It has been over a year since El Salvador became the first and so far only country to adopt Bitcoin as its second national currency. Now, President Nayib Bukele announced that the government will start buying the flagship cryptocurrency on a daily basis.
On June 30, South Korean tech giant Samsung announced new semiconductor chips that can potentially be employed for mining cryptocurrencies. According to the announcement, the new 3-nanometer process technology will enable 45% optimization of power usage.
Russian oil company Gazpromneft announced that it will use its massive oil resources to mine cryptocurrencies. This comes after US sanctions on Russian oil have led to a significant drop in profits for many oil companies. Gazpromneft, a subsidiary of Russian oil giant Gazprom, hopes to use cryptocurrency mining to boost its profits.
Due to the exponential rise of the bitcoin difficulty factor, frustrated bitcoin miners are storming the Ethereum network. According to the Cryptocurrency Mining Index, a large number of miners are shifting their hashing power to the Ethereum blockchain. According to blockchain.com, the current bitcoin difficulty factor is 29.8 trillion.
Leading U.S. lawmakers and members of a select community concerned with water, ocean and wildlife want the environmental impact of cryptocurrency mining assessed. A total of 23 members of Congress signed the letter to Environmental Protection Agency Administrator (EPA) Micheal Reagan.
Regardless of the transformation cryptocurrency has introduced in the payment and transaction industry, digital assets are still facing resistance in some countries. A good number of governments have shown concerns of cryptocurrency threatening their traditional fiat currency, finance and economy.