Bitcoin
Bitcoin miner Revolve Labs proposes $60m data center in Minnesota
Published
10 hours agoon
By
adminColorado-based Bitcoin mining company Revolve Labs has announced plans to build a $60 million data center in Glencoe, Minnesota, as part of its effort to expand its mining capacity.
The proposed facility would include one or two AI data centers, cooling systems, and backup generators, according to the Minnesota Star Tribune. Its goal is to bolster the company’s ability to process Bitcoin (BTC) transactions while addressing local concerns about noise pollution.
The facility, currently in the preliminary planning stages, would employ around 10 people and could cost between $40 million and $60 million.
The company discussed the project in a September meeting with the Glencoe Economic Development Authority. The site, which spans approximately 6.2 acres, would house both the data center infrastructure and a new power substation to support the expansion, per the Star Tribune.
Bitcoin mining is a resource-intensive process where specialized computers solve complex mathematical problems to validate transactions on the Bitcoin network. In return, miners receive Bitcoin as a reward. Data centers like the one Revolve Labs plans to build are essential for supporting these operations, which require substantial computational power and energy.
In other crypto and Minnesota related news, the Federal Reserve Bank of Minneapolis published a working paper on October 17, recommending governments either ban or tax Bitcoin to maintain permanent primary deficits.
The paper labeled Bitcoin as a “balanced budget trap” that hinders policy implementation, especially for governments relying on nominal debt.
Bitcoin mining noise complaints
Mining facilities in Glencoe have sparked some controversy due to the noise generated by the mining equipment and cooling systems, according to the Star Tribune.
Local residents have raised concerns about noise levels reaching up to 85 decibels, comparable to the sound of a lawnmower. Revolve Labs has faced similar complaints in other locations, including Windom, Minnesota, where the company withdrew a previous expansion proposal following community pushback.
Similarly, Texas communities have inherited Bitcoin mining facilities and are attracting companies like Marathon Digital and Hut 8 due to their low energy costs and flexible power grid.
However, the influx of mining operations in Texas has caused noise levels as high as 91 decibels, leading to hearing loss, headaches, and sleep disturbances among local residents. These health issues have particularly affected older residents, raising concerns about the impact of mining on community well-being.
Despite concerns of noise, Revolve Labs operations have generated significant economic benefits for the city of Glencoe. According to Dave Meyer, general manager of the Glencoe Light and Power Commission, Revolve Labs’ mining operations have brought in more than $500,000 in net annual revenue for the city.
These funds have been used to support public infrastructure projects, such as streetlight improvements, while helping to prevent an increase in electrical rates for local residents.
Source link
You may like
Ripple Co-Founder Chris Larsen Flooding Kamala Harris’ Election Effort With XRP
6 steps to move an old 401k into a bitcoin IRA
How many Pepe coins are there? Current supply & future outlook
Solana’s Co-Founder Questions Ethereum’s Utility Without Base L2
Crypto Analyst Says Things Are ‘About To Get Interesting’
Upside Down World: Spooks are Heroes, Heroes are Spooks
Bitcoin
ECB Urges Public To Advocate for Laws Against Bitcoin, Says BTC Rallies Impoverish Rest of Society
Published
9 hours agoon
October 21, 2024By
adminThe European Central Bank (ECB) is asking the public to advocate for laws against Bitcoin (BTC), claiming that every time the crypto king rallies, it financially drains the rest of society.
In a new research paper, the ECB says that the top crypto asset by market cap has strayed away from the original vision of Satoshi Nakamoto, its mysterious pseudonymous creator, which was to give the world a superior way of making digital payments.
“The original promise of Nakamoto (2008) to provide the world with a better global means of payment has not materialized. Instead, the focus has increasingly shifted to Bitcoin as an investment asset promising high capital gains.
Since Bitcoin does not increase the productive potential of the economy, the consequences of the assumed continued increase in value are essentially redistributive, i.e. the wealth effects on consumption of early Bitcoin holders can only come at the expense of consumption of the rest of society.
If the price of Bitcoin rises for good, the existence of Bitcoin impoverishes both non-holders and latecomers.”
The authors of the ECB paper argue that Bitcoin exists to extract value from latecomers and non-holders. For this reason, the ECB urges the general public to convince politicians to pass legislation that forces BTC to “disappear.”
“In any case, current non-holders should realize that they have compelling reasons to oppose Bitcoin and advocate for legislation against it, aiming to prevent Bitcoin prices from rising or to see Bitcoin disappear altogether. Latecomers and non-holders and their political representatives should emphasize that the idea of Bitcoin as an investment relies on redistribution at their expense.”
Bitcoin is trading for $69,200 at time of writing, up over 1% during the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
Source link
Bitcoin
Bitcoin whale selloff stopped as price surpasses $68k
Published
23 hours agoon
October 21, 2024By
adminOn-chain data shows a significant decline in the Bitcoin large holder outflows as the flagship cryptocurrency remains above the $68,000 mark.
According to data provided by IntoTheBlock, the Bitcoin (BTC) whale net flow shifted from an outflow of 1,650 BTC on Oct. 17 to a net inflow of 211 BTC on Oct. 19. The momentum shows increased accumulation from large holders.
CryptoQuant CEO Ki Young Ju confirmed the intensified accumulation.
Per a crypto.news report, data provided by Young Ju shows that new whale addresses, with at least 1,000 BTC, held over 1.97 million coins yesterday—showing an 813% surge since the start of the year.
One of the key drivers behind Bitcoin’s bullish momentum is the increased investor interest in the U.S.-based spot BTC exchange-traded funds.
According to the report, these investment products saw an inflow of $2.1 billion last week—the total net inflows surpassed the $21 billion mark.
Moreover, data from ITB shows that the Bitcoin exchange net flows remained in the negative zone for the third consecutive day, recording a net outflow of over 2,300 BTC, worth $157 million, on Oct. 19.
Increasing exchange outflows usually hint at a lower selling pressure. However, short-term profit-taking would still be expected since the BTC price is close to its all-time high of $73,750.
Bitcoin has been consolidating between $68,000 and $68,600 over the past 24 hours. Its market cap is sitting at $1.35 trillion with a daily trading volume of $13.8 billion — down by 55%.
A declining trading volume could potentially bring lower price volatility for the leading asset.
Source link
Altcoins
Trader Unveils Massive Price Target for Ethereum Rival, Says Memecoins Attract Retail Investors
Published
1 day agoon
October 21, 2024By
adminA widely followed crypto strategist believes one under-the-radar Ethereum (ETH) challenger will hit his massive price target this cycle.
Pseudonymous trader Rager tells his 199,100 followers on the social media platform X that he’s bullish on layer-1 protocol Fantom (FTM).
Rager shares a chart suggesting that FTM will hit his price target of $3.31 by around April.
“Late to the market?
People who say that aren’t looking at the FTM chart.
And yes, in my opinion, this is a practical target for the next six months.”
At time of writing, FTM is trading for $0.71, indicating an over 366% potential price rise if the altcoin reaches Rager’s target.
Rager notes that FTM can probably even reach higher levels if the project witnesses a smooth transition to Sonic.
“Practical target – not top or bottom if SONIC migration can go well.”
Sonic is designed to be a high-throughput layer-1 chain with a native layer-2 chain linked to Ethereum.
Explains the project,
“The Sonic chain will be a layer-1 platform that connects to Ethereum via a bespoke layer-2 bridge, allowing Sonic to tap into vast amounts of liquidity, users, and protocols. This allows the network to combine the low cost, scalability, and speed of a layer-1 with the security of a layer-2 bridge for access to native ETH and other assets on Ethereum. As a result, the Sonic chain isn’t just an L1 or L2 – it’s the first chain of its kind to provide the best of both.”
Looking at memecoins, Rager believes that meme tokens now serve as a gateway for retail investors to enter the crypto market.
“My thesis for memes is what attracts retail.
Many memes have limited upside because there needs to be a larger audience outside of crypto to be attracted to it.
Retail are going to want well-known memes.
Memecoins like PEPE, POPCAT and BONGO will thrive over the next year because of this.
It’s only beginning.”
As for Bitcoin, Rager predicts that BTC will witness one more shallow correction to $66,000 before surging to new all-time highs.
“BTC can go higher and would certainly be looking to buy on a pullback before higher.”
At time of writing, Bitcoin is trading for $68,196.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Source link
Ripple Co-Founder Chris Larsen Flooding Kamala Harris’ Election Effort With XRP
6 steps to move an old 401k into a bitcoin IRA
How many Pepe coins are there? Current supply & future outlook
Solana’s Co-Founder Questions Ethereum’s Utility Without Base L2
Crypto Analyst Says Things Are ‘About To Get Interesting’
Upside Down World: Spooks are Heroes, Heroes are Spooks
TON blockchain sees significant drop in daily active users
Litecoin Founder Comments On ETF Approval Following Canary Capital Filing
ECB Urges Public To Advocate for Laws Against Bitcoin, Says BTC Rallies Impoverish Rest of Society
Bitcoin miner Revolve Labs proposes $60m data center in Minnesota
Robinhood Launches Solana Transfers Amid ETF Hype, SOL Price to $200 Next?
Nicolas Cage Warns Actors That AI ‘Wants to Take Your Instrument’
A Kamala Presidency Could Be Just as Bullish for Bitcoin
Indonesian regulators extend license application deadline for crypto exchanges
MEW Price Shoots Up 14% On Major Exchange Listing After SHIB and DOGE
182267361726451435
Top Crypto News Headlines of The Week
Ethereum, Solana touch key levels as Bitcoin spikes
Why Did Trump Change His Mind on Bitcoin?
Bitcoin Open-Source Development Takes The Stage In Nashville
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Ethereum Crash A Buying Opportunity? This Whale Thinks So
New U.S. president must bring clarity to crypto regulation, analyst says
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
‘Hamster Kombat’ Airdrop Delayed as Pre-Market Trading for Telegram Game Expands
Citigroup Executive Steps Down To Explore Crypto
Mostbet Güvenilir Mi – Casino Bonus 2024
Bitcoin flashes indicator that often precedes higher prices: CryptoQuant
Crypto Market Movers: 5 Altcoins Making Waves This Bull Run
Trending
- 1 month ago
182267361726451435
- 24/7 Cryptocurrency News2 months ago
Top Crypto News Headlines of The Week
- Bitcoin3 months ago
Ethereum, Solana touch key levels as Bitcoin spikes
- Donald Trump3 months ago
Why Did Trump Change His Mind on Bitcoin?
- Opinion3 months ago
Bitcoin Open-Source Development Takes The Stage In Nashville
- Bitcoin3 months ago
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
- Altcoins3 months ago
Ethereum Crash A Buying Opportunity? This Whale Thinks So
- News2 months ago
New U.S. president must bring clarity to crypto regulation, analyst says