Ethereum Classic's hash rate has increased by 80% over the past month as The Merge merger to the Ethereum mainnet draws closer. This and more news is in this handy daily digest so you're always up to date with the latest developments in the crypto world.
Ethereum Classic gains 80% in computing power in the last month
📍Ethereum Classic's hash rate hit a new all-time high this week. According to data from the Coinwarz platform, the hash rate Ethereum Classic’s performance has surpassed 36,8 terahashes per second (TH/s) for the first time in its history.
In the past month, as The Merge merger approaches the Ethereum mainnet, the computing power of Ethereum Classic has increased by 80,4%. this article you can find out all the most important information about The Merge.
Source: Coinwarz
Bitcoin and cryptocurrencies are facing the “moon”
📍Former Goldman Sachs manager Raoul Pal believes the cryptocurrency market will hit the “moon” in the next decade. According to the forecasts of the entrepreneur, investment strategist and former Goldman Sachs manager, the market capitalization of cryptocurrencies could experience strong growth in the next 10 years, driven by the mass adoption of cryptoassets and scarcity, as in the case of Bitcoin.
Pal predicts that within the next decade, some 5.000 billion people will be using Bitcoin and cryptocurrencies worldwide.
This is not the first time Raoul Pal has predicted exponential growth for Bitcoin and cryptocurrencies. In April this year, he noted that thousands of people will enter the digital world in the next 5 years, including governments, funds, capitalists of this time and that by then, most governments will have a CBDC digital currency.
In late 2020, Pal reported that he was liquidating his gold investments to move into crypto assets, primarily Ethereum.
Arcane estimates Bitcoin's energy consumption over the next 20 years
📍According to Arcane Research, Bitcoin could consume up to 10 times more energy in the future. According to the analytics firm, if the price of Bitcoin were to reach $2 million per unit by 2040, then the blockchain network could consume up to 894 terawatt hours (TWh) per year, representing a 10-fold increase from its current energy consumption.
However, while this would be a fairly significant increase, the Bitcoin network would still be far below the current energy expenditure of many industries.
A holder moves his BTC after 10 years
📍The owner of an address with just over 50 BTC has moved his funds after 10 years. La steer axle truck The network from which the BTC funds were moved had received only 3 transactions over the past decade. The first of these transactions appears to be the reward for block mining of 50 BTC, which the network gave to the miners at that time. The second and third transactions were made in 2020 and 2021 for an amount of 0,00000547 BTC each.
However, after moving its funds, the address received a fourth transaction last Monday worth 0,00000555 BTC, which still remains on the balance sheet at the time of writing.
China opens new payment environment for e-CNY
📍The digital yuan can now be used to pay for rides on the subway and local buses in the city of Guanzhou. According to Qianjia, the Chinese government is expanding digital yuan, or e-CNY, payments to public transportation.
Although China planned to officially launch its central bank digital currency (CBDC) In the past, the Beijing 2022 Winter Olympics, which were held in February, the truth is that it is still implementing the digital yuan in various test environments, in order to ensure the viability and functionality of the digital currency.
In this regard, the government has started a new pilot for the digital yuan in the city of Guangzhou, which through a QR payment code is allowing residents to pay for their bus and subway rides with the CBDC currency. According to the media, Guangzhou is the first city of its kind in the country to make use of this payment function.
SEC seeks to apply the same regulations to cryptocurrencies as capital markets
📍SEC Chairman Gary Gensler believes cryptocurrencies should be governed by the same regulations that apply to capital markets. According to The Wall Street Journal, Gensler considers that securities laws that protect investors should continue to apply even as new technologies such as cryptoassets emerge.
The SEC chairman warned that the financial regulator will act as the cryptocurrency police and will continue to enforce strict rules on the industry to mitigate potential risks.
Continue reading: 10 traditional companies that have adopted crypto
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