Last week in review: Bitcoin mining is getting greener, says Bitcoin Mining Council

Bitcoin and Ethereum’s prices have dipped since last week. However, the crypto market remains strong ahead of the US central bank’s expected announcement regarding interest rate hikes later this week. The Fear and Greed Index, which measures investor sentiment, hit a weekly high of 34 last week, and we are happy to share a number of positive stories in the crypto sphere.

According to The Bitcoin Mining Council, the mining community continues to become greener year on year, and foresees miners opting for smarter and more energy-efficient rigs in coming years. As the Ethereum merge inches closer, we take a look at the factors that have influenced the recent Ethereum surge.

Meanwhile, in the world of regulation, the UK Treasury announced that it will pass legislation to regulate stablecoin payments and help the government oversee regulators. Further afield, Ripple has released a report on general global crypto trends indicating that Asia Pacific and Latin America were the most optimistic about crypto.

As always, there is never a dull moment in crypto. Here are our top picks from last week’s headlines.

UK bill to regulate stablecoins as means of payment

What

The UK Treasury announced yesterday it will pass legislation to clarify stablecoin regulation for payments

Why

The Financial Services and Markets Bill will replace existing EU laws and grant the government new powers to oversee regulators

What next

The bill is undergoing its second reading today before Parliament closes for its Summer recess tomorrow

Read the full story here

Bitcoin mining is getting greener, says Bitcoin Mining Council

What

Research by the Bitcoin Mining Council (BMC) has again shown that Bitcoin’s green credentials continue to improve year on year, and 60% of the entire Bitcoin mining community uses sustainable energy to power their operations

Why

This improvement is due to technological advances in mining rigs, the expansion of North American mining, the China exodus, the worldwide adoption of sustainable energy and modern bitcoin mining techniques

What next

As Bitcoin adoption grows and more miners enter the market, the difficulty rate will increase. This will further drive miners to seek ‘smarter’ and more efficient mining rigs

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Ethereum surged 47% in the last week, what’s behind the rally?

What

Ether, the second-largest cryptocurrency by market cap, is up 47% in the last week

Why

Ether’s rally is connected to a larger bullish trend in the broader crypto markets but experts say the native coin of the Ethereum network has outperformed its peers due to developers signalling a final date for the long-awaited Ethereum Merge 

What next

The Ethereum Merge may happen 19 September 2022, an event that investors argue may further drive the market 

Read the full story here

APAC and Latin America most optimistic about crypto, says Ripple report

What 

In Ripple’s latest report on crypto trends, researchers found that respondents from Asia Pacific and Latin America were generally more optimistic about the value of blockchain and its tokens than other regions around the world 

Why 

More than half of consumers surveyed said they are more likely to transact with a goods or services provider who accepts crypto as payment. “Again LATAM, MEA and APAC lead the way here,” researchers noted

What next 

The impact of blockchain and its tokens will be massive in the coming years, Ripple said, but there remains work to be done in terms of accessibility and regulation

Read the full story here

To catch up on other big stories from last week, be sure to check these headlines:

Crypto market cap reclaims $1 trillion as Bitcoin, Ethereum and altcoins surge

Tony Hawk to build a skatepark in the Sandbox metaverse

A beginner’s guide to the Terra collapse and the future of stablecoins