BitBunny app offers users Bitcoin rewards for walking

Bitmain’s Latest Air-Cooled Antminer Set to Ship in Q1 2024Bitmain, the prominent Chinese Bitcoin mining equipment manufacturer, has officially unveiled its latest innovation, the Antminer T21.Photo by Traxer on UnsplashHeat toleranceThe company confirmed in an announcement made on Thursday that the state-of-the-art air-cooled Bitcoin miner will ship during the first quarter of 2024. The Antminer T21 is expected to make waves in the world of cryptocurrency mining given that it can withstand scorching temperatures of up to 45 degrees Celsius.During a facility tour, the firm tweeted out on Friday: “Although it is so hot here, ANTMINER is still running stable!”The context of the comment relates to an installation of the new miner’s predecessor at a Moonwalk Systems facility in the arid heat of the United Arab Emirates (UAE). Moonwalk is utilizing water cooling to overcome the local conditions. However, it’s in environments like this one that Bitmain is likely to envisage its latest Antminer performing well.Energy efficiencyAnother standout feature of the Antminer T21 is its energy efficiency. With a stellar energy efficiency ratio of 19 joules per terahash (J/TH), it outpaces its predecessor, the Bitcoin Miner S21 Hyd, which offers an energy efficiency of 16.0 J/TH. This efficiency means miners can maximize their returns while minimizing their energy costs. Additionally, the Antminer T21 boasts an impressive processing power of 190 terahashes per second (TH/s), a crucial factor in the competitive world of Bitcoin mining.The compatibility of the Antminer T21 with the SHA256 mining algorithm, used in the proof-of-work (PoW) consensus mechanism for cryptocurrencies like Bitcoin, Bitcoin Cash, and Bitcoin SV (BSV), adds to its appeal.Notably, Bitmain has extended a helping hand to pre-order buyers of the Antminer T21 by offering Bitmain’s Price Protection Plan. This plan, available until November 25, aims to support miners in times of cryptocurrency market volatility. The plan shields customers from price fluctuations in Bitcoin for periods of one, three, or six months.Company difficultiesFounded in Beijing in 2013, Bitmain swiftly rose to prominence as a global leader in producing Bitcoin (BTC) mining ASICs. However, the company faced internal turmoil due to a power struggle between its co-founders, Wu Jihan and Ketuan Zhan. The situation was eventually resolved in 2021, with Jihan Wu stepping down from his roles as chairman and CEO of Bitmain and selling his ownership share to Zhan for $600 million.ASIC miner manufacturers like Bitmain have also had to grapple with the backdrop of a challenging market environment that has seen plummeting prices paid for mining equipment over the past two years.Bitmain has faced scrutiny regarding its treatment of employees. Recent reports from local sources and Bitmain employees revealed that the company issued a notification in September indicating negative operating cash flow. In response to these financial challenges, Bitmain delayed the disbursement of a portion of its employees’ September salaries, raising concerns about the financial stability of the organization. In April of this year, it emerged that the Chinese authorities had imposed a fine on the company due to tax irregularities.

BSN Foundation launches in Singapore with five global membersThe BSN Foundation, a Singapore-based organization dedicated to building global blockchain infrastructure, on Thursday officially announced its five founding members from different regions and sectors.Photo by Julien de Salaberry on UnsplashBroad representationThe founding members of the BSN Foundation include Blockdaemon, a leading institutional digital asset wallet provider; Zeeve, a Los Angeles-based blockchain infrastructure automation platform; TOKO, a Hong Kong-headquartered digital asset creation platform; GFT Technologies, a German tech firm specializing in financial services and Red Date Technology, a tech firm behind the BSN Spartan Network located in Hong Kong.Representatives from these entities gathered at the Pan Pacific Singapore on Thursday for a launch event. The BSN Foundation will act as the governing body of the BSN Spartan Network, a public infrastructure network based on open-source virtual data centers. The launch of the foundation marks a major milestone in the BSN’s global expansion and its vision to establish a decentralized public layer of the internet.In discussion with Cointelegraph, Tim Bailey, the Vice President of Global Business at Red Date Technology, stated:“The BSN Foundation launch is a vital step in our global expansion, demonstrating the international recognition and support for the BSN Spartan Network’s concept and goals.” He added:“These organizations bring expertise in areas like blockchain-as-a-service, asset tokenization, financial services, and consulting, highlighting the wide applicability and potential of the BSN Spartan Network.”Bailey emphasized that the BSN Spartan Network is designed to change the application and governance of public chain technology. “By focusing on non-cryptocurrency public chains and a decentralized governance model, we’re not just innovating in technology but also in how global collaborations can shape the future of IT infrastructure,” Bailey stated. BSN’s strategy is focused on creating a “more stable and accessible network” for businesses around the world, distancing itself from the volatility related to traditional cryptocurrencies like Bitcoin.Chinese originsThe BSN Spartan Network, launched in September 2022, features a non-tradable token (NTT) issued on its default chain. Each of the network’s data centers is equipped with a single registered NTT wallet for managing and holding these tokens. NTTs can be acquired using fiat currency, selected stablecoins or through various incentive programs.The BSN Spartan Network, which originated in China as the “Blockchain-based Service Network” in early 2020, was developed with the backing of the Chinese government.“BSN was indeed originally initiated in China. However, the BSN Spartan Network, governed by the Singapore-based BSN Foundation, is distinct from the BSN Networks in mainland China,” Bailey stated. He highlighted that the BSN Spartan Network is constructed following global standards, is entirely open source and maintains independent operations from the BSN Networks present in mainland China.UDPN proof of conceptBSN, driven by Red Date Technology as its lead developer, had outlined plans to develop a universal digital payments network (UDPN) as early as 2021. That project continues to progress. Last month, it emerged that SC Ventures, the Singapore-based fintech investment subsidiary of British banking conglomerate Standard Chartered, had partnered with Deutsche Bank in a first proof of concept (POC) of the UDPN. That POC resulted in real-time transfers and swaps of synthetic USDC and EURS stablecoins between the two banks.

Binance Introduces Dedicated Trading Platform in JapanGlobal cryptocurrency exchange Binance made an announcement on Friday regarding its plans to establish a new trading platform exclusively for residents of Japan.The move is in compliance with Japanese laws and regulations, and a demonstration of the company coming into line with Japan’s legal and regulatory framework relative to crypto assets and crypto asset trading. While specific details such as the platform’s launch date are yet to be disclosed, Binance has assured its Japanese customers that this information will be provided in the near future.Photo by Bagus Pangestu on PexelsPlatform transitionIn terms of scheduling, we do know that a new know your customer (KYC) verification process will be available after August 1, to migrate to the new local platform for existing Japanese users on the global platform. As part of the transition process, Binance will be sending out information to Japanese residents who currently utilize their global trading platform. This communication will include instructions on procedures including further information on identity verification.To facilitate a smooth transition, Binance’s global trading platform will cease providing services to Japanese residents on November 30, 2023. Additionally, there are plans to change the company name from Sakura Exchange Bitcoin to “Binance Japan Co., Ltd.”This development marks Binance’s initial foray into the Japanese market firmly under its own brand. In November 2022, the company entered the country by acquiring Sakura Exchange Bitcoin (SEBC). The forthcoming trading platform, dedicated exclusively to domestic residents, represents the first step in Binance’s strategic approach to the Japanese market.The new services on the platform are set to launch during the summer, with future expansion plans to broaden that offering further. Binance also intends to introduce initiatives in Japan that leverage its ecosystem, including the provision of free educational resources through “Binance Academy” to promote Web3 education.Service offeringThe newly created entity will offer crypto spot trading with fiat deposit and withdrawal facility to its Japanese customers. Crypto lending products will be provided through a digital asset earn program. For those who like to dollar cost average (DCA), an automated recurring purchase feature will be provided.In 2021, Binance introduced an NFT marketplace and that will be a service that it will also extend to its Japanese customers. Upon launch of the dedicated service, crypto derivative trading will not be offered although it is understood that it may be offered at a later stage. Derivatives are likely to be under much closer scrutiny by the Japanese regulator than Binance’s other products.It is worth noting that Binance had previously received a warning from the Financial Services Agency (FSA) for offering cryptocurrency trading services to Japanese residents without proper registration. With its full-fledged entry into the Japanese market, it remains to be seen what impact this move will have. Will it accelerate the regulatory landscape and the adoption of Web3 technology in Japan from a global perspective?Additionally, how smoothly will Binance be able to acquire new accounts while competing with domestic business operators? These developments warrant close attention as they unfold.