But the dirty secret of AI is that humans are still needed to create, label and structure training data and training data is very expensive. The dark side of this is that an exponential feedback loop is being created where AI is a surveillance technology. And so, managing the humans in the AI loop is crucial.Continue Reading on Coin Telegraph More
But the dirty secret of AI is that humans are still needed to create, label and structure training data and training data is very expensive. The dark side of this is that an exponential feedback loop is being created where AI is a surveillance technology. And so, managing the humans in the AI loop is crucial.Continue Reading on Coin Telegraph More
The report, presented to Congress in March, contained a chapter titled “The Reality of Crypto Assets” that claimed such assets “have brought none of the promised benefits.” The agency’s opinion marked a reversal of the position taken in the president’s “Executive Order on Ensuring Responsible Development of Digital Assets,” the lawmakers claimed. They wrote:Continue Reading on Coin Telegraph More
(Reuters) -Can inherently volatile cryptocurrencies become safe-havens? Apparently they can in some parts of the world, such as Argentina and Turkey, where soaring prices and tumbling local currencies have forced people to seek refuge in digital coins.Ownership of digital currencies in Turkey was the highest in the world at 27.1% followed by Argentina at 23.5% — well above global crypto ownership rate estimated at 11.9% — according to data from research firm GWI.What’s common to Turkey and Argentina besides their pole positions in crypto adoption is high inflation, which has led to crumbling currencies and capital controls to deter local residents from taking money out. Turkey’s annual inflation was 50.51% in March, Argentina’s was even higher at 104%.The lira and peso have been plunging and are at record lows. Argentina’s peso trades around 464 per dollar in the black market, more than double the official exchange rate of 222.Much of the safe-haven buying has been of stablecoins such as USD Coin (USDC) and Tether (USDT), which are crypto tokens pegged one-to-one to a traditional asset such as the U.S. dollar or gold, giving investors an alternative to scarce dollars. “Folks, whether they’re on the retail side or institutional side, are thinking about how can we hedge against currency devaluation,” said Ehab Zaghloul, chief research scientist at Tribal Credit, a digital payments platform for startups in emerging markets.”They want to potentially hold additional assets pegged to a stronger currency, so, things like USDC or USDT or anything pegged to a stronger currency like the U.S. dollar.”Trading volume for the USDT-Turkish lira pair reached a multi-month high last week, driven by the weakening of the Turkish currency and the upcoming landmark presidential and parliamentary elections, Kaiko analyst Dessislava Aubert said. “In general, crypto adoption tends to be higher in countries with capital restrictions, financial instability, and political instability,” analysts at K33 Research wrote. GLOBAL CRYPTO FEVERWhile bitcoin, the world’s biggest and best-known cryptocurrency, is up 72% this year at $30,000, its highest in 10 months, overall trading volumes are far from levels seen last summer after investors were spooked by a series of collapses of crypto players culminating in FTX’s demise.Trading volumes for spot bitcoin are highest during U.S. opening hours, with little change from 2022, Kaiko data showed.However, regulatory issues faced by crypto exchange Binance in recent months have led to a slight shift in derivative trading volume towards Asia Pacific hours from Americas, Kaiko said.If dollar to crypto volumes are excluded, then the next most dominant currency is South Korea’s won.Crypto trading volumes in South Korea are back to levels seen in first quarter and second quarters of 2022 after a weak fourth quarter in 2022, analysts at crypto investment firm Matrixport said.”The dominance of altcoins makes South Korea a very interesting market to analyse,” Matrixport analysts said.”This is in stark contrast to other crypto exchanges where bitcoin and Ethereum account for the majority of the volume.” More
As part of the new platform, SI Tickets and ConsenSys are partnering to develop a “Super Ticket” that allows hosts to remain connected to their attendees through highlights, collectibles, exclusive offers and loyalty benefits via NFT technology. “Blockchain is the future of ticketing,” SI Tickets CEO David Lane said.Continue Reading on Coin Telegraph More
According to the report, crypto market funds experienced outflows across all geographies and providers, particularly in Germany and Canada, where outflows reached $40 million and $14 million, respectively.Continue Reading on Coin Telegraph More
The first news article explains why Bitcoin margin and futures indicators are essential to decide whether whales and market makers have flipped bearish as BTC failed to break the $30,000 resistance. For starters, Pechman explains why the $340-million liquidation in leveraged futures was important and how it affects the market during surprise price moves.Continue Reading on Coin Telegraph More
Management Commentary“In April, we increased our operational hash rate to 14.0 exahashes, achieving 61% of our 23 exahashes goal, and we increased our installed hash rate to 17.9 exahashes, reaching 78% of the same goal,” said Fred Thiel Marathon’s chairman and CEO. “We produced 702 bitcoin in April, which is a 134% increase year-over-year, but a decrease from the prior month due to upward adjustments in the network’s difficulty rate and to a lesser extent, curtailment activity, April having one less day than March, and the impact of the ‘luck factor’ (see reference). In addition to increasing our hash rate, we also witnessed our first domestic deployment of immersion mining come online in Jamestown, ND. This immersion deployment is representative of our broader strategy to utilize technological innovations to optimize the performance of our miners and improve the efficiency of our operations. With 17.9 of our targeted 23 exahashes already installed and our operational hash rate consistently increasing, we remain confident that we are on track to achieve our primary target of 23 exahashes near the middle of 2023. We look forward to continuing to establish Marathon as one of the largest and most energy efficient Bitcoin miners globally.”Operational Highlights and UpdatesFigure 1: Operational HighlightsIn April, approximately 10,600 of Marathon’s Bitcoin miners (c. 1.6 EH/s) were newly energized at Applied Digital’s facilities in North Dakota. Approximately 10,400 S19 XPs (c. 1.5 EH/s) were newly energized in Ellendale, ND. The remaining units were energized at the Jamestown, ND, facility, where Marathon initiated its first-ever domestic deployment of immersion mining.As a result, the Company’s operating fleet increased to approximately 122,900 Bitcoin miners, theoretically capable of producing approximately 14.0 EH/s, according to the manufacturer’s specifications, as of May 1, 2023.Once all of Marathon’s previously purchased miners are installed, approximately 66% of the Company’s hash rate is expected to be generated by S19 XPs, which are approximately 30% more energy efficient than the prior generation of mining rigs.Financial Highlights and UpdatesFigure 3: Financial HighlightsAs of May 1, Marathon holds a total of 11,568 BTC, all of which are unrestricted. The Company opted to sell 600 BTC during the month of April and intends to sell a portion of its bitcoin holdings in future periods to support monthly operations, manage its treasury, and for general corporate purposes. The Company ended the month with $123.5 million in unrestricted cash and cash equivalents on its balance sheet.Investor Notice Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on March 16, 2022. If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or Bitcoin hash rate may also materially affect the future performance of Marathon’s production of bitcoin. Additionally, all discussions of financial metrics assume mining difficulty rates as of May 2023. See “Forward-Looking Statements” below. Forward-Looking Statements Statements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Risk Factors” in the Company’s Annual Reports on Form 10-K, as may be supplemented or amended by the Company’s Quarterly Reports on Form 10-Q. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise. Definition of Luck“The Luck of crypto mining is probabilistic in nature. Imagine that each miner is given a lottery ticket for a certain amount of hashing power they provide. For illustrative purposes imagine that you provide 1 EH/s of hashing power and the overall hashing power in the network was 100 EH/s then you would receive 1 of 100 total lottery tickets. The probability of you winning the lottery (finding the block reward) would be 1%. So for every 100 blocks found you should statistically find 1 of them.“Now imagine that you found 2 out of the 100 blocks, this means that you found a block earlier than you statistically should. You are lucky! Now imagine you found 0 out of 100. This would make you unlucky. Over the long run, statistically you should find on average 1 out of 100 (1%) blocks, but there is short term variance.”Source: LuxorAbout Marathon Digital Holdings Marathon is a digital asset technology company that focuses on supporting and securing the Bitcoin ecosystem. The Company is currently in the process of becoming one of the largest and most sustainably powered Bitcoin mining operations in North America.Marathon Digital Holdings Company Contact: Telephone: 800-804-1690Email: [email protected] Digital Holdings Media Contact:Email: [email protected] Source: Marathon Digital Holdings, Inc. More
