Kategorie: Crypto News

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CleanSpark acquires Bitcoin miner GRIID for $155 million

  • CleanSpark announced on June 27 that it had acquired GRIID Infrastructure, a US-based Bitcoin miner for $155 million.
  • The company expects the all-stock deal to close in Q3, 2024 subject to GRIID shareholder approval and other customary requirements.

Bitcoin miner CleanSpark announced today that it has entered an agreement to acquire GRIID Infrastructure in an all-stock transaction valued at $155 million.

According to a press release the merger agreement also saw the two Bitcoin mining companies seal an exclusive hosting agreement for all of GRIID’s currently available power. 20 MW of this power will immediately be allocated to CleanSpark.

“We are looking forward to welcoming the GRIID team into the CleanSpark family and we are excited to apply the CleanSpark way, carefully honed alongside the communities we operate in Georgia and Mississippi, to GRIID’s impressive pipeline in Tennessee,” CleanSpark CEO Zach Bradford said in a statement.

CleanSpark eyes 400 MW by 2026

CleanSpark, which has closed other deals before, expects to build out its operations in Tennessee over the next three years. This should see the miner reach operational capacity it managed in Georgia over the same period.

“That achievement was to build out over 400 MW of infrastructure backed by valuable, long-term power contracts,” Bradford noted.

The miner targets surpassing 100 MW in Tennessee by the end of this year, 200 MW in 2025 and over 400 MW in 2026.

Deal expected to close in Q3

Per the announcement, CleanSpark’s acquisition of GRIID has already received unanimous approval from the Boards of Directors of both companies.

As such, they expect the deal will close in Q3, 2024. However, this is still subject to approval by GRIID shareholders as well as other customary closing conditions.

CleanSpark’s acquisition of GRIID comes as another Bitcoin miner Riot Platforms’ plans to take over Bitfarms hit a snag. In the latest development around the saga, Riot has reportedly decided to go for an overhaul of the Bitfarms’ board by taking up three seats.

The post CleanSpark acquires Bitcoin miner GRIID for $155 million appeared first on CoinJournal.

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Chainlink launches Data Streams product on Avalanche Network

  • Chainlink launches Data Streams on Avalanche to enhance real-time data access.
  • Data Streams introduces pull-based oracles for low-latency data retrieval.
  • The new product adds to the expanding range of Chainlink’s product offerings.

Chainlink has introduced an innovative product dubbed Data Streams on the Avalanche Network in partnership with GMX, a perpetual futures trading platform. This new product aims to revolutionize data handling for decentralized applications like GMX.

By leveraging Chainlink’s cutting-edge Data Streams, GMX will provide real-time, high-frequency market data essential for its decentralized futures exchange.

Chainlink’s Data Streams introduces a “pull-based” model

Chainlink’s Data Streams diverge from its traditional “push-based” oracle systems, which routinely update data onchain at set intervals or when specific parameters are met. Instead, the Data Streams product employs a “pull-based” model that retrieves offchain market data on demand with minimal latency.

The traditional push-based oracles are well-suited for numerous applications, but they can fall short in scenarios requiring rapid data updates. In contrast, the pull-based model of Data Streams ensures that data is verified onchain only when necessary, such as during the execution of a trade.

The pull-based approach is particularly beneficial for platforms like GMX, where traders require instant access to raw, high-frequency price data.

The new model not only enhances the speed and efficiency of data retrieval but also maintains the high-security standards essential for onchain finance.

Johann Eid, Chief Business Officer at Chainlink Labs, emphasized the advantages of this new technology stating that by offering unmatched speed and resiliency, Data Streams enable DeFi protocols to provide ultra-fast, high-throughput DeFi products while maintaining the high-security guarantees of onchain finance.

Chainlink is continually expanding its product offerings

The deployment of Data Streams on the Avalanche Network is part of Chainlink’s broader strategy to expand its product offerings across the blockchain landscape in 2024.

Earlier this year, Chainlink announced an integration with Celo to provide the Ethereum layer-2 network with its CCIP Interoperability Protocol.

Additionally, Chainlink’s Automation features and CCIP protocol were launched on the Gnosis network, enabling users to offload heavy computing tasks to the Chainlink network, potentially reducing gas fees by up to 90%.

Chainlink is also making strides in asset tokenization. A notable partnership with Arta TechFin, a Hong Kong-based asset management firm, was announced to tokenize real estate, a traditionally illiquid asset class. The partnership will lower transaction costs and unlock liquidity, making commercial real estate investment accessible to a broader range of investors.

The post Chainlink launches Data Streams product on Avalanche Network appeared first on CoinJournal.

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SOL price soars after VanEck files for Solana ETF

  • Solana (SOL) price rose more than 8% after news that asset manager VanEck had filed for a Solana ETF.
  • The VanEck Solana Trust is the first SOL exchange-traded fund application in the US.

SOL, the native token of the Solana blockchain, rose sharply on Thursday as the market reacted to news of VanEck filing for a spot Solana ETF.

According to data from CoinGecko, the price of Solana moved from a low of $138 to above $150, adding more than 8% in intraday gains.

Solana’s trading volume also spiked, increasing by more than 26% to over $2.8 billion.

VanEck files for Solana ETF

On June 27, VanEck, an asset manager that also offers a spot Bitcoin ETF and has its spot Ethereum ETF on the verge of trading debut, made history as the first firm in the US to file for a Solana exchange-traded fund (ETF).

The firm filed for its VanEck Solana Trust with the US Securities and Exchange Commission (SEC), noting in a statement that the company believes SOL to be a commodity as are BTC and ETH.

“SOL’s decentralized nature, high utility, and economic feasibility align with the characteristics of other established digital commodities, reinforcing our belief that SOL may be a valuable commodity with use cases for investors, builders, and entrepreneurs looking for alternatives to the duopoly app stores,” Matthew Sigel, VanEck’s head of digital asset research, said in a statement posted on X.

The community’s reaction suggests this could be another positive development in the crypto space. SEC’s approval of BTC ETFs in January and the recent not to spot Ether ETFs have analysts pointing at a maturing crypto ecosystem.

Recently, the firm 3iQ became the first to file for a Solana ETF with an application in Canada.

The post SOL price soars after VanEck files for Solana ETF appeared first on CoinJournal.

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Solana rolls out new features for trading Crypto on regular social media apps

  • Solana rolled out the Blinks and Action feature, allowing users to buy crypto, tip vendors, and transact directly on the blockchain from regular websites and social media apps.
  • The Solana Foundations says “Actions” will allow developers to integrate Solana ecosystem transactions into regular websites and apps.

The Solana Foundation, in collaboration with Dialect, an on-chain smart messaging protocol, built “Actions and Blinks” (also called “Actions”), a set of features that allow users to interact with the Solana blockchain directly from a website,  popular social media applications, or QR code.

The feature aims to bring Solana closer to everyday users by allowing developers to integrate virtually all transactions into websites and applications that regular people already use.

Actions and blinks on Solana allow any website and application on the internet to be a distribution point for on-chain interactions – furthering the goal of mainstream adoption,” said Jon Wong, the Solana Foundation’s head of ecosystem engineering.

“From your X feed, you can buy an NFT, tip a creator, receive money, vote, stake, swap, and so much more,” says Chris Osborn, founder of Dialect.

Popular Solana wallets like Phantom and Backpack will immediately support the new features, while others can integrate by following the instructions in the chain’s developer documentation.

Applications like Telegram trading bots, which simplify the on-chain trading process, have been successful and serve as a reference for the viability of features that plug into Web2.

While Solana is not the first to roll out extended blockchain functionality on social media, it is the first to plug directly into Web2 social media.

The post Solana rolls out new features for trading Crypto on regular social media apps appeared first on CoinJournal.

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Maker price surges 7% amid $1.35 million audit contest

  • Maker price rose more than 7% to lead altcoin gainers alongside Kaspa and Injective.
  • Gains for MKR came as new upside momentum emerged amid a massive $1.35 million Endgame audit contest.
  • MakerDAO said in a recent post that blockchain security platform Sherlock will the host the bug hunt contest from July 8 to August 5, 2024.

Maker (MKR) price is up on the day as the cryptocurrency alongside Kaspa (KAS) and Injective (INJ) post top gains among the leading 100 cryptocurrencies by market cap.

CoinMarketCap data shows the MakerDAO governance token’s price has increased 7% in the past 24 hours.

On Wednesday, MKR traded to lows of $2,335. However, a significant uptick in buying pressure has seen it surge past the resistance at $2,400 to reach intraday highs of $2,561 on Thursday morning.

As of writing, Maker has a 24-hour trading volume of over $116 million, with this rising 47% in this period. Meanwhile, the market cap has increased 7% to over $2.3 billion.

Why is MKR price surging today?

While most of the altcoin market continues to battle downside pressure, Maker appears to have benefited from a new dose of optimism after a major announcement by MakerDAO on Tuesday.

That had to do with the official launch of the Endgame audit contest, a bug-finding contest that will see participants earn from a massive $1.35 million rewards pot. In the announcement, MakerDAO said the contest will be on blockchain security platform Sherlock.

“DeFi builders are invited to participate in the largest bug-finding contest in the space, with a total of 1,350,000 DAI in rewards,” the Maker team said in a post on X.

Sherlock calls this “the biggest audit contest ever”.

According to MakerDAO, the contest targets a community collaboration towards enhancing the blockchain platform’s security for Endgame products ahead of Maker’s Launch Season. The bug-hunt will run from July 8 to August 5, 2024.

MKR reached its all-time high price of $6,292 in May 2021.

The post Maker price surges 7% amid $1.35 million audit contest appeared first on CoinJournal.