Amid the coronavirus outbreak the US government comes up with financial stimulus, stock markets recovered, while blockchain remains the most promising industry during the lockdown. The week in review by BTCMEX.
Break’N Crypto - Fintech news by BTCMEX
US announced digital dollar plans
The beginning of the week was marked by the Federal Reserve of the US announcing the intention of buying an unlimited amount of Treasuries and mortgage-backed securities to keep markets functioning normally despite the economic downturn caused by the COVID-19 pneumonia outbreak. As BTCMEX reported before, the Fed had previously cut interest rates to balance the economy.
The legislation act drafted on Monday, March 23, suggested to create digital wallets for the US citizens governed by the Fed. At the same time, the Coinbase executive Brian Brooks leaves the company to serve as the US banking regulator, after his appointment at the US Office of the Comptroller of the Currency (OCC). The announcement was made by the US Treasury Secretary Steven Mnuchin.
Bitcoin mining news
The Bitcoin hash rate has dropped 45% from its 2020 highest peak. The network’s hash rate sank from 136.2 quintillion hashes per second (EH/s) on March 1 to 7.5.7 EH/s today, March 26, according to data provided by Blockchain.com. Coindance has captured the same trend. The hash rate difficulty relates to the number of calculations performed by the network per second. After the volatile month which resulted in Bitcoin price decreasing 60%, the hash difficulty followed with a decrease of almost 16%.
While the crypto community hosts discussions about the possibility for a number of miners to become unprofitable because of the upcoming Bitcoin halving, the Microsoft corporation suggested an alternative energy source for mining cryptocurrency. The company pattered the miming system that allows mining powered by… your own body!
The latest activity tracking technology makes it possible to convert the activity data into cryptocurrency through validation on a blockchain.
“For example, a brain wave or body heat emitted from the user when the user performs the task provided by an information or service provider, such as viewing an advertisement or using certain internet services, can be used in the mining process.” - says the document.
Silk Road Ulbricht’s letter from jail
“How will you spend the next seven?” - asks Ross Ulbricht in a heartwarming letter dated March 28, 2020, and written on the occasion of his birthday - seventh he spends in jail. Ross is the founder and creator of the Silk Road, who was accused of money laundering, computer hacking, and conspiracy to traffic narcotics.
The crypto marketplace Silk Road was intended to be a libertarian’s paradise, which went sideways.
“Silk Road was supposed to be about giving people the freedom to make their own choices, to pursue their own happiness, however they individually saw fit. What it turned into was, in part, a convenient way for people to satisfy their drug addictions.” - states Ross.
Blockchain feast at a time of… coronavirus
Despite crypto market drastic volatility and countless industrial losses caused by the COVID-19 worldwide lockdown, the blockchain industry remains thriving and profitable. Experts outlined earlier that the blockchain operations don’t require direct face-to-face contact and can be performed normally during the “work from home time”. The biggest mining pools located in Sichuan province in China are also reportedly functioning as usual.
Moreover, more and more countries all over the world are injecting funds in the blockchain projects as the technology of the future. During the time when the US announced the highest unemployment rate in history, the number of job openings in Fintech and blockchain-related projects has increased significantly over the last month.
The industry boom is the largest in the US, where crypto exchange Kraken has just opened 67 new positions, and East-Asia, where Binance landed its Shanghai-based research team this week.
Read further about the impact of the coronavirus outbreak on industries, stocks and crypto in BTCMEX Blog.
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