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Brazil Codifies New Law Creating Bitcoin Trading Framework

12/21/2022

 
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Brazilian President Jair Bolsonaro on Thursday morning signed a bill into law that establishes a complete regulatory framework for the trading and use of bitcoin in the country, according to Bitcoin Magazine. The new rules recognize bitcoin as a digital representation of value that can be used as a means of payment and as an investment asset in the South American nation.
A virtual asset is "a digital representation of value that can be negotiated or transferred electronically and used for payments or as an investment," per the bill’s text.

The new law, which goes into effect 180 days after today’s signature, does not make bitcoin or any cryptocurrency a legal tender in the country. Notwithstanding, the legitimacy conferred upon BTC’s use case as payment is meaningful and has the potential to spur greater activity in the country. The extent to which that happens, however, is dependent on the actions of the regulator in charge, according to the same Bitcoin Magazine article.
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The executive branch will select the government bodies that will oversee the market. The expectation is that the Central Bank of Brazil (BCB) will be in charge when bitcoin is used as payment, while the country’s securities and exchange commission (CVM) will be the watchdog when it is used as an investment asset. Both the BCB and the CVM, along with the federal tax authority (RFB), helped lawmakers craft the overhaul legislation, as reported by Nasdaq.com.

Farm to Miner: The Silver Lining in Crypto Mining

12/14/2022

 
We all love a silver lining!

2022 has been a hectic year for companies in the crypto space - that’s putting it politely. The bubble has popped (or is popping) which paves the way for legitimate companies to emerge (and be created), not unlike the dotcom bubble.

FULL ARTICLE: Farm to Miner: The Silver Lining in Crypto Mining

#crypto #cryptocurrency #cryptocurrencymining #cryptocurrencymarket #miningindustry #mining #miningtechnology #bitcoin #bitcoinmining #hashing #energyconsumption #blockchain #immersioncooling
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Mining for Cryptocurrency Defined

12/7/2022

 

This Holiday Season, Give the Gift of Bitcoin

12/2/2022

 
Need a fun, new Holiday gift idea? Get someone a 1 yr mining contract. For $7,000.00, you’ll get
  • 95 TH/s Antminer;
  • 1 yr pre-paid electricity and internet and floor space in a PodMines exterior mining pod;
  • Help setting up your own digital currency wallet.
Max order of two per person, limited to first 75 orders. Email info@podmines.com to sign up today.

What are the implications of New York’s Bitcoin Mining Moratorium?

11/30/2022

 
Per the New York Times, New York enacted a temporary ban on new cryptocurrency mining permits at fossil fuel plants, a move aimed at addressing the environmental concerns over the energy-intensive activity. The legislation signed by Gov. Kathy Hochul was the latest setback in a bruising financial month for cryptocurrencies.

According to Fast Company, In the past few years, cryptocurrencies and other “digital assets” have seen explosive growth, surpassing a $3 trillion market cap worldwide last November, up from $14 billion five years earlier. VCs have invested nearly $12.5 billion in cryptocurrency and blockchain companies globally in 2022 so far, outpacing last year’s total investment of $30.7 billion. And a Pew Research survey last November found that 16% of adult Americans (and about 30% of those between ages 18 and 29) have invested in, traded, or used cryptocurrencies.

The Blockchain Association spent some $225,000 on lobbying in Albany this year to try to defeat the bill Hochul just signed and promote alternative legislation. Members of the association also donated thousands of dollars to Hochul’s surprisingly tight campaign, which left some environmental advocates worried she might let the bill die. State legislators passed the bill back in June, and Hochul faced an end-of-the-year deadline to sign or veto it. New York state passed a Climate Act in 2019 to slash its greenhouse gas emissions by at least 85 percent by 2050.

New York’s Mining Moratorium will likely be mimicked across different states that have state legislatures controlled by progressive, environmentalist legislators. When deciding whether to mine Bitcoin, make sure to work with a provider that can explain their host jurisdiction’s regulatory stances on mining for cryptocurrency.

Concerned about your New York mining operations on this #CyberMonday?

11/21/2022

 
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Wanting to expand with miner prices at an all time low?
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https://lnkd.in/gdwcE2Nc

You know where to find us.

#immersioncooling #crypto #cryptocurrency #cryptocurrencymining #cryptocurrencymarket #miningindustry #mining #miningtechnology #bitcoin #bitcoinmining #hashing #energyconsumption #blockchain #nft
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Lessons From the FTX Collapse

11/14/2022

 
FTX, a popular cryptocurrency exchange, filed for bankruptcy protections earlier this month. Industry voices continue excoriating FTX CEO Sam Bankman-Fried, as the circumstances surrounding its collapse begin to smack of naked fraud. One of the most important lessons from FTX collapse is self-custody – the concept of holding your cryptocurrency portfolio in a digital wallet that you control. Prior to the FTX collapse, more and more retail investors had been making the move to self-custody. Per CoinTelegraph:

On-chain exchange flow data is showing a surge in withdrawals to self-custody wallets, according to analytics provider Glassnode. In a Nov. 13 post on Twitter, Glassnode reported that Bitcoin exchange outflows had hit near historic levels of 106,000 BTC per month.It added that this has happened only three other times — in April 2022 and November 2020, as well as in June/July 2022.

​Legislative Developments in Blockchain and Cryptocurrency Technology

11/7/2022

 
Thirty-seven states have addressed legislation regarding cryptocurrency, digital or virtual currencies and other digital assets in the 2022 legislative session. Examples of enacted legislation include:

  • Connecticut required the Board of Regents for Higher Education to develop seminar programs to assist small businesses with adapting to the business environment in the aftermath of the COVID-19 pandemic through courses in subject areas, including, but not limited to, electronic commerce, social media, cybersecurity and virtual currency.
 
  • Indiana enacted legislation adding a new chapter to the Uniform Commercial Code (UCC) that governs transactions involving controllable electronic records.
 
  • South Dakota required a licensee transmitting virtual currencies shall hold like-kind virtual currencies of the same volume as that held by the licensee but that is obligated to consumers, in lieu of the permissible investments otherwise required.
 
  • Washington and West Virginia updated their unclaimed property laws to include virtual currencies.
 
  • Wyoming amended statutory provisions regulating decentralized autonomous organizations.

As Blockchain and Cryptocurrency gain wider acceptance, and cross larger adoption rate thresholds, more legislatures will pass additional legislation regulating this growing industry. 
https://youtu.be/uwAK38cneEA

Happy Birthday, #Bitcoin White Paper

10/31/2022

 
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SEC Chair Gary Gensler tweeted birthday wishes to the #Bitcoin White Paper today. “Happy 14th birthday to Satoshi Nakamoto’s whitepaper! It has led to innovation and crypto asset investing. Let’s make sure as crypto enters its 15th year that investors get proper protection.”

Gensler has been widely criticized in various circles within the cryptocurrency and blockchain communities for not appearing to have altruistic motives for the SEC’s recent enforcement actions. The SEC is perceived to be losing a battle with Ripple over whether XRP is a security. Additionally, groups like Coinbase, that once touted their partnership with the SEC, have withdrawn their support in the face of expanding enforcement actions.

Yet, for all the criticism heaped on Gensler, the SEC continues to agree that Bitcoin is not a security. Gensler has continued the policy position put in place by his predecessor. On Thursday, June 14, 2018, the SEC announced that the commission would not be treating Ether or Bitcoin as securities. That policy remains unchanged for Bitcoin. However, pending further developments in the Ripple case, and Ethereum’s transition to Proof of Stake Consensus, it could be subject to re-classification as a security by the SEC.     

Bank of America Sees Indicators of #Bitcoin as Financial Haven

10/24/2022

 
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Bitcoin’s movements in relation to other assets may indicate that investors see it becoming a haven again, after a stretch where it’s traded basically as a risk asset, according to Bank of America Corp. The largest cryptocurrency has a 40-day correlation with gold of about 0.50, up from around zero in mid-August. While the correlations are higher with the S&P 500, at 0.69, and Nasdaq 100 at 0.72, they’ve flattened out and are below record levels from a few months ago. BofA digital strategists Alkesh Shah and Andrew Moss see that as a sign that things could be changing.
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“A decelerating positive correlation with SPX/QQQ and a rapidly rising correlation with XAU indicate that investors may view Bitcoin as a relative safe haven as macro uncertainty continues and a market bottom remains to be seen,” the strategists wrote.

Bitcoin has traded in near lockstep with risk assets in the past couple of years, as pandemic-era stimulus flooded the global economy, and then as central banks like the Federal Reserve hiked rates to combat worsening inflation. That’s contradicted one of the main investment narratives put forward by crypto believers, which is that the asset with a fixed supply could serve as “digital gold,” a safe haven free from the influence of decisions by central banks and governments.
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The BofA note dovetails with recent comments from the likes of Mike Novogratz, who said on Thursday that he sees Bitcoin as “the canary in the coal mine” alongside gold and expects it to rally before other tokens, as well as Lauren Goodwin from New York Life Investments, who has said that Bitcoin and gold could both be perceived as a central-bank hedge.

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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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