Oct 22•7 min read
The U.S FLIPS on Bitcoin Mining, The Merge, and New York "NFT" Fashion Week
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The Great Capitulation
The world's leading superpower (the United States Government) released a climate and energy report on the implications of crypto assets in the United States”,” It stated that Bitcoin’s current energy usage is comparable to large countries like Venezuela.
It is no secret that Bitcoin mining uses large amounts of electricity which is causing environmental concerns. However, Bitcoin Mining companies are also seeking out ways to use renewable energy to fuel Bitcoin Mining.
According to the Bitcoin Mining Council Q3 2021 Report, “Currently, 57% of the energy used for crypto mining comes from renewable sources (hydro, wind, solar, nuclear, geothermal and carbon generation)”.
The Climate and Energy report goes on to state”,” that Bitcoin mining can be sustainable to the environment by cleaning up the runoff of methane gas. Methane is produced during the drilling of natural gas, agriculture, oil wells, sewage treatment, and landfills. Bitcoin miners can potentially use stranded methane gas to generate electricity for mining. This would reduce methane and CO2 emissions. Bitcoin mining operations that can “capture” vented methane to produce electricity will drastically reduce CO2 emissions by converting methane to electrical power.
“Mining operations that replace existing methane flares would not likely affect CO2 emissions”.
Currently, there are Bitcoin and cryptocurrency companies exploring new ways to use electricity generated from methane gas for mining power.
New York NFT Fashion Week
The NFT community on Stacks (NFTs secured by Bitcoin) had a star-studded week in New York. Grace Ng project lead at Crash Punks, Louise Ivan Co-founder of Ryder, and others lead the way in showcasing NFTs, technology, and more at New York Fashion Week.
The Merge
The most hyped crypto upgrade has finally happened, Ethereum has switched from Proof of Work to Proof of Stake. In a nutshell, the merge is an upgrade to the Ethereum network which claims to improve speed and scalability.
Instead of putting forward the electrical mining work, PoS validates transactions on the network through holders staking large amounts of Ethereum. Miners are now swapped with validators, which are people who have at least 32 Ethereum (locked away in a private wallet) on the network. The more ETH that is staked by a validator the higher the chance the validator is selected. Once the validator is selected, it’s permitted to write a new “block” of transactions to Ethereum’s ledger.
Since 2015, Ethereum’s dynamic use of PoW and Non-Fungible Tokens has left a major impact in the Web 3.0 space. This dynamic duo has contributed to Ethereum's $60 Billion (USD) valuation of NFT Marketplaces, lending companies, exchanges, and other applications. However, now there is a clear distinction between Bitcoin and Ethereum.
Bitcoin's decentralized nature is now clear whereas Ethereum’s centralized nature is now outlined. Lines are drawn and narratives have now been cemented.
Photography + Music NFT Drops
New photography and music NFTs (secured by Bitcoin) drops are taking over!
Of All Nations Media (Levi Harrell) co-founder of the Stacks Photography Guild traveled to Iceland for his upcoming Ice & Fire photography collection. Levi is currently capturing the natural aura of Iceland and even getting close to some fiery volcanic activity.
Sean Longstreet recently released new music called “The Girl from Stacks”. Performed, written, and recorded by Sean Longstreet. This song is classic smooth jazz and pays tribute to an Antonio Carlos Jobim song.
3HunnaTheArtist (Brythreesixty) has sold out his latest music collection, “God Did”. An acapella remix and anyone who minted this collection will be receiving a music video airdrop.
Photography and music NFTs are just getting started!
The SEC Eyes Ethereum
Gary Gensler, Chairman of the Securities and Exchange Commission (SEC) claims that Ethereum’s merger to PoS triggers the securities law. If the SEC goes after Ethereum the crypto market will truly see blood.
According to the Wall Street Journal, “The Securities and Exchange Commission Chairman Gary Gensler said Thursday that cryptocurrencies and intermediaries that allow holders to “stake” their coins might pass a key test used by the courts to determine whether an asset is a security. Known as the Howey Test”.
It looks like the SEC is going after more cryptocurrency projects outside Ripple in 2022.
Thunderbird
Ryder is the world’s first social wallet. It prevents theft, and loss, and makes identity management easier. Ryder is quickly becoming a notable hardware device transcending NFTs & Web 3.0 communities (Bitcoin, Stacks, and Ethereum).
Ryder just released a new firmware update called Thunderbird. Which now allows users to…
sign-into any Stacks app
Ryder can now be used to sign into Stacks apps. You would click the sign-in button and continue into your Hiro wallet. You would also need to sign the transaction on your Ryder device similar to Ledger and Trezor hardware devices.
stacks Transfers and contract calls
Thunderbird includes STX transfer and contract call support. All you need to do is swipe through the list and make sure that values align with your expectations. Thunderbird also allows for single-signature transactions!
According to Ryder, “Single signature transactions are supported in both allow and deny mode. Multi-signature options are coming soon”.
Contract deploys
With the firmware update, Ryder devices are now able to sign contract deploy transactions.
Ryder claims that, “the screen will only display the transaction ID, but we’re experimenting with ways to best utilize the smaller screen to give a better idea of the contract you’re deploying. But don’t worry, the contract code shows up in Hiro Wallet, and you always have the Cryptoglyphs to check if you’re signing the right contract deploy”.
Sign in messages
This new firmware design allows for signed messages which can be used to prove that you actually own a wallet address or NFT (token).
Ryder says, “can even be submitted to a smart contract to trigger some on-chain event. The firmware now supports the SIP018 standard and can display and sign these messages”.
Introduced Cryptoglyphs
According to Ryder, “Cryptoglyphs and are used to verify that nobody tampers with your transaction between the moment when it leaves your Hiro Wallet and enters the Ryder. Cryptoglyphs are a visual representation of your transaction and are displayed both in Hiro Wallet as well as the Ryder”.
Developers can now download the simulator and try out the firmware for immediate testing. As Ryder continues to develop, we move closer to its inaugural release date!
BitFi (Bitcoin & Decentralized Finance)
AlexGo is the largest Decentralized Finance (DeFi) service on Bitcoin via Stacks. Every DeFi platform needs security and transparency which is done through Bitcoin. Alex is built on Stacks that anchor to the Bitcoin Blockchain. Allowing Stacks to inherit Bitcoin’s security and settlement process.
AlexGo has made headlines this week for being listed on CoinGecko. CoinGecko tracks price, volume, market capitalization, community growth, open-source code development, major events, and on-chain metrics.
As mainstream adoption of Bitcoin grows, it’s only a matter of time before the light is illuminated on the Lightning Network and the Stacks!
The Astral Plane
Hello fellow travelers, While navigating this StarShip, the Star Team has interceded a transmission from the Nova Cadette Core in a nearby Galaxy called The Astral Plane, let’s listen in!
The StarShip is preset to this destination. We are steadily approaching this galaxy within 14 Earth days.
Transmission begins...StarTeam and Starship Travelers
The Astral Zone is a dark and ghastly galaxy...It’s not what the Nova Cadette Core thought it would be... The atmosphere is dark and gloomy..with white unidentifiable objects..floating throughout the space.. The Stars are orange tinged..and white unidentifiable objects illuminate..the atmosphere..These objects look like ghosts in the night.. WAIT TROOPER..DO NOT..I repeat..DO NOT..ENGAGE..THE FOREIGN..the transmission cuts out..
The Star team remains silent …Travelers. Please stand by…This is a direct order from your Captain…
Join the discord to JRNY into the Astral Plane.
Weekly Update on Bitcoin
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