Industry News & Trends: Bitcoin Perseveres, New Geothermal Farm and More
In the past month, we saw a lot of talks regarding Bitcoin, its regulation and its legality. On one hand, it was revealed that the United States was thinking of passing crypto-unfriendly bills that could suppress the development of the industry, and on the other, China came out with a ban on all cryptocurrencies — including Bitcoin.
While some experts were expecting the price of Bitcoin to fall due to a successive series of bad news, the reality was far from that case. Throughout the September storm, Bitcoin resisted the challenges thrown its way, barely falling below $40,000 during this timeframe. When things calmed, however, the price began to climb back at an impressive pace, bringing about an air of optimism and hope.
El Salvador President Teases New Geothermal Bitcoin Farm
In a Tweet posted on September 28, the president of El Salvador Nayib Bukele shared a 25-second video teasing the country’s volcano-powered Bitcoin farm. The video reveals some of the ins and outs of the facility that presumably generates the geothermal energy, as well as a series of mining rigs neatly stacked next to one another.
One of the biggest criticisms against Bitcoin is its energy usage, which while high, is what keeps the network decentralized and secure. Since Elon Musk raised this particular issue earlier this year, miners have been looking for greener solutions for the Bitcoin mining process, and one great means that checks all the boxes is geothermal energy.
NFT Volume and Market Cap Go Opposite Directions
Similar to the crypto market, the NFT market was also in a weird state. This past month, according to CoinMarketCap, NFT trading volumes had decreased by over 30%, whereas their market cap grew by a whopping 60% in the same timeframe.
This may be due to the ongoing adoption of NFTs as more and more establishments, celebrities and IPs enter the field to utilize the ever-expanding use cases of non-fungible tokens to sell a wide array of products and services.
In MozikNFT News
Complementing the launch of the MozikNFT platform, the Cadenza Collection was released in the month of September; serving not only to enrich the Mozik ecosystem but also to inspire creativity and enable the desire to explore the uncharted territories of music.
With hope and optimism being reignited into the industry, and with NFTs surging in popularity and adoption, MozikNFT sets its sights on artists from all around the world to deploy their music as NFTs onto its platform.
Mozik is a decentralized music NFT platform aiming to build a healthier and fairer music ecosystem. Through the decentralized NFT platform, Mozik adopts blockchain technology to register earnings through music copyright, super-star IP, and IP derivatives on-chain. All the participants in the music ecosystem, including creators, publishers, customers, and fans can fairly participate. Through Mozik’s platform, artists will be incentivized to create more and better quality music. With lowered publishing costs and higher engagement from music fans, all participants can share in the rewards, and create a healthier and fairer music ecosystem.