Crypto Guides, Knowledge & Insights

Bitfarms Increases Revenues by Almost 400% in Q2

Canada-based bitcoin mining company Bitfarms reported Monday that its sales grew 396% year-over-year to $36.7 million in the second quarter. It recorded an operating loss of $2.1 million and a net loss of $3.7 million for the quarter.　　Shares of Bitfarms were up 0.5% to $6.42 in after-hours trading on Monday following the release of its earnings. Shares are up almost 240% year to date as China has cracked down on crypto mining and the price of bitcoin has increased significantly.　　The company mined 759 bitcoin in Q2 with an average cost of approximately $9,000 per Bitcoin, and held 1,293 bitcoin valued at $35,057 each, or approximately $45.3 million, as of June 30, 2021.　　Bitfarms average cost of production per bitcoin to $9,000 for the quarter compared to $5,075 for the prior year quarter reflected the May 2020 halving event and expenses related to third-party hosting, offset by the benefit from operating efficiencies.　　“The second quarter of 2021 was a pivotal one for our company,” said Emiliano Grodzki, Bitfarms CEO. “From the beginning of 2021 through the end of 2022, we expect to have increased our capacity eight- fold and have expanded our geographic resources throughout North and South America while continuing to pursue

2021-08-17Deep Dive

Kakao Expands Into Singapore to Strengthen Its Global Blockchain Adoption Initiative

South Korean Internet giant Kakao launched two blockchain units in Singapore as part of the companys plans to expand its blockchain reach for the Klaytn project globally.　　Two Blockchain Entities in Singapore　　According to the Korea Herald on Monday (August 16, 2021), the two blockchain-based entities established in the city-state are the Klaytn Foundation and Krust. The former is a non-profit organization, while the latter is Kakaos global accelerator unit.　　The expansion into Singapore is part of Kakaos globalization agenda for the Klaytn blockchain project. Also, the South Korean internet giant aiming to achieve its objective by investing $300 million into blockchain-based startups and developers, along with a “Klaytn improvement reserve” for infrastructure and service maintenance.　　Speaking about its mission, the Klaytn Foundation which was launched earlier in August, said:　　“We will expand the Klaytn World – more proactively and systematically. We will actively invest our human as well as financial resources in developers and businesses of the blockchain world to accelerate the growth of our ecosystem and the development of our technology.”　　The Klaytn blockchain platform which was was initially spearheaded by Ground X, Kakaos blockchain subsidiary will be led by the Klaytn Foundation. Ground X released the blockchain project back in October 2018.　　Kakao has

2021-08-17Deep Dive

TikTok Partners with Ethereum-Based Music Streaming Platform

TikTok, which recently became the worlds most downloaded app, has picked blockchain-based project Audius as its first partner in the niche of music streaming, Rolling Stone reports.　　Artists who use the red-hot video-sharing app will be able to publish their music under the “TikTok Sounds” section.　　The Audius app was initially launched on the Ethereum-based POA network. In October, the project partially migrated to high-throughput rival Solana.　　Earlier this month, it announced that it had reached five million monthly users, which makes it one of the most widely used applications that are powered by blockchain technology.　　Apart from a myriad of little-known artists, the app has also managed to attract some big names, such as American DJ Skrillex.　　Spotify, the largest music streaming platform in the world with about 365 million active users, constantly faces criticism for underpaying musicians. Meanwhile, Audius makes it possible for creators to set their rules when it comes to monetization instead of paying them directly.　　Musicians use the AUDIO token that can be used for yield earning through staking.　　In March, Audius also announced the integration of non-fungible tokens, which can also serve as a means of monetization.　　Co-founder Forrest Browning, however, told Rolling Stone that the lions share of the apps users

2021-08-17Deep Dive

50 Years Later: Why Bitcoin Is The New Gold Standard

50 years ago yesterday, on August 15, 1971, United States President Richard Nixon changed the world with a monetary policy that also led to the creation of Bitcoin. It seems like a stretch, but it all began with the depegging of the dollar from the gold standard.　　Losing its peg to gold has led the dollar down a dangerous slope it likely can never recover from. The problem that started back in 1971, is spiraling out of control as more money is produced from nothing but debt. If the global reserve currency continues to head in such direction, complete collapse of the economy is possible unless a new standard of sorts emerges. Could that new standard be Bitcoin？　　WTF Happened In 1971　　A lot of things happened in 1971, but few have the same lingering impact as US President Richard Nixon ending the convertibility of the US dollar to gold.　　Prior to this, the US had to maintain the US dollar at a price pegged to gold to ensure convertibility internationally. But to combat inflation and rising wage gaps, the Bretton Woods monetary system was ended.　　Without a dollar tied to the price of gold, new dollars have entered the monetary system in abundance ever

2021-08-17Deep Dive

Will Colombia become El Salvador 2.0 after President Advisor’s stance on BTC?

Jehudi Castro Sierra, Advisor to the President of Colombia, applauded Bitcoin (BTC). He called it the “most brilliant piece of software ever.” The Colombian Presidents Advisor asserted his position in the parliament as the tech and digital advancement Advisor, instead of a political consultant.　　Sierras appreciation of cryptocurrencies like Bitcoin, along with his eminent position in the Colombian administration could mean a foreseeable shift in the county. A potential move from traditional finances, towards the decentralized sphere in the Colombian finances.　　“I approached Bitcoin as a great open-source project. After some time, I also got interested in the monetary innovation that it represents, and I am still discovering amazing new things every day.”, Sierra told CryptoPotato in an interview.　　 BTC adoption projects in Colombia　　Sierra highlighted ongoing projects in the nation to adopt Bitcoin and other digital currencies for mass and routine transactions. Additionally, he emphasized crypto projects as Colombias priority to become adequately equipped for Web 3.0.　　Colombia attempts to make crypto exchanges approachable to its citizens. Sierra stated that the authorities will implement lenient regulatory policies, provide incentives, and thereafter, seek more investments.　　“Currently, one of the main focuses is around cryptocurrencies. We have an innovative sandbox where we allow exchanges to reach

2021-08-17Deep Dive

How Huobi fights against cryptocurrency risk

Since Bitcoin (BTC) started gaining popularity in recent years, governmental departments around the world have been keeping a close eye on cryptocurrency. Originally, the danger associated with Bitcoin was often described as “speculative risk.” The lack of regulation and reliable information in the crypto market, coupled with the rapid increase in the value of cryptocurrencies and the desire to make money, have made way for bad actors to enter the space. In fact, cryptocurrency fraud is now a mainstream issue on a global scale.　　According to a Customer Protection Data Spotlight published by Federal Trade Commission (FTC), cryptocurrency investment scam reports have increased quickly with nearly 7,000 people reporting losses of more than $80 million from these scams since October 2020, which is about 12 times the number of reports compared to the same period a year earlier. Reports to the FTC Consumer Sentinel Network also suggest scammers are “cashing in on the buzz around cryptocurrency by luring people into bogus investment opportunities in record numbers.”　　“Similar to the internet, the rapid development of the cryptocurrency market has spawned a plethora of issues, including new romance scams and Ponzi schemes. To help protect our users against fraud and other criminal activities, we

2021-08-17Deep Dive

Crystal Pro Aims to Become the first Crypto-based Platform in Indonesia Streamlining Business Operat

Incubated in Indonesia, Crystal Pro is a new generation Crypto Company with the dream to build their blockchain, the way BNB did back in 2009. The company will launch its token and blockchain without using its proprietary Blockchain technology. Since cryptocurrencies are universally acceptable, the company chose to be with the Binance innovative chain network and Decentralized Finance. This chain charges lower transaction fees than most other chains, plus they have high transaction speed.　　The company is eagerly looking forward to linking the enterprise and financial sectors to launch economic integration schemes. The CRYSTAL PRO COIN blockchain has a network of the private and public sectors to ease the overall process. The company aims to be the first Indonesian blockchain that can generate tokens. Their token will be called the Crystal Pro coin called $SCRP (SMART CRYSTALPRO) and will convert from $CRP to $SCRP. It has unique capabilities, such as it takes only 10 seconds to block time and has a total supply of 80,000,000 CRPv2. Other features include SwiftTX, budget, treasury, and master node governance.　　This digital currency also has a ledger that can record the provenance of a digital asset. But the primary mission here is to deliver the digital

2021-08-16Deep Dive

Crystal Pro Aims to Become the first Crypto-based Platform in Indonesia Streamlining Business Operat

2021-08-16Deep Dive

In 2022, UnionBank will Launch a Digital Bank

UnionBank of the Philippines is planning to dispatch its computerized bank continuously quarter of 2022, Executive Vice President and Financial Inclusion Executive Manuel Santiago Jr. said in an online monetary gathering coordinated by the Economic Journalists Association of the Philippines. This is important for the banks drive to adjust to the fast digitalization during the current pandemic.　　　　“We are at present getting sorted out the Union Digital. We will dispatch it constantly quarter of the following year,” Santiago said.　　By the Bangko Sentral ng Pilipinas (BSP) solid push for digitalization even before the pandemic struck, Santiago expressed that through Union Digital, Union Bank means to come to the enormous unbanked populace.　　“We hope to develop our offer and desire to add to the BSPs objective of having 70% of grown-up Filipinos to have ledgers… We consider ourselves to be a significant member of the objective of the BSP [of monetary inclusion],” Santiago said.　　In an email to BusinessWorld, Union Bank said Union Digital will uphold each perspective for unbanked and underbanked areas. The center is to be outstanding among other computerized banks by using the UnionBank groups long stretches of involvement and initiative from the business through financial advancement, cooperation, and advanced change.　　UnionBank turned

2021-08-16Deep Dive

Samsung Sertai Bank Pusat Korea Selatan, Uji CBDC Secara Offline Di Telefon Pintar Galaxy!

Ini bermakna CBDC yang dibangunkan oleh Bank of Korea sudah bersedia untuk diuji secara online mahupun offline.　　Kedua-dua pihak tersebut mahu mengkaji potensi CBDC dalam usaha mewujudkan sistem pembayaran yang lebih efisien dan maju, sekaligus menambahbaik inklusi kewangan dengan memantau pengujian dalam dunia maya.　　Pada masa yang sama, Samsung merancang untuk menguji kebolehgunaan sistem pembayaran berasaskan blockchain menggunakan telefon pintarnya, Galaxy.　　Tiga aspek menjadi fokus Samsung: pembayaran menggunakan CBDC melalui telefon mudah alih, pemindahan CBDC ke telefon mudah alih yang lain, dan pemindahan CBDC ke akaun bank yang telah dihubungkan.　　Ketiga-tiga aktiviti tersebut akan dipantau secara dekat oleh firma teknologi gergasi itu dan akan dipastikan boleh dilaksanakan tanpa kehadiran internet　　Sebagai rekod, bank pusat Korea telah menjalankan pengujian CBDC fasa pertama pada 28 Julai. Ia dijangka akan terus berlangsung sehingga Disember bagi mengenalpasti teknologi tambahan yang diperlukan.　　Fasa kedua dan terakhir pula dijangka berlaku pada Januari 2022 sehingga Jun sebelum diuji pula dalam meluaskan lagi perkhidmatan bank pusat, pembayaran tanpa talian, pembelian aset digital, dan banyak lagi.

2021-08-16Deep Dive

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