Crypto World Analysis

2022-09-06 13:37:38 More Than 94k ETH Staked Ahead Of Ethereum Merge

Currently, the entire cryptocurrency market is discussing the Ethereum network’s much-awaited transition from proof-of-work (PoW) to proof-of-stake (PoS) which is scheduled for 15th September. The developers are striving hard to make the merge a successful one, and the network’s staking activity has increased.

Although September did not start off well for the cryptocurrency space as a whole, it’s shaping up well for Ethereum in particular; the network saw a massive stake of 94,000 ETH on the first day of September itself! This is one of the largest single-day spikes in ETH staking since May 2022. At the moment, the Ethereum network is witnessing a spike of 11.3% staked Ethereum consensus layer contract addresses and it has hit 13.522 million.

Ethereum Merge Open / Comment

2022-09-06 07:34:02 KlimaDAO Engages Tusk Strategies to Push Congress to Write DAOs Into Law

The KlimaDAO announced Friday that it is collaborating with politicians to provide a legal framework for DAOs in the Lummis-Gillibrand Responsible Financial Innovation Act. KlimaDAO's legal team told Decrypt that the DAO has had multiple conversations with staff members from the offices of Sens. Cynthia Lummis and Kirstin Gillibrand since May.

The legislation was introduced to the Senate in June, and published on Github to gather comments from the technical community. The bill aims to bring clarity to the crypto industry, outlining how digital assets should be taxed and how they should be regulated by different government agencies. It also includes definitions for what virtual currencies are, as well as for other terms that haven’t yet been established by lawmakers, including DAOs. Also referred to as a decentralized autonomous organization.

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2022-09-05 20:10:19 Ethereum Classic hits all-time high hash rate ahead of The Merge.

Ethereum Classic has reached an all-time-high hash rate of 45 terahashes per second (TH/s), having grown more than 480% year to date. Hash rate represents the amount of computing power involved in creating new blocks on its network. 

Ethereum Classic’s hash rate is still small in comparison to Ethereum, and accounts for only 5% of Ethereum’s hash rate of roughly 895 TH/s. This means Ethereum Classic has a long way to go before it’s considered a major network for proof-of-work miners.

Ethereum Merge Open / Comment

2022-09-05 07:34:02 Repurposing Bitcoin mining heat can solve global energy crisis: Arcane

While innovations in chipset manufacturing have helped reduce operational costs related to Bitcoin mining, a report from Arcane reveals the market’s potential to transform the energy industry. The flexibility behind running Bitcoin (BTC) mining operations can be vital to solving the real-world problems that stand in the way of the energy industry, suggests Arcane research.

One of the biggest concerns authorities raise when it comes to Bitcoin’s mainstream adoption is its energy requirements. While innovations in chipset manufacturing have helped reduce operational costs related to Bitcoin mining, a report from Arcane reveals the market’s potential to transform the energy industry. Owing to low cost of reacting, Bitcoin mining complements the growth of wind and solar grids, which often produce unstable and non-controllable energy. Arcane research points out that the Electric Reliability Council of Texas.

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2022-09-04 10:44:34 Justin Sun bought 20,633 Ethereum (ETH) before the merger

Tron founder Justin Sun has added 20,633 Ethereum (ETH) worth nearly $33 million to his wallet in the last 4 days. Justin Sun supports the Ethereum PoW (ETHPoW) hardforward plan and is listing ETHW and ETHS on his crypto exchange Poloniex .

In fact, he has pledged to donate branched out ETH tokens to support the PoW community and ecosystem.

Ethereum Merge Open / Comment

2022-09-04 09:48:02 Celsius expects to receive $70M loan repayment to fund operations beyond November

Crypto lender Celsius expects $70 million from loan repayments that will extend its runway cost beyond November. The cash flow forecast submitted by Celsius during the bankruptcy hearing on Sept. 1 disclosed that the company will record an inflow of about $70 million from repayment of USD-denominated loans.

The loans are expected to be repaid by Oct. 7 and will help cover business and restructuring costs. The forecast which detailed cash flow from September to November shows Celsius will have a disposable income of over $42 million by the end of November. The beginning cash balance at the start of September is approximately $133 million, while it projects a total of $69 million incurred as operating costs over the next three months. Consequently, Celsius will have more liquidity to continue operating till the end of 2022.

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2022-09-03 08:22:02 Celsius Network to Return Only 22% of Customer Funds

Embattled cryptocurrency lender Celsius Network has told a New York bankruptcy court in a filing that it will pay back about 22% of funds held in custody to 58,300 customers whose assets are assets valued at $48M. The revelation was made during a Sept. 1 hearing of a motion seeking authorization for the Celsius Network.

The bankruptcy filing revealed that Celsius owes its users around $4.3 billion, leaving many wondering whether it will raise more liquidity to pay the remaining funds as it seeks to restructure and go through bankruptcy proceedings. According to the bankruptcy filing, the firm was valued at $3 billion after raising $690 million in multiple funding round series in 2022.

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