⛏️ US is now the biggest Bitcoin mining hub

Bound to happen

Hey Waivly Crew! 🌊 Twitter has launched its new Spaces Spark Program to boost Spaces and support creators. The US has claimed its spot as the world’s largest bitcoin mining nation after China's crypto crackdown forces miners to move.

Twitter launches Space Spark Program to pay creators

Twitter is starting to pay more attention to its spaces with its new Spaces Spark Program they launched this week.

Massive boost for Spaces

The company announced the launch of a creator program for Spaces in a blog post earlier this week. It is a three-month accelerator that’s designed to discover and reward Spaces on Twitter. If you’re a creator and are interested in applying, you have until October 22nd, so make sure not to miss out.

Giving back to creators

Currently, the program will only be open for around 150 Spaces creators over the age of 18 who live in the US and will provide them with technical, financial, and marketing support. For anyone who applies and gets accepted, they will receive $2500 per month, along with $500 monthly ad credits to promote your Spaces, support from Twitter, early access to new features, and opportunities for prioritized in-app discoverability for well-performing Spaces.”

Helping the best creators

“We recognize the hard work it takes to create audio content that’s compelling, engaging, and keeps people coming back,” Twitter wrote in the Spark program announcement. “And above all else, we believe in the potential of people’s ideas and the potential of live social audio, and we see an opportunity to help audio content Creators — like you — take off.”

TSMC plans to build a new chip factory in Japan

The chip manufacturer, TSMC, has announced during its Q3 2021 earnings call that they plan to expand its chip manufacturing efforts by building a new manufacturing plant in Japan. It will be TSMC's latest expansion, as reported by Reuters.

When can will the new factory begin production?

As of right now, TSMC's new chip factory in Japan is set to be operational until late 2024 since the company still needs to finalize the plans for the new factory with TSMC's CEO C.C. Wei. During the Q3 earnings call, Wei noted that the plans for the building of the Japanese chip manufacturing plant still need to be approved by TSMC's board.

What does the expansion mean for TSMC?

The new factory will allow more chips to be produced, amid the global chip shortage, but TSMC has cautioned that the supply of chips will be tight throughout 2022. The new chip manufacturing plant will focus on manufacturing chips of old technologies rather than TSMC's cutting edge processors for tech companies such as Nvidia, Apple, AMD, and Qualcomm. The older chips produced will be used in cars to control their airbags, as well as be used as power management chips in iPhones.

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Crypto Special

Russian president Putin says crypto ‘has value

On Thursday, Russian President Vladimir Putin gave a half-hearted approval of cryptocurrencies such as Bitcoin.

Big barrier

During the event, he mentioned that cryptocurrency might be accepted as a legitimate payment option in the future, but most likely not any time soon. The main concern he has is that cryptocurrencies’ large consumption of energy is the barrier to their use, as they require lots of computer power to process transactions and mint new tokens.

Much value

“The cryptocurrency is not backed by anything yet. It exists and as a means of calculation can be used, of course, yes, but trading in oil, say, or other primary materials and energy sources—still, it seems to me, it’s too early to talk about this for now,” Putin said at at the Russian Energy Week event in Moscow Wednesday.

Creating problems

Russia’s minister of energy, Nikolay Shulginov, also shared concerns about the use of cryptocurrency, but this time about crypto mining. He complained that Russia can’t let miners capitalize on the situation at the expense of low residential electricity tariffs, and that it is necessary to prohibit miners from consuming electricity at residential tariffs, in order to maintain the quality of power supply.

US becomes largest Bitcoin mining centre

The United States has overtaken China as the world’s largest bitcoin mining nation after crypto crackdown in China.

Expected to happen

Yesterday Britain’s Cambridge Centre for Alternative Finance discovered that the US now accounts for the largest share of Bitcoin mining in the world, a record previously owned by China.

Taken the lead

China’s share of the power of computers connected to the global bitcoin network, known as the “hash rate,” fell to zero by July from 44 percent in May, and as much as 75 percent in 2019, the data displayed. As of the end of August, the US accounted for 35.4 percent of the global hash rate, a 427 percent increase from last September, followed by Kazakhstan and Russia.

Moving to the US

Thankfully the US is heading towards more environment-friendly methods to mine Bitcoin and other cryptocurrencies, but Kazakhstan’s growth as a mining hub is thanks to welcoming 87% of the country’s electricity generated from fossil fuels, and coal accounting for more than 70 percent of generation. When China cracked down on cryptocurrency mining, the US and Kazakhstan welcomed miners to move their operations overseas, so the massive growth is no surprise.

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