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<ul><li>A leaked version of <keyword id="100686" type="COUNTRY" weightage="20" keywordseo="Paraguay">Paraguay</keyword>’s upcoming crypto bill may put a stop to speculations about its crypto friendliness.</li><li>The bill seeks to give crypto mining the same status as other industrial activities.</li><li>It also wants to have crypto firms register with the government, in order to track, trace and tax such transactions.</li></ul>The hype around Paraguay becoming the second country to legalise Bitcoin has been building since <keyword id="68460" type="COUNTRY" weightage="20" keywordseo="El-Salvador">El Salvador</keyword> announced the cryptocurrency as legal tender last month. But, a <a href="https://www.scribd.com/document/515667219/PROYECTO-DE-LEY-ACTIVOS-VIRTUALES-Y-SU-PROCESO-INDUSTRIAL-Paraguay">leaked draft</a> of the crypto bill that Paraguayan congressman Carlos Rejala plans to introduce in the Chamber of Deputies — akin to India’s Lok Sabha — has no mention of making Bitcoin or any other <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrency</a> legal in the country. Instead, it focuses on regulatory purview — specifically when it comes to taxation. The draft, first reported by <a href="https://decrypt.co/75887/leaked-draft-bill-shows-whats-inside-paraguay-bitcoin-law">Decrypt</a>, requires all crypto companies to be registered with its Undersecretariat of State Taxation. <cmsannotation type="cmsannotation" annotationid="Tax on crypto mining and crypto trading" comment="subhead" text="Tax on crypto mining and crypto trading">Tax on crypto mining and crypto trading</cmsannotation> While the bill is written in Spanish, a rough translation of the document says that the country is establishing the law to “establish legal certainty, financial and fiscal in the businesses derived from the production and commercialization of virtual assets”. The bill is meant to regulate both crypto mining and <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto trading</a> within Paraguay, and will require companies to register as “obligated subjects”. The document suggests that unlike El Salvador, Paraguay has a lot of the same concerns that some other countries have had with crypto firms — that of taxation. The country seemingly wants to ensure that crypto firms are brought under its tax regime from the get go, and wants to have traceability for such transactions and investments. The bill also wants to give crypto mining the same status as industrial activity, and put it under the purview of its Ministry of Industry and Commerce. <cmsannotation type="cmsannotation" annotationid="Lessons from El Salvador" comment="subhead" text="Lessons from El Salvador">Lessons from El Salvador</cmsannotation> While regulation might be seen as a favourable development, Paraguay may be taking cues from the issues that Salvador’s decision is facing since its own announcement — the same announcement which prompted the 36-year old Rejala to announce his plans of making Paraguay the crypto hub of Latin America. <div type="twitter" handle="carlitosrejala" handlename="Carlitos Rejala 🙏🇵🇾🙌" image="http://pbs.twimg.com/profile_images/1401712350344978437/9T7hkMxv_normal.jpg" favoritecount="16336" retweetcount="3262" status="Como ya lo decía hace un buen tiempo, nuestro país necesita avanzar de la mano de la nueva generación.Llegó el mom… https://t.co/RTdz3zzLrN" createdat="1623029331000" id="1401712725886132224"></div> According to investment bank <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvador-became-the-first-country-to-accept-bitcoin-as-legal-tender/articleshow/84343294.cms">JPMorgan</a>, Bitcoin’s use as a mode of payments may have “potentially significant limitations” due to its lack of liquidity. It estimates that since 90% of Bitcoins in the world are held in crypto wallets. Which means there are not enough Bitcoin to fiat transactions happening for El Salvador to take Bitcoin and use the cryptocurrency alongside the US dollar. A small survey conducted by the <a href="https://www.businessinsider.in/Over-half-of-El-Salvadors-citizens-are-skeptical-of-the-countrys-move-to-adopt-bitcoin-as-legal-tender-survey-shows/articleshow/84277698.cms">University of El Salvador</a> suggested that 54% of the country’s citizens themselves are skeptical about Bitcoin coming in as legal tender. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-bill-is-unlikely-to-be-up-for-discussion-this-month-and-it-may-be-a-while-before-we-see-it-in-parliament/articleshow/84401863.cms">India's crypto bill is unlikely to be up for discussion this month — and it may be a while before we see it in Parliament</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/binances-compliance-journey-gets-bumpier-as-another-partner-backs-out/articleshow/84373786.cms">Binance’s compliance ‘journey’ gets bumpier as another partner backs out</a>

Paraguay wants to regulate crypto mining and trading, but its proposed laws are nothing like El Salvador

<ul class="summary-list"><li>6,000 old bitcoin-mining machines will be refurbished and sold overseas after the long-awaited halving event, Bloomberg reported.</li><li>The halving event will whittle down the reward for miners, which means they'll be looking for more cost-effective ways to operate.</li></ul>Crypto miners are getting ready for the long-awaited bitcoin halving event slated for next month, which will cut down their rewards for introducing new tokens onto the blockchain.One way they're bracing for the change? Shipping old bitcoin mining machines overseas.There will soon be 6,000 old computers being packaged up to be shipped abroad, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-03-23/bitcoin-halving-spurs-exodus-of-old-us-mining-computers-abroad?srnd=markets-vp" target="_blank" rel="noopener">reported</a> on Monday. SunnySide Digital is a crypto wholesaler operating a facility in Colorado Springs which will refresh a several thousand outdated computers and resell them to miners in countries like Ethiopia, Tanzania, Paraguay and Uruguay.That's because, after April, crypto miners will be <a href="https://markets.businessinsider.com/news/currencies/bitcoin-halving-event-cryptocurrency-new-all-time-high-halvening-explained-2024-3">rewarded with 3.125 bitcoin</a> for cracking complex puzzles instead of the 6.25 they have been for the past four years. Which means miners have to figure out how to lower their production costs in order to still turn a profit.Miners use big computers to solve complex problems to add new tokens to the blockchain, making <a href="https://markets.businessinsider.com/news/currencies/bitcoin-crypto-mining-electricity-energy-us-government-cryptocurrency-australia-eia-2024-2">energy use</a> one of the biggest expenses miners have to budget for. So while some miners will upgrade to more energy-efficient computers and <a href="https://theminermag.com/news/2024-03-21/miner-weekly-private-bitcoin-mining-share/">phase out the old tech</a> to adapt to the halving, others will send old computers abroad where the machines can still make a profit because of low electricity costs.One SunnySide official told Bloomberg that the process is a "natural migration," which is only accelerated by the halving.There has actually been an uptick in private mining activity approaching the halving as older miners get "one last squeeze" out of their old mining machines before the bitcoin reward drops, a crypto outlet, The Miner Mag, <a href="https://theminermag.com/news/2024-03-21/miner-weekly-private-bitcoin-mining-share/">found</a>.The halving event is also expected to trigger a big price jump in bitcoin. The token is currently trading at $66,911, up over 50% this year, although down from recent <a href="https://markets.businessinsider.com/news/currencies/bitcoin-halving-event-price-impact-record-high-above-72000-btc-2024-3">record-highs</a> of $73,798.

6,000 old bitcoin-mining machines will be refurbished and sold overseas after the long-awaited halving event

<ul><li>Chinese crypto mines have started shutting down operations in the country and the ‘<keyword id="11462648" type="UNKNOWN" weightage="20" keywordseo="great-mining-migration">great mining migration</keyword>’ is afoot.</li><li>Texas may be the next hub for these miners with cheap electricity, pro-crypto politicians and the increasing use of renewable energy.</li><li>Setting up shop in Texas would entail extra expenditure on cooling solutions in a hot area, and running the risk of power-outage led shutdowns.</li></ul>China’s crackdown on <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto mining</a> companies could push a whole host of firms to set up shop in the United States, specifically in the Lone Star State of Texas. The Asian giant, which accounts for over 70% of all Bitcoin mining in the world, had started large-scale crackdowns on miners last month, which led to many companies <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-miners-in-china-may-move-their-operations-overseas-as-beijing-intensifies-its-crackdown/articleshow/82910323.cms">looking for alternatives</a>. And, according to a <a href="https://www.cnbc.com/2021/06/15/chinas-bitcoin-miner-exodus-.html">report</a> by CNBC, Texas might be on the top of their shortlist as the ‘the great mining migration’ plays out. The state has cheap electricity and it’s looking to boost its use of renewable energy. As of 2019, <a href="https://comptroller.texas.gov/economy/fiscal-notes/2020/august/ercot.php">20% of Texas’ power supply</a> was coming from wind energy. And, those living in the state have the flexibility to choose between different power providers. However, that’s only half of the picture since countries like Qatar and Iran have cheap electricity too but that’s not where miners are looking to go. What sets the southern US state apart is that its politicians are pro-crypto, which could help miners get the clearances they need to begin operations — akin to how Delaware decided it would be the most tax-friendly state for businesses to come and set up shop. Less red tape, quicker turnaround, and relatively huge savings. <div type="ExtQuote" text="“We have governors like Greg Abbott in Texas who are promoting mining. It is going to become a real industry in the United States, which is going to be incredible.”" auname="Brandon Arvanaghi, a crypto engineer with the Gemini crypto exchange told CNBC"></div> Two of the top crypto miners in the world — Huobi Mall and BTC.TOP — have <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-miners-in-china-may-move-their-operations-overseas-as-beijing-intensifies-its-crackdown/articleshow/82910323.cms">suspended</a> their operations in China after last month’s crackdowns. According to a post on Huobi Mall’s official Telegram channel, the company is looking to pave the way for exploring mining rigs in the future. “In the long term, nearly all of Chinese <keyword id="6289215" type="UNKNOWN" weightage="20" keywordseo="Crypto-Mining">crypto mining</keyword> rigs will be sold overseas, as Chinese regulators crack down on mining at home,” wrote Jiang Zhuoer, the founder of BTC.TOP, on Chinese social media Weibo, last month. Other than Texas, Bitcoin is the new crown favorite in <a href="https://www.businessinsider.in/cryptocurrency/news/every-country-wants-a-piece-of-cryptocurrency-but-how-is-it-benefiting-them/slidelist/83535636.cms">Latin America</a>. Countries like El Salvador and Paraguay are already looking to take advantage of this as well. When will the great mining migration occur? Experts expect the shift to kick in over the next few months, given the need for crypto miners right now. According to BitinfoCharts, the global hash rate has <a href="https://bitinfocharts.com/comparison/bitcoin-hashrate.html#3m">fallen</a> dramatically since May this year. Hash rate is the total computing power being put towards crypto mining worldwide. This could spell trouble for the crypto industry, which has been dealing with increased transactions. Miners provide the computing power required to authenticate transactions, so hash rates are part of the essential infrastructure behind all <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto transactions</a> worldwide. If miners have to shut down operations in China, they would want to move to other places fast, or risk losing out on revenues. Each crypto transaction they authenticate creates new tokens, which in turn is their revenue. This means that each minute they spend without operations adds to their losses. The renewable energy challenge Pro-crypto regulators and regulations may not be enough. A <a href="https://www.cnbctv18.com/business/explained-whats-bitcoin-mining-and-how-much-energy-does-it-consume-9359151.htm">study</a> by the University of Cambridge had found that Bitcoin mining requires about 120 terawatts (tW) hours of power every year. Questions have been raised about supply-demand economics in the state, after it suffered <a href="https://www.businessinsider.in/international/news/the-devastating-texas-blackouts-explained-in-3-levels-of-detail/articleshow/81114824.cms">rolling blackouts</a> and massive winter storms in February. The Electric Reliability Council of Texas (ERCT) had said in a recent <a href="https://www.texastribune.org/2021/06/14/texas-power-grid-conserve-ercot/">statement</a> that power grid conditions were tight due to hot weather, and approximately 12000 megawatts of generation was offline. And, therein lies the problem from crypto miners. Not only will they need to set up more cooling solutions in a hot area, but they may be subject to power-outage led shutdowns. More power, more crypto The fact that crypto trading requires a lot of power is well documented, and most of this power comes from non-renewable sources. As mentioned before, Texas does have renewable energy sources, but crypto miners would add to the state’s and the country’s existing power requirements as well. El Salvador, for instance, was <a href="https://www.npr.org/2021/06/11/1005231250/el-salvador-plans-to-use-electricity-generated-from-volcanoes-to-mine-bitcoin">planning</a> to use volcanic energy to provide power for Bitcoin mining. The country announced its plans a day after passing a regulation that made Bitcoin legal tender within its borders. Texas is likely on top of the shortlist of crypto miners, but it’s not the only destination with the potential to become the next mining hub. China’s next-door neighbour Kazakhstan and the US state of Wyoming are also likely candidates for companies looking to rebuild. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/battlegrounds-mobile-india-download-link-early-access-registration/articleshow/83597180.cms">Battlegrounds Mobile India beta now available, early access rolling out – download and registration links here</a> <a href="https://www.businessinsider.in/tech/enterprise/news/oneplus-officially-announces-its-integration-with-oppo/articleshow/83596714.cms">OnePlus officially announced its integration with Oppo — this is what it could mean for users</a>

Crypto’s ‘great mining migration’ has Chinese miners looking at Texas

<ul><li>Bitfarms, a Canadian <keyword id="6289215" type="UNKNOWN" weightage="20" keywordseo="Crypto-Mining">crypto mining</keyword> company, has seen a jump in its <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> production volume as a result of China’s crackdown on cryptocurrencies.</li><li>After the largest Bitcoin difficulty drop earlier this month, Bitfarms projects it can mine 400 Bitcoin this month — a 50% jump over last month.</li><li>The company claims that, as compared to other publicly traded <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> manic companies, it has mined the largest amount of Bitcoin with renewable energy.</li></ul>As more Chinese Bitcoin miners drop off the grid, others are reaping the benefits — like Bitfarms, a green <keyword id="1660859" type="PERSON" weightage="20" keywordseo="bitcoin-Mining">Bitcoin mining</keyword> operation based in Canada that uses hydroelectricity for mining <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrency</a>. Not only has it sidestepped the controversy about carbon emissions, but the drop in mining difficulty as a result of fewer users being online has helped it <a href="https://www.globenewswire.com/news-release/2021/07/14/2262619/0/en/Bitfarms-Provides-Bitcoin-Production-Update.html">double its productivity</a> this year. Within the first 12 days of July, the company has mined more than half of the volume seen in May and June. And, by the end of the month, it expects to mine more than 400 Bitcoin — worth over ₹96.8 crore or nearly $12 million as per the current market rate, where one Bitcoin is worth around ₹24.2 lakh as per <a href="https://coinmarketcap.com/converter/btc/inr/">CoinMarketCap</a>. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/6735029"></div>]]></cdata></div> Bitfarms’ total production for the year stands at 1515 Bitcoins right now. The company claimed that it’s powering as much as 1.5% of the entire Bitcoin network right now, and it uses 99% renewable energy to do so. The jump in the number of Bitcoins mined by Bitfarms comes after the network experienced its <a href="https://www.businessinsider.in/cryptocurrency/news/why-bitcoin-mining-will-be-easier-with-drop-in-hash-rate-amid-china-crypto-crackdown/articleshow/83810948.cms">largest difficulty drop</a> in history due to the developments in China on July 3. This means that the company was able to mine more <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">coins</a> while also reducing the amount of energy used. <div type="ExtQuote" text="Bitfarms mined 1,357 Bitcoin in the first six months of 2021, the largest number of Bitcoin mined in North America as reported by publicly traded miners." auname="Bitfarms mining production highlight on 12 July 2021"></div> <cmsannotation type="cmsannotation" annotationid="China’s loss is Bitfarms’ gain" comment="subhead" text="China’s loss is Bitfarms’ gain">China’s loss is Bitfarms’ gain</cmsannotation> Bitfarms is a publicly-traded company that has been listed on the Toronto Stock Exchange since 2019 and made its debut in the US market <a href="https://www.businessinsider.in/stock-market/news/renewable-energy-focused-bitcoin-mining-firm-bitfarms-slumps-8-in-nasdaq-debut/articleshow/83733546.cms">just last month.</a> The company <a href="https://www.businessinsider.in/stock-market/news/renewable-energy-focused-bitcoin-mining-firm-bitfarms-slumps-8-in-nasdaq-debut/articleshow/83733546.cms">claims</a> that, as compared to other publicly traded cryptocurrency manic companies, it has mined the largest amount of Bitcoin with renewable energy. “With the recent ban on <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Bitcoin</a> mining in China, Bitfarms has nearly doubled its market share and is currently producing approximately 13 Bitcoin per day,” Emiliano Grodzki, founder and chief executive officer of Bitfarms said in a statement. China’s crackdown on <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> isn’t about to let up anytime soon China’s crackdown on crypto mines shows no signs of slowing down. According to reports, three more of the country’s provinces — Anhui, Henan and Gansu — joined the crackdown this week. According to a Coindesk <a href="https://www.coindesk.com/three-more-chinese-provinces-shutter-crypto-mines-as-clampdown-continues">report</a>, the State Grid’s headquarter in Henan and Gansu has asked for a “clean up and crackdown” on crypto mines that use electricity from the country’s national grid. According to the Cambridge Bitcoin Electricity Consumption Index, the average monthly hash rate from these three provinces <a href="https://cbeci.org/mining_map">stood at</a> almost 2% of the global hash rate in April 2021. “Reports indicate that the ban on crypto mining in China and the exodus of mining rigs seeking new hosting may take an extended period of time to resolve. Bitfarms is well positioned to take advantage of the significantly improved economic opportunity,” said Grodzki. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/wazirx-coindcx-and-coinswitch-kubers-advertising-roll-has-hit-a-roadblock-in-india/articleshow/84432645.cms">WazirX, CoinDCX and CoinSwitch Kuber have been asked to add ‘standardised disclaimers’ to their ads on television</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/paraguay-wants-to-bring-crypto-mining-trading-under-legal-purview/articleshow/84408347.cms">Paraguay wants to regulate crypto mining and trading, but its proposed laws are nothing like El Salvador</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-bill-is-unlikely-to-be-up-for-discussion-this-month-and-it-may-be-a-while-before-we-see-it-in-parliament/articleshow/84401863.cms">India's crypto bill is unlikely to be up for discussion this month — and it may be a while before we see it in Parliament</a>

Canadian crypto mining company is eyeing Bitcoin worth ₹96.8 crore this month after China’s crypto crackdown

<ul><li>The announcement from <keyword id="100686" type="COUNTRY" weightage="20" keywordseo="Paraguay">Paraguay</keyword> comes days after El Salvador announced plans to accept <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> as legal tender.</li><li>Large mining farms in China have been forced to consider alternatives after the country’s recent crackdowns.</li><li>Cooler countries will be preferred for <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> mining.</li></ul>South American country Paraguay has become the second country to consider regulations that will be favourable towards the crypto business this week. First reported by <a href="https://www.coindesk.com/paraguay-may-be-next-to-seek-crypto-businesses-with-july-bill">Coindesk</a>, Carlos Rejala, a Paraguayan Congressman is set to present a bill that will set favourable regulations for crypto mining and <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchange</a> businesses that want to set up shop in the country. 36-year old Rejala had supported such regulations earlier in the week, after the El Salvador government announced plans to accept Bitcoin as legal tender in the country. “As I was saying a long time ago, our country needs to advance hand in hand with the new generation. The moment has come, our moment. This week we start with an important project to innovate Paraguay in front of the world!” Rejala said in a <a href="https://twitter.com/carlitosrejala/status/1401712725886132224?s=20">tweet</a> on June 7 (translated from Spanish). <div type="twitter" handle="carlitosrejala" handlename="Carlitos Rejala 🙏🇵🇾🙌" image="http://pbs.twimg.com/profile_images/1401712350344978437/9T7hkMxv_normal.jpg" favoritecount="14933" retweetcount="2971" status="Como ya lo decía hace un buen tiempo, nuestro país necesita avanzar de la mano de la nueva generación.Llegó el mom… https://t.co/RTdz3zzLrN" createdat="1623029331000" id="1401712725886132224"></div> According to Coindesk, the Congressman has followed Bitcoin since 2017 and had also started trading in crypto in 2019. “The announcement prompted me not to be afraid and to think that this can be real in my country,” he told the publication, about introducing a bill in his own country after El Salvador announced its plans. Like El Salvador, Rejala plans to push for Bitcoin to be accepted as legal tender if the first bill is accepted. Why are El Salvador and Paraguay looking to make the moves now? Paraguay and El Salvador have picked the right time to announce their intentions for the crypto industry. The boom in the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto market</a> has not only created room for new traders but also more crypto miners. The rationale is simple, more trading means more transactions, which means more miners, because they’re the ones who authenticate the transactions. China’s recent crackdown on crypto mining is forcing big mining farms to look for new locations where they can set up their business. For instance, two of the largest crypto miners in the world — Huobi and BTC.TOP — <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-miners-in-china-may-move-their-operations-overseas-as-beijing-intensifies-its-crackdown/articleshow/82910323.cms">announced last month</a> that they’re looking for options elsewhere. “In the long term, nearly all of Chinese crypto mining rigs will be sold overseas, as Chinese regulators crack down on mining at home,” Jiang Zhuoer, the founder of BTC.TOP, wrote on the Chinese social media platform Weibo. BTC.TOP is a crypto mining pool, a common occurrence in the industry where multiple miners combine their resources to make one big mining operation. Hashcow, which runs 10 mining farms in China, had also announced that it will stop operations in the country. China accounts for over 70% of all Bitcoin mining in the world, and one of the reasons for this was cheap energy. If Paraguay and El Salvador can promise companies the same, they could really capitalize on this situation. According to a <a href="https://www.cnbc.com/2021/05/26/major-china-bitcoin-mining-hub-lays-out-harsher-crackdown-measures.html">project</a> by the University of Cambridge, called the Cambridge Bitcoin Electricity Consumption Index, Bitcoin mining consumes about 112.57 terawatt-hours of energy every year, which is more than the total electricity consumption of some countries. Seeking crypto business But El Salvador and Paraguay aren’t the only countries that are vying for a piece of the crypto pie. In fact, Argentina has <a href="https://www.scmp.com/tech/tech-trends/article/3135558/bitcoin-mining-booms-argentina-thanks-cheap-electricity-and">seen a boom</a> in crypto mining recently, on the back of cheap availability of electricity. The fact that the crypto mining process consumes a lot of energy is no secret, and much of this is required just to cool down the farms. As a result, many companies are considering moving to cooler countries too. For example, the United States’ Miami <a href="https://economictimes.indiatimes.com/markets/cryptocurrency/miami-looking-to-be-next-crypto-hotspot-hosts-bitcoin-event/articleshow/83278443.cms">could be</a> one of the future options. The global <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> mining hardware market is expected to grow to $2.8 billion by 2024, at a compounded annual growth rate (CAGR) of 7%, so there is room for more than one country to capitalize though. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/a-country-in-central-america-will-become-the-first-sovereign-government-to-approve-bitcoin-as-legal-tender/articleshow/83335659.cms">Here’s why El Salvador’s President is endorsing Bitcoin as a legal tender</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/cryptojacking-scams-are-on-the-rise-once-again-after-declining-for-two-years/articleshow/83335965.cms">Cryptojacking scams are on the rise once again, after declining for two years</a> <a href="https://www.businessinsider.in/tech/mobile/news/here-are-the-coolest-ios-15-features-coming-to-iphones/slidelist/83362145.cms">Here are the coolest iOS 15 features coming to iPhones</a>

After El Salvador, Paraguay considers Bitcoin adoption

<ul><li>Iranian President Hassan Rouhani has asked his government to start working on a framework to regulate cryptocurrencies like <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword>.</li><li>He also warned retail investors to be careful of "unprofessional" businesses currently operating in the space.</li><li>Economic sanctions place <keyword id="41896" type="LOCATION" weightage="20" keywordseo="Iran">Iran</keyword> in a spot since companies allied to the west are bound to avoid it, creating a ripple effect that severely affects Iran's international trade.</li><li>According to a study by <a href="https://www.elliptic.co/blog/how-iran-uses-bitcoin-mining-to-evade-sanctions">Elliptic</a>, Iran houses 4.5% of all the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Bitcoin</a> hash rate in the world. It has also licensed 50 mining farms in the last year.</li></ul>Iranian President Hassan Rouhani has <a href="https://www.coindesk.com/iranian-president-wants-to-regulate-crypto-as-soon-as-possible">asked</a> his government to start working on a framework to regulate <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword>currencies like Bitcoin. He believes that clear communication about the laws and rules will help discourage dishonourable crypto businesses, who've had a free run so far. This comes even as the country imposed a blanket ban on bitcoin mining this year for four months due to electricity shortage. He also warned retail investors to be careful of "unprofessional" businesses currently operating in the space. Rouhani told the Economic Coordination Board that monitoring is critical for the safe acceptance of crypto at a larger scale. "For legalizing the activity of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrencies</a> and protecting people's capital in this area, we must think of a solution as soon as possible and lay down and communicate the necessary laws and instructions," Rouhani remarked at the Economic Coordination Board meeting. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;">Why is Iran opening up to cryptocurrencies?</h2> The Central American country, El Salvador, became the first one to accept Bitcoin as legal tender, along with the American dollar. Due to its small size, much of its economy is untapped, and despite having a global fiat currency, its future growth prospects look limited. Hence, it decided to try a new alternative unlike any other. Iran, too, shares a similar motivation. The US has imposed CAATSA (Countering America's Adversaries Through Sanctions Act) on the country, preventing American companies from doing business with sanctioned entities. However, the economic sanctions place Iran in a spot since companies allied to the west are bound to avoid it, creating a ripple effect that severely affects Iran's international trade. The country also stands primarily disconnected from the global banking system as trade via the American dollar is <keyword id="6462928" type="UNKNOWN" weightage="20" keywordseo="Restricted">restricted</keyword>. It's widely known that the dollar is the de facto international currency and exerts maximum purchasing power. With such extreme conditions, Iran has open-heartedly welcomed the cryptocurrency revolution. According to a study by <a href="https://www.elliptic.co/blog/how-iran-uses-bitcoin-mining-to-evade-sanctions">Elliptic</a>, Iran houses 4.5% of all the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Bitcoin</a> hash rate in the world. The Bitcoin hash rate is generally said to be a health signifier for the network -- a high hash rate means high processing power is available within the network, generating better security. For <a href="https://minerdaily.com/2021/btc-hashrate-gains-in-2021-will-china-still-rule/">comparison</a>, China leads the race with a 55% share, followed by the US at 11%. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;">How are they managing to bridge the gap?</h2> A few years ago, Iran sensed the first opportunity with Bitcoin and opened its doors for mining. Two years ago, Chinese miners were encouraged to set up massive facilities as electricity was incredibly cheap. Since July 2020, Iran has <a href="https://www.bloomberg.com/news/articles/2021-05-26/iran-bans-crypto-mining-to-keep-the-lights-on-over-summer">handed out</a> mining licenses to 50 companies and further cut the electricity tariff. However, it didn't go on for long. Iran announced a four-month ban on mining in May this year after cities suffered unplanned blackouts. Despite handing out licenses, it's estimated that 85% of miners still operate in the black. Rouhani claimed unlicensed facilities were using between six and seven times more power, leading to a ban till September 22, 2021. It's also worth noting that Iran has the fourth-largest oil reserves globally, but it cannot leverage them due to economic sanctions. Instead, it's focused on using its energy for mining. According to the study, the electricity being consumed by miners would require the equivalent of around 10 million barrels of crude oil each year to generate, just 4 percent of total Iranian oil exports in 2020. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/here-are-the-coolest-ios-15-features-coming-to-iphones/slidelist/83362145.cms">Here are the coolest iOS 15 features coming to iPhones</a> <a href="https://www.businessinsider.in/cryptocurrency/news/paraguay-could-become-the-second-country-to-adopt-bitcoin/articleshow/83363776.cms">After El Salvador, Paraguay considers Bitcoin adoption</a> <a href="https://www.businessinsider.in/careers/news/google-microsoft-apple-and-many-others-are-hiring-for-various-it-roles-in-india/articleshow/83365305.cms">Google, Microsoft, Apple and many others are hiring for various IT roles in India —data scientists and cloud architects in high demand</a>

Iran is planning to introduce a legal framework for crypto even as Bitcoin mining activity remains restricted

<a href="https://www.businessinsider.com/category/master-your-crypto"></a><div type="image" title="Crypto mining" height="3526" width="4702" msid="94517535" hostid="261" sizebytes="313978"></div><ul class="summary-list"><li>Limited power and infrastructural and logistics issues have led to inefficiencies in cryptocurrency mining farms.</li><li>Sabre56 is a cryptocurrency mining consultancy working to plug a hole in this sector's problems.</li></ul>Cryptocurrency mining is an infamously energy-intensive endeavor, and <a href="https://institutions.newscientist.com/article/2320474-cryptocurrency-mining-is-still-on-the-rise-despite-huge-price-drops/" target="_blank" rel="nofollow noopener sponsored">a growing number of crypto miners </a>are hungry for electricity.With limited power on national grids, "all the low-hanging fruit for power has been snapped up," CEO of mining consultancy firm Sabre56, and ex-special forces operative, Phil Harvey, told Insider. Pair this with the fact that, until recently, there has been a lack of direction regarding exactly how organizations should efficiently build and run crypto mining farms, and, as Harvey said: "expensive mistakes are being made." Companies like Sabre56 aim to help crypto miners avoid mistakes and make good choices in terms of infrastructure and planning. According to the <a href="https://ccaf.io/cbeci/index" target="_blank" rel="nofollow noopener sponsored">Cambridge Bitcoin Electricity Consumption Index,</a> Bitcoin, the world's largest cryptocurrency, consumed <a href="https://ccaf.io/cbeci/index" target="_blank" rel="nofollow noopener sponsored">105 terawatt-hours</a> (TWh) of electricity per year in 2021. That is more than what powers some small countries and excludes the energy used by thousands of other crypto coins flooding the market.While many investors who populate the crypto mining industry have access to capital, Harvey says millions of dollars are often spent buying equipment without considering essential infrastructural issues.Temperature and climate concerns, navigating local governmental regulations, and liaising with utility providers, these infrastructural setbacks can all delay a mining rig's kick-off date. "If machines aren't turned on the day they arrive, the investors and companies that purchased them are losing money. I know of hundreds of thousands of machines that are sat in warehouses without plug sockets, not generating any value," said Harvey, whose company scouts sites and works with local utility companies to ensure they can accommodate the power for mining.<h2>Transforming a hydroelectric dam in Paraguay into crypto power</h2>One such venture with big ambitions, but which began with very little knowledge of the practicalities of mining, is the ongoing project at the Itaipú dam on Paraguay's Brazilian border, which is seeking to transform excess power into a source of crypto mining.Since 2020, low energy costs in Paraguay have encouraged both local and foreign companies to <a href="https://cointelegraph.com/news/president-of-paraguay-vetoes-crypto-regulation-law" target="_blank" rel="nofollow noopener sponsored">increase their investments</a> in the country's crypto mining infrastructure, with the Paraguayan senate officially recognizing cryptocurrency mining as an industrial activity <a href="https://www.coindesk.com/policy/2022/07/15/paraguayan-senate-passes-bill-regulating-crypto-mining-and-trading/" target="_blank" rel="nofollow noopener sponsored">in July of this year,</a> seeing an opportunity to create jobs and improve commerce across the South American nation.Michael Blank, an independent advisor to Paraguay's government, who worked on the project alongside Sabre56, told Insider, "We sought to implement this process for growing the digital asset mining sector, with limited to no in-depth knowledge about the industry." Citing government stipulations such as minimum employee requirements, the implementation of specific technology solutions, and ESG concerns, the team faced a number of difficulties. "The industry landscape — or lack thereof — was naturally challenging," Blank said. Working alongside Blank and his team, Sabre56 surveyed the site, considered how the project would integrate with local urban and rural infrastructure, and whether the technology, power, and workforce needs were sufficient in the area, and advised on how a large-scale mining rig might best be regulated by the government. At the time of writing, the project is up for tender, with cryptocurrency miners competing to take control of the dam. <h2>Designing a successful crypto mining facility</h2>Sabre56 has consulted on projects as varied as re-routing excess power from Abu Dhabi's nuclear projects to sustainably-sourced mining in Norwegian and Canadian hydroelectric dams. Harvey's team has helped deliver around 400 megawatts of power to the crypto mining sector, which they say is the equivalent of up to 800, 50-story tower blocks worth of energy.While the design intent of each mining facility is similar — utilize excess energy to power the computers that make up the backbone of cryptocurrencies' blockchains — each project presents its own challenges. "The parties that come together are very different, or government regulations are different, or you have certain project nuances such as temperature, climate, timeframes, budgets, and all the drama that continues around the world to delay the project," he said. Sabre56 uses its military edge to navigate these competing factors — around half of the consultancy is made up of British ex-special forces operatives. "One of the things we were taught is no plan survives contact with the enemy," he said. In mining, that enemy is anything that threatens to delay the machines.According to Harvey, it is carefully orchestrated projects like that of the Itaipu dam that move crypto mining away from its <a href="https://www.sec.gov/news/speech/gensler-aspen-security-forum-2021-08-03" target="_blank" rel="nofollow noopener sponsored">"Wild West"</a> reputation, and will prove critical in building a long-term, scalable, and sustainable sector."If there is any industry that can push forward the sustainability program, or move from carbon to renewables, then it would be the blockchain industry," said Harvey, of the sector that is currently thought to emit around <a href="https://www.weforum.org/agenda/2022/08/cleaning-up-cryptocurrency-mining/" target="_blank" rel="nofollow noopener sponsored">65 megatons</a> of carbon dioxide into the atmosphere each year. This article is intended to provide generalized information designed to educate a broad segment of the public; it does not give personalized investment, legal, or other business and professional advice. Before taking any action, you should always consult with your own financial, legal, tax, investment, or other professional for advice on matters that affect you and/or your business.

Crypto miners turn to infrastructure consultancies like Sabre56 to help them avoid costly mistakes

<ul><li>Cryptocurrencies were seen as a fringe technology till a few years ago, but regulators are now taking a closer look.</li><li>A large number of traders come from South Asia, but <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> mines might migrate to the Americas amid the crackdown on mining in countries like China.</li><li>Clean energy and monetary sovereignty seem to be the key concerns amongst regulators.</li></ul>Cryptocurrencies are designed to be borderless. But while technology and technologists may want to make it so, regulators are in two minds. From an almost unanimous pushback against crypto a few years ago, regulators around the world seem to be easing in some parts, while others have taken a stance against <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrencies</a>, crypto mining, and crypto trading. The Americas are embracing cryptocurrencies and their potential The western hemisphere is very clearly the more crypto-friendly part of the world. El Salvador, which became the <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvador-approved-a-law-that-will-make-it-the-first-country-to-accept-bitcoin-as-legal-tender-alongside-the-us-dollar/articleshow/83366753.cms">first country</a> to give Bitcoin legal tender status on June 9, is just one example of this. The country has also been formulating plans to provide clean energy for crypto mining within its borders by leveraging its volcanoes. Fellow Latin American country, Paraguay, has also shown interest in adopting Bitcoins into its monetary ecosystem. “As I was saying a long time ago, our country needs to advance hand-in-hand with the new generation. The moment has come, our moment. This week we start with an important project to innovate Paraguay in front of the world!” Carlos Rejala, a Paraguayan Congressman <a href="https://twitter.com/carlitosrejala/status/1401712725886132224?s=20">wrote</a> on Twitter on June 7, merely a day after El Salvador’s President announced plans to legalize Bitcoin. <div type="twitter" handle="carlitosrejala" handlename="Carlitos Rejala 🙏🇵🇾🙌" image="http://pbs.twimg.com/profile_images/1401712350344978437/9T7hkMxv_normal.jpg" favoritecount="15318" retweetcount="3065" status="Como ya lo decía hace un buen tiempo, nuestro país necesita avanzar de la mano de la nueva generación.Llegó el mom… https://t.co/RTdz3zzLrN" createdat="1623029331000" id="1401712725886132224"></div> Cheap power, the possibility of generating clean energy, and favourable regulations seem to be the main reasons why crypto companies are attracted to these nations. Highly subsidized power prices have also led to a mining <a href="https://news.bitcoin.com/argentina-cheap-power-tariffs-are-creating-a-bitcoin-mining-boom/#:~:text=Argentina%20is%20experiencing%20a%20mining%20boom%2C%20due%20to%20the%20highly,one%20established%20by%20the%20government.">boom</a> in Argentina. Crypto mining is the process of validating crypto transactions, which in turn creates new tokens on the blockchain. Miners run large data center-like facilities called ‘farms’, which generate a lot of computing power. Hence, not only do they need electricity to run them, but also keep the systems cool. <keyword id="48890" type="COUNTRY" weightage="20" keywordseo="Latin-America">Latin America</keyword> aside, even the US has been seen as a favourable location for crypto mining by many. “We have governors like Greg Abbott in Texas who are promoting mining. It is going to become a real industry in the United States, which is going to be incredible.” Brandon Arvanaghi, a crypto engineer with the Gemini crypto exchange <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-crypto-miners-are-looking-at-texas-amid-the-great-mining-migration/articleshow/83601284.cms">told</a> CNBC. Miami too has made a pitch for attracting crypto companies to its borders. Facebook’s Diem, which is expected to become a blueprint for the US’ official central bank digital currency (CBDC), <a href="https://www.businessinsider.in/cryptocurrency/news/what-you-need-to-know-about-facebooks-diem-cryptocurrency/articleshow/82629281.cms">announced</a> plans to launch a dollar-backed stablecoin on May 12. Yet another sign that companies expect favourable <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto regulations</a> from the world’s most powerful nation. Things aren’t as rosy on the other side of the world But as much as one half of the world seems in favour of regulating crypto and keeping it alive, the other half seems to be against it. China, the country that houses most of the world’s Bitcoin mines, recently started a crackdown against these firms. The country doesn’t just have reservations about money laundering and sovereignty of its currency, it also has environmental concerns from crypto mining’s energy requirements. Central banks in <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-exchanges-are-reportedly-considering-going-to-court-against-the-countrys-central-bank/articleshow/83034174.cms">India</a> and <a href="https://finance.yahoo.com/news/indonesian-central-bank-prohibits-cryptocurrency-061727801.html">Indonesia</a> too have shown concerns against crypto recently. The Reserve Bank of India (RBI) issued an informal guidance in May, asking lenders to stop doing business with crypto exchanges and firms. Indonesia’s central bank, too, said it would not accept cryptocurrencies as legal tender. As much as South Asian countries may oppose cryptocurrencies, they do not oppose blockchain technology overall. In fact, the RBI had detailed plans to build its own CBDC earlier this year, while China became the first country to test a CBDC long ago. The country already has test processes for a digital Yuan running in some areas within its borders. The world being split may be a good thing though. Cryptocurrencies were considered a fringe industry as early as two years ago, the mere fact that regulators are split shows more acceptance, and could pave the way for regulations — even if they aren’t always favourable. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvadors-bitcoin-experiment-is-gaining-momentum-even-if-the-world-bank-doesnt-want-to-lend-its-support/slidelist/83634654.cms">Here’s how El Salvador’s Bitcoin experiment is playing out so far — the good, the bad and the ugly</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-storm-has-reached-nascar-and-formula-one/articleshow/83638149.cms">After football and wrestling, the cryptocurrency storm has reached NASCAR and Formula One</a>

Even as Latin America embraces Bitcoin, Southeast Asia is clamping down on cryptocurrencies

<ul><li><keyword id="1972612" type="PERSON" weightage="20" keywordseo="Coinbase">Coinbase</keyword> announced plans to build a crypto app store.</li><li>Coinbase’s successful IPO earlier this year has made the company a big mover in the industry.</li><li>While the crypto market is witnessing substantial growth, Coinbase’s move comes at a time when the industry is at a crossroads. </li></ul>Coinbase has become somewhat of a poster boy for success in the crypto industry. The company’s $100 billion debut on the US stock markets was read by many as a <a href="https://www.businessinsider.in/stock-market/news/the-coinbase-ipo-is-a-watershed-moment-for-the-industry-that-will-suck-in-big-name-investors-says-crypto-com-ceo/articleshow/82128431.cms">watershed moment</a> for the industry, and it put the company at the pole position for <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto</a> innovation. Now, Coinbase seems to fancy itself as the Apple of the crypto industry, announcing plans for a crypto app store. “Apple didn’t attempt to build every app for the iPhone, it empowered developers and gave mobile users an easy way to access new innovative apps,” the company said in a blog <a href="https://blog.coinbase.com/embracing-decentralization-at-coinbase-7fa0e5d1084b">post</a>. “We need to do the same in crypto. There is now tens of billions of dollars of economic activity running on DApps, and a new trend coming out every three months. We’ll work to give our users easy access to all of this from the main Coinbase product,” it added. The post, attributed to Coinbase’s chief executive officer, Brian Armstrong, is the first time the company has announced such plans. It states that the “<a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto economy</a> is still in its early stage” and that the economic activity in the industry will only grow from hereon. <cmsannotation type="cmsannotation" annotationid="DApps will fuel the next phase of growth for the cryptocurrency industry" comment="subhead" text="DApps will fuel the next phase of growth for the cryptocurrency industry">DApps will fuel the next phase of growth for the cryptocurrency industry</cmsannotation> Just like mobile apps became the fuel for the smartphone industry over a decade ago, Coinbase sees decentralized apps (DApps) as the fuel that will grow the already growing cryptocurrency industry. The company could be on the right path. According to data from venture tracking firm Pitchbook, investments in the crypto industry <a href="https://www.businessinsider.in/cryptocurrency/news/investments-in-crypto-hit-17-billion-in-the-first-six-months-of-2021/articleshow/83740327.cms">grew</a> to a record $17 billion in the first half of 2021. “We need to move from shipping products that cater only to the US (or UK/EU) to shipping products that work globally,” Armstrong said in the post. <cmsannotation type="cmsannotation" annotationid="What are DApps?" comment="subhead" text="What are DApps?"><keyword id="11543649" type="UNKNOWN" weightage="20" keywordseo="what-are-dapps">What are DApps</keyword>?</cmsannotation> DApps are also called smart contracts. They run on blockchain technology and cut out the middleman. For example, if your package delivery is late, you don’t need to quibble with customer care — a DApp will automatically initiate a refund or compensation fee as per the agreement between you and your delivery agent. Right now, the most popular DApps are cryptocurrency exchanges and games among 3,500 use cases out there, according to <a href="https://www.stateofthedapps.com/dapps">State of the DApps</a>. And, most of them are hosted using Ethereum. Since these applications are decentralised, it means that no one person or company has control. This makes them open-source, public, and they need a crypto token — like Ethereum — to help keep the network secure. The best thing about DApps over conventional applications is that they can’t be censored by governments and there is no such thing as ‘downtime’. With no single point to target, the government wouldn’t know who to censor. And, with multiple nodes, even if one goes down, the other will pick up the slack. Coinbase’s move comes at a time when the industry is at a crossroads. On the one hand, the crypto industry has received acceptance from Latin American countries like <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvador-is-doling-out-free-money-digital-wallets-and-bitcoin-atms-to-pump-up-its-new-crypto-based-economy/articleshow/83841201.cms">El Salvador</a> and Paraguay, but on the other, it’s facing an unprecedented crackdown in countries like China, India and more. A successful app store could go a long way in getting regulators’ approvals for the space. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/the-worlds-largest-crypto-exchange-is-having-a-hard-time-convincing-regulators-with-multiple-bans-piling-up/articleshow/83941711.cms">The world's largest crypto exchange is having a hard time convincing regulators with multiple bans piling up</a> <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-oldest-crypto-exchange-exits-cryptocurrency-business-amid-government-crackdown-on-bitcoin-mining/articleshow/83953113.cms">China's oldest crypto exchange exits cryptocurrency business amid government crackdown on Bitcoin mining</a> <a href="https://www.businessinsider.in/cryptocurrency/news/google-facebook-and-tesla-crypto-tokens-are-launching-on-crypto-exchange-ftx/articleshow/83885349.cms">Google, Facebook, and Tesla crypto tokens are launching on crypto exchange FTX</a>

Coinbase wants to become the Apple of the crypto industry

<ul><li>After years of extravagant mining, <keyword id="1334" type="LOCATION" weightage="20" keywordseo="China">China</keyword> has decided to clamp down on miners who consume a tremendous amount of energy. </li><li><keyword id="6354947" type="LOCATION" weightage="20" keywordseo="bitcoin">Bitcoin</keyword>’s hash rate has hit a six-month low since China contributed a majority of it. </li><li>The consequences are visible globally as Bitcoin's value dropped by 8% in a day. </li><li>China has vowed to reduce its carbon dioxide emissions by at least 65% by 2030, prompting it to consider mining a threat. </li></ul>Bitcoin, the most popular cryptocurrency, has hit a massive roadblock in China. After years of extravagant mining, the country has decided to clamp down on miners who consume a tremendous amount of energy. While Beijing unveiled its new policy in May, local authorities were yet to act on it and enforce a closure. China <a href="https://cbeci.org/mining_map">hosts</a> around 70% of the world's <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Bitcoin</a> mining capacity, called the hash rate. Now, 90% of Chinese miners have <a href="https://www.globaltimes.cn/page/202106/1226598.shtml">shut</a> shop after authorities closed the supply of electricity amid a nationwide crackdown on cryptocurrencies. Bitcoin’s hash rate has hit a six-month low since China contributed a majority of it. From a peak of 180.66m (tera hashes per second), it has now <a href="https://www.blockchain.com/charts/hash-rate">corrected</a> to 127m. The consequences are visible globally as Bitcoin's value <a href="https://coinmarketcap.com/">dropped</a> by 8% in a day. It was valued at more than $40,000 in mid-June but is now barely able to maintain $33,000. Ether, Dogecoin, and other cryptocurrencies have also witnessed a drop in their worth as stormy clouds continue to envelop the industry. The <keyword id="145440" type="COMPANY" weightage="20" keywordseo="Chinese-Communist-Party">Chinese Communist Party</keyword> (<keyword id="51723" type="COMPANY" weightage="20" keywordseo="CCP">CCP</keyword>) firmly believes that cryptocurrency can pose a potential risk to the country's financial stability. <div type="twitter" handle="bigmagicdao" handlename="Molly" image="http://pbs.twimg.com/profile_images/1405164873638576128/tkU2IsMV_normal.jpg" favoritecount="4030" retweetcount="1345" status="We gonna witness a history in bitcoin mining tonight, all mining farms (about 8m kw electricity load) will shutdown… https://t.co/Eu3ra0aCug" createdat="1624094659000" id="1406181039265902592"></div> What is a hash rate? In simpler words, hash rate is a measure of the computational power per second used when mining. It also helps us understand the speed at which each block is being processed. The hash rate relies on the performance of the processors used, hence miners prefer a collective effort via remote computing or create huge farms with hundreds or even thousands of computers working together. A higher hash rate means more resources are being devoted to processing transactions on the blockchain. The total hash rate is determined by gathering connections from miners that could be all over the world. Whether someone wants to try mining as a hobby that may not bear fruits, or they want to run several large mining computers at once and try to make some serious coin, a pool fits everyone. China clamps down on <keyword id="1660859" type="PERSON" weightage="20" keywordseo="bitcoin-Mining">Bitcoin mining</keyword> On May 21, the State Council's Financial Stability Committee resolved to "crackdown on Bitcoin mining and trading" to curb related financial risk at a meeting chaired by Vice Premier Liu He, according to a <a href="http://www.gov.cn/xinwen/2021-05/21/content_5610192.htm">statement</a> released late the same evening. Bitcoin mining is concentrated in four regions of China -- <keyword id="46500" type="LOCATION" weightage="20" keywordseo="Xinjiang">Xinjiang</keyword>, Inner Mongolia, Sichuan, and Yunnan. The first two are home to some of China's largest coal-based electricity plants, and mining operations <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-inner-mongolia-region-proposed-punishments-for-companies-and-individuals-involved-in-crypto-mining/articleshow/83034373.cms">were stopped</a> there a few weeks ago. The latter two are significantly green and dependent on hydropower. The Sichuan Provincial Development and Reform Commission and the Sichuan Energy Bureau issued a joint notice to 26 cryptocurrency projects. State-run electricity companies have been asked to carry out inspections to ensure crypto mining projects are no longer receiving energy. Sichuan's initiative makes it the latest <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrency</a> mining hotspot in China to clamp down on the activity. The government, which has banned financial transactions of Bitcoin and other digital tokens since 2019, turned a blind eye to mining farms up till now. But, China has <a href="https://www.scmp.com/business/article/3113737/china-pledges-cut-carbon-footprint-65-cent-2030">vowed</a> to reduce its carbon dioxide emissions by at least 65% by 2030, prompting it to consider mining a threat. Miners are scrambling for an alternative to China For the crypto community, it's a worrying sign. Bitcoin has been criticised by many for its energy-intensive design, which is backed by consuming fossil fuels. Sichuan going offline means the token further relies on fossil fuels in regions like Iran, Kazakhstan, and even the US. The clampdown forced cryptocurrency exchange Huobi to suspend bitcoin mining services and sales of mining equipment in the country. Similarly, services like HashCow and BTC.TOP have stopped operations. The latest moves are likely to accelerate the process of Chinese crypto miners moving overseas, with Central Asia, North America, and Paraguay touted as potential new homes for their operations. Several large-scale mining firms are <a href="https://technode.com/2021/05/24/crypto-mining-moves-to-north-america-as-china-cracks-down/">considering</a> moving out from China and opening shops in the US or Canada. While nearby Asian countries make logistical sense, Bitcoin mining is a location-agnostic process that only requires a connection to the internet.

Bitcoin’s hash rate drops to a six-month low after China shuts nearly 90% of its bitcoin mining

<ul class="summary-list"><li><keyword id="6359891" type="UNKNOWN" weightage="60" keywordseo="emerging-markets">Emerging markets</keyword> are pioneering digital and <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> currency usage, trading and mining. </li><li>Since <keyword id="68460" type="COUNTRY" weightage="60" keywordseo="El-Salvador">El Salvador</keyword> voted to adopt <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> as legal tender, a slew of politicians have said they want to follow suit. </li><li>Many showed their support through tweets or by adding the symbolic laser eyes to their Twitter pictures.</li></ul>Cryptocurrencies can often stir up concern among conservative investors and few are as conservative as central banks, and regulators are definitely skeptical. But this does not appear to be the case in emerging <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>. Politicians, central bankers and regulators across the developed world might be a little wary, but those in the emerging world are pushing the boundaries of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-7ff75b98-7fff-e889-4c54-997fb8c3baa3">crypto</a> adoption, by pioneering how digital tokens are used, traded and mined. In fact, they could become crypto's next big frontier, as a slew of politicians from Brazil, and Argentina and even Tonga have publicly stated that they want their countries to follow the example of El Salvador in making cryptocurrencies legal tender. <a href="https://markets.businessinsider.com/currencies/news/el-salvador-bitcoin-legal-tender-currency-cryptocurrency-2021-6-1030506569">El Salvador's Congress approved a law</a> last week that made the small Central American country the first to accept bitcoin as legal tender, giving it equal status to the US dollar in El Salvador. "Other countries will follow El Salvador's lead for two main reasons, making bitcoin legal tender will attract Bitcoin entrepreneurs and ease the burden of sending money internationally." Edward Moya, senior market analyst at OANDA told Insider. Indeed, since El Salvador's president <a href="https://www.businessinsider.com/el-salvador-seeks-make-bitcoin-legal-tender-first-nation-crypto-2021-6?utm_source=markets&amp;utm_medium=ingestgest">Nayib Bukele first announced the bitcoin bill</a>, a slew of other emerging markets politicians have said that their own countries should follow suit. Paraguayan congressman Carlitos Rejala <a href="https://twitter.com/carlitosrejala/status/1401905833399685123">tweeted</a> "This week we start with an important project to innovate Paraguay in front of the world! The real one to the moon #btc &amp; #paypal". Gabriel Silva, a congressman from Panama <a href="https://twitter.com/gabrielsilva8_7/status/1401965129051389958">said</a> his country could not afford to be left behind and a broader adoption of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-7ff75b98-7fff-e889-4c54-997fb8c3baa3">crypto</a> was necessary for the country to attract technological innovation and entrepreneurship. Brazilian politician <a href="https://twitter.com/gilson__marques/status/1402007277662523392">Gilson Marques</a> and the Argentinian <a href="https://twitter.com/fsancheznqn/status/1402045876386807809">Francisco Sánchez</a> were among those who added laser eyes, a symbol used by bitcoin bulls, to their public profile pictures. Central banks around the world are considering launching their own digital currencies that would be centrally managed and regulated - a key difference to existing cryptocurrencies like bitcoin. The Federal Reserve and European Central Bank are still in the very early stages of looking into a digital currencies, while many emerging-market central banks are making fast progress in the area. "Their use in small-scale trading and remittance transfers from workers abroad are among the main reasons for the popularity of crypto currencies in EM. Central bank digital currencies (<keyword id="6791630" type="UNKNOWN" weightage="60" keywordseo="CBDC">CBDC</keyword>) could also facilitate getting social transfers to the poor and improve transparency of the large informal economy. These channels could be positive for economic growth in EM." a recent Bank of America research note said. The popularity and value of crypto currencies like bitcoin and ether has boomed over the past year. They're both an asset class in their own right, as well as a means of payment for goods and services. Various sports teams like the Dallas Mavericks or Oakland A's for example accept cryptocurrencies as payments for tickets or merchandise. In El Salvador, a whole town was already running on crypto - El Zonte, also known as 'Bitcoin Beach'. Soon the whole country could now be working in similar ways and, if some politicians get their will, other emerging markets countries could as well. El Salvador's decision has however been received cautiously by regulators and politicians in developed markets. Bank of England Governor Andrew Bailey said just this week that <a href="https://markets.businessinsider.com/currencies/news/cryptocurrency-volatility-andrew-bailey-bank-england-governor-bitcoin-boe-2021-6-1030520851">cryptocurrencies are too volatile to be used as a payment form.</a> And the <a href="https://markets.businessinsider.com/currencies/news/el-salvador-bitcoin-btc-world-bank-help-rejected-environment-transparency-2021-6-1030530998">World Bank rejected El Salvador's request to help with the implementation of bitcoin</a> over environmental concerns linked to crypto mining. Further, regulators have shown concern about the use of crypto to fund illicit activities. Bitcoin is already up by 300% in the last 12 months and, if more countries adopt it, it should stand to gain even more, even though regulators are tightening their scrutiny of the market, analysts said. "Bitcoin becoming legal tender in other countries should support the bull case for bitcoin," OANDA's Moya said. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/trading-on-crypto-exchanges-based-outside-of-india-may-get-more-expensive/articleshow/83747213.cms">India is reportedly mulling over a new crypto tax which could make trading on foreign exchanges more expensive</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indian-crypto-exchanges-are-eyeing-more-industry-bodies-to-expand-influence/articleshow/83742929.cms">There’s a new Indian crypto lobby in the making and Zebpay has confirmed its participation</a> <a href="https://www.businessinsider.in/cryptocurrency/news/investments-in-crypto-hit-17-billion-in-the-first-six-months-of-2021/articleshow/83740327.cms">Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon</a>

Emerging markets could be the next big frontier for crypto. A slew of politicians want to follow El Salvador and adopt bitcoin as legal tender.

<ul><li>The third-richest man in Mexico wants to accept <keyword id="6354947" type="LOCATION" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> in his bank.</li><li><keyword id="81822" type="COMPANY" weightage="20" keywordseo="regulators">Regulators</keyword> in the country issued a joint statement warning investors that the same isn’t allowed.</li><li>Mexico does have a history of being friendly to crypto companies.</li></ul>Regulators and businessmen in Mexico may have to go head-to-head in the fight to bring cryptocurrencies into the country. Within a day of Mexico’s third-richest billionaire announcing his intention to introduce <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-38770731-7fff-9ef3-1b11-f95fa8a86330">Bitcoin</a> into the <keyword id="6354778" type="ORGANIZATION" weightage="20" keywordseo="Banking">banking</keyword> system, Mexico’s Finance Minister, the Central Bank of Mexico, and the Securities Commission issued a <a href="https://www.youtube.com/watch?v=dIpKHMgmf5A">four-page joint statement</a> to make it clear where they stand. They reiterated that cryptocurrencies aren’t ‘legal’ tender and don’t fall under the country’s current legal framework — the general gist being at par with past notices issued in 2014, 2017 and 2019. During the press conference, investors were warned that financial institutions in the country were “not authorized to carry out and offer to the public operations with virtual assets.” And, for good measure, the representatives also specifically mentioned tokens like Bitcoin, Ether and XRP. <cmsannotation type="cmsannotation" annotationid="A new Bitcoin advocate" comment="subhead" text="A new Bitcoin advocate">A new Bitcoin advocate</cmsannotation> Mexican billionaire, Ricardo Salinas Pliego, disclosed that he wants to accept Bitcoin through his bank — Banco Azteca — in a tweet to MicroStrategy CEO Michael Saylor. <div type="twitter" handle="RicardoBSalinas" handlename="Ricardo Salinas Pliego" image="http://pbs.twimg.com/profile_images/1399789400893100043/sCSWwidI_normal.jpg" favoritecount="5826" retweetcount="828" status="@michael_saylor Sure, I recommend the use of #Bitcoin, and me and my bank are working to be the first bank in Mexic… https://t.co/MIyDL2UdwY" createdat="1624778391000" id="1409048815722696708"></div> In a video shared by Saylor, Pliego talks about how “Fiat is fraud,” and “Dollar as hard money is a joke.” <div type="twitter" handle="michael_saylor" handlename="Michael Saylor" image="http://pbs.twimg.com/profile_images/1391739753540853762/CDFXycp2_normal.jpg" favoritecount="15844" retweetcount="3452" status="If you are hoping to preserve your wealth for a generation, @RicardoBSalinas suggests you invest in #bitcoin. The s… https://t.co/q00O3GOicQ" createdat="1624760243000" id="1408972697619550211"></div> <cmsannotation type="cmsannotation" annotationid="Mexico’s billionaire has a track record of getting things done" comment="subhead" text="Mexico’s billionaire has a track record of getting things done">Mexico’s billionaire has a track record of getting things done</cmsannotation> While regulators may oppose the move, Salinas does have a history of successfully navigating Mexico’s regulatory space. He is the founder and chairman of Groupo Salinas, which runs one of the largest banks in the country. The bank, Banko Azteca, was the first to acquire a banking license in Mexico in over a decade. It <a href="https://www.gruposalinas.com/en/banco-azteca">claims</a> to have over 16 million savings accounts right now. <cmsannotation type="cmsannotation" annotationid="Mexico’s politicians are crypto-friendly" comment="subhead" text="Mexico’s politicians are crypto-friendly">Mexico’s politicians are crypto-friendly</cmsannotation> Mexico is also known to be one of a small but growing number of countries that are supporting cryptocurrencies publicly. “I will be promoting and proposing a legal framework for crypto coins in Mexico's lower house,” tweeted Eduardo Murat Hinojosa, a representative of the Mexican federal government, on June 8. His tweet came shortly after fellow Latin American country, El Salvador announced its decision to <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvador-is-doling-out-free-money-digital-wallets-and-bitcoin-atms-to-pump-up-its-new-crypto-based-economy/articleshow/83841201.cms">legalize Bitcoin</a>. <div type="twitter" handle="eduardomurat" handlename="Eduardo Murat Hinojosa" image="http://pbs.twimg.com/profile_images/1402262325994954759/xUoA8BCl_normal.jpg" favoritecount="5252" retweetcount="835" status="Voy a promover y proponer ante la Cámara de Diputados un marco legal para las criptomonedas en México #btc I will… https://t.co/uAPO5CTo5o" createdat="1623159231000" id="1402257568580390923"></div> Mexico also houses the largest <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrency exchange</a> in Latin America — Bitso — which raised $250 million in a Series C investment round last month. The company had <a href="https://www.forbes.com/sites/ninabambysheva/2021/05/05/mexican-bitcoin-exchange-bitso-raises-250-million-becomes-latin-americas-first-crypto-unicorn/?sh=4d09000c64af">said</a> it plans to use the investment to expand its operations and continue providing services to people in the region. Bitso was also amongst the nine crypto companies <a href="https://www.superfinanciera.gov.co/jsp/10106586">allowed</a> to test uses for these digital assets and tokens under the Colombian government’s pilot program in January. Countries like Mexico, Paraguay and El Salvador have all shown favourable regulatory stands towards the cryptocurrency sector. With the ongoing <a href="https://www.businessinsider.in/cryptocurrency/news/heres-how-chinas-2021-crypto-crackdown-in-2021-differs-from-the-2017-ban/articleshow/83802778.cms">crackdown</a> in China, these countries may be poised to become the next haven for crypto exchanges, investors and mining farms. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/the-worlds-largest-crypto-exchange-is-having-a-hard-time-convincing-regulators-with-multiple-bans-piling-up/articleshow/83941711.cms">The world's largest crypto exchange is having a hard time convincing regulators with multiple bans piling up</a> <a href="https://www.businessinsider.in/cryptocurrency/news/google-facebook-and-tesla-crypto-tokens-are-launching-on-crypto-exchange-ftx/articleshow/83885349.cms">Google, Facebook, and Tesla crypto tokens are launching on crypto exchange FTX</a> <a href="https://www.businessinsider.in/cryptocurrency/news/biggest-crypto-heist-of-all-time-free-money-and-tax-on-crypto-transactions-weekly-crypto-round-up/slidelist/83922055.cms">The biggest crypto heist of all time, free money and tax on crypto transactions — here’s what happened in the world of crypto this past week</a>

You Searched For "paraguay crypto mining" and got 12 results

Paraguay wants to regulate crypto mining and trading, but its proposed laws are nothing like El Salvador

BI India Bureau

6,000 old bitcoin-mining machines will be refurbished and sold overseas after the long-awaited halving event

Aruni Soni

Crypto’s ‘great mining migration’ has Chinese miners looking at Texas

BI India Bureau

Canadian crypto mining company is eyeing Bitcoin worth ₹96.8 crore this month after China’s crypto crackdown

BI India Bureau

After El Salvador, Paraguay considers Bitcoin adoption

BI India Bureau

Iran is planning to introduce a legal framework for crypto even as Bitcoin mining activity remains restricted

Shivam Vahia

Crypto miners turn to infrastructure consultancies like Sabre56 to help them avoid costly mistakes

Parisa Hashempour

Even as Latin America embraces Bitcoin, Southeast Asia is clamping down on cryptocurrencies

BI India Bureau

Coinbase wants to become the Apple of the crypto industry

BI India Bureau

Bitcoin’s hash rate drops to a six-month low after China shuts nearly 90% of its bitcoin mining

Shivam Vahia

Emerging markets could be the next big frontier for crypto. A slew of politicians want to follow El Salvador and adopt bitcoin as legal tender.

Sophie Kiderlin

Mexican billionaire wants to introduce Bitcoin to banking — but regulators aren't having it

BI India Bureau

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