Do you have any idea how Bitcoin mining works? You might know that it is the process of adding new transactions to the blockchain, but do you understand what is really going on? Bitcoin mining is an intriguing process that many people have questions about.
On October 26, 2021, a cryptocurrency called “SQUID”—inspired by the popular Netflix show Squid Game—was launched. Within a week, the token’s value increased by 23,000,000% to US$2,862, after which it came crashing down to nearly zero dollars as the developers pulled almost US$3.4 million from investors. It took five minutes for the token’s value to fall to nothing.
NFT” has been crowned Collin Dictionary’s Word of the Year for 2021. After all, NFTs, or non-fungible tokens, have amassed a following like no other over the past year. So much so that the use of this abbreviation increased by 11,000% in 2021. Collins Learning managing director, Alex Beecroft, told the Guardian,
On November 14, Bitcoin underwent the Taproot upgrade which was activated at block 709,632. The groundwork for this upgrade was laid down back in June when 90% of the Bitcoin miners chose to signal their “support”
When it comes to cryptocurrency, you must proceed with caution. Not only because of its volatility but also the growing number of crimes associated with it. Owing to the anonymity and lack of regulation of cryptocurrency, people have found ways to misuse it. Given that, we take a look at the most prominent cryptocurrency crimes right now:
Almost all big names have hopped on to the non-fungible token (NFT) trend this year. Be it BTS, Snoop Dogg or Shawn Mendes, we have seen many celebrities drop collectibles for their fans or at least confirm their plans of coming out with them. In fact, a company called Sorare made an entire fantasy football game around collecting NFTs.
On November 9, 2021, the global crypto market hit the US$3 trillion mark, which is more than the gross domestic product (GDP) of countries like India, the United Kingdom, France and Italy. With crypto becoming more and more widespread, individuals and companies alike have been seeking to benefit from the crypto mining (the process of adding new crypto tokens to circulation) business.
Earth’s depleting resources don’t come as a surprise to anyone at this point. Just this year, we saw both the United Kingdom and China struggle with energy crises, when oil prices reached US$80 per barrel around the end of September. With these facts in mind, it is obvious that the global community’s next step should be to adopt alternative energy sources.
In November this year, Hybe, the South Korean agency behind the world-famous boy band BTS, announced its plans to enter the Non-Fungible Token (NFT) business. The agency plans to buy a 2.5% stake in blockchain-based startup Dunamu, and release BTS NFTs in a joint venture with the startup’s crypto exchange, Upbit. These NFTs will feature moving images and voices of the artists.
Bitcoin has become infamous for the tremendous amount of energy required to mine it. Bitcoin mining consumes 91 terawatts of electricity annually—more than what the entire country of Finland uses in a year. The process of Bitcoin mining also generates a large amount of heat that has been conventionally released into the atmosphere.
Cryptocurrencies are known to be very volatile. There are days when you can easily double or triple your investment, but there are also days when you lose everything in a second. Since the crypto market is still unregulated, it’s a cinch for traders to rig prices and influence the market in their favor.
NFTs, digital collectibles with transferable ownership, have been steadily gaining popularity and value this year. Yet, locked on the blockchain network, NFT trades are oftentimes untraceable. In the third quarter of 2021, sales volume had surged to US$10.7 billion, up more than eightfold from the previous quarter, according to market tracker DappRader.
021 has been a great year for cryptocurrencies. In fact, the crypto market is expected to grow from US$1.6 billion to US$2.2 billion by 2026. The tremendous growth potential of crypto has inspired many to dive into the business. The typical way to go about getting into the crypto business would be to buy some of it.
As of November 2021, the cryptocurrency market is worth more than US$3 trillion, and the non-fungible token (NFT) market is worth more than US$7 billion. As cryptocurrency and NFTs continue to gain prominence, it has become crucial to understand various aspects of the two to make the most out of their surging prices and popularity.
What do Jay Z, Logan Paul and the financial services company Visa have in common? (besides the fact that all three have a lot of money, of course!) All three own some Cryptopunks. Cryptopunks are rapidly becoming extremely popular in the non-fungible token (NFT) space.
On November 10, 2021, the U.S. passed a US$1.2 trillion infrastructure bill. The bill, or the Infrastructure Investment and Jobs Act, will ramp up government spending on public infrastructure like roads, bridges as well as water and broadband. The law was passed with a bipartisan vote of 69 to 30.