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Crypto Mining Firm Xive Leaves South Kazakhstan Due to Electricity Shortage

Jakkk
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Crypto Mining Firm Xive Leaves South Kazakhstan Due to Electricity Shortage

The founder of the Xive mining company Didar Beckbau said that his firm along with many other cryptocurrency mining companies in South Kazakhstan are moving to Russia and the United States due to a lack of electricity.


 

Kazakhstan is actively fighting the shortage of electricity caused by the influx of miners from China. This is particularly reflected in the southern part of the country, where there is a shortage of power plants and the national grid has no ability to transfer electricity from the energy-rich northern region.

The founder of Xive mining firm Didar Bekbau said that the company was planning to launch a mining center of 2,500 devices in South Kazakhstan, but it is clear that the mining of cryptocurrencies in the region is no longer possible.

Bekbau said:

“The rest of the mining companies in the south of Kazakhstan are also looking to place their equipment in other countries, Some have moved their facilities to Russia and the United States because there are no options left in South Kazakhstan.”

Xive and Enegix have been suffering electricity problems since September due to rationing from Kazakhstan Electricity Grid Operating Company (KEGOC) as a result, Xive decided to close the business in Kazakhstan.

In 2021, the electricity use in Kazakhstan reached 82.99 billion kWh. The Kazakhstan Energy Ministry attributed this high consumption to Bitcoin mining data centers in the country.

With Kazakhstan facing power diminutions caused by an increase in cryptocurrency mining operations within the country, Kazakhstan is now looking to Russia, its neighbor to provide additional power capacity.

Earlier this year, President Kassym-Jomart Tokayev approved a bill to restrict Bitcoin miners to pay extra charges for their electricity. The overcharge of 1 Kazakhstani tenge ($0.0025) per kilowatt-hour will be appended to all crypto mining processes.

Read more Kazakhstan mining news:

 

 

Despite Strong $60k Resistance, Bitcoin Addresses With Non-Zero Balance Reached New All-Time High

Albert Brown
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Despite Strong $60k Resistance, Bitcoin Addresses With Non-Zero Balance Reached New All-Time High

Over the past week, bitcoin has come under severe pressure and has faced strong resistance at $60,000. At the time of writing, bitcoin is still trading below $57000 with a market cap of $1,075 trillion.



Although bitcoin remains under pressure, its fundamental indicators on the chart indicate the presence of great strength and accumulation. According to data provided by Glassnode, the number of Bitcoin addresses with a non-zero balance has reached a new all-time high, 38.76 million addresses. The previous high of 38.7 million was set seven months ago on April 23 and it took 213 days to make a new all-time high.

btc non zero addresses reach new all time high

 

Santiment reports that despite tough trading pressure, the supply of bitcoin is moving out of exchanges, reducing the risk of a significant sell-off. In addition, the supply of USDT on the exchanges is increasing, showing strong buying is coming.

 

During the recent price correction, short-term bitcoin holders sold most of their holdings as short-term holders are the most sensitive to price actions.

Glassnoe writes:

“Short-term holders (STH) are most responsive to price action due to a combination of having a higher relative cost-basis, a higher time preference, and potentially a lower degree of conviction in the asset. This week’s price action was no exception, as STHs played a role in setting both the highs and the lows.”

On the other hand, bitcoin funding rates on Binance were in positive territory. According to Santiment, this usually results in a strong rebound.

 

All indicators indicate that the price of BTC is ready for the next rally. So, experts are hinting that now could be a good buying opportunity.

Readd More Glassnode Analysis:

South Korea Is Considering Lifting Ban On Initial Coin Offerings (ICO)

Mark Brennan
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South Korea Is Considering Lifting Ban On Initial Coin Offerings (ICO)

South Korea may revise the ban on initial coin offerings (ICOs) after the Financial Service Commission (FSC) approval and include token sales in the capital market law, Money Today reports.



The bill submitted by the Financial Services Commission to the National Assembly’s Political Affairs Committee on the 23rd of Nov is intended to prepare a regulatory policy based on ICO, and their listing on exchanges, while protecting investors.

Do Gyu-sang, vice chairman of the Financial Services Commission, appeared in the South Korea Political Affairs Committee on the 17th and said, “We cannot delay the ICO any longer.ICO must be included in the Capital Market Act. To do that, we need to revisit some terms and look at the relationship with the Virtual Industrial Rights Act to make ICO legal in-country.”

 

According to the draft submitted by the FSC, the qualification for issuance of new tokens will be limited to corporations. White paper or investment prospectus will also be legislated. The content of the white paper may be different for each type of coin, but it should include an introduction of participants, a detailed project description, virtual asset type, plan to use public funds, underlying technology, and risks related to project implementations.

The major wallets holding that coin, transaction risk (possibility of loss, etc.), fees, taxes, exchange listing, and any other important matters should also be included. In addition, a specific institution specializing in coin evaluation will perform a thorough coin evaluation appointed by FSC.

When starting any public offering, the issuer will disclose financial statements in accordance with the External Audit Act. Criminal penalties are also possible for violations of accounting standards. The public offering funds will be deposited in a bank, and the fund management plans and business plans will be periodically verified.

FSC introduced a ban on holding any form of ICO in the country in 2017. Also in October, the South Korean opposition resisted austere taxation on cryptocurrencies.

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No Ban, India Govt Regulating Crypto To Check Role In Money Laundering And Terror Financing

Albert Brown
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No Ban, India Govt Regulating Crypto To Check Role In Money Laundering And Terror Financing

As markets and experts speculate on the consequences of India’s move to bring a bill to regulate cryptocurrency, sources in the security establishment told CNN-News18 that the regulation will not be an outright ban.



The Centre’s move to bring a bill in the upcoming Winter Session of Indian Parliament to regulate cryptocurrency has sparked a ripple effect, with bitcoin prices crashing to the lowest in a month.

As markets and experts speculate on the consequences of the decision, sources in the security establishment told CNN-News18 that the regulation will not be an outright ban.

“A regulation mechanism will be in place so that crypto is not misused. The government is concerned about the underground transactions happening against cryptocurrency — particularly its role in money laundering and terror financing and terror funding,” they said.

They added that cryptocurrency will not be recognized as legal tender as this is dangerous for the currency and taxation system of the country. “A strict mechanism will be in place so that law enforcement agencies can trace the origin of cryptocurrency used for illegal or anti-national work,” they said.

 

Sources in the government too said the move was aimed at eliminating the risks of crypto markets becoming avenues for money laundering and terror financing. “In the prime minister’s meeting on the issue earlier this month, there was a consensus that the steps taken in this field by the government will be ‘progressive and forward-looking. It was then also discussed that “unregulated” crypto markets cannot be let to become avenues for money laundering and terror financing.”

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is among 26 bills listed for introduction in the Winter Session, beginning on 29 November, according to the Lok Sabha website.

This comes a week after a Parliamentary panel, chaired by BJP leader Jayant Sinha, discussed the pros and cons of crypto finance with various stakeholders, and an agreement was reached that digital currencies can’t be stopped but must be regulated.

India has been taking a keen note on cryptocurrencies, thanks to its robust growth in the country amid a lack of regulations, but the government has been eager to bring in laws to regulate the digital currency sector.

 

Prime Minister Narendra Modi had last week said cryptocurrencies must not fall into the “wrong hands and spoil our youth“, urging all democratic nations to come together and ensure things like these do not happen. The government and the RBI had recently hinted about floating a strong regulatory control on cryptocurrency to avoid money laundering and terror financing, rather than banning it entirely.

Binance CEO, Changpeng Zhao And Elon Musk Debate Goes Hot Over Dogecoin Withdrawal issues

Mark Brennan
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Binance CEO, Changpeng Zhao And Elon Musk Debate Goes Hot Over Dogecoin Withdrawal issues

Cryptocurrency exchange Binance has announced that it is addressing the dogecoin issue, but it will take another week or so to fully restore dogecoin withdrawals.



The company issued a statement when Elon Musk came forward to raise his concerns that why Binance is still not able to resume dogecoin withdrawals.

On November 10, “We discovered a minor issue with DOGE network withdrawals on Binance after carrying out a version update on 2021-11-10,” Binance said in a post on Thursday morning without specifying what the “minor issue” was. “As a result, we have temporarily suspended DOGE network withdrawals until this issue is resolved. Binance is actively working with the DOGE project team to resolve the issue.”

On November 23, Elon Musk drew attention to the incident by addressing the head of Binance saying:

“Hey cz_binance, what’s going on with your Doge customers? Sounds shady.”

In response to Musk’s remarks, the Binance publicly disclosed details of the incident saying:

“An update on the issue we’re having with DOGE withdrawals: The root cause is a technical issue during the recent upgrade process that caused old transactions to be resent to 1,674 users. The issue occurred on Binance – and not other platforms – because we have a different technical wallet set-up for DOGE.

Since the incident occurred, DOGE Network has been providing us with support, but we have to rebuild the wallet entirely, which is causing a delay that we expect may last another week or so. It’s a long and complex process, but the team is working hard.

We’re aware that 1) users who received old transactions and 2) users who cannot withdraw DOGE are upset – and rightly so.

We’ve kindly asked those that receive the old transactions to return them, but we’re aware that select users are having trouble accessing some of the wallets. Our CS team is here 24/7 to help these users.”

 

In response, the head of Tesla noted that DOGE holders using Binance should be protected from errors that occur through no fault of theirs.

“Doge holders using Binance should be protected from errors that are not their fault.”

Zhao also joined the discussion, pointing out that Tesla is also experiencing software glitches that threaten the safety of its users.

“Elon, we are pretty certain it is an issue with the latest doge wallet. We are in communications with the devs. Apologies for any inconvenience that this may have caused you. What happened here?”

 

More Asset Managers Like Fidelity, UBS And State Street Show Interest To Launch Crypto Products

Jakkk
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More Asset Managers Like Fidelity, UBS And State Street Show Interest To Launch Crypto Products

Fidelity, UBS, and State Street are considering launching digital asset investment-focused products.



Top managers of the companies told the Financial Times.

Matteo Andreetto, head of SSGA’s SPDR exchange-traded fund business for Europe, the Middle East, and Africa, told FT:

“Clearly, we are looking at the space and evaluating the way the space is evolving. Clients are not only asking about cryptocurrencies but also specifically SPDR crypto products. They like the fact we are a robust, safe pair of hands.”

Fidelity told FT it was “keeping close to the evolution of cryptocurrencies as part of a wider exploration of the potential for digital assets, and the distributed ledger technology that sits behind them. As you would expect, Fidelity International is exploring the potential of this technology for the benefit of clients,”.

Clemens Reuter, global head of ETFs at UBS Asset Management, said: “Cryptocurrency is an area everyone needs to look at the moment.” However, he added: “As of today, we have not decided to launch anything.”

Reuter also noted that investing in cryptocurrencies is not yet permitted for funds issued under the Collective Investment Directive – UCITS (Undertakings for Collective Investment in Transferable Securities).

 

USA SEC Bitcoin futures ETF approval is making more institutions enter crypto.

On October 19th SEC approved Bitcoin futures ETF from ProShares that started trading on the New York Stock Exchange (NYSE), under the ticker BITO.

On Oct 22 on the Nasdaq Stock Exchange under the ticker BTF, a second Bitcoin futures ETF from Valkyrie Investments began trading at a price of $25.5.

On Tuesday, November 16, the Chicago Board Options Exchange (CBOE) launched the third Bitcoin ETF futures trading of VanEck under the ticker XBTF.

A Canadian Restaurant Chain Invest All Its Cash Reserves In Bitcoin And Made A Fortune

Albert Brown
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A Canadian Restaurant Chain Invest All Its Cash Reserves In Bitcoin And Made A Fortune

The Tahinis restaurant chain in Canada decided to invest all of its cash reserves in bitcoin. This decision helped the company increase its profits nearly fivefold, by 460%.


 

Tahinis is a family-based restaurant chain that spends all its earnings in bitcoin, a strategy that’s “worked like a charm” as it expands and Bitcoin rose against the Canadian dollar (CAD).

Business Insider reports Tahinis holds working capital in cash for a few months and then the profit, part of its treasury, is transferred into bitcoin.

Tahinis is billed as the world’s first restaurant chain to invest 100% of its cash reserves into cryptocurrency. Its founders, brothers Aly and Omar Hamam, said bitcoin exposure has been key in aiding its expansion in the face of the COVID-19 pandemic and soaring inflation that’s sent prices soaring for ingredients they need for shawarma and other dishes. The company based in London, Ontario, Canada, first invested in bitcoin in August 2020.

 

Tahinis chief marketing officer, Aly, told Insider:

“We’re up, to date, 460% on our initial investment and we didn’t stop there, We will continue sweeping excess profit into bitcoins. We even bought the [April 2021 price] top and then rode it all the way down, and we just kept buying month after month after month. So it has worked like a charm for us,”

Tahinis has placed bitcoin ATMs in all restaurants.

Aly Hamam, the co-founder of Tahinis, also said that although the Canada Central Bank says inflation is at around 5%, but it depends on what you are buying. For example, beef prices rose by 25%, chicken (45%), and oils which are 110% more expensive.

As explained by Hamam, it’s not actually the products that are getting more expensive, it’s the fiat currencies that are losing their value. And this is happening all over the world.

The success of this strategy is also attracting more investors. Omar Hamam said that the search for restaurant franchises is growing.

“We had more people sign up for franchises after COVID than before COVID,” Omar Hamam, Tahinis CEO, told Insider.

This is proof that any company, regardless of its size, can benefit from Bitcoin. While Tahinis hasn’t made billions like Tesla or Microstrategy, BTC is making all the difference in its business, especially during the lockdown and inflation periods.

NFL Star Odell Cornelious Beckham Jr Commonly Known As OBJ, Of Los Angeles Rams Will Receive 100% Of His Salary In Bitcoin

Mark Brennan
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NFL Star Odell Cornelious Beckham Jr Commonly Known As OBJ, Of Los Angeles Rams Will Receive 100% Of His Salary In Bitcoin

The NFL wide receiver has chosen to receive 100% of this pay in Bitcoin

Odell Cornelious Beckham Jr., generally known as OBJ, is an NFL wide receiver for the Los Angeles Rams.


 

Odell Beckham is the newest National Football League (NFL) star to hop on the Bitcoin fast-rising trend.

The popular wide receiver has teamed up with the Cash app, Square to make this possible.

Beckham is also giving up $1 million worth of Bitcoin on Twitter.

He said:

“It’s a NEW ERA & to kick that off I’m hyped to announce that I’m taking my new salary in bitcoin thanks to CashApp. To ALL MY FANS out there, no matter where u r: THANK YOU! I’m giving back a total of $1M in BTC rn too.”

 

Last December, Russell Okung became the first NFL player to receive 50% of his salary in the Bitcoin, inspiring other players to follow suit.

NFL Star Tom Brady and Super Model Gisele Bundchen Teased NFL Rivalries in Cryptocurrency Ad in June.

In NBA, Crypto.com has reached an agreement to rename the Staples Center to Crypto.com Arena for the next 20 years.  Staples Center is the Los Angeles home to the NBA’s Lakers and Clippers, WNBA’s Sparks, and NHL’s Kings.

 

Six Altcoins With Prominent Products, Strong Teams, And Insane Potential

Albert Brown
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Six Altcoins With Prominent Products, Strong Teams, And Insane Potential

Lark Davis, a popular Youtuber and crypto influencer has mentioned six altcoins that have the potential to rise to the moon in his latest video (Watch Video Below).



Davis has a Youtube following of 466K while his video got above 5k likes, which made us summarize these altcoins for you. According to him, these altcoins were selected based on the big news events recorded recently.

1) Polygon

Polygon recently disclosed that its newest member of the Polygon family called Polygon Miden has emerged, and it is Ethereum Virtual Machine compatible. It is a layer 2 scaler solution for Ethereum.

“The Polygon ecosystem continues to expand and move from strength to strength developmentally.”

Polygon also announced a partnership with OxPolygon to Advance DeFi on Bitcoin. Davis expects these initiatives to have a considerable influence on its price.

https://coinmarketcap.com/currencies/polygon/

 

2) Sandbox

Sandbox has opened for its Metaverse, so for a limited time, players can play 18 different games as part of the SandBox Alpha release.

“This is super exciting and it just speaks to the wider potential of the metaverse asset. Sandbox is a success and will continue to be successful.”

https://coinmarketcap.com/currencies/the-sandbox/

 

3) Holoride

“Holoride is one of the best cryptos with potential. Its project is incredible as it is turning vehicles into moving parts.”

Its sale is coming, and according to Davis, it would be influenced by hype considering the hype surrounding Metaverse, gaming, and Elrond. Holoride essentially helps the crossover of augmented reality or “in-car entertainment”. They are working with some of the largest car brands like Porsche to make this a reality as cars in the future are expected to be equipped with Virtual Reality to entertain kids and drivers.

https://www.holoride.com/

4) Injective Protocol

Injective protocol, according to Lark Davis, may record an insane price surge following the recent report that it has been awarded a $120 million incentive program. This will get traders on their protocol, being one of the largest exchange incentive programs in the crypto industry.

“Every time there is a big incentive program, the price moves along as people chase after the injected money.”

It is worth noting that Injective Protocol is a Decentralized Finance (DeFi) exchange with zero gas fees and other important advantages.

https://coinmarketcap.com/currencies/injective-protocol/

5) Acala

It was recently reported that Acala was won its first Polkadot parachain auction with over 32 million DOT staked. Acala is a massive DeFi player for the Polkadot ecosystem, and this makes the news an incredible one. This development means it is bringing in cross-chain assets. The likes of Bitcoin and Ethereum will now be accessed on the system, as well as other wide range of DeFi products.

https://acala.network/




6) Elrond

Elrond is expected to benefit hugely from the Maiar exchange project.

“If you have been staking your Elrond tokens in the Maiar wallet, then you have airdrop to claim for the Maier exchange token.”

Davis believes that this is a main step in the future for Elrond as this is the first exchange to launch on the blockchain

“We are going to see tokens to be traded, farming, Liquidity, and others previously lacking in the Elrond ecosystem.”

https://coinmarketcap.com/currencies/elrond-egld/

Watch Video:

Coinhako Becomes First Crypto Exchange To List Shiba Inu In Singapore

Mark Brennan
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Coinhako Becomes First Crypto Exchange To List Shiba Inu In Singapore

Coinhako, a Singapore-based crypto exchange has added support for Shiba Inu.

Read: Coingate Made Shib Acceptable To Over 500 Merchants As Payment Option



It is not straightforward to receive any crypto-related approval from Singapore as the country has advanced and sophisticated rules for crypto service providers.

Last week, the exchange succeeded to obtain approval from the Singapore financial regulator to legitimately provide digital token services, becoming one of the first local crypto exchanges to accomplish such success. Coinhako exchange’s trading volume has grown by 1000% since the beginning of the year.

Coinhako users can trade SHIB against Singapore dollar (SGD), US dollar (USD), and Vietnamese dong (VND). Coinhako exchange also has a wallet that enables you to securely store Shiba Inu and other cryptos.

 

Coinhako made the SHIB listing announcement on their Twitter and official blog.

 

Launched back in 2014, Coinhako made a name for itself instantly with a six-figure investment from famous venture capitalist Tim Draper. Draper, who made his reputation by early investing in Skype, Twitch, and Hotmail, is also known as one of the first adopters of Bitcoin, he predicts that Bitcoin could reach the $250,000 mark by the end of 2022.

Shiba Inu was also listed on Gemini, Wealthsimple, and other trading platforms this November.

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