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Displaced ETH Miners Seek Refuge In Ethereum Classic, Ravencoin

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Ethereum Classic Ravencoin Miners
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The Ethereum Merge was an incredibly anticipated upgrade, with good reason. It not only drastically increased the number of transactions that the network could handle, but it also greatly diminished the energy consumption of the network. However, Ethereum miners have found themselves as collateral damage in the upgrade as there is no longer a need for their highly specialized mining hardware. Given this, ETH miners have had to find alternatives for this hardware.

The Great Exodus

In less than one hour, Ethereum miners, who had been one of the most important parts of the network, had found themselves obsolete. With the move from proof of work to proof of stake, there was no longer a need for highly sophisticated machines as the network now makes use of validators to confirm transactions.

Now that the Merge is complete, Ethereum miners are unable to mine the cryptocurrency and have instead moved to other GPU mineable tokens. This exodus from the Ethereum network has sent the miners into the arms of networks such as Ethereum Classic and Ravencoin.

ETH falls to $1,500 | Source: ETHUSD on TradingView.com

Ethereum Classic has proven to be a natural destination for the miners since it is a fork of the original ETH network. As for Ravencoin, the team had been pushing hard to onboard displaced ETH miners to its network. This move has seen interest increase in both networks and has triggered massive growth in both in such a short time.

Ethereum Classic, Ravencoin Hashrate Soar

At the time of this writing, it has only been a couple of hours since the Ethereum Merge was completed, but there are already massive changes happening across the market. As displaced ETH miners move into other coins such as Ethereum Classic and Ravencoin, both networks have seen their hashrate soar.

In the last 24 hours alone, the hash rate has more than doubled across both networks. Ethereum Classic had already been recording accelerated growth since the date for the Merge was announced. On Wednesday, its total hash rate had sat around 52 TH/s, but by the early hours of Thursday, the hash rate had grown to more than 102 TH/s.

The same is the case for Ravencoin during this time. Similar to Ethereum Classic, its hashrate is up more than 100%, rising from around 7.4 TH/s on Wednesday to more than 14 TH/s on Thursday, after peaking at 14.8 TH/s.

However, despite the move to these networks, it is still not enough to accommodate the total mining power of ETH. Experts estimate that all GPU mineable coins will only be able to absorb 15% of the total ETH hash rate before mining the coins stop being profitable. 

Featured image from Forkast, chart from TradingView.com

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Shiba Predator Cracks Double-digit Gains, How Far Can Price Go?

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Shiba Predator Cracks Double-Digit Gains, How Far Can Price Go?
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  • QOM price continues with strong momentum after a breakout with double-digit gains for holders. 
  • QOM trades just above key resistance as price ranges above 8 and 20-day EMA.
  • The price of QOM struggles to flip key resistance into support. 

Shiba Predator (QOM), a recently loved memecoin on the Ethereum (ETH) network, is tipped to outperform Shiba Inu and other memecoin after showing great rallying to a high of $0.0000004, winning the heart of many after a few months’ surge but could be set to replicate this move. All indicators and patterns are showing the price of Shiba Predator (QOM) could be ready for a rally.

Shiba Predator (QOM) Price Analysis On The Weekly Chart.

Despite struggling to break above $0.0000000445 in recent weeks, the price was rejected and has continued in a range-bound movement as the price prepare to trend higher to a region of $0.00000007. QOM’s price found its weekly support at $0.0000000440 after the price dropped by over 70% in the past few weeks, as the current market has not given QOM the space to trend. 

There is no doubt that the price of QOM will show great strength when the current state of the market recovers from its bearish mode. QOM continues to range with little volume to break out of this structure as the price rallied with a gain of 17%.

After seeing its price retesting a weekly low of $0.0000000440, the price of QOM rallied recently to a region of $0.0000000750 but was rejected in an attempt to break higher for the price to trend. The price of QOM has maintained a range-bound movement for some time now and could be set for a major rally. 

Weekly resistance for the price of QOM – $0.0000000750.

Weekly support for the price of QOM – $0.0000000440.

Price Analysis Of QOM On The Daily (1D) Chart

Daily QOM Price Chart | Source: QOMUSDT On Tradingviw.com

On the daily timeframe, the price of QOM continues to show strength as the price pulled a 17% gain despite the market looking to have stalled in price movement. QOM aims to rally to a high of $0.0000000750 after a successful breakout from a range channel that its price formed. 

The price of QOM currently trades at $0.0000000400, just above the 8 and 20-day Exponential Moving Average (EMA). The price at $0.0000000390 corresponds to the price at 8 and 20-day EMA for QOM on the daily timeframe.

QOM’s price needs to hold this region of $0.000000045 with good volume for the price of QOM to push the price higher to a region of $0.0000000770. 

Daily resistance for the FLOKI price – $0.0000000770.

Daily support for the FLOKI price – $0.0000000400.

Featured Image From Zipmex, Charts From Tradingview 

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Relictum Ecosystem Has Presented a Road Map of Burning GTN Tokens

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Relictum Ecosystem Has Presented A Road Map Of Burning Gtn Tokens
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The team has taken the decision to burn 5,000,000,000 GTN, which is 50% of the initial emission. The first 5,000,000,000 GTN were burnt on 15 September 2022, which was 20% of the initial emission. The second burn took place on October 1, 2022 in the amount of 375,000,000 GTN tokens.

  • The hash of the first burning transaction (2 000 000 000 GTN) 
  • The hash of the second burning transaction (375 000 000 GTN) 

The following 3,000,000,000 GTN will be burnt during next 2 years, 375,000,000 GTN each quarter. 

  • 1 October 2022 – 375 mln GTN
  • 1 January 2023 – 375 mln GTN
  • 1 April 2023 – 375 mln GTN
  • 1 July 2023 – 375 mln GTN
  • 1 October 2023 – 375 mln GTN
  • 1 January 2024 – 375 mln GTN
  • 1 April 2024 – 375 mln GTN
  • 1 July 2024 – 375 mln GTN

Also GTN token has been listed on the LBank exchange🚀

The Relictum team is preparing hot news and events, which you can follow in the social networks of the project:

Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

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Announcing Celo Camp Batch 6, With New Founders Support from Coinbase Cloud

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Announcing Celo Camp Batch 6, With New Founders Support From Coinbase Cloud
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  • Over 350 applicants from 65 countries applied, with 30 shortlisted candidates
  • Coinbase Cloud will offer perks for Celo Camp founders
  • Most teams focused on regenerative finance (ReFi) for real-world impact
  • Alums from the first five Celo Camp cohorts have processed transactions on the Celo blockchain valued at an estimated $1B, and raised over $120M from tech investors

SAN FRANCISCO–(BUSINESS WIRE)–Celo Camp, the eight-week virtual acceleration and mentorship program launched in early 2020 in partnership with Upright, announces its Batch 6 cohort. In total, 30 teams were selected from a group of 356 applicants across 65 countries, driven by interest in Celo’s carbon-negative, mobile-first platform and its mission to create prosperity for all.

“Evidenced through the applications received for Batch 6, a considerable number of global builders are moving into the ReFi space,” says Rachel Jakob, Upright’s Program Manager. “It’s exciting to see so many people working on projects for real-world impact…I’m looking forward to watching these collaborations come to fruition in the coming months.”

Celo Camp guides Web3 developers to launch and scale projects, connect with like-minded builders, and prosper in the blockchain ecosystem. Batch 6 will further benefit from a new collaboration with Coinbase Cloud and its Web3 Accelerator Program, which will provide a suite of Web3 APIs, services, and infrastructure and up to $25,000 in Cloud Credits.

Coinbase Cloud joins AWS, Hubspot and Twilio SendGrid in offering Celo Camp teams ongoing services and support. “The Celo ecosystem attracts some of Web3’s best founders and builders from around the world, and Celo Camp plays an integral role,” says Xochitl Cazador, the Celo Foundation’s Head of Ecosystem Growth. “We provide founders with robust support so that they may achieve wider adoption, as with Celo Camp’s new Coinbase Cloud collaboration, and more broadly through the Celo Foundation’s founders residency and recent partnership with IDEO.”

Additionally, Batch 6 teams will receive input from mentors at leading Web3 and tech organizations, including NFX, Coinbase Cloud, Climate Collective, Flori Ventures, Digital Assets, Collider Ventures, Sunset Ventures, Ubeswap, Teller Finance, Valora, Flow Carbon, Cross River, Echo VC, GoodGhosting, Impact Market, Dotdots, Finoa, 50years, Build AI, cLabs, and the Celo Foundation; technical support from Celo ecosystem engineers will also be provided, alongside invitations to networking events and workshops led by industry experts, investors, and partners.

To date, alums from the first five Celo Camp cohorts have processed transactions on the Celo blockchain valued at an estimated $1B. The cohorts also raised more than $120M from tech sector investors, including Polychain, Davoa Capital, Electric Capital, Coinbase Ventures, Mercy Corps, Allegory, and Flori.

Celo Camp’s Batch 6 includes the following participants across ReFi, DeFi, payments, the creator economy, P2E, and DAOs: Kolor, Blockless, inTheory, Neutral Protocol, Nomis, Whatclass, Skylink, AgriVirtus, SAVE by Alice, Monad, NRverse, Vault3, Vollar, Tokpay, PrintNet3D, Autify Network, Carbon 2 Climate, Rebioca, CarbonPath, Eco Labs, Silvi, Renie, PayBox web 3.0, Plantiverse, Circonomy, LazyFi, Metapyxl, Boom Boogers, Whal3s, Stunning Green.

Ten finalists will present their projects to the Celo community, their mentors, and investors at Demo Day on November 15. The winner and runner-up will be announced on December 6, when the first prize of 10k cUSD and the second prize of 5K cUSD will be presented. The five teams with projects that most reflect the Celo community tenets—design for all, strive for beauty, innovate on money, and embrace humility—will receive 2K cUSD each.

About the Celo Foundation

The Celo Foundation was founded in 2017 to support the growth and development of the decentralized, open source, mobile-first Celo platform to help build a carbon-negative financial system that creates the conditions of prosperity for all. The Foundation is guided by the Celo community tenets and contributes to education, technical research, environmental health, community engagement, and ecosystem outreach—activities that support and encourage an inclusive financial system. For more about Celo, visit https://celo.org/.

About Upright

Upright, a platform that connects founders to blockchain protocols via acceleration programs, is one of the earliest companies to create and manage virtual accelerators and entrepreneurship programs for layer 1 protocols. Upright connects founders with mentors, investors and leading experts in the web3 space. Through its programs, founders from all over the world collaborate, learn and grow together.

Contacts

[email protected]

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Satoshi Solution States Crypto Winter Impacted Less on Hiring

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  • Pullum also stated his belief that more progress in the crypto field will be made in the future.
  • According to the co-founder of Satoshi Solution, recruiting will increase in 2022.

As the crypto markets continue to plummet, the majority of crypto businesses announced layoffs earlier this year. And larger firms, like Coinbase, have also announced layoffs. During a down market, it appears that there are few possibilities in the blockchain space. And a crypto-focused Chief exec feels that is not the case.

Executive Perspectives on the Opportunities

Clayton Pullum, co-founder, and director of Satoshi solutions spoke to Cointelegraph at the recent Blockchain Summit in Dubai 2022 and discussed views about the current status of recruiting in the crypto field.

According to Pullum, the recruiting culture now is substantially different from the hiring scenario during the bull market. The prior bull runs, according to the executive, were characterized by firms “hiring like crazy” and paying developers salaries ranging from $500,000 to $700,000. However, the director of the recruitment business stated that this is no longer the case. He stated that based on their observations, recruiting managers have placed a greater priority on strategy.

According to him, the positions have expanded from developers to marketing professionals, analytics, compliance, and legal employees. He also added that the crypto industry still lags behind other industries, including traditional banking, in terms of internship opportunities and entry-level roles. In traditional banking, it is 44% of internship opportunities as compared to crypto 4%.

Pullum also stated his belief that there would be more advancements in the field in the future, requiring the need for more skill. Companies with strong services, according to Pullum, will be able to weather the crypto winter and achieve victory. 

Pullum stated that:

“We’ve seen all the firms that emerged from the 2017-2018 crypto winter, and I’m certain that we’ll see the same thing in 2022.”

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ELYSIA Signs MOU with Galaxia Metaverse

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SEOUL, South Korea–(BUSINESS WIRE)–#DeFi—ELYSIA, a blockchain project specializing in real estate tokenization and securitization, has signed a cooperation agreement with Galaxia Metaverse, a subsidiary of Hyosung Group, which is one of the largest businesses in South Korea.

1665147936 627 Elysia Signs Mou With Galaxia Metaverse

Through this cooperation, Galaxia Metaverse commits to support sales by registering RWA (Real-World Asset) provided by ELYSIA through the NFT marketplace MetaGalaxia, and ELYSIA commits to provide RWA with transparency and proof of guarantee of data verification and stake distribution on the blockchain.

Both companies agreed to share their know-how on product planning and commercialization so that RWA can be safely sold within the system. The ELYSIA team will continue to make efforts to expand its business through various partnerships in the future.

About ELYSIA

ELYSIA is a real-world asset tokenization project. It is a protocol that makes real-world assets into RWA so that they can be used on the blockchain, and RWA created in ELYSIA can be used in ELYFI, another service of ELYSIA. ELYFI is ELYSIA’s DeFi service based on real-world assets. In ELYFI, real-world asset owners can raise funds by borrowing RWA as collateral or by selling RWA.

About MetaGalaxia

MetaGalaxia, an NFT Platform, intends to create a business ecosystem to provide a reliable and sustainable NFT environment to various creators and buyers. The GALAXIA(GXA) is a blockchain-based platform centered on rewards and payments that can be applied to real life. MetaGalaxia provides a reward that users can receive when they are purchasing NFT within the platform. The user can conveniently view or purchase various NFT works through linking with the platform. The platform plans to conduct an RWA project that enables diversified investment by purchasing real estate and art, which are valuable assets that actually exist, where users can pay with GALAXIA(GXA).

Contacts

ELYSIA PLATFORM PTE. LTD.

Emanuel Duro (Global Marketing)

WhatsApp: +82-10-3949-8188

Email: [email protected]
Telegram: @elysiaadmin

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DappRadar Q3 Report Reveals The Crypto Market Recovery

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Dappradar Q3 Report Reveals The Crypto Market Recovery
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  • The market cap of cryptocurrencies increased 8.5% ($981M) in Q3.
  • According to the report on the crypto market signaling recovery from the bear market.

A market analysis report from DappRadar for the third quarter (Q3), which uses on-chain data, indicates the cryptocurrency market’s recovery from the current bear market conditions. DappRadar is a web service, which offers extensive data about the most well-known dapps (decentralized applications).

The impact of global interest rate increases and inflation continued to negatively affect cryptocurrencies after the Terra crash. This report also shows hopeful signs of recovery, the market cap of cryptocurrencies increased 8.5% ($981M) in Q3, with DeFi’s TVL increasing by 2.9% ($69B), even after UAWs down 25% from Q2.

Bear Effects on Overall Cryptocurrency

Ethereum’s merger and shift to a Proof-of-Stake (PoS) mechanism technically occurred with a down 15.75% from the previous month. With a 76% loss in September, airdropped coin investors continue to lose money on ETHW, the native asset of the Proof of Work (PoW) chain.

According to the report, Optimism, and Arbitrum, on the other hand, have reached $1 billion in TVL, which is a huge improvement from the previous quarter. The Merge helped both optimism and arbitrum rise by 263% and 35.555%, respectively.

DeFi indicated signs of full recovery, with a 2.9% increase in TVL since Q2. Ethereum is still the most important chain with $48 billion and a 6.9% increase.  BNB chain is in second place with $6.6 billion in TVL, an increase of 10.89%. And Tron’s TVL surged by more than 46% from the prior quarter to $5.7 billion. 

But the TVL for Polygon, Solana, and Avalanche has decreased by 9.24%, 20.36%, and 28.78% in comparison to Q2. The Solana reduction resulted from the August hack, more than $6 million.

Compared to the second quarter of 2022, Non-fungible token (NFT) trades, increased by 11%. although Ethereum’s NFT trading volume fell by a significant 76%. Even if the Q3 NFT trading volume was $2.71 billion, this is still a huge 67% decrease from Q2 2022.

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