Gathering

Why Staking Crypto such as TRX, KAVA and more is Gathering Steam


In brief:

  • The Coronavirus crash of mid-March has resulted in a lot of crypto traders being cautious. 
  • The dominance of stablecoins is proof that they are waiting for favorable crypto conditions to get back to trading. 
  • Staking crypto on the various exchanges has provided an alternative to trading and/or storing value in stablecoins. 

The Bitcoin (BTC) and crypto market crash of mid-March was one event that not too many traders believed would happen. The majority of Bitcoin enthusiasts believed that the hype surrounding the Bitcoin halving event would provide much-needed immunity for the crypto markets to survive a shake-out in the event of a possible stock market meltdown. However, the tense days of March proved that Bitcoin is highly correlated to the stock markets during times of turmoil.

$8 Billion Locked up in Stablecoins

As with all periods of unexpected volatility, traders and investors quickly hopped on stablecoins to safeguard the value of their holdings in the crypto markets. As a result, Tether (USDT) has continually risen on Coinmarketcap and is currently ranked 4th after BTC, Ethereum (ETH) and XRP. The stablecoin’s market cap currently stands at $6.4 Billion making up 80% of the total value stored in stablecoins. Tether’s dominance has slowly but surely risen due to the uncertainty brought about by the effects of COVID19 on the global economies.

Staking of TRX, KAVA and other Cryptos is Providing a Profitable Alternative

With the world firmly in the thick of a global recession, favorable trading conditions to go LONG in the crypto markets will probably take a while to present themselves. At the time of writing this, flattening the curve of infections is happening but a return to normalcy has been projected to take months and roll over into 2021 with some estimates pushing it to 2022.

Therefore, many savvy crypto investors have discovered that staking is an easier way of storing their crypto holdings while gradually increasing their bags.

Exchanges such as Binance, Bitfinex, KuCoin and Poloniex, have started offering staking services for coins and tokens already listed on their platforms.

Using Binance staking services as an example, we observe the following estimated annualized returns in the staked token/coin.

  • Tron (TRX): 7 – 8% pa
  • ATOM: 6 – 9% pa
  • Tezos (XTZ): 6 – 9% pa
  • Algorand (ALGO): 8 – 10% pa
  • ONE: 8- 10% pa
  • Fetch (FET): 8 – 12% pa
  • QTUM: 6 – 8% pa
  • TROY: 15 – 16% pa

The above list is just a brief one to give the reader a better understanding of the potential investment potential of staking.

Staking Might be a Better Alternative to Trading the Uncertainty

With the Bitcoin halving narrative of gains almost destroyed by the Coronavirus crash of March 2020, trading cryptocurrencies as they range and wick haphazardly in either direction might be one-way traders are losing trading capital through stop losses and the dreaded liquidations.

Staking, on the other hand, might be a better alternative to trading. User funds idly generate profits in a manner more attractive than holding value through stablecoins.

Vitalik Buterin Believes Staking on Phones is Promising

Additionally, in a recent tweet, the Co-founder of Ethereum, Vitalik Buterin, rubbished the idea of mining cryptocurrencies on smart-phones while at the same time identifying staking as a promising option. His tweet can be found below.

Summing it Up

Trading Bitcoin and alt-coins during periods of global economic uncertainty might be one way of losing trading capital. Alternatively, and with staking, investors can store the value of their trading capital in coins or tokens that will generate a handsome amount in annualized returns.

(Feature image courtesy of Micah Williams on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.





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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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