Crypto Morning News - May 26th, 2021
Bitcoin strong rebounded above $40,000 with a rise of over 6% in 24H
Bitcoin rebounded strongly and broke $40,000 again, and is now quoted at $40,652.64, which is a 6.43% increase in 24H.
Iranian President: Iran bans cryptocurrency mining until September 22
Iranian President Rouhani said that Iran will ban the mining of cryptocurrencies until September 22nd.
Coinbase issued a post to refute "Bitcoin mining is not environmentally friendly" and put forward five myths about Bitcoin
Coinbase issued an article "Fact Check: Is Bitcoin Mining Environmentally Friendly?" It is beyond doubt that Bitcoin mining is an energy-intensive process. But figuring out the actual impact of energy use on the environment is complicated.
Myth 1: Bitcoin is an important cause of climate change. In April this year, some news reported that China’s Bitcoin mining emissions may cause global warming to get out of control. However, the reports on which these articles are based have serious flaws and are not energy used by miners. The fact is that half of the global mining industry is in Sichuan, China, where excess hydroelectric power makes 95% of the mining industry dependent on renewable energy. In addition, 75% of miners already use renewable energy as part of their energy structure.
Myth 2: Bitcoin is not compatible with a healthy environment. Renewable energy is often oversupplied. Simply burn and destroy excess products in natural gas extraction. Bitcoin incentivizes companies to build more green infrastructure, thereby further reducing the price of clean energy. This virtuous circle can actually contribute to the fight against climate change.
Myth 3: Bitcoin is inherently less efficient than traditional financial systems. Energy consumption mainly comes from blocks on the blockchain, not transactions. With tools such as Segregated Witness and Lightning Network, which allow parties to aggregate more transactions in each block, the energy cost of each transaction will be reduced.
Myth 4: Bitcoin consumes "too much" energy The energy wasted every year in the United States due to idle household equipment can provide power for Bitcoin mining for 1.5 years. Bitcoin's energy consumption is far less than other financial systems, only half of the gold mining industry.
Myth 5: The cryptocurrency field cannot solve the environmental impact. ETH is being upgraded to PoS, which is more environmentally friendly, cheaper and faster. Elon Musk recently announced that Tesla will suspend accepting Bitcoin payments due to energy issues and so on.
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Zimbabwe's Biggest Bank Looks at Methods to 'Leverage Cryptocurrencies'
According to News.Bitcoin, One of Zimbabwe’s biggest financial institutions, CBZ Holdings says it is looking at ways it could “leverage cryptocurrencies and other emerging digital innovations.” According to the financial institution’s chairperson, Marc Holtzman, CBZ “is open-minded about new innovations, as these could open up new opportunities going forward.”
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Coinbase, Pantera Capital join $6m round in Indonesian crypto exchange
Indonesian cryptocurrency exchange Pintu completed a $6 million financing, led by Pantera Capital, Blockchain Ventures, Coinbase Ventures, PT Gesit Perkasa, Intudo Ventures, AHP Investment, Alameda Ventures and Spartan Group participated in the investment.
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Governor of Colorado: Hope that residents can use cryptocurrency to pay taxes
According to CoinDesk, the governor of Colorado, Jared Polis, recently stated that he hopes that residents of the state can use cryptocurrency to pay taxes, and hopes that this will happen as soon as possible. He said: "I am very happy to see Colorado become the first state to be able to pay taxes in a variety of cryptocurrencies."
Coinbase Custody Announces Support for Gitcoin (GTC) Custody Service
Coinbase Institutional tweeted to announce that Coinbase Custody has supported Gitcoin (GTC) custodial services. Recently, the open source software funding platform Gitcoin announced the issuance of governance token GCT. GTC is a governance token with no economic value. It will be used to manage Gitcoin in the form of Dao, to distribute appropriations, manage disputes, and manage the Ministry of Finance.
ARK buys nearly $20 million in Bitcoin
According to a report filed by Ark Investment Management (ARK) to the US Securities and Exchange Commission (SEC), it purchased $19,872,939 of Bitcoin. The Ark Crypto Fund requires a minimum investment of US$1 million and has raised nearly $20 million from 12 investors. Earlier, Cathie Wood, CEO of ARK Fund, said in an interview: Bitcoin is currently experiencing a rundown, but it is not necessarily at the bottom. He still believes that Bitcoin will rise to $500,000. She also stated that the Bitcoin amendment has increased the chances of an encrypted ETF being approved.
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TechCrunch founder apartment will be sold under the name of NFT
TechCrunch founder and cryptocurrency investor Michael Arrington is selling an NFT-supported apartment in Kiev, Ukraine. In 2017, Michael Arrington purchased an apartment in Ukraine through the real estate platform Propy, using Ethereum and smart contracts to settle transactions. This time Propy will auction the same property, but this time it is a real estate-backed NFT. The auction process will involve the seller signing NFT’s proprietary legal documents to transfer ownership to future buyers. Propy said that after the auction is complete, the seller will receive the payment in cryptocurrency.
London's leading finance lobbyists call on UK policymakers to set global pace on crypto
According to The Block, on Tuesday, TheCityUK, a major financial industry association in the United Kingdom, released an extensive report calling on policymakers to issue clearer cryptocurrency rules. The beginning of the report hoped that the United Kingdom "take a world-leading position in this high-growth, high-potential sector". TheCityUK also proposed the classification of digital assets, dividing the field into seven different fields, several of which lack supervision. The report emphasized that the UK, which is no longer bound by EU rules, can respond to emerging technologies faster and more flexibly.
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