Crypto
Haywood seeks to ‘get ahead’ of cryptocurrency mining
“I dwell within the Plott Creek Valley, the place the neighborhood could be very quiet apart from Fourth of July and New Yr’s Eve,” mentioned Mary Thomas, who spoke simply earlier than Growth Companies Coordinator Jodie Ferguson made a presentation to commissioners on cryptocurrency mining and the issues it will probably trigger.
The speculation of cryptocurrency, also known as “crypto,” goes again to the mid-Nineteen Eighties, when mathematicians, laptop programmers and cryptographers started to discover the feasibility of digital foreign money as a decentralized, unregulated, untraceable various to conventional mediums of trade.
As laptop processing energy continued to extend and the web grew to become ubiquitous, trendy cryptocurrency grew to become a actuality on Jan. 9, 2009, when Bitcoin was launched, spawning a whole lot if not 1000’s of comparable “cash.”
The method is often known as “mining,” however it doesn’t contain the shovels and pickaxes that time period evokes.
As a substitute, computer systems run across the clock at 100% capability, verifying blockchain transactions. In trade for proving that each one transactions are legitimate — thus making Bitcoin nearly un-hackable — miners are rewarded with some fraction or a number of of a coin. The extra work the servers carry out, the higher the probabilities the miners might be rewarded.
Whereas mining could be carried out by a novice at dwelling with a standard desktop laptop, utilizing extra computer systems means extra work is carried out, which suggests extra rewards.
Crypto cash are tradable by way of a number of well-known apps, together with Coinbase and Binance, which function very like conventional funding portfolio apps — fund your account, buy belongings after which purchase or promote at will, primarily based on the costs markets will bear.
Though crypto has most of the traits of cash, it lacks two necessary ones, particularly widespread acceptance by business entities and steady, predictable worth. Whereas the utilization of Bitcoin, Ethereum and different large-cap cryptos is turning into extra widespread in commerce, it’s nonetheless considerably impractical to be used each day.
It does, nonetheless, get rid of most of the delays and restrictions which have usually been concerned with transferring cash abroad. However for now, its chief utility lies in its availability as an funding, albeit with one exceptionally excessive danger.
That didn’t cease some early adherents to the cryptocurrency idea from getting in on the bottom ground, and a few of them grew to become fairly rich within the course of.
When Bitcoin was first launched in 2009, every coin was valued at .0009 cents, virtually a thousand to a penny. 4 years later, it was buying and selling above $100 per coin. By 2017, it was constantly buying and selling above $1,000 per coin.
In April 2021, Bitcoin fell simply wanting $65,000 per coin, however two months later, it had crashed to lower than $29,000 — a sobering testomony to the volatility of cryptocurrency.
After one other run-up to $67,000 in October 2021, a subsequent crash slashed the worth to $17,000, leaving late-comers holding the bag.
Right now, after a six-month rally, Bitcoin is buying and selling round $28,000.
In late 2021, over the past upswing that put Bitcoin virtually at $70,000, San Francisco-based PrimeBlock established a mining operation in Cherokee County, inflicting an uproar from residents that finally drowned out the boring droning roar emanating from the ability each day and night time.
The noise comes from cooling followers designed to dissipate the huge quantities of warmth produced by the handfuls upon dozens of computer systems ceaselessly toiling to create cryptocurrency and thereby generate a return for the enterprise on the infrastructure and utility prices incurred in establishing it.
A CNN story from January of this yr comprises an audio recording of what the ability feels like. Within the story, neighbor Mike Lugiewicz in contrast the sound, which had been measured between 55 and 85 decibels, to that of “ a small jet that by no means leaves .”
Regular dialog normally takes place at round 60 decibels.
The truth that the CNN story was written by its chief local weather correspondent and never somebody from the tech or enterprise beat brings up one other salient level — like electrical vehicles, crypto mining operations don’t produce a lot air pollution, however the fossil fuel-burning services that energy them do.
Cherokee County discovered itself flat-footed on the difficulty, and handed a decision asking its state and federal representatives to introduce laws regulating crypto mining nationwide, per the Cherokee Scout .
That hasn’t occurred, and in keeping with CNN, PrimeBlock co-owner Chandler Music known as the results of such efforts unconstitutional.
Haywood County Commissioner Tommy Lengthy mentioned he’d spoken to the chair of the Cherokee County Board of Commissioners, Cal Stiles, who advised Lengthy that one other large drawback was the super drain crypto mines place on the ability grid.
“The one in downtown Murphy truly makes use of twice as a lot energy as the entire city,” Lengthy mentioned.
In the course of the chilly snap round Christmas 2022, some residents misplaced energy whereas crypto mining operations continued. One other crypto mining operation in Cherokee County suffered an influence outage after somebody used a gun to shoot one of many service strains.
In Lengthy’s view, crypto mining services don’t contribute a lot to the native economic system, both.
“In some circumstances the place they’re water-cooled, it makes use of an amazing quantity of water but in addition there aren’t any jobs principally related to these services,” he mentioned after Ferguson’s presentation. “It’s a huge effect on our infrastructure, with no actually substantial jobs, possibly a safety officer sitting behind a display screen someplace watching the safety cameras or a upkeep person who comes and checks these cooling items.”
Final August, Clay County imposed a moratorium on business crypto mining, in keeping with the Clay County Progress .
Ferguson has taken her time in introducing the idea of crypto to Haywood County’s planning board, mentioning it throughout a January assembly, after which making a presentation in February. In March, the planning board started to debate how finest to arrange for crypto mining operations, ought to one current itself.
They determined that because the county has no zoning, thus stopping the county from regulating the place crypto miners might find, one of the best ways to handle the way forward for crypto mining in Haywood County was by way of its high-impact improvement ordinance .
The ordinance at present acknowledges that sure high-impact developments — outlined as asphalt crops, chemical, hazmat or explosives producers, flammable bulk gasoline services, landfills and conventional mining or quarrying operations — have “necessary, optimistic financial advantages to the residents of Haywood County” however that they need to be saved effectively away from susceptible populations, together with faculties and baby care services, hospitals, retirement or nursing properties, assisted residing services and correctional establishments.
In April, Haywood Electrical Membership Company’s Chief Operations Officer Joshua Deaver spoke to the planning board, telling them that there had been a couple of inquiries from entities contemplating finding crypto mining services in Haywood County.
To this point, no formal plans for business crypto mining services have come to the eye of county improvement officers, and Ferguson mentioned her try to coach the planning board upfront of any such effort was not in response to any particular, forthcoming facility in Haywood County.
Ferguson additionally thinks the price of energy right here is simply too excessive to make crypto mining worthwhile, however on the opposite facet of that equation, the volatility of the cryptocurrency market makes such enterprise ventures dangerous at current.
Whereas the price of energy could also be of minor concern to miners when Bitcoin trades close to $70,000, it’s far more of a priority when it trades within the $20,000-$30,000 vary.
Even when cryptocurrency by no means achieves widespread use — China and Saudi Arabia have banned it outright, because of its potential for prison use and its capability to bypass typical monetary restrictions imposed by central authorities authorities — there’s but another excuse to discover the regulation of huge knowledge facilities or server farms like people who deal in digital foreign money.
“Rutherford [County] has, I believe, a Fb data-type processing middle , and so one of many issues I’ve talked about to the planning board is we would wish to embrace knowledge facilities usually,” Ferguson mentioned. “We’re seeing all these items within the media in regards to the rise of [artificial intelligence], and one thing’s received to course of all that knowledge. We don’t wish to be short-sighted if we’re going to take a look at this situation and attempt to take all of it in.”
Any proposed modifications to Haywood County’s high-impact improvement ordinance must be accepted by commissioners earlier than taking impact.
“We’re type of within the infancy of this,” Ferguson mentioned.
Bitcoin fell for the first time in four days with speculative bets being pared across financial markets after Federal Reserve officials suggested greater caution over how quickly they can continue reducing borrowing costs.
The original cryptocurrency fell as much as 5.3% to $100,752, a day after climbing above $108,000 for the first time in what’s been a record-breaking rally this year. The seven largest digital tokens as measured by market value were all lower, data compiled by Bloomberg show.
Cryptocurrency adoption in Latin America is
experiencing explosive growth, driven by a mix of factors in the area like
economic instability, financial innovation, and regulatory evolution. Countries
like Brazil, Argentina, and Mexico are emerging as global leaders in
cryptocurrency usage, offering a fertile ground for both individuals and
businesses to explore digital assets as practical solutions for real-world
financial challenges.
To learn more about Latin America’s rapidly
evolving crypto market, download our whitepaper, “Unlock the Potential of Latin
America’s Booming Crypto Market.”
Read the report on the Latam’s blooming cryptocurrency market.
The rising wave of crypto in Latin
America
Cryptocurrency adoption in Latin America is
accelerating, fueled by inflation and currency devaluation. In Argentina, where
inflation has devastated the peso, Bitcoin and stablecoins have played an
important role in protecting savings. Around 15% of the population uses crypto
regularly, finding it a critical hedge against inflation.
In Brazil, crypto is even being integrated
into mainstream finance. The country was one of the first to approve
cryptocurrency exchange-traded funds (ETFs), and by 2023, the value of USDT
transactions was equivalent to $55 billion, more than 80% of its crypto volume.
This makes Brazil a key player in the global crypto market.
Mexico has carved out a niche in crypto
remittances, with Bitso processing over $3.3 billion in cross-border payments
in 2022. Crypto is emerging as a more efficient solution for these
transactions, benefiting millions of families reliant on remittances.
Regulatory evolution driving market growth
The regulatory environment across Latin
America is evolving, creating opportunities for businesses to expand. For example,
El Salvador made history by becoming the first country to adopt Bitcoin as
legal tender, with further initiatives like Bitcoin-backed bonds and a
government-sponsored crypto wallet. This bold experiment has positioned El
Salvador as a global trailblazer for cryptocurrency adoption, even as its
long-term effects are being evaluated.
Meanwhile, Mexico’s fintech law from 2018
recognized cryptocurrencies as virtual assets, establishing a clear regulatory
pathway for businesses. This clarity has helped companies like Bitso thrive. Meanwhile,
Colombia’s regulatory sandbox has promoted crypto experimentation in a
controlled environment, attracting fintechs and positioning the country as a
future hub for innovation.
Argentina, while still working on a
comprehensive regulatory framework, has seen increased interest in crypto
regulation under its new pro-crypto government. Colombia’s sandbox model is
providing fintechs with a controlled environment to test their offerings,
positioning the country as an emerging leader in the digital asset space as
well.
Emerging opportunities
Despite infrastructure and regulatory
challenges, Latin America offers immense opportunities for crypto growth.
Argentina and Venezuela, with their hyperinflationary economies, continue to
see widespread crypto adoption as citizens seek alternatives to their unstable
currencies. Stablecoins like USDT and USDC can help individuals and businesses
in these countries by providing greater financial stability.
Mexico’s growing role in crypto remittances
and Colombia’s fintech-friendly environment highlight the region’s potential
for further expansion. Tokenization is another area of growth, with Brazil’s
agricultural commodity token project, Agrotoken, revolutionizing access to
credit for small farmers. Brazil’s Drex initiative also highlights the
country’s commitment to developing a fully digital economy and integrating
blockchain technology into mainstream financial systems.
Latin America’s complex economic landscape,
combined with its openness to crypto solutions, makes it an exciting market for
businesses seeking to leverage digital assets. By addressing regulatory and
payment infrastructure challenges, companies can unlock the full potential of
this rapidly evolving crypto market.
The role of payment solutions in this evolving
market
Cross-border payments and regulatory
complexities are significant hurdles for businesses expanding into the Latin
American crypto market. The region’s rising demand for remittances, along with
fragmented payment infrastructures, means businesses must navigate
multi-currency transactions. Additionally, evolving regulatory landscapes
require businesses to stay compliant while managing operational risks.
Paysafe addresses these challenges by
offering solutions that streamline cross-border payments, supporting multiple
currencies and reducing transaction costs. With strong integration into key
local systems, Paysafe helps businesses deliver the seamless payment options
customers expect.
Furthermore, Paysafe’s regulatory expertise
ensures businesses remain compliant across diverse markets, while its advanced
security features protect against fraud, providing businesses with the trust
and reliability they need to thrive in the region’s fast-growing crypto
ecosystem.
Conclusion
Latin America is a prime market for
cryptocurrency adoption and its growth shows no sign of slowing down. From the
pioneering efforts of El Salvador to the sophisticated regulatory framework in
Brazil, the region offers diverse use cases for businesses looking to enter or
expand their crypto operations. Our whitepaper highlights that despite
challenges like regulatory fragmentation and cultural nuances, Latin America
presents tremendous opportunities for growth.
For more detailed insights and strategies,
download our whitepaper, “Unlock the Potential of Latin America’s Booming
Crypto Market.”
Read the report on the Latam’s blooming cryptocurrency market.
By leveraging Paysafe’s comprehensive
payment solutions, businesses can seamlessly navigate the complexities of the Latin
American crypto landscape, unlocking the full potential of one of the world’s
fastest-growing markets.
Disclaimer:
This article is not intended to be
financial, investment or trading advice. This article is for information and
solely for education purposes. It does not protect against any financial loss,
risk or fraud.
Why Paysafe
Paysafe supports Latin American businesses
with over 25 years of experience, offering top-tier fraud, risk, and compliance
support. Their solutions streamline cross-border payments, support multiple
currencies, and reduce transaction costs, enabling confident expansion in the
crypto market.
Cryptocurrency adoption in Latin America is
experiencing explosive growth, driven by a mix of factors in the area like
economic instability, financial innovation, and regulatory evolution. Countries
like Brazil, Argentina, and Mexico are emerging as global leaders in
cryptocurrency usage, offering a fertile ground for both individuals and
businesses to explore digital assets as practical solutions for real-world
financial challenges.
To learn more about Latin America’s rapidly
evolving crypto market, download our whitepaper, “Unlock the Potential of Latin
America’s Booming Crypto Market.”
Read the report on the Latam’s blooming cryptocurrency market.
The rising wave of crypto in Latin
America
Cryptocurrency adoption in Latin America is
accelerating, fueled by inflation and currency devaluation. In Argentina, where
inflation has devastated the peso, Bitcoin and stablecoins have played an
important role in protecting savings. Around 15% of the population uses crypto
regularly, finding it a critical hedge against inflation.
In Brazil, crypto is even being integrated
into mainstream finance. The country was one of the first to approve
cryptocurrency exchange-traded funds (ETFs), and by 2023, the value of USDT
transactions was equivalent to $55 billion, more than 80% of its crypto volume.
This makes Brazil a key player in the global crypto market.
Mexico has carved out a niche in crypto
remittances, with Bitso processing over $3.3 billion in cross-border payments
in 2022. Crypto is emerging as a more efficient solution for these
transactions, benefiting millions of families reliant on remittances.
Regulatory evolution driving market growth
The regulatory environment across Latin
America is evolving, creating opportunities for businesses to expand. For example,
El Salvador made history by becoming the first country to adopt Bitcoin as
legal tender, with further initiatives like Bitcoin-backed bonds and a
government-sponsored crypto wallet. This bold experiment has positioned El
Salvador as a global trailblazer for cryptocurrency adoption, even as its
long-term effects are being evaluated.
Meanwhile, Mexico’s fintech law from 2018
recognized cryptocurrencies as virtual assets, establishing a clear regulatory
pathway for businesses. This clarity has helped companies like Bitso thrive. Meanwhile,
Colombia’s regulatory sandbox has promoted crypto experimentation in a
controlled environment, attracting fintechs and positioning the country as a
future hub for innovation.
Argentina, while still working on a
comprehensive regulatory framework, has seen increased interest in crypto
regulation under its new pro-crypto government. Colombia’s sandbox model is
providing fintechs with a controlled environment to test their offerings,
positioning the country as an emerging leader in the digital asset space as
well.
Emerging opportunities
Despite infrastructure and regulatory
challenges, Latin America offers immense opportunities for crypto growth.
Argentina and Venezuela, with their hyperinflationary economies, continue to
see widespread crypto adoption as citizens seek alternatives to their unstable
currencies. Stablecoins like USDT and USDC can help individuals and businesses
in these countries by providing greater financial stability.
Mexico’s growing role in crypto remittances
and Colombia’s fintech-friendly environment highlight the region’s potential
for further expansion. Tokenization is another area of growth, with Brazil’s
agricultural commodity token project, Agrotoken, revolutionizing access to
credit for small farmers. Brazil’s Drex initiative also highlights the
country’s commitment to developing a fully digital economy and integrating
blockchain technology into mainstream financial systems.
Latin America’s complex economic landscape,
combined with its openness to crypto solutions, makes it an exciting market for
businesses seeking to leverage digital assets. By addressing regulatory and
payment infrastructure challenges, companies can unlock the full potential of
this rapidly evolving crypto market.
The role of payment solutions in this evolving
market
Cross-border payments and regulatory
complexities are significant hurdles for businesses expanding into the Latin
American crypto market. The region’s rising demand for remittances, along with
fragmented payment infrastructures, means businesses must navigate
multi-currency transactions. Additionally, evolving regulatory landscapes
require businesses to stay compliant while managing operational risks.
Paysafe addresses these challenges by
offering solutions that streamline cross-border payments, supporting multiple
currencies and reducing transaction costs. With strong integration into key
local systems, Paysafe helps businesses deliver the seamless payment options
customers expect.
Furthermore, Paysafe’s regulatory expertise
ensures businesses remain compliant across diverse markets, while its advanced
security features protect against fraud, providing businesses with the trust
and reliability they need to thrive in the region’s fast-growing crypto
ecosystem.
Conclusion
Latin America is a prime market for
cryptocurrency adoption and its growth shows no sign of slowing down. From the
pioneering efforts of El Salvador to the sophisticated regulatory framework in
Brazil, the region offers diverse use cases for businesses looking to enter or
expand their crypto operations. Our whitepaper highlights that despite
challenges like regulatory fragmentation and cultural nuances, Latin America
presents tremendous opportunities for growth.
For more detailed insights and strategies,
download our whitepaper, “Unlock the Potential of Latin America’s Booming
Crypto Market.”
Read the report on the Latam’s blooming cryptocurrency market.
By leveraging Paysafe’s comprehensive
payment solutions, businesses can seamlessly navigate the complexities of the Latin
American crypto landscape, unlocking the full potential of one of the world’s
fastest-growing markets.
Disclaimer:
This article is not intended to be
financial, investment or trading advice. This article is for information and
solely for education purposes. It does not protect against any financial loss,
risk or fraud.
Why Paysafe
Paysafe supports Latin American businesses
with over 25 years of experience, offering top-tier fraud, risk, and compliance
support. Their solutions streamline cross-border payments, support multiple
currencies, and reduce transaction costs, enabling confident expansion in the
crypto market.
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