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Crypto Roundup: Here are some of the cryptocurrency and blockchain stories that caught our attention this week
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Nicholas Sokic, Special to Financial Post A representation of the Bitcoin cryptocurrency on August 6, 2021. Photo by Dado Ruvic / Reuters Files Content of the article About these generators
Last year, Vancouver-based Link Global installed four gas generators in Sturgeon County, Alta., To run computers for crypto mining. The problem is, the company hasn’t told the Alberta Utilities Commission. A second site followed in Kirkwall.
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Today, the company faces a total of $ 7 million in AUC fines, which would be only the second time the regulator has imposed such a restitution penalty. The number was calculated in part based on the factory opening hours and the daily price of Bitcoin.
Link Global enjoyed a significant economic advantage by immediately starting operations at the two plants without taking any of the steps required to obtain Commission approval or to qualify for an exemption, the team in charge of the application September 24. Their power plant also affected neighbors, who complained about the lack of sleep due to noise from the machines.
The AUC enforcement team also said that Link Global did not produce evidence of revenue generated between March 8 and August 26, when factories were forced to close.
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The Sturgeon plant operated for 364 days and the Kirkwall plant for 426 days without authorization. The Sturgeon plant is being moved further north at the cost of a few jobs, while Link has filed documents to reestablish the Kirkwall plant. A third plant in Westlock has qualified for AUC.
The company also plans to start three new crypto mining facilities in western Alberta later this year.
Uncle Sam keeps talking about crypto
The US government is trying to figure out cryptocurrencies and everyone is having fun.
Bloomberg News reported on Friday that the U.S. Treasury Department and Presidents’ Task Force on Financial Markets are leading an effort to regulate stablecoins, recommending that rules be put in place to allow crypto banks to manage them in as deposits. This is from a report that is expected to be finalized and released at the end of the month.
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If this directive comes to fruition, it would appear to conflict with SEC Garry Gensler, who just weeks ago expressed disdain for stablecoins and revealed in a Washington Post interview in September that the SEC was seeking a broad authority to regulate them.
The Treasury Department and the task force also considered whether or not to ask the Financial Stability Supervisory Board to consider whether stablecoins pose a systemic threat. The current market value of stablecoins exceeds $ 120 billion.
The Treasury decision comes shortly after another government agency, the U.S. Federal Reserve, announced that it would issue a document seeking public comment on the risks and opportunities of introducing a digital currency. central bank.
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The decision to launch a digital currency would only be made if there were clear and tangible benefits that outweigh the costs and risks, Fed Chairman Jerome Powell said on September 22. Any move on a digital dollar would require legislation from Congress.
Both developments point to increased interest in cryptocurrency’s potentials and pitfalls among senior U.S. financial regulators.
Even US President Joe Biden is interested in it. On Friday, he will attempt to bring together thirty countries to accelerate our cooperation in the fight against cybercrime, improving collaboration between law enforcement agencies, containing the illicit use of cryptocurrency and engaging. diplomatic on these issues, National Security Advisor Jake Sullivan told CNN.
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Content of the article Ride and mine
Daymak, the world’s largest producer of light electric vehicles, plans to launch an LEV that will be able to mine crypto when parked, plugged in, or charging wirelessly.
The Spiritus will be an all-electric three-wheeler designed to carry two adult daily commuters. The base model Spiritus Deluxe has a top speed of over 136 km / h and a range of 289 km. The improved sport model Spiritus Ultimate has a top speed of over 209 km / h and a range of 482 km. Their suggested retail prices are $ 19,995 and $ 149,000, respectively. So far, there have been 25,000 depots and distribution orders for the Spiritus, the company said in a statement.
The cryptocurrency mining itself will be done through a user interface directly into the dashboard, touted as the world’s first comprehensive cryptocurrency suite for electric vehicles. Spiritus cars will also include the Nebula Wallet crypto app to manage your tokens. Supported currencies include Bitcoin, Ethereum, Doge, and others.
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You use a car for an hour a day, more or less. So our car, 23 hours a day, will net you money between $ 5 and $ 12, obviously depending on crypto prices, Aldo Baiocchi told Yahoo Finance. While Baiocchi mentioned that the new owners could use their crypto mining to offset monthly rental costs, it wouldn’t do much damage.
The rise of the crypto billionaire
On Tuesday, Forbes released its annual list of the 400 richest Americans. The top spot was no surprise (Jeff Bezos), but what was new was the seven crypto entrepreneurs in the mix. At the top was Sam Bankman-Fried, CEO of FTX worth $ 22.5 billion and at 29, the youngest member on the list. Forbes also notes that he is the richest self-taught newcomer in the history of the list.
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Coinbase founders Brian Armstrong and Fred Ehrsam follow with $ 11.5 billion and $ 3.5 billion, respectively. Others include Tyler and Cameron Winklevoss, the twins of Facebook’s first fame who went on to found the Gemini exchange are doing well with a net worth of $ 4.3 billion.
Finally, Jed McCaleb, co-founder of the crypto payment protocol Ripple, arrives with $ 3 billion to his credit. He was also responsible for launching Mt. Gox, which he sold before it was hacked.
Chris Larsen, another founder of Ripple, was the only crypto billionaire on the Forbes 2020 list. He brings with him an estimated net worth of US $ 6 billion.
Public art gets the NFT treatment
What does a public art NFT installation look like? Torontonians had the distinction of being the first to find out last weekend when Project Continuum was unveiled in Fort York.
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Content of the article The Bitcoin Flash Crash, El Salvador’s Big Day and EU Regulatory Problems SINK
Hosted by DJ Steve Aoki, the NFT presented an animation by Toronto artist Krista Kim in collaboration with Efren Mur on a 100 meter long and four meter high LED light wall, as well as live music from the Smashing Pumpkins Jeff Schroeder.
He made his debut as part of the Toronto History Museums Awakenings program, which features work by black and Indigenous artists on themes of anti-oppression, anti-racism and anti-colonialism.
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In a symbolic act of healing and rebirth, the work will be installed at Fort York National Historic Site, transforming it from a military fortification into a light of hope for the future, Kim said in a statement.
The project was auctioned off to an unknown buyer via a Sothebys auction before its public display. According to his site, Continuum will appear in Miami next December.
Whatever the public thinks about it, chances are it will be a far cry from the latest NFT public art installation. NFT’s third-quarter sales jumped to $ 10.7 billion from $ 1.3 billion in the previous quarter, an increase of more than eight according to DappRadar.
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