Authorities in Manitoba are quickly suspending the connection of recent crypto mining services to the facility grid. The Canadian province, which depends closely on hydroelectric technology and attracts miners with low electrical energy charges, fears it might face overwhelming power demand.
The federal government of Manitoba is halting new connections of crypto mining facilities to the province’s hydroelectric grid, the Canadian press reported. Officers clarify the transfer with the potential for rising power demand that the area might not be capable to meet.
The suspension, imposed for a interval of 18 months, is not going to have an effect on the 37 at the moment lively mining operations, in line with an article by the Toronto Star. The measure is geared toward halting a rising variety of requests to energy new services with mixed capability amounting to a large portion of the province’s electrical energy provide.
Offering the reasoning for the choice, Manitoba Minister of Finance Cameron Friesen, the federal government official accountable for the state-owned firm Manitoba Hydro, commented on Monday:
We will’t merely say, ‘Nicely anybody can take no matter [energy] they need to take and we’ll merely construct dams. The final one value $13 billion if you happen to priced within the [transmission] line.
With the second-lowest electrical energy charges in Canada, solely Quebec gives cheaper energy, Manitoba is a magnet for customers that want giant quantities of electrical energy corresponding to these concerned within the energy-intensive extraction of cryptocurrencies.
Friesen revealed that 17 new operators have filed requests with the authorities within the province for a complete of 370 megawatts of electrical energy. That exceeds half of the facility produced by the Keeyask hydroelectric producing station which turned operational in 2022.
The area’s finance minister additionally highlighted the priority of the Progressive Conservative authorities that blockchain companies might not create many roles. “You will be using a whole lot of megawatts and have a handful of employees,” he elaborated.
“Manitoba Hydro can not make discretionary choices about who to hook up,” Friesen emphasised. A authorities evaluation is anticipated to research the financial impression of cryptocurrencies and the necessity for a regulatory framework to approve new giant connections to the grid.
Earlier this month, the Hydro-Québec public utility requested the electrical energy distribution regulator in its province to droop power allocation for the blockchain sector. Manitoba’s restrictions additionally comply with the enforcement of a partial moratorium on proof-of-work mining within the U.S. state of New York.
Do you suppose different Canadian provinces and U.S. states will undertake restrictive measures for crypto mining? Share your expectations within the feedback part under.
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One cryptocurrency sector that has been gaining significant traction in recent times is the AI and big data space. According to a recent tweet by Santiment, a leading cryptocurrency analytics platform, the top 100 AI and big data projects have collectively grown their market caps by an impressive 22% in the past week.
As the AI and big data sectors continue to boom, three projects have emerged as front-runners, seeing major growth and attracting the attention of investors and traders alike. These projects are Openfabric AI (OFN), Aleph.im (ALEPH), and Akash Network (AKT).
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Openfabric AI, a project focused on developing AI-powered solutions for various industries, has been the top performer in the AI and big data sectors over the past week. Additionally, with a 78% growth in its market cap, OFN has quickly become a coin to watch for potential double-digit gains.
Currently trading at $0.616, OFN has seen a 24-hour low of $0.5515 and a high of $0.6484, indicating strong momentum and investor interest.
Also read: Cryptocurrency: Top 3 Coins To Buy Now For 10X Gains In 2024
Aleph.im, a decentralized cloud computing platform that aims to provide a secure and scalable infrastructure for dApps and decentralized storage, has also seen significant growth in the past week.
With a 64% increase in its market cap, ALEPH has become another top contender in the AI and Big Data sector. In addition, trading at $0.261, ALEPH has recorded a 24-hour low of $0.2435 and a high of $0.2807.
Akash Network, a decentralized cloud marketplace that enables developers to deploy and scale their applications, has seen a 49% growth in its market cap over the past week.
Currently trading at $5.13, AKT has experienced a 24-hour low of $4.88 and a high of $6.52, showcasing strong volatility and potential for significant price movements.
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The AI and Big Data sector within the cryptocurrency space is experiencing a major boom, with projects like Openfabric AI, Aleph.im, and Akash Network leading the charge. As the sector continues to see advancements and speculative support from traders looking to gain exposure to artificial intelligence, these coins may be worth watching for potential double-digit gains.
The cryptocurrency market is a mix of new and old crypto coins that hail from a variety of startups and endeavors. In the middle of such a diverse set of crypto coins, exchange-based tokens are also paving their path ahead; however, the limelight on such coins has often been overshadowed by major market players like Bitcoin and Ethereum.
To outline the excellent price progress that these coins have been making this bull season, here are our top three cryptocurrency exchange token picks to explore and interact with to extract maximum profits.
Also Read: Cryptocurrency: 3 Meme Tokens To Choose Over ADA For 10x Returns
Binance Coin, popularly referred to as BNB, is the primary token of the Binance cryptocurrency exchange. The token was initially launched to simplify trading on Binance. However, with time, the BNB ecosystem expanded its use case, where the token now boasts its blockchain coupled with a variety of apps that use BNB for day-to-day trading and functioning. With such diverse use cases available for BNB, the token is poised to deliver lucrative profits.
According to CoinCodex, BNB may spike by 68% this bull season to trade at $1,021.
“Binance Coin is forecasted to trade within a range of $604.37 and $1,021.78. If it reaches the upper price target, BNB could increase by 68.63% and reach $1,021.78.”
At press time, the token is sitting at $605, up 0.3% in the last 24 hours.
Cronos is the primary token of the Cronos blockchain, developed by the notable cryptocurrency exchange crypto.com. Per CoinMarketcap, “CRO owners can stake their coins on the Crypto.com Chain to act as a validator and earn fees for processing transactions on the network. Additionally, CRO coins can be used to settle transaction fees on the Cronos Chain. When it comes to trading use cases, the Crypto.com app allows users to earn token rewards for select listings by staking CRO.”
According to CoinCodex, CRO may also rise and see new price milestones by the end of the current bull season. This may help investors expand their token offerings and include exchange-based tokens, which can be a robust inclusion for securing long-term profits.
“Cronos may trade within a range of $ 0.109954 and $ 0.173514. If it reaches the upper price target, CRO could increase by 32.55% and reach $0.173514.
At press time, CRO is stable, trading at $0.1311.
Also Read: Cryptocurrency: 3 Coins To Explore Over XRP For Bullish Returns
Uniswap is another leading cryptocurrency exchange known for using a set of decentralized smart contracts to execute trades. The token UNI helps the exchange simplify its trading mechanism by acting as a token protocol facilitating automated trading of decentralized finance (DeFi) tokens.
Also Read: Shiba Inu or Dogecoin: Which Meme Coin To Buy For 10X Gain?
According to CoinCodex, UNI may spike by a staggering 377% by the end of 2024, tripling consumer profits into millions.
“Uniswap may rise and hit $38.40. If it reaches the upper price target, UNI could increase by 377.74% and reach $38.40.”
At press time UNI is down 1% trading at $8.05.
Mantle’s MNT/USD price has decreased 3.27% over the past 24 hours to $1.18. This is contrary to the coins performance over the past week where it has experienced an up-trend of 10.0%, moving from $1.08 to its current price.
The chart below compares the price movement and volatility for Mantle over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has tumbled 34.0% over the past week along with the circulating supply of the coin, which has fallen 0.16%. This brings the circulating supply to 3.26 billion, which makes up an estimated 52.49% of its max supply of 6.22 billion. According to our data, the current market cap ranking for MNT is #29 at $3.86 billion.
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