Green Bitcoin Mining Innovation, Australia’s CBDC Endeavors

Written by BTSE

August 23, 2023

Green Bitcoin Mining Innovation, Australia's CBDC Endeavors

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As dawn breaks in Asia, the crypto market remains steady, with Bitcoin (BTC) and Ethereum (ETH) hovering around $26,000 and $1,600. The sturdy U.S. economic data has, for now, ruled out any significant shifts in Federal Reserve’s monetary policy. Still, the crypto community keenly awaits the U.S. Securities and Exchange Commission’s verdict on spot Bitcoin ETF applications. However, there’s no guarantee that a decision will be made this year. Meanwhile, traders are closely following the Grayscale lawsuit against the SEC over its Bitcoin Trust’s conversion to an ETF, as a court ruling on this matter might arrive sooner.

Innovations within the crypto-sphere are also on the rise. Notably, Nodal Power’s recent $13 million funding aims to convert landfill-derived methane into electricity. Besides contributing to local grids, the firm employs a part of this power for eco-friendly Bitcoin mining. Methane’s high global warming potential makes this initiative particularly promising. Interestingly, a recent KPMG report hints that the combined flared methane from the U.S. and Canada could energize the entire Bitcoin network. Such developments underline the sector’s drive to intertwine profitability with sustainability.

Down under, the Reserve Bank of Australia (RBA) concludes its CBDC pilot program, highlighting four potential benefits of an e-AUD, ranging from smarter payments to bolstering the digital economy’s resilience. Yet, the journey isn’t without its challenges. The program surfaced legal and regulatory ambiguities, hinting at the need for clearer frameworks as nations steer towards digital currency adoption.


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