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Driven by cheap electricity prices and the potential for profit, cryptocurrency miners have expanded their horizons and set up operations in smaller localities across the world. Some residents embrace the potential for an economic boom. But others are starting to push back.
Another Gold Rush?
Nestled right between the Sea of Japan and the Ryohaku Mountains, the city of Fukui is not necessarily a tourist hotspot. But Fukui has started to become known across the world for another reason.
Cheap rental prices and inexpensive electricity have driven cryptocurrency miners to the seaside city. Some residents are hoping more will come set up shop.
On Wednesday, May 23rd, 2018 20:00 (SGT), we are planning to open the whitelist for an addition of 2000 applicants.
The KYC/AML procedure was recently opened for applicants interested in taking part in the Essentia ICO. Shortly after the announcement, we received more than 100,000 applications for the whitelist. Due to that fact we had to temporarily close the whitelist application.
Due to increased interest in the project and crowdsale, we decided to grant an additional time window to sign up for the whitelist and perform the KYC/AML procedure.
Investing in Bitcoin and cryptocurrencies has always been a rocky ride. Is the volatility worth it? ETF industry veteran and Bitwise executive Matt Hougan certainly thinks so.
Sometimes it’s easy to forget that those of us investing in Bitcoin and cryptocurrencies right now are still the early adopters — and the potential for significant gains down the road is massive.
Bitwise Asset Management Vice President of Research and Development Matt Hougan recently appeared on Bloomberg Markets to discuss leaving the ETF industry in favor of “going all in on crypto” — where he made some seriously bullish statements on Bitcoin’s and other cryptocurrencies’ long-term potential.
Unlike larger banks who are criticizing crypto, some smaller institutions in Switzerland, Germany and Liechtenstein are bucking the trend. They are are instead offering their clients opportunities to be a part of the digital currency revolution.
Big banks are losing out
Whether it be as a method to control the financial freedom that cryptocurrencies offer, or as a genuine way to introduce virtual currencies to the masses, regulation is on the increase.
While some major banks are declining crypto-related transactions, smaller institutions are of the opposite view. According to the Financial Times, Swiss private banks Vontobel and Falcon Bank, as well as Fidor Bank in Germany and Bank Frick in Liechtenstein, have rather embraced the industry by offering a range of crypto services.
“When one door closes, another one opens,” so the saying goes. This is particularly relevant in crypto land where digital doors open and close daily. China’s crypto mining clampdown last week has sparked an exodus from the country to friendlier climes, and India has seen an opportunity.
Cryptocurrency enthusiasts in India are being made offers to set up mining facilities according to reports. This has come despite the government’s still cautious stance on digital currencies. In recent weeks Indian banks have been flexing their muscles with crypto exchanges and clamping down on transfers for crypto trading.