the total number of followers on SHIB’s official Twitter account surpassed 1.8 million. Following its all-time high surge, Shiba inu was considered to be the most talked-about cryptocurrency on social media in October. Watch-lists are becoming a crucial tool for investors. Meanwhile, in the days thereafter, the meme coin has remained stable at roughly $0.00005 per coin.
Cabital Is Seeking Regulatory Approval To Offer Cryptocurrency Payment Services In Singapore
Cabital, a Singapore-based crypto-payment service provider, has always relied on Chainalysis Reactor and Chainalysis’ KYT (Know Your Transaction) to assure compliance with AML standards of their bases of operations, according to the co-founder and CEO. The decision to seek approval from the MAS (Monetary Authority of Singapore) will help them expand their operations in the Singapore crypto market.To bolster the Cabital efforts, Chainalysis MD Ulisse Dellrto said that the platform will provide the capabilities needed by the payment institution to thrive in this new phase. Cabital Earn is a wealth management cryptocurrency platform. Customers may buy cryptocurrency with euros and earn up to 12% annual percentage yield (APY) on their investment.
Raymond Hsu-an, an experienced participant in Fintech startups, founded Cabital in 2020. Chainalysis is a blockchain-based platform that offers data, research, software, and services to businesses and government agencies.
Cryptocurrencies should be taught in schools, according to the mayor of New York
Eric Adams, the city of New York’s new mayor-elect, is the city’s second black mayor. The mayor-position elect’s on cryptocurrency, in particular, has catapulted him to prominence. Adams regarded this as an issue caused by a lack of information, and said that it was past time for schools to begin teaching about cryptocurrencies. The Democrat intends to make the city a serious candidate for one of the nation’s most crypto-friendly states. However, what the crypto-friendly mayor Adams proposes is on a far larger scale.
Coinbase Wallet Introduces a Standalone Browser Extension
The Coinbase Wallet extension for Chrome is now available as a standalone extension. Square, led by Jack Dorsey, is apparently developing a hardware wallet with self-custody capabilities. In the future, the exchange promises to “continue striving to empower everyone to utilize dApps and web3 by providing the easiest-to-use and most accessible self-custody wallet in the ecosystem.” The primary aspects for these platforms are user interface, security, device compatibility, and multichain support – with space for improvement in comparison to the existing environment.
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