Cipher Mining is preparing for the upcoming Bitcoin halving and has announced the acquisition of new mining equipment to expand the operational capacity of its data centers by 30 MW or 2,50 EH/s. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
Cipher Mining Expands Its Bitcoin Mining Operations
📍16.700 new Bitcoin miners join Cipher Mining's fleet. The new miners will be installed in the data centers of Bear LLC and Chief Mountain LLC in the second quarter of this year. According to the company, the new fleet of Bitcoin miners will be purchased from hardware manufacturer Canaan Inc.
The mining equipment, the latest generation Canaan A1466 model, was purchased at favorable prices and payment conditions, the company reported, through a Press release.
Once these new Bitcoin mining equipment are installed, Cipher Mining will expand its operations on the blockchain network by approximately 30 megawatts (MW), representing approximately 1,25 EH/s of hash rate on the network, in each of its data centers; that is, it will add approximately 2,50 EH/s to its crypto mining capacity, expanding it to a total of 8,4 EH/s on the blockchain network.
Cipher Mining CEO Tyler Page said that this expansion in its Bitcoin mining capabilities seeks to improve the company's position in the crypto industry, especially now that the Bitcoin's fourth halving is just around the corner.
Avalanche Foundation to invest in memecoins
📍The Avalanche Foundation, which oversees the development of the blockchain of the same name, said it will invest in memecoins through its Culture Catalyst fund. According to announced Since its foundation, memecoins have become a fundamental part of the culture of the crypto industry, so it will begin to invest in these digital assets, as part of a cultural effort to recognize the different niches that make up the market.
Memecoins “represent the collective spirit and shared interests of diverse crypto communities,” said the Avalanche Foundation, via social media.
The investment in memecoins will be made through the incubation fund called Culture Catalyst, which has $100 million. So far, the Avalanche Foundation has not revealed which memecoins it plans to invest in.
The Catalyst Culture Fund was created to support new forms of creativity and lifestyle that live on the blockchain, the Foundation said. Therefore, this fund is intended to support NFT, GameFi, DeFi, RWA, stablecoins, and memecoins projects, among others.
Spain will experiment with the digital euro
📍The Bank of Spain has selected three companies to begin a series of tests and experiments with the digital euro. According to the bank, companies Adhara Blockchain, Cecabank and Abanca will work together with the bank to test the creation of tokens backed by the digital euro, as well as the issuance of bonds and wholesale settlements.
The objective of the Bank of Spain, which has closed a agreement with the aforementioned companies, is to unlock new use and application cases for the euro digital currency or CBDC.
Recently, the President of the European Central Bank (ECB), Christine Lagarde, reaffirmed the entity's commitment to issue a digital euro, to bring the European economy into the new era of digital finance.
Lagarde said the ECB is still working on developing a CBDC for the euro to complement the cash form of money. This is despite the opposition that citizens have expressed regarding the creation and use of a CBDC, which could threaten their financial privacy.
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