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Saudi Aramco Denies Rumors of Entering Bitcoin Mining
Oil mining giant Saudi Aramco has denied the rumors that it allegedly plans to enter Bitcoin mining.The rumours spread after a Brazilian Bitcoin miner referred to ongoing negotiations with Aramco. The company claims the reports are “completely false and inaccurate.”
The State-owned Saudi Arabian oil company is the world’s largest oil producer and 3rd biggest firm. The company produces vast amounts of flared gas, a byproduct of oil production.
This gas could potentially be turned into energy to mine Bitcoins.
Russia’s Gazprom (MCX:GAZP) Neft, a branch of the state-owned Gazprom energy corporation, has been using excess gas to power BTC mining since January 2021. ExxonMobil’s CEO, Jim Cramer, stated that the company may use flared gas to mine Bitcoins 5 month ago.
Flipsider:
USDT is Losing its Stablecoin Market Share as USDC Steps on Its Toes
Tether has been the primary stablecoin since its launch. Until the beginning of 2018, it remained the only stablecoin to be widely used, obtaining almost 100% of the market share.
According to data from the Block, the asset’s share has reached a historic low of 57.39%. Tether’s main competitors are USD Coin (USDC), Binance USD (BUSD), and Dai, whose shares are 24.41%, 10.83%, 4.99% respectively.
The coin’s decline may have been influenced by the recent legal scuffle and Circle’s announcement to go public via a SPAC deal, the company that issues Tether’s main competitor, USDC.
Flipsider:
Binance Strengthens its KYC Policies
Binance has made KYC changes to its verification rules. For those who are unaware, KYC is the abbreviation for “Know Your Customer,” a client verification tool used by companies which require identity checks.
As a result, after August 4th, users with only basic account verification will be unable to withdraw more than 0.06 BTC per day. In order to increase the daily withdrawal limit to as much as 100 BTC, users will have to complete the full identity verification process.
The change was made to patch a loophole used by hackers to launder money.
Flipsider:
Altcoins’ Monthly Records: Ethereum, Polygon, Filecoin
Flipsider:
CryptoPunks’ NFTs Lost to Discord Scam Bot
An NFT holder lost $385,000 worth of CryptoPunks NFTs to a scam bot in Discord. The victim fell after the Discord scam bot offered the ability to win CryptoPunks’ NFT avatars.
The bot then linked to a fake Metamask wallet, claimed that it’s security was compromised and asked for seed phrase to restore access. The scammers emptied the victim’s Metamask and soon after sold 5 CryptoPunks NFTs for $385,000.
CryptoPunks is a highly valued project in the NFT space. A rare example of CryptoPunks work is currently selling for $90.5 million.
Flipsider:
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