Bitcoin is a legal tender in El Salvador, 56.000 hosted miners by Bitmain and BTC price drops 19%

Photo by Michael Förtsch on Unsplash

Bitcoin legal tender in first country in the world

As of this week, Bitcoin is officially legal tender in the very first country in the world. Last Tuesday, September 7, the time had come: the law went into effect in El Salvador. As a result, the cryptocurrency became a “legal tender”.

The government has distributed $30 worth of bitcoin to its population in the self-developed Chivo wallet. This app has two versions: one for businesses and one for individuals. With Chivo, El Salvadorans can receive bitcoin and dollars, and choose in which currency they hold the transaction.

The country has also already purchased 550 BTC worth ~$28 million to hold, President Bukele announced early this week.

McDonalds, Pizza Hut, Starbucks and reportedly fast food chain Denny’s have already integrated Bitcoin payments. All through different payment providers, from OpenNode to IBEX Mercado.

Bitmain to host 56,000 bitcoin miners in Georgia

Bitcoin mining hardware manufacturing giant Bitmain has entered into a bitcoin mining hosting deal with data center and power partners Bit5ive and ISW Holdings, which will house 56,000 units of Bitmain’s proprietary AntMiner equipment in the U.S. state of Georgia.

According to a statement on Wednesday, the entire mining fleet will be using 200 megawatts (MW) of capacity when fully deployed by October 2022. The firms said that the first 20 MW of capacity is expected to be up and running by next month.

Source: Chaintimes

Bitcoin drops 19%, causing $3,42 billions of liquidated positions

Yesterday, the Bitcoin price dropped 19% within a few hours. Unsurprisingly, because of this $3.42 billion worth of longs alone were liquidated — accounting for over 92% of all crypto futures positions.

Of those, Bybit took on $1.3 billion worth of liquidations alone. It was followed by Huobi ($836 million), Binance ($795 million), OKEx ($400 million), and Deribit ($115 million).

Give us a call on +372 602 6773 or email us at support@crypto2cash.com. Our members of staff are available between 9.00–18.00 CET to answer any question you may have, especially in regards to easily selling your crypto for fiat currencies.

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