Ether

Bybit funds BitDAO with $134M and integrates Arbitrum

Working as a top-tier exchange platform devoted to crypto derivatives, Bybit has announced to contribute a whopping amount of $134 million to the BitDAO Treasury. The funds are contributed to the Treasury in the form of market-leading crypto tokens namely Ether (ETH), Tether (USDT), and USD Coin (USDC). In addition to this, Bybit has successfully facilitated the integration of the popular Ethereum layer-2 solution, Arbitrum, to its ecosystem to strengthen its core operability standards for users.

According to the report, Bybit’s investment in the BitDAO Treasury shows its confidence in the platform’s potential in supporting the DeFi cluster. Presently, BitDAO holds the status of one of the biggest decentralized treasury portals in the sector. The group recently provides financial assistance of $200M to zkDAO to support its development plans on zkSync and eventually enhance scalability for the Ethereum channel. With this contribution, Bybit has joined the list of prominent names backing the project like Founders Fund, Pantera, Dragonfly, Spartan, and Peter Thiel. BitDAO is one of the largest decentralized autonomous organizations (DAO) in the world. The group strives to create an open finance cluster fueled by a decentralized and tokenized economy. It is not an entity rather is a protocol governed by BIT token holders who are people willing to support the growing decentralized channel.

Bybit is proud to support https://t.co/GPkvYHJvAq. We have made a ~$134M contribution (in $ETH, $USDT and $USDC) to the @BitDAO_Official treasury, equivalent to 2.5bps of futures trading vol. between Nov. 1 and Dec. 31.

We pledge recurring contributions.

— BYBIT 🦍 (@Bybit_Official) January 27, 2022

The integration of Bybit with Arbitrum will allow the investors to enjoy seamless deposition and withdrawal of ETH, USDC, and USDT tokens within the Arbitrum ecosystem. The users will get a plethora of crucial advantages including reduced gas charges in comparison to that on the Ethereum mainnet, speedy throughput, and reduced latency supported by Arbitrum’s rollups. The co-founder and CEO of Bybit, Ben Zhou revealed that Arbitrum’s powerful decentralized, developer-friendly, and diverse infrastructure will help Bybit in providing innovative products and services to the industry.

The layer-2 solution was created to reduce the activity load on the Ethereum mainnet so as to offer enhanced scalability to the investors. The current total value locked on Arbitrum is $1.54 billion in value. The Bybit platform recently launched its native NFT marketspace where users can trade the digital collectibles using their Bybit accounts without linking their personal wallets for trading. The NFT market has grown significantly in 2021 with firms unveiling new innovative products to attract customers. The NFT marketplace launched by Bybit will help the users to indulge in a safe trading experience across the sector.

%post_title%

Blockchain Weekly Source

Hive Blockchain to mine more Bitcoin than Ether

Hive Blockchain, a public cryptocurrency exchange platform, hopes to create 670 BTC (Bitcoin) and 6,900 ETH (Ether) for the final monetary quarter ending on 31st December, witnessing a decrease and an increase from the past quarter, respectively.

In a Wednesday bulletin addressing its investors, Hive announced that from 1st October to 21st December, it has successfully mined 6,280 Ether. And presently, it is on the route to mine 65+ ETH on a daily basis for the remaining 2021. This estimates 6,900 Ether, addressing a drop of over 20% from the 8,688 Ether mined in between 1st July to 30th September. Although, Hive anticipates getting back into the flow and expects an increase of 2% quarterly in its Bitcoin production, from 656 BTC to 670 BTC.

According to Hive, this surge in Bitcoin has been driven by previously disclosed investments in new-generation miners and the development of our Bitcoin mining facilities. However, the current quarter decline in Ether production compared to the last quarter will be substantially affected by the average value increase of Ether by 45%. The increased mining of Bitcoin in the present quarter inflated by 35% in the price of Bitcoin in the quarter.

The Canadian crypto mining firm ascribed the slowing of ETH mining to an increase in the average difficulty of more than 16% in the current quarter, with a high on 7th December as additional projects entered the ecosystem. On the other hand, Hive also stated that the “high” ETH price had assisted the company in supporting mining operations as the difficulty grew.

As per the mining company, “Hive has a robust coin inventory of both Bitcoin and Ether, and we have a continual strategy to expand our inventory throughout 2022. As a result, we are no longer selling coins; instead, we are banking them till the New Year.”

Hive is operating in Sweden, Canada, and Iceland. It is well-known for its attempts to mine with a focus on renewable energy. In June, the company announced that it had acquired permission to list its shares on the Nasdaq stock exchange. At the time of publication, the shares were trading at $2.87, surging by more than 2% in the previous 24 hours.

%post_title%

Blockchain Weekly Source