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Jack Dorsey’s Square Teams Up With Blockstream for Solar-Powered Bitcoin Mining Project

Jack Dorsey’s Square is partnering with prominent Bitcoin development company Blockstream to create a new solar-powered BTC mining facility. According to an announcement from Blockstream, the blockchain powerhouse is collaborating with the payments giant in an effort to develop a scalable and sustainable Bitcoin mining process. “Square intends to invest $5 million in the facility, […]

The post Jack Dorsey’s Square Teams Up With Blockstream for Solar-Powered Bitcoin Mining Project appeared first on The Daily Hodl.

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Jack Dorsey’s Square is partnering with prominent Bitcoin development company Blockstream to create a new solar-powered BTC mining facility.

According to an announcement from Blockstream, the blockchain powerhouse is collaborating with the payments giant in an effort to develop a scalable and sustainable Bitcoin mining process.

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“Square intends to invest $5 million in the facility, with Blockstream providing infrastructure and expertise to build and manage the project. The facility will be a proof-of-concept for a 100% renewable energy Bitcoin mine at scale, with the economics of the build-out – including operational costs and ROI – made open to the public.

While we know that many mining operations throughout the world, including ours, already rely on renewable energy (as it is the most cost-effective power available), we hope that the open and transparent nature of this project will become a model that other businesses can learn from. We hope to show that a renewable mining facility in the real world is not only possible but also prove empirically that Bitcoin accelerates the world toward a sustainable future.”

The partnership arrives at a time when conversations surrounding the environmental impact of crypto mining continue to permeate the space.

Shark tank investor Kevin O’Leary has been vocal about his desire to invest solely in crypto assets mined with renewable energy, and has stated that his network of institutional investors is concerned about so-called “blood-coins.”

“I have certainly shifted my holdings. I don’t own random ETFs with blood coin in them. I know the providence of where my wallet coins are mined now.

I’m trying to organize now a council of sustainability. Certainly, where I’ll be investing in the companies that do set sustainable mandates, they will be the ones I invest in, and I would like to make them a showcase for the industry that we care about sustainability.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/spainter_vfx/Derya Draws

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://dailyhodl.com/2021/06/07/jack-dorseys-square-teams-up-with-blockstream-for-solar-powered-bitcoin-mining-project/

Blockchain

Top Economist Steve Hanke Calls El Salvador’s Bitcoin Adoption Decision Stupid

Steve Hanke has lambasted El Salvador for adopting bitcoin as a legal tender. The economist believes it was a “very stupid” decision influenced by dark forces.

Published

on

While the entire crypto industry was extremely delighted with the news of El Salvador’s bitcoin adoption as a legal tender, several financial analysts have called out the country’s president and congress for the decision.

A “Very Stupid” Decision

In a recent report, Steve Hanke, a professor of Applied Economics at the John Hopkins University, has called the decision a “very stupid” one.

According to him, El Salvador is one of the three officially dollarized American nations, and adopting Bitcoin as a legal tender will ultimately cause its economy to collapse.

He alleged that the decision was influenced by “dark forces” who wish to completely drain the entire US dollar in circulation.

Bitcoin for Daily Transactions

“Dark forces clearly are behind this, that is the criminal element and the reason for that is the criminal element wants to be able to get in and actually obtain real legal tender,” Hanke said.

He also pointed out that it will be very difficult to use bitcoin in day-to-day transactions as the transaction rate of bitcoin will be too high when converting it to US dollars.


ADVERTISEMENT

Hanke believes that a fundamental problem with cryptocurrencies is that it is expensive and difficult to convert crypto assets to “actual” legal tenders.

“You can’t convert Bitcoin, for example, cheaply and easily into U.S. dollars, pounds sterling, euros, and legal tenders you can use in a store,” he said.

Steve Hanke: Bitcoin is Not a Scam

Although Hanke does not favor El Salvador’s bitcoin move, the economist clarified that he does not view the cryptocurrency as a scam. However, he believes that bitcoin is a highly speculative and risky asset that has no fundamental value.

He reiterated that the leading cryptocurrency is not a currency and would eventually lose its value due to its speculative nature.

“[Bitcoin] is not a currency, it’s a very risky speculative asset. I won’t call it a scam… its fundamental value is zero, so bitcoin will face competition and will eventually see its value be driven down considerably over where it is right now.”

El Salvador made waves last week when it officially adopted bitcoin as a legal tender. However, considering the backlash it is currently facing over the decision, will other countries follow suit? Only time will tell.

Featured image courtesy of Phi Delta Theta

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/top-economist-steve-hanke-calls-el-salvadors-bitcoin-adoption-decision-stupid/

Continue Reading

Blockchain

Top Economist Steve Hanke Calls El Salvador’s Bitcoin Adoption Decision Stupid

Steve Hanke has lambasted El Salvador for adopting bitcoin as a legal tender. The economist believes it was a “very stupid” decision influenced by dark forces.

Published

on

While the entire crypto industry was extremely delighted with the news of El Salvador’s bitcoin adoption as a legal tender, several financial analysts have called out the country’s president and congress for the decision.

A “Very Stupid” Decision

In a recent report, Steve Hanke, a professor of Applied Economics at the John Hopkins University, has called the decision a “very stupid” one.

According to him, El Salvador is one of the three officially dollarized American nations, and adopting Bitcoin as a legal tender will ultimately cause its economy to collapse.

He alleged that the decision was influenced by “dark forces” who wish to completely drain the entire US dollar in circulation.

Bitcoin for Daily Transactions

“Dark forces clearly are behind this, that is the criminal element and the reason for that is the criminal element wants to be able to get in and actually obtain real legal tender,” Hanke said.

He also pointed out that it will be very difficult to use bitcoin in day-to-day transactions as the transaction rate of bitcoin will be too high when converting it to US dollars.


ADVERTISEMENT

Hanke believes that a fundamental problem with cryptocurrencies is that it is expensive and difficult to convert crypto assets to “actual” legal tenders.

“You can’t convert Bitcoin, for example, cheaply and easily into U.S. dollars, pounds sterling, euros, and legal tenders you can use in a store,” he said.

Steve Hanke: Bitcoin is Not a Scam

Although Hanke does not favor El Salvador’s bitcoin move, the economist clarified that he does not view the cryptocurrency as a scam. However, he believes that bitcoin is a highly speculative and risky asset that has no fundamental value.

He reiterated that the leading cryptocurrency is not a currency and would eventually lose its value due to its speculative nature.

“[Bitcoin] is not a currency, it’s a very risky speculative asset. I won’t call it a scam… its fundamental value is zero, so bitcoin will face competition and will eventually see its value be driven down considerably over where it is right now.”

El Salvador made waves last week when it officially adopted bitcoin as a legal tender. However, considering the backlash it is currently facing over the decision, will other countries follow suit? Only time will tell.

Featured image courtesy of Phi Delta Theta

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/top-economist-steve-hanke-calls-el-salvadors-bitcoin-adoption-decision-stupid/

Continue Reading

Blockchain

Top Economist Steve Hanke Calls El Salvador’s Bitcoin Adoption Decision Stupid

Steve Hanke has lambasted El Salvador for adopting bitcoin as a legal tender. The economist believes it was a “very stupid” decision influenced by dark forces.

Published

on

While the entire crypto industry was extremely delighted with the news of El Salvador’s bitcoin adoption as a legal tender, several financial analysts have called out the country’s president and congress for the decision.

A “Very Stupid” Decision

In a recent report, Steve Hanke, a professor of Applied Economics at the John Hopkins University, has called the decision a “very stupid” one.

According to him, El Salvador is one of the three officially dollarized American nations, and adopting Bitcoin as a legal tender will ultimately cause its economy to collapse.

He alleged that the decision was influenced by “dark forces” who wish to completely drain the entire US dollar in circulation.

Bitcoin for Daily Transactions

“Dark forces clearly are behind this, that is the criminal element and the reason for that is the criminal element wants to be able to get in and actually obtain real legal tender,” Hanke said.

He also pointed out that it will be very difficult to use bitcoin in day-to-day transactions as the transaction rate of bitcoin will be too high when converting it to US dollars.


ADVERTISEMENT

Hanke believes that a fundamental problem with cryptocurrencies is that it is expensive and difficult to convert crypto assets to “actual” legal tenders.

“You can’t convert Bitcoin, for example, cheaply and easily into U.S. dollars, pounds sterling, euros, and legal tenders you can use in a store,” he said.

Steve Hanke: Bitcoin is Not a Scam

Although Hanke does not favor El Salvador’s bitcoin move, the economist clarified that he does not view the cryptocurrency as a scam. However, he believes that bitcoin is a highly speculative and risky asset that has no fundamental value.

He reiterated that the leading cryptocurrency is not a currency and would eventually lose its value due to its speculative nature.

“[Bitcoin] is not a currency, it’s a very risky speculative asset. I won’t call it a scam… its fundamental value is zero, so bitcoin will face competition and will eventually see its value be driven down considerably over where it is right now.”

El Salvador made waves last week when it officially adopted bitcoin as a legal tender. However, considering the backlash it is currently facing over the decision, will other countries follow suit? Only time will tell.

Featured image courtesy of Phi Delta Theta

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/top-economist-steve-hanke-calls-el-salvadors-bitcoin-adoption-decision-stupid/

Continue Reading

Blockchain

Top Economist Steve Hanke Calls El Salvador’s Bitcoin Adoption Decision Stupid

Steve Hanke has lambasted El Salvador for adopting bitcoin as a legal tender. The economist believes it was a “very stupid” decision influenced by dark forces.

Published

on

While the entire crypto industry was extremely delighted with the news of El Salvador’s bitcoin adoption as a legal tender, several financial analysts have called out the country’s president and congress for the decision.

A “Very Stupid” Decision

In a recent report, Steve Hanke, a professor of Applied Economics at the John Hopkins University, has called the decision a “very stupid” one.

According to him, El Salvador is one of the three officially dollarized American nations, and adopting Bitcoin as a legal tender will ultimately cause its economy to collapse.

He alleged that the decision was influenced by “dark forces” who wish to completely drain the entire US dollar in circulation.

Bitcoin for Daily Transactions

“Dark forces clearly are behind this, that is the criminal element and the reason for that is the criminal element wants to be able to get in and actually obtain real legal tender,” Hanke said.

He also pointed out that it will be very difficult to use bitcoin in day-to-day transactions as the transaction rate of bitcoin will be too high when converting it to US dollars.


ADVERTISEMENT

Hanke believes that a fundamental problem with cryptocurrencies is that it is expensive and difficult to convert crypto assets to “actual” legal tenders.

“You can’t convert Bitcoin, for example, cheaply and easily into U.S. dollars, pounds sterling, euros, and legal tenders you can use in a store,” he said.

Steve Hanke: Bitcoin is Not a Scam

Although Hanke does not favor El Salvador’s bitcoin move, the economist clarified that he does not view the cryptocurrency as a scam. However, he believes that bitcoin is a highly speculative and risky asset that has no fundamental value.

He reiterated that the leading cryptocurrency is not a currency and would eventually lose its value due to its speculative nature.

“[Bitcoin] is not a currency, it’s a very risky speculative asset. I won’t call it a scam… its fundamental value is zero, so bitcoin will face competition and will eventually see its value be driven down considerably over where it is right now.”

El Salvador made waves last week when it officially adopted bitcoin as a legal tender. However, considering the backlash it is currently facing over the decision, will other countries follow suit? Only time will tell.

Featured image courtesy of Phi Delta Theta

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/top-economist-steve-hanke-calls-el-salvadors-bitcoin-adoption-decision-stupid/

Continue Reading
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