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

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

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

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).

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