Crypto News Recap: Disparities in Mining Costs

Subscribe Subscribe ALBAWABA- This week's crypto recap featured significant developments across the industry. Bitcoin mining costs highlighted global disparities, ranging from Italy's $208,560 to Lebanon's $266 per Bitcoin. PayPal advanced its services with the Cryptocurrencies Hub, streamlining buying, selling, and payments involving cryptocurrencies like Bitcoin. In tandem, Abu Dhabi's ADGM authorized M2 to operate a multilateral trading facility, reinforcing the UAE's dedication to fostering a strong virtual asset sector. Bitcoin Mining Costs: Wide Disparities Globally A recent CoinGecko report highlighted stark global disparities in household electricity costs for individual Bitcoin miners. Italy incurs the highest expense, spending $208,560 to mine one Bitcoin, while Lebanon's cost is 783 times lower at $266. Only 65 countries are profitable for solo miners based on electricity expenses; 34 are in Asia, and five in Europe. The average global household electricity cost to mine one Bitcoin is $46,291.24, exceeding July 2023's average BTC price of $30,090.08. Despite these differences, Binance CEO CZ remains cautious, suggesting feasibility and logistical factors might impact mining potential in countries with low electricity costs. PayPal Enhances User Experience with Cryptocurrencies Hub for Buying, Selling, and Payments PayPal has revised its terms and conditions to introduce the Cryptocurrencies Hub, enabling users to hold and engage with various cryptocurrencies, including Bitcoin, within their PayPal accounts. This service permits the buying and selling of cryptocurrencies and using the proceeds from crypto sales to make payments via PayPal. This addition follows closely after PayPal's introduction of the dollar-pegged stablecoin PayPal USD (PYUSD). The Cryptocurrencies Hub will play a vital role in converting between PYUSD and other crypto assets, catering to selected users. Abu Dhabi Grants Regulatory Approval to M2 for Virtual Asset Trading Platform Launch The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) has given the green light to virtual asset firm M2 to operate a multilateral trading facility from the UAE capital. This regulatory approval enables M2 to provide institutional and retail clients in the UAE with the capability to buy, sell, and securely store virtual assets such as Bitcoin and Ethereum. The M2 platform, set to launch later this year, aims to establish trust, security, and integrity in the virtual asset sector, offering services that include cryptocurrency purchases, derivatives, and yield options. The ADGM's comprehensive regulatory framework continues to attract cryptocurrency-related businesses, positioning the UAE as a global leader in this space. Subscribe Sign up to our newsletter for exclusive updates and enhanced content Subscribe Now Subscribe Sign up to get Al Bawaba's exclusive celeb scoops and entertainment news Subscribe to our newsletter for exclusive updates and enhanced content Also Read Bebe Rexha to Release New News Regarding Her Next Project Subscribe