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Why The Navajo Are Mining Bitcoin – Bitcoin Magazine

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The technology provides an avenue for growth and financial empowerment unhindered by the American government.
At nearly 400,000 people, the Navajo Nation is one of the largest Native American tribes in the United States. It’s also one of the most impoverished, with poverty statistics closer to the world’s least developed countries than its neighboring cities of Phoenix, Arizona, or Santa Fe, New Mexico.
Nearly 50% of Navajo are unemployed, 40% don’t have running water, 32% live without electricity, and over 30% live below the poverty line, according to an April 2021 testimony before Congress.
Generational poverty for Native American populations has been the focus of an abundance of government research and spending. Most solutions for the issues center on injecting federal dollars into local economies through subsidies, special business licenses and community work.
What these solutions don’t propose, however, is giving tools for lasting individual empowerment to these indigienous populations. Indeed, the Navajo Nation is one of the most visible representations of living in a split monetary system: One with access to American capital, but lack of formal control over capital deployment.

But a silent financial revolution is occurring on Navajo land, and it’s fueled by the growth of a new industry: Bitcoin mining.
“A Navajo person can’t own the land…”
The broken Navajo economy is the product of numerous treaties signed between the United States government and tribes during America’s westward expansion. Most treaties abdicated direct control of tribal people to the tribe itself, including government functions, taxation rights and law enforcement. But two major responsibilities remained in U.S. hands: trusteeship of land and control of the currency.
These stipulations have had predictable financial consequences.
As the trustee, the federal government leases Indian land out for uses such as farming, logging or mining. The U.S. government also manages the money accrued from such activities on behalf of the nations. Decades of mismanagement culminated in 2012 with a $492 million settlement between 17 tribes and the Obama administration.
Yet, the leasing system itself continues to hamper progress against poverty.
“The federal government took the land rights away from the Navajo people,” Navajo Tribal Authority President Walter Hasse told Compass Mining in an interview. “So a Navajo person can’t own the land that their home is on. If you don’t own the land, then how do you borrow the money to build a house on the land?”
Tribal sovereignty does not extend to currency either. As U.S. citizens, Native Americans are taxed in dollars. And while it's difficult to say the dollar has been a net negative for tribes, restrictions around how money can be used within the incumbent financial system could be considered one.
Called “the buckskin curtain,” Indian tribes have not only been slow to adopt financial tools, but impeded from accessing them due to national sovereignty. Only 32 Native American financial institutions are in existence today, constituting the smallest percentage of minority-owned deposit institutions compared. Among other concerns, tribes worry accepting a bank charter from the Office of the Comptroller of the Currency (OCC) would interfere with their national status.
For example, where would a banking dispute be heard in court? In reservation courtrooms or in Washington? And what evidence do Native American tribes have that due process would be followed?
These questions have pushed tribes outside of the U.S. financial system by either being unable or unwilling to operate within the commercial banking sector.
Employment and currency only show half of the picture of economic damage though.
During the 20th century, energy firms outside of Navajo land signed contracts with the Navajo Nation to source and extract its abundant energy resources, especially coal and uranium.
That coal was used to power cities from Santa Fe, New Mexico, to Los Angeles, California – illuminating, watering and powering a once sparsely populated portion of the United States. Years later, the power plants are coming down, leaving the Navajo little to show for leasing their land to outsiders, minus poisoned groundwater and abandoned coal pits.
Over 4 million tons of uranium were also mined on Navajo land from 1950 onward. While it fed Uncle Sam’s Cold War appetite, Navajo uranium would have devastatingly-long terminal effects on the indiginous people and their land. Some 27% of Navajo have heightened levels of uranium in their bodies, according to a 2016 study, while over 500 open-air uranium mines remain in various stages of cleanup.
Before Bitcoin, “mining” has carried very negative connotations for most of the Navajo Nation.
In 2017, a small Canadian firm named West Block approached the Navajo about tapping Navajo energy for a Bitcoin mine on Navajo land.
Currently using 8 megawatts (MW), the new mine is already in the process of doubling its size. That’s equivalent to about 3,000 machines of various types powering and protecting the Bitcoin network using Navajo energy.
But it’s not just about the machines. It’s about the output of those machines in the context of a people group who’ve gone without many of the benefits the nominal American enjoys.
For example, the facility currently employs two full-time employees. With the expansion, that number will grow to eleven. The money created from the mine will then circulate into the local economy. It may seem insignificant now, but mining bitcoin on Navajo land is a very real source of future Navajo wealth, employment, and economic recovery.
The Navajo mines also represent the Navajo Nation creating wealth for themselves with their energy. Bitcoin mining brings demand for energy to wherever the energy source is. Navajo energy now has a non-stop and quickly-growing demand brought to their land with the profits paid to the Navajo Nation.

Lastly, the Navajo Bitcoin mines represent financial inclusion. Bitcoin mining is the first small step for broad bitcoin adoption by the Navajo Nation. Opting into a free and open-internet money protocol with a physical presence among the Navajo has unlimited potential for economic growth and wealth creation.
This is a guest post by William Foxley. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.

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Polygon Reveals Details About Its Future Collaboration With LBank During AMA – Press release Bitcoin News – Bitcoin News

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PRESS RELEASE. Recently, LBank Exchange held an AMA session with the Polygon team, discussing Polygon’s achievements, collaborations, NFT and Gaming markets, Nightfall solution, future plans and so on. Here’s the summary of this AMA.
Ethereum is the blockchain development platform of choice, but it has limitations such as low throughput, poor UX, and no sovereignty. As a protocol and a framework for building and connecting Ethereum-compatible blockchain networks, Polygon breaks through these limitations by aggregating scalable solutions on Ethereum and supporting a multi-chain Ethereum ecosystem.
Polygon Outperforms Ethereum In-terms Of Active Users
As a layer 2 solutions aggregator built on top of Ethereum, Polygon has made some great achievements since its birth, its POS chain has over 2000 DApps live and processes over 7 million transactions daily. In fact, Polygon now has more daily active users than Ethereum.
MATIC, the token for the polygon network, is already live on trading platforms like LBank Exchange, and currently the trading volume of it is over 1 billion across exchanges. Polygon team is aiming to make more people hold MATIC tokens, and it’s hoping to see MATIC’s trading volume on LBank Exchange continue to grow as well.
Expanding the Polygon ecosystem
With the power to bring thousands of new users into blockchain, NFT and Gaming markets are strategic sectors that Polygon continues to focus on. There are already some of the largest gaming projects live on Polygon, such as Decentral Games, Sandbox, Somnium Space, Vulcan Verse, etc. As for NFT projects, there are OpenSea, Lazy.com, Autograph, etc.
The team will be bringing many more such games and NFT projects onto Polygon so that its community can enjoy more artwork and fun. In addition, Polygon allows for massive scalability, and compared to Ethereum, minting costs on Polygon are 100,000 times cheaper on average.
Polygon also has products designed for enterprise customers who need privacy and scalability, such as Nightfall, a one-of-a-kind, privacy-focused Rollup that combines Optimistic Rollups with Zero-Knowledge (ZK) cryptography commonly used in ZK Rollups. It creates a scalable and private hybrid of the two popular technologies.
Polygon Nightfall has the power to bring many large enterprises into blockchain, the team believes that it will lead to a large number of transactions on Polygon and further add new projects and users to the Polygon ecosystem.
Big Plans Ahead
The Polygon team has already got some big plans ahead. On the technical side, Polygon is investing heavily into ZK and ZK Rollup technology, for example, the team has already spent $250 million on acquiring Hermez, which is a decentralized, open-source ZK Rollup optimized for secure, low-cost and usable token transfers on the wings of Ethereum.
Polygon has also acquired another 4 teams to build more ZK Rollup chains, to achieve the goal of building highly scalable EVM enabled ZK Rollup technology. In addition, Polygon has updates coming for its POS chain and details on EIP 1559 implementation.
On the business side, Polygon has many exciting updates as well, with lots of big DApps and integrations planned. Significantly, Arjun, Polygon’s Head of Growth, points out that LBank is enhancing its global branding. He also assures that the love of the community makes the team achieve its goals, so it will continue to collaborate with LBank Exchange to bring more Polygon projects and tokens to the community. Polygon team will keep posting on its official social media accounts such as Twitter to reveal more details about future plans and latest updates.
 
About Polygon
Polygon is a layer 2 aggregating scalable solution on Ethereum that supports a multi-chain Ethereum ecosystem. The platform resolves the blockchain challenges like high gas fees, slow speed without sacrificing security. It is a protocol and framework to build and connect Ethereum-compatible blockchains.
Visit to Know more:
Website: https://polygon.technology/
Twitter: https://twitter.com/0xPolygon
Telegram: https://t.me/polygonofficial
Discord: https://discord.com/invite/polygon
 
About LBank
LBank is an ever-growing crypto trading platform which offers safe trading for the users worldwide. The team aspires to build the professional integration services for crypto-assets being a convenient trading platform. It has become popular with over 6.4 million users around the world.
Visit to Know More:
Website: https://www.lbank.info/
Twitter: https://twitter.com/LBank_Exchange
Telegram: https://t.me/LBank_en
LinkedIn: https://www.linkedin.com/company/lbank
Facebook: https://www.facebook.com/LBank.info/
 
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Up to 12 Million Iranians Own Cryptocurrency, Traders Choose Local Exchanges
Cryptocurrencies are a popular investment among Iranians and estimates suggest that the number of those who already own one coin or another may be as high as 12 million. The majority of Iranian traders prefer the services of local crypto … read more.
Check all the news here
Up to 12 Million Iranians Own Cryptocurrency, Traders Choose Local Exchanges
Cryptocurrencies are a popular investment among Iranians and estimates suggest that the number of those who already own one coin or another may be as high as 12 million. The majority of Iranian traders prefer the services of local crypto … read more.
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‘Trillions Of Dollars’—Bitcoin Braced For A Massive Earthquake As The Price Of Ethereum, Binance’s BNB, Solana, Cardano And XRP Soar – Forbes

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Bitcoin and cryptocurrency prices have rocketed over the last month, with the combined crypto market surging towards $3 trillion as ethereum, Binance’s BNB, solana, cardano and XRP make double-digit percentage gains.
Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and discover hot new NFT and crypto blockbusters poised for 1,000% gains
The bitcoin price has climbed from around $45,000 per bitcoin in early October to all-time highs of $67,000 late last month, in part due to the launch of the first U.S. bitcoin futures exchange-traded funds (ETFs). Bitcoin has recently dropped back—despite huge new price targets even as ethereum and its smaller rivals hit fresh highs.
Now, Michael Saylor, a bullish bitcoin buyer, has predicted “trillions of dollars” will flow into bitcoin once the U.S. regulator approves a fully-fledged bitcoin ETF—helping bitcoin to replace gold and become the primary asset index for the Western world.
Sign up now for the free CryptoCodex—A daily newsletter for the crypto-curious. Helping you understand the world of bitcoin and crypto, every weekday
The bitcoin price has surged through 2021 but much of the crypto market’s gains have come from … [+] ethereum, Binance’s BNB, cardano, solana, and XRP.
“To do that, you need the spot ETF,” said Saylor, the chief executive of business intelligence software company MicroStrategy, speaking this week at Bloomberg‘s Financial Innovation Summit. “And once these spot ETFs roll, I think you’ll see billions, then tens of billions, then hundreds of billions, then trillions of dollars flow into them.”
Over the last year, Saylor has pivoted Microstrategy to a bitcoin acquisition vehicle, buying more than 110,000 bitcoins. The value of the company’s bitcoin holdings is around $7 billion, making up almost all of MicroStrategy’s $8 billion market capitalization.
Saylor said he expects a U.S.-based spot bitcoin ETF would act as an institutional on-ramp for investors who want bitcoin exposure, adding he’ll continue buying bitcoin via MicroStrategy. Such funds are already live in other countries, including Canada.
The launch of two U.S. bitcoin futures ETFs in October generated huge media attention, with the ProShares Bitcoin Strategy ETF accumulating more than $1 billion in assets in mere days. However, some, including general partner at Castle Island Ventures Nic Carter, have called futures-based ETFs “inferior” as they don’t give direct exposure to the underlying asset. Carter, speaking alongside Saylor, said a spot bitcoin ETF would be “the hottest commodity ETF launch of all time.”
“The right answer is: let investors buy a trillion dollars worth of bitcoin via an ETF because the ETFs plug into the existing security structure, the existing prime brokerages, the existing collateral packages,” said Saylor.
CryptoCodex—A free, daily newsletter for the crypto-curious
The bitcoin price has risen more than 300% over the last 12 months, making bitcoin a $1 trillion … [+] asset. However, bitcoin has been left in the dust by ethereum, Binance’s BNB, solana, cardano, and XRP.
Meanwhile, bullish bitcoin and crypto market watchers continue to predict prices will surge into the end of 2021. While bitcoin has lost ground this week, ethereum has added almost 5%, with its too biggest rivals, Binance’s BNB and solana, both surging by around 20%.
“Intraday volatility is completely normal after such a bullish month, but the higher time frame is looking solid for now,” Lukas Enzersdorfer-Konrad, chief product officer at Vienna-based bitcoin and crypto trading platform Bitpanda, said in emailed comments. “The crypto market is more integrated into the world economy every day which only shows how important it is for bigger institutions but on the other hand, is also under pressure from macro events.”
“A melt-up in bitcoin and ethereum into year-end is likelier than retracement, we believe, after 2021 corrections cleansed speculative positions, and with increasing demand and adoption, and declining supply, sustaining a bull market,” Bloomberg Intelligence senior commodity strategist Mike McGlone wrote in his latest market report, pointing to a “tidal wave of U.S. ETFs.”
“The startup of U.S. ETFs and the fact that cryptos counter China bans limit downside risks.”

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XRP Set for Massive Breakout With Altcoins Poised to Steal the Show From Bitcoin, Predicts Top Crypto Analyst – The Daily Hodl

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One closely followed crypto analyst is bullish on XRP and thinks that altcoins are in a prime position to outpace Bitcoin (BTC).
The pseudonymous analyst known as Credible Crypto tells his 257,400 Twitter followers that XRP’s price structure looks very similar to data-sharing protocol OriginTrail, whose native token TRAC just rallied more than 300% following its recent listing on Coinbase Pro.
He expects XRP to follow a similar path to TRAC, taking the cryptocurrency back to its previous all-time high of $3.40.
“The XRP chart below is from my last YouTube video on XRP made in August. The chart next to it is another coin that I came across today that has the same structure but is one step ahead with the 5th wave already in progress. Do you see it now?”
After Ethereum’s new breakout against Bitcoin (ETH/BTC), the trader anticipates ETH’s next leg up to kick off a new alt season.
He also notes that Bitcoin dominance has likely already topped out, further paving the way for an altcoin rally.
“ETH/BTC broke out today, closing above the key resistance zone I was watching. This is a great sign and indicates BTC dominance may have already found its top and alts may be about to steal the show, led by ETH.”
The analyst says that Bitcoin dominance dropping doesn’t necessarily mean that BTC’s price will drop.
No it just means that if BTC is rising alts will probably rise faster. We saw this in 2017 in the latter stages of the bull run as lots of new money started pouring in.
— CrediBULL Crypto (@CredibleCrypto) November 3, 2021

Taking a closer look at the top crypto asset, Credible says that Bitcoin is close to deciding whether it wants to break to the upside or continue ranging.
According to his analysis, a rejection of $63,000-$64,000 could take BTC back to major support around $58.000.
“63-64k tagged BTC. Now to see if we break out to new ATH [all-time high] or reject soon and continue to range.”
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