DAILY CONQUEST #162
Eight ways Bitcoin mining is GOOD for the environment.
The best daily source of crypto news, insights and alpha.
Overview
- Is Bitcoin mining actually bad for the environment?
- Markets: BTC flat, various Alts sky.
- BlockFi’s secret $1.2B exposure to FTX.
- DYdX postpones token unlock.
- NFTs: Kevin Rose’s wallet hacked!
Good Morning Fam,
There are people out there that are still under the impression that BTC mining is bad for the environment even though the theory has been proven otherwise a long time ago. Here are some stories gathered by Documenting Bitcoin to help prove that Bitcoin is environmentally a net-net good.
- Bitcoin mining helped save endangered animals in Congo’s oldest national park after tourism died during the pandemic.
- The Tepaca volcano in El Salvador produces more sustainable geothermal energy than the local community can utilize; Bitcoin mining helps lower cost and balance the electrical grid.
- People in Lebanon surviving off Bitcoin mining after its local currency lost 95% of its value.
- Canadian fish hatcheries and plant growers use bitcoin mining to sustainably heat greenhouses and fish tanks.
Source: cbc.ca
- Bitcoin mining helping balance Texas’ electrical grid.
- Methane miners using bitcoin miners to burn excess methane emissions.
- Bitcoin mining keeps America’s oldest hydro plant in business.
So next time your family or friends tell you bitcoin is bad for the environment, make sure to show them some of these stories!
Market update 🌍
BTC/USDT 4H
BTC experienced 24 hours of strong volatility after selling off to a low $22,300 during the US session and reaching a high of $23,816 later in the afternoon. Price was firmly rejected near the highs behind a notable amount of volume. Still, BTC looks prepared to test the $24,500 resistance sometime this week if upward momentum continues. BTC completed the daily candle up +1.87% to $23,057.
High-resolution chart.
MINA/USDT 1D
The team at Mina introduced a $500k funding project titled zkIgnite, to help fund projects build out the protocol’s zkApps. Mina protocol (MINA) remained fairly quiet in the past few months but appears to be breaking trend after the recent update. Mina Protocol is considered one of the “lightest” smart contract platforms supported by its zk-rollup technology. Mina protocol completed the daily candle up +22.36% to $0.68.
High-resolution chart.
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Newswatch 📰
Secret BlockFi financials tied to FTX. Crypto lender BlockFi mistakenly uploaded uncensored financial documents that reveal the company has a $1.2 billion exposure to the collapse of the FTX exchange. The documents show that BlockFi has $415.9 million worth of assets tied up with FTX and $831.3 million in loans to Alameda Research. These figures have increased due to the rise in the price of Bitcoin and the crypto market. This information was revealed during the first-day hearing of BlockFi’s bankruptcy proceedings on November 29.
DYdX postpones token unlock. DYdX, a decentralized crypto trading platform, has decided to delay the distribution of 150 million tokens (valued at $282 million). This move would have doubled the current token supply, but now the release of tokens will be reduced by 83 million tokens (valued at $156 million) and will be moved to Dec 1, 2023. According to the new schedule, 83 million tokens (30% of the total tokens for investors) will be made available on December 1st, with 40% released on a monthly basis over the next six months, 20% over the following year, and 10% over the year.
Injective’s ecosystem fund. The finance-focused Layer-one (L1) Injective has launched a $150m initiative to boost DeFi and Cosmos blockchain adoption
News tidbits:
- UK Treasury seeking a CBDC Head.
- SushiSwap to launch a perpetual exchange on Sei Network.
- Tesla did not conduct any BTC trades in Q4, 2022. Current BTC balance: 9,720.
- Deribit to relocate to Dubai.
- Cardano’s Stablecoin Djed to launch next week.
NFT & metaverse update 🐵
- The wallet of Proof’s Kevin Rose was hacked for millions of high-value NFTs.
- Pudgy Penguins announced that Lil Pudgys will be available in various chains to include Arbitrum, BNB and Polygon with the help of LayerZero.
- Pedigree Brand launches Fosterverse Program, to allow virtual pet adoption via Decentraland.
Source: prnewaire.com
My five cents…
A variety of altcoins took the opportunity to run during BTC’s recent pause in price action. The moves are reminiscent of bull runs of the past. While crypto is far from being out of the woods, the development is a positive sign for the state of the market in general. Those who invested during the worst of times are reaping some of the benefits.
There are plenty of catalysts in the near term that could bring the price of the market hurling-down but the recent trend highlights that crypto is poised to climb out of the bear market depths.
Opportunities to buy the dips will open up in the coming months. Remain patient but take into consideration that the market is behaving more like it did in 2021 than it did in 2022.
Until tomorrow!
Gabriel
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