Bitcoin Mining Operations Continue to Expand Amid the Crypto Winter, While Converting ‘Wasted Gas to Energy at Scale’

The bitcoin mining industry continues to expand as companies are obtaining more megawatts of capacity, building new facilities, and acquiring thousands of application-specific integrated circuit (ASIC) mining rigs. On Friday, the firm Validus Power revealed it has acquired two natural gas power stations in Ontario, Canada, that will become crypto mining facilities. On the same day, the firm Applied Blockchain got a $15 million loan to fund growth and “buildout of its data centers.” While the bitcoin mining industry’s growth has been exponential, at the same time, bitcoin mining operations…

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Russian Finance Ministry Rules Out Sale of Oil for Bitcoin

The Russian government considers bitcoin as a payment option for small business transactions, not for oil exports, the country’s finance ministry has indicated. A top official emphasized the department means that cryptocurrencies may be used in barter deals, but not as legal tender. Crypto Payments Not for Russian State Settlements, Ministry of Finance Says Cryptocurrency payments, in terms of international transactions, are seen by the authorities in Moscow as an alternative option for small private business contracts, but this will not affect Russian oil deliveries. The clarification was made by…

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Ethereum gas fees drop to lowest levels since August 2021

[ad_1] Gas fees for transactions on the Ethereum blockchain have dropped to the lowest levels since August. But, they’re still not cheap. According to data sourced from Coin Metrics and shared by CryptoRank Platform, the seven-day moving average cost of an Ethereum transaction as of Wednesday totaled $11.14, placing it back among the levels recorded mid-last year before it surged dramatically to as high as $55 at the tail end of 2021. The cost of transactions on the @Ethereum network has not been this low since Aug 2021. Notably, gas…

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GME rallies on GameStop NFT plans, Vitalik Buterin proposes new gas fee structure, Samsung integrates NFTs with smart TVs: Hodler’s Digest, Jan. 2-8

[ad_1] Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Top Bitcoin mining country Kazakhstan turns off internet amid protests Kazakhstan, which accounts for the second-largest Bitcoin mining hash rate in the world, suffered a nationwide internet blackout earlier this week after soaring fuel prices triggered a wave of violent protests in the city…

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Ethereum Gas Fees Are Currently 62% Cheaper Than Last Month – Bitcoin News

[ad_1] Since November 9, 2021, or 46 days ago, transaction fees on the Ethereum network have been cut by more than half the rate they were on that day. At the time, the average fee to move ethereum was $62.84 per transfer and since then, the fees have dropped 62.85% to $23.34 per transaction. From $62 to $23 per Transaction, Ethereum Fees Have Been Cut by More Than 62% Just over a month ago, it was a lot more expensive to transfer ethereum (ETH) onchain, let alone move an ERC20…

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Ethereum supply flips briefly into deflation as gas fees spike

[ad_1] The theoretical deflationary properties of Ethereum’s London upgrade last week have already been seen in action on the blockchain with almost 800 “deflationary blocks” produced. A spike in the Ethereum transaction fee burn rate has resulted in at least two hours when the supply was deflationary. The network has come under heavy load over the past couple of days which has resulted in a lot more gas being burnt. Around four hours ago (as of 22.00 UTC), the ‘ETH Burn Bot’ recorded an instance when 545 ETH was burnt…

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Synthetic FAANG stocks are trading in DeFi — but do gas fees make them uncompetitive?

[ad_1] Decentralized finance protocol Kwenta has launched a series of synthetic tokens for popular stocks — but current gas prices could make trading them more expensive than buying the real thing. In a blog post on April 23, derivatives trading protocol Kwenta —an Ethereum dApp which is powered by Synthetix — announced the listing of various synths that track the prices of stocks from the top five tech firms known by the acronym FAANG. These comprise Facebook, Apple, Amazon, Netflix, and Google. Tesla was already available and there are plans…

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DeFi institutional adoption is booming but gas fees hinder growth

[ad_1] Panelists at a DeFi-focused talk held at the BlockDown conference on Thursday expressed their optimism at the past and future growth of decentralized finance, but highlighted the hurdles to adoption due to congestion on Ethereum. The panel, titled “DeFi’s newest waves,” featured Anton Bukov, co-founder of 1inch Network, Ajit Tripathi, head of institutional business at Aave, Hyung Lee, CEO of B.Harvest, and Eric Chen, co-founder of Injective Protocol. The panel was moderated by Cointelegraph’s technology editor Andrey Shevchenko (yours truly). Bukov characterized the current crypto cycle as somewhat more…

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WINk (WIN) soars as retail DeFi investors flee high Etheruem gas costs

[ad_1] Decentralized finance has exploded in popularity over the past year and many analysts have pointed to the 2020 ‘summer of DeFi’ as the primary catalyst for the rallies seen in Ether (ETH)  and Bitcoin (BTC).  In the beginning, investors were able to easily secure 4-digit annual percentage yield (APY) on an almost endless number of attractively priced assets on Uniswap but the increased activity on the Etheruem network eventually led to unsustainable spikes in gas fees and serious network congestion. These skyrocketing gas fees have priced out the average retail…

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