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🦄 Fantastic Crypto Beasts and Where to Find Them
You sure must have heard about some mystic whales, bulls, bears and hamsters of crypto world. But what does this zoological jargon even mean and whom exactly do these animals represent?
🐹 Hamsters
Think of them as the newcomers or the less experienced investors in the crypto market.
Hamsters often find it hard to keep their emotions in check and might make hasty decisions. They're known to buy or sell based on rumors or the fear of missing out on potential gains. It's a rollercoaster ride for these little guys!🎢
🐋 Whales
Now, these are the big fish of the crypto ocean. Whales are the heavyweight investors with hefty funds, often armed with insider insights. Their moves can create waves in the market, influencing trends and prices significantly.
With a capital often running into hundreds of millions, whales are the giants that everyone watches out for in the cryptocurrency sea. Like Elon Musk, for example😎
🐂 Bulls
Ever heard of "bullish" trends? Bulls in crypto are eternal optimists, always betting on the rise of cryptocurrency prices. They're the ones buying and holding assets, hoping for a surge in value. For these users, being 'long' is the usual stance, always rooting for growth📈
🐻 Bears
In contrast to the Bulls, Bears are the pessimists of the market. They expect prices to plummet and are often involved in short-selling, betting on the market's downturn📉
So, which crypto animal do you identify yourself as? Hit ❤️ if you didn't know y💰I'm earning on $XPLUS #Shake2Earn #MiniGameFi
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💁🏻♂️Referral code: MinBitcoin Mining's Minor Share in U.S. Power Usage
By AZC News | 4 hours ago
Recent findings from the US Energy Information Administration highlight that Bitcoin mining accounts for a modest 0.6% to 2.3% of the country's total electricity usage.Bitcoin Mining's Minor Share in U.S. Power Usage
Analyzing the electricity usage attributed to Bitcoin mining in the United States, recent findings reveal that the industry is responsible for a substantial 0.6% to 2.3% of the nation's total power consumption as of 2023.
The Extent of Power Consumption by Bitcoin Miners
A report from the U.S. Energy Information Administration (EIA) provides a comprehensive overview of the electricity consumption associated with 
The EIA report highlights that the electricity consumption resulting from Bitcoin mining activities is comparable to the annual demand of three to six million homes. This underscores a notable surge in mining operations within the U.S. over the past few years.
This growth is particularly notable due to the relocation of crypto mining operations from China to the United States, prompted by the ban imposed on the sector in the Asian country. Furthermore, in the last three years, several prominent Bitcoin mining companies have gone public in the U.S., strategically establishing their facilities in regions abundant in energy resources, such as Texas and New York.
Rising Bitcoin Mining Activity Sparks Concerns Over Energy Consumption
The recent surge in electricity consumption driven by Bitcoin mining has become a focal point of concern for policymakers and grid planners. The exponential growth in the industry has raised apprehensions about potential strains on the electricity grid, leading to worries about increased costs, diminished reliability, and heightened emissions.
According to a report, concerns communicated to the U.S. Energy Information Administration (EIA) encompass issues such as grid strain during peak demand periods, the possibility of elevated electricity prices, and the impact on energy-related carbon dioxide (CO2) emissions.
Despite the growing apprehensions expressed by policymakers and grid planners, it's essential to debunk the notion that Bitcoin mining is an excessive energy consumer. In fact, mining is often recognized as one of the most energy-efficient industrial applications of electricity.
Related: UK Police Seize £1.4 Million in Bitcoin Linked to Chinese Fraud
With the upcoming Bitcoin halving just a few months away, the mining landscape is poised for a significant shift. As experienced in previous halving events, the reduction in mining rewards, and subsequently, the issuance of new coins, may incentivize miners to intensify their activities. This heightened mining operation could potentially result in an increased demand for electricity dedicated to Bitcoin mining activities.
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. mg mgou were a hamster, too😂Celsius Successfully Exits Bankruptcy, Initiates Debt Repayment
By AZC News | A day ago
According to the approved restructuring plan, Celsius has successfully emerged from bankruptcy and will proceed to pay creditors through PayPal, Venmo, and Coinbase.Celsius Successfully Exits Bankruptcy, Initiates Debt Repayment
Celsius Successfully Exits Bankruptcy, Initiates Debt Repayment
After a year and a half of pausing withdrawals and filing for Chapter 11 bankruptcy protection, Celsius Network will commence a $3 billion payout to creditors starting today (02/01).
PayPal, Venmo, and Coinbase are debt distribution agents on behalf of Celsius. Additionally, Celsius will gradually wind down its operations, beginning with the suspension of the mobile app and website on February 28.
In addition to cash, creditors will receive stakes in the newly established mining company, Ionic Digital. 98% of Celsius Network's creditors have agreed to sign onto this plan after 18 months in bankruptcy court.
Ionic is also considering a future stock listing. Matt Prusak, Chief Commercial Officer of Hut 8, has been appointed as CEO of Ionic.
Celsius declared bankruptcy on July 13, 2022, with a shortfall of $1.2 billion in the balance sheet. A year later, the lending platform, co-founded by former CEO Alex Mashinsky, faced simultaneous lawsuits from the U.S. Securities and Exchange Commission (SEC), the Federal Trade Commission (FTC), and the Commodity Futures Trading Commission (CFTC). To date, Celsius has reached an agreement with the FTC, agreeing to pay a $4.7 billion fine upon completing the bankruptcy proceedings.
Related: Celsius Transferred 125 Million USD ETH to the Exchange
As for Mashinsky, he was arrested in July 2023, facing charges of defrauding customers and manipulating the platform's token prices. Mashinsky is currently under house arrest with a $40 million bond, and the court has ordered the freezing of his bank assets and real estate. The next trial is scheduled for September 2024.
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research wCelsius Network Exerts Pressure on the Ethereum Network
By AZC News | 3 hours ago
Celsius Network persistently increased Ethereum deposits on Coinbase Prime, maintaining consistent gas usage on the Ethereum network, while witnessing a decrease in NFT trades.Celsius Network Exerts Pressure on the Ethereum Network
Ethereum's recent price surge has injected optimism into the trading community, but the actions of the now-defunct crypto lender, Celsius, seem to be throwing a wrench into Ethereum's upward momentum.
Despite the positive sentiment, Spot On Chain's data reveals that Celsius deposited an additional 67,500 ETH into Coinbase Prime in the last two days, totaling around $156.5 million. This move is part of Celsius' ongoing restructuring strategy, involving a cumulative transfer of 847,626 ETH (equivalent to approximately $1.9 billion) to centralized exchanges since November 13, 2023.
The repercussions of Celsius' continuous sell-offs are evident in Ethereum's recent performance. Over the last 24 hours, ETH witnessed a 2.4% decline, showcasing a notable correlation between Celsius' transactions and short-term fluctuations in Ethereum's market value.
The consistent liquidation of ETH holdings by Celsius raises concerns for Ethereum on multiple fronts. Firstly, the substantial sell-offs may contribute to increased selling pressure, causing short-term downward price movements. This influx of supply can disrupt the delicate balance between demand and supply, potentially resulting in heightened price volatility and fluctuations.
Related: Ethereum Completes Dencun Upgrade on Sepolia Testnet
Furthermore, the ongoing actions of Celsius might deter potential investors, prompting them to avoid holding ETH due to uncertainties associated with Celsius' behavior. This waning interest in ETH is underscored by the diminishing network growth observed in Ethereum.
The decline in network growth implies a decrease in the frequency of ETH trading by new addresses, reflecting a possible reluctance or caution among investors.
Turning to the state of NFTs, while Ethereum's overall network activity remained steady with consistent gas usage, the number of NFT trades experienced a notable downturn. This reduction in NFT transactions could signify a shift in user preferences or alterations in market dynamics within the Ethereum-based NFT space.
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own researcBitcoin Mining's Minor Share in U.S. Power Usage
By AZC News | 4 hours ago
Recent findings from the US Energy Information Administration highlight that Bitcoin mining accounts for a modest 0.6% to 2.3% of the country's total electricity usage.Bitcoin Mining's Minor Share in U.S. Power Usage
Analyzing the electricity usage attributed to Bitcoin mining in the United States, recent findings reveal that the industry is responsible for a substantial 0.6% to 2.3% of the nation's total power consumption as of 2023.
The Extent of Power Consumption by Bitcoin Miners
A report from the U.S. Energy Information Administration (EIA) provides a comprehensive overview of the electricity consumption associated with Bitcoin mining activities in the country. According to the report, Bitcoin mining facilities in the United States collectively demand between 0.6% and 2.3% of the annual electricity supply. To put this into perspective, the electricity consumed by U.S. Bitcoin miners is equivalent to the energy needs of the entire state of Utah.
The EIA report highlights that the electricity consumption resulting from Bitcoin mining activities is comparable to the annual demand of three to six million homes. This underscores a notable surge in mining operations within the U.S. over the past few years.
This growth is particularly notable due to the relocation of crypto mining operations from China to the United States, prompted by the ban imposed on the sector in the Asian country. Furthermore, in the last three years, several prominent Bitcoin mining companies have gone public in the U.S., strategically establishing their facilities in regions abundant in energy resources, such as Texas and New York.
Rising Bitcoin Mining Activity Sparks Concerns Over Energy Consumption
The recent surge in electricity consumption driven by Bitcoin mining has become a focal point of concern for policymakers and grid planners. The exponential growth in the industry has raised apprehensions about potential strains on the electricity grid, leading to worries about increased costs, diminished reliability, and heightened emissions.
According to a report, concerns communicated to the U.S. Energy Information Administration (EIA) encompass issues such as grid strain during peak demand periods, the possibility of elevated electricity prices, and the impact on energy-related carbon dioxide (CO2) emissions.
Despite the growing apprehensions expressed by policymakers and grid planners, it's essential to debunk the notion that Bitcoin mining is an excessive energy consumer. In fact, mining is often recognized as one of the most energy-efficient industrial applications of electricity.
Related: UK Police Seize £1.4 Million in Bitcoin Linked to Chinese Fraud
With the upcoming Bitcoin halving just a few months away, the mining landscape is poised for a significant shift. As experienced in previous halving events, the reduction in mining rewards, and subsequently, the issuance of new coins, may incentivize miners to intensify their activities. This heightened mining operation could potentially result in an increased demand for electricity dedicated to Bitcoin mining activities.
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own rese
By AZC News | A day ago
According to the approved restructuring plan, Celsius has successfully emerged from bankruptcy and will proceed to pay creditors through PayPal, Venmo, and Coinbase.Celsius Successfully Exits Bankruptcy, Initiates Debt Repayment
Celsius Successfully Exits Bankruptcy, Initiates Debt Repayment
After a year and a half of pausing withdrawals and filing for Chapter 11 bankruptcy protection, Celsius Network will commence a $3 billion payout to creditors starting today (02/01).
PayPal, Venmo, and Coinbase are debt distribution agents on behalf of Celsius. Additionally, Celsius will gradually wind down its operations, beginning with the suspension of the mobile app and website on February 28.
In addition to cash, creditors will receive stakes in the newly established mining company, Ionic Digital. 98% of Celsius Network's creditors have agreed to sign onto this plan after 18 months in bankruptcy court.
Ionic is also considering a future stock listing. Matt Prusak, Chief Commercial Officer of Hut 8, has been appointed as CEO of Ionic.
Celsius declared bankruptcy on July 13, 2022, with a shortfall of $1.2 billion in the balance sheet. A year later, the lending platform, co-founded by former CEO Alex Mashinsky, faced simultaneous lawsuits from the U.S. Securities and Exchange Commission (SEC), the Federal Trade Commission (FTC), and the Commodity Futures Trading Commission (CFTC). To date, Celsius has reached an agreement with the FTC, agreeing to pay a $4.7 billion fine upon completing the bankruptcy proceedings.
Related: Celsius Transferred 125 Million USD ETH to the Exchange
As for Mashinsky, he was arrested in July 2023, facing charges of defrauding customers and manipulating the platform's token prices. Mashinsky is currently under house arrest with a $40 million bond, and the court has ordered the freezing of his bank assets and real estate. The next trial is scheduled for September 2024.
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
