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Great migration of cryptocurrencies

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Written by   365
4 months ago

May 29, 2021. One very, very difficult week is behind me.Death of a close friend, illness of a student at school, a lot of work ...I try to get back to normal and realize that all of this life is woven of bad and good things.That life passes quickly and that we need to find moments when we will enjoy.One of my pleasures is reading crypto news.

Great migration of cryptocurrencies

China supports blockchain technologies, they are saving the digital yuan (which already scares the Western world a lot), but on the other hand, threats to stop (!?) On the tail of speculative cryptocurrencies have been renewed. The miners didn't seem to fare any better either.

Namely, although 50 percent of the computer power (hashrate) is currently on the territory of China, it seems that a large migration of cryptocurrencies to other parts of the world is being prepared. China has become the largest mining colony primarily because the network of hydropower plants is very strong, and all mining components are produced in - China. It is estimated that about half of China's mining operations are "green" - ie they consume renewable energy sources. However, the Chinese authorities have started to disperse miners from certain provinces in order not to break the quotas for CO2 emission limits. And while some miners are moving to Sichuan, where the rainy season has made electricity cheaper, others are packing up and planning to emigrate to other parts of the world where electricity is cheaper.Iranian miners, on the other hand, will have to figure out where they are going and what they are going to do. Namely, the Iranian government has banned the work of even authorized cryptocurrency companies, and the ban will last at least until the fall.

A statement by President Hassan Rouhani said licensed miners consume about 300 megawatts, and unregistered miners consume up to 2,000 megawatts of electricity, which has strained the electricity grid due to the dry season. Now, that is pretty bad news for both the miners and Iran. You may not have known, but due to the burden of sanctions, Iran received large sums for its state budget from the income from cryptocurrencies. In addition to the threat of penalties for those who do not respect the ban on mining, which will be in force until September 22, it is rumored that the Iranian counter-intelligence service has also been called in to hunt down unregistered miners and violators of the provision.

PayPal opens the possibility of raising cryptocurrencies

Since last October, PayPal has enabled users to open a crypto-wallet with them, and to buy certain currencies.

However, this option is open to users in the United States, so they do not have the option to trade or transfer cryptocurrencies that are credited to their account with PayPal. But according to Jose Fernandez da Ponte, the company's vice president of cryptocurrencies, he will do his best to allow users to transfer funds from PayPal's wallet to any wallet as soon as possible, so they can pay freely and choose what to do. be with their crypto-money. The company believes that this would speed up payments that would have a positive impact on e-commerce in general. As Ponte added, they are already working hard on this functionality, and they are installing a new part of the system every two months, but it is not clear when it will all work.

Asked if PayPal is preparing to release its stablecoin, Ponte said it was too early for something like that. The company's position is that CBDC and some of the stablecoin currencies will coexist, and that, once launched, CBDC will find a natural partner in PayPal and similar platforms. “I’ve seen a lot of power point presentations, but little code,” Ponte noted, adding that things in the crypto-world will become interesting when it reaches 10 percent usage on a global scale, compared to the current 2 percent.

More information at the following link.

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Written by   365
4 months ago
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