Bitcoin (BTC)

Bitcoin Mining Operation Reveals Plans to Convert Coal Ash Landfill Into Solar Farm

29/07/2021 by Idelto Editor

Bitcoin Mining Operation Reveals Plans to Convert Coal Ash Landfill Into a Solar Farm

Following the announcement from Greenidge Generation Holdings that detailed the company would be promoting a carbon-neutral stance, and the firm’s recent partnership with Foundry, Greenidge revealed on Thursday it is investing profits into a renewable energy investment program. The company is in the midst of expediting the closure of a coal ash landfill in order to construct a new solar farm.

Greenidge Invests in Renewable Energy Investment Program

In 2014, the Lockwood Hills landfill in Dresden, New York was purchased by Lockwood Hills LLC, which is a subsidiary of Greenidge. The site has been “safely maintained” over the last seven years, Greenidge claims, and it ended the use of coal-fired power at the adjacent power facility during that time. The announcement on Thursday says the company plans to safely cap and close down the landfill and Greenidge hopes to install “a solar project across the 143-acre site that will produce up to 5MW of power.”

The bitcoin mining company says that the move is aligned with the firm’s efforts to improve the environment in New York. While it is working on projects like the Lockwood Hills landfill, Greenidge details it is purchasing voluntary carbon offsets from U.S. greenhouse gas reduction projects. Jeff Kirt, CEO of Greenidge, believes bitcoin mining models can advance operations in a way that keeps the environment safe.

“Bitcoin mining at Greenidge is already a model for the industry in that we are advancing this emerging financial platform for people across the world in a manner that fully protects our environment and drives economic growth across Upstate New York,” Kirt said in a statement. The move makes renewable energy a reality by leveraging bitcoin mining profits to fund the creation of a new solar farm at a landfill site, Kirt added.

Greenidge President Says Bitcoin Mining Adds Jobs, Supports Local Community and Can Help the Environment

Greenidge is just one of many crypto mining projects attempting to rejuvenate the environment by transforming business models and removing waste through the process. For instance, Stronghold Digital Mining converts waste coal into alternative energy in order to mine bitcoin and other cryptocurrencies. At the end of May, EZ Blockchain partnered with a Texas-based oil provider to monetize wasted natural gas with bitcoin.

Before Greenidge’s acquisition in 2014, the Lockwood Landfill was permitted to hold coal combustion residuals (CCR) and other wastes. Greenidge details that it will ensure “the site will no longer accept waste of any kind,” add a water filtration system, and a permanent engineered membrane to stop erosion.

“For those of us who grew up and still live right here in the Finger Lakes, the Lockwood Hills landfill has been a constant presence, overlooking Seneca Lake and the Village of Dresden, and something we always hoped would eventually not be needed,” Greenidge president Dale Irwin said in a statement.

Irwin added that he was pleased that bitcoin mining facilities can not only create jobs and support local businesses, but crypto mining operations can also “facilitate the development of renewable energy at this old landfill site.”

What do you think about Greenidge converting the Lockwood Hills landfill in New York? Let us know what you think about this subject in the comments section below.

Paypal Plans to Study Transactions That Fund Extremism, Anti-Government Groups

28/07/2021 by Idelto Editor

The payment processing giant Paypal has revealed it has partnered with the nonprofit organization the Anti-Defamation League (ADL). According to the announcement, Paypal is researching transactions settled on the payment network that allegedly fund hate groups and extremism.

Paypal to Study Transactions With the Anti-Defamation League

A report from Reuters notes that Paypal is studying transactions that involve “extremists” and that fund “hate movements.” The company will investigate and disrupt the financial flows that support specific hate groups and alleged “anti-government organizations.” The announcement notes that the initiative will be completed via ADL’s Center on Extremism.

According to Paypal’s chief risk officer and executive vice president of risk and platforms, Aaron Karczmer said the company has been working on “sophisticated systems” that help curb illegal activities.

Paypal Plans to Study Transactions That Fund Extremism, Anti-Government Groups — When the ADL announced its partnership with Paypal on Twitter, the thread got a massive number of responses criticizing the ADL’s practices.

Karczmer hopes this previous knowledge and the current systems can help create a “positive social impact.” The centralized payment processor has been known to censor transactions for quite some time. In 2010, Paypal froze the account tethered to the whistleblowing web portal Wikileaks and caused an uproar.

The combination of Mastercard, Visa, Paypal and others using a financial blockade against Wikileaks was controversial and the actions drove the website to accept bitcoin donations. In 2016, male escorts in the UK leveraged bitcoin to bypass Paypal censorship. In 2019, Paypal stopped servicing Pornhub models and by January 2020, Paypal suspended all Pornhub accounts. In September 2020, Paypal’s sophisticated infrastructure censored merchants selling tardigrade merchandise.

Extremism Considered a Slippery Slope and Debatable

The ADL’s definitions of extremism and hate are also quite debatable. For instance, five years ago the ADL classified the famous Internet frog meme “Rare Pepe” as a hate symbol. This caused the meme to get blockchained and turned into an immutable collection of non-fungible tokens.

Moreover, the ADL’s definitions of anti-government organizations being dubbed extremists are also considered extreme by those who believe in libertarianism and think that governments are currently corrupt. The latest move by Paypal and ADL has already been criticized by activists, libertarians, and even bitcoiners.

“Bitcoin derives its value from censorship resistance,” a Redditor on the subreddit r/bitcoin said on July 26. “Paypal, your days of forced-relevance are over,” the individual added.

The former American Civil Liberties Union (ACLU) director, Ira Glasser, explains how banning hate speech is a never-ending slippery slope. “When people say they want to ban hate speech, what they mean is they want to ban speech that they hate,” Glasser stressed in an interview. “But if you allowed something called ‘hate speech’ to be banned, then the only important question would be ‘who decides?’”

The report concerning the ADL and Paypal partnership explains that the payment processor has already been taking action against “extremism” over the last several years. The announcement also notes that Paypal and the ADL will be working with select civil rights organizations. Jonathan Greenblatt, ADL’s CEO, sees the partnership as a window of opportunity.

“We have a unique opportunity to further understand how hate spreads and develop key insights that will inform the efforts of the financial industry, law enforcement, and our communities in mitigating extremist threats,” Greenblatt said in a statement.

What do you think about Paypal joining up with the Anti-Defamation League in order to research transactions that fund extremism? Do you think there’s a slippery slope when it comes to classifying extremists? Let us know what you think about this subject in the comments section below.

Crypto Fear and Greed Index Taps Low at ‘Extreme Fear,’ BTC Technicals Point to Uncertainty

21/07/2021 by Idelto Editor

On Wednesday, following the drop below the $30,000 region, bitcoin’s price has rebounded more than 8% since Tuesday’s low. Meanwhile, the sentiment metric recorded by the Crypto Fear and Greed Index (CFGI) is extremely low, pointing to “extreme fear” in the market. Despite being a scary term, the time is usually the best time to obtain assets for a lower price. However, data from Tradingview’s technicals show bitcoin is still in the “sell” range, while bitcoin market oscillators are more “neutral.”

CFGI Sentiment Metric Reaches ‘Extreme Fear’

The price of bitcoin (BTC) tapped a low of $29,300 on July 20, 2021, and since then the price has managed to jump back above the $32,000 handle. Despite the rebound, there’s a lot of uncertainty within the crypto space as far as short-term bitcoin price predictions are concerned.

Some believe the price may plunge to the $20,000 zone again and others believe a rebound is in the cards and the next trajectory will be well above the $64K all-time high. Most traders who believe this rebound could happen, think that today’s bitcoin price movements are eerily similar to the prices BTC saw in 2013. At that time, BTC plunged to $50 per coin after skyrocketing well above the $200 handle in mid-May 2013.

Bitcoin’s price then jumped close to 2,400% after the summer 2013 low, and surged to the crypto asset’s first four-digit USD all-time high. After BTC dropped to $29,300 on Tuesday, the Crypto Fear and Greed Index (CFGI) tapped a low of ten on the charts. The score of ten is not the lowest point the CFGI metric has recorded but it is very low in comparison to most days. The last time the CFGI metric recorded a ten was in mid-June and at the end of May as well. Since the end of May, the CFGI metric hasn’t been this low in over a year as the last time the CFGI hit a ten or lower was during the March 12, 2020 market rout, otherwise known as ‘Black Thursday.’

While the extreme fear sentiment may seem dismal, traders believe it is one of the best entry points to get into any market. A market filled with panic sellers and “extreme fear” is sure to see cheaper assets than one filled with “extreme greed,” which is the highest end of the CFGI spectrum. Essentially the CFGI analyzes “emotions and sentiments from different sources and crunches them into one simple number,” the website details.

Oscillators and Moving Averages Tell a Similar Story

In contrast to the CFGI, Tradingview’s BTC/USD technicals show a similar story but some of the indicators can be perceived as a different outlook. A single-day summary of Tradingview’s BTC/USD technicals shows a scale toward the “sell” range.

Moving averages (MA) are different and Tradingview’s MA technicals point to the “strong sell” range. Alongside this, BTC/USD oscillators are a bit warmer and are indicating a “neutral” range. For instance, the relative strength index (RSI 14) shows “neutral” and stochastic (14, 3, 3) also indicates things are “neutral.”

All the moving average indicators suggest the “sell” range while the simple moving average (SMA 10) and the exponential moving average (EMA 10) are in the “buy” range. As far as BTC/USD oscillators, the only signal for “buy” is the momentum indicator but the moving average convergence divergence (MACD), a trend that follows momentum, is recorded as a “sell” on Wednesday.

Delta Exchange CEO Says ‘$30K Has Proven to Be Reliable Support Since May’

Meanwhile, despite the plunge on Tuesday morning, bitcoin (BTC) continues to hold a support zone. In a note sent to Bitcoin.com News, Delta Exchange CEO Pankaj Balani explains the current support, at least so far, has been reliable.

“Bitcoin has been grinding lower since the start of this month,” Balani said. “Volatility has compressed significantly with a lower range. Bitcoin is trading in a significant support zone of $29 – $31K USDT. $30K has proven to be very reliable support since May. A breakdown of this level is likely to result in a significant increase in volatility and a final capitulation of crypto assets. That said, BTC is still in the $30K – $40K rectangle until a conclusive breakdown takes place,” the Delta Exchange executive added.

What do you think about bitcoin’s CFGI metric tapping “extreme fear” and the technicals from today’s Tradingview stats? Do you agree with Pankaj Balani’s reliable support comment? Let us know what you think about this subject in the comments section below.

Financial Report Shows Bit Digital Is Transferring 14,500 Bitcoin Miners From China to the US

15/07/2021 by Idelto Editor

Following the bitcoin mining crackdown in China, the Nasdaq-listed firm Bit Digital published a second-quarter bitcoin production and mining operations update and noted the company is moving 14,500 bitcoin miners from China to the United States. Bit Digital says after the Chinese government’s decision to ban bitcoin mining, the company “accelerated” its migration strategy to North America.

Bit Digital Publishes Unaudited Report

On July 13, the company Bit Digital (Nasdaq: BTBT) revealed that it was migrating 14,500 bitcoin miners to the U.S. after China’s recent crackdown. The migration information stems from its unaudited report which explains the firm’s bitcoin production and mining operations during Q2 2021.

As of June 30, Bit Digital reported that it owned approximately 32,500 miners which produce roughly 1.92 exahash per second (EH/s) of hashpower. Bit Digital emphasized that during the first quarter, the company participated in fleet repositioning and sold specific older mining rig models, and made opportunities to buy newer machines.

Bit Digital made a “small gain on miner sales” and expects to leverage $5.4 million in funds toward “newer vintage miners.” Utilizing the spot market during Q2, Bit Digital purchased 3,515 mining rigs and aims to buy more miners with additional capital.

“The company earned 562.9 bitcoins in the second quarter of 2021,” Bit Digital wrote in the unaudited report. “The reduction from the first quarter was due to the accelerated migration program, in which more miners were offline while in transit to or awaiting installation in North America, as well as miner sales and disposals. Treasury holdings of bitcoin increased to 588.4,” Bit Digital’s finance report adds.

Bit Digital Dislcoses Migrating 14,500 Bitcoin Miners From China to the US

At the end of the report, Bit Digital explains that it has been migrating miners to North America and has been since October 2020. “As a result, a greater proportion of the company’s fleet was offline than in the prior quarter, due to more miners being in transit to or awaiting installation in North America,” Bit Digital disclosed. The firm’s statement continued:

During the quarter, the company shipped 14,500 miners to the United States. The company expects to complete the migration of its remaining China-based miners to North America early in the third quarter of 2021.

The news follows the Cambridge Bitcoin Electricity Consumption Index (CBECI) project’s recent update, which shows 46% of the Bitcoin hashrate resides in China. The estimate is much lower than 2020 statistics that had shown China captured roughly 65% of the network hashrate. The CBECI bitcoin mining map, however, only records data up until April 2021. Nevertheless, statistics clearly show, similar to Bit Digital saying it started migration plans in October 2020, many others seemingly did the same.

What do you think about Bit Digital migrating 14,500 bitcoin miners from China to the U.S.? Let us know what you think about this subject in the comments section below.

Whale From 2012 Transfers 740 Bitcoin Worth $26M After BTC Sat Idle for 9 Years

13/07/2021 by Idelto Editor

On July 12, an old whale from 2012 spent 740 bitcoin worth roughly $26 million at the time of transfer after nine years of choosing not to move the coins. The whale acquired the bitcoin on May 31, 2012, when the stash of crypto was only worth $3,700.

Old School Whale Moves 740 ‘Sleeping Bitcoins’

Bitcoiners noticed a whale move 740 bitcoin (BTC) on Monday after the coins sat idle for over nine years. The bitcoin sat for approximately 3,330 days as the BTC was acquired on May 31, 2012. The address saw life in the spring of 2012 and the wallet has been stacking small increments of BTC since the first large deposit of 740 BTC nine years ago.

At the time of acquisition, bitcoin (BTC) was trading for $5 per coin so the 740 BTC was worth $3,700. Today, however, the stash was worth over $26 million when it transferred on Monday.

The whale movement was caught by whale-alert.io that stated on Twitter that a “dormant address containing 791 BTC (26,147,621 USD) has just been activated after 9.1 years.” Roughly 640 BTC went to one address while 100 BTC went into another address according to blockchair.com’s transaction statistics.

The transaction hash and details show that the transfer was sent with a low privacy score rating (45 out of 100) according to Blockchair’s Privacy-o-meter. After the transfer sent the bitcoins to two addresses, the coins were then siphoned into a tree of BTC addresses.

Many Idle Whales From the Early Days Have Stirred in 2021

Whale sightings are a favorite pastime for bitcoiners and there’s been a lot of big moves this year. For instance, on June 9, Bitcoin.com News reported on the “mystery whale” from 2010, which has moved over 10,000 BTC that sat idle for over a decade.

Moreover, data shows that in the early days, a great number of people mined bitcoin alongside the crypto asset’s creator Satoshi Nakamoto. Last June, at block height 687,847 an old 2010 mining whale spent 100 BTC that sat idle for over ten years mined on July 15 and then the next day in 2010.

What do you think about the 2012 whale that moved 740 bitcoin on Monday? Let us know what you think about this subject in the comments section below.