Instagram NFT-Trading, Eco-Friendly Mining, & Lazy 8ight Yacht Club
Bitcoin has returned near $19,200 as of Thursday after plunging from its peak of $20,373 Tuesday afternoon. While Ethereum dropped toward $1,320 after falling from its Tuesday highpoint of $1,399. After joining a proof-of-stake network, which should make the system faster and significantly more energy efficient, the price of Ethereum has decreased. Cryptocurrency prices plummeted last week on the latest inflation figures.
Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said cryptocurrency restrictions couldmay double the price of Bitcoin in a discussion at New York University’s School of Law. Behnam said expansion may occur in a well-regulated environment as infrastructural cash flow will only happen if there is a regulatory framework for the markets. “Bitcoin might increase in price if there’s a CFTC-regulated market,” he remarked.
Non-fungible tokens (NFT) have been introduced on Instagram after parent firm Meta announced Thursday the long-awaited launch of its virtual asset component to its billions of users. Since May, Instagram’s NFT feature has been in testing; but, as of Thursday, it is now accessible to all users. Users can link their Instagram accounts to wallets like Coinbase, Dapper Labs, MetaMask, Rainbow, and Trust. Instagram users can also crosspost their NFTs to their Facebook profiles, according to a blog post. In a blog post, Meta announced that users of Facebook and Instagram in the United States can now link their wallets and share their digital valuables. The tool is now accessible to everyone in the 100 nations where Instagram sells digital collectibles, according to the statement. The statement was made shortly after the company’s CEO, Mark Zuckerberg, fetched $105,000 for an NFT of a baseball card from his youth.
DJ Seedphrase, an early bitcoin enthusiast and celebrity within the non-fungible token (NFT) community, sold his unique CryptoPunk 2924 on Wednesday to a purchaser in Texas for 3,300 ether (ETH), or roughly US$4.45 million. The Punk, one of just 24 Apes punks, was last sold in November 2020 for 150 ETH ($71,300) to DJ Seedphrase, the alias of Danny Maegaard. Twenty other punks, including his characteristic CryptoPunk 8348 with a top hat, thick beard, sunglasses, and a cigarette, are among Maegaard’s current collection.
Before deciding to sell his highly sought-after hooded Ape suit, he informed CoinDesk that he had been in negotiations with a buyer who runs a family office out of Texas. He knew it would take a miracle to achieve some market movement because he was running low on cash and NFT sales volume had recently dropped, he told CoinDesk. The sale of Punk 2924 is significant given the current “crypto winter,” when cryptocurrency values have crashed and NFT sales have stagnated. “I’ve often had private bids for the hoodie ape, so I knew the interest was there. It was only a matter of finding the appropriate price.”
According to experts at the University of New Mexico in Albuquerque, when measured as a percentage of market value, the climatic impact of bitcoin mining is equal to raising cattle or burning gasoline. Because it requires highly specialized computers and the majority of the electricity it uses is produced by burning fossil fuels, mining cryptocurrencies requires a lot of energy. According to a report published in Scientific Reports on Thursday, mining the well-known digital currency Bitcoin resulted in economic losses connected to climate change on 6.4% of the days that it was traded between 2016 and 2021.
In 2020, the energy required to mine Bitcoin, which accounts for about 41% of the global cryptocurrency market, would have powered entire nations like Austria or Portugal. The mining of Bitcoin, Ether, Litecoin and Monero currency created 3 to 15 million metric tons of carbon dioxide emissions from January 2016, to June 2018, according to research referenced by the report. That is comparable to Afghanistan, Slovenia, or Uruguay’s emissions for the entire year of 2018. Because several miners compete to validate transactions on the blockchain in order to mine new coins, Bitcoin’s carbon footprint increases over time. The total amount of energy used climbs as more miners compete to complete increasingly challenging activities.
According to the researchers, a Bitcoin produced in 2021 would have generated 113 metric tons of CO2 equivalent, which is 126 times more than one mined in 2016. Per the study, the economic cost of that harm for a single Bitcoin mined last year was $11,314, while the cost of all climate harm caused by all Bitcoins mined between 2016 and 2021 may have reached $12 billion.
According to a different study released earlier this week, the industry’s greenhouse gas emissions have decreased as a result of miners’ decision to operate more efficient machines in response to declining Bitcoin mining profit margins. According to estimates, emissions this year will be 14.1% lower than they were in 2021, accounting for around 0.1% of all emissions worldwide and almost half of what gold miners produce on an absolute basis. Additionally, cryptocurrency miners are working harder to get more of the energy they use from clean sources like geothermal, hydro, solar, and wind.
According to a simulation conducted by researchers at the University of Albuquerque, climate damages would have been reduced to just 4% of the average market price if renewable sources of energy, such as wind and solar, had made up 88.4% of the total amount of power used to mine Bitcoin between 2016 and 2021. Another method to limit climate impact is to transition to a different mechanism to verify transactions — and issue coins. The second-largest cryptocurrency, Ether, switched to a Proof of Stake mechanism this year, which should lower its expected energy demand by more than 99%, according to the report.
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Be sure to visit Lazy 8ight Yacht Club’s website at http://L8yachtclub.com for minting and luxury hospitality service inquiries, or visit their Discord, Twitter, Medium, and Instagram pages on social media to stay up-to-date on current L8YC news.
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