Ethereum miners seem to be smiling to the bank now. This feat is triggered by transaction costs on the Ethereum network recently reaching a new hourly record. Data retrieved from Glassnode, a crypto analytics firm, revealed that ETH miners on the network earned a staggering $1 million in just one hour.
Following UniswapProtocol’s announcement of the UNI token recently, Ethereum saw a massive surge in miner fees. Almost $1M USD in fees was spent in a single hour, thereby setting a new record high.
This prevailing macro is positive for Ether miners whose turnovers have been increased by higher fees and more transactions. In fact, Ethereum’s network hash rate has been growing consistently, having reached a near two-year high.
Meanwhile, the median Ethereum gas price has massively spiked as well, reaching levels as high as 700 Gwei.
Meanwhile, the median #Ethereum gas price has massively spiked as well – reaching levels as high as 700 Gwei!
— glassnode (@glassnode) September 17, 2020
What is Gas? On Ethereum, all transactions and smart contract executions require a small fee to be paid, called Gas. In technical terms, Gas refers to the unit of measurement on the amount of computational effort required to execute an operation or a smart contract. The more complex the execution operation is, the more gas is required to fulfill that operation. Gas fees are paid entirely in ETH.
However, the Ethereum network has been having constant issues with high transaction fees and congestion since the rise of DeFi tokens. Recently, the network increased the limit of maximum gas per block from 10,000,000 gases to 12,500,000 gases. However, it is not the only network whose fees have been rising.
Is mining Ethereum mining worth it? When it comes to most crypto assets, mining difficulty and costs related to it are only going upwards.
However, as ETH mining becomes more difficult based on more miners joining the process, it is expected that cost will move upward, as more computing power, software, and electricity are needed.
Standard Chartered Bank plans European crypto exchange
Standard Chartered Bank, United Kingdom’s multinational banking and financial services company, plans to launch a cryptocurrency exchange. To achieve this, the bank has partnered with Hong Kong exchange owner, BC Technology Group, to launch a platform for the U.K. and European institutional market.
The bank has long expressed interest in the cryptocurrency market and this is their way of breaking into the space. The project will be handled by Standard Chartered Ventures, the innovation arm of the bank, but no timeline has been given for the launch.
What they are saying
Alex Manson, Head of SC Ventures, in an interview with Reuters, stated, “We have a strong conviction that digital assets are here to stay and will be adopted by the institutional market as a highly relevant asset class.”
Raphael Polansky, the managing director at Boerse Stuttgart Digital Ventures GmbH, mentioned last week that demand for cryptocurrencies from traditional banks will increase over time but in the short run, they may be more reluctant and sceptical especially now that the market has been getting a lot of backlashes from regulatory authorities in various countries.
He stated, “We foresee a lot of strategic moves in the market where traditional banks will invest in crypto custodians instead of building up their own solutions.”
Standard Chartered is now one of the latest mainstream financial players to show interest in cryptocurrency trading. The bank’s longtime rival, HSBC, publicly announced that it had no interest in entering the cryptocurrency market, even as competitors seek to meet institutional and client demand for cryptocurrency-based investments.
What this means
With more traditional banks getting involved in cryptocurrencies, the notion that cryptocurrencies are speculative assets is being dispelled and the value of the crypto market is becoming clearer to investors, especially and with the global inflation rate which is expected to increase.
Standard Chartered share price is trading £505, currently up 0.52%.
Chinese government set to launch Digital Yuan lottery as part of digital currency trial
The Chinese government is set to launch another digital Yuan lottery to help its ongoing digital currency trials, happening in the capital of Beijing. The Beijing Local Financial Supervision and Administration announced yesterday that the government will distribute 40 million digital yuan ($6.2 million) to Beijing residents as part of a test run for the new digital currency.
Starting in June, the program will feature red envelopes, a traditional way of gifting money. Each envelope will have a free wallet containing 200 digital yuan ($31). The red envelopes are intended to be distributed to 200,000 lottery winners. Winners must download an application to use their prizes. The digital yuan can be used at nearly 2,000 designated merchants in the city. To register, consumers can use two banking apps: China’s Mobile Banking App and ICBC Mobile Banking app.
According to the announcement, Beijing residents must apply to participate in the lottery before midnight of June 7, and the winners will be able to spend their prizes by June 20. Users will have the ability to top up their wallets if they want to spend some extra money.
This is not the first giveaway the government has carried out. Multiple digital yuan giveaways were done in other cities such as Shenzhen. The lotteries are intended to help the People’s Bank of China test the country’s digital currency after the central bank launched the first digital Yuan trials in April 2020.
China has reportedly given away as much as 150 million digital Yuan ($23.5 million) to promote digital currency use as part of the trials as of late March. In fact, China’s central bank is looking to allow foreign athletes and visitors to use the digital yuan during the Beijing Winter Olympics in 2022.
To be launched crypto payment gateway FinRik’s native token Wavycoin launches presale
Wavycoin (WVY) the native coin of payment gateway cum exchange FinRik will be launching a presale by May 1 according to insider news, the utility coin boost of an ecosystem that aims at making betting decentralized while also allowing individuals to place bet on the most minimum activity that they find interesting.
Wavycoin will be built on Binance smart chain contract and the total supply of the token is 100million and its expected to debit at presale at $0.5.