Daily Archives: July 4, 2021

Angola Hikes Benchmark Interest Rate as Central Bank Attempts to Tame Rising Inflation

Angola Hikes Benchmark Interest Rate as Central Bank Attempts to Tame Rising Inflation

The Angolan central bank’s monetary policy committee (MPC) recently hiked the country’s benchmark interest rate from 15.5% to a record of 20%. The largely unexpected hike, which is one of the National Bank of Angola (NBA)’s attempts to curb inflation, marks the first time the benchmark rate has been increased since November 2017.

Rising Inflation a Threat to Angola’s Growth

According to a Bloomberg report, the MPC was compelled to bring forward the meeting that ultimately sanctioned the rate hike due to an “evolution of the main indicators.” These indicators, according to the NBA governor, Jose de Lima Massano posed a threat to Angola’s growth trajectory. He explained:

The spread between inflation and the interest rate has been growing wider since the beginning of the year. Current data indicates additional inflationary pressures, which may put at risk the central bank’s inflation target of 19.5% for the end of the year.

As the data from Angola’s Instituto Nacional de Estatistica shows, the country’s year-on-year inflation has been on an upward trajectory since December 2019. For instance, in December 2019, the inflation rate stood at 17% yet by March 2021 it surpassed 26%.

The Central Bank’s Exchange Rate Stability Concern

As the data also shows, Angola’s year on year was only previously above the 26% threshold back in December 2017. The data appears to suggest that unless the NBA acts, Angola’s inflation rate will likely continue to surge and it may possibly reach the December 2016 high of 40%.

Angola Hikes Benchmark Interest Rate as Central Bank Attempts to Tame Rising Inflation

Meanwhile, the Bloomberg report quotes Tiago Dionisio, an analyst at the Lisbon-based Eaglestone Advisory SA, explaining that while the decision will have an impact on the economy, the NBA is more worried about the stability of the local kwanza currency. He said:

(The decision) shows that the central bank is more concerned about the current inflation trajectory and in maintaining the kwanza exchange rate stability.

In the meantime, the report notes that these changes still need to be gazetted before they become law.

Are interest rates hikes the best way to tame inflation in emerging economies? Tell us what you think in the comments section below.

Bitcoin Mining Report Claims Miner Energy Consumption Mix 56% Sustainable in Q2

Bitcoin Mining Report Claims Miner Energy Consumption Mix 56% Sustainable in Q2

During the last three months, there’s been a significant focus on the effects bitcoin mining has on the global environment. While many have claimed bitcoin mining is bad for the environment and many others have stressed that it affects the environment in a positive way, either way, most are relying on unreliable and old data from a few years ago. On July 1, 2021, the recently formed Bitcoin Mining Council published a report that claims 56% of the hashrate uses sustainable energy resources.

Will Elon Musk Bend? Report Claims Bitcoin Miner Energy Consumption Mix 56% Sustainable

Bitcoiners are hoping Elon Musk has noticed a new report published by the Bitcoin Mining Council (BMC) that shows more than half of the hashrate leverages sustainable energy to mine bitcoin. BMC published the report on July 1, 2021, and as soon as it was online posts about Elon Musk changing his mind started to appear.

“Tesla said they wouldn’t again accept BTC until energy consumption reached 50% from renewables,” one Redditor said on Saturday. “Now that BTC uses 56% renewable energy, I wonder if Tesla will soon start accepting BTC again.” The ‘Tesla accepting bitcoin again’-Reddit post on r/bitcoin has clocked in more than 5,700 upvotes.

Bitcoin Mining Report Claims Miner Energy Consumption Mix 56% Sustainable in Q2

The BMC report explains that the organization collected information on miners leveraging sustainable energy from “over 32 percent of the current global Bitcoin network in its first-ever voluntary survey.” The results of the survey indicate that members of the BMC are utilizing electricity “with a 67% sustainable power mix.” The BMC report states:

Based on this data it is estimated that the global mining industry’s sustainable electricity mix had grown to approximately 56 percent, during Q2 2021, making it one of the most sustainable industries globally.

Microstrategy CEO: ‘Report Draws Data From Miners Around the World’

The data is very different from the Coinshares’ report published over three years ago and the unreliable data stemming from Cambridge Bitcoin Electricity Consumption Index (CBECI) and the digiconomist.net index. Both the digiconomist’s and Cambridge’s data have significant discrepancies between both electrical consumption estimates and both have mining maps that have not been updated since April 2020.

Microstrategy and its CEO, Michael Saylor, a member and founder of the BMC, said he was pleased to hear the results.

“I am pleased to see that the Bitcoin mining industry has come together, voluntarily, to provide critical information to the general public and policymakers, especially as it pertains to clarifying common misconceptions about the nature and scale of Bitcoin energy usage,” Saylor said. “This survey— the first quarterly release of many we expect to come— draws on data from miners around the world. As I’ve stated before, just because the Bitcoin network is decentralized doesn’t mean it has to be disorganized,” Saylor added.

The BMC is made up of members like Blockware Solutions, CCU.ai, Celsius Network, Compute North, Core Scientific, Enegix, Frontier Mining, Galaxy Digital, Hive Blockchain, Ankr, Argo Blockchain, Atnorth, Bit5ive LLC, Bitfarms, Bitfury, Bitquest, Bitriver, Blockcap, HMTech, Hut8, Marathon Digital Holdings, New Data Ventures LLC, Riot Blockchain, and SBI Crypto. BMC spokesperson Saylor also released a video that goes over some of the data found in the global mining report.

What do you think about the use of green energy in bitcoin mining jumping to 56%? Let us know what you think about this subject in the comments section below.

Bitcoin Mining Profitability to Rise 35% While Ousted Chinese Miners Face Delays Relocating

profitability

Analysts are predicting a rise in Bitcoin mining profitability of about 35% during the short term. This would be the effect of the bitcoin mining crackdown in China. Since the crackdown happened, a significant portion of hashrate stemming from the Bitcoin network disappeared. Ousted miners are struggling to relocate, and some might not even make it due to the complicated logistics of these operations. All of these reasons combined can create a great time for new companies to enter the mining space.

Bitcoin Mining Profitability Will Rise In The Short Term

Bitcoin’s mining profitability is expected to rise in the short term due to the complex situation miners are facing in mainland China. According to Whit Gibbs, CEO, and founder of Compass, this will continue in the short to medium term. Gibbs told CNBC:

We are expecting a period of much higher mining profitability for Compass Mining clients. We expect miners to be approximately 35% more profitable.

Compass is a bitcoin mining company that started offering its services this year, after getting $1.7 million in a seed round last February. The mining exodus will likely benefit incipient providers and companies like them in the future. Other crypto analysts concur. Darin Feinstein, founder of Blockcap, a mining behemoth in North America, stated:

We are expecting a revenue and profit increase for the foreseeable future. This was an unexpected gift to the network, not just on revenues but on decentralization and sustainable energy metrics.

Bitcoin just experienced one of the biggest difficulty drops in its history shaving more than 27% in one hit. This means that most miners will reap more rewards in the short term. This mechanism is implemented to maintain Bitcoin operativity when facing hashrate fluctuations like the ones that happened last month.

The Mining Exodus

Analysts and mining company officers estimate this bonanza period could last up to 15 months. Mining bitcoin is not a straightforward process, and the hardware needed cannot be moved easily along borders. The logistics of relocating a Bitcoin mining operation need for months or even years to develop. Some operations might not even relocate and could choose to get out of the mining business due to fears of retaliation in mainland China.

This is the case of Liu Hongfei, a Chinese Bitcoin mining operator. Hongfei told Reuters:

If the government doesn’t allow it, I just have to quit.

While the situation is dramatic for established miners in the country, the exodus is opening new opportunities for entrepreneurs around the world.

What do you think about Bitcoin mining profitability rising in the short term? Tell us in the comments section below.

FinCEN Names Misuse of Cryptocurrencies a National Priority

FinCEN Names Misuse of Cryptocurrencies a National Priority

The Financial Crimes Enforcement Network (FinCEN) has named “cybercrime, including relevant cybersecurity and virtual currency considerations” a national priority. In particular, the Treasury is concerned about the “misuse of virtual assets that exploits and undermines their innovative potential, including through laundering of illicit proceeds.”

FinCEN, a bureau of the U.S. Department of the Treasury, published its “Anti-Money Laundering and Countering the Financing of Terrorism National Priorities” last week.

One of the priorities listed is “cybercrime, including relevant cybersecurity and virtual currency considerations.” The document details:

Treasury is particularly concerned about cyber-enabled financial crime, ransomware attacks, and the misuse of virtual assets that exploits and undermines their innovative potential, including through laundering of illicit proceeds.

The document adds that “Countering ransomware has been identified as a top priority for the United States.” Among the strategies developed to combat ransomware attacks is “enabling rapid tracing and interdiction of virtual currency proceeds,” the document notes.

FinCEN wrote that convertible virtual currencies (CVCs) “have grown as the currency of preference in a wide variety of online illicit activity.”

The bureau detailed: “Criminals use a number of techniques to obscure the source of illicit funds when conducting transactions involving CVCs, including the use of mixers and tumblers.”

In June, President Joe Biden issued a directive to federal agencies to prioritize efforts to confront global anti-corruption, and cryptocurrency was a focus. The Biden administration also unveiled its strategy to combat ransomware that included expanding cryptocurrency analysis to find criminal transactions.

What do you think about FinCEN naming the misuse of cryptocurrency a national priority? Let us know in the comments section below.

Brian Armstrong Meets With Fed Chair Jerome Powell – ‘US Needs to Be a Major Crypto Player to Stay Relevant’

Brian Armstrong Meets With Fed Chair Jerome Powell – ‘US Needs to Be a Major Crypto Player to Stay Relevant’

According to Jerome Powell’s conference calendar, the CEO of Coinbase, Brian Armstrong, met with the Federal Reserve chairman and former House of Representatives Speaker Paul Ryan to speak about the implications of digital currencies. The meeting’s details are unclear but most of the discussions seemingly revolved around the construction of an American central bank digital currency (CBDC) and countries that are already ahead of the game.

Coinbase CEO: ‘China’s Digital Yuan represents a Threat to US Reserve Currency Status’

The Federal Reserve wants to build a digital dollar and moves to make it a reality have been happening more frequently. Almost every member of the Fed has something to say about an American CBDC and in May the Fed chairman held a number of meetings with members of the cryptocurrency and blockchain industry.

Brian Armstrong's Meets With Fed Chair Jerome Powell - 'US Needs to Be a Major Crypto Player to Stay Relevant'

Participants who discussed the CBDC idea with Powell include individuals like the Treasury Secretary Janet Yellen, members of the Bank for International Settlements (BIS), the Digital Dollar Project’s Chris Giancarlo, Jens Weidmann the president of Deutsche Bundesbank, Jamie Dimon the CEO of JPMorgan Chase, and Brian Armstrong the CEO of Coinbase. Armstrong discussed the meetings he had with various American bureaucrats and central bankers in 21 separate tweets.

“I spent most of this week in DC meeting with members of Congress and heads of various federal agencies,” Armstrong said at the time. “[The] goal was to establish relationships and help answer questions about crypto. And to see what we can do to help the U.S. get more regulatory clarity in this space, as part of the newly formed [Crypto Council for Innovation].” Armstrong continued:

Crypto is as important as the birth of the internet in terms of the jobs, GDP growth, and innovation it can create. The U.S. will need to be a major player in crypto to stay relevant long term.

Armstrong Says ‘Legal uncertainty’ Is a ‘Major Problem’

Armstrong further said that he thinks China’s digital yuan advances could be a threat to the U.S. dollar. The digital yuan has been entering many different areas within China’s economy as the People’s Bank of China (PBOC) has hosted a number of red envelope lotteries. Subcontractors are being paid in the CBDC in China’s Xiong’an New Area, and Hong Kong is connecting with the digital yuan as well. The Coinbase CEO believes the U.S. needs to get moving on the digital dollar with a quickness.

“I also relayed my thoughts on China and their central bank digital currency,” Armstrong detailed about his meeting with members of Congress and the heads of various federal agencies. Armstrong added:

It is real, they are moving quickly on it, and I believe it represents a threat to U.S. reserve currency status long term if the U.S. doesn’t move quickly to create their own.

The CEO of Coinbase stressed that the bureaucrats and agency heads he met with were all “thoughtful and committed individuals.” He further noted that the U.S. currently doesn’t have a lot of clarity when it comes to regulatory policy and standards. “Some cryptos might be securities (SEC), some are commodities (CFTC), some are currencies/property (Treasury/IRS), and some are none of the above,” Armstrong said.

“So it’s a bit of a jump ball across existing federal regulators,” Armstrong concluded. “This means fewer startups who are able to brave the legal uncertainty. Some of them wind up founding their companies abroad, or not at all. This is a major problem.”

What do you think about Brian Armstrong’s meeting with Jerome Powell, American bureaucrats, and federal agency heads? Let us know what you think about this subject in the comments section below.

‘We Want You,’ Pro-Bitcoin Senator Cynthia Lummis Invites Crypto Miners to Wyoming

‘We Want You,’ Pro-Bitcoin Senator Cynthia Lummis Invites Crypto Miners to Wyoming

U.S. lawmaker and bitcoin advocate Cynthia Lummis has indicated that cryptocurrency miners are welcome in Wyoming. In a recent interview, the senator defended bitcoin’s carbon footprint and later invited miners to her home state on social media.

Crypto Mining Adapted to Non-Carbon Emitting Energy

With the ongoing crackdown on cryptocurrency mining in China, companies in the business of coin minting have been actively looking for friendlier jurisdictions to relocate their operations. Some perspective destinations have emerged in the U.S., with Texas and Florida now being among the prominent examples. Both states can offer crypto miners access to affordable energy.

Wyoming, which has maintained a positive attitude towards cryptocurrencies for some time, can easily become the next bitcoin mining hotspot. Wyoming Sen. Cynthia Lummis, a well-known supporter of Bitcoin, recently took to Twitter to welcome crypto miners to the state urging them to reach out.

Lummis tweeted her call on Saturday posting an excerpt of her interview from the CNBC Financial Advisor Summit in which she defended Bitcoin’s environmental record. The senator referred to research conducted at the University of Cambridge, according to which bitcoin mining uses about 40% renewable energy while the indicator stands at only 12% in the non-bitcoin mining economy. She emphasized:

Bitcoin mining is already more environmentally adapted to non-carbon emitting energy sources.

Bitcoin Mining Is Not an Energy Bad Guy, Says Cynthia Lummis

The Wyoming representative in the U.S. Senate also turned attention to the “innovation that’s happening behind the scenes” in the crypto mining industry, providing an example with her own energy-rich state. Wyoming is a producer of oil and gas and when a new well is drilled, initially it’s not connected to a pipeline, Lummis explained. Bitcoin miners are helping to utilize the gas that would otherwise be vented into the atmosphere with mobile mining platforms that can be installed and operated close to the source.

“I would say – don’t judge bitcoin mining as an energy bad guy. There are a lot of things going on to prove otherwise,” the lawmaker concluded. Cynthia Lummis also noted that cryptocurrency mining is helping the drilling industry in a way that keeps carbon out of the air while using it to produce another product in the form of bitcoin.

The race to attract crypto miners is on in the U.S. with Miami Mayor Francis Suarez recently giving his best to entice mining companies that are leaving China. “Hey, we want you to be here,” Suarez addressed them in another interview with CNBC, highlighting that his region relies on nuclear power which is a source of clean and cheap electrical energy.

Do you expect many crypto miners from China to relocate to the United States? Share your thoughts on the subject in the comments section below.

AscendEX Lists Radix – a DeFi Protocol With Developer Incentives

AscendEX Lists Radix - a DeFi Protocol With Developer Incentives

PRESS RELEASE. AscendEX (formerly BitMax), a global cryptocurrency financial platform with a comprehensive product suite, is thrilled to announce the listing of the Radix tokens (EXRD and XRD) under the pairs USDT/XRD and USDT/EXRD on June 29 at 1 p.m. UTC.

Radix intends to remove the technology barriers limiting the expansion of DeFi by building a layer-1 protocol that directly addresses the technology needs of DeFi, both for today’s applications and the future of general financial services worldwide. The platform leverages a full-stack approach, re-engineering consensus, distributed virtual machines, executable on-ledger code, DeFi component building, DeFi application building, and developer incentives.

Radix is the first layer 1 protocol specifically built to serve the DeFi ecosystem. Radix aims to significantly improve the developer experience by reducing DeFi hacks, bugs, and exploits by restricting output states using an FSM runtime environment instead of Turing complete. It offers an on-ledger component catalog where developers can easily chain together DeFi “money legos” to create dApps. Radix features an on-ledger incentivization scheme whereby components generate royalties for developers based on usage.

Its goal is to make access to DeFi projects mainstream and as frictionless as possible by not being limited by scale – Radix scales linearly and indefinitely by adding more nodes. In addition, Radix aims to maintain atomic composability – transactions, when needed, settlement atomically across the global ledger. This is a vital feature for any DeFi ecosystem because key DeFi features, such as flash loans are impossible without it.

Some major upcoming milestones for Radix include its mainnet launch in July 2021, which will demonstrate the core foundation of the project. Additionally, Radix will launch radix engine V2 in December 2021, which will then enable developers to build safely on the Radix Ecosystem.

 

About AscendEX

AscendEX (formerly BitMax) is a global cryptocurrency financial platform with a comprehensive product suite including spot, margin, and futures trading, wallet services, and staking support for over 150 blockchain projects such as bitcoin, ether, and ripple. Launched in 2018, AscendEX services over 1 million retail and institutional clients globally with a highly liquid trading platform and secure custody solutions.

AscendEX has emerged as a leading platform by ROI on its “initial exchange offerings” by supporting some of the industry’s most innovative projects from the DeFi ecosystem such as Thorchain, xDai Stake, and Serum. AscendEX users receive exclusive access to token airdrops and the ability to purchase tokens at the earliest possible stage.

To learn more about how AscendEX is leveraging best practices from both Wall Street and the cryptocurrency ecosystem to bring the best altcoins to its users, please visit www.AscendEX.com.

 

For more information and updates, please visit:

Website: https://ascendex.com

Twitter: https://twitter.com/AscendEX_Global

Telegram: https://t.me/AscendEXEnglish

Medium: https://medium.com/ascendex

 

About Radix

Radix intends to remove the technology barriers limiting the expansion of DeFi by building a layer-1 protocol that directly addresses the technology needs of DeFi, both for today’s applications and the future of general financial services worldwide. They leverage a full-stack approach, re-engineering consensus, distributed virtual machines, executable on-ledger code, DeFi component building, DeFi application building, and developer incentives.

 

For more information and updates, please visit:

Website: https://www.radixdlt.com/

Twitter: https://twitter.com/RadixDLT

Discord: https://discord.com/invite/WkB2USt

Telegram: https://t.me/radix_dlt

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Philippine Stock Exchange Eyes Cryptocurrency Trading — Says ‘It’s an Asset Class That We Cannot Ignore Anymore’

Philippine Stock Exchange Eyes Cryptocurrency Trading — Says 'It's an Asset Class That We Cannot Ignore Anymore'

The national stock exchange of the Philippines, the PSE, says cryptocurrency is “an asset class that we cannot ignore anymore.” The stock exchange further says cryptocurrency trading “should be done at the PSE,” given its infrastructure and investor protection safeguards.

  • The Philippine Stock Exchange (PSE), the national stock exchange of the Philippines, is reportedly eyeing cryptocurrency trading. President and CEO Ramon Monzon said Friday that the PSE should be the exchange platform for crypto assets, CNN Philippines reported Friday.
  • Noting that the matter was discussed during a top management meeting two weeks ago, Monzon said, “It’s an asset class that we cannot ignore anymore.” He was quoted as saying:

If there should be any exchange for cryptos, it should be done at the PSE. Why? Number one, it’s because we have the trading infrastructure. But more important, we’ll be able to have investor protection safeguards especially with a product like crypto.

  • He explained that many people are attracted to cryptocurrencies “because of the volatility.” However, he warned that “Instant riches could be instant poverty too.”
  • The stock exchange chief further explained: “Unfortunately, we are not in a position to do that now kasi wala pa tayong rules from the regulator eh (because we don’t have rules yet from the regulator),” according to the publication. He additionally opined:

We’re waiting for the rules from the Securities and Exchange Commission (SEC) on how crypto or digital asset trading will be governed.

  • The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has registered 17 cryptocurrency exchange service providers so far.
  • The central bank established new guidelines for crypto asset service providers in January after seeing “accelerated growth” in the use of cryptocurrencies in the past three years. “It is high time that we broaden the scope of existing regulations in recognition of the evolving nature of this financial innovation and set out commensurate risk management expectations,” the central bank wrote.

Do you think the Philippine Stock Exchange should offer cryptocurrency trading? Let us know in the comments section below.

Russia’s Famous Hermitage Museum Aims to Raise Funds With NFTs

Russia’s Famous Hermitage Museum Aims to Raise Funds With NFTs

The Hermitage Museum in Saint Petersburg is considering issuing NFTs for works of art from its rich collection and is holding talks with Binance on the matter. The museum’s management expects the tokens to bring extra funding, provided Russian authorities exempt NFTs from current digital assets regulations.

Hermitage Museum in Talks With Binance for Artwork NFTs

The world-renowned State Hermitage Museum in Russia is negotiating with leading cryptocurrency exchange, Binance, on the issuance and sale of non-fungible tokens (NFTs) of artwork. On June 24, Binance launched its NFT marketplace which features various forms of digital artwork and collectibles. The coin trading platform also announced its “100 Creators” program presenting NFT content from local talent around the world.

Russia’s Famous Hermitage Museum Aims to Raise Funds With NFTs

For the Hermitage to issue its tokens, Russia’s legislation governing the sector may require some clarification. Marina Tsyguleva, head of the museum’s legal department, said that this type of token may be taken out of the scope of the digital assets regulations, as the Central Bank of Russia has proposed, according to her statement. Quoted by the Interfax news agency, Tsyguleva revealed:

We are in the process of discussing our collaboration with Binance.

The Hermitage Museum hopes to use the NFTs to attract additional funding. However, it remains unclear whether the tokens fall under the existing regulations. The law “On digital financial assets,” the main piece of legislation regulating the Russian crypto space right now, went into force on Jan. 1, 2021, but it does not cover all aspects of the crypto sphere.

Russian Digital Assets Legislation Needs Refinement

Crypto experts and even Russian lawmakers agree that the digital assets law’s definitions need to be clarified and refined. It currently allows the issuance and circulation of tokens, also referred to as “digital rights,” as well as security tokens, utility tokens, and stablecoins.

Tsyguleva further explained that the cultural institution can only sell non-exclusive rights to its works of art. This creates certain difficulties when entering the NFT market but does not rule out the possibility completely. The NFTs can be used to raise funds for restoration projects, for example, the museum’s representative added.

The Hermitage Museum plans to hold Russia’s first art exhibition of NFT tokens, according to an announcement released earlier this year. The event will be organized as part of the “Hermitage 20/21” project, RBC reported. The museum said that the use of non-fungible tokens is the most relevant agenda in the field of contemporary art.

What do you think about the initiative of the Hermitage Museum in Russia to issue NFTs for works of art? Tell us in the comments section below.

Bitcoin Miner Greenidge Generation Plans to Develop South Carolina Mining Facility

Bitcoin Miner Greenidge Generation Plans to Develop South Carolina Mining Facility

On Friday, the bitcoin mining operation Greenidge Generation Holdings announced the company is expanding to South Carolina in order to develop the firm’s next bitcoin mining facility. Greenidge details that the carbon-neutral Spartanburg facility will be ready in 2021 or early 2022.

Bitcoin Miner Greenidge Generation Plans to Expand to South Carolina

Spartanburg, South Carolina, the 12th most populous city in the state will be home to bitcoin miners by Q4 2021 or Q1 2022, according to Greenidge Generation Holdings.

The Dresden, N.Y.-based firm signed a letter of intent with LSC Communications that says Greenidge aims to expand its bitcoin mining operations to a property owned by the Atlas Holdings’ portfolio company LSC. The terms of the deal will begin with a ten-year lease of a retired printing plant.

Greenidge details that the printing plant at one time drew approximately 80 megawatts (MW) of energy but it believes the Spartanburg facility has “potential beyond that capacity.” The company will leverage the site’s existing electrical framework and also utilize clean nuclear power.

“This is an important step in Greenidge’s strategy to build upon our unique expertise in environmentally sound bitcoin mining at additional locations across the country,” Jeff Kirt, the CEO of Greenidge explained in a statement.

Flare Gas and 500 MW by 2025

Like many bitcoin mining industry firms, Greenidge has continued to expand operations. Back in March, Greenidge announced plans to be publicly listed via Nasdaq through a merger with Support.com. The year prior, the company launched a fleet of mining rigs at the 65,000 square-foot natural gas utility plant in Dresden New York.

During the merger, the bitcoin mining operation Greenidge said it hopes to have 500 MW online by 2025. Furthermore, Greenidge also stressed on Friday that the company plans to “invest a portion of its mining profits in renewable energy projects across the country.”

Bitcoin Miner Greenidge Generation Plans to Develop South Carolina Mining Facility
The Greenidge Generation power plant in Dresden, NY. “Using natural gas to generate electricity, Greenidge Generation runs at new levels of thermodynamic efficiency, achieving historic lows in the cost of producing power,” the company says. “A pipeline brings natural gas directly to the plant, eliminating the trucking and handling procedures involved in burning coal.”

The Greenidge Generation power plant located in New York’s Finger Lakes region leverages flare gas or excess gas to power the firm’s fleet of bitcoin miners. Similarly, companies like Upstream Data, Crusoe Energy Systems, and EZ Blockchain work with systems that leverage flare mitigation mechanisms.

“We have a superior team with proven expertise in this emerging field,” Kirt said. “LSC’s Spartanburg site, with its favorable energy mix, capacity potential, and business-friendly climate, is the ideal next location for us. The site’s existing electrical infrastructure should allow us to commence our data mining buildout almost immediately,” the Greenidge executive added.

What do you think about Greenidge’s expansion to South Carolina? Let us know what you think about this subject in the comments section below.