Month: February 2023

• The western state of Montana has passed a new bill to protect the rights of cryptocurrency miners.
• This bill forbids any form of discrimination against crypto miners and prevents the local government from restricting home mining.
• Last week, Mississippi also passed a similar bill that allowed for the installation of crypto-mining equipment in residential areas.

Montana Passes New Bill Protecting Crypto Miners’ Rights

The western state of Montana has recently passed a new bill aimed at protecting the rights of cryptocurrency miners. The proposed bill seeks to give miners freedom by forbidding any form of discrimination over electricity rates charged as well as protect the act of home mining. Additionally, it also neutralizes the local government’s power to restrict at-home mining or use zoning laws to shut down active operations of crypto mining.

Missoula’s Proposal Last Year

The newly proposed bill is said to favor Missoula’s previously proposed bill passed in 2020 which suggested all bitcoin miners in the country purchase or build renewable energy assets parallel to the amount regarding energy they consume.

Votes In Favor Of The Bill

So far, the Montana bill has received 37 votes in its favor and about 13 against it. If approved by House Representatives, it will move on to its final stage which requires Governor Greg Gianforte’s signature for confirmation into law. Once confirmed, an additional tax on using cryptocurrency as a payment method will be terminated, and digital assets such as cryptocurrencies and nonfungible tokens (NFTs) will be marked as “personal property” just like stocks and bonds.

Mississippi Senate Joins In The Support

In addition to Montana, other states have shown support for crypto miners too. Last week, Mississippi senate also passed a similar bill that allows for installation of crypto-mining equipment in residential areas without having them face discrimination or restrictions from their local governments.

Conclusion

With more states joining in with protection bills for cryptocurrency miners, users can expect increased security and safety when engaging in activities related to digital currencies such as trading and mining.

• Polygon (MATIC) has seen a surge of 11.31% in the last 24 hours, with a corresponding increase in its market cap and trading volume by 11.46% and 18.39%, respectively.
• Tom Dunleavy, a senior research analyst at Messari, has outlined some of the recent advancements made by Polygon such as the testing of its zkEVM security solution and increased number of addresses on the network by 90%.
• The protocol also has more than 1,000 developers working for it which indicates higher growth potential for the coin.

Polygon’s Price Surge & Market Cap Increase

Polygon (MATIC) is seeing a price surge today with an 11.31% gain over the past 24 hours, along with an increase in market cap and trading volume by 11.46% and 18.39%, respectively – demonstrating greater utility and activity with the token.

Tom Dunleavy’s Analysis

Tom Dunleavy, senior research analyst at Messari, believes that Polygon is on track to achieve success due to its efforts in developing its ecosystem. He recently shared some of their recent accomplishments such as:

zkEVM Solution

Testing out their zkEVM (zero-knowledge Ethereum Virtual Machine) solution which aims to address blockchain trilemma optimally i.e., achieving security, decentralization, scalability all at once; according to co-founder Mihailo Bjelic, this will ensure greater mass adoption for the network and coin due to heightened security & scalability features that it offers.

Increased Number of Addresses & Developers

An increased number of addresses on the network – up 90% quarter over quarter – along with 90% unlocked MATIC tokens distributed; plus an even more impressive feat – expanding from 200 developers back in 2018 to more than 1000 now! Having many developers working on a project usually attracts investors’ interests since it indicates higher growth potentials for that particular project or coin/token involved here being MATIC token!

Conclusion

With all these developments taking place within Polygon’s protocols, there is no surprise why MATIC is soaring today! Its impressive list of achievements clearly shows that they are well on their way towards achieving success!

• Bitcoin network activity is at its highest level since May 2021, as Ordinals NFTs have been rapidly gaining popularity.
• CryptoQuant’s Bitcoin Network Activity Index has seen a significant uptick in activity.
• The rise of NFT transactions on the network has caused the average block size to hit new all-time highs.

Bitcoin Network Activity Reaches Highest Level Since May 2021

On-chain data shows that Bitcoin network activity is now at its highest level since May 2021 as Ordinals NFTs have been rapidly gaining popularity.

CryptoQuant’s Bitcoin Network Activity Index

CryptoQuant’s “network activity index” evaluates the activity of the Bitcoin network using four metrics: total number of active addresses, number of transactions, Unspent Transaction Output (UTXO) count and block size. The value of the metric has seen a significant surge recently, reaching its highest level since May 2021.

Rise Of Non-Fungible Tokens (NFTs)

The boost in activity is attributed to the rise of BTC non-fungible tokens (NFTs), which have become possible on the BTC blockchain thanks to a system called “Ordinals.” This protocol directly stores images on the chain using Taproot transactions. As these NFTs are inscribed directly on the blockchain itself, it causes an increase in the average block size when added to transactions.

Network Activity Index

The Network Activity Index uses block size as one of its components for measuring activity; therefore, with increased block sizes, there has been a corresponding surge in this index.

Conclusion

In conclusion, Bitcoin network activity is currently at its highest point since May 2021 due to rapid growth in non-fungible token usage and CryptoQuant’s “Network Activity Index” reflecting this growth with an increase in value.

• FTX Founder Sam Bankman-Fried is facing lawsuits and bankruptcy claims due to the financial crisis of FTX.
• The U.S. Justice Department reportedly accused SBF of trying to stall bankruptcy proceedings through leniency from foreign regulators.
• There is now a call for stricter regulations and increased accountability for cryptocurrency exchanges and their founders.

FTX Crypto Exchange in Crisis

The cryptocurrency exchange FTX is currently facing serious criticism due to its founder, Sam Bankman-Fried (SBF). According to a Wall Street Journal report, the U.S. Justice Department has accused SBF of attempting to stall bankruptcy proceedings by seeking leniency from foreign regulators in order to transfer crypto assets from his exchange platform overseas.

Criticism for FTX’s Founder

The accusations against SBF have sparked outrage in the financial community, with many calling for stricter regulations and increased accountability for cryptocurrency exchanges and their founders. Some have even called for SBF to be held accountable for his actions, or even the closure of the FTX exchange itself.

FTX Denies Allegations

FTX has denied these allegations, claiming that they are committed to following all applicable laws and regulations in every jurisdiction they operate in, as well as having a strong track record of compliance without ever breaking any laws or regulations.

Need For Greater Security In Crypto Space

Despite its success thus far, the crypto space has been subject to criticism due to recent accusations such as those against SBF – prompting calls for greater regulation on projects within the sector as it continues growing.

Conclusion

The recent controversy surrounding SBF and FTX shows that there needs to be higher security standards imposed on cryptocurrency projects and exchanges if they are going to continue being successful – including increased regulation and accountability from those involved at all levels of development