Analysis Crypto by Thebittimes.Com

Binance is set to publicly launch a crypto exchange in Thailand in early 2024 in partnership with the local energy powerhouse Gulf Energy Development. According to a filing with the Stock Exchange of Thailand on Nov. 15 by Gulf Energy, the joint venture named Gulf Binance will initially operate on an invitation-only basis, leading to a public launch in early 2024. The latest development follows the venture’s receipt of approval from the Securities and Exchange Commission on Nov. 10. Gulf Binance was granted digital asset operator licenses by Thailand’s Ministry of Finance on May 26, allowing it to run a crypto exchange under the oversight of the country’s SEC. Binance had initially aimed to launch its Thai division by the fourth quarter of 2023. You might also like: Binance launches Dual Investment product Richard Teng, Binance’s regional head for Asia, Europe, and MENA, commented on the partnership, highlighting the strategic use of Gulf’s st...

As Texas baked in the sun, Riot Platforms received two types of monetary credit for being attentive to the grid’s power needs. Bitcoin miner Riot Platforms mined fewer Bitcoin in August than July but received over $31 million in power credits. That is the equivalent of around 1,136 Bitcoin (BTC), CEO Jason Les pointed out in a statement. Riot received an estimated $24.2 million in power curtailment credits under its contract with Texas grid operator Electric Reliability Council of Texas (ERCOT) and $7.4 million from ERCOT’s demand response program. Those monthly credits are greater than the credits the company received for all of 2022, Les said. Riot Platforms mining statistics for August. Source: Riot Platforms According to a presentation released by Riot on Sept. 6, the company’s power strategy is based on three mechanisms, and all depend on its long-term ERCOT contract. Power credits are received when the company curtails operations and returns power to ERCOT when the price of el...

Bitcoin mining, which has received criticism for its excessive Energy usage, may be subject to a new Energy labeling system in the European Union. Bloomberg states the EU will work on a grading measure to promote environmentally-friendly crypto currency mining practices. Bitcoin uses “proof of work” to add to the blockchain, a process that requires a lot of Energy to run. PoW requires many separate computers to come to a consensus before new information can be added to the ledger. This draws a lot of Energy because computers must solve complex problems to earn the chance to edit the blockchain. The more the blockchain grows, the more powerful the computers needed to add to it must become. “Proof of stake,” however, requires much less power. With this system, there is no competition to write a new block. Block creators instead use their current crypto holdings and are selected by the algorithm to add new blocks. With this method, much less energy is dra...