@cryptocracy 19 February 2022 more from that month

How NFT Minting Costs the Environment Bitcoin difficulty has reached an all-time high as the hash rate is up **45 percent in six months**. https://cointelegraph.com/news/bitcoin-difficulty-reaches-all-time-high-hash-rate-up-45-in-6-months XRP whales accumulate more than **$700 million** in the second biggest accumulation spree in history. https://cointelegraph.com/news/xrp-mega-whales-scoop-up-over-700m-in-second-biggest-accumulation-spree-in-history Minting a new NFT can cost the planet up to 1.38 trees in carbon dioxide. Every bid on an NFT, every sale of an NFT, and every NFT transfer carries a cost to the environment. Thus far, the CryptoKitties collection has done the most damage to the environment. To calculate the environmental cost of your NFTs, check out the **NFT Club**. https://nftclub.com/eco-impact-of-nfts/ The U.S. Fed is preparing to raise interest rates, perhaps **multiple times** this year. Pantera Capital CEO Dan Morehead says that could be **“great” for bitcoin**. And some people are saying bitcoin will make a good **hedge against inflation**, which is the highest it’s been in 40 years. https://www.reuters.com/business/fed-raise-rates-three-times-this-year-tame-unruly-inflation-2022-01-20/ https://beincrypto.com/interest-rate-hike-great-bitcoin-price-pantera-capital-ceo/ https://cointelegraph.com/news/u-s-inflation-breaks-40-year-record-can-bitcoin-serve-as-a-hedge-asset Nexo to stop paying interest on new deposits **from U.S. customers**. https://www.theblockcrypto.com/linked/134786/crypto-lender-nexo-to-stop-paying-interest-on-new-deposits-from-us-customers Binance has joined the Russian Banking Union and will head its **new crypto department**. Meanwhile, Binance Labs **has invested** in Web3 privacy protocol Manta. https://cryptonews.com/news/binance-joins-russian-banking-union-will-head-new-crypto-department.htm https://blockonomi.com/binance-labs-invests-in-the-web3-0-privacy-protocol-manta-network/ USDC hit an **all-time high** in smart contract supply. https://invezz.com/news/2022/02/18/usdc-hits-ath-in-smart-contract-supply-after-new-concord-deal/ Crypto products are **less regulated** in the UK than in the U.S. https://www.pymnts.com/cryptocurrency/2022/crypto-products-less-regulated-in-uk-than-in-us/ Dogecoin accounts for 25.6 percent of **Robinhood’s Q2 revenue**. https://cryptonewsbtc.org/2022/02/18/dogecoin-accounts-for-25-6-percent-of-robinhoods-q2-revenue/ The Financial Stability Board says cryptocurrencies could **trigger a global financial crisis**. https://wraltechwire.com/2022/02/18/cryptocurrencies-could-trigger-a-financial-crisis-heres-how/ OpenSea is delisting inactive Ethereum NFTs with a **smart contract upgrade**. https://cointelegraph.com/news/opensea-smart-contract-upgrade-to-delist-inactive-nfts-on-ethereum Cred **went bankrupt** in November 2020 and is now being accused of a **fraudulent bitcoin transfer** to a whale. https://guidehouse.com/insights/financial-crimes/2021/cryptocurrency-lending-lessons-cred-bankruptcy https://www.coindesk.com/business/2022/02/18/bankrupt-cred-accused-of-fraudulent-bitcoin-transfer-to-crypto-whale/ Colorado will allow taxpayers to **pay by crypto** this year. https://blockchain.news/news/colorado-state-to-permit-payment-of-taxes-in-crypto-this-summer Algorand wants to attract developers to make the blockchain Ethereum-compatible. To do so, they’ve rolled out a **$20 million incentive program**. https://www.coindesk.com/tech/2022/02/18/algorand-pushes-for-ethereum-compatibility-with-20m-incentive-program/ What is the **Big Short DAO** and why did it bet against the crypto market? Nevermind that, why did it win? https://www.coindesk.com/markets/2022/02/17/how-the-big-short-dao-bet-against-the-crypto-market-and-won/ Beware of PayPal’s new **crypto fees**. https://www.washingtonpost.com/business/beware-paypals-new-fees-for-100-crypto-trades/2022/02/18/0593f9f2-90dd-11ec-8ddd-52136988d263_story.html Are NFTs the cause of **Ethereum’s falling gas prices**? On another note, Ethereum markets are maturing and giving rise to **crypto derivatives**. https://decrypt.co/93154/nft-trading-slow-down-falling-ethereum-gas-fees https://www.youtube.com/watch?v=hbwfr991D-4 New rules **prevent Fed officials** from trading crypto. https://www.cnbc.com/2022/02/18/fed-approves-rules-banning-its-officials-from-trading-stocks-bonds-and-also-cryptocurrencies.html Crypto crimes are **too big** for the U.S. government to ignore. https://www.newscientist.com/article/2308883-cryptocurrency-crimes-have-got-too-big-for-the-us-government-to-ignore/ Sling TV now **accepts cryptocurrencies** for monthly payments. https://www.nexttv.com/news/sling-tv-accepting-cryptocurrency-for-monthly-payments The Jamaican Central Bank has **renamed its digital currency**. More than a few Jamaicans **aren’t too happy about it**. https://jamaica.loopnews.com/content/central-bank-digital-currency-has-new-name-jam-dex https://jamaica-gleaner.com/article/news/20220218/jamaicans-bash-new-digital-currency-logo The 7 most important **crypto influencers** to follow in 2022. https://economictimes.indiatimes.com/markets/cryptocurrency/crypto-influencers-you-should-follow-in-2022/articleshow/89661967.cms Ukraine **trades more crypto** than fiat. The country recently passed a new **virtual assets law**. https://fortune.com/2022/02/18/ukraine-legalizes-cryptocurrency-bitcoin-russia-digital-assets/ https://bitcoinmagazine.com/markets/new-law-makes-ukraine-the-future-of-bitcoin The Cardano Foundation has **doubled its reward for hackers** who uncover bugs on the Cardano blockchain. https://news.bitcoin.com/cardano-foundation-doubles-reward-offered-to-hackers-for-uncovering-bugs-on-its-blockchain/ Cryptocracy is a decentralized newsletter published 4 times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto. *First published at* *Cryptocracy**.* https://cryptocracy.substack.com/p/the-environmental-cost-of-nft-minting?utm_source=url **Image credit:** NFT Club