Supply Chain Protocol VeChain Seeks Consensus to Enforce Major Upgrade

Vechain (VET) Launches Voting Process for VeChainThor Proof of Authority 2.0 Upgrade

Blockchain-powered supply chain platform VeChain is looking to implement ‘mass adoption’ of its blockchain solution. In a recent release, the protocol called on community members to vote on adopting a new consensus algorithm.

PoA 2.0 Best Of Both Worlds

VeChain set out to address the issues in the supply chain industry, and to a large extent, it has been successful. However, the protocol seeks more adoption and is planning on launching its upgraded blockchain protocol.

A blog post reported that this new upgrade would be the best of both worlds, combining the prestigious Nakamoto mining algorithm with the Byzantine Fault Tolerance (BFT) consensus mechanism.

This is expected to form a new proof-of-authority (PoA) consensus algorithm, PoA2.0, which will enable higher throughput and high scalability while ensuring no data loss and a secure platform.

The upgrade called SURFACE is geared towards enabling more institutional adoption of the VeChainThor blockchain. SURFACE, which stands for a Secure, Use-case-adaptive, Relatively Fork-free Approach of Chain Extension, will comprise three major components. This includes a VRF-based source of randomness, a committee-based block-producing process, and a passive block finality confirmation process.

So far, the VeChain Foundation has been able to implement the first part of its VIP-193 upgrade. Also known as the VRF-based source of randomness. It balances the unpredictability and unbiasedness of the block-proposing schedule while allowing for the highest level of data security. This component is expected to make it impossible for anyone to predict and subsequently doctor the block proposers ahead of time.

The two remaining components are currently up for votes, with the VeChain Foundation requiring all stakeholders to either accept or reject the new upgrade.

The voting is expected to last for a week and commenced on October 11, continuing to October 18.

VeChain Closes Deal With Blue Aqua

The new upgrade will take into account three sets of key stakeholders. This will be the Authority Masternodes with 40% voting authority, Economic X nodes with 40% voting authority, and the Economic nodes making up the remaining 20% voting authority.

Stakeholders will be required to cast their vote to adopt the PoA 2.0 Phase 1 upgrade of the VRF-based source of randomness on the VeChain Thor Mainnet or choose to discard the upgrade.

However, the news has not positively impacted VeChain’s price, with the digital asset largely trading in the red.

Trading currently at $0.10518, VET is down 5.94% on the daily chart, with the market valuation dipping 5.85% as well.

VeChain recently partnered with Singapore-based aquaculture service provider Blue Aqua to adopt blockchain traceability in the shrimp farming industry. This will see the urban farming company integrate with VeChain’s ToolChain for implementing a traceability system for seafood source, quality, and sustainability of their farming operations.

Read Original/a>
Author: Jimmy Aki

76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market

76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market

Trading near $117, SOL is currently down just over 7.5% from its all-time high of almost $130, which was hit just about 24 hours back.

With a market cap of $32.2 billion, SOL sits at 8th place in the cryptocurrency market.

Last week, the Solana team helped push the prices of the token even higher by teasing a new feature. An ignition teaser video featuring a purple flame lighter was tweeted on August 27th.

The tweet featuring the video was speculated to be referring to the burning of the SOL tokens paid in fees.

Solana is an Ethereum competitor that markets itself as a faster and cheaper alternative. It is a public base-layer blockchain that features a new timestamp system called Proof-of-History (PoH) for enabling automatically ordered transactions and uses the Proof of Stake (PoS) consensus algorithm to help secure the network.

The token SOL is used to pay the transaction fees, and the protocol burns a portion of the fees it collects. Solana also creates new tokens based on a “dis-inflationary inflation schedule.”

Besides being used to pay the fees, SOL is also used to secure the network through staking. While Ethereum has just started staking and only 6% of its supply staked and locked in the deposit contract, a whopping 76.81% of SOL supply is currently staked, according to Stakingrewards.com.

Among popular PoS blockchains, Cardano, Polkadot, Terra, Avalanche, BSC, and Algorand, Solana has the highest percentage of its supply staked. Binance Smart Chain comes second at 71%, followed by Cardano’s 69.65%.

ADA 1.78% Cardano / USD ADAUSD $ 2.83
$0.051.78%
Volume 4.39 b Change $0.05 Open $2.83 Circulating 32.15 b Market Cap 90.95 b
10 h 76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market 1 d Cardano (ADA) Remains A Favorite Among Retail & Institutions Alike with Alonzo Upgrade “On Schedule” 2 d Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH
DOT -2.14% Polkadot / USD DOTUSD $ 30.17
-$0.65-2.14%
Volume 3.77 b Change -$0.65 Open $30.17 Circulating 987.58 m Market Cap 29.8 b
10 h 76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market 1 d Cardano (ADA) Remains A Favorite Among Retail & Institutions Alike with Alonzo Upgrade “On Schedule” 2 d Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH
LUNA 12.73% Luna Coin / USD LUNAUSD $ 0.01
$0.0012.73%
Volume 0 Change $0.00 Open $0.01 Circulating 1.71 m Market Cap 14.59 K
10 h 76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market 2 d Historically September Records Losses, But Will This Time Be Any Different? 2 d Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH
AVAX 3.16% Avalanche / USD AVAXUSD $ 44.20
$1.403.16%
Volume 1.09 b Change $1.40 Open $44.20 Circulating 175.14 m Market Cap 7.74 b
10 h 76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market 1 d Fantom Sees an Avalanche of New Activity to Hit Records, Announces Rewards to Build on the Platform 2 d Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH
ALGO 2.51% Algorand / USD ALGOUSD $ 1.15
$0.032.51%
Volume 329.45 m Change $0.03 Open $1.15 Circulating 3.46 b Market Cap 3.98 b
10 h 76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market 4 w Zcash Founder Proposes Moving to A ‘More Decentralized’ & Eco-Friendly PoS as PoW Has ‘Security Flaws’ 1 mon Tether in ‘Open Dialogue’ with DOJ, says Company on Report of its Executives Being Under Probe for Bank Fraud

This means, only a small portion of the SOL supply is liquid and available for purchase in the market, which further puts upward pressure on the cryptocurrency.

Much like other growing metrics, Solana also has an increasing amount of total value locked (TVL) in it, currently sitting at a $3.44 billion peak, with Raydium accounting for 32.16% of it.

Solana-based DEX, Serum, which got the backing of FTX CEO Sam Bankman Fried, also has a $464 million value locked in it, up from $175 million a month back. SRM -2.07% Serum / USD SRMUSD $ 8.72
-$0.18-2.07%
Volume 639.21 m Change -$0.18 Open $8.72 Circulating 50 m Market Cap 435.76 m
10 h 76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market 1 d OpenSea Dominates the NFT Market, Floor Price Continues Its Uptrend as Alameda Apes In, Solana Joins Too 1 w South Koreans Turn to Serum (SRM) As Solana (SOL) Ecosystem Pumps

As we reported, Solana has also joined the NFT scene with their floor price – the cheapest price available for sale, moving up. The first-ever NFT on Solana, which gives its holders a share of revenue on their NFT platform, Solarians has their floor price rising to 39 SOL as well.

On Tuesday, Aurory, a Solana-powered NFT game, launched its NFTs whose floor price is already past 60 SOL. Black Friday actually came early for Aurory as minting the NFTs cost 1 SOL instead of initially stated 5 SOL.

However, some people fell victim to scams and ended up losing their SOL and NFTs both. Still, overall the project was a success as the team noted that the website saw 55k visitors rushing in to get their hands on NFTs, and everything was sold out in under 3 seconds.

Read Original/a>
Author: AnTy

Over 30% of ALPHA’s Circulating Supply Is Now Being Staked & Earning 13% APY

Over 30% of ALPHA’s Circulating Supply Is Now Being Staked & Earning 13% APY

In the last two weeks, the price of ALPHA has soared more than 145%.

Up 262% YTD, ALPHA is a $227 million market cap coin, which is still down 73% from its all-time high of almost $3 five months back.

“Since hitting lows on June 24, DeFi tokens are enjoying a strong bounce. COMP, ALPHA, SNX, and AAVE lead the way… The next couple of weeks will be telling for DeFi, and the crypto market in general,” noted Delphi Digital.

This week, the Alpha Finance Lab also released the June monthly update where it shared that Alpha Homora V2 has generated over ~$943k in fees since its launch in mid-May 2021.

Since the beginning of Alpha Homora V1 in October, vBSC in March, and V2 in May, over ~$5.1m in protocol fees have been collected, which puts fees on an annualized basis at $15.28 million.

image1

Now, in addition to Alpha Homora V1 and vBSC, Alpha Homora V2 protocol fees are also distributed to ALPHA stakers. As such, Alpha holders can now stake and earn ~13% APY, all of which comes from the collected Alpha Homora protocol fees.

Currently, more than 30% of the circulating supply of Alpha, 86.9 million ALPHA (worth about $64.3mln), is being staked. Alpha stakers will soon be able to unlock higher leverage on V2 with the upcoming integration of Alpha Tiers into Alpha Homora V2.

When it comes to its total value locked (TVL), it is at $1.19 billion, which consists of $55.9m on V1, $1.1B on V2, and ~$81.7m on vBSC.

The team noted that Alpha Homora V2 has also consistently been able to maintain high lending rates compared to other lending protocols in the market.

Alpha Finance Labs further shared updates on other products, namely AlphaX, which is being redesigned to keep up with the changing perpetual swaps and derivatives market.

Currently, the smart contracts are being audited by ConsenSys now that product ideation, fine-tuning for product-market fit, smart contract development, and internal testing has been completed.

As for the DeFi incubator program Alpha Launchpad, which was launched last month, they have been receiving many applications from early stage to late stage DeFi projects. This will also benefit ALPHA stakers by providing them a share in incubated projects’ tokens and their protocol fees, said the team.

Read Original/a>
Author: AnTy

Bitcoin and Ether Options Market Experiences a Boom

While it’s all supply and demand in the long term, in the shorter term, options flow can “definitely drive” some of the price action.

The cryptocurrency options market continues to get bigger and bigger.

Last month, an average of $1.4 billion in notional amounts changed hands every day at the largest options exchange, Deribit. This represents a 13-fold increase from last year. Institutional investors represent some 80% of flows on Deribit.

Open interest in Bitcoin totals $6.1 billion, 186.6k BTC, as of writing. Deribit accounts for 85.42% of this OI. OI on Bitcoin options has increased from less than $2 billion a year back but is down from an all-time high of $14.77 billion on March 18.

OKEx, CME, LedgerX, and FTX all have less than 4% market share, while Huobi has only 0.2%.

When it comes to Ethereum, Deribit has a 92.61% share of its OI market at 1.42 million ETH out of the total 1.53 million ETH. OKEx, Bit.com, and Huobi have a market share of 4.18%, 3.14%, and 0.05%, respectively.

image1

ETH options market had come a long way over the past year when the OI was a mere $170 million, which climbed to a peak of $7.4 billion on May 12.

As we reported, even Goldman Sachs is now moving into Ether derivatives.

This growth of the options market has money managers and retail traders selling crypto options for yield, a common strategy in mainstream assets, and a sign that the industry is growing up fast.

In this trend, options are sold for yield in a wager that crypto price swings will be lower than the market has priced in, similar to earning premiums on an insurance policy.

“In the absence of interesting yields for these alternatives, option strategies become more relevant,” said Deribit chief commercial officer Luuk Strijers.

Hedge fund manager Shiliang Tang of $130 million LedgerPrime has earned a 78% return this year on his flagship fund in the options market and running systematic strategies like price arbitrage and momentum across exchanges.

“Option flow can definitely drive some of the shorter-term price action,” Tang said. “Longer-term, it’s still supply and demand.”

Read Original/a>
Author: AnTy

1% of Bitcoin’s Circulating Supply is Now Wrapped on Ethereum

1% of Bitcoin’s Circulating Supply is Now Wrapped on Ethereum

A total of 187.61k BTC are now being wrapped on the second largest network, Ethereum.

As of writing, 18,729,837 Bitcoin are in circulation, which means, now more than 1% of Bitcoin’s supply is locked in Ethereum.

During this wrapping, custodial platform BitGo holds all the BTC that are supplied to mint WBTC, which are then put to use in the growing decentralized finance (DeFi) sector.

Here, each ERC20 WBTC token is backed by 1:1 with Bitcoin.

With WBTC, Bitcoin’s liquidity is brought to the decentralized exchanges (DEXs), and BTC is used for token trade.

At the beginning of this year, 112.95k BTC was wrapped on Ethereum as WBTC, and a year back, it was a mere 3.97k BTC.

In total, 239.85k BTC is currently locked on Ethereum, thanks to HBTC, renBTC, imBTC, sBTC, and tBTC, which represents just about 1.28% of Bitcoin’s circulating supply.

Read Original/a>
Author: AnTy

Swipe Founder Burns All His Allocated Holdings ($200M), Reduces SXP Supply by 17.5%

Swipe Founder Burns All His Allocated Holdings ($200M), Reduces SXP Supply by 17.5%

Ahead of the release of Swipe V2 white paper, Joselito Lizarondo, Swipe Founder & CEO who has also founded the BSC-based lending protocol Venus, shared his decision to burn all of his 60 million SXP.

10 million SXP tokens were already burned last year; the remaining are currently worth $229 million at a current price of $4.58 per SXP.

Lizarondo shared that he is still compensated in SXP, which he holds. Any SXP earned in revenue from now on will be held on the company’s balance sheet for a long period of time, said the CEO.

By burning his entire founder supply, the total supply of SXP has been reduced by 17.5%, with an end goal of having only 100 million SXP in supply. Currently, the maximum supply is 285 million, as per Coingecko. Lizarondo said,

“This benefits the Swipe token holders from a scarcity point of view and lets me focus on my health and working with the team to push our products successfully.”

Binance currently has a large portion of SXP that it received during the acquisition. These are unlocked and, according to Lizarondo, sitting on their balance sheet. The Team treasury, meanwhile, will remain under time lock monthly release.

The company is also introducing new tokenomics for the SXP token. SXP will serve as payment currency for services rendered to its partners and as a governance token for Swipechain Network and AMM.

Swipe is now focused on V2, which is the final version, and there will be no more changes.

Version 2 aims to create a bridge between crypto and commerce for business partners paid in SXP and build a fully cross-chain decentralized automated market maker (AMM) powered by SXP.

Swipe’s business API currently powers FTX Card and Binance Card.

It is also planning to introduce a Swipe Reward Token (SRT) to Swipe Swap.

Read Original/a>
Author: AnTy

100,000 BTC Scooped Up by Bitcoin Funds in the First 3 Months of 2021

Exchange-traded bitcoin investment vehicles now hold 4.3% of the circulating BTC supply, as per Arcane Research.

A steady amount of Bitcoin has been gobbled up from the market throughout the first quarter of 2021, as per the data shared by Vetle Lunde, an analyst at Arcane Research.

Exchange-traded bitcoin investment vehicles had just under 695k BTC under management at the end of last year, which has increased to 800,416 as of March 26th. This represents 4.3% of the circulating bitcoin supply.

During the same period, the price of Bitcoin went up more than 100%, from about $27,500 to $55,000.

These Bitcoin-related products added more than 40k BTC in the month of January. While only half of this was added in February, and about 43,692 BTC were added in March. Overall, this year, 100,000 BTC have been absorbed by Bitcoin funds.

Combined, the exchange-traded bitcoin investment vehicles manage $43 billion worth of bitcoin, noted Lunde.

The world’s largest digital asset manager, Grayscale Investments, is the leader in the space, accounting for 82% of the market, managing $36.5 billion worth of bitcoin.

GBTC, meanwhile, continues to trade at a discount, currently at 7.27%, ever since earlier this month.

“It’s a perpetual security, and it charges 2% mgt fee per year. So if duration is 7-10 years, a 15-20 percent discount to NAV makes sense. That’s also where many closed-end funds trade,” commented Mike Novogratz of Galaxy Digital, which also holds GBTC shares, on the discount.

According to Novogratz, GBTC used to be “the only game in town,” which has now changed with the launch of several Bitcoin exchange-traded funds (ETF) in Canada that too at a much lower fee.

“The ethos of crypto has always been about ‘transitioning’ to a world that eliminates the rent takers,” added Novogratz.

Arcane Research also noted that the three recent ETF approvals in Canada had pushed Grayscale’s dominance in the market on a decline. The combined AUM of the Purpose ETF, Evolve ETF, and Galaxy ETF has reached a market share of 2.5% in just a couple of weeks.

Grayscale is looking to turn its closed-end fund into an ETF and is currently hiring many executives.

This is why the market is seeing fee compression. Recently, NYDIG cut its cost to 0.30% of net asset value per year.

“Trying to transition the fund to an ETF is difficult but elegant. My firm belief is the community won’t allow rent takers for too long,” said Novogratz adding, “GBTC provided a huge service to the crypto community and accelerated adoption.”

Read Original/a>
Author: AnTy

Bitcoin Ramping Up Ahead of the Weekend, Another BTC ATH Incoming?

Depleting speculating supply is “insanely Bullish, of course” as institutions remove the coins from weak hands for “strong” HODLing.

Bitcoin continues to experience volatility around $58k, moving in tandem with the traditional markets as Federal Reserve Chairman Jerome Powell vowed to keep the interest rates down and supply the economy with all the help that it needs and “as long as it takes.”

And while the Fed forecasts that inflation (the consumer price index) is likely to ramp up to an alarmingly high rate of 2.4% by the end of the year but says it will be temporary, “common sense and the bond market says they are bluffing, and everybody knows it,” wrote analyst Mati Greenspan.

While Powell, along with his counterparts at the European Central Bank, Bank of England, and The People’s Bank of China, continues to double down and “support the economy” by debasing the currency, the Bank of Japan is stepping away from the aggressive monetary stimulus in favor of a more “sustainable” policy, allowing more fluctuation in 10-year bond yields.

“It is important to strike an appropriate balance between maintaining market functioning and controlling interest rates by allowing interest rates to fluctuate to a certain degree,” said the BoJ in its policy statement.

The central bank kept overnight interest rates on hold at -0.1% and will continue to peg 10-year bond yields at “around zero” but allows them to fluctuate by plus or minus 0.25% instead of the previous 0.2%.

Insanely bullish, of course!

Fed’s dovish statement helped the market climb higher but only to end up lower on Thursday. Before the weekend, S&P 500 and tech-heavy Nasdaq are attempting to rebound as yields calm down. Bitcoin went past $59k before coming back to $58k only to go back up.

Crashing bonds have been acting as a major driver bringing the tech stocks down, which in turn pushes S&P 500, other indices along with Bitcoin down.

“Markets went crazy since FOMC. Bonds and tech seem to have put in a local bottom (nothing extraordinary)—Powell to speak three times next week. And stimulus checks coming,” noted trader and economist Alex Kruger, who expects a repeat of last weekend that saw BTC making a new ATH.

While Bitcoin is following the traditional markets, inflows and continued adoption can help the cryptocurrency change direction.

As we have seen on-chain, speculative inventory, Bitcoin reserves on exchanges have been depleting ever since early last year.

“From March 2020, Bitcoin undergoes steep and continued supply shock in sync to USD money printing,” noted analyst Willy Woo.

We have been seeing US money printing climbing up while BTC supply held by speculative “weak hands” reducing and being transferred to institutions and high net worth individuals who are locking up their coins as strong HODLers in response to monetary inflation.

“This is insanely bullish of course. Strong hands have been buying every dip, which has been driving price steeply upwards since Q4 2020,” Woo added.

image1

Institutions, the asset allocator type like pension funds, come in a strong HODLer category because they only sell when their investment thesis changes.

“The arrival of institutional asset allocators to crypto dramatically increases the number of hodlers & strong hands, and should thus reduce the size of price corrections,” trader Kruger.

Read Original/a>
Author: AnTy

Yearn Finance Mints 6,666 YFI Tokens ($225M) After Supply Proposal Vote Passes

Yearn Finance Mints 6,666 YFI Tokens ($225M) After Supply Proposal Vote Passes

  • Andre Cronje goes back on his “fair release” mantra.
  • The proposal aims to keep key contributors and attract new talents

Yearn Finance stakeholders have uniformly passed a proposal seeking to increase the amount of YFI tokens currently in the market. The proposal was initiated after Yearn Finance’s creator, Andre Cronje, made a medium post on why the community should make the change.

New Mints To Address “Competitive Disadvantage”

An earlier proposal for YFI tokens to be increased has seen it passed. Andre Cronje, the creator of the Yearn.Finance protocol published a poll asking for input on how best to move forward with the YFI tokens’ supply.

The poll began on January 28. It received input from over 2,000 participants. In the end, 1,671 voters (roughly 84%) supported the move to increase the supply of tokens, while 331 of them (16.5%) voted against it.

Currently, there is a hard cap of 30,000 YFI tokens in circulation. As the results of the poll have shown, the token’s market cap will be increased by 6,666 tokens. The proposal aims to reward key contributors with a third of the minted tokens (2,222 YFI), while the remaining two-thirds (4,444 YFI) will be reserved in the protocol’s treasury.

The expansion proposal aims to use the newly minted tokens to motivate new contributors, fund liquidity mining and staking rewards, acquire talent, and provide new cross-platform incentives. However, most users who voted against it claimed that it contravened the token’s social contract, a problem that could lead to an erosion of the token’s value in the open market.

Eventually, the proposal’s authors decided to increase the token’s supply by just 22 percent, adding that this slight increase will maintain YFI’s competitive advantage over the tokens of other decentralized finance (DeFi) protocols.

It is unclear how the protocol plans to distribute the newly minted token. However, it is expected that the distribution process will be handled by a Compensation Working Group. The group will present its recommendations to the multisig committee (YFI’s version for a board of directors) for a review. Once approved, the compensation plan will be executed. Yearn has stated that the process of minting new tokens will take three days.

The decision to reward key contributors shows a change of perspective in the community who are known for not giving preferential treatments for insiders. Andre Cronje began this practice and it has stuck. But the new proposal sets out to break this practice citing cases of some of their contributors being “poached” by other projects.

Cronje Backtracks

The decision to make this change started when Andre Cronje, creator of the YFI space, spoke on the difficulties of operating in the decentralized finance industry. In a medium post from February 2020, Cronje explained that many people demanded too much from him, and running the Yearn Finance platform was getting costlier by the day.

The developer additionally questioned his decision to limit the number of YFI tokens in his “fair launch,” adding that minting more tokens could be the best way to reward developers. Although a lot of reactions followed his public address, Cronje has expressed his pleasure at the proposal’s acceptance.

Read Original/a>
Author: Jimmy Aki

Canaan to Supply 6,000 BTC Mining Rigs to Core Scientific; Aims to Boost Power by 400MW

Canaan to Supply 6,000 BTC Mining Rigs to Core Scientific; Aims to Boost Power by 400MW

  • Canaan, one of the leading providers of Bitcoin mining infrastructure, will be supplying 6,000 mining rigs to Core Scientific, a software solutions company for AI and Blockchain situated in North America.

In a release sent to BEG desks, Canaan confirmed the sale of 6,000 Bitcoin mining units of the A1246 model of its AvalonMiners line to Core Scientific, North America’s leading digital mining operator. The new mining rigs will be supplied across Core Scientific’s mining centers across the United States starting March 2021 to bolster Core Scientific’s positions as the leading digital mining firm in the region.

The partnership between the two tech companies looks to bolster the overall ASIC mining power of Core Scientific, intending to boost the power by 400MW with the latest purchase. The mining equipment will be supplied to Core Scientific’s mining firms, beginning in March this year, in a process expected to take at least three months, the statement further explains.

The A1246 model, launched in Q3 2020, is the latest in the line of Canaan’s AvalonMiner model producing a hashrate of 90TH/s with a power efficiency of 38J/TH.

“At Canaan, we are committed to providing ongoing support to our customers, no matter the circumstances and where they are in the world, without compromising on product quality and service standards,” said Nangeng Zhang, CEO, and Chairman of Canaan, reflecting on the challenges that COVID 19 has brought on the global supply chain of Bitcoin mining rigs. “This latest purchase from Core Scientific reflects the reliability of our manufacturing capabilities, and we are thrilled to be supporting their operations as a leader in North America’s mining industry.”

Operating at a net loss for the better part of 2020, Canaan has revitalized itself with new partnerships and clients this year, also snapping up Hive blockchain as a client in January. Hive, the Vancouver listed crypto mining firm, purchased 6,400 AvalonMiner models, increasing its total hashpower by 576 PH/s.

Read Original/a>
Author: Lujan Odera