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Weekly Crypto News: racing hashrates and more Bitcoin in El Salvador

Weekly Crypto News: racing hashrates and more Bitcoin in El Salvador

A lot happened again last week in the crypto world. Haven't kept up with everything? No worries, we'll keep you updated in our weekly news summary!

New record for Bitcoin: hashrate continues to rise

For the fifth month in a row already, Bitcoin's hashrate has risen. This means that every month there is more and more guessing on the network, or in other words that the activity on the network is increasing. This may be because in January, Bitcoin started with Bitcoin Ordinals: these allow NFTs to be launched on the well-known blockchain.
However, it is expected that after this constant rise, this will be followed by another fall. As the hashrate has increased, so has the difficulty rate. Because the Bitcoin blockchain uses a timeframe of 10 minutes to create a new block, this can be compromised with a higher hashrate because that would mean there is a greater chance the nonce will be guessed earlier. For this reason, the difficulty level automatically increases so that those ten minutes can still be guaranteed. Without this ingenious system, all 21 million Bitcoin would probably have already been on the market.

Oracle Red Bull Racing enters partnership with SUI Network

Red Bull Racing's well-known Formula One team has announced a partnership with SUI Network. This involves a multi-year contract with Mysten Labs, which supports the SUI Network. Red Bull plans to build on Sui's layer-1 blockchain and smart contract platform, making Sui the official blockchain partner of Oracle Red Bull Racing. According to the successful racing team, Sui brings a wide range of digital experiences available worldwide, allowing fans to engage with Oracle Red Bull Racing in innovative and unique ways. Also, according to the CEO of SUI Network, this partnership allows them to showcase the "unique power" of blockchain.

El Salvador sets up large-scale Bitcoin mining project

The government of El Salvador has formed a close partnership with Volcano Energy, which will set up a large-scale Bitcoin mining project. In doing so, they plan to make full use of renewable energy, both solar and wind. The first investments are already pouring in: over $250 million has already been raised to make it happen. According to estimates, the project will be one of the 20 largest Bitcoin mining operations worldwide. The plan is to launch this project in the Metapán region of the Central American country. One of the major investors is Tether, issuer of the USDT stablecoin. How much they have invested is not clear. Tether has said it wants to play a major role in the development of renewable energy sources and the growth of the crypto mining sector. Tether has also already invested in a crypto mining project in Uruguay, a country in which a lot of energy is already generated in a sustainable way.