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Club News
Hey everyone, I am very excited that we will be bringing back the in-person certificate program next semester. The certificate program is an educational program that is done weekly and teaches the basics of blockchain all the way to learning solidity(Coding language for Ethereum). Something new that we have not done is having companies come in to teach a concept that can you give members exposure to internship opportunities. If you have any interest, the google form is below.
Also, to clarify the certificate is not associated with the University of Texas and you will not receive any class credit.
Market Summary
Top Stories
The Week On-chain (Week 25, 2021)
The Bitcoin market continues to show relative weakness in both price and on-chain activity this week. Prices have traded within the recent consolidation range, marking down from an early week high of $41,295 to a low of $33,818 over the weekend.
On-chain activity across the board is remarkably low across Bitcoin and Ethereum, with demand for block-space falling to levels last seen in 2020. However, whilst low demand for transactions is a generally bearish insight, it also reflects an unwillingness of strong hands to spend at these prices. Are they waiting for a relief rally?
Simultaneously, a seismic shift is underway in the Chinese mining markets as multiple regions enforce bans on the industry. This week we will explore the observable on-chain impact of both changes in hash-power, and in miner spending behavior.
As Bitcoin struggles to regain its recent record levels, China continues to cut off its "gas"
Bitcoin's total hash rate hit a six-month low as China continued curbing mining operations in the country over the weekend.
Reduction: The estimated number of terahashes per second that the bitcoin network makes reached 127.65 million, marking a reduction of 26% compared to recent weeks.
The story: China had become THE processing center when it came to mining bitcoin. In fact, reports indicated that China could store anywhere from 41 to 60% of the world's mining power. However, during this past month, in particular, the country has taken a tougher stand against the cryptocurrency, beginning by blocking operations to guard against "financial risks" and high energy consumption; provinces such as Inner Mongolia, Yunnan, and Sichuan have already issued blockades.
China's blockade, unfortunately, implies that the government does not like mining in general, no matter what type of energy it uses (hydroelectric power is generally used in Sichuan).
What does it mean? Well, the decline seems to be temporary. However, other countries could easily benefit from the "exiled" miners.
For starters, Miami mayor Francis Suarez is already trying to recruit China's Bitcoin miners, saying in a recent interview that they're "talking to a lot of companies and just telling them, ‘Hey, we want you to be here.’”
Hive Blockchain received approval to list its shares on Nasdaq
Who? Hive Blockchain mines Ethereum and Bitcoin on the cloud, keeping hold of most of its production.
It owns data-center facilities in...
Quebec (Canada) - 30MW capacity / green energy / SHA 256 ASIC miners of Bitcoin
Sweden - 17MW capacity / hydro electricity / GPU rigs for Ethereum
Iceland - 4MW
It's also worth noting that, in May, the firm sold its Norwegian subsidiary Kolos Norway AS after the government abolished power subsidies.
Not the first time: The Vancouver-based company actually went public in 2017 on the TSX (Toronto Stock Exchange) Venture Exchange, a public venture capital marketplace for emerging companies. Trading under the ticker symbol “HIVE", its shares have gained about 33% this year. At the moment, its shares trade for around $2.44, giving the company a valuation of ~$920 million.
Hive did not say when the Nasdaq shares would start trading.
Paraguay University to Accept Bitcoin, Ether, XRP in August
Paraguay’s American University has announced through Twitter that by August 1st Bitcoin, XRP, and Ethereum will be accepted as forms of payment. Universidad Americana will activate the wallet until the fall term begins and implement the crypto payment option on its website. General director Camilo Jiménez Agüero told CoinDesk that the university will not immediately convert its crypto payments into fiat currency but rather decide after receiving the payments. It is always exciting news when cryptocurrency is going to be accepted as a form of payment, and Jimenez believes that eventually, all industries in Paraguay will accept cryptocurrency.
Binance NFT Marketplace to Launch With Warhol, Dali Collection
Binance’s NFT marketplace will launch an auction including the works of Andy Warhol and Salvador Dali on Thursday, June 24th. The “Genesis” titled auction will commence at 10 A.M. local Singapore time. This high-end auction will feature NFT’s of Andy Warhol’s “Three Self Portraits” and Dali’s “Divine Comedy: rebeget.” The marketplace will be mainly run on the Binance Smart Chain with the Ethereum network being supported as well.
Chart of the Week
This chart reflects Bitcoin exchange flows reversing over the past couple of months as investor confidence is returning.
Video of the Week
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Texas Blockchain’s ‘State of the Market’ is a student-led editorial. None of the views expressed by the authors should be taken as the view of the University of Texas at Austin or the Texas Blockchain organization. Furthermore, none of the views expressed should be taken as financial advice in any circumstance.