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University of Wyoming to Generate Revenue From Crypto Staking

Public education is expensive. One university is experimenting with crypto for funding.

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In brief

  • Wyoming appropriated $4 million for cryptocurrency staking.
  • The profits will go toward funding capital expenditures.

Wyoming has already welcomed crypto banks and blockchain investment. Now, it’s putting some skin in the game itself.

In an appropriations bill signed by the governor this month, Wyoming earmarked $4 million for a cryptocurrency staking program to be run by the University of Wyoming, the state’s lone public four-year university. 

“Staking,” which amounts to locking up cryptocurrency so it can be used to validate blockchain transactions and mint new tokens, is a popular way for cryptocurrency holders to put their assets to work and earn some profit. The University of Wyoming Cryptocurrency Staking Program provides a glimpse at possible alternative revenue streams for public universities, which—even before the coronavirus pandemic—were facing budget crunches.

After the state approves the university’s spending plan, UW will have $4 million to spend on operating nodes (computers that are connected to and sustaining the blockchain network) and accumulating cryptocurrency to develop “staking pools”—which let crypto users chip in tokens and begin staking without themselves needing any technical knowhow—in at least three cryptocurrencies.

The revenue generated from the scheme will first go toward paying operating expenses, with up to $4 million in profit going to the university’s Strategic Investments and Projects Account (SIPA), where it can be spent if it receives 2:1 matching funds—in fiat or cryptocurrency—from private entities or from university reserves. Any profit beyond $4 million is earmarked for “blockchain programs and activities at the university and community colleges throughout the state.”

The state has tapped SIPA to fund construction projects, including an expansion of the university’s law school.

To run the crypto staking program, the bill also establishes a “cryptocurrency advisory council” to be co-chaired by the leaders of the state’s select committee on blockchain, financial technology and digital innovation technology. Members include the state’s chief investment officer, three blockchain experts to be appointed by the governor, and a member appointed by the University of Wyoming president.

A staking pool is similar to a mining pool but specific to proof-of-stake (PoS) blockchains, which rely on token holders to lock away their coins to verify transactions. Staking pools refer to when blockchain users combine their resources to validate new blocks, thereby increasing their odds of earning the associated cryptocurrency rewards. Anyone wishing to join a staking pool must lock their coins in a digital wallet, meaning they can’t use the tokens for a set period.

As for which three PoS chains will be chosen, Cardano’s ADA token seems one logical choice. Cardano creators IOHK Las established the Wyoming Advanced Blockchain Lab on campus last year. The lab, with support from faculty, is using $50,000 in funds to create and maintain a Cardano stake pool. 

Wyoming has long been ahead of the curve regarding blockchain technology. In 2019, it passed a slew of bills creating a welcoming regulatory framework for cryptocurrency. In 2020, Kraken and Avanti were granted state charters to establish “crypto banks” in the state, allowing them to hold cryptocurrency on customers’ behalf and provide other specialized financial services. And just this month, the Cowboy State explicitly legalized DAO LLCs—corporate decentralized autonomous organizations that use tokens on a blockchain to facilitate decision making.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://decrypt.co/69390/university-wyoming-generate-revenue-crypto-staking

Blockchain

Ethereum Miners Are Earning More than Bitcoin Miners: Report

Ethereum miners reportedly are earning more than Bitcoin miners over the past few days due to Ether’s soaring prices while BTC seems currently stagnated.

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Ethereum miners are reportedly earning more than Bitcoin miners over the past few days. One of the reasons for this is that the price of Ether has risen significantly over the last few months while the price of the leading cryptocurrency Bitcoin is still stagnated.

Ethereum Miners Earning More than Bitcoin Miners

Data from the Block’s Dashboard indicates that Ethereum miners are now making $77 million in daily revenue as of 10th May, compared to the $67 million that Bitcoin miners are earning.

The data have been calculated based on the average of the last seven days, even though a noticeable pattern has been seen over the past few months.

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For instance, in early February and late April, Ethereum miners saw a surge in their mining revenue.

A key reason for this is due to Ethereum’s rising price. After starting the year at $730, Ethereum is now worth currently worth above $4,000. Another reason is due to the network’s soaring transaction fees.

Ethereum miners usually earn their revenue in a mix of transaction fees known as gas paid in Ether and block subsidies for generating new ETH.

On May 10, the Ethereum network minted roughly $89 million in transaction fees, the highest in its history.

A reason for this is that gas fees have been rising over the past few days. In less than ten days, the average transaction fee spiked from around $8 to $64 on May 10, the highest transaction fees ever recorded on the network.

READ  Italian Town Creates Ducati to Support Local Economy During COVID-19

Ethereum Miners to Accept the EIP 1559

Currently, 40% of the Ethereum miners’ revenue is coming from gas fees. But with the Ethereum Improvement Proposal (EIP) 1559 coming into effect in July, a portion of the fees will be sent to the network itself instead of miners.

To put it simply, From July, there will be two fees, per the EIP 1599, a base fee and an inclusion fee rewarded to miners. The base fee will be burned, and only the inclusion fee will go to the miners with the intention to reduce transaction fees for users.

#Bitcoin Mining #Crypto Mining #Ethereum #Ethereum fees #Ethereum Mining

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/ethereum-miners-are-earning-more-than-bitcoin-miners-report

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U.S. SEC Cautions Investors’ Funds With Exposure to Bitcoin Futures

The U.S. Securities and Exchange Commission (SEC) has cautioned investors against investment in Bitcoin (BTC) futures market and BTC.

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In a statement, The U.S. Securities and Exchange Commission (SEC) has warned against investment in Bitcoin (BTC) futures market and BTC. The regulatory agency emphasized that investors should be wary of the volatility of both Bitcoin and the Bitcoin futures market, as well as the lack of regulation and potential fraud or manipulation in the cryptocurrency market. The SEC’s statement comes as the agency has at least eight Bitcoin ETF applications still pending for review.

Investors Should be Aware of Bitcoin’s Volatility

In an official statement on May 11, the SEC’s Division of Investment Management warns against investment in Bitcoin futures market, saying:

“Strongly encourages any investor interested in investing in a mutual fund with exposure to the Bitcoin futures market to carefully consider the risk disclosure of the fund, the investor’s own risk tolerance, and the possibility, as with all investing, of investor loss.”

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The regulatory agency emphasizes that investors should be aware of the dangers of investing in a volatile market or should be aware of their exposure, adding:

“Investors should consider the volatility of Bitcoin and the Bitcoin futures market, as well as the lack of regulation and potential for fraud or manipulation in the underlying Bitcoin market.”

The SEC further stated that it will closely monitor and assess Bitcoin futures-exposed mutual funds’ compliance with the Investment Company Act and federal securities laws.

SEC Yet to Approve Bitcoin ETFs in the U.S.

The regulatory agency’s statement comes as a number of applications for Bitcoin ETFs have landed on its desk. As of last month, the SEC had at least eight Bitcoin ETF applications pending for review.

While the statement was intended for investment in mutual funds, the note also had implications for bitcoin ETFs, which the country had been waiting for one in years:

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“The staff, among other things, expect to consider whether, in light of the experience of mutual funds investing in the bitcoin futures market, the bitcoin futures market could accommodate ETFs, which, unlike mutual funds, cannot prevent additional investor assets from coming into the ETF if the ETF becomes too large or dominant in the market, or if the liquidity in the market starts to wane.”

The SEC’s warning on cryptocurrencies comes just less than a week after Gary Gensler, the new SEC chairman, told a congressional committee that more investor protections are needed for the cryptocurrency market but the SEC does not yet have the authority to provide them, adding that Congress needs to give that authority to the agency.

#Bitcoin #Bitcoin Futures #U.S. Securities and Exchange Commission

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/u-s-sec-cautions-investors-funds-with-exposure-to-bitcoin-futures

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Injective Protocol (INJ) and Curve (CRV) Technical Analysis: What’s Next?

Curve and Injective Protocol prices are firmly on an uptrend in the daily chart. CRV/USDT could reach $4.6, while INJ/USDT is open for $27.

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Curve and Injective Protocol prices are firm. CRV/USDT could reach $4.6, while INJ/USDT is open for $27.

Injective Protocol (INJ)

The Binance and Pantera-backed DeFi protocol aims to make exchanges completely decentralized and governed by holders of the INJ tokens.

Past Performance of INJ

From the daily chart, the INJ technical analysis favor buyers. On the last day of trading, INJ is up double digits, adding 10 percent versus the USD.

At the same time, the token is outperforming ETH and BTC, adding 24 percent. Propping bulls is a surge in trading volumes, rising to $382 million, a 6X increase on the last trading day.

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Day-Ahead and What to Expect

INJ/USDT prices retain an uptrend. Presently, the move up is within a bullish breakout pattern following gains of late April. However, there are hints of rejection to the upside.

Notably, candlesticks of the last few days are with long upper wick suggesting liquidation in lower time frames.

Still, reaction at $18 and the middle BB could shape INJ/USDT price action in the medium term.

INJ/USDT Technical analysis

INJ Price Daily Chart for May 13

INJ bulls are defying expectations to grind higher. Prices found support at $18—or February 2021 highs. A rebound from spot levels could confirm a retest in a buy trend continuation.

Accordingly, every low could be an opportunity for aggressive traders aiming at $27.

On the flip side, steep losses below $18 and the middle BB may spark a sell-off towards $11.

READ  Technical Analysis – Loopring (LRC), Bancor (BNT), and JUST

Curve (CRV)

Using Curve, users can trustless swap stablecoins. The native governance token is CRV.

Past Performance of CRV

As of writing, CRV is trading at $3.5. Although sellers are circling, CRV/USDT could grind higher, countering the primary trend of the overall crypto market.

Trading volumes are up 3.6X to $1.3 billion, forcing CRV higher.

In turn, the token is up roughly 15 percent against BTC and ETH, paring losses against the greenback in the past 24 hours.

Day-Ahead and What to Expect

The path of the least resistance is northwards. Overly, CRV/USDT prices are waving inside a widening wedge.

At around Q1 2021 highs, buyers stand a chance to print higher.

However, this depends on whether CRV buyers will shake off sellers of last week and soar higher.

READ  Bitcoin Price Down Over 10%, Sinking farther away from $10,000

CRV/USDT Technical Analysis

Curve Price Daily Chart for May 13

The main multi-week support trend line offers support for the CRV/USDT price.

As such, every low may be a loading opportunity for buyers.

A close above last week’s highs may see CRV race to $4.6.

Meanwhile, losses below May 13 lows opens up CRV to $2.2 in sell trend continuation from mid-April 2021.

#CRV #CRV/USDT #Curve #DeFi #INJ/USDT #Injective Protocol

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/injective-protocol-inj-and-curve-crv-technical-analysis-whats-next

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Bitcoin.com exchange lists first AAA blockchain game Illuvium’s ILV token

Blockchain gaming is taking the industry by storm. Some of the most popular in-game items have sold for thousands of dollars on the top NFT marketplaces and new, incredibly entertaining games are laun

The post Bitcoin.com exchange lists first AAA blockchain game Illuvium’s ILV token appeared first on AMBCrypto.

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Blockchain gaming is taking the industry by storm. Some of the most popular in-game items have sold for thousands of dollars on the top NFT marketplaces and new, incredibly entertaining games are launched almost every day. There has been, however, a lot of talk about the quality of these. While most have led in their implementation of the new technology, few have provided players with fully immersive experiences.

Illuvium is an Ethereum-based game that promises to deliver on this end. Its open-world fantasy RPG format and crisp 3D graphics have led some to call it the first AAA blockchain game. For many, it represents a steep improvement from the current 2D projects that populate the space.

Players of Illuvium are launched to a vast multi-region landscape in search of creatures known as Illuvials. These 3D monsters are designed by some of today’s leading artists and can be owned by players after defeating them in battle. Every captured Illuvial becomes part of the player’s roster and can then be used to fight other creatures.

More importantly, all Illuvials are NFTs with a finite supply. This gives each creature a unique value that players can then trade for ETH on the Illuvium Exchange.

The game recently launched its native ILV token on May 3rd with USDT and BTC pairs on Bitcoin.com Exchange. This in-game currency is earned through game achievements and gives players participation in Illuvium’s DAO governance mechanism.

A supply of 10 Million ILV has been allocated to the game’s flash pools, rewards, liquidity pools, treasury, launchpad seed, pre-seed capital, and the game’s 40-person professional development team. 

Bitcoin.com Exchange CEO Danish Chaudhry has shared his outlook on the project. “Entering the AAA gaming space is no small task, becoming the first AAA blockchain video game is just another step in the right direction for the industry. Illuvium is addressing some of the most pressing challenges in the gaming industry, including scalability or a lack of detailed artwork.”

As one of the most popular trading platforms, Bitcoin.com counts with more than 500K active traders per month. The exchange will give ILV holders access to a secure trading environment with high liquidity, 24/7 multilingual support, and dozens of other trading pairs.

Besides Bitcoin.com Exchange, other early backers of Illuvium include influential blockchains investment firms such as Quantstamp and Moonwhale.

Disclaimer: This is a paid post and should not be treated as news/advice

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoin-com-exchange-lists-first-aaa-blockchain-game-illuviums-ilv-token

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