Crypto Mountains

2022-11-14 20:00:10 ​​Bitcoin miner Canaan scales operations despite low earnings, CEO says.

Chinese Bitcoin mining firm Canaan posted a 90% over-the-quarter decrease in net income in Q3 2022, but it’s not the end of its business.

Chinese cryptocurrency mining firm Canaan will continue to expand operations despite the ongoing bear market and an associated drop in earnings, according to the company’s CEO.

Canaan posted a 90% over-the-quarter decrease in net income in Q3 2022, the firm officially announced on Nov. 14. The firm’s Q3 net income amounted to 61.1 million renminbi (RMB), or $8.6 million, which is a 88% decrease from the same period in 2021, Canaan noted.

The company’s revenues dropped about 41% from 1.7 million RMB ($230,000) in Q2 2022, while gross profit plummeted 75% from 940 million RMB ($130 million) posted in the previous quarter.

Amid Bitcoin mining becoming less profitable due to the crypto winter, Canaan’s mining devices have also experienced a significant decline in demand. According to the latest financials, Canaan sold a total 3.5 million terahashes per second (Th/s) of computing power in Q3, or 37% less than in the previous quarter.

Despite a downward trend in its latest financial report, Canaan does not plan to slow down the company’s growth. On the contrary, Canaan continues to scale its operations across the world, including research and development projects as well as mining operations, CEO Nangeng Zhang said.

“As part of our ongoing effort to strengthen our research and development capabilities, we are expanding our Singapore headquarters with promising local research and development talents to help support our business on a global scale,” Zhang noted.

He also mentioned that Canaan has been expanding its mining business in the United States this year, adding:

“We face a very tough industry period as the Bitcoin price is sinking to lows the market has not seen in two years. Our priority is to conserve our cash, minimize our expenses, and endure this market downturn.”

Apart from scaling worldwide, Canaan has been working on new mining solutions this year. In October, Canaan officially released its new mining device series, AvalonMade 13. Open / Comment

2022-11-11 20:00:10 ​​‘Thank God’ El Salvador doesn’t have any Bitcoin on FTX, CZ clarifies.

The Binance CEO added that the amount of misinformation going around now is “insane.”

False information spreading online suggested that the president of El Salvador, Nayib Bukele, was seeking the immediate extradition of FTX CEO Sam Bankman-Fried along with Alameda Research co-CEO Sam Trabucco to answer for their crimes of losing the Salvadoran people’s Bitcoin.

The CEO of Binance, Changpeng “CZ” Zhao, took to his Twitter account to put these rumors to bed, sharing that “the amount of misinformation is insane” and that he “exchanged messages with President Nayib a few moments ago.” He said that President Buckle told him, “We don’t have any Bitcoin in FTX and we never had any business with them. Thank God!”

Billionaire Mike Novogratz, who spread the misinformation in an interview with CNBC in a video that has now been deleted, took to his Twitter account to offer an apology to President Bukele and the Salvadoran people, sharing, “I fell for ‘fake news’ and while I mentioned I hadn’t confirmed it, I should have.” Novogratz thanked Binance’s CZ for “pointing it out.”

Since 2021, El Salvador has reportedly purchased 2,301 Bitcoin for about $103.9 million. The Salvadoran government has said it believes BTC is a powerful tool to attract foreign investment, create new jobs and cut reliance on the United States dollar. President Bukele previously mentioned that the primary focus of recognizing BTC was to offer banking services to more than 80% of unbanked Salvadorans.

In the wake of the fallout from FTX’s insolvency issues, rumors began circulating online that the Central American nation of El Salvador, which made history in 2021 by making Bitcoin legal tender, was in trouble because it held some or all of its Bitcoin holdings in FTX. Open / Comment

2022-11-09 16:00:12 ​Kucoin has listed AirDAO's AMB token with a USDT pair

Kucoin — one of the world's leading cryptocurrency exchanges — has listed AirDAO's $AMB token with a USDT pair, giving its 25 million users an exciting opportunity to participate in AirDAO’s rapidly developing DeFi ecosystem.

Previously known as Ambrosus, AirDAO is the governance DAO for the Ambrosus Network blockchain (AMB-NET). The first DAO to govern an entire L1 blockchain, AirDAO also equips traders with the AirDAO Dashboard — a single, easy-to-use interface of powerful dApps that simplifies the complexity of DeFi into an all-in-one solution. $AMB is both the DAO's governance token and the native utility token, acting as the gas for transactions on the Ambrosus network.

As part of the promotions for the $AMB listing, Kucoin is running a Net Holding competition with a $30,000 $AMB token reward pool for participants, a Twitter airdrop, and a participation reward campaign.

DYOR: Website | Telegram | Twitter Open / Comment

2022-11-08 20:00:16 ​​FTX addresses user withdrawal complaints amid major token movement.

The exchange assured users in a series of Tweets that withdrawals should be moving along and matching engines are running as they should, though some users didn’t buy it.

Cryptocurrency exchange FTX took to Twitter to address user complaints surrounding sluggish withdrawals. FTX assured users that everything is running smoothly with the matching engine, although node throughput is limited for Bitcoin withdrawals.

In the series of tweets, the exchange also addressed stablecoin withdrawals, saying redemptions or creations might be slow until banks open for the week and wires clear.

Meanwhile, the community on Twitter had mixed reactions regarding FTX’s response. Some users tweeted their support of the exchange while others expressed their skepticism:

Users on Reddit also expressed alarm toward the developments likening the situation to Celsius halting withdrawals and misleading its users prior to the platform’s collapse.

These issues come as the exchange faces major liquidations of its native FTX token as a result of an unspoken feud with rival exchange and blockchain developer Binance.

Changpeng “CZ” Zhao, the CEO of Binance, said the company will liquidate the entirety of its holdings of FTT. In a tweet on Nov. 6, the CZ said the move came as a result of, “recent revelations that have came to light.”

Follow-up tweets by CZ called the move a type of risk management with lessons taken from the Terra collapse earlier this year. He also commented on the recent actions of FTX founder and CEO Sam Bankman-Fried, who allegedly lobbied against centralized finance. In a tweet from CZ, he added:

“We won’t support people who lobby against other industry players behind their backs.”

According to on-chain analysis, around 23 million FTT, or $520 million at the time of writing, was transferred to Binance from an unknown wallet.

Bankman-Fried also tweeted his own response to the situation, in which he emphasized it being the time to build up the space. Also saying he respected the work of many in the industry, including CZ.

In light of the liquidations and community buzz, market analysts speculate that FTT could face serious price plunges. At the time of writing, the price hovers around $22.60. Open / Comment

2022-11-08 19:00:07 $MRST Listing on OKX

$MRST is being listed on the top tier global exchange OKX!

MRST deposits open at 8:00 am UTC on Nov. 7
MRST/USDT, MRST/USDC Spot trading open at 9:00 am UTC on Nov. 9
MRST withdrawals open at 10:00 am UTC on Nov. 10

Spot trading as well as DEX will be available!


10,000 $MRST AIRDROP EVENT
https://gleam.io/Zxf8k/mrst-listing

Check out The Mars: Metaverse Project
https://linktr.ee/mars_labs

Join OKX:
https://okx.com/join/55599569 Open / Comment

2022-11-05 20:00:08 ​​Japan's Digital Agency launches DAO to explore DAOs and Web3.

The group added it would consider the benefits and challenges of granting the DAO legal status in Japan, citing the state of Wyoming approving similar legislation in July 2021.

The Digital Agency of Japan, aimed at harmonizing nationwide initiatives related to digital transformation, has launched a research decentralized autonomous organization, or DAO, targeting Web3.

In a Nov. 2 meeting, the Digital Agency said it had established a DAO in an effort to explore the “functions and roles” of DAOs. The group added it would consider the benefits and challenges of granting the DAO legal status in Japan, citing the U.S. state of Wyoming approving similar legislation in July 2021.

According to the Digital Agency, it planned to investigate aspects of digital assets and DAOs which could potentially be used for “cross-border crimes that exploit blockchain technology” and threaten user protection. The announcement suggested the agency could conduct a blockchain analysis of complaints related to the digital asset space from Japan’s authorities.

“In regards to services and tools discussed in connection with Web 3.0 including crypto assets, DeFi, NFTs, DAOs, and the metaverse, each have benefits and risks,” said the Digital Agency. “There are various problems to be addressed.”

The newly established Digital Ministry of the Japanese announced on November 2 that it has established its own DAO to investigate and analyze its problems and potential by actually participating in the DAO, and whether to grant the DAO legal personality.

The agency added it was exploring other initiatives related to digital innovating, including the trial run of a nonfungible token, or NFT, “that proves the work history of staff members.” The group noted that such a token would need to fall outside the country’s anti-money laundering and countering the financing of terrorism regulations, as many crypto assets do.

Though many consider Japan to have some of the strictest crypto regulations in the region, the country moved forward on adoption. Japanese Prime Minister Fumio Kishida said in October the government will be making efforts to promote Web3 services, including those dealing with NFTs and the metaverse. Open / Comment

2022-11-03 17:00:04 ​Do you want to really own your name?

With Waves Domains, you can have an exclusive blockchain-backed NFT name serving as a proof of ownership and giving you many advanced opportunities in the Waves ecosystem

You are presented with a unique chance to be among the first NFT name owners this Friday, November 4, as we’re initiating the auction sale at Waves Domains.

Being an early bird means that you will be able to get a hold of the most prized names, either for your own use or for making some profit later. The trend is just picking up, get in while you can!

NFT names can be used as a handle for a number of Waves services, including wallets and exchanges. No longer will your wallet address look like a random collection of numbers and characters, which simplifies incoming transactions.

Later on,the early adopters of NFT names will be introduced to governance rights granted by their NFTs

To ensure fair pricing and distribution, the sale will take the form of a Vickrey auction with sealed bids.

Make sure to join our channel to stay tuned for the final sale announcement!

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2022-11-02 20:00:19 ​​Here are top tips by the crypto community to get through the bear market.

The common theme of advice revolved around focusing on long-term goals and avoiding short-term distractions be it price volatility or negative mainstream news.

The crypto bear market of 2022 has wiped out more than 70% of the market capitalization from the top. The total crypto market cap breached $3 trillion at the bull market’s peak last year but currently struggling to remain above $1 trillion.

At a time when the majority of the cryptocurrencies are moving sideways with no significant bullish momentum recorded in months, it can get a little frustrating, especially for those who jumped in at the market top in hopes of making some quick money.

As crypto-winter worsens, the Reddit crypto community shared their coping mechanisms and some “serious” tips to remain on top of their mental health during this cyclic event.

One Reddit user wrote that they are in it for the long term, thus, they ignore the charts and daily fluctuations:

“I ignore the charts as well as ensuring that I have a full-time job so that I always have income that I can rely on. It’s a long-term game for me, so I treat it as such. Daily fluctuations don’t matter if you aren’t going to sell anyway.”

Another user in the thread advised against tuning into the news as most of the news outlets today focuses on “sensationalizing everything.”

One user gave a golden piece of advice: Don’t invest more than you can afford to lose and said that until the bull market returns, they followed the dollar-cost averaging (DCA) investment theory. DCA is the practice of systematically investing equal amounts of money at regular intervals, regardless of the price of an asset.

While crypto veterans who have been in the game for a long realize that the bear market might be long but would eventually end, the new traders who jumped on the crypto bandwagon due to the hype or peer pressure might not. For them, a user suggested the importance of going out for some fresh air and wrote:

“Can’t stress enough how important some fresh air and outside time can be. Are charts getting you down? Go for a walk, it’ll help wonders. Remember the best investment you can do is in your mental health.” Open / Comment

2022-11-02 17:00:09 ​MEXC Global lists AirDAO's $AMB token.

MEXC has announced that AirDAO's $AMB token will list in the Innovation Zone with a USDT pair. Trading goes live at 12:00 on Nov 2 (UTC). This listing will help increase AirDAO's rapidly growing global presence and expand its reach in the Asian markets. Also, it gives traders on MEXC the opportunity to invest in a flourishing DeFi ecosystem on a new layer one blockchain.

AirDAO — previously known as Ambrosus — has a unique and ambitious vision for the future of DeFi. AirDAO is the first DAO to govern an entire L1 blockchain and provides traders with cutting-edge tools that streamline the complexity of DeFi into a single, easy-to-use dashboard.

With new leadership and a new vision, AirDAO has reenergized — attracting new exchange listings, VC investments, and partnerships. AirDAO recently raised $2 million in funding from DWF Labs — one of the leading institutional investors in innovative web3 projects and a top-five crypto market maker by volume worldwide. AirDAO also has an ongoing partnership with Binance for several exclusive promotions.

MEXC Global's cryptocurrency exchange caters to 10 million users worldwide in more than 170 countries. MEXC uses a high-performance trading engine developed by experts from the banking industry that can complete 1.4 million transactions per second — resulting in groundbreaking efficiency and enhanced performance.

Buy AMB

DYOR Telegram | Twitter Open / Comment

2022-10-30 20:00:09 ​​Binance wired $500M to back Musk’s Twitter takeover — CZ.

The Binance CEO said the company wired $500 million to take a share of equity as Elon Musk’s Twitter takeover is finally sealed.

Binance CEO Changpeng “CZ” Zhao says the company followed through with a $500 million commitment to back Elon Musk’s high-profile Twitter takeover.

Musk reportedly sealed the deal on Oct. 27, with a handful of Twitter executives escorted to the door as the new owner of the social media platform cleaned house.

Binance had indicated that it would co-invest in Twitter in May 2022, alongside 18 other investors that included the likes of cryptocurrency investment firms Sequoia Capital Fund, Fidelity Management and Research Company.

Binance’s founder confirmed on Oct. 28 that the company had indeed put its money on the table as Musk finalized his ownership of Twitter. CZ took to the newly-owned platform to confirm that the company had wired the funds earlier in the week.

Commenting on questions in the thread, CZ said that he was not involved in facilitating the transaction himself and joked that he thought the transaction had been processed through traditional banking means and not over a blockchain or cryptocurrency transaction.

Binance’s $500 million stake in Twitter makes it the fourth biggest contributor to the takeover. The Lawrence J. Ellison Revocable Trust invested $1 billion to make it the biggest contributor to the Musk-led acquisition of the social media platform.

Cointelegraph has reached out to Binance to ascertain the finer details of its Twitter investment, its total shareholdings and other potential partnerships entailed. Open / Comment