El Salvador continues to lead the Bitcoin (BTC) adoption drive as President Nayib Bukele announces the launch of Bitcoin City, which will be funded initially by $1 billion Bitcoin bonds.
The initiative was first announced by Bukele at El Salvador’s Bitcoin Week conference, which sought to celebrate Bitcoin’s mainstream adoption in the country and increase citizen participation.
"Pensé que teníamos que dar un anuncio grande en esta #BitcoinWeek. Así que hoy quiero anunciar que vamos a construir la primera #BitcoinCity", Presidente @nayibukele. pic.twitter.com/7yHQLyIjBx November 21, 2021
In Bukele’s words:
“In #BitcoinCity we will have digital and technological education. Geothermal energy for the entire city and efficient and sustainable public transport”
The development of Bitcoin City will see the proactive involvement of prominent crypto companies including cryptocurrency exchange Bitfinex and Adam Back’s Blockstream. According to Bitfinex CTO Bitfinex Paolo Ardoino, the exchange will support El Salvador’s Bitcoin City initiative by launching a securities platform to hold the Bitcoin bonds. He added:
“[The platform] will soon be home to many local and foreign digital assets offerings developing new digital asset regulation for the country! El Salvador, Bitfinex and Blockstream are making history together.”
A gubernatorial candidate from Venezuela has promised to offer scholarships for citizens interested to join the Technical Training Center for Mining and Administration of Digital Crypto Assets.
José Alejandro Terán, the aspiring governor who represents the country’s ruling party, started the initiative as a part of the La Guaira Digital program, which aims to fast-track growth and induce economic stability in the country.
As Cointelegraph Spanish reported, Terán’s training center will provide specialized training to the scholarship holders in nonfungible tokens (NFT), crypto mining and trading. Moreover, the drive will be supported by four entities, namely the National Superintendence of Cryptoassets (SUNACRIP), Axie Infinity Academy, the political group Independientes con Terán and the youth of the United Socialist Party of Venezuela (JPsuv).
In addition to the scholarship initiatives for learning crypto, the candidate for governor envisions the generation of “a thousand jobs” through this proposal:
“I feel that by helping young people build multiple sources we ensure economic stability for their families. 1000 jobs in a year, write it down!”
Terán also promised that the training, powered by Axie Infinity academy will include the installation and repair of networks and mining equipment and crypto trading. According to data sourced by Chainalysis, Venezuela stands as the seventh country in the Global Crypto Adoption Index.
New York-based crypto-mining service provider Foundry USA takes the lead to become the world’s second-largest Bitcoin (BTC) mining pool after taking up a 15.42% share of the network.
Data from BTC.com shows that Digital Currency Group-owned Foundry USA stands behind the pool leader AntPool by a hash rate of just 4,000 PH/s, which contributed to a 17.76% network share at the time of writing.
The rise in the participation of American entities can be attributed to China’s recent blanket ban on crypto trading and mining activities. The ban forced a large-scale migration of local Bitcoin miners, who now reside in crypto-friendly jurisdictions including the United States, Russia, and Kazakhstan.
According to https://t.co/1YRYr4QCmY, DCG's mining pool Foundry has become the second largest Bitcoin mining pool. China's severe crackdown on Bitcoin mining and the transfer of mining industry to the United States are the core reasons. https://t.co/VjtWgD9Hsp pic.twitter.com/XK9Y19QDrg November 20, 2021
Out of the top five mining pools in terms of hash rate distribution, Foundry USA earns the highest average mining rewards of 0.09418116 BTC (nearly $5,500) per block. According to the VP of Foundry USA, Kevin Zhang, "we redistribute the block reward to miners via a Full-Pay-Per-Share (FPPS) payout scheme, and our pool fees are actually 0%." American businesses have also picked up China’s slack in terms of crypto ATM distribution.
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