UAE researchers introduce carbon trading platform on blockchain

Earlier this month Metaplanet, a Japanese Bitcoin treasury company, said that it was targeting 10,000 Bitcoin in 2025 but the company has raised the bar once again, planning on an acquisition of 21,000 Bitcoin by 2026. On Jan. 5, Metaplanet CEO Simon Gerovich set out a number of objectives for 2025. Among them was a goal for the company to acquire 10,000 Bitcoin in 2025. Gerovich explained that the firm intended to utilize “the most accretive capital market tools available” in order for Metaplanet to meet that target.Photo by André François McKenzie on Unsplash2025-2026 Bitcoin PlanAbout three weeks after the Metaplanet CEO announced that ambition, the company published a press release on Jan. 28 detailing its 2025-2026 Bitcoin Plan, which goes much further.  The plan outlines that 10,000 Bitcoin remains the target for 2025 but that the company has adopted the strategy to accumulate 21,000 Bitcoin by 2026. Gerovich stated that since Metaplanet embraced the Bitcoin Standard on April 8, 2024, the company has experienced exponential growth. Gerovich added: “The market has recognized Metaplanet as Tokyo’s preeminent Bitcoin company, and we are seizing this momentum to solidify our position as a global leader. Our vision is to lead the Bitcoin renaissance in Japan and emerge as one of the largest corporate Bitcoin holders globally. This plan is our commitment to that future.” Adopting MicroStrategy’s Bitcoin playbookMetaplanet has adopted the Bitcoin playbook first pioneered by U.S. business intelligence company turned Bitcoin development firm MicroStrategy. In short, that playbook involves financing Bitcoin purchases with debt. In this way, the company can capitalize on Bitcoin’s historical trend of positive returns over time, using convertible notes and equity to facilitate that.  The practice also creates a feedback loop in so far as MicroStrategy buys Bitcoin, resulting in the Bitcoin unit price increases. The MicroStrategy stock price goes up. Demand for MicroStrategy’s stock and debt goes up, enabling the company to buy more Bitcoin. In its press release, Metaplanet looked back on what had been achieved in terms of its Bitcoin strategy in 2024. In Q4 2024, the company achieved a Bitcoin yield of 309.82%, following on from a 41.7% Bitcoin yield in Q3.  At the close of the year, the Japanese Bitcoin treasury company held 1,761 Bitcoin, purchased at an average Bitcoin unit price of 11.85 million yen ($76,411). Shareholder growth has seen the company surpass 50,000 shareholders. Meanwhile, share trading volume has increased 430x, year-on-year. Since the firm adopted the Bitcoin Standard in April 2024, the company’s market capitalization has grown by 7,000%. Last month, the company celebrated the milestone of having reached a $1 billion market cap. Asia’s largest equity capital raise for BitcoinThe company has dubbed its new plan “The 21 Million Plan.” It will comprise the issuance of 21 million shares by means of moving strike warrants. Gerovich confirmed on X that at $750 million, the plan will involve Asia’s largest-ever public equity capital raise to buy Bitcoin.

Kyrgyzstani President Embraces Hydro-Powered Crypto MiningIn a move that signals the Republic of Kyrgyzstan’s growing interest in cryptocurrency mining, President Sadyr Japarov has given the green light to establish a crypto mining farm at a hydroelectric power plant within the Central Asian country.The ambitious project, set to be built at the Kambar-Ata-2 hydropower plant, has been allocated a budget of up to $20 million, as reported by Kyrgyzstan’s national news agency, Kabar, on Thursday.Photo by Collab Media on PexelsMore efficient use of powerThe primary motivation behind this endeavor is to address energy losses linked to non-utilized power from the Kambar-Ata-2 plant, which has been operational since 2010. According to President Japarov, approximately 6.8 billion kilowatt-hours (kWh) of energy have been wasted due to this issue. By harnessing the excess energy for cryptocurrency mining, the Kyrgyz government aims to optimize resource usage and bolster the country’s budget.President Japarov emphasized that the profits generated from the mining farm would directly benefit the people, particularly the power engineers who are responsible for the plant’s operations. He asserted that the earnings would be meticulously controlled and allocated, with complete automation and oversight.Energy grid challengesHowever, this recent decision appears to contradict the state of emergency announced by President Japarov in Kyrgyzstan’s energy sector on July 24. The emergency status, which will be in effect from August 1, 2023, until December 31, 2026, is attributed to climate challenges, insufficient water inflow into the Naryn River basin, and a lack of generating capacity due to escalating energy consumption.Despite these apparent contradictions, President Japarov affirmed that crypto mining at the hydro plant would be subject to the highest tariff in Kyrgyzstan, amounting to approximately 5 Kyrgyz soms ($0.057) per kW.As early as March 2022, Kyrgyz lawmaker Karim Khanjeza urged the government to legalize the cryptocurrency industry during a parliamentary committee meeting, citing the rapid expansion of the crypto space. Although Kyrgyzstan introduced some regulations for crypto exchanges in 2021, it has not yet enacted specific laws governing cryptocurrencies.The integration of hydro-powered crypto mining presents both opportunities and challenges for Kyrgyzstan. If executed strategically, the venture could harness underutilized energy to boost the national economy and provide benefits to the people.Learning from KazakhstanThat said, the Central Asian country would do well to pay heed to events that unfolded in neighboring Kazakhstan relative to crypto mining over the course of the last few years. Following a major crackdown on crypto mining activity in China, many miners upped and moved their operations to Kazakhstan. That sudden unplanned and unregulated upsurge destabilized the country’s power grid, forcing the government to crack down on mining. It has since regulated the activity in order to accommodate it without it having a detrimental effect on the energy grid.As developments unfold, Kyrgyzstan’s foray into cryptocurrency mining will undoubtedly be closely monitored by industry observers and stakeholders. President Japarov’s vision to distribute the earnings to ordinary citizens brings an element of promise to the project. Crypto mining can be a positive development for the country, leading to more efficient energy use, so long as the authorities plan accordingly.

Coinbit suspends operations, marking second crypto exchange shutdown this monthCoinbit, a South Korean cryptocurrency exchange operated by blockchain service provider AXIASOFT, has suspended its services according to an official announcement on its website posted on Thursday (local time). This development comes just over a year after it became a virtual asset service provider (VASP) on Sept. 1 last year. It is also the second crypto exchange in the country that has ended its operations after Cashierest on Nov. 6, indicating that troubled predictions previously projected by industry sources are becoming a reality.Photo by Andrew Winkler on UnsplashBusiness transitionCoinbit explained that, despite its efforts to create an environment optimized for transparent crypto transactions, it was pushed by ongoing changes in regulatory policies to make changes to its business. It intends to shift its focus to establishing a securitized transaction system.Membership registration and deposits will no longer be allowed starting at 5 p.m. next Friday. Transactions and withdrawal services will be suspended from 1 p.m. on Dec. 29. The exchange advised its users to withdraw their virtual assets accordingly.Earlier, it was reported that Coinbit was facing difficulties maintaining smooth operations due to its exceedingly low trading volume. Industry sources believe that the realization of the previously speculated closure of coin market exchanges.More shutdowns to come?“Much of the workforce at crypto exchanges have been taking hits, leading to challenging business conditions,” stated an unnamed industry expert, proposing conjecture that more announcements of service suspensions may be imminent. According to a survey conducted earlier this year by the Financial Intelligence Unit (FIU), 10 out of 21 crypto exchanges reported zero revenue from transaction fees, and 18 were in a state of complete capital impairment.