The world's largest Bitcoin mining farms, which control more than 50% of the network's hash rate, are located in China, which is now heavily besieged by massive storms and floods. This and more news is in this handy daily digest so you're always up to date with the latest events in the crypto world.
📍It is no secret that the largest concentration of hash rate of the network Bitcoin is in China, especially in the city of Sichuan, which is currently being affected by the strong storms in the region. In fact, in several regions of the country they have already warned that these are the largest floods in the last 70 years, and the situation continues to worsen. With constant power outages, the paralysis of several power plants, failures in communications and Internet services, the Bitcoin hash rate will be affected by the mandatory disconnection of several companies and mining farms, just when the network reached a new historical maximum reaching 130 EH/s. The network hash rate is controlled by the companies Poole's, F2Pool, BTC.com y AntPool, all located in China.
📍OKEx is considering the elimination of Ethereum Classic (ETC), after the network suffered 2 51% attacks in a week and that allowed the attacker to spend more than 5,6 million dollars. This cryptocurrency exchange was the one that handled the largest volume of operations carried out with ETC, but following the recent attacks that demonstrated vulnerabilities in the network, the exchange argues that it is making the decision to remove it from its services, although it is not an easy decision due to the popularity and position of the network. Since the attacks, the confirmation time of an ETC transaction has increased exponentially.
📍Latin America continues to innovate in technology blockchain. On this occasion, the protagonists are Colombia and Brazil, who are adopting a development and progress approach in relation to this technology. In Colombia, the Ministry of Information and Communication Technologies, MinTIC, published a practical document which will serve as a guide for all those companies, businesses and public sector organizations that wish to implement blockchain technology in their processes for the development and digitalization of the country.
In Brazil, for its part, the ABCscript, the Brazilian association for the development of cryptoeconomics in Brazil, presented and signed a document live that seeks to legitimize the use of cryptocurrencies, and digital assets within the country. Several cryptocurrency firms and exchanges that are present in Brazil joined this initiative, hoping to increase the trading of crypto assets by the end of this year.
📍The CPI token developed by Crypto Price Index The CPI has grown by 2.300% since mid-July to date, going from a value of $5 USD to $115 USD per unit. CPI was designed to allow investors and cryptocurrency enthusiasts to create an “investment basket” with the top 200 cryptocurrencies present in the market, tracking the price variations of these assets in real time. This initiative was presented as a way to mitigate the risks associated with the growing boom of DeFi ecosystems.
📍In technology, one of the largest manufacturers of Bitcoin mining equipment, Bitmain, will implement the new 5nm chips state-of-the-art designed by TSMCAccording to the source, Bitmain will be the first Bitcoin and cryptocurrency-related company to use the chip in its mining equipment.
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