Crypto
Grundy County votes down rezoning for new cryptocurrency mining site
J.P. Baric, founder and CEO of the MiningStore, offers a handout on power consumption to the Grundy County Board of Supervisors on Monday in Grundy Middle. Baric opened a bitcoin mining web site within the county in 2019 and is planning for a second location. (Erin Jordan/The Gazette)
GRUNDY CENTER — The Grundy County Board of Supervisors voted 4-1 Monday to not rezone land to permit for the event of a cryptocurrency mining web site — the second within the county — however members informed the developer the board would possibly assist a distinct location.
Barb Smith, a supervisor for 18 years and a developer herself, mentioned she isn’t against progress, however needs to know who’s behind the initiatives she backs and to verify they don’t infringe on different neighborhood growth efforts.
“Talking for myself, which is all I can do, my fundamental motive for turning this down was due to the placement you may have chosen and its proximity to Wolf Creek Park,” Smith mentioned throughout the assembly on the Grundy County Courthouse. “That’s to not say I or any of the opposite of us would vote one thing down that was in, in our eyes, a extra applicable location.”
J.P. Baric, president and CEO of the MiningStore, which opened one of many state’s first cryptocurrency mining websites 8 miles south of Grundy Middle in 2019, spoke to the board in regards to the international advantages of bitcoin and the native advantages of his enterprise, which employs 9 individuals and brings guests who keep at native accommodations and eat at native eating places.
However with out approval of a future web site, “these individuals will now not be coming to Grundy Middle however as an alternative can be going to different locations,” he mentioned.
First web site in Iowa
Bitcoin was created in 2009 as a method for individuals to ship cash immediately to one another and not using a financial institution or third celebration. Different cryptocurrencies, corresponding to ethereum and Litecoin, have adopted.
Bitcoin transactions are verified and monitored by unbiased computer systems working a safe algorithm to unravel blocks of numbers that symbolize groupings of transactions. These computer systems, or “miners,” race to unravel every block with the payout being the subsequent block of bitcoins, which is value tons of of hundreds of {dollars}.
Magnus Anderson, web site supervisor for the MiningStore, shows parts for the corporate’s mining machines April 19 on the MiningStore’s bitcoin mining facility in Grundy Middle, Iowa. (Geoff Stellfox/The Gazette)
Baric, 24, of North Carolina, and his household borrowed on their household enterprise and residential to lift $1 million to begin a farm of pc servers, most housed in a white Quonset hut in the midst of Iowa cornfields.
He got here to Iowa after assembly Jim O’Regan, of Hudson, who’s the principal officer for Heartland State Financial Improvement Group, a not-for-profit group began in 2014 and that had property of $71,500 in 2020, in line with Guidestar.org.
“Jim satisfied me Iowa was the appropriate spot,” Baric mentioned of assembly O’Regan at a crypto conference in Denver.
Power use
O’Regan helped discover the appropriate spot for the MiningStore — proper subsequent to {an electrical} substation owned by Corn Belt Energy Cooperative.
Heartland purchased the land and has a cope with the Grundy County Rural Electrical Cooperative, one in all 9 rural electrical cooperatives and one municipal cooperative that personal Corn Belt, O’Regan mentioned on the assembly.
Grundy County REC has a few of the least expensive industrial electrical energy within the state at 4.05 cents per kilowatt-hour, in line with filings with the Iowa Utilities Board.
The MiningStore web site makes use of 6 megawatts of energy throughout operation, which is 24/7 except a part of the system is present process repairs. This quantities to about 54 million kilowatt-hours a yr — equal to the power utilized by about 4,900 homes.
Many environmental teams have questioned whether or not the good thing about cryptocurrency is value its power urge for food.
This hangar is the hub of a Grundy County Bitcoin mining operation owned by the MiningStore in central Iowa. (Bailey Cichon/The Gazette)
However Baric mentioned the MiningStore web site can truly assist the native energy grid as a result of it has an settlement with Grundy County REC to energy down throughout peak utilization instances — corresponding to 5 p.m. on a sizzling summer time day. As a result of the utility doesn’t have to purchase costlier power at peak instances, it lowers the prices for all clients, he mentioned.
Educating Iowans
Baric admitted he hadn’t executed an excellent job speaking with Iowans in regards to the crypto mining web site. Supervisor Mark Schildroth requested Baric why they’d began work on the second web site earlier than the vote on rezoning.
“We had been beneath the impression the location was good to go when the landowner signed a lease with us,” Baric mentioned.
Smith and two different supervisors mentioned that location was too near the Wolf Creek Recreation Space, a 93-acre tenting, climbing and looking space. The board not too long ago determined to take a position COVID-relief cash into enhancing the park, Smith mentioned after the assembly.
“As soon as they get the rezone, they’ll do no matter they need, and it might be objectionable to the campers,” she mentioned.
O’Regan mentioned a brand new web site they take into account could be twice as removed from the park and would have a hill and timber in between. It’s unclear when that proposal would come earlier than the Grundy County Planning and Zoning Fee.
However some Iowans already are on board with challenge growth.
David Jones, a 30-something from Marshalltown, mentioned he’s one in all 1,000 individuals to spend money on the MiningStore by means of social media influencer Josh Terry.
Jones, who attended Monday’s assembly, mentioned he purchased his first bitcoin in 2020 and believes the cryptocurrency will develop in worth.
“It’s thrice what it was then, however lower than half what it was on the prime,” he mentioned. “We’ll see what occurs sooner or later.”
J.P. Baric, founder and CEO of the MiningStore, is photographed after a Grundy County Board of Supervisors assembly Might 9, 2022. (Erin Jordan/The Gazette)
Feedback: (319) 339-3157; erin.jordan@thegazette.com
The Bitcoin price suffered significant bearish pressure over the past week, dragging down alongside it a large portion of the general crypto market. The premier cryptocurrency tumbled as low as $59,500 at some point in the week — its lowest in nearly two months.
While investors will be hoping that the worst is over, it is difficult to determine whether BTC is ready to resume its bullish run. In any case, a prominent crypto intelligence firm has identified a price level critical to the future trajectory of the Bitcoin price.
$56,000 The Ultimate Support Level For Bitcoin: CryptoQuant
In a recent report, the blockchain analytics platform CryptoQuant put forward an interesting prognosis for the price of Bitcoin over the coming days. According to the firm, the $56,000 price level is an important level to the future performance of the premier cryptocurrency.
The relevant indicator here is Metcalfe price valuation bands, which pinpointed resistance levels and tops in the previous cycle. However, as shown in the chart below, these bands (the red line) acted as a critical support area in May.
For context, the Metcalfe Law states that the value of a network is proportional to the square of the number of its users. Basically, this law suggests that the value of the cryptocurrency (Bitcoin) is intrinsically linked to the size and activity of its network.
The Metcalfe price valuation bands are derived from this principle, providing a valuation framework associated with the network effect. These bands create a range of price levels that evaluate where Bitcoin should theoretically trade based on the network fundamentals.
Historically, these bands have acted as both reliable resistance and support levels in different market cycles. In recent months, the $56,000 level has been a pivot point for the indicator, providing a strong support for the Bitcoin price in May.
According to CryptoQuant’s report, the price level might prove to be vital should the premier cryptocurrency face additional downward pressure. However, if the Bitcoin price dips below this level, the market leader could experience a major correction.
Bitcoin Price At A Glance
As of this writing, the Bitcoin price has returned to around the $60,700 mark, reflecting a 2% decline in the last 24 hours. The coin’s performance on the weekly timeframe is deeper in the red.
According to data from CoinGecko, BTC is down by more than 6% in the past week. Nevertheless, the cryptocurrency ranks as the largest asset in the sector, with a market capitalization of over $1.18 trillion.
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Platforms offering “Learn and Earn” programs:
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In the realm of cryptocurrency, even online betting platforms are getting in on the action. “Crypto betting bonuses explained” is a term you might come across when exploring this niche. These bonuses are incentives offered by crypto-friendly betting sites to attract new users or retain existing ones.
Types of Crypto Betting Bonuses
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When diving into crypto betting bonuses explained, it’s important to note that these offers often come with terms and conditions, such as wagering requirements or time limits. Always read the fine print and gamble responsibly.
Important Considerations
- Bonuses should not be the sole reason for engaging in online betting.
- Prioritize responsible gambling practices.
- Be aware of the risks involved in both cryptocurrency and online betting.
- Terms and conditions may vary significantly between platforms.
Remember, while crypto betting bonuses can seem attractive, they are ultimately marketing tools designed to encourage betting. Always approach such offers with caution and a clear understanding of the associated risks and requirements.
By Suzanne McGee
(Reuters) – Digital assets investment management firm 21Shares filed Friday for permission from U.S. regulators to launch an exchange-traded fund tied to the spot price of crypto token Solana.
It was the second such filing in as many days, following a similar move Thursday by VanEck. The Securities & Exchange Commission approved spot bitcoin ETFs offered by both firms, among others, in January after a long battle. Both VanEck and 21Shares are among the asset managers awaiting SEC approval to launch spot ETFs tied to the price of ethereum, the second-largest cryptocurrency.
The CBOE, the exchange on which both asset managers plan to list Solana ETFs if approved, must still request regulatory approval to change its rules and allow these new products to trade. People involved in the Solana discussions, who declined to be identified because of the confidentiality of the process, said that filing could come within days or weeks. A spokeswoman for CBOE declined to comment.
A third asset manager, Canada’s 3iQ, filed earlier in June for permission from Ontario regulators to list a similar Solana-based product on the Toronto Stock Exchange. Solana is the fifth-largest cryptocurrency measured by market capitalization, according to CoinGecko.
The three filings have combined to drive the price of Solana 9.4% higher in the last seven days, even as the prices of bitcoin and ether dropped 4.6% and 2.8% respectively, according to CoinGecko.
So far, however, no futures contracts on Solana trade on the CME, in contrast to the pattern with both bitcoin and ether. The SEC approved futures-based ETFs tied to both tokens before considering the spot products.
The existence of futures contracts, however, “should not be the sole criterion for ETF eligibility,” said Andrew Jacobson, head of legal at 21Shares.
(Reporting by Suzanne McGee; Editing by Cynthia Osterman)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.
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