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Tuesday, June 21, 2022
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    HomeTechNonfungible Tidbits: This week in bitcoin, cryptocurrency and NFTs

    Nonfungible Tidbits: This week in bitcoin, cryptocurrency and NFTs

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    What occurred this week within the crypto world.


    Getty

    Welcome to the primary version of Nonfungible Tidbits, the place we spotlight a few of the most attention-grabbing issues that occurred this week in cryptocurrency, NFTs and associated realms. 

    Definitely the most important story this week was the price of bitcoin, which is not, um, doing nicely. Meta, previously generally known as Fb, is reportedly ending its stablecoin project. And final Friday, Twitter debuted a feature that enables subscribers to its paid Twitter Blue service to make use of an NFT as a profile image. Listed here are a couple of different tales that caught our eyes this week.

    Wall Street NYSE

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    SEC turns down one other proposal for a spot bitcoin ETF 

    The US Securities and Change Fee said no to a proposal on Thursday that might’ve allowed shares of Constancy’s Smart Origin Bitcoin Belief to be listed and traded. The SEC cited concerns over investor protections and public curiosity for the choice. Buyers have been in a position to purchase shares of an ETF that tracks bitcoin futures contracts since final yr. However a spot bitcoin ETF would monitor the precise worth of bitcoin, reasonably than the value of bitcoin futures, and the SEC is not prepared for that fairly but. 

    Crypto mining rigs

    Crypto mining rigs.


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    Texas Gov. Abbott thinks bitcoin mines will shore up the state’s energy grid

    The primary factor bitcoin mining operations require is electrical energy — lots and lots of electricity. That is what drives the ongoing concern about Bitcoin’s impact on the environment. However there is a growing presence of bitcoin miners in Texas, and Gov. Abbot wants to use them to… assist reinforce the state’s energy grid? The thought right here is that mining operations use a lot power they are going to entice new funding in energy crops in Texas. Then, when demand for electrical energy is excessive, prefer it was throughout the winter storms last year, the bitcoin miners can flip off their operations to unencumber electrical energy. We must always observe that there’s presently no regulation in Texas that might require miners to do that. Perhaps if the governor asks properly?

    NFL football Super Bowl

    James Martin/CNET

    Miller Lite goals for Tremendous Bowl advertising and marketing in web land 

    Bud Mild is the large sport’s official beer, so no Miller advertisements are allowed on America’s most valued promoting slots of the yr. What is the subsequent neatest thing? Apparently it is a “metaverse bar.” Miller Lite is partnering with Decentraland, a platform that enables folks to purchase and promote digital plots of land. What’s a metaverse bar? After studying this Marketing Dive story, the idea sounds prefer it’s basically a online game the place you log in, and your avatar sits at a bar and buys NFTs. Very 2022.

    Ether Cryptocurrency Coin

    NurPhoto

    The Ethereum Basis nixes ‘Eth2’ terminology 

    The Ethereum Basis oversees the Ethereum blockchain, which is the blockchain of ether, the No. 2 cryptocurrency after bitcoin (by market cap). The blockchain, presently in its “Eth1” section, is scheduled for an improve later this year, which is meant to make it extra environment friendly, environmentally friendly and cheaper to conduct transactions with. Beforehand, the brand new model was to be generally known as Eth2, however not anymore. Why? In line with an Ethereum Basis blog post, Eth1 will likely be generally known as the “execution layer” and Eth2 will likely be generally known as the “consensus layer.” This can be a change in semantics, and the change displays that the execution and consensus layers are, reasonably than two separate variations of Ethereum, each points of the identical system. And that is good, proper? 

    That is all of the tidbits now we have for now. Thanks for studying. We’ll be again subsequent week with lots extra to speak about. Within the meantime, try the So Money podcast that includes CNET’s Farnoosh Torabi.



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