Ethereum News by Thebittimes.Com

Authorities in Manitoba are temporarily suspending the connection of new crypto mining facilities to the power grid. The Canadian province, which relies heavily on hydroelectric generation and attracts miners with low electricity rates, fears it may face overwhelming energy demand. Manitoba Suspends New Crypto Mining Operations Citing Possible Increase in Electricity Usage The government of Manitoba is halting new connections of crypto mining centers to the province’s hydroelectric grid, the Canadian press reported. Officials explain the move with the potential for increasing energy demand that the region may not be able to meet. The suspension, imposed for a period of 18 months, will not affect the 37 currently active mining operations, according to an article by the Toronto Star. The measure is aimed at halting a growing number of requests to power new facilities with combined capacity amounting to a sizable portion of the province’s electricity supply. Providing the reasoning fo

Cryptocurrency exchange Binance has acquired a regulated Japanese cryptocurrency exchange and is now preparing to enter the Japanese crypto market as a regulated entity. “The Japanese market will play a key role in the future of cryptocurrency adoption,” said the general manager of Binance Japan. Binance Entering Japan Cryptocurrency exchange Binance announced Wednesday that it has acquired 100% of Sakura Exchange Bitcoin (SEBC), a Japanese crypto exchange service provider that is regulated by Japan’s top financial regulator, the Financial Services Agency. The announcement explains: Through this acquisition, Binance enters the Japanese market as a Japan Financial Services Agency (JFSA) regulated entity. “By offering Japanese-regulated services through SEBC, Binance aims to support a responsible global environment for cryptocurrencies,” the announcement adds. The Tokyo-based crypto exchange SEBC offers brokerage and consultation services to its customers. The trading platform curre

Join Our Telegram channel to stay up to date on breaking news coverage Despite the fact that Sam Bankman-cryptocurrency Fried’s enterprise was exposed as a fraud in recent weeks, CoinDesk argues mainstream media outlets and commentators have frequently failed to provide readers with a clear Analysis of what transpired. Many important details concerning the affair have been revealed by August institutions like the New York Times and Wall Street Journal, but they have also often seemed to play down the details in ways that softened Bankman-intention Fried’s and responsibility. It is now obvious that what occurred at the FTX cryptocurrency exchange and the hedge fund Alameda Research involved a number of deliberate and intentional fraud attempts meant to defraud both investors and users of their money. Because of this, a recent New York Times interview received harsh criticism for appearing to blame FTX’s downfall on poor management rather than criminal activity. A Wall Street J

Join Our Telegram channel to stay up to date on breaking news coverage While most of the cryptocurrencies are still under the influence of the FTX collapse, XRP’s recent rise seems like an exception. The XRP crypto recently rose by almost 3% in the last 24 hours and has gained around 6.1% in the last week alone. With such an impressive streak, it does seem like Ripple might have a lot to offer. Moreover, with its legal tussle with SEC coming to an end, there are a lot of speculations about the cryptocurrency performing quite well and ending the year on a good note. Let us understand the recent performance of XRP and what it has to offer. Moreover, are there any other altcoins that investors can look for? XRP at $0.401. Is $0.50 Coming Soon? The price of XRP has shown some serious optimistic developments for all its investors in the last 24 hours. As of writing, XRP is trading at $0.401, according to CoinMarketCap, maintaining an almost 3% uptick. This is further combined with

At the height of the bear market, two NFT collectors have paid almost $1 million to purchase Bored Ape NFTs. In this week’s newsletter, read about how two Bored Ape nonfungible tokens (NFTs) sold for almost $1 million during the bear market and how the word “metaverse” made it into the top three finalists for Oxford Word of the Year. Check out how the metaverse can generate passive income through royalties and how NFT marketplace OpenSea has integrated BNB Chain into its platform. And, don’t forget this week’s Nifty News featuring COVID-19 protests in China being converted into a Polygon-based NFT collection.  ‘Metaverse’ a top 3 contender for Oxford’s Word of the Year The word “metaverse” has made it through to the top 3 finalists for the Oxford Word of the Year (WOTY) competition. The word will go against other contenders, including “IStandWith” and “Goblin Mode.” In a video pitch, the Oxford University Press (OUP), the publisher of the popular Oxford English Dictionary, described

Join Our Telegram channel to stay up to date on breaking news coverage The Bitcoin price prediction shows that BTC touches the daily high of $17,077, and the coin is holding above the $16,500 level. Bitcoin Prediction Statistics Data: Bitcoin price now – $16,861 Bitcoin market cap – $324.49 billion Bitcoin circulating supply – 19.2 million Bitcoin total supply – 19.2 million Bitcoin Coinmarketcap ranking – #1 BTC/USD Long-term Trend: Ranging (Daily Chart) Key levels: Resistance Levels: $21,000, $23,000, $25,000 Support Levels: $14,000, $12, 000, $10,000 BTC/USD has been extremely volatile as the coin has traded above the resistance level of $17,000 in the past few weeks. At the moment, the Bitcoin price seems to be stuck around the 9-day and 21-day moving averages. More so, BTC/USD is ranging within the channel. Therefore, since the price is above the 9-day and 21-day moving averages, it indicates that a breakout may come to play. Bitcoin Price Prediction: Bitcoin

Crypto advocacy group Coin Center has slammed the US Treasury Department’s Office of Foreign Asset Control (OFAC) with a lawsuit. The think tank cites the Treasury’s blacklist of privacy protocol Tornado Cash as the reason for the suit. According to the filing , Coin Center claims the ban was harmful to US-based users and stood in the way of private transactions on the Ethereum network.  Coin Center Shares Privacy Concerns On October 12, Coin Center filed a lawsuit against the Treasury in the U.S. District Court for the Northern District of Florida. Other plaintiffs include crypto user David Hoffman, an unnamed human rights advocate referred to as John Doe, and software dev, Patrick O’Sullivan. Meanwhile, the Defendants in the suit are the OFAC, Treasury Secretary Janet Yellen, and OFAC director Andrea Gacki.  The goal of the suit is to dismiss Tornado Cash’s blacklist status. The Coin Center filing highlighted several concerns relating to the ban. However, it first explained

According to new data, over half of the blocks on the Ethereum network now reportedly comply with the US Treasury OFAC’s standards. This comes roughly a month after the platform’s monumental merge update. Phasing Out Tornado Cash The Office of Foreign Assets Control is the intelligence and enforcement agency of the US  Treasury Department. Indeed, the OFAC administers and enforces US  financial sanctions. A prime example of this is the recent, highly-publicized ban on crypto mixer Tornado Cash.  According to data from leading blockchain solutions firm Labrys, 51% of Ethereum’s blocks are OFAC-compliant. As such, the blocks in question restrict certain operations on the network. Indeed, these blocks have refused to process transactions connected to Tornado Cash creating doubt about the network’s neutrality.  Labry’s data noted that MEV-boost relays are responsible for the production of the aforementioned blocks. These relays are under OFAC regulation which explains the censor

With Ethereum’s long-anticipated Merge finally complete, the network’s miners may have already found a new home in Ethereum Classic. The original Ethereum chain saw its hash rate explode following Thursday’s monumental upgrade.  Inheriting Ethereum’s Miners According to data from 2Miners, Ethereum Classic’s hashrate is now up to 305.65 terrahashes per second (TH/s). On late Wednesday, it stood at just 80 TH/s.  For context, 1 terrahash is equal to 1 000 000 000 000 hashes. These are guess answers generated by computer systems attempting to solve for Ethereum Classic’s next block. Doing so requires a vast amount of energy, which helps to secure the network.  This security mechanism – called proof of work – was used by the main Ethereum network until earlier today. It now uses proof of stake, which puts Ethereum’s security solely in the hands of ETH holders.  KYC & Audit Solutions! SolidProof It’s also left miners out of a job, and looking for other proof of wor