Crypto Bounces – The Tech Bros are back

[ad_1]

Bitcoin jumped more than 11% from Friday’s Asian close following a bullish news cycle that resulted in rumors that Amazon would start taking the cryptocurrency.

Jeff Bezos, founder of Amazon

The City AM of London got things going on Friday when it announced that sources close to Amazon were considering adopting Bitcoin for payments on the platform. This rumor was confirmed when Amazon announced the position of leader in cryptocurrency and blockchain.

“You will leverage your expertise in blockchain, distributed ledger, central bank digital currencies and cryptocurrency to develop the case for capabilities that should be developed, drive the overall vision and strategy. product, and gaining leadership buy-in and investment for new capabilities, ”the post read.

Jack says yes to the indigenous global currency

Twitter chief executive Jack Dorsey told investors on Twitter’s second quarter earnings call on Thursday that bitcoin will be a “big part” of the company’s future.

“There are 3 relevant trends for Twitter and you, our shareholders: AI, decentralization and the internet finally having access to a native global currency in Bitcoin. All of these will help us do our jobs better and we intend to lead the way in all of them, ”said Dorsey.

Jack Dorsey, CEO of Twitter

During the call, Dorsey later added, “I’ve tweeted and talked a lot about Bitcoin, so I thought it was important that I explain a little more why in my opening remarks. I think – not – focusing on the use case of the internet having a native currency and that Bitcoin is probably the best – actually known to be the best candidate for this role, which is what I think we should really focus. If the internet has a native currency, a global currency, we can go much faster with products like Super Follows, Commerce, Subscription, Tip Jar, and we can reach every person on the planet because of that instead of going market-by-market approach.

Bullish talk at B-Word conference

Twenty-four hours earlier, Dorsey joined Cathie Wood, Founder, CEO and CIO of ARK Investment Management LLC (“ARK”) and Elon Musk at the B-Word Conference, an event hosted by the Crypto Council for Innovation.

Elon Musk, CEO of Tesla

Musk, who had suspended Bitcoin payments through Tesla over concerns over the energy used in cryptocurrency mining, suggested the suspension may be lifted soon.

“It looks like bitcoin is turning a lot more to renewables and a bunch of heavy-duty coal-fired power plants that were in use… have been shut down, especially in China,” Musk said.

“I want to do a little more due diligence to confirm that the percentage of renewable energy use is most likely equal to or greater than 50% and that there is a trend for that number to increase. If so, Tesla will most likely start accepting bitcoin again, ”he said.

Clean Bitcoin Mining

Investors in cryptocurrency mining are now focusing on renewable energy sources to power their operations.

Iris energy is an example of a cryptocurrency that aims to fuel its operations through sustainable infrastructure. The company’s first facilities in Canada were powered by hydroelectric power.

Jason Conroy, CEO of Iris Energy

Iris’s management team recently raised US $ 50 million for an equipment finance facility. The facility will be applied to the purchase of Bitcoin mining servers as part of Iris Energy’s expansion of operations in Canada.

“This funding is another institutional endorsement of Iris Energy’s sustainable business model and allows us to continue to grow our operations following our recent A $ 110 million fundraising, led by Australian institutional funds,” said Jason Conroy. , CEO of Iris Energy.

The company will upgrade from the existing site, which now uses 9 MW of power, to 180 MW at four sites in British Columbia. And this despite the current global shortage of chips.

“We got enough chips to hit 180 MW,” says Conroy. “The existing Canadian site takes us from 9MW to 30MW. We have the foot on the development sites for the other 150 MW, and we have the foot on the chips for the orders to build those 150 MW until the remainder of next year. Orders to build these 150 MW until the end of next year.

[ad_2]