Bitcoin is always trendy with topical issues raised and how it is faring in the global capital market. From the United States being the hub of Bitcoin mining to the mulling of concession towards investing in and recognizing cryptocurrencies in some part of Africa, here are some of the popular news going around Bitcoin this week.
El Salvador Explores Bitcoin Mining Powered By Volcanoes
As El Salvador becomes the first country in the world to officially approve Bitcoin as its legal tender in September, the country has started exploring Bitcoin mining powered by volcanoes. According to Fox Business, 300 computers have been whirred inside a trailer at a geothermal plant near El Salvador’s Tecapa volcano as complex mathematical calculations are made day and night to verify Bitcoin transactions.
It could be recalled that two years ago, China produced about three-quarters of all the electricity used for mining Bitcoin, with series of operations springing to leverage on its cheap hydroelectric power supply. However, there is now a gear shift as the Chinese government declared transactions involving Bitcoin and other cryptocurrencies illegal, and which in turn brought mining Bitcoin to a halt.
Tennessee Residents File A Lawsuit Against Bitcoin Mining Operation As US Becomes Bitcoin Mining Epicenter
Today, the United States has emerged as the biggest Bitcoin miner after China’s crackdown on Bitcoin, with the US accounting for the 35.5% of the global hash rate, with Kazakhstan and Russia occupying the second and third positions respectively. In a reaction to the US being the epicenter of Bitcoin mining in the world, a Bitcoin mining operation in Tennessee has been sued by neighbors due to the high level of noise the facility produces.
According to reports, the complaint states that the noise coming from the mine creates a situation that “unreasonably interferes” with the “use and enjoyment” of the plaintiff’s property.
Bitcoin Becomes World’s Eight Valuable Asset
In another development, Bitcoin on Friday becomes the world’s 8th most valuable asset, surpassing Facebook’s overall worth. This comes after the cryptocurrency crossed the $60,000 mark with a market cap of $1.119 trillion. As it stands, Bitcoin value is on the rise to near the entire net worth of all the silver in the world with 17.3% away from achieving such a remarkable feat.
Report Reveals Kenya As The Fourth-Highest Interest In Cryptocurrency
Meanwhile, a report has revealed Kenya has the fourth-highest interest in cryptocurrency globally. This is contained in a Citizen newspaper which shows searches for cryptocurrencies originating from Kenya in the last twelve months topped 99,810, with an equivalent of 18 searches per 10,000 people during the period of research.
The ranking of Kenya as the country with the fourth-highest searches for cryptocurrency globally shows there is greater interest per capita in the East African country than in Nigeria and South Africa.
Zimbabwe Mulls On Giving Cryptocurrency A Go Ahead
In a similar vein, Zimbabwe’s finance minister, Mthuli Ncube, has recently told his colleagues in the government that it is now impossible to run away from cryptocurrencies. Ncube gave this reaction after revealing that about 30% of the country’s youth are investing in cryptocurrencies. Sequel to this fact, the minister said his ministry will henceforth be making concessions for cryptocurrencies.
Nigerian Presidency Denies Calling For The Devaluation Of Naira
In Nigeria, the Nigerian presidency has denied reports going around that Vice President Yemi Osinbajo was calling for the devaluation of the local currency when he recently queried the naira’s official exchange rate. According to the statement released by the Senior Special Adviser to the Vice President on media, Laolu Akande, he explained that Osinbajo is against “a willy-nilly devaluation of the naira.” Akande however suggests that the media may have taken Osinbajo’s comments out of context.
It is important to know that Nigeria’s official exchange rate has remained unchanged since the Central Bank of Nigeria (CBN) last devalued the naira in May 2021. In contrast, the exchange rate on the black market has grown steadily, thus the existing arbitrage.