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Chips Shortage May Be Exacerbated by Mining Giant Bitmain Order

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Crypto mining company Bitmain has put more pressure on the market after placing a 5nm chip order with Taiwan Semiconductor Manufacturing Company TSMC.

Bitmain is looking to increase its efficiency and speed when it comes to crypto mining, which is likely due to the recent bullish narrative of bitcoin (BTC) and ethereum (ETH).

TMSC will start the manufacturing of the chips later this year and expecting to finish early in 2022. It is unknown how much of TSMC’s supply has been bought by Bitmain, but TSMC was predicted to up their production of chips from 55,000 to 60,000 wafer starts per month to 110,000 to 120,000.

Chips shortage

The chips shortage began in January 2021, when the global demand of semiconductors massively outweighed the supply. The chip shortage affects a host of industries from children’s toys, technologies, to the motor industry.

McKinsey lead on semiconductors Ondrej Burkacky said that the chip shortage is a universal issue and might lead to some products being unable to be created. “At some point, consumers will be affected by the chip crisis,” he said and added:

“The high noon season for consumer electronics are Q3 and Q4, and there might be shortages of several products during this time.”

At the moment Apple remains the largest consumer of the chips produced by TSMC, as the software giant uses the chips to make iPhone 12, iPad Air, and iPad Pros.

Global need for the chips

Despite efforts from chip manufacturers to keep up with demand, the global need for the chips is too great. Chip sales reached $40 billion in January of 2021, which is an increase of 13.2% from January of 2020.

The surge in demand is likely a ramification of the covid-19 pandemic. The chips are used in the making of technologies from laptops to televisions, and with many people working from home or keep themselves entertained, the need for these devices sky-rocketed.

Meanwhile, a new report on the crypto mining industry has indicated that the market could grow by $2.8 billion between now and 2024. The report also stated that mining is likely to increase as a result of a growing number of mining pools, product launches, and crypto-dedicated hardware.

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Source: https://beincrypto.com/chips-shortage-may-be-exacerbated-by-mining-giant-bitmain-order/

Blockchain

Blockchain Intelligence Firm TRM Labs Secures $14 Million in Funding

PayPal Ventures also participated in the latest investment round.

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TRM Labs, a blockchain intelligence company, yesterday announced that it has raised $14 million in the Series A funding round. The latest investment round was led by Bessemer.

According to the official announcement, PayPal Ventures, Jump Capital, and Blockchain Capital also participated in the recent round. The San Francisco-based company is facilitating financial firms and public agencies around the world in the detection and prevention of crypto-related fraudulent activities.

TRM Labs mentioned that the company has seen significant growth since the start of this year amid a surge in the adoption of cryptocurrency assets. The company saw a growth of 600% in revenue due to a substantial jump in the demand for crypto-related management and compliance software.

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Commenting on the latest announcement, Ethan Kurzweil, Partner at Bessemer Venture Partners, said: “The team at TRM Labs is building an extraordinary company that is going to be critically important in helping financial institutions safely transition to a new financial system for the digital age. TRM will also continue to be a strong partner to governments and regulators around the globe as they work to ensure that illicit actors don’t take advantage of this new financial system.”

TRM highlighted the importance of an efficient cryptocurrency risk management and compliance solution.

Crypto Compliance

Several companies worldwide have accelerated their efforts to integrate strong crypto-related compliance systems to tackle the potential involvement of digital currencies in money laundering and suspicious activities. TRM mentioned that the company’s risk management platform offers different solutions for cryptocurrency anti-money laundering (AML) and transaction monitoring. “At TRM we have built the next generation in blockchain intelligence with the mission of building a safer financial system for billions of people. We are thrilled to have the team at Bessemer lead our Series A and support that mission. This partnership is exactly what TRM needs to continue to invest in our clients in an industry characterized by explosive growth,” Esteban Castano, co-founder and CEO of TRM Labs said.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.financemagnates.com/cryptocurrency/news/blockchain-intelligence-firm-trm-labs-secures-14-million-in-funding/

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Blockchain

The Winklevoss Brothers Have Formed a Musical Band

The Winklevoss twins have started a music band… Which is not surprising considering everything else they’ve done.

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The Bitcoin price crash has been so severe that the Winklevoss twins, arguably one of the largest BTC whales in the world, have decided to start a band to make ends meet.

Let’s Rock!

Ok, Ok; maybe we’re exaggerating, but a report from the celebrity gossip site Page Six claims that the multi-talented Winklevoss twins formed a band with their co-workers and are already close to playing their first “gig”.

“Tyler sings, Cameron plays guitar,” said an anonymous source. The band already gave its first show to a closed group of friends at Cameron’s NoHo loft this week.

According to the magazine, the twins will take things a step further and play for a much larger and more serious crowd in a matter of days.

Didn’t make the guest list? No worries. The source tells us the mini show was just a dress rehearsal for next week, when the 6’5″ pair – who were played by Armie Hammer in the 2010 movie “Social Network” – have invited 200 people over to see them jam.

No further details have been revealed. The band name is still unknown, the music style is a mystery, and the song repertoire has not been revealed to the public either. Still, if the past serves as a benchmark to judge the future, the band may not be all that bad – regardless of whether it is a hobby or a serious endeavor.


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From Sports to Tech: The Winklevoss Have Been There and Done That

If there’s one thing the Winklevoss twins have plenty of, it’s talent. As youngsters, they were on the Olympic rowing team, the idea of what would become Facebook began with them, and they saw the potential of Bitcoin when it was just a curiosity being discussed by a bunch of nerds on cryptography forums.

Today some estimates calculate their Bitcoin holdings at close to 1% of all the coins available; they are also the owners of Gemini, one of the most important regulated cryptocurrency exchanges in the United States; and have funded several visionary projects related to blockchain technologies such as the Nifty Gateway NFT marketplace.

So if there’s one thing we can be sure of, it’s that if they form a rock band, you’ll probably end up with at least one song stuck in your brain… Of course, that’s if you ever get to hear them play.

In the meantime, you’d better stick to following them on Twitter. If they ever buy a record label, we’ll let you know.

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Source: https://cryptopotato.com/the-winklevoss-brothers-have-formed-a-musical-band/

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New Crypto Venture Fund to Invest in African Startups

Audacity is a venture fund with plans to become a full-fledged DAO.

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In brief

  • Audacity was founded by Erikan Obotetukudo.
  • The fund has the backing of IDEO CoLab Ventures and Electric Capital.

The co-founder of Crypto for Black Economic Empowerment (CBBE), a group of 100 Black founders and creators, today announced the launch of a new crypto venture capital fund: Audacity.

Audacity Fund I is set to distribute money to African crypto startups, with a particular focus on decentralized finance (DeFi), the term for blockchain-based projects that cut out financial intermediaries like banks so that people can lend, borrow, and trade with one another directly. 

“As exciting and interesting as blockchain and crypto is today, it’s still one dimensional in terms of the participants,” the fund’s founder, Erikan Obotetukudo, told Decrypt. At the same time, she said, “Fundamentally, crypto is actually being led and driven by emerging markets—El Salvador, Argentina, places like Nigeria and the Philippines.”

The fund, then, is about getting capital into the hands of Black and African entrepreneurs in such markets. 

Beyond craving more blockchain engineers, she said many projects need help with crafting proper tokenomics, marketing their services, and even having backup to engage with regulators. For instance, Nigeria, one of the continent’s economic powerhouses, earlier this year barred banks from dealing with cryptocurrency companies, creating problems for Web 3 entrepreneurs.

Audacity has some major names backing it, including, CoinShares CSO Meltem Demirors, IDEO CoLab Ventures, and Electric Capital, which provides funding to early-stage FinTech and crypto projects.

Though it has one foot in the venture capital world, the other is in decentralized capital. Audacity will leverage Syndicate Protocol, a platform for launching decentralized autonomous organizations (DAOs) and investment funds. Obotetukudo said the plan is to transition the fund into a full-fledged DAO, an organization that lets members make investment and governance decisions by voting with tokens on a blockchain.

“Fundamentally, venture capital is changing,” she said. Being on-chain is about removing financial intermediaries and making it “more seamless to move money between being an investor and into an asset.”

She believes that Audacity can also be part of rectifying a system where Black and African people create much of the world’s intellectual property without compensation. “A lot of what we consume today and what sells today is with the black sort of aesthetic and African aesthetic in mind,” she said. Through tokenization, NFTs and other monetization strategies, the startups Audacity funds can help reverse that disparity.

Said Obotetukudo: “This fund is just the beginning of saying…the majority of the world that has been overlooked for centuries are going to be the leaders of the new internet.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://decrypt.co/73900/new-crypto-venture-fund-invest-african-defi-startups

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Blockchain

Miami Mayor Sets Up Stage to Attract Bitcoin Miners With Low-Cost Nuclear Power

Miami’s Bitcoin and crypto-friendly Mayor Francis Suarez is now setting up the stage to attract Chinese miners by wooing them with a low-cost nuclear power supply. Amid the recent crackdown in China, miners have been looking at overseas locations to continue their operations. On the other hand, the crypto mining industry is taking turns for

The post Miami Mayor Sets Up Stage to Attract Bitcoin Miners With Low-Cost Nuclear Power appeared first on Coingape.

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Miami’s Bitcoin and crypto-friendly Mayor Francis Suarez is now setting up the stage to attract Chinese miners by wooing them with a low-cost nuclear power supply. Amid the recent crackdown in China, miners have been looking at overseas locations to continue their operations.

On the other hand, the crypto mining industry is taking turns for the good while moving towards renewable energy solutions. Suarez cites a good opportunity here and looks forward to taking steps that promote Bitcoin mining activities in the city.

Speaking to CNBC, the Miami Mayor said that he hasn’t yet received any calls from Chinese miners. However, the mayor his building his preparedness to woo miners by tapping the city’s excess supply of cheap nuclear energy power. Suarez added:

“We want to make sure that our city has an opportunity to compete,” he said. “We’re talking to a lot of companies and just telling them, ‘Hey, we want you to be here’”.

Suarez has been a crypto believer for years. Besides, with the U.S. government initiating massive stimulus measures and pumping more money in the economy, Suarez also took the plunge of investing in Bitcoin (BTC) and Ethereum (ETH).

Tapping the City’s Clean Nuclear Energy

Suarez emphasized on Miami’s reliance on nuclear power that serves as source of clean energy. In the entire state of Florida, nuclear energy is the second biggest source of energy after natural gas. “The fact that we have nuclear power means that it’s very inexpensive power,” he said.

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Suarez said that he is currently in talks with Florida Power & Light Company for the division, energy distribution and the price of energy. “We understand how important this is…miners want to get to a certain kilowatt price per hour. And so we’re working with them on that,” said the Miami Mayor.

The mayor is also considering a mix of other incentives considering other enterprise zones for crypto mining. These zone spefically have infrastructure incentives, tax concessions, and scaled-back regulations.

But Maimi is not alone in its attempt to become a hub for crypto mining operations. The U.S. State of Texas is also becoming an attractive destination for Bicoin miners due to the surplusss availability of wind and solar energy. Speaking to CNBC, Brandon Arvanaghi, previously a security engineer at crypto exchange Gemini said:

“You are going to see a dramatic shift over the next few months. We have governors like Greg Abbott in Texas who are promoting mining. It is going to become a real industry in the United States, which is going to be incredible.”

With Chinese miners unplugging their mining rigs, there’s a significant drop in the Bitcoin hashrate over the last month.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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Source: https://coingape.com/miami-mayor-sets-up-stage-to-attract-crypto-miners-with-low-cost-nuclear-power/

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