This discrepancy underscores the challenges posed by inflation, real estate prices and the consequences of the Fed’s policies. Pechman concludes that the Fed is now paying the price for its loose monetary approach during the pandemic, prompting a grim outlook for the U.S. Treasury Department’s finances.Continue Reading on Coin Telegraph More
Amid an escalating power crisis driven by extreme weather conditions, Texas has turned to an unlikely ally for energy conservation: Riot Platforms, a major Bitcoin (BTC) mining firm.The state’s power grid operator has awarded Riot Platforms $31.7 million in energy credits for reducing electricity consumption during the ongoing heat wave. The sum eclipses the $9.7 million worth of Bitcoin the company mined in the same period.The credits are commissioned by the Electric Reliability Council of Texas (ERCOT), and it will alleviate immediate stress on the grid while simultaneously lowering Riot’s operational costs. Despite reporting a loss of over $500 million in 2022, Riot Platforms has found a silver lining in these energy credits. In its most recent quarter, the Bitcoin mining company posted a loss of around $27 million on revenue of $76.7 million. The energy credits, therefore, offer a much-needed financial cushion.The state’s power infrastructure has been under increasing strain, worsened by climate change and surging demand. Last year, a snowstorm led to widespread blackouts, affecting both residential and commercial consumers. ERCOT’s recent emergency declaration, urging Texans to conserve energy between 5 p.m. and 9 p.m., underscores the ongoing challenges.During this crisis, allocating taxpayer-funded energy credits to Bitcoin miners has ignited public debate. A petition from Navarro County residents garnered nearly 1,200 signatures, opposing a local Bitcoin mining facility and citing concerns over the “enormous burden on our already fragile infrastructure.”State lawmakers are also taking note. Earlier this year, the Texas Senate passed legislation restricting incentives for cryptocurrency miners participating in ERCOT’s load-reduction programs.The Bitcoin mining industry has been at the center of controversy, particularly in Texas, where the state’s energy woes have been exacerbated by the sector’s high electricity consumption. Riot Platforms and other large-scale miners like Marathon Digital Holdings have been forced to halt operations during past emergencies, affecting their profitability and sparking debates over their role in the state’s energy landscape.This article was originally published on Crypto.news More
The ETF saga’s latest iteration saw Bitcoin (BTC) jump more than 6% as industry advocates celebrated a court ruling that affirmed what we already knew — that the SEC’s rejection of Grayscale’s ETF application was “arbitrary and capricious.” This was, of course, followed by the SEC delaying its decision on all seven pending Bitcoin ETFs, and a subsequent price drop.Continue Reading on Coin Telegraph More
The goal of the experiment was to find out whether artificial intelligence can beat a human in crypto trading and to find human strengths and weaknesses relative to AI’s investment approach. Continue Reading on Coin Telegraph More
In a public statement issued on Sept. 7, the commissioner expressed her misgivings about the approach taken by the CFTC in these cases, arguing that enforcement actions are not the most suitable means of addressing novel DeFi technology. The commissioner believes that the CFTC should engage with the public and stakeholders through rulemaking and other regulatory tools instead of relying primarily on enforcement actions. Continue Reading on Coin Telegraph More
The Anatolian 9th High Criminal Court sentenced Özer along with his two siblings to the same jail sentence of 11,196 years, 10 months and 15 days in prison along with a $5-million fine, reported Turkish state-run news agency Anadolu Agency. Continue Reading on Coin Telegraph More
At the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN)’s Digital Assets Summit 2023, held in Nigeria’s capital, Abuja, stakeholders discussed the decision by the previous government to print new naira notes — Nigeria’s fiat currency — and the country’s recent efforts to increase central bank digital currency (CBDC) adoption, which both led to a shortage in the flow of naira at the time. Continue Reading on Coin Telegraph More
Responding to a letter criticizing the Singaporean government’s lack of public consultation and oversight on crypto adoption published in the Financial Times, the MAS clarified that the country does not have a “crypto sandbox” but rather a sandbox that supports a broad range of fintech experimentation.Continue Reading on Coin Telegraph More
