Crypto Mountains

Kazakh ministry halts illegal crypto mining operations.
Government efforts to identify and disconnect mining farms from the electrical networks will continue, according to the announcement.
The Ministry of Energy of the Republic of Kazakhstan announced that it had discovered and terminated 13 cryptocurrency mining operations. The government executed the shutdown as part of its efforts to regulate the Bitcoin (BTC) mining sector, which has grown increasingly popular in recent years.
As per the official statement, the miners were using a lot of energy, with a total power consumption of 202 megawatts. According to the Kazakh government, efforts to identify and disconnect mining farms from the electrical networks will continue. Following the discovery of illicit mining operations, authorized bodies will take operational and investigatory actions.
As the planet’s second-largest Bitcoin producer after China’s crypto crackdown, power consumption in Kazakhstan has skyrocketed. As reported by Cointelegraph, Kazakhstan was home to over 18% of the world’s Bitcoin hash rate as of August 2021, trailing only the United States. In April, before China’s mining crackdowns, the figure was just 8%.
In June 2021, the president of Kazakhstan approved the creation of a tax category for Bitcoin mining, which was perhaps motivated by China’s anti-Bitcoin attitude. In 2021, due to Chinese authorities’ hostility, Chinese BTC mining businesses such as Canaan and BTC com relocated to Kazakhstan.
Although the mining industry has been largely concentrated in the country for some time, it looks set to lose its hash rate share due to various reasons, according to several sector executives as reported by Cointelegraph. This would most likely cause Kazakhstan to depart from the top three BTC mining countries in the index update, expected next month.
Related: Kazakhstan's central bank reports results on CBDC pilot project
On Feb. 8, the Kazakh president ordered a cabinet-level investigation of cryptocurrency mining, with Kazakh First Vice Minister of Finance Marat Sultangaziyev proposing power price hikes for crypto miners. According to reports, although President Kassym-Jomart Tokayev is not against mining, miners must obtain licenses, pay electricity bills on decent terms, and pay taxes.

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2022-02-22 20:00:49

🔥Catch a great opportunity to earn on the NFT and GameFi market growth! 🔥
On February 22, the developer of the infrastructure-level solution for the GameFi market, Meta DAO Guild, is launching the first closed token sale when participants will be able to purchase the project’s tokens – MDGG – at the most attractive price of $0.048.
By the second round which will be held on March 13, the price of the coin will grow 40%. By the time of the listing on the cryptocurrencies exchanges, the Meta DAO Guild developers expect the MDGG price to reach $0.40.
That is why those who catch the coins during the first round, will get the fattest profit.
Sale Type: Direct
Token volume: 50 000 000 $MDGG
Price: 0.048$
Minimum bid: 100$
Maximum bid: 10 000$
For weeks, Meta DAO Guild has been actively discussed in the media. But in case you have not heard, the project developers have found solutions for two main GameFi problems:
🔹High entry barrier to GameFi projects;
🔹Gaming NFT idle time.
The project team is creating a platform for renting gaming NFT – MetaRent that will allow gamers to start earning on GameFi with minimum investments. The gaming NFT owners will get an opportunity to reach passive income.
Also, Meta DAO Guild develops a series of other sought-after products, including the following:
✅The educational system that teaches how to earn on GameFi projects Scholarship;
✅The service to exchange gaming NFTs MetaExchange.
Another product of Meta DAO Guild that deserves special attention is a decentralised venture fund DAO Launchpad. Through the fund, MDGG owners can invest in the most promising GameFi projects at early stages, and thus get access to opportunities to earn maximum. This is yet another reason to get some Meta DAO Guild tokens.
❗️To participate in the closed token sale, it is needed to leave an email on the official Meta DAO Guild website.
📲 Do not forget to set up a reminder for the first sales round when MDGG will be available at the best price.

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2022-02-22 16:00:58

Layer 2 in 2022: Get Ready for Rollups, Bridges, New Apps, Life With Ethereum 2.0, and Layer 3.
2022 is estimated to be the year when Ethereum (ETH) -- the biggest smart contract-capable blockchain in terms of total value locked in -- finally moves to a proof-of-stake (PoS) consensus mechanism. If it’s not delayed again. For some observers, such a transition could mean that layer 2 (L2) solutions built on top of Ethereum, such as Polygon (MATIC), Loopring (LRC), Arbitrum, Optimism, and StarkWare (to name only a few) become more or less redundant, insofar as Ethereum will be able to scale for itself.
However, figures working within the sub-sector all unanimously claim that L2 platforms will not only remain relevant after Ethereum 2.0’s (which is now being rebranded to “consensus layer”) arrival, but will have a strong 2022. Demand for such platforms will grow this year in tandem with the use of Ethereum itself, as smaller transactions and business applications seek the fastest and most cost-effective mechanisms.
At the same time, particular L2 trends might emerge this year, from the growth of zero-knowledge rollups (ZK rollups) and interoperability between platforms to native L2 applications and even the emergence of ‘layer 3.’
Ethereum 2.0 = The end of L2?
Pretty much no one seems to believe that the arrival of Ethereum 2.0 (due at some point in the first half of this year) will make L2 solutions unnecessary. Instead, one of the prevailing trends for this year might be their continuing -- and growing -- relevance.
“Even if Ethereum 2.0 archives its full scaling potential of offering a 64-fold improvement, it will still likely fall short of expected demand,” said a spokesperson for Polygon.
Crypto is currently in the early stages of the adoption curve, with gaming studios, brands, financial institutions, and Web 2 players just getting started with Web 3. Enterprises are only beginning to explore this space, and for the team at Polygon, the demand is already an order of magnitude more than the expected scaling that will be achieved with Ethereum 2.0.
In other words, L2 will only become more necessary as crypto and blockchain attract substantial real-world adoption.
“The Ethereum main chain will remain the settlement layer, while scaling solutions will emerge as the execution layer for the ecosystem. All the smaller business transactions will run on the scaling solutions and submit cryptographic proofs back to Ethereum,” Polygon’s spokesperson told Cryptonews com.
As an example, the spokesperson notes that the number of Aave (AAVE) users on Polygon has grown to more than double those on the Ethereum main chain in the last few months. For them, this means “that scaling solutions and higher adoption of the Ethereum ecosystem go hand in hand.”

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2022-02-19 21:00:31

Banning Bitcoin in Russia is 'same as banning the internet,' minister says.
Bank of Russia governor Elvira Nabiullina previously argued that banning Bitcoin in Russia was “quite doable."
Banning cryptocurrencies like Bitcoin (BTC) is impossible, Russia’s finance minister Anton Siluanov declared as the Bank of Russia keeps calling on the state to ban crypto in the country.
Placing a ban on crypto in Russia is the “same as banning the internet, which is impossible,” Siluanov declared at the ministry’s briefing with the central bank, Forbes Russia reported Wednesday.
The finance minister reportedly said that starting regulating the cryptocurrency industry as soon as possible is way better than banning it as this would allow the government to finally monitor the market and grow the country's budget using taxes from crypto mining.
“What’s wrong with that, I don’t understand why it should be banned,” Siluanov said at the briefing, adding that there is an easy solution for taxing the market. According to the minister, the government should hold taxes from the realized gains on the amount of deposited and withdrawn fiat assets.
“The Central Bank wants to put an outright ban on crypto assets, arguing that this creates risks, primarily for citizens and can “infect” financial institutions, banks as well as create an opaque settlement market,” Siluanov said.
He added that the finance ministry admits these concerns and thus finds it necessary to limit cryptocurrency exposure by non-professional investors as part of its concept of crypto regulation released in early February. As such, the maximum amount for inexperienced investors can be set within 50,000 Russian rubles ($660) to 100,000 rubles ($1,300), the minister reportedly said. Previously, Siluanov’s deputy Alexei Moiseev suggested limiting such purchases to $660.
The officials did not specify whether the potential limit would refer to monthly investments or any other period. The ministry's press office did not immediately respond to Cointelegraph’s request for comment.
In the meantime, the Bank of Russia does not support the idea of letting non-professional investors buy cryptocurrencies like Bitcoin at all, citing common risks like fraud and money laundering.

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2022-02-16 20:00:26

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