September 9th, 2021
Analysis: We witnessed a 10% market pullback by this Tuesday, with a relatively v-shaped recovery. Bitcoin, Ethereum, XRP are still down more than 5% on the week, but have seen upwards momentum in the last 24 hours.
If you are looking to buy or sell the market move, click below to access your account.
In Alberta, a Nevada-based company named Black Rock Petroleum has agreed to operate up to one million bitcoin mining rigs in the province. Under this agreement, three natural gas-producing sites will become home to the bitcoin mining machines once located in China. Currently, no timeline was agreed upon, but that hasn’t stopped many from discussing the potential impact on the future of mining.
Bitcoin Mining
Like Gold, Bitcoin is deflationary in many respects, since only a set number of coins will ever come into existence.
For this reason, the process of unlocking new bitcoins is different from the process of producing fiat money. Rather than printing new bills, bitcoin is released through a process known as mining. To successfully mine this digital currency, computers with powerful processors must solve complex mathematical problems. At one point in time, mining could be completed with a PC. Now, it requires numerous rigs consuming large amounts of energy to do the same thing.
Most of these cryptocurrency mining rigs were in China until Beijing called for additional measures against bitcoin mining due to its environmental impact. The result is that many cryptocurrency miners have begun fleeing to other countries, and many machines must be moved either by air or sea to countries such as Canada and the United States.
The Impact
At one time, China accounted for nearly 70% of the world’s bitcoin hash rate, which could be likened to the cheaper electricity in certain regions of the country. As these mining rigs are now moved to North America, an enormous amount of power will be required, and the hopes are that renewable, clean power will be the ultimate answer.
Looking at the entire cryptocurrency industry, many welcome the movement of bitcoin rigs since it represents movement to a decentralized distribution of hash power. It also means that the decisions made about digital currencies in one country will have less of an impact on bitcoin prices, unlike the drop in price we witnessed earlier this year. On a more local level, the result of this move will also include the presence of more jobs in Alberta, including IT staff, electricians and campus managers.
Unfortunately, this deal still brings a few minor challenges to question, such as the clearing of land and access to the internet in these locations.
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– Business Insider
Someone Paid More Than $300K For a Fake Banksy NFT — And The Scammer Gave it All Back- The Verge
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NFTs, known as non-fungible tokens, have taken the world by storm 🌪️
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The Ultimate NFT Guide is now live on Bitbuy Resources.
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