Bitcoin News and Finance: What You Need to Know

A new study suggests bitcoin mining could actually help drive the transition to renewable energy sources. Researchers Juan Ignacio Ibañez and Alexander Freier make the case that Bitcoin miners’ demand for cheap electricity provides incentives for increased renewable energy production. However, for mining to play this decarbonizing role, the industry needs to adapt. Researchers Reveal Bitcoin Mining Could be a Potential Catalyst for Renewable Energy Growth The energy-intensive proof-of-work (PoW) process that underpins Bitcoin has faced criticism for high electricity use and carbon emissions. However, Ibañez and Freier’s research analysis indicates the network’s thirst for inexpensive energy may attract miners to renewable sources like solar and wind. This additional revenue stream could aid renewables’ profitability and incentivize capacity expansion. “There are reasons to view Bitcoin for decarbonization in a positive light: not only does it need minimal policy support to deploy,...

While X, the platform formerly known as Twitter, has made a turn to share some of its earnings with its users, the lack of a genuinely universal payment method – like crypto – means users of countries such as Russia and Venezuela are excluded from getting these benefits, disrupting Elon Musk’s intentions of incubating a global content ecosystem. Elon Musk’s X Seeks to Open an ‘Entire Financial World’ While the acquisition and transition of X, the platform formerly known as Twitter, to the hands of Elon Musk, tech visionary, and eccentric millionaire, has not been without its hiccups , it’s undeniable that Musk’s vision has changed the direction of the company – for good or otherwise, depending who you ask to. The legacy Twitter, commandeered by Jack Dorsey, felt like more of a traditional Nasdaq-listed company with processes carried out by company employees, and users were separated from it. Musk has tried to scrap this notion, having a more close-to-the-user approach and introduci...

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: The Argentine peso reaches historic lows, Tether’s USDT accounts for more than 80% of the transactions in the Brazilian market, and Binance gets fully licensed in El Salvador. Argentine Peso Sinks Before Elections The Argentine peso sank to historic lows this week, reaching an exchange rate of 605 pesos per U.S. dollar. Economic analysts linked this accelerated devaluation with the uncertainty surrounding the general ballotage held on Sunday, where Argentines elected their candidates for the next elections. Mateo Reschini, a research analyst for Inviu, explained that big capitals preferred to secure their investments in foreign currency to protect from possible fluctuations caused by the outcome of the ballotage. Reschini stated : The market takes note of the relevance of the date of the upcoming elections and decides to be covered against possib...

In recent times, gold and silver have faced a downtrend, with gold losing over 2% of its value in the past month and silver tumbling more than 5% against the U.S. dollar. Even amid gold’s rather uninspiring performance this last month, David Neuhauser, the founder of the investment company Livermore Partners, forecasts that gold’s worth could rise to $2,500 by the close of 2024. From Slump to Surge: Some Expect Gold to Bounce Back Approximately three years ago, in August 2020, gold soared to an unprecedented peak, hitting $2,074 per ounce, while silver simultaneously reached a high of around $28 per ounce on August 6 of the same year. Since then, however, the luster has faded from these precious metals, and prices have slid downward. As of August 12, 2023, gold’s current trading price stands at $1,913 per ounce , with silver trailing at $22.67 per ounce . Earlier in the month, on August 1, the World Gold Council (WGC) published the latest Gold Demand Trends report , shedding ligh...

Hovering just above the $29,000 mark, bitcoin’s value remained relatively stable while an interesting event occurred on Saturday afternoon: a dormant cache of 195.79 bitcoins, untouched for over seven years, was transferred for the first time since 2016. This action was followed by another sequence of events; when a batch of slumbering bitcoins from 2014 was spent, marking their first movement in nearly a decade. Over $11 Million in Dormant Bitcoins Spring to Life Fast forward to August 12, 2023, when an impressive sum of 391.305 BTC , valued at $11.4 million, stirred from its long hibernation. The term “sleeping bitcoins” denotes a category of bitcoins lying inactive in an address, unspent and unmoved for extended periods. These quiescent bitcoins, often the subject of intrigue and conjecture among cryptocurrency enthusiasts, earn their “asleep” label due to their lack of active trading or usage. A significant shift in these dormant assets could conceivably send ripples through th...

Hackers working for North Korea have continued to attack companies in the crypto space this year, according to independent sanctions monitors. Their findings, which reveal that Pyongyang proceeds with the development of its nuclear and weapons programs, will be included in a U.N. report which is to be released in the coming weeks. North Korea Still Trying to Steal Cryptocurrency, Sanctions Experts Say North Korea continued to produce nuclear fissile material and develop nuclear weapons in 2023, a new report prepared for a U.N. Security Council committee unveils. The document, which is yet to be officially published, has been seen by Reuters. Its authors, independent sanctions monitors who report to the U.N. twice a year, have also established that the Democratic People’s Republic of Korea ( DPRK ) continued to evade sanctions put in place to cut off funding for its nuclear and ballistic missile programs. North Korea has been previously accused of conducing cyberattacks to source f...

The world’s leading cryptocurrency exchange, Binance, has selected Liquid as an identity verification partner for its Japanese platform. The services of the Tokyo-headquartered biometrics firm will allow Binance Japan to ensure its know-your-customer (KYC) procedures comply with Japan’s strict regulations. Liquid to Provide Binance Japan With AI-Based KYC Solution Binance, the largest crypto exchange in terms of trading volume and users , will employ Japanese company Liquid for identity verification of customers on its new domestic platform in Japan. As a first step in this partnership, Liquid said it will provide Binance with its eKYC service. “Liquid eKYC offers top-in-class facial authentication through its unique AI-based image processing capability, enabling smooth identity verification in accordance with the respective legal and security framework in each country,” explained the firm which specializes in image and big data analysis related to biometrics. Binance’s General Ma...