Daily Archives: January 10, 2022

Bitfarms Buys the Dip: 1,000 Bitcoin Added to Treasury as BTC Falls While Mining Hardware Prices Remain High

Bitfarms Buys the Dip: 1,000 Bitcoin Added to Treasury as BTC Falls While Mining Hardware Prices Remain High

Global bitcoin mining company Bitfarms has bought the dip and added 1,000 bitcoins to its balance sheet while the prices of mining hardware remain high. The company’s corporate treasury now holds more than 4,300 bitcoins.

Mining Company Buys the Dip

Bitfarms Ltd. has taken advantage of the falling price of bitcoin. The publicly traded bitcoin mining company announced Monday that it has purchased 1,000 BTC for its treasury. The announcement details:

During the first week of January 2022, Bitfarms purchased 1,000 BTC for US$43.2 million. This increased the BTC holdings 30% to over 4,300 as of January 10, 2022.

Founded in 2017, Bitfarms is a publicly traded company in the U.S. and Canada. Its shares started trading on the TSX Venture Exchange (TSX-V) in July 2019 and on the Nasdaq Stock Market in June 2021. The company has five industrial-scale bitcoin mining facilities located in Québec and one in Washington state.

“Our guiding company strategy at Bitfarms is to accumulate the most bitcoin for the lowest cost and in the fastest amount of time for the benefit of our shareholders,” explained CEO Emiliano Grodzki. “To that end, we continually optimize our capital allocation.”

He elaborated:

With the dip in BTC while mining hardware prices remain high, we seized the opportunity to move cash into BTC.

Grodzki further said: “We continue to be committed to executing our operational growth strategy and delivering our goal of 8 exahash/second by the end of 2022.”

Bitfarms announced last week that it mined 3,452 bitcoins in 2021. The CEO noted at the time, “In 2021, we began to retain virtually all of our BTC production, which strengthened our balance sheet.”

What do you think about Bitfarms buying 1,000 bitcoins for its treasury amid high mining hardware prices? Let us know in the comments section below.

Direct Fiat On-Ramps Come to Algorand (ALGO) via Alchemy Pay (ACH)

PRESS RELEASE. Singapore, 10 January, 2022: Algorand (ALGO), the layer-1 blockchain for decentralized and traditional finance, has added direct fiat payment channels into their network, thanks to a new integration with Alchemy Pay (ACH). Alchemy Pay, is a payment solutions provider that connects fiat and crypto economies, and its global merchant network now supports Algorand’s $ALGO token for payments in 65 countries. Algorand also announced it has joined the Blockchain Infrastructure Alliance which was inaugurated in October by Alchemy Pay, NEO, NEAR, and Polygon.

The integration with Alchemy Pay will enable Algorand to onboard users via fiat payment standards like Visa, Mastercard, PayPal, and countless other local payment channels around the world. The ability to bring new users to the Algorand ecosystem via these mainstream payment methods will increase adoption by making access direct and bypassing the complications of crypto exchanges that can be a barrier to entry for many.

The cooperation between Alchemy Pay and Algorand is a natural match as both are focused on bringing traditional finance together with decentralized, blockchain finance. As a pure-proof-of-stake platform, Algorand is among the most efficient networks in terms of energy usage, which has appealed to environmentally conscious investors. Algorand was founded by MIT professor, Silvio Micali. Professor Micali is the recipient of the prestigious Turing Award for computer science and much of his work has directly impacted the cryptocurrency space.

After being added to Alchemy Pay’s crypto-fiat payment network, the ALGO token can be used for business-to-business or customer-to-business payments globally and borderlessly. Alchemy Pay’s payment network is focused on broadening crypto acceptance by offering low fees and fast settlement via their software solution that requires no special hardware. When ALGO is used to pay online or in-store on the Alchemy Pay network and will be automatically converted to fiat currency for the convenience of merchant partners.

Alchemy Pay’s CEO, John Tan, explained, “Our payment network gives ALGO broad use as a currency globally. Like us, Algorand is focused on the evolution of decentralized finance, and we are happy to be helping Algorand users move seamlessly between blockchain and non-blockchain economies.”

In October of this year, Alchemy Pay co-founded the Blockchain Infrastructure Alliance, of which Algorand has now become a member. The alliance brings together industry leaders, innovators, and investors to create cooperation across all areas of blockchain technology and collectively promote the development of decentralized finance and other decentralized initiatives. It’s inclusion as a founding member will bring Algorand together with other leading DeFi projects and further BIA’s aim to build a more unified and stronger blockchain industry.

Algorand’s Head of Developer Advocate, Haichao Zhu, said of the integration, “Algorand has been widely known as the the solution for a decentralized, secured and scalable Layer 1 blockchain. The mission of Algorand has always been empowering the traditional finance system as well as developing the web3 era. The integration with Alchemy Pay will help us further expand our ecosystem to enable much more versatile application scenarios and bring the technology to everyone’s daily life.”

About Alchemy Pay

Alchemy Pay is an integrated fiat and cryptocurrency gateway solutions provider, powering seamless crypto and fiat acceptance for merchant networks, developers, and financial institutions. The company drives adoption of blockchain technology by making crypto investment, commercial transactions, and DeFi services readily accessible to consumers and institutions in the fiat economy. Today, Alchemy Pay supports over 65 countries with 200 payment channels and has touchpoints with more than 2 million merchants through partnerships with industry giants such as Binance, Shopify, Arcadier, QFPay, and more.

Website:alchemypay.org

Twitter:twitter.com/alchemypay

Telegram:t.me/alchemy_official

About Algorand Foundation

The Algorand Foundation is dedicated to fulfilling the global promise of blockchain technology by leveraging the Algorand protocol and open-source software, which was initially designed by Silvio Micali and a team of leading scientists. With core beliefs in the establishment of an open, public, and permissionless blockchain, the Algorand Foundation has a vision for an inclusive ecosystem that provides an opportunity for everyone to harness the potential of an equitable and truly borderless economy.

Website: https://algorand.foundation

Twitter: https://twitter.com/AlgoFoundation

 


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.

Arbitrum Network Stalled Due to Sequencer Downtime

Arbitrum

The Arbitrum network, an Ethereum L2 (Layer 2) rollup, experienced some difficulties that caused a complete stop in the production of blocks and the confirmation of transactions. According to reports from the Arbitrum team, this incident had to do with downtime regarding its sequencer, a special node that manages the order of transactions, leaving the network unusable for approximately seven hours.

Arbitrum Stalls for 7 Hours

The network of Arbitrum, an optimistic scaling rollup for the Ethereum network, stopped completely on January 9, leaving users unable to make transactions for approximately seven hours. The Arbitrum team informed users that the difficulties were caused by issues with their main sequencer node, which experienced a hardware failure that led to the network stall. According to Arbitrum docs, the sequencer is a “specially designated full node, which is given limited power to control the ordering of transactions.”

The Twitter account of the rollup reported the issue first, clarifying they were experiencing sequencer downtime and stating that all the funds were safe.

In a post mortem post, Offchain Labs explained that there were other situations that also contributed to the situation that the rollup faced, noting:

While we generally have redundancies that would allow a backup Sequencer to seamlessly take control, these also failed to take effect this morning due to a software upgrade in process. As a result, the Sequencer stopped processing new transactions.

Problems in Rollup Land

This is not the first time that Arbitrum has faced problems regarding the operation of its network. The service faced the same kind of issue back in September when the Sequencer failed that time as well. This caused the network to become non-operational for 45 minutes. At the time, Offchain Labs stated:

The root cause of the downtime was a bug causing the Sequencer to get stuck when it received a very large burst of transactions in a short period of time. The issue has been identified and a fix has been deployed.

While Ethereum has focused on scaling using this type of solution, the proposal has still not been well received by some users. According to Delphi Digital, these L2 solutions are “losing market share to L1’s in recent months, despite the migration of DeFi protocols from Ethereum.”

Even so, Arbitrum is the number one rollup solution in the Ethereum ecosystem in terms of total value locked (TVL), having launched on mainnet last August. The solution has over $2.62 billion in total value locked, according to data from L2beat, an Ethereum L2 statistics service.

What do you think about Arbitrum’s recent downtime? Tell us in the comments section below.

Bitcoin’s Hashrate Slides 15% in 10 Days, Price and Difficulty Puts Pressure on BTC Miners

The price of bitcoin has been on a long losing streak since November 10, 2021, when the leading crypto asset tapped an all-time high at $69K per unit. During the last two weeks, bitcoin has shed more than 19% in value, and the network’s hashrate has dropped from over 200 exahash per second (EH/s) to 174 EH/s losing roughly 15% in ten days.

Civil Unrest in Kazakhstan Leads to Hashrate Loss Speculation, Kazakhstan’s Bitcoin Miners Say Issues Did Not Affect Them


This week the civil unrest in Kazakhstan caused a lot of people to speculate on whether or not it would affect Bitcoin’s global hashrate. The reason for this assumption is because it is estimated that Kazakhstan accounts for at least 18% of the global hashrate, according to the most recent estimates from the Cambridge Centre for Alternative Finance (CCAF). Looking at the 30-day chart for Bitcoin’s (BTC) hashrate indicates that the protocol’s hashpower lost roughly 15% in ten days.

Reports stemming from Kazakhstan indicate that the civil unrest has stabilized and the country’s Data Center Industry and Blockchain Association of Kazakhstan (NABCD), said the issues did not affect digital currency miners. There were a few issues that may have affected bitcoin miners over the last week that are not associated with the problems in Kazakhstan.

Bitcoin’s Low Price and Higher Difficulty Puts Pressure on Bitcoin Miners


Five days ago, bitcoin (BTC) was exchanging hands for $46.5K per unit but the price slid more than 10% in value. Moreover, over a month ago, the best performing mining rig with more than 100 terahash per second (TH/s) would get $25 to $30 per day, per machine, and an electricity rate of $0.12 per kilowatt-hour. Today, that same mining rig will produce $14.87 per day at the time of writing, using the same electrical consumption. The bitcoin price drop could most definitely affect the hashrate and could be one of the reasons it has dropped 15%.

Another reason why the hashrate dropped 15% could be because of the last mining difficulty increase. The last increase took place on January 8, 2022, as the network’s mining difficulty jumped 0.41 % higher. While that may not be that much of an increase, the difficulty is awfully close to the metric’s all-time high, and the network has seen three consecutive increases in a row. In more than 11 days from now, the mining difficulty is expected to increase again, up 0.67% from where it is today.

Currently, pool distribution statistics over the last three days show F2pool and Foundry USA are the world’s top mining pool today, as both pools have 16.74% of the global hashrate each or 29.03 EH/s per pool. There are 13 known mining pools dedicating SHA256 hashrate to the BTC chain and unknown hashrate represents 1.40% of the aggregate or 2.42 EH/s. Despite the recent hashrate drop, from December 31 up until today, the hashrate is up 26.08% since the day before the new year.

What do you think about Bitcoin’s hashrate losing 15% in the last ten days? Let us know what you think about this subject in the comments section below.

Disney Moves Toward the Metaverse With Approved US Patent to Create a ‘Virtual-World Simulator’

Disney Moves Toward the Metaverse With Approved US Patent to Create a 'Virtual-World Simulator'

A recently discovered patent shows the American multinational entertainment and media conglomerate, Walt Disney Company, was approved by the United States Patent and Trademark Office (USPTO) for a “virtual-world simulator” patent. The simulator is composed of a “three-dimensional (3D) map of the geometry of the real-world venue.”

Disney’s Virtual-World Simulator Patent Follows Bob Chapek’s Discussion About the Disney Metaverse


Disney’s interest in the metaverse and blockchain technology has been showing recently as a recent patent approved at the end of December reveals the entertainment giant filed for a “virtual-world simulator” concept.

The virtual-world simulator patent follows Disney CEO Bob Chapek’s earnings call in November when he explained the firm is ready for “our own” metaverse. Chapek also highlighted that Disney was always at the forefront of the latest technologies.

“The Walt Disney Company has a long track record as an early adopter in the use of technology to enhance the entertainment experience,” Chapek remarked during the earnings call. The Disney CEO added:

Our efforts to date are merely a prologue to a time when we’ll be able to connect the physical and digital worlds even more closely, allowing for storytelling without boundaries in our own Disney metaverse, and we look forward to creating unparalleled opportunities for consumers to experience everything Disney has to offer across our products and platforms, wherever the consumer may be.

Cloning One of Disney’s 12 Theme Parks, Lost Sales From the Pandemic, Disney Says It Has “No Current Plans” to Launch the Virtual World


The United States Patent #11,210,843 filed by Disney explains that the virtual-world simulator features a computing protocol that includes a hardware processor and memory storing the software code. The protocol also tracks the user via a computer or handheld device in order to execute actions with the map of a geometry of a real-world Disney venue.

The control or handheld device is able to “simulate a virtual-world by conforming the identified one or more virtual effects to the geometry of the real-world venue from a present vantage point of the tracked moving perspective.”

Essentially, the technology is a clone of one of Disney’s 12 theme parks located all around the world. The company may be headstrong in delivering a virtual experience to make up for the lost revenue stemming from physical theme park closures to visitors due to the Covid-19 pandemic.

According to statistics from February 2021, Disney lost $2.6 billion from the loss of sales during the pandemic and the firm just recently started turning a profit again in August 2021. However, Disney may be keeping the virtual-world simulator concept on the back burner, as the company told the Los Angeles Times it has “no current plans” to launch the virtual world.

What do you think about Disney’s recently approved patent for a virtual theme park world? Let us know what you think about this subject in the comments section below.

Terra Proposal Seeks to Expand UST Stablecoin to 5 Different Defi Protocols

On January 6, Terra Research announced a proposal to expand the network’s stablecoin asset terrausd (UST) across a number of different protocols on Polygon, Ethereum, and Solana. Terra’s governance blog post discusses how the proposal to leverage $139 million of UST can bolster “awesome use-cases” in the world of decentralized finance (defi).

Terra Research Proposes to Expand Terrausd’s Reach Across 5 Protocols


At the time of writing, Terra’s terrausd (UST) stablecoin is the fourth-largest U.S. dollar-pegged token among all the stablecoins in existence. It is also the largest decentralized algorithmic dollar-pegged coin with $10.4 million in UST in circulation today. Furthermore, the stablecoin’s market capitalization has increased 21.4% during the last 30 days. Now the team behind the Terra network wants to increase the stablecoin’s exposure to five different defi protocols on three chains.

The proposal’s author, Ezaan from Terra Research, explains how cross-chain UST liquidity has grown a great deal and he thinks that adding more UST to specific protocols will add “awesome use-cases” to defi. The first UST collaboration mentioned is with the Olympus DAO on Ethereum, Solana, and Polygon. Essentially, Ezaan wants to enable UST bonds and bond $1 million UST in Olympus forever.

“Follow up posts in the Agora thread including when UST bonds are live,” Ezaan said. “1m bond transaction, bi-weekly updates on UST in the Olympus DAO treasury for two months, all three pair addresses when they exist and where you can join the farm.”

Collaborating With Olympus DAO, Rari Fuse, Invictus DAO, Convex, and Tokemak


Additionally, Ezaan mentions collaborating with Ethereum’s Rari Fuse, Solana’s Invictus DAO, Ethereum’s Convex Finance, and Ethereum’s Tokemak.

The five concepts suggested by Ezaan include:

  • Olympus DAO: Enable UST Bonds, bond $1m UST, 425k UST swapped to LUNA via Astroport over 3 months for gOHM-UST incentives on Terra, Solana, Polygon
  • Rari Fuse: 20m UST to seed fuse pools for 6 months to kickstart UST borrowing
  • Invictus DAO: Enable UST Bonds, bond $250k UST
  • Convex: $18m UST swapped to LUNA via Astroport over 6 months for increased Votium incentives
  • Tokemak: $50m UST deposited for 6 months to get widespread liquidity and farm TOKE


According to a number of comments concerning the Terra governance proposal, most community members liked the idea. “Great ideas. Let’s do it,” one individual said. “It’s great to see ideas on how to expand the UST to other L1’s and how they performed so far,” another Terra community member replied. “So far not seeing any drawbacks with the proposal and being already behind Frax at Convex, we should at least equal 100M or put a little more in Tokemak to balance the forces.”

The proposal to expand UST follows the stablecoin becoming a larger decentralized stablecoin than Makerdao’s DAI, in terms of market valuation. Moreover, three days before Ezaan’s proposal, the co-founder of Makerdao, Rune Christensen, tweeted that the stablecoins UST and MIM were “solid Ponzis” and eventually they would be worth zero.

What do you think about the Terra proposal to expand UST to five other protocols on Ethereum, Solana, and Polygon? Let us know what you think about this subject in the comments section below.

XRPayNet – the World’s Most Diverse Payment Network, Bringing ‘Buy Now, Pay Later’ to the Crypto Industry

PRESS RELEASE. XRPayNet is a cryptocurrency built on the XRP Ledger, with an upcoming global team focused on one goal: a globally adopted interface and ecosystem for payment settlements that is suitable for stores, businesses, peer to peer transactions and those who sell products and services. Whilst aiming to challenge existing technology such as Klarna, ClearPay/AfterPay. This will allow consumers to be able to ‘buy now, pay later’ which is an almost first in the entire crypto industry.

The XRPayNet app currently under development promises just that, a world class payment interface for micropayments with transactions processed by the XRP ledger, ensuring very low transaction costs at just a fraction of a penny and ultra-fast speeds. We aim to capture and overcome the current needs of real-life and on-demand crypto payment systems that are increasingly demanded by people and businesses across the globe.

About XRPayNet

The XRPayNet team does not aim to compete with Ripple or XRP. Our goal is to change the world of payments forever by focusing on transforming the world of online and in-store payments, enterprise-to-consumer payment markets (plumbers, electricians, etc.), and peer-to-peer transactions.. Ripple and XRP are currently entering the market with a focus on the interbank and international payment markets. We aim for the market for everyday transactions and micropayments.

Key features

  • Payment interface for online and instore transactions for retail environments.
  • Business to consumer payments.
  • Built in solutions for direct payments
  • Buy now, pay later


Our forthcoming globally adopted interface and ecosystem for settlements gives XRPayNet the opportunity to become the best payment system in the world. We hope you will take a look at our vision and future, where XRPayNet is a big part of our daily lives.

If you want to participate our team has just launched its first token sale with a limited release. You don’t want to miss out on this project.

For more information, the whitepaper and updates please check out:

Website: https://xrpaynet.com/

Twitter: https://twitter.com/XRPayNet

 


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.

Kazakhstan Is Stabilizing, Government Claims as Crypto Miners Look to Future in Country

Kazakhstan Is Stabilizing, Government Claims as Crypto Miners Look to Future in Country

The situation across Kazakhstan, hit by anti-government protests in the first week of the year, is normalizing, central authorities claim. The country’s massive crypto mining industry, which faced an internet blackout during civil unrest on top of power shortages, now hopes that the country will nevertheless remain an attractive location for miners.

President Tokayev Has Nation Under Control


After days of turmoil, the embattled administration of Kazakhstan’s President Kassym-Jomart Tokayev says it now has the country stabilized. Law enforcement agencies have retaken all administrative buildings that were attacked by protesters and communal services are being restored, officials informed the head of state during a meeting on Sunday, according to a released statement.

The troubles in Kazakhstan began on Jan. 2 with demonstrations in the western Mangistau province against the increase of prices of natural gas and other fuels which turned into mass political protests engulfing the Central Asian republic. An unconfirmed number of people have died in the clashes and 5,800 individuals, including foreign nationals, have been arrested, official sources indicated.

Tokayev has been quoted as emphasizing that the security forces will implement all necessary measures to fully restore public law and order in the country, Russian news agency Interfax reported. The president has issued an order to establish a special government commission tasked to address the consequences of the riots in the affected regions.

Despite Challenges, Crypto Miners See Future in Kazakhstan


With its low, capped electricity rates and generally positive attitude towards the crypto industry, Kazakhstan attracted numerous mining companies amid the massive exodus caused by the government crackdown on the sector in China since May 2021. However, the influx of miners, which increased the country’s share in the global bitcoin hashrate by over 18%, has been blamed for a growing deficit of electricity, exceeding 7% in the first three quarters of last year.

According to the Data Center Industry and Blockchain Association of Kazakhstan (NABCD), which unites two-thirds of the legal miners in the country, the riots have not affected the regions where official crypto mining companies are operating. The recent decrease in the bitcoin hashrate was caused by the temporary internet outages, the industry organization explained in a press release provided through Coinstelegram, insisting that the effect the current situation has on the sector and crypto prices is a short-term one. NABCD President Alan Dorjiyev commented:

At the current time, the companies, members of the Association, work as usual. For our part, we are working to ensure that the social responsibility of business makes a positive contribution to the lives of residents of the regions where the data centers are based.


“In a strategic perspective, Kazakhstan will remain one of the most attractive areas for the development of cryptocurrency mining,” the NABCD believes. It assures it’s now maintaining dialogue with relevant government authorities and announced that previously imposed restrictions on electricity supply have been relaxed for legal mining entities. The news comes after a report in December revealed that some mining businesses have started to move equipment out of the country due to power outages.

Do you expect Kazakhstan to remain a major crypto mining hotspot? Tell us in the comments section below.

Electric Car Owner Says His Hacked Tesla Model 3 Mined up to $800 a Month Mining Ethereum

Electric Car Owner Says His Hacked Tesla Model 3 Mined up to $800 a Month Mining Ethereum

According to the 2018 Tesla Model 3 owner, Siraj Raval, he mined up to $800 a month in crypto assets with his hacked-out electric car. Similarly, Chris Allessi, the owner of a Tesla Model S tethered a Bitmain Antminer S9 to his car’s electrical system to mine bitcoin, and he’s mined monero with the car’s internal computer as well.

Tesla Owners Mining Bitcoin, Ethereum, and Monero


This week, two Tesla owners explained how they rigged their cars to mine digital currencies. According to Siraj Raval, he connected graphics processing units (GPUs) to his 2018 Tesla Model 3, in order to mine crypto assets with his car. While the modification to the Tesla system voids his warranty, Raval stressed that “it’s worth it” and claims to have raked in $800 a month in ethereum (ETH) during last year’s ether price highs.

The electric car dealer from Wisconsin, Chris Allessi, started doing the same thing in 2018. Allessi has been tinkering with ideas like this for a while, and he operates a Youtube channel called “K-Man Auto” working on custom electronic vehicles. “I like electricity. I like zapping stuff, building stuff. You give me an electric motor, I give you a finished product,” Allessi told CNBC on January 8.

Electric Car Owner Says His Hacked Tesla Model 3 Mined up to $800 a Month Mining Ethereum

Allessi claims he leveraged a power inverter and a Bitmain Antminer S9, and tied them directly into his Tesla Model S battery to mine bitcoin (BTC). Moreover, Allessi also reports that he leverages Tesla’s onboard internal firmware to mine crypto assets like monero (XMR). “It was no big deal,” Allessi said during his interview. “I could run the mining program within the browser,” he further remarked.

Electric Vehicle Company Daymak’s Electric Car Built to Mine Crypto, BMW i8 Mines Ethereum


Raval has also hacked his Tesla Model 3 onboard internal firmware to mine crypto, and he noted that the process, alongside using GPUs, was the most profitable method. Allessi and Raval are not the only ones that have thought of mining digital assets with an electric vehicle. This past June, the Canada-based electric vehicle company Daymak revealed plans to launch an electric car called the Spiritus that is able to mine cryptocurrencies.

Last year in January, the publication PC Gamer reported that Simon Byrne’s BMW i8 could mine ethereum (ETH) with the electric battery system. Byrne’s car utilized a total of six Nvidia RTX 3080 GPUs to mine the second leading crypto asset. According to Byrne, he hacked out his hybrid-electric BMW i8 with crypto miners “just to annoy gamers.”

What do you think about the Tesla owners mining cryptocurrencies with their electric cars? Let us know what you think about this subject in the comments section below.

Spanish Deputy Suggests Spain Might Attract Kazakhstan Miners

spanish

Maria Muñoz, a Spanish deputy from the country’s Congress, wants to position its country as a reliable alternative to miners that are facing a dire situation in Kazakhstan, after their internet service was suspended, affecting their operative capacity. Muñoz sent a letter to the congress, inquiring about the possible actions that Spain might take to attract fleeing miners, and about the impact this event has had on the Spanish mining sector.

Spanish Deputy Maria Muñoz Inquires About the Consequences of the Kazakhstan Situation

Maria Muñoz, a deputy of the Spanish Congress, has directed a letter to the institution inquiring about the possible actions that the government could take to take advantage of the situation and absorb the business of bitcoin miners fleeing from Kazakhstan. The country, that is facing civil unrest and protests after a fuel price hike, also suspended internet access, affecting bitcoin miners settled in the country. This caused a drop in the bitcoin hashrate, which some reports stated fell 12% after these events.

Muñoz takes this situation as a backdrop to inquire about the information that the Spanish government has regarding these developments and how they are affecting the cryptocurrency mining operations that are currently happening in Spain. Furthermore, in the same letter, she also asks about the growth of this sector in the country and the energy used for this purpose in Spanish soil.

A Crypto Veteran

The cryptocurrency cause is not new for Muñoz, who has been interested in the sector and its possible regulation in Spain since before the Kazakhstan situation. The deputy, who is part of the liberal faction from the Ciudadanos party, was included in a law proposal last October to design a national strategy for the cryptocurrency sector that would allow them to establish a clear framework to attract investors and protect citizens from cryptocurrency frauds.

The proposal, as convened in local media, exposed that while cryptocurrencies had an important growth in Spain last year, there was no concrete institution to regulate the industry, and as a consequence, there might be false expectations from the citizens on this matter. On this, the party asked to establish campaigns to inform citizens about what cryptocurrencies really are, and to coordinate efforts to establish a coordinated cryptocurrency regulation with the European Union and cryptocurrency companies in Europe.

What do you think about the letter sent by this Spanish deputy inquiring about the situation in Kazakhstan? Tell us in the comments section below.