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What Is Mining in Simple Words

Guest Post | Jun 24, 2022

HiveOn  - What Is Mining in Simple Words

The modern market for currencies is extremely divergent, largely thanks to the presence of cryptocurrencies. Since 2009, when Bitcoin was established, there have been many formats created. The current number of tokens exceeds eighteen thousand varietals. The mining process employs computational resources to validate fresh transactions and record information on digital ledgers to boost the crypto development. You can find even more information on this subject, as well as all for miners, on the Hiveon.com website.

What is mining cryptocurrency? Stay tuned to check it out in more detail. Onwards!

How Does Mining Work?

The key feature of mining crypto is that you don’t invest in this currency to actually get it. It functions as a so-called exchange of your computational resources in order to receive verified blocks and get a token reward in the end. The mining market is highly competitive, which increases the pressure on a miner. Back in the Bitcoin era beginning, users could produce fifty BTC per block. Nowadays, this figure is 6.25 BTC per block.

Why Is Mining Important?

The value of mining doesn’t limit to increasing the crypto assets only. This process also makes the blockchain more secure and reliable.

Naturally, you will have to distinguish the way to increase your digital assets taking into account the crypto peculiarities. What is Bitcoin mining isn’t the same as what is crypto mining for Ethereum or USD Coin.

What Are the Types of Mining?

When it comes to answering the question “what is cryptocurrency mining?”, you also need to consider what kinds are available in the market. They are distinguished by a unique technical realization and equipment:

  • ASIC-based mining is conducted on special high-end machines, which can generate large hashing power rates without overwhelming the network. They are designed for mining one token varietal.
  • CPU mining is based on processor unit operations. The list of currencies for this method includes Dogecoin, Ravencoin, Monero, and others.
  • GPU mining refers to the graphics processing unit, which is responsible for calculating algorithms to verify new crypto blocks. This method is applicable for mining Haven Protocol, Vertcoin, Bitcoin, and so on.

See:  Canada: Release Of Draft Tax Legislation For Consultation including GST/HST for Crypto Mining

However, whenever you would like to find out what is mining Bitcoin or other altcoins, it is necessary to check the legal framework for this process in your area. When it comes to the pioneer crypto, Bitcoin mining means being dependent on your current geographic location. For many reasons, such digital assets might threaten the national fiat money, so it is prohibited to mine them in some countries, including Vietnam, the Dominican Republic, Egypt, and other lands.

Wrap It Up

Mining cryptocurrency is an energy- and resource-intensive procedure, but it is affordable and accessible for many interested parties. You have to dive deeper into the topic to truly succeed though.


NCFA Jan 2018 resize - What Is Mining in Simple WordsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Brex is Off-boarding Tens of Thousands of Small Businesses, Not Startups

Protocol | Benjamin Pimental | Jun 17, 2022

Brex CEO Henrique - Brex is Off-boarding Tens of Thousands of Small Businesses, Not StartupsIt’s been a rough week for Brex co-CEO Henrique Dubugras as he dealt with the fallout from a business fumble.

Brex had sent emails to tens of thousands of small businesses, telling them that the financial services company would no longer be able to serve their needs. After expanding its business from tech startups to traditional small businesses, including mom-and-pop shops, Brex had decided to pull back to its original core customers sparking harsh criticisms online. “This Brex account closure sucks,” one Twitter post read.

See:  Q2’22 Private Market Global Venture Funding – Is the Party Over?

What prompted this decision?

  • There are tens of thousands of startups in the U.S. versus tens of millions of small businesses. The scale that that took was very, very big. We thought it was going to be fine; we'll just invest more to give them exceptional service.
  • At the same time, there was another effect that was happening. Our core customers, the startups, they were starting to grow. As they grew, they started having all these new needs. They’re like, “Look, we need you to solve these new needs that I have around spend management and global [expansion].”
  • What we realized was we couldn't do both at the same time. We couldn't serve millions of small businesses around the U.S. and create products for the needs of our best and growing companies.
  • Do we sacrifice experience for our core customer? Do we allow our best customers to leave because we're not serving their needs? Do we build more products for everyone? Do we double the workforce? What do we do?

See:  How decentralized finance will transform business financial services – especially for SMEs

How many will be affected and what will SME customers have to do?

I would say that the amount of companies that we onboarded every month multiplied by 25.  It's definitely in the tens of thousands. So think of that and how that impacts a company.  Restaurants, retail shops, bakeries, florists, hairdressers, small design agencies. Small professional services, two-people design firms, things like that.  If you're affected, you'll "need to move your bank account to a different provider."

Continue to the full article --> here


NCFA Jan 2018 resize - Brex is Off-boarding Tens of Thousands of Small Businesses, Not StartupsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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eBay acquires Manchester-based NFT marketplace KnownOrigin

TechCrunch | Aisha Malik | Jun 22, 2022

ebay acquires knownorigin - eBay acquires Manchester-based NFT marketplace KnownOrigineBay announced today that it’s acquiring Manchester-based NFT marketplace KnownOrigin.

  • The financial terms of the deal were not disclosed. eBay says the companies have signed and closed the deal as of June 22nd.
  • KnownOrigin was founded in 2018 by Andy Gray, David Moore and James Morgan. All three co-founders are joining eBay. The platform enables artists and collectors to create, buy and resell NFTs. eBay say it’s acquiring the entire company, including IP and the team. 
  • The acquisition comes a month after eBay launched its first collection of NFTs in partnership with web3 platform OneOf.
  • The company’s new “Genesis” NFT Collection will feature 3D and animated interpretations of the iconic athletes featured on Sports Illustrated covers over the years. eBay says the surge in the collectibles market led to its first collaboration in the NFT space.

See:  EBay Scores NFT business with an assist from hockey legend Wayne Gretzky

eBay CEO Jamie Iannone:

eBay is the first stop for people across the globe who are searching for that perfect, hard-to-find, or unique addition to their collection and, with this acquisition, we will remain a leading site as our community is increasingly adding digital collectibles.  KnownOrigin has built up an impressive, passionate and loyal group of artists and collectors making them a perfect addition to our community of sellers and buyers. We look forward to welcoming these innovators as they join the eBay community.

Continue to the full article --> here


NCFA Jan 2018 resize - eBay acquires Manchester-based NFT marketplace KnownOriginThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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What’s next for crypto?

Bitvo | Tristram Waye | Jun 23, 2022

Running Money - What’s next for crypto?Right now, crypto is in transition, and this is the perfect time to be reflecting on what the next big thing might be.

And as traders and players in the space, thinking about what’s ahead is the key to identifying that next big thing.

Which reminded me of Andy Kessler. He was an old Wall Street maven and fund manager. In one of his books, he had a story about meeting a Swiss investor on a plane. That discussion over a five-hour flight led to a series of deep dives into innovation history.

So I grabbed Kessler’s Wall Street Meat off the shelf to refresh my memory.

Whoops. Wrong book.

It’s great, but the one I want is Kessler’s Running Money.

In Running Money, Kessler shows us how he developed an investment thesis while managing a hedge fund. And he tells us in great detail how he figures out what the next big thing might be.

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He does this by exploring the evolution of other innovation periods and the key insights he gets from them.

And as a bonus, he’s doing this during Web1, so the entire book is like hopping in and out of a time machine.

Running Money

Running Money gives you insight into what it’s like to be a hedge fund manager in the beginning and through the dot.com boom. Published in 2004, this is a great reference to the evolution of the thinking at the time.

Prior to running money, Andy had been on Frank Quattrone’s team. Quattrone was a legendary Wall Street investment banker that started numerous tech teams around the street. His team brought key companies public, including Netscape, Cisco, and Amazon. Kessler’s book Wall Street Meat was about his days as an analyst.

Kessler left this team and went on to start his own fund. Running Money is about his days as a fund manager. If you’ve read Soro’s legendary Alchemy of Finance, this is a similar journal style, only more fun to read.

Read:  Alberta, The untold history of innovation from Canada’s badlands – Part 1

In the book, Kessler has a chance meeting with a Swiss investor. They start talking about how Silicon Valley does what it does.

What makes the Valley what it is.

So Kessler embarks on a journey through the evolution of the industrial revolution. Then explores how this applies to technology.

These sections are connected with entertaining interludes about what he was doing as a hedge fund manager.

  • Scale through efficiency and innovation
  • The Silicon Valley model
  • Crypto and the search for efficiency and scale
  • Crypto: industrial + tech
  • Cross-chain integration is the new fabric
  • From blockchain to the future

Continue to the full article --> here


NCFA Jan 2018 resize - What’s next for crypto?The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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One of Biggest Bitcoin Mining Firms in Canada, Bitfarms, to Adjust HOLD Strategy

U.Today | Arman Shirinyan | Jun 21, 2022

Bitfarms mining - One of Biggest Bitcoin Mining Firms in Canada, Bitfarms, to Adjust HOLD Strategy

A global Bitcoin self-mining company, Bitfarms based in Canada, is now "adjusting its HODL strategy" according to the press release to add more liquidity and strengthen its balance sheet.

Reportedly, the company has sold 3,000 BTC for approximately $62 million at the average price of $20,600. The main reason behind the operation was the company's inability to provide funds to finance the equipment.

See:  Justin Hartzman: Unveiling the Celsius and 3 Arrows Capital implosions

After the deal was done, the company's total Bitcoin holdings remained at 3,349 Bitcoins with 14 BTC added to the balance every day. Additionally, the Canadian Bitcoin mining company will proceed to reduce the BTC-backed credit facility with Galaxy Digital LLC from $66 million to $38 million.

From now on, the company will no longer HODL its assets produced daily, which means that Bitfarms will most likely create constant selling pressure on the market to provide more liquidity to its balance sheet by increasing the percentage of stablecoins or fiat currencies in their portfolio.

Continue to the full article --> here


NCFA Jan 2018 resize - One of Biggest Bitcoin Mining Firms in Canada, Bitfarms, to Adjust HOLD StrategyThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Justin Hartzman: Unveiling the Celsius and 3 Arrows Capital implosions

Justin Hartzman on Medium | Jun 22, 2022

broken pieces - Justin Hartzman:  Unveiling the Celsius and 3 Arrows Capital implosions

The markets have been absolutely brutal. Over the last month, we have seen a stablecoin provider, a leading lending provider, and one of the biggest crypto hedge funds implode entirely. We have discussed Terra’s implosion in the past. Today, let’s focus on Celsius and 3 Arrows Capital (3AC). The truly remarkable thing here is that we are in entirely uncharted waters as far as crypto is concerned.

We have never seen so many institutes implode at the same time. Strangely enough, I believe this could be good for the market in the long term. We will get to that later. However, first a quick intro.

What are Celsius and 3AC?

So let’s start with Celsius. Founded in 2018, Celsius was one of the biggest lending platforms in crypto. In May 2022, they had more than $8 billion lent out to clients and $12 billion in assets under management. What made them truly attractive was the incredible APR they offered on collateral. Celsius has been using client funds on various DeFi protocols like Lido, Curve, and — wait for it — Terra’s Anchor Protocol — to generate this yield. On-chain analytics platform Nansen has already identified the wallets that made these trades. When Terra imploded, Celsius CEO Alex Mashinsky quickly pointed out that they had pulled their position safely out of Terra.

See:  Terra’s crash shakes confidence leaving some other stablecoins on shaky ground

On the other hand, 3AC is one of the most well-known venture capitals in the crypto space, founded by Su Zhu and Kyle Davies. 3AC is known for being one of the biggest borrowers in DeFi. During the market’s peak, 3AC had holdings worth $10 billion, including Lido, DYDX, Bitcoin, Ethereum, and….yup… Terra. 3AC borrows from every major lender out there, like — BlockFi, Genesis, Nexo, and Celsius. Inevitably, they are all going to suffer due to 3AC’s implosion.

There is one more interesting thing happening in the background that we need to look into before proceeding.

What is stETH?

As you know, you can stake your ETH in the beacon chain to be a validator. Each entity must stake at least 32 ETH to become a validator in Ethereum PoS. There are two ways that you can do this. Buy 32 ETH and stake it. Or create a pool and stake 32 ETH.

The DeFi protocol, Lido Finance did something super smart. They took ETH from their users to stake on the beacon chain. In return, they issued a new token called stETH (staked Ether), pegged 1:1 with ETH, and gave it to the user. This strategy worked very well for Lido, making it the most dominant entity in PoS Ethereum. stETH is a popular token in DeFi applications. Both Celsius and 3AC had significant exposure to stETH.

However, just a few weeks back, the stETH:ETH peg broke.

See:  Vitalik: Designing Principles-based Stablecoins that (may not) collapse

The reason this peg broke is because of stETH relative liquidity when compared to ETH. The max addresses holding stETH never exceeded 65,000. Obviously, this is a low number when compared to addresses holding Ethereum.

As such, the daily trading volume for stETH is significantly lesser than ETH, making it a more illiquid asset. Now, if some whales decide to dump their stETH, the lack of liquidity could bring the asset’s price down. This is precisely what happened when some players chose to sell off their stETH. For example, Alameda — a major trading firm with close ties to FTX and SBF — dumped $88 million worth of stETH.

 

Alameda selling stETH - Justin Hartzman:  Unveiling the Celsius and 3 Arrows Capital implosions

Continue to the full article --> here


NCFA Jan 2018 resize - Justin Hartzman:  Unveiling the Celsius and 3 Arrows Capital implosionsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Ripple Opens Its First Canadian Office, A Key Engineering Hub

Ripple | Jun 22, 2022

Ripple opens first Canadian office in Toronto - Ripple Opens Its First Canadian Office, A Key Engineering HubDriving Crypto Innovation Through Top Engineering Talent in Canada

Today we announced the opening of our new office in Toronto that will serve as a key engineering hub. The new office will be our first in Canada, supporting our continued growth in North America and beyond. We plan to initially hire 50 engineers in Toronto with the goal to expand to hundreds of blockchain software engineers including applied machine learning scientists, data scientists, and product managers.

Brad Garlinghouse, CEO of Ripple:

  • Crypto and blockchain present an incredible opportunity for engineers to tackle difficult problems, with the potential for these solutions to impact the movement of value around the world.

See:  Ripple is buying back shares from investors (at a 50% profit in 2 years)

  • While others in the industry have announced layoffs and hiring freezes, our key priority remains bringing on world class talent that will help us innovate and serve our customers for years to come. In the past year alone, we’ve opened new offices in key cities including Miami and Dublin and plan to hire hundreds of people globally in 2022.
  • The opening of the Toronto office further solidifies our commitment to a region that is already a prominent tech hub. We will tap into the local talent pool and recruit top engineers to foster crypto innovation in Toronto.

“Nearly every financial institution is coming up with its crypto strategy to take advantage of this technology that will underpin our future global financial systems. Crypto is one of the most thrilling industries to work in, so it’s no surprise that talent is leaving tech incumbents and traditional finance to enter this space. We are continuing to scale and invest in our business by  expanding our presence globally with our first office in Toronto.”

See:  Plaid Officially Opens it’s Canadian Office and Announces RBC Data Sharing Agreement

Devraj Varadhan, SVP of Engineering, Ripple:

  • We are excited to tap into Toronto’s technical talent pool and add builders to address the unmet customer needs on behalf of global customers – our teams here will play a key role in driving Ripple’s innovations, ranging from blockchain protocol development and decentralized applications to machine learning and payment solutions.
  • We have strong ties to the Toronto community through our University Blockchain Research Initiative (UBRI) and in working with top-tier universities and colleges such as the University of Waterloo and Toronto Metropolitan University. Together with UBRI supporting leading research in several key areas of blockchain and crypto technology, we can provide students with opportunities to acquire strong technical skills.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Ripple Opens Its First Canadian Office, A Key Engineering HubThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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