future

‘We’ve All Decided Centralized Banking Is Rigged’ — South Park Episode Features a Bitcoin-Only Future – Bitcoin News


South Park’s recent episode called the “Post COVID” special mocks a future where the only currency accepted is bitcoin and other cryptocurrencies. The hour-long animated sitcom picks up years into the future where the main characters are now all grown up, except Kenny McCormick who is dead.

Stan Pays for a 1 Night Stay at the ‘Super 12 Motel Plus’ in the Future Using Bitcoin

The popular television sitcom South Park featured on Comedy Central is extremely well known in today’s pop culture ever since Trey Parker and Matt Stone created the show in 1997. Over the last 24 years, the animated sitcom has aired more than 300 episodes and in more recent times, Stan Marsh, Kyle Broflovski, Eric Cartman, and Kenny McCormick have been dealing with an interesting world. In the latest episode called “Post COVID,” Stan, who is now an online whiskey consultant, is told by Kyle that Kenny had passed away.

'We’ve All Decided Centralized Banking Is Rigged' — South Park Episode Features a Bitcoin-Only Future
A future version of Stan Marsh from South Park paying for his lodging with bitcoin (BTC) in the episode “Post COVID.”

When Stan decides to go to Kenny’s funeral services, he spends his stay at the Super 12 Motel Plus and is greeted by a clerk who explains Stan booked one of the motel’s Mach 10 Super Plus rooms. “Now of course we only take bitcoin and other cryptocurrencies,” the motel clerk says to Stan. “Because… ya know — It’s the future — we’ve all decided centralized banking is rigged so we trust more in fly-by-night Ponzi schemes,” the Super 12 Motel Plus clerk added. “Yeah, I know,” Stan sighs and hands the clerk a card bearing the bitcoin logo on it with a QR code.

Bitcoin Has Been Featured on Television Since 2012

Bitcoin has been featured in a number of television series’ episodes during the last decade and in various settings. This year bitcoin was mentioned on Marvel Cinematic Universe’s action drama television show “The Falcon and the Winter Soldier.” Bitcoin has been featured on the American comedy-drama series “Shameless” on multiple occasions. The leading crypto asset was also mentioned on two occasions on the American television game show Jeopardy.

Before South Park, bitcoin appeared on the shows “Parks and Recreation,” “Mr. Robot,” “Morgan Spurlock Inside Man,” “Navy CIS LA,” “Almost Human,” “House of Cards,” and “The Big Bang Theory.” Bitcoin’s first mention on television was on an episode of “The Good Wife” in 2012 and Krusty the Clown from “The Simpsons” mentioned the cryptocurrency the following year.

Tags in this story
animated series, Bitcoin Only, Bitcoin Only Future, episode, Eric Cartman, House Of Cards, Jeopardy, Kenny is dead, Kenny McCormick, Kyle Broflovski, Motel Clerk, Mr Robot, Parks and Recreation, Post COVID, Shameless, Simpsons, south park, Stan Marsh, Television, The Big Bang Theory, The Falcon and the Winter Soldier., TV

What do you think about South Park mocking a bitcoin-only world in the latest episode? Let us know what you think about this subject in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Is Decentralized Autonomous Organizations (DAO) the Future?


Is Decentralized Autonomous Organizations (DAO) the Future?

The ideology of the crypto-utopian is to remove faulty institutions across the globe by developing a blockchain technology-based model from scratch. Initially, the visualization of cryptocurrency was not an asset but rather a substitute payment gateway. Smart contracts, proposed by blockchain, are an attempt to establish a trustworthy form of legal governance. Incorporating both to develop a reliable, efficient, and secure financial system is the sole purpose of DeFi (Decentralized Finance). However, DOA is the reconceptualized on-chain design of the traditional operation. Stan Larimer was initially the creator of the DAC (Digital Autonomous Corporation) concept, which was later reconstructed as DAO (Digital Autonomous Organization) by Vitalik Buterin, the originator of Ethereum. 

Decentralized network architecture is one of the prime attributes of digital currency. Instead of being controlled by a single entity, decentralized networks are controlled and managed by a group of participants. A peer-to-peer network where each node acts as a participant and regulates the functionality of the network. Usually, digital currencies deploy decentralized stature to achieve high-end security and privacy, which is usually not available in conventional currency transactions. 

Decentralized Autonomous Organization: An Overview

A decentralized autonomous organization is an organization represented by protocols enciphered as a transparent computer program, under the administration of organization members and not influenced by a single entity (like the central government), occasionally referred to as DAC. 

Decentralized Autonomous Organizations characterizes by the application of blockchain innovation to supply a secure digital ledger for monitoring digital exchanges over the web, solidifying against fraud by trusted timestamping and propagation of a distributed database. This methodology eliminates the involvement of admissible trusted intermediaries from any form of decentralized digital interaction or cryptocurrency transaction. 

The tariff of blockchain-enabled transactions and the corresponding data reporting equalize substantially by the withdrawal of intermediaries and the need for the iterative recording of contract exchanges in various records. For instance, blockchain data can replace public documents such as deeds and titles if regulatory bodies permit. Thus, theoretically, a blockchain technique entitles numerous cloud computing participants to set foot in loosely associated peer-to-peer smart contract collaboration. 

DAO is a type of venture capital fund based on open-source code and without a distinctive management structure. 

DAOs to know about

It has been proposed that patents, copywriting, news accumulation, voting certification, advertising, and the next-gen search engines are all upcoming candidates for the DOA model. Thus, in the most developed model of the cryptopian ideal, all organizations would eventually adopt the DAO model. 

The idea is still struggling and trying to prove its worth after the original foundering of venture fund “The DOA” in 2016. However, this presently appears protracted in the future.

Apart from the pseudo-DAO organizations, which are groups of crypto investors who want to percentage assets and decisions, an increasing number of authentic DAOs are beginning to attain traction.

Here we will be discussing some DAOs that have caught our attention, with many more aspirants and possibly many more approaching.

  • Uniswap
  • PhoenixDAO
  • MetaCartel Ventures
  • JennyDAO
  • MakerDAO
  • BanklessDAO

Uniswap

One of the most successful applications of the DAO concept is Uniswap. That is, to take the conventional underlying system underlying a foreign currency exchange – the order book- and update it with a Blockchain identical that works as well, if not better. Evaluating the achievements of the DAO model can be done by comparing Uniswap to its competitor Coinbase, which still uses the conventional order-book method. 

The major innovation is the hybrid of the Liquidity Pool Concepts and Automated Market Maker (AMM). This combination allows the investors to trade their assets by eliminating the requirement of intermediaries. This is made possible because of an algorithm that guarantees that prices are regulated relatively.

The governing set of rules allows automated transactions amongst crypto tokens on the Ethereum blockchain platform through the employment of smart contracts. Thus, the efforts of bots and humans are brought together, with the bots accepting tasks such as automated liquidation of positions while the market makes unexpected moves. 

PhoenixDAO

Developing a real DAO is a tedious task. It requires a team of professional developers to create an autonomous principal nervous system that is resistant to vulnerable threats and in-built logical flaws.

The PhoenixDAO is a revamp of the decentralized financial ecosystem Hydrogen. Unfortunately, the original plan was not successful as though to be due to the member complaints. Moreover, the original idea violated the protocols of a decentralized system and the shortage of safeguards to save your forex dumping via the means of the significant coin owners. 

The newly exposed ecosystem, coin PHNX, consists of a pool of optimized protocols to cope with the unique objections. The website features only directors in charge of verticals such as partnerships, communications, etc., in the “team” section.

MetaCartel Ventures

The MetaCartel Ventures is a non-profit DAO whose objective is to support and fund projects looking to advance usability or demonstrate the new Web 3.0 use cases. This venture proves that there is no involvement of a centralized marketing team in web designing. 

According to MetaCartel, the combination of “code and law” governs the organization. The DAO associates, known as Mages, shoulder the responsibility of performing the tasks that smart contracts are incapable of: performing DD, emerging investment ideas, and advocating the idea of funding. 

They also authorize the entry of new members as a measure to avoid violation of decentralized system protocols. However, exiting the group does not require authorization and is carried out by AI protocol. The full share of the DAO assets is awarded to the withdrawing members. 

JennyDAO

‘Democratizing NFTs’ as the tagline of JennyDAO says so. 

Unicly protocol governs the central AI of JennyDAO, which fragments the NFT assets, and controls the crypt consisting of the organization’s NFT portfolio. If a positive threshold of the voting members reaches, the protocol will free up the vault and sell NFTs. Even when the Unicly protocol controls things, the human token holders still need to perform their bit of share. 

For example: evaluating the price of NFTs under consideration for purchase. Their reward is much like that of an asset holder in a standard investment fund, except that everyone participates dynamically in the DAO model. 

MakerDAO

Along with Uniswap, MakerDAO is one of the founding agencies of the new DeFi monetary system. While Uniswap made it viable to exchange cryptocurrency without the requirement of a beneficiary, MakerDAO permits the participants to lend and borrow in a way that mirrors an everyday bank. 

The lending and borrowing aspects in a regular bank are decided by something of the political process, involving numerous internal departments negotiating over what the spread ought to be between loans and deposits. 

Smart Contracts are responsible for managing the borrowing and lending process in the MakerDAO. The pairing of cryptocurrency with Dai stable coin opens opportunities for crypto investors to borrow a coin and predict the payback amount. 

Surprisingly, MakerDAO has achieved a complete circle in phrases of decentralization. Although it began as a small decentralized operation, a “pure” DAO, a sudden surge resulted in the addition of an authoritative layer at the top to assist the new challenges of functioning at scale. 

The developers recently assured that MakerDAO is once again a completely decentralized structure. 

BanklessDAO

A DAO that acts as an organizer of the Bankless movement progressing in the direction of the future with greater freedom. Backed up by the globe’s first-ever media and culture, the mission of Bankless DAO is to guide the world to go bankless by developing a user-friendly interface to explore decentralized fintech through media, culture, and education. 

The originators of BanklessDAO are currently proposing its associates to create 250,000 new Bank coins in exchange for an infusion of capital to attain the onset plans by creating extra merchandise and involving extra labor. The word labor addresses designers, builders, content creators, and others who manage such projects. It is more like a public offering, with hardly any difference between private and public in the crypto world.

Future of DAO

An increasing percentage of Ethereum supporters believe that DAOs can be the future of work, human organizations, and cultural communities. As such, a few suppose that DAOs like DeFi and NFTs are due for a mainstream breakthrough before them. 

For example: consider a vending machine requiring manual operations. It requires manual efforts to look for technical flaws, pay the power consumption bills, collect the money, and reload more products. The human interactions would have witnessed a reduction or elimination only if the machine was a DAO. 

The mechanism could be capable of shipping records to the server, and subsequently, an automated system that would perform what humans performed earlier. 

DAOs will replace CEOs’ decisions, border meetings, and routine operations in organizations, thus avoiding extra meaningless work. In addition, voting by shareholders can be done through tokens.

Also, DAOs can change the recruitment process, salary decision, or hiring developers, all by the power of tokenomics. 

For a better understanding of the future scope of DAOs, let us dig into some of the benefits provided by them.

  

  • Trustless and secure: DAOs ensure security and are trustless. If a developer can no longer continue working on the project, the system continues to operate, and a new developer is assigned through the voting system. 

  • Continuous functionality: Another benefit that DAOs offer is that their functions cannot be shut down. No authorities or financial entity can close a DAO unless they have significant tokens and submit them for voting. Even so, it will be a troublesome task for the authorizers to reach a consensus on such a proposal.  

  • Open-source ecosystems: Lastly, DAOs are open-source ecosystems, meaning the code is available for anyone to optimize. Usually, open-source systems are more reliable as the programmers can assist developers in finding the code bugs and suggest appropriate measures to fix them. 

Conclusion

Continuous innovations have become an integral part of the digital world. Like in any other innovative system, DAOs are reflecting continuous improvements. As every technology or concept has some advantages and disadvantages, the same is true for open-source ecosystems. However, the limitless opportunities to disrupt analog structures that delay processes with unnecessary administration can be resolved with DAO in every economic sector. 

While the DAO is still in its nascent stage and trying to strengthen its roots, it is evident that there is something at the core of the DAO revolution that is here to stay. Therefore, it will be pretty interesting to witness its growth to the peak.



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CMF North America: The Current State and Future of the Cryptocurrency Mining Industry


On April 13, Bitmain held the Crypto Mining Forum (CMF) online for the North American Region. Antminer, AntPool, along with key customers and strategic partners all participated in the forum to deliver solid speeches and panels, aiming at bringing together the top leading mining companies’ insights on the current state and the future development of the cryptocurrency mining industry in the region.

Bitmain, Antminer, and AntPool Continues to Empower Users
and Mining Industry

The cryptocurrency mining industry has entered a new stage of
maturity and stability. Since Bitmain’s establishment in 2013, the company
has spared no efforts to develop advanced technologies and innovations to move
the industry forward.

Main Speakers

At the forum, Irene Gao, Sales Director of NSCA, Antminer, announced the new global sales strategy from Bitmain. The company will adopt an ordering method with insured clauses for users. To better meet the growing market needs for mining hardware, Antminer recently introduced an annual batch order purchase for the Antminer S19j Pro. Featuring a strong hash rate at 100 TH/s and a low energy efficiency ratio of 29.5 J/TH, the miner can truly bring a long-term investment value to customers.

Eric Wang, North American Operations Manager at AntPool, introduced the mining pool development. According to Eric, in recent years, he has witnessed a significant hash rate growth in the region and forecasts that the region will continue to grow.

To better empower miners, Bitmain announced at the CMF, the
company will develop a global mining map to assist customers in finding the
best/new locations for new facilities set-up. Besides, Bitmain will establish
more cooperative mining centers in North America to empower the industry to
flourish and promised to meet the goal of repairing miners in the region to achieve
a turnaround time (TAT) of 3 days. As the world’s leading cryptocurrency mining
platform, AntPool will continue to provide miners with more easy-to-use, safe
and efficient services, bringing rich and transparent income for miners.

Foundry: Hardware Becomes the Focus of Bitcoin Mining
Race

Michael Colyer, CEO of Foundry, the cryptocurrency mining subsidiary of Digital Currency Group (DCG), shared his observations and predictions on the current mining market. He said that due to the continuous advancement of Bitcoin mining technology, the mining industry’s demand for chips is competing with other cutting-edge technology companies such as Samsung and Apple, resulting in insufficient global chip supply and a situation of grabbing chip resources. Meanwhile, institutional miners have entered the game, making it harder for people to get miners, and resulting in more competition as intuitions have strong access to investments.

The specialty of the North American market is that companies have
access to capital markets. Therefore, more and more companies are planned to go
public in the next six months. Moreover, many energy companies have also begun
to investigate the Bitcoin market, considering its huge growth potential and
will be become more active over time.

In terms of the industry opportunity, Michael pointed out mining hardware
will be a great investment option, as most of the mining products can continue
to operate for 4-5 years, which will bring a long-term investment value to
miners.

State of Mining
2021: Large Scale Operation with Green Development

Panel Discussion 1 Speakers

Moderated by BitOoda CEO Tim Kelly, Core Scientific Chief Customer Success
Officer Russell Cann, Greenidge Chief Mining Officer Greg Ohanessian, Crusoe
Energy CEO & Co-founder Chase Lochmiller and Crusoe Energy President & Co-founder
Cully Cavness joined the panel themed in the State of Mining in 2021.

At the panel, discussers pointed out that as more and more users and institutions have joined the camp, the mining industry is no longer as fragmented and rough as the “wild west”, but it is now moving forward into a stage of institutional miners at a large scale. At present, larger financialization is happening in the space, which increases ways to finance the industry such as debt financing.

Moreover, mining companies pay more attention to relevant regulations and will also increase investment in environmental friendliness. The panel highlights that driving green energy for mining will bring more opportunities and will be crucial for the future.

In the United States, there is an interrelationship between energy and mining. Experts predict that the use of renewable energy and innovative technologies will become a new trend in the development of the mining industry. On one hand, more miners will attach more importance to the relations between mining and sustainable energy and will use renewable energy to promote the reduction of power consumption. On the other hand, the development and application of immersion mining technology is a future trend to keep an eye out for, which can effectively improve energy efficiency ratio of mining hardware, prolonging the life of miners, and provide mining companies with opportunities to open in better mining locations since favorable mining locations are usually in harsh environments.

Energy suppliers also starting to understand the mining industry’s demands,
providing more resources and services for large-scale digital mining. Hosting
service is also growing, as it comes with advantages such as low electricity
prices and professional management.

In the next few months, miners should consider that more hash rate will be
added once mining companies receive their future orders, which can affect the
profitability of mining. Altcoins, which provide different innovations, can be
considered, nevertheless, Bitcoin will be the core cryptocurrency from a long-term
perspective.

Trends & Innovation: New Business Model and the Influx of
Institutions

Panel Discussion 2 Speakers

Gemini Asia Pacific Business Development Bureau
Director Eugene Ng, Atlas Mining Founder Raymond Yuan, DMG CEO Sheldon Bennett,
Clean Spark CEO Zachary Bradford, and Luxor Co-founder & CFO Ethan Vera
discussed and predicted the mining trend and innovations at the second panel.

The panel pointed out the new trends in the mining
industry. First, the adoption of cooling system leads the new trends, as
immersion cooling provides the same hash rate with less power consumption.  Far more important, driven by the vigorous
development of the Bitcoin mining industry along with multiple favorable
factors, a large number of new investment institutions have entered the market,
bringing in a new business model, i.e., the financialization of hash rate.

The influx of investors and institutions is just
the beginning. When more speculators participate in the cryptocurrency mining field
on a large scale, it will open the door for other digital currencies, and the
cryptocurrency market will usher in more opportunities. In terms of
technological innovation and application, topics were discussed at the panel around
software upgrades, financial tools, and energy improvements to reduce mining
costs.

The North American session of the Cryptocurrency Mining Forum was successfully concluded. The CMF Forum is a series of global events held by Bitmain, aiming to build an information-sharing platform for the global mining industry’s discussion, prediction, and prosperity. The forum has been successfully held in Miami, Toronto, Kuala Lumpur, and in other cities before, which has gained extensive support and large popularity from Bitmain’s customers, partners, and miners around the world. Soon, the CMF Forum will set sail again in Europe (online), let us look forward to more exciting insights brought by the European section!

Video link to CMF North America

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Ecosystem Collaboration to Win New Energy Future


It’s not every day that industry executives see eye to eye. But for oil and gas companies, 9 out of 10 agree on one thing: it’s time for change.  

As the energy transition gains momentum and the energy system expands, oil and gas players are having to manage disruption on multiple fronts. Their competitive edge depends on how well they adapt to changes in supply and demand. How well they respond to stakeholder pressure for low-carbon solutions. How well they accommodate new technologies. And how deftly they pursue new value pools that are moving away from the well head and ever closer to the customer. In all these ways, the industry finds itself in a perpetual and exhausting scramble for relevance.  

Against this backdrop, it is really no surprise that the idea of reimagining the energy system comes up repeatedly in my conversations with clients. They’re not outliers. A recent Accenture survey found that  90% of industry players recognize the need to change their businesses in the next three years.  


of the energy industry recognizes the need for rapid change in the next three years.


In my discussions with industry leaders about the changes that are needed, I find the juxtaposition between competition and collaboration particularly interesting. For so long, companies have competed against each other. But to thrive through the energy transition, forthcoming regulatory changes, and green energy adoption, old rivalries must give way to new ecosystem partnerships. In the new energy future, collaboration will dictate competitive advantage.   

<<< Start >>>




<<< End >>>

Let’s look at the value of ecosystems in times of change and how to collaborate effectively in a way that will help prepare the industry for what lies ahead.  

Ecosystem convergence to manage and thrive through the energy transition 

The energy landscape is newly diverse from both a supply and demand perspective. To manage this diversity well, the energy industry is starting to think about strategically combining the right partners and strengths across the value chain and forming ecosystems of varying sectors, competitors and even customers. This is encouraging. As Accenture pointed out in Decarbonizing Energy: From A to Zero, reinventing the fossil fuel-based energy system will depend on such cross-sector collaboration.  

<<< Start >>>




<<< End >>>

From mobility, to power and low-carbon products, the industry is starting to form the ecosystems that will usher in the energy future. At the time of writing this post, I know of eight energy consortia already. (If you haven’t yet joined, it’s time to move fast!) 

Consider the approach of VAKT,  the ecosystem re-imagining commodity post-trade processing with blockchain. With the goal of making the market more efficient by bringing together all stakeholders in a well-designed multiparty system, VAKT started with three of the supermajors, three commodity trading companies and three banks. Why? Because it knew if it wanted to truly re-imagine post-trade settlement for crude oil, all of them needed a seat at the table. 

As the VAKT case makes clear, it’s important to meet the right partners to realize the desired transformation. When forming a minimally viable ecosystem, companies need to choose their partners wisely. They need to ask what ecosystem collaboration will enable them to do that they can’t do on their own.  

In many cases, the value of partnerships lies in allowing companies to lower capital investment and own a lighter asset footprint—all while accelerating customer-centric innovation. This is critically important, given that we estimate the energy industry will need to invest $100 trillion over 20 years in infrastructure, solutions and services to ensure availability and sustainability of energy.  In other cases, collaboration is about creating an environment in which ecosystem partners can co-innovate new products and services or create new collaborative business models to better serve customers.  

But there are challenges to ecosystem adoption. 

While the energy industry is starting to embrace the opportunities that ecosystem collaboration enables, oil and gas companies face certain challenges when it comes to adoption and speed to market. Here are three that I hear about often, along with ideas for overcoming them:  

1. Getting buy-in from stakeholders to create new ways of working 

Parties join a consortium with differing objectives and/or agendas, which makes it hard to craft a common mission. Coming to consensus on a shared vision is a phased process that entails both network expansion and product development. Both the business and technical sides of the participating organizations must work together to identify value pools across the ecosystem.  

To start, examine your existing processes and reimagine them with the use of a shared data construct. What is a use case you can select that everyone will benefit from? Consider post-trade settlement for commodity trading, joint venture accounting, emission tracking, etc. 

2. Sharing data  

Collaborating in new ways requires technology reinvention and innovative approaches to data governance. Partners need to dynamically share data about all sorts of things—from assets to usage to markets—transparently and securely from various sources in real-time. Implementing blockchain and multiparty systems can make information and transactions verifiable and transparent to multiple parties simultaneously.  

On a related note, collaborative business models—and the collaborative technologies that enable them—require their own trust mechanisms. The ecosystem must decide its governance structure and define what data can be shared with whom, when and for what purpose. This is important to help participants move from a mindset of competing to collaborating and, ultimately, to transforming common processes that will help them achieve a shared vision.  

3. Developing the new commercial model 

The energy industry is very siloed across the value chain and within each company because their customer requirements and demands are completely different (i.e., upstream, midstream and downstream, as well as IT and business operations within each organization or business segment).  

Ecosystem data sharing, when enabled by blockchain and multiparty systems, allows a new level of efficiency in the business, thereby reducing reconciliation, providing greater data transparency, and syncing data across key parties in a process. Then the ecosystem can create new insights and hyper-personalized services for all players.  

Your next steps will define the new era 

We’re at a precipice, and the future depends on getting ecosystems right. Working together for the good of the ecosystem while supporting each company’s goals can be facilitated (and accelerated) through a structured ecosystem engagement approach. The industry is headed in the right direction. As long as consortiums keep a laser focus on value for all parties, effective governance, and what it will take to scale (i.e., standards, interoperability, and growing the network of participants), it’ll thrive through the energy transition.  

The right plays will unearth a torrent of untapped value beyond “just” making money. I encourage you to Make the Leap, Take the Lead as the industry transforms from the biggest polluting industry to the biggest supplier of sustainable and clean energy. That is the ultimate prize. 


Disclaimer: This document is intended for general informational purposes only does not take into account the reader’s specific circumstances, and may not reflect the most current developments. Accenture disclaims, to the fullest extent permitted by applicable law, any and all liability for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, audit, or tax advice. Readers are responsible for obtaining such advice from their own legal counsel or other licensed professionals. Accenture, its logo, and New Applied Now are trademarks of Accenture.  

 Copyright © 2021 Accenture. All rights reserved. The Accenture name and its logo are trademarks of Accenture.



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Bitmain Successfully Held the Digital Mining Conference, Gathering Top Experts to Discuss Future of the Industry


Hong
Kong, September 13, 2021 –  Bitmain – the world’s leading producer of
cryptocurrency mining hardware successfully held the Digital
Mining Conference on
September 09 in Miami, FL.  Industry
elites, including the world’s leading mining manufacturers, clean energy
suppliers, miner hosting service platforms, and financial companies gathered here
to share new mining industry innovations.

Francis X. Suarez, Mayor of Miami, Maurice Daniel, Chief of Staff to the former US Vice President, Clark Du, Bitmain Mining Division, Vice President of Bitmain, and the founders and CEOs of companies including, Bit5ive, Foundry Digital, Compass Mining, Compute North, Core Scientific, Marathon Digital Holdings, Celsius Network, GryphonDigital Mining, CleanSpark, Greenidge, BlockQuarry, Asic Jungle, Applied Blockchain Inc., Minerset, DELV A Division of Cryptech Solutions, iMining, Monbanc, NFN8 Group LLC., GSV Futures, attended the conference.

Digital Mining Energy Conference Attendees

Thousands
of digital mining supporters from all over the world watched the live broadcast.
The conference highlighted topics such as green energy mining, mining
globalization, mining infrastructure construction, mining policies, and
regulations in North American.

Francis X. Suarez, Mayor of Miami providing the opening speech of the event

Francis
X. Suarez, Mayor of Miami, opened the conference by sharing constructive words
highlighting industry achievements. “Miami is ranked first in the nation
for new tech job growth, creating 8000 jobs, and has moved over 800 billion
dollars of assets under management in the last 16 months. None of these would
be possible without understanding the technological movement, Bitcoin, the
blockchain, and companies like Bitmain mean to power the infrastructure of this
new generation and revolution.”

Irene Gao, BD Director of NCSA Region, Antminer

North
America has been leading the expansion of digital currency mining on a global
scale. The speech made by Irene Gao, BD Director of North, Central, South
Americal region of Antminer, discussed the development of digital currency
mining and talked about the local advantages in power resources, policies, and
regulations. Gao mentioned how North America still has several disadvantages, such
as slow construction of mining farms and insufficient talent accumulation in
the industry.

To speed
up the construction of mining farms, Bitmain launched its self-developed
air-cooled container, the Antbox N5 V2 in August. At present, the delivery
batches for August and September have sold out already and started shipping to
the United States, and delivery batches for October have begun sales. At the
same time, to match the speed of mining farm construction and strengthen the
training of talents in the industry, the Antminer Maintenance Training Center
(AMTC) has upgraded the miner maintenance training courses and added operations
training and maintenance training courses. At present, the first batch of trainees
recently completed the course and have begun to participate in practical
undertakings.

In
response to the relatively poor timeliness of miner maintenance overseas,
Bitmain has launched HUB warehouse services. It is expected that the
maintenance time of miners in North America would be reduced from three weeks
to four days, the logistics time would be reduced by 79%, and the mining
revenue loss would be reduced by 53%. Before December this year, HUB warehouse
services will also be launched in Kazakhstan. In the future, Bitmain plans to
set up more HUB warehouse outlets around the world

As discussed by the speakers at the conference, the digital currency mining industry still has growth potential. The industry is moving towards more advanced hardware equipment, better power resources, more innovative business models, better capitalization, participation in global business and policy activities, and longer-term sustainable development prospects.

Bitmain would like to thank all its valued customers from all over the world. Bitmain believes that the development and success of the company are inseparable from the trust and support of our customers. Bitmain will continue to adhere to the values of “Long-term Cooperation”, “Trustworthy Partnerships”, and Develop “Win-win Situations” to provide customers with excellent performance and quality products.

World Digital Mining Summit 2021 in Dubai

In November this year, Bitmain will host the World Digital Mining Summit 2021 in Dubai. The summit will deliver a broader and more efficient platform for information, exchange, and resource sharing. At that time, WDMS will bring more insightful industry prospects and policy analysis. The conference will also discuss advanced mining equipment information and brand new hosting service opportunities, water-cooled mining solutions, and many other excellent topics.

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6 sources of renewable energy that will power the future of Bitcoin mining 


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Yes, Bitcoin mining does consume a lot of energy — about 110 terawatt hours per year, the energy equivalent of a small country. Considering that a single Bitcoin mining farm might be running hundreds or thousands of mining rigs (roughly the equivalent of running a space heater) all day, every day, it’s easy to see how that much energy can be created. It’s also easy to see why keeping energy costs low becomes the main concern of Bitcoin miners.

The good news for large-scale Bitcoin mining operations is that the cheapest sources of energy are also the cleanest and most sustainable, like wind, solar, and hydropower, which are all cheaper sources than gas and coal. Additionally, the Cambridge Center for Alternative Finance estimates that 76% of miners are already using sustainable energy sources.

Still, with recent questions in the news around the source of Bitcoin’s energy usage, and whether it can be sustainable going forward, there’s still more to do to grow awareness and adoption of renewable sources of energy.

If you’re looking to start a mining operation, switch electricity sources, or invest in a mining company and want to know more about where they’re getting their energy, here are the top sources of renewable energy that will fuel the industry in years to come.

Solar Power

Solar is the most widely used renewable energy source, and is also one of the most straightforward: Capture energy from the sun’s rays through photovoltaic cells in solar panels. They’re easy to install and maintain, and it doesn’t require any drilling or mining, or anything to be burned. Additionally, solar energy costs have only dropped in recent years, with the cost for electricity from utility-scale solar photovoltaics (PV) down 82% from 2010 to 2019.

Recently, Square and Blockstream announced that they would be investing in a $5 million fully solar-powered Bitcoin mining facility, as they say, in order “to show that a renewable mining facility in the real world is not only possible but also prove empirically that Bitcoin accelerates the world toward a sustainable future.”

Wind

Renewable energy sourced from the wind is another option. This involves setting up large wind turbines in open areas to capture the energy from air movement and turn it into electricity. Again, it’s a renewable energy source that doesn’t require drilling or mining — simply the construction of wind turbines — and the energy produced can power single homes, cities, or even countries. Wind power costs one to two cents per kilowatt-hour, and prices tend to be fixed over long periods of time. No fuel costs or usage and job creation also make wind attractive.

In the wake of the Chinese crackdown on Bitcoin mining operations, there’s speculation that many miners may move to Texas, due to the abundant wind power available, as wind provides upwards of 20% of Texas’s energy.

Hydropower

Capturing energy from water currents is one of the oldest types of renewable energy sources (think water wheels powering mills or the Hoover Dam). It’s also an incredibly consistent source of energy, as constantly running waterfalls can provide steady, endless power, whether it be captured through running rivers or simulated through damming and turbines. As for costs, it’s also one of the cheapest at 85 cents per kilowatt-hour, and upwards of 90% of the energy can be converted into electricity.

One of the biggest advantages Chinese mining operations had before the nationwide crackdown was that they were able to tap into massive amounts of hydroelectric power available to them, specifically in the Sichuan province, wherein the rainy season, 95% of electricity can come from hydro.

Geothermal

El Salvador president Nayib Bukele made news when he tweeted an invitation to Bitcoin miners to use their volcano energy, which is in fact geothermal energy, another renewable resource. Geothermal energy comes from heat stored within the Earth’s crust, which can include energy that escapes through steam, or even through volcanos. As of 2020, geothermal energy has a capacity of 14,000 megawatts, and is considered a plentiful, consistent source of renewable energy. Yet geothermal energy is only available in certain areas of the world where heat can rise to the surface, typically around tectonic plates.

Tidal Power and Ocean Energy

Capturing tidal power or the energy of the ocean is another renewable option similar to hydropower. Instead of running water, tidal barrages set up at the tide line or turbines set up in the ocean below sea level capture the movement of the water and turn it into electricity. While adoption has been limited so far with few sites established, this option is expanding as technology improves and costs come down. However, it is incredibly promising: The world’s largest tidal power station in South Korea generates over 500 gigawatt-hours a year, or the equivalent of 862,000 barrels of oil.

Waste Energy and Biomass

Another renewable source is waste energy, where organic material is broken down to create heat through either incineration or bacteria that decompose organic material. The heat created then drives steam turbines to produce electricity. This option can also help reduce the presence of landfills. Crypto company 4New made news when they announced they would install a waste-to-energy plant that would fuel their facility.

How Bitcoin Mining Can Be a Renewable Source for Others

Bitcoin miners aren’t just looking to consume renewable energy sources, but to be renewable energy sources as well. Some miners are able to sell their excess energy back to the grid. Others are using their excess mining farm heat to power greenhouses and other local industries, and even to heat towns.

Whether consuming or providing, Bitcoin mining will certainly play a major role in creating a sustainable future.

Guest post by Abdumalik Mirakhmedov from Genesis Digital Assets

Co-Founder & Executive Chairman of Genesis Digital Assets — the most experienced Bitcoin Miner in the world. He is a tech investor and seasoned manager with a focus on Digital Assets and Artificial Intelligence industries. He has more than 15 years of management experience in public and private companies. Abdumalik combines his expertise and confidence in Bitcoin to build the most successful global crypto mining company.

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