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Mining news, including North Carolina’s attempt to temporarily restrict cryptocurrency mining, and the limits of AI bots whose boasts of enhancing cryptocurrency trading remain considerably overblown, dominated the crypto headlines this week.
Following recent developments on a Texas measure to limit the amount of electricity used by miners, North Carolina is asking for a break from cryptocurrency mining due to worries about noise and pollution.
Because the practice is not covered by current land zoning regulations, Buncombe County in North Carolina seeks to stop cryptocurrency mining. They want to establish cryptocurrency mining as a specific zoning use case before moving further.
The state joins Texas in questioning the practice of mining cryptocurrencies. The Texas Senate advanced the definition of how miners interact with the state’s electrical system on April 4. The Energy Reliability Council of Texas is forbidden by Senate Bill 1751 from paying substantial miners like Riot Platform to cut their energy use when supplies are scarce.
Tests this week showed that chatbots are restricted in their capacity to deliver real-time data, joining crypto mining in making headlines.
The ChatGPT said that its insufficient training prevented it from providing a correct response when questioned about the price of Bitcoin and other cryptocurrencies at the time. from it has only been trained on data from September 2021, the most expensive Bitcoin ever recorded was $64,000 in April of that year.
There are also restrictions with a new trading-focused AI tool that uses extensive language models to provide portfolio-specific guidance. The goal of Satoshi, as its creator FalconX has dubbed it, is to assist traders in finding the most affordable OTC or derivative agreements. Satoshi shares the same flaws as ChatGPT in that it lacks knowledge of crucial data on the institution’s trade books, which it uses as its information source.
Elon Musk recently purchased Graphics Processing Units to improve Twitter’s AI capabilities using comparable models, according to a recent article from Business Insider, despite his call to stop training AI tools using huge language models.
Using a dollar prefix to a stock’s sticker symbol, such as $MSTR, users may now search for stock price data on the social network. The new integration provides a “View on eToro” option to trade that instrument.
The move is a part of CEO Elon Musk’s strategy to make Twitter a super app that can compete with WeChat from Tencent.
In a filing earlier this month, it was discovered that Twitter Inc. had also ceased to exist at the same time as the merger with a new shell company called X Corp.
This week, Woo Network (WOO) came in second with a gain of 31%, followed by Crypto Coin News Render Token RNDR, which increased by 36%. Injective (INJ) came in second with a 30% increase, followed by Arbitrum (ARB) with a 30% increase. Enjin Coin (ENJ), on the other hand, dropped by 5.7%.
The future of El Salvador’s Bitcoin experiment will probably be shaped by political challenges, conflicts of interest, and an uncertain economic future across the Gulf of Mexico.
The country has been in the forefront of crypto adoption since accepting Bitcoin as legal money in September 2021, and tourism has increased by 30% as a result. Despite the country having more than one internet connection for every inhabitant, some impoverished individuals are still excluded due to a lack of knowledge of cryptocurrency. Mining companies may relocate if geothermal energy is used for cryptocurrency mining in order to allay environmental worries.
One of the key causes for El Salvador to accept Bitcoin as legal cash is the low percentage of cryptocurrencies in the world’s remittance industry, which is currently under 2%.
Other nations considering adopting a similar policy will learn from El Salvador’s success or failure in making cryptocurrency legal tender. Their choices could be influenced by the price of Bitcoin, which just crossed the $30,000 mark.
