Wednesday 28 September 2022
Home / Data Centers

Data Centers

Compass Mining to add 25,000 ASIC miners just weeks after staff cuts

Mere weeks after announcing staff lay-offs and salary cuts, Compass Mining has unveiled expansion plans in the form of a 75 megawatt (MW) hosting partnership with Compute North for its data center in Granbury, Texas. The announcement on July 21 comes only a two weeks after the company retrenched 15% of its employees and implemented salary cuts for its top executives as a means to weather difficult market conditions. It also follows the resignation of key executives including CEO Whit Gibbs and chief finance officer Jodie Fisher in late June, as well as losing one of its Maine-based hosting facilities after allegedly missing payments relating to utility bills and hosting fees. Compass said the newest large-scale deployment will begin in August and continue for several months. The expansion includes plans to deploy 25,000 application specific integrated circuit (ASIC) miners to the existing Wolf Hollow plant site in Granbury, including a variety of next generation Bitcoin miners. Acc..

Read More »

Mike Novogratz warns that 200X returns from crypto are ‘not normal’

Mike Novogratz, the billionaire founder of crypto asset management firm Galaxy Digital has warned that making more than 200X returns on crypto investments is simply “not normal.” Speaking at the Christie’s Art + Tech Summit in New York on Wednesday, Novogratz warned listeners about the steep volatility of the crypto industry. “I had friends that had bought lots of crypto, and it had changed their lives — guys who didn't make a whole lot of money but all of a sudden had a $5 million net worth in crypto,” said Novogratz. “I shook them and I made them look me in the eye, [and] I said, ‘You have to sell half or two thirds of this, it's not normal to make 200 times your money on things.’”He offered further caution, saying that “not everyone is made to be an investor” because greed too often gets in the way of rational thinking. Novogratz also hasn’t been shy when it comes to handing out criticism of the crypto industry. On Tuesday he vented his frustrations about the ineptitude..

Read More »

Blockchain’s use in healthcare ‘essential’ to protect sensitive data: Zelis CTO

Kali Durgampudi, the CTO of healthcare payments company Zelis, believes that the implementation of blockchain tech is vital for protecting patients' sensitive data from cybercriminals. Speaking with Health IT News on July 20, Durgampudi noted that some of the biggest issues in healthcare are privacy and data security as the industry works to digitize its “archaic paper-based processes.” “Blockchain technology has the potential to alleviate many of these concerns,” he said, as he highlighted the importance of utilizing a digital ledger that is “impenetrable” to protect sensitive patient and financial data amid the growing rate of cyberattacks across the globe. “Since the information cannot be modified or copied, blockchain technology vastly reduces security risks, giving hospital and healthcare IT organizations a much stronger line of defense against cybercriminals.”Durgampudi went on to note that blockchain tech can also play a key role in healthcare payments, as it can help prov..

Read More »

Workers in volatile economies most likely to take pay in crypto: Report

Residents in nations with volatile economies are more likely to receive their pay in crypto, according to global hiring platform Deel. In its “State of Global Hiring Report” shared with Cointelegraph on July 21, the firm found that despite the 2022 bear market, crypto represented 5% of all global payments withdrawn from the platform every month, up from 2% in the second half of 2021. Residents in nations with volatile economic situations and currencies were most likely to take their payments in crypto, according to the report. These included countries in Latin America (LATAM) and Europe, the Middle East, and Africa (EMEA). Crypto withdrawals in the LATAM region represented 67% of the total, with EMEA countries at 24%. Those from the North American region represented just 7% of the total for crypto payments. The Asia Pacific region was even lower with just a 2% share of the whole. In terms of asset type, Bitcoin (BTC) remained the crypto of choice, making up 47% of the total. The seco..

Read More »

Large institutions sold $5.5B in BTC since May — and we’re still here

Since May 10, as much as 236,237 Bitcoin (BTC), worth $5.452 billion at the time of writing, has been sold by “large institutions” — mostly as a result of forced selling. A Twitter thread from Arcane Research analyst Vetle Lunde details how and when many institutional Bitcoin holders began selling their stacks. Lunde stated that “it all started with Do Kwon.” The Luna Foundation Guard (LFG), which controlled funds for the Terra project, dumped 80,081 BTC in a failed effort to protect the peg of its native TerraUSD Classic (USTC) stablecoin in May. Terra’s collapse appears to have put pressure on some Bitcoin miners to sell. Lunde estimates that miners sold 19,056 coins between May and June. In some cases, miners were selling more than their monthly production, likely drawing from reserves. Lunde noted that as miner selling peaked, Elon Musk’s Tesla also hit the red button and sold 29,060 BTC by the end of Q2. At the same time, the Three Arrows Capital (3AC) crypto investment firm wa..

Read More »

Epic Games ‘definitely won’t’ follow Minecraft NFT ban

Epic Games founder and CEO Tim Sweeney says his firm “definitely won’t” follow Minecraft developers in banning nonfungible tokens (NFTs). As previously reported, Minecraft developers Mojang Studios banned NFT integrations on Wednesday, as it believes the speculative aspect of NFTs along with scarcity and risks of exclusion and scams supposedly associated with NFTs being against the game’s principles. The move was seen as highly controversial in the NFT community, while it has been met with praise by the cohort of crypto-skeptic gamers. Sweeney’s company is the creators of the widely successful battle royal game Fortnite, which is also seen as a Metaverse platform. While Epic Games isn’t necessarily pro-crypto or NFTs, the CEO said the firm isn’t looking to enforce any views on the subject on its users: “Developers should be free to decide how to build their games, and you are free to decide whether to play them. I believe stores and operating system makers shouldn’t interfere by for..

Read More »

All ‘Ethereum killers’ will fail: Blockdaemon’s Freddy Zwanzger

Blockdaemon’s Ethereum ecosystem lead Freddy Zwanzger believes Ethereum will retain its leadership position in the crypto ecosystem over the coming years due to its utility as a smart contract platform and upgrades to the network following the Merge. Speaking to Cointelegraph during the Ethereum Community Conference (EthCC) this week, Zwanzger said: “It’ll continue to be a leader. I mean, obviously, the first and most important smart contract platform, and that’s not going to change.”Blockdaemon is an institutional-grade blockchain infrastructure platform that offers node operations and infrastructure tooling for blockchain projects. The Blockdaemon employee also took aim at so-called Ethereum killers — competing layer-1 blockchains — which have tried to topple Ethereum from its leadership position but failed: “All the Ethereum killers from back in the day didn’t succeed, and I don’t expect them to succeed at all.”Crypto projects that have been touted as Ethereum killers include Solan..

Read More »

SEC listing 9 tokens as securities in insider trading case ‘could have broad implications’ — CFTC

Caroline Pham, one of five commissioners with the United States Commodity Futures Trading Commission, or CFTC, has expressed concerns about the possible implications of a case the U.S. Securities and Exchange Commission, or SEC, brought against a former product manager at Coinbase. In a Thursday statement, Pham said the SEC complaint against former Coinbase product manager Ishan Wahi, his brother Nikhil Wahi and associate Sameer Ramani “could have broad implications” beyond the case, given its labeling nine tokens as “crypto asset securities” falling under regulatory body’s purview. The complaint alleged that the Wahis and Ramani engaged in insider trading by using confidential information Ishan obtained from Coinbase with regard to which tokens would be listed on the exchange, in order to make purchases in advance. Specifically, the SEC referred to Powerledger (POWR), Kromatika (KROM), DFX Finance (DFX), Amp (AMP), Rally (RLY), Rari Governance Token (RGT), DerivaDAO (DDX), LCX, and XY..

Read More »

SBF: Crypto winter winding down, FTX to turn a profit as it serves as lender of last resort

The economic crisis in crypto is waning, FTX co-founder and CEO Sam Bankman-Fried thinks. He noted, in an interview on Axios Pro on Thursday, that he is no longer getting “a ton of calls” from distressed businesses, as he was in the first weeks of the so-called crypto winter. Given a positive economic macro-environment, recovery could happen “remarkably fast,” he said. FTX is “willing to lose a little” in its role as lender of last resort, Bankman-Fried said. He noted that $70 million of the loan, worth approximately $500 million total, that Bankman-Fried’s Alameda Research made to Voyager Digital was junior to customer assets and could be lost. Nonetheless, Bankman-Fried said he expects FTX to turn a profit every quarter this year. FTX profits are “running kind of roughly in line with last year,” and the company has gained market share in the last few months. FTX rejected the idea of adding Bitcoin (BTC) to its treasury, Bankman-Fried also said, but would have considered it in the ra..

Read More »

Mercado Bitcoin plans to expand to Mexico

Brazilian crypto exchange Mercado Bitcoin could begin operating in Mexico sometime in 2022, pending regulatory approval. Speaking to Cointelegraph on Thursday, Mercado Bitcoin CEO Reinaldo Rabelo said the company was awaiting regulatory approval to start operations in Mexico. The details of the expansion are unclear, but Rabelo said in an April interview that acquiring a crypto exchange was an easier route to operate in a new market to avoid starting from scratch. In January, Mercado Bitcoin’s operator 2TM Group bought a controlling stake in Lisbon-based crypto exchange CriptoLoja as part of the company’s expansion into Portugal. Coinbase was also reportedly in talks to purchase 2TM — with a valuation of more than $2 billion at the time — but ended discussions in May. Rabelo reportedly said 2TM was "looking at the Latin American market a bit more cautiously due to the macroeconomic scenario,” but did not suggest where or if the company might expand next. At the time of publication, 2T..

Read More »