PayPal & EnergyWeb’s Incentive Program Bitcoin Miners Who Go Green

Hi NoRamp Community,

Daily News:

1) Block Expands Bitcoin Mining, Develops 3nm Mining Chip

2) PayPal & EnergyWeb’s Incentive Program Bitcoin Miners Who Go Green

3) Tether To Freeze Assets After Venezuela Looks to Bypass Oil Sanctions

4) Thunes To Boost US Footprint With Acquisition Of Tilia

5) Marqeta & OakNorth Bank Partner to Enhance UK SME Banking

Block Expands Bitcoin Mining, Develops 3nm Mining Chip:

• Block, led by Jack Dorsey, has developed a three-nanometer Bitcoin mining chip and is transitioning from chip design to constructing a complete Bitcoin mining system, collaborating with a global semiconductor foundry to finalize the design.

• The initiative aims to decentralize the supply of mining hardware and address challenges faced by miners such as network stability, hardware availability, cost, and operational issues like heat and noise.

• Beyond just mining, Block's venture arm supports Gridless, which operates environmentally-friendly Bitcoin mines in Africa using renewable energy, contributing both to sustainable mining practices and local power generation.

PayPal & EnergyWeb’s Incentive Program Bitcoin Miners Who Go Green:

• PayPal, in collaboration with non-profit EnergyWeb, has developed a clean energy validation platform aimed at monitoring and incentivizing less energy-intensive bitcoin mining operations, as part of efforts to mitigate the environmental impact of these activities.

• The platform rewards "green" bitcoin miners who utilize low-carbon energy sources, aligning with global efforts to reduce carbon emissions and combat global warming.

• This initiative addresses criticisms of bitcoin mining's significant energy consumption, which rivals the annual energy usage of Argentina and far exceeds the energy used by global corporations like Google.

  

  Source: Cointelegraph

Tether To Freeze Assets After Venezuela Looks to Bypass Oil Sanctions:

• Tether, the issuer of USDT, has committed to freezing addresses linked to sanctioned entities, responding to reports that Venezuela's state-run oil company, PDVSA, has been using the stablecoin to circumvent U.S. sanctions.

• According to a Reuters report, PDVSA has shifted its oil sales to Tether to avoid having its funds frozen in foreign bank accounts, as it navigates reimposed U.S. sanctions requiring the wind-down of transactions by May 31 due to lack of electoral reforms in Venezuela.

• The move to Tether is part of PDVSA's strategy to continue its oil exports, with the company now requiring prepayment in USDT and necessitating that new customers hold cryptocurrency in a digital wallet to conduct transactions.

Thunes To Boost US Footprint With Acquisition Of Tilia:

• Thunes, a B2B payments infrastructure firm, has agreed to acquire Tilia, a company that offers acceptance and payout services for online games and virtual worlds, to expand into the US online gaming market.

• The acquisition will allow Thunes to utilize Tilia’s technology and licensing across 48 US states to offer extensive card acceptance services including American Express, JCB, MasterCard, UnionPay, and Visa, and expand its real-time payment capabilities.

• Post-acquisition, Tilia will rebrand as Thunes and continue operating from its San Francisco headquarters, while Thunes will engage in a five-year partnership with Linden Lab, the current majority owner of Tilia, to provide enhanced payment processing solutions.

Marqeta & OakNorth Bank Partner to Enhance UK SME Banking:

• Marqeta, a modern card issuing platform, and OakNorth Bank, a digital bank tailored for entrepreneurs, have collaborated to bridge the funding and banking service gap for UK SMEs by introducing a bespoke commercial card designed to enhance financial management and stability.

• The partnership leverages Marqeta's robust technology platform, known for its flexibility and speed, allowing OakNorth’s SME customers to effectively manage their finances, including tracking and managing cash flow.

• OakNorth Bank contributes its expertise in commercial banking, offering products like deposit accounts and automated payment tools tailored to the unique needs of growing UK businesses, with the new commercial card providing customizable controls and a comprehensive financial overview to support business growth and innovation..

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