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What Are Blockchain Layers?

2/22/2023

 
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If you are unfamiliar with Bitcoin, you may have heard the phrase “Layer 2” or “Layer 3” used in connection with blockchain networks. Phemex.com offers a helpful summary:
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•  Layer 1 blockchain refers to the underlying blockchain architecture.
•  Layer 2 blockchain refers to various protocols that are built on top of layer 1 to improve the original blockchain’s functionality.
•  Layer 3 is represented by blockchain-based applications, such as decentralized finance (DeFi) apps, games, or distributed storage apps.

Among the notable layer 2 projects on Bitcoin are the Lightning Network, Liquid Network, and Omni Layer. Lightning Network (LN) is a layer 2 Bitc oin protocol that offers users a fast micro-payment platform. While crypto payments conducted via layer 1, the BTC chain itself, are slow and expensive, payments conducted via LN are executed very quickly and involve very low transaction fees.

The average transaction on Lightning Network is confirmed within seconds, and virtually all transactions are confirmed in less than a minute. In contrast, BTC layer 1 transactions take several minutes to confirm on average, and some transactions may remain in an unconfirmed state for days. For those who prefer a visuals, this graphic from Bitcoin Magazine, an online publication dedicated to Bitcoin news and developments, shows the connection between blockchain network layers:

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U.S. Treasury, SEC Agree Bitcoin is a Commodity, Not a Security

2/15/2023

 
Treasury Secretary Janet Yellen and SEC Chairman Gary Gensler have each publicly stated that they do not view Bitcoin as a Security. Chairman Gensler has gone so far as to state Bitcoin is the only digital currency that isn’t a security.
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Bitcoin Spot ETF Still an Unrealized Opportunity, Grayscale Investments Cries Foul

2/8/2023

 
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The SEC has rejected dozens of requests from financial groups to sanction a Bitcoin Spot ETF. This has led Forbes to predict the regulation of a spot Bitcoin ETF may be contingent on the passage of the Responsible Financial Innovation Act (RFIA) by Wyoming Senator Cynthia Lummis, which seeks to clarify what digital currencies are (under US law), how they can be classified (commodities, ancillary assets, and securities) and how tax laws apply to them. Furthermore, the bill aims to establish the bodies in charge of regulating specific digital assets, as well as how anti-money laundering regulations may be applied.

Grayscale Investments (“GBTC”) has pushed back on the legal propriety of these decisions. Saying they mount to arbitrary, capricious and discriminatory actions. "The Administrative Procedure Act and Exchange Act require rules and regulations to be applied without favoritism for one type of product or another," said Grayscale Chief Legal Officer Craig Salm.

DC Mines, LLC, Wholesale Partner of PodMines, Receives 99% UpTime Rating from HashBranch

2/1/2023

 
DC Mines, LLC, an Iowa-based wholesale miner host, received a 99% UpTime rating from HashBranch, a website dedicated to finding reliable miner hosting sites from Bitcoin miners. DC Mines, LLC’s flagship site in Davenport, IA, can tap in to 6 MW of critical mining capacity drawn from an ESG friendly grid generating 80% + of its energy from renewable energy sources.

DC Mines, LLC’s CRO, Tim Mandell, was thrilled with the designation. “We are pretty proud of the service we offer to clients. The 99% UpTime designation reflects the quality of our service and our commitment to delivering reliable hosting sites for cryptocurrency miners.”

If you own more than five Antminer, WhatsMiner, or other cryptocurrency mining rigs / computers, reach out to DC Mines, LLC at https://www.dcmines.com/. For a free wholesale hosting quote, visit https://www.dcmines.com/quote.

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Alsip, Illinois 60803


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JCN, LLC, d/b/a “PODMines” is an Illinois based LLC offering a subscription service suite of amenities for cryptocurrency and digital currency miners located at several properties in the Midwestern United States. Those amenities include: physical space within an exterior or interior mining pod, ambient air flow, electricity, bandwidth, 24x7 camera monitoring / key card access, and helping hands during normal business hours. PODMines expressly denies and disclaims making any representations, warranties, promises, and/or assurances of any kind regarding its subscription service to the customer other than those expressly contained within the service order and the accompanying terms and conditions of service. PODMines is not a security, or a security dealer. PODMines customers own their own mining equipment, and 100% of their subsequent mining rewards. PODMines customers may cancel their service at any time, subject to the terms and conditions of service. PODMines is not in control of, and has no influence over, the price of any digital or cryptocurrency. Cryptocurrency assets sometimes experience extreme market volatility, and anyone interested in gaining exposure to this asset class should discuss the potential risks and benefits of investing in cryptocurrency mining with any legal, investment, or other professional consultants prior to gaining exposure to this new class of assets. PODMines is not directly responsible for the day to day price of Bitcoin, or any other cryptocurrency or digital currency. PODMines customers assume all risks and liabilities inherent in mining for cryptocurrency or digital currency.
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