Connect with us

CryptoCurrency

Mining Bitcoin In The Congo And Beyond: The Journey Of BigBlock Datacenter’s Sébastien Gouspillou

Published

on

Mining Bitcoin In The Congo And Beyond: The Journey Of BigBlock Datacenter’s Sébastien Gouspillou

Listening to Sébastien Gouspillou share stories from the past eight years of his international life as a Bitcoin miner, it’s difficult to believe he’s telling the truth.

Each of his tales come across as works of fiction in which he, often compelled by little more than blind faith and a desire to utilize cheap energy for Bitcoin mining, comes out on top after struggling through soul-shaking trials and tribulations.

And what’s perhaps most mystifying is that he tells many of these stories while smiling from ear to ear, beaming with a certain radiance that comes from having an indefatigable spirit (except for when he tells parts of the stories where others are hurt, wronged or killed; at those points he grows somber).

To quickly provide an overview of his journey, since 2017, the 55-year-old citizen of France and co-founder of BigBlock Datacenter, a Bitcoin mining company, has traversed the planet. From former Soviet states to Africa to The Middle East to South America, he’s been in search of stranded energy for this company’s operations, witnessing both the best and worst of what humanity has to offer in the process.

Advertisement

Gouspillou has become most well known for helping to establish a Bitcoin mining facilities in Virunga National Park in the Democratic Republic of the Congo (DRC), where some of the operation’s proceeds have gone back to both the park for its conservation efforts as well as to bettering the the lives of those in communities that surround the facilities.

Gouspillou has also seen how Bitcoin mining is furthering efforts to electrify rural Africa. After what he’s seen on this front, he believes that we cannot live in a world without Bitcoin mining at this point because “it’s just too useful,” as he puts it.

But Gouspillou hasn’t always been a Bitcoin believer, nor a successful entrepreneur. Before finding Bitcoin, his professional life was more run-of-the-mill, as he held a number of salaried positions in a handful of fields that seemed notably less exciting than running Bitcoin mining operations in some of the most off-the-beaten-path regions of the world.

Gouspillou’s Life Before Bitcoin

Before falling down the proverbial Bitcoin rabbit hole in 2015, Gouspillou had a number of different jobs ranging from working for a real estate developer to working for a forestry company in Asia to importing dry cleaning machines for companies as big as Euro Disney.

Advertisement

“I’m not a scientist or an engineer,” Gouspillou told Bitcoin Magazine.

“I’m a businessman, and my training is in marketing and sales. It was hard for me to understand Bitcoin at first,” he added.

He first heard about Bitcoin in 2010 when his childhood friend and now co-founder of BigBlock Datacenter, Jean-François Augusti, began mining it.

Gouspillou dismissed his friend’s efforts back then; he felt Augusti was wasting his time mining bitcoin.

Advertisement

Five years later, though, Bitcoin piqued Gouspillou’s interest, and he spent most of 2015 researching it. Toward the latter part of that year, he approached Augusti with a new perspective on Bitcoin and proposed that they start mining together.

Shortly thereafter, the two set up amateur operations in a small industrial space they rented. And by June 2017, they had moved their operations to a former Alcatel (a former French telecommunications equipment company) factory Orvault, a small town outside of Gouspillou’s home town of Nantes.

The Early Days Of BigBlock Datacenter

At this point, Gouspillou and Augusti had formally incorporated BigBlock Datacenter and began receiving funding from outside investors.

The facility in Orvault was their first operation, while the second one was in Odessa, Ukraine. What the two locations had in common was access to cheap power.

Advertisement

In Odessa, Gouspillou and Augusti had a container with 200 S9 ASIC miners that they maintained on their own.

“The operation was very small compared to what we have now, but, at that moment, it was very big to us because we were alone to do the work,” recalled Gouspillou.

Aside from the technical challenges that came with learning how to operate a bitcoin mining farm, Gouspillou and his partner ran into other hurdles, as well.

“It was very difficult to work in Ukraine at that time, because people in Europe and in the banks used to say, ‘Are you crazy? It’s a terrorist state — there’s only mafia in this country,’” recalled Gouspillou.

Advertisement

As it turned out, the bad guys in the country didn’t just include members of the mafia but corrupt government officials, as well.

“We had big issues with the government, particularly the Secret Service, the SBU,” said Gouspillou.

“They came one day to seize our farm, and we got shut down for three months. We negotiated and gave them eight bitcoin. That was the price to let us work,” he added.

“Soon after we reconnected the ASICs, though, it was too late. The price of electricity had doubled. So, we left to go to Kazakhstan by 2018.”

Advertisement

Gouspillou and Augusti were two of the first foreigners to begin mining in Kazakhstan. They set up shop on the same lake as Valery Vavilov, founder and CEO of Bitfury, and his team and mined there before falling victim to another shakedown.

“We lost a lot of machines in Kazakhstan,” said Gouspillou.

“The mafia took the machines, and then they sequestered me overnight after a meeting and asked me to buy the machines back from them,” he added.

“Between this and the price of bitcoin crashing in 2018, I lost 20 kilograms in one year.”

Advertisement

Gouspillou and his partner left Kazakhstan soon after to set up a small operation in Siberia, Russia (which has become even smaller in recent years).

Gouspillou remembers well the toll that all of this took not only on him but on his family, as well.

“My wife said, ‘Why don’t you change your work? Why don’t you return to a normal job? Your fucking bitcoin is destroying us,’” he recalled.

“I was in my late 40s, not very young, and maybe it was not the right moment to be taking so many risks,” he added.

Advertisement

“But I didn’t want to stop. Jean-François and I continued to be very confident about the price of Bitcoin rising again one day.”

Opportunity In The Congo

By 2019, rise again it did, alleviating some of Gouspillou’s financial pain in the process.

“The price saved us because we had the capacity to pay back our investors for some ASICs we lost because of the mafia,” said Gouspillou.

Gouspillou and Augusti were able to buy a new fleet of ASICs while the price of the machines was very low, which helped to make their operations very profitable moving forward, especially as the 2020 bitcoin bull run accelerated.

Advertisement

And the winds of fate really shifted when Gouspillou first met Prince Emmanuel de Merode of Belgium, a conservationist and anthropologist who works to protect Virunga and establish peace in the DRC.

“In 2020, he asked me to create a mining farm in Virunga,” said Gouspillou.

“It was the best moment of the life of the company, because we became profitable on our facilities around the globe and well-known when we took this opportunity in Virunga,” he added.

“Before Virunga, we were mining. With Virunga, we implemented mining that was socially useful.” (More on how mining in Virunga is “socially useful” later in the piece.)

Advertisement

Gouspillou in Virunga National Park. Photo courtesy of Sébastien Gouspillou.

This isn’t to say that starting the farm in the Congo was easy, though.

Gouspillou described how there’s been fighting in this region long before he and Augusti brought their first container of ASICs there, and the fighting has only intensified since.

“I am supposed to go to Virunga next week, but I have to wait because there is a deep war in this region at the moment,” explained Gouspillou.

Despite the conflict, Gouspillou, Augusti and the two other team members that founded the Virunga farm have had notable success in the region. They started with two containers filled with 700 ASIC S9s. These machines have been powered by hydroelectric energy from a plant on the Luviro River, close to Ivingu, since that time.

Mining bitcoin with a low cost of electricity in the region quickly made the operation profitable, which not only made Gouspillou’s investors happy but Prince de Merode, as well.

Advertisement

Prince de Merode had invited Gouspillou and his team to Virunga to aid his work in preserving the park. The arrangement looked like this: Initially, Gouspillou and his team brought in two containers — one owned by BigBlock Datacenter and one owned by the park. BigBlock Datacenter paid the electricity costs for their container but managed both. (Now, there are 10 containers in the park, seven owned by BigBlock Datacenter and 3 owned by the park.)

The profits from the bitcoin mined by the park went/go to the park to help preserve it. The mining farm also began employing locals who would otherwise have to resort to burning trees in efforts to produce coal that they could sell.

The benefits of establishing this plant in the region are illustrated in a short documentary Gouspillou showed at Adopting Bitcoin El Salvador 2023 (1:29-7:05 in the following video):

Advertisement

More recently, Gouspillou and his team realized that they could use the heat produced from the mining to dry fruits as well as cocoa beans, which are used to make chocolate.

While the mining farm currently employs 15 people full time, the fruit and cocoa drying efforts have created another 50-60 part-time jobs for those living around the farm. Gouspillou sees the potential for these operations to scale up in the near future.

“With the fruits, we can imagine creating 100 to 300 jobs for people,” he said.

Advertisement

But in the breath after Gouspillou discussed the potential in the region, he also touched on the hardships, some of which have both been heartbreaking and have made scaling difficult.

Hardships

Since the onset of operations in the DRC, Gouspillou has lost a number of team members to both violence and acts of God.

One young man named Moise was killed and washed away in what Gouspillou described as “a rush of water that came down from the mountains.”

A photo of Moise, who lost his life in during the flooding of BigBlock Datacenter’s Virunga farm. Photo courtesy of Sébastien Gouspillou.

The flooding of the BigBlock Datacenter Virunga farm. Photo courtesy of Sébastien Gouspillou.

The aftermath of the flooding of the BigBlock Datacenter Virunga farm. Photo courtesy of Sébastien Gouspillou.

(Gouspillou and his team also had to repair the many ASICs that were damaged during this event, many of which were new S19s.)

A container filled with miners embedded in the earth after the flooding. Photo courtesy of Sébastien Gouspillou.

Post-flood damage to the farm. Photo courtesy of Sébastien Gouspillou.

Then, in another tragic event just six weeks later, members of his team were ambushed, resulting in five deaths.

He described the situation mournfully:

Advertisement

“When the team members leave the farm to go back home, one of their options is to take a plane from the park,” he began.

“But sometimes they don’t have enough gas or kerosene, so we have to take a car 30 kilometers to get to a small airport in the jungle, and the road we have to take is dangerous,” he added.

“One of our technicians, the wife of the cook at the farm and the three others in the car were killed by the Mai-Mai (a rebel group in the region).”

Gouspillou and his team took these deaths hard. The technician, a young man named Jones who was also a manager at the farm, had been with the team for four years.

Advertisement

“He started at the lowest level and in three years became the boss of the farm,” said Gouspillou.

“We were very close to him. I knew him very well since the beginning; I hired him,” he added.

What is more, Prince de Merode has lost upwards of 30 rangers from his team that protect the farm due to violence over the course of the four years the farm has been up and running (and 200 since Prince de Merode has been the head of the park).

The violence is something that never gets easy to deal with, according to Gouspillou.

Advertisement

“You have something like 300 different gangs in the region,” he said.

“When we started in 2020, Emmanuel told us it had gotten calmer as compared to previous years. However, since then, it’s gotten worse every year,” he added.

How Bitcoin Mining Transforms Regions In Africa

Despite the challenging circumstances, Gouspillou remains optimistic. He’s seen the positive effects Bitcoin mining has had not just in the DRC, but next door in the Republic of the Congo, where Gouspillou and his team now operate, as well.

BigBlock Datacenter has built one of their newest facilities in Liouesso, a town in the north of the country. In this region, there’s hardly any industry, in part due to a lack of electrification, but that’s changing due to the mining operations.

Advertisement

“When you give money to the producer of electricity, you change the life of a region,” Gouspillou explained.

“In the town, they have a 20 megawatt power plant, but they only use two to three megawatts to feed the town. So, we built a 12 megawatt farm there,” he added.

“For the electricity provider, this is very important. We are a big client for him. He can now pull the lines to bring electricity to some small village because he has some money.”

The effect that Gouspillou described is the same as what’s happening in Kenya, Botswana and Malawi, the countries in which Gridless, another Bitcoin mining company, operates. Like BigBlock Datacenter, Gridless purchases excess power from hydroelectric power plants in rural Africa, giving energy providers a new stream of revenue, allowing them to expand their operations further into the countryside. This process gives some African communities access to electricity for the first time.

Advertisement

Gouspillou described how it’s virtually a no-brainer to take advantage of this excess power, as many hydroelectric plants in Africa are built to produce more power than they’re capable of dispensing.

“You have so many big hydro power plants, and they don’t have the lines to distribute this electricity,” said Gouspillou.

“In Cameroon right now, a big dam built by EDF (Électricité de France, France’s national power company) produces 80% more electricity than it distributes,” he added.

“When you create a big power plant, it’s normally too big — wherever you build it — because there’s no benefit to building too small. Building a 200 megawatt plant costs doesn’t cost double what building a 100 megawatt plant costs.”

Advertisement

Gouspillou went on to describe how he advised Nemo Semret, the first Bitcoin miner in Ethiopia, who now helps oversee the country’s large-scale, state-sponsored mining operations.

“I gave him some advice on how to make mining containers four years ago, and now the country is mining with 600 megawatts,” Gouspillou said. “There’s huge potential for expansion there, too.”

Beyond furthering the electrification of rural Africa, Gouspillou’s mining efforts are having other notably positive impacts on their surrounding communities, as well.

Community Impact

BigBlock Datacenter’s new farm in Liouesso currently employs 15 full-time technicians and 10 service staff including cooks, assistants, laundry staff, cleaning and grounds maintenance staff and drivers. And it plans to launch operations for fruit drying in the second half of 2025.

Advertisement

“There we have enormous drying capacity: enough to employ over 100 people,” Gouspillou noted.

More than providing community members with jobs, though, Gouspillou and his team have made other investments in the community.

A number of employees for the main farm in the DRC have children who attend a school in the region, which is five kilometers from the farm’s camp. BigBlock Datacenter has provided a Toyota bus to ensure school bus service since the first set up operations there.

The children and teachers once walked this distance every day.

Advertisement

To help lessen this burden, Gouspillou first lent the community members his car so that they could drive the distance instead of walking it. And, more recently, he’s brought in a bus to help transport the community’s residents to and from the school in larger numbers.

Furthermore, BigBlock Datacenter has also made improvements to the school itself.

“They did not have electricity in the classrooms, so we installed it,” said Gouspillou, who added that they’ve also financed the repainting of the school.

“These are very cheap investments and they make a big difference for the teachers and students,” he added.

Advertisement

Translation: “Today, a visit to the primary school. There is joy.”

Gouspillou contextualized his contribution by sharing that other companies that have come to the region have made similar investments for selfish purposes, seemingly trying to downplay his contribution.

“Oil companies do it, too, because they have to compensate for the pollution they create by doing good deeds,” he explained.

Advertisement

The difference with BigBlock Datacenter is that it doesn’t burn gas or pollute the environment. It mines bitcoin using renewable energy. So, as I understand it, Gouspillou and his team are giving back because they think it’s the right thing to do.

It became clear to me that he’s developed deep bonds with the team members originally from the region as he shared a story about two of them who’ve done extraordinary work. Gouspillou refers to these two team members, Patrick Tsongo and Ernest Kyeya, as two of “the real heroes from Virunga.”

Ernest Kyeya (L) and Patrick Tsongo (R). Photo courtesy of Sébastien Gouspillou.

“Ernest has been the manager of the Virunga farm, and Patrick his second in command,” said Gouspillou.

“We employed them four years ago when they were 23 years old. Now they have the capacity to create a farm. They have the capacity to repair ASICs, which is valuable because even if our machines are under warranty, we can’t send them back because the chances they will get stolen in transit are high,” he added.

“They have the capacity to repair all kinds of issues. I think they are the best technicians in the mining world now.”

Advertisement

Ernest and Patrick are now launching the new farm in the Republic of the Congo, and they recently left the DRC for the first time in their lives to do so.

“Three months ago, we went to Pointe-Noire, a port by the sea in the Republic of the Congo, and it was the first time they saw the sea,” said Gouspillou. “They’re so grateful.”

Gouspillou also mentioned that they’ve become tried and true Bitcoiners, as BigBlock Datacenter has given them a bitcoin bonus each year, some of which they’ve held onto and used as it’s appreciated.

“At the beginning, they used to sell it,” said Gouspillou.

Advertisement

“However, they recently bought land with the bitcoin they’ve saved. So, now they’re crazy about Bitcoin. They love it,” he added.

The Future Of BigBlock Datacenter

Moving forward, Gouspillou and his team plan to continue to expand their operations globally.

They currently have mining projects in five African countries as well as others in Paraguay (where Gouspillou says it’s difficult to work because of the mafia presence in the country), Finland, Oman and the small one in Siberia they started years ago.

“We were the first miner in Oman, and I was the guy who convinced the government to start mining,” explained Gouspillou. “We started with two containers, and now the country has big miners with facilities that can mine with up to 300 megawatts.”

Advertisement

They also moved their headquarters to El Salvador six months ago, where they are incorporated as BigBlock El Salvador.

BigBlock Datacenter has moved their headquarters to El Salvador.

While Gouspillou and his team can likely expand anywhere from here, he shared that he prefers to focus on growing their operations in Africa, as he is most excited about what his team is working on in the Republic of the Congo right now.

Toward the end of my interview with Gouspillou, when I asked him how it feels to see his company grow to the point it has after starting the process in his late-40s, he chuckled before responding with the following:

“Maybe I was a little bit too old, but we had time to build something solid. Now, it’s only pleasure with this business.”

Advertisement

Source link

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

CryptoCurrency

What Is Byte Crypto – Coinlabz

Published

on

What Is Byte Crypto

Byte Crypto is a digital currency that has gained attention for its innovative technology and unique features within the cryptocurrency realm.

Unlike more prominent cryptocurrencies, Byte Crypto has been quietly establishing itself in the market. Its technical design and functionalities have piqued the interest of many observers.

As we examine Byte Crypto further, it becomes evident that its potential for growth is a topic of discussion within the cryptocurrency community. The opportunities it presents in the digital currency landscape are being closely monitored.

Byte Crypto’s distinct characteristics and its approach to addressing various challenges in the industry contribute to its standing as a noteworthy player in the market.

Advertisement

By analyzing Byte Crypto objectively, we can appreciate its position as a promising contender in the digital currency sector. Its evolution and adaptation to the changing dynamics of cryptocurrency underline its relevance and potential for further development.

Key Takeaways

  • Byte Crypto is a meme token inspired by popular culture and Elon Musk, reflecting the Grok AI project.
  • It operates on a zero-tax policy and emphasizes a community-driven approach, promoting transparency and ecosystem support.
  • Investors can buy Byte Crypto on decentralized platforms like Uniswap V2 or centralized exchanges like Bilaxy, benefiting from its unique utility and potential value appreciation through token burning.

Byte Launch

Byte Launch is a meme token that incorporates elements of popular culture into the cryptocurrency space.

Known for its zero-tax policy and community-driven approach, Byte Launch has gained attention within the cryptocurrency community. The token draws inspiration from Elon Musk’s announcements and the Grok AI project, reflecting a mix of technological innovation and cultural references.

Byte Key Features

Byte Key Features showcase the unique characteristics that differentiate Byte in the cryptocurrency market. Byte crypto is recognized for its meme token status, combining cryptocurrency with elements of popular culture.

The zero-tax policy and community-driven approach are key factors contributing to Byte’s appeal. Transparency is emphasized through measures such as the permanent burning of Byte’s liquidity and the renouncement of contract ownership.

Advertisement

Byte tokens serve various purposes within the ecosystem, including facilitating airdrops, ensuring secure transactions, enabling Bitcoin ATM transactions, and supporting technical applications. The Byte Wallet app offers secure storage and management of BYTE tokens, featuring functionalities like backup, recovery using a 12-word seed phrase, and customizable fee settings.

Byte Current Price

Based on the latest data from Coinbase and third-party vendors, the current price of Byte Crypto is $0.00000267. Byte is a cryptocurrency that draws inspiration from Elon Musk, who named his dog ‘Byte.’

This digital currency combines cryptocurrency features with elements of popular culture, featuring a zero-tax policy and a community-driven ethos. Byte is designed for various purposes, including airdrops, Bitcoin ATM transactions, and technical applications.

The market performance of Byte has been volatile, with a 24-hour price change of $0.00001070, indicating an 80.04% decrease in value. Byte’s market cap is $3,305,104, with a market cap/FDV ratio of 1.0, supported by a circulating supply of 960 billion BYTE tokens.

Advertisement

Byte is actively traded against pairs such as Byte/SOL, Byte/ETH, Byte/WBNB, Byte/WETH, and Byte/USDT, underscoring its presence in the digital asset market.

Byte Price Predictions

Byte Crypto’s price prediction is a complex task due to its current market volatility. The recent attention received by Byte, partly linked to Elon Musk’s mention of ‘Floki,’ his dog, and the association with Byte’s ‘Grok’ persona, hasn’t established a direct correlation to price movements.

Factors like Byte’s contract ownership transparency and investor relations are critical considerations for price forecasting.

Market trends, technological advancements, and investor sentiment also influence Byte’s price predictions. As Byte navigates the evolving crypto landscape, its price may fluctuate based on these dynamic elements.

Advertisement

Monitoring Byte’s developments and market conditions can aid in making informed decisions regarding its price trajectory.

Should you Buy Byte

Byte Crypto, with a circulating supply of 960 billion tokens, has attracted attention due to its unique utility within the cryptocurrency space.

This meme token facilitates various transactions, including airdrops and Bitcoin ATM transactions, offering users versatility in their digital asset interactions.

One notable aspect of Byte is its zero-tax policy, which may appeal to investors seeking to maximize their returns while minimizing transaction costs.

Advertisement

Additionally, Byte adheres to the ERC-20 token standard, ensuring compatibility with a wide range of platforms and wallets, enhancing its accessibility and usability in the crypto market.

Furthermore, the permanent burning of a portion of Byte tokens has the potential to create scarcity and drive value appreciation over time.

These factors, combined with the possibility of future growth, may make Byte a strategic addition for those looking to diversify their cryptocurrency portfolio.

Where to Buy Byte

To purchase Byte Crypto, consider utilizing decentralized platforms like Uniswap V2 or Meteora, as well as centralized exchanges such as Bilaxy. Byte, designed with a playful theme and a dog byte reference, can be obtained through these channels.

Advertisement

Decentralized platforms enable byte-to-byte trading, showcasing Byte’s unique characteristics. These platforms often employ one-time addresses for enhanced security, ensuring the confidentiality of your transactions.

For a more traditional exchange experience, you can explore platforms like Bilaxy, where Byte can be easily exchanged for other cryptocurrencies or fiat currencies. Prioritize platforms that offer the BYTE/WETH trading pair for smooth transactions.

Whether you choose decentralized platforms for their distinct byte byte vibe or centralized exchanges for convenience, the decision on where to buy Byte ultimately depends on your preferences and security needs.

Frequently Asked Questions

What Is Byte Good For?

Byte is good for a variety of uses, such as airdrops, Bitcoin ATM transactions, and wallet management. Its zero-tax policy and community-driven approach make it a unique and transparent option for crypto enthusiasts like you.

Advertisement

Is Byte a Meme Coin?

Byte is indeed a meme coin, embodying the fun and creativity of the crypto world. With its unique features and community-driven ethos, Byte stands out in the market as a symbol of innovation and inspiration.

What Is Byte App Used For?

The Byte app is used for secure storage and management of BYTE tokens, allowing you to send/receive assets, set custom fees, and participate in the Byte Federal ecosystem for transactions. Securely store and manage your tokens.

What Is the Concept of Byte?

Explaining the concept of Byte involves understanding its meme token nature, zero-tax policy, and community-driven ethos. Byte’s utility spans airdrops, Bitcoin ATM transactions, wallet management, and technical applications, all managed securely via the Byte Wallet app.

Conclusion

As you delve into the world of Byte Crypto, you’ll find a complex ecosystem with various potential opportunities.

Advertisement

The digital currency market can be volatile, so it’s important to approach it with caution and a solid understanding of the market dynamics.

By continuously educating yourself and staying informed about the latest developments, you can make more informed decisions when it comes to investing in Byte Crypto.

Remember that success in this field often requires a combination of knowledge, strategy, and patience.

Keep exploring the possibilities that Byte Crypto offers, and strive to make well-informed choices to navigate this ever-changing landscape effectively.

Advertisement

Other Cryptocurrencies to Check:

Coreum Crypto, TriasLab Crypto, IronFish Crypto, Metacade Crypto and Galaxy Fox Crypto.

Source link

Continue Reading

CryptoCurrency

Mantle Network’s MNT rallies 17% amid ecosystem expansion plans

Published

on

Three reasons SUI could target $7.66 by 2025  

MNT, the native token of the L2 scaling solution Mantle Network, resumed its ongoing rally as the project unveiled several upcoming developments.

Mantle (MNT) bounded 17% to an intraday high of $1.28 on Jan. 24 while bringing its market to nearly $4.2 billion at press time. The price surge came along with a 60% jump in the altcoin’s daily trading volume which was hovering over $213 million.

Notably, the altcoin began its price upswing on Jan. 20 and has gained 32% since then, while its gains over the past year have reached 104%. The altcoin currently stands as the 40th largest crypto asset per data from CoinGecko, with a circulating supply of over 3.36 billion tokens.

What led the MNT rally?

MNT rallied after its developers announced six key products the project is working on this year to expand its ecosystem. The Mantle ecosystem already includes the modular layer-2 blockchain Mantle Network, the mETH protocol—a liquid staking product—and its wrapped BTC product ‘Ignition FBC.’

Advertisement

However, the project has now introduced three new pillars to support its growth: a crypto fund called Enhanced Index Fund, a blockchain-based banking platform named Mantle Banking, and MantleX, a platform focused on creating AI agents.

The rally was also supported by a surge in Mantle’s daily active and new addresses involved in MNT transactions. On-chain data from IntoTheblock shows a 50% jump in the number of active addresses completing at least one MNT transaction over the past week. Additionally, the number of new addresses created has also increased by nearly 16% during the period.

Mantle Network’s MNT rallies 17% amid ecosystem expansion plans - 1
Source: IntoTheBlock

An uptick in daily active addresses and new addresses is a sign of strong network health and indicates growing adoption of the network.

Mantle Network’s MNT rallies 17% amid ecosystem expansion plans - 2
Source: CoinGlass

Buyer demand for MNT has also been on the rise, with data from CoinGlass showing increasing withdrawals from exchanges since the start of the year. 

Such exchange outflows suggest that these buyers intend to hold onto their investments, anticipating further potential gains over the long term.

Advertisement

MNT price analysis

Mantle Network’s MNT rallies 17% amid ecosystem expansion plans - 3
MNT price, 50-day SMA and MACD chart — Jan. 24 | Source: crypto.news

On the daily USDT price chart, Mantle has climbed back above the 50-day moving average, signaling that bulls are regaining control of the market. The MACD line has also crossed above the signal line and is pointing upwards, indicating that bullish momentum is building. 

Mantle Network’s MNT rallies 17% amid ecosystem expansion plans - 4
MNT Aroon chart — Jan. 24 | Source: crypto.news

Further, the Aroon indicator shows the Aroon Up at 92% while Aroon Down showed a reading of 71%, which means the strength of the uptrend is far higher which could help the rally extend further in the coming days.

Based on these indicators, the MNT could likely continue its rally to test its Jan. 6 resistance level at $1.42, a break above which could push prices towards the next psychological resistance at $1.5. 

When writing, MNT’s price stood at $1.23, down a little over 19% from its all-time high.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Advertisement

Source link

Advertisement
Continue Reading

CryptoCurrency

Crypto Price Analysis January-24: ETH, XRP, ADA, BNB, and SOL

Published

on

Crypto Price Analysis January-03: ETH, XRP, ADA, BNB, and SOL

This week, we examine Ethereum, Ripple, Cardano, Binance Coin, and Solana in greater detail.

Ethereum (ETH)

Ethereum managed to hold above $3,300 and closed this week with a 1% price increase. While this is not much, it does show that buyers are resilient at this key support level. The longer this happens, the more confidence the market will have in ETH moving higher.

The current price action is also turning positive if we look at the momentum indicators on the daily timeframe. The MACD made a bullish cross recently and the RSI is making higher lows. These are early signals that Ethereum could soon wake up to challenge the resistance levels at $3,600 and $4,000 again.

Looking ahead, Ethereum could surprise the market with a sharp move considering it did not do much in the past month while other altcoins like XRP and Solana made new price records. Eventually, profits will rotate and Ethereum is definitely one of the top candidates for market participants.

Advertisement
ETHUSDT_2025-01-24_12-54-49
Chart by Tradingview

Ripple (XRP)

XRP is down almost 5% on the weekly chart after it failed to rally above $3.4. The price is currently around $3.2 at the time of this writing and buyers seem absent or uninterested. Therefore, the cryptocurrency has been consolidating above the $3 key support level.

As long as XRP stays above $3, there is a good shot at higher levels. But the longer buyers delay a clear breakout above $3.4 the more concerned holders will become. This is why it is critical for XRP to continue its rally.

Looking ahead, the coin seems at a critical junction here. A failure to move higher could soon be interpreted as bearish and see the price break under $3. On the other hand, breaking above $3.4 would quickly see XRP move towards $4 next.

XRPUSDT_2025-01-24_12-56-41
Chart by Tradingview

Cardano (ADA)

ADA is down 11% on the weekly chart after sellers pushed the price down from $1.1 to $1 which acts as a key support. So far, buyers managed to keep this cryptocurrency above this level, but momentum is not really on their side.

If we zoom out, ADA has been in a range since late November 2024 when it was rejected at $1.3 which also acts as an important resistance. The strongest support is found at 90 cents. As long as the price does not leave this range, the consolidation period continues.

Looking ahead, Cardano seems to be in an impasse which reminds us of XRP’s price action. A clean breakout is required to resume the bullish trend, but until it happens, any delay could test the patience of ADA holders.

Advertisement
ADAUSDT_2025-01-24_12-55-07
Chart by Tradingview

Binance Coin (BNB)

Binance Coin closes the week with a 4% loss after it failed to stay above $700. But sellers don’t seem too interested in taking BNB lower at this time. Hence, the price has been hovering around the key support at $690.

This lack of momentum has turned the action quite flat. What is worrying, however, is that the daily MACD has turned bearish this week. This could lead to additional selling pressure later on.

Looking ahead, BNB could fall to $650 if sellers return or even to $600. These are the next key support levels should $690 break in the next few days. If so, that would likely indicate an overall market correction that could also see ADA and XRP make lower lows.

BNBUSDT_2025-01-24_12-55-57
Chart by Tradingview

Solana (SOL)

Solana continues to impress with a 22% rally in the past week and a new record price at $295. This is mainly due to the renewed attention to its chain after Trump launched its own meme token on Solana last Saturday. With liquidity fighting to reach Solana from all other competing chains, SOL saw a huge influx of liquidity and demand. This quickly pumped its price.

Since then, the price entered a shallow correction that saw the price briefly drop to $230 before returning to $260 as of today. As long as the meme mania on Solana continues, this will sustain and push SOL’s price higher.

Looking ahead, while the Trump meme FOMO subsided since last week, new meme tokens are being released daily that attract liquidity to Solana. This is bullish for SOL’s price and could see it make new price records in the future that could exceed $300.

Advertisement
SOLUSDT_2025-01-24_12-55-36
Chart by Tradingview

The post Crypto Price Analysis January-24: ETH, XRP, ADA, BNB, and SOL appeared first on CryptoPotato.

Source link

Continue Reading

CryptoCurrency

Official Tokens Made Millions for Some and $100 for Many

Published

on

Key indicator puts TRUMP bulls on notice. (hoekstrarogier/Pixabay)

Shaurya Malwa

Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.

Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM,
BANANA, ROME, BURGER, SPIRIT, and ORCA.

He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.

Advertisement

Source link

Continue Reading

CryptoCurrency

Donald Trump’s Meme Coin Gets $11bn Market Cap, Drags Crypto Market — Check How Bitcoin, Ethereum, Solana Performed

Published

on

Shiba Inu (SHIB) Was Just Another Penny Crypto in 2020 Before It Made Millionaires in 2021 - Could Lightchain AI Be the Next Breakout Star?

The cryptocurrency market was thrown into the spotlight once again as Donald Trump’s meme coin skyrocketed to an $11 billion market cap.

This unexpected surge created ripples across the market, influencing investor sentiment and affecting the performance of key assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).

While meme coins continue to create excitement, utility-driven projects like Lightchain AI are gaining traction for their sustainable, long-term potential in the blockchain space.

Rise of Donald Trump’s Meme Coin

Donald Trump’s meme coin, a cryptocurrency inspired by the former U.S. president, has gained notable attention in the crypto community. The coin has ridden the wave of political fandom and meme culture, leveraging Trump’s controversial and polarizing persona.

Advertisement

Recent reports suggest a surge in trading activity following Trump’s return to mainstream platforms like X (formerly Twitter) and the 2024 presidential campaign announcement. While the coin is primarily driven by speculative interest, it reflects the growing trend of politically-themed cryptocurrencies capitalizing on cultural relevance.

Analysts, however, warn about its high volatility and lack of tangible utility, urging investors to exercise caution. Despite this, the meme coin’s presence highlights the fusion of politics and decentralized finance, further solidifying the cultural impact of blockchain-based assets in unconventional spaces.

Market Reaction – Bitcoin, Ethereum, and Solana

The rise of Trump’s meme coin created mixed effects on major cryptocurrencies like Bitcoin, Ethereum, and Solana. Bitcoin (BTC) experienced slight downward pressure as attention shifted toward the meme coin frenzy. However, its dominance in the market provided relative stability despite the speculative hype.

Ethereum (ETH), on the other hand, saw moderate fluctuations but continued to attract investors through its robust DeFi and NFT ecosystems. Its resilience to market trends reinforced its position as a foundational crypto asset.

Advertisement

Solana (SOL) witnessed increased trading volume as investors explored options amidst the meme coin craze. Its focus on scalability and speed allowed it to maintain interest, even as the market faced turbulence driven by speculative activity.

Lightchain AI Long-Term Alternative

While speculative meme coins like Trump’s token grab headlines, utility-driven projects like Lightchain AI are quietly stealing the spotlight as smart, long-term investments. 

Lightchain AI is where artificial intelligence meets blockchain innovation, tackling real-world challenges with unmatched scalability and security. Its cutting-edge tech—like sharding and Layer 2 solutions—powers lightning-fast, high-throughput AI tasks effortlessly. 

But what really sets Lightchain AI apart? Privacy. With advanced features like Zero-Knowledge Proofs (ZKPs) and Homomorphic Encryption, it keeps sensitive data secure while enabling computations on encrypted data without compromise. 

Advertisement

By blending innovation, trust, and practicality, Lightchain AI is proving it’s more than just a concept—it’s a game-changer in the blockchain space. Ready to invest in the future?

https://lightchain.ai

https://lightchain.ai/lightchain-whitepaper.pdf

https://x.com/LightchainAI

Advertisement

https://t.me/LightchainProtocol

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

Source link

Advertisement
Continue Reading

CryptoCurrency

Trump-inspired memecoins gain traction on BNB Chain

Published

on

Binance’s BNB Chain releases an easy memecoin creation guide as Trump-inspired tokens spark investor interest and legal debates.

Source link

Continue Reading

CryptoCurrency

Investing in new crypto gems could set traders for huge gains in 2025

Published

on

Explosive 100x gains expected: Cryptos to add to portfolios now

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

With $800 split across four standout cryptos, including Lightchain AI, traders could be on track for life-changing wealth by 2025.

Advertisement

The cryptocurrency market is teeming with opportunities for investors seeking life-changing returns. Strategic investments in smart projects can unlock massive potential, especially for those who act early.

With $800 divided among four standout cryptos, including Lightchain AI, traders could position for generational wealth by the end of 2025. Here’s why these projects stand out and how they could deliver exponential returns.

Cardano and Solana: Innovation and scalability

Cardano (ADA) and Solana (SOL) are top blockchain sites that focus on being bigger and faster. Cardano has the Ouroboros Proof-of-Stake (PoS) way, which puts safety and power savings first. The new Plomin hard fork brought in Plutus V3, and some rules for how it runs, helping with size and spreading out control. As of January 20, 2025, ADA is selling at $0.990262 USD, with a peak of $1. 12 USD and a low of $0. 964891 USD.

Solana joins Proof-of-History (PoH) with PoS for high speed and low wait time, dealing with nearly 65,000 deals each second. The start of Solana v2. 0 helped the network stay strong and work better. Right now, SOL sells at $232. 45 USD, with a peak of $293. 79 USD and a low of $231. 70 USD.

Advertisement

Lightchain AI: Transforming blockchain with AI integration

Lightchain AI is revolutionizing blockchain technology by integrating artificial intelligence to solve complex, real-world problems.

At its core is federated governance, a decentralized decision-making system that allows token holders to actively shape the platform’s development.

This ensures transparency, inclusivity, and community-driven innovation, setting Lightchain AI apart as a leader in blockchain advancement. Having already raised $12 million during its presale, the platform has attracted significant attention from investors and industry leaders.

Its roadmap focuses on expanding into key industries such as finance, healthcare, and logistics, showcasing its potential for long-term growth. With its smart approach and growing ecosystem, Lightchain AI is poised to make a lasting impact across multiple sectors.

Advertisement

Ripple: Leader in cross-border payments

Ripple’s XRP is transforming cross-border payments with a fast, reliable, and cost-effective solution, enabling value to move globally as easily as information today.

Traditional international transactions often face high costs, delays, and lack of transparency. Ripple tackles these issues with its On-Demand Liquidity (ODL) feature, using XRP as a bridge currency for real-time settlements and eliminating the need for pre-funded accounts. This reduces costs and boosts efficiency in global financial transactions.

As of writing, XRP is trading at $3.08 USD, down 0.05521% from the previous close, with an intraday high of $3.26 USD and a low of $2.90 USD. Recent analyses, including a report by JPMorgan, highlight Ripple and XRP’s potential to unlock value in cross-border payments, reinforcing their growing role in the financial sector.

To learn more about Lightchain AI, visit the official website, whitepaper, X, and Telegram.

Advertisement

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

Advertisement

Source link

Continue Reading

CryptoCurrency

Recent Dogecoin (DOGE) Developments, Bitcoin (BTC) Volatility, and More: Bits Recap Jan 24

Published

on

Recent Dogecoin (DOGE) Developments, Bitcoin (BTC) Volatility, and More: Bits Recap Jan 24

TL;DR

  • Dogecoin’s (DOGE) price remains volatile as anticipation builds around potential ETF approvals from firms like Bitwise and Osprey Funds.
  • Bitcoin (BTC) has been hovering between $101,000 and $109,500 in the past few days, with the volatility likely driven by the political changes in the USA.
  • The launch of TRUMP and MELANIA meme coins sparked massive hype, but recent drops and scam risks highlight the dangers involved with the niche.

DOGE on the Spotlight

The biggest meme coin drew the crypto community’s attention on January 21, when its price experienced a double-digit spike in a matter of minutes. The rally was fueled by the newly established Department of Government Efficiency (D.O.G.E.), which featured the asset’s logo on its official website.

Dogecoin’s valuation surged to $0.40, but the rally was short-lived. Currently, it is worth around $0.36 (per CoinGecko’s data), while D.O.G.E.’s website removed the logo from its front page.

DOGE Price
DOGE Price, Source: CoinGecko

It is important to note that further announcements coming from the agency may continue to impact the token. After all, D.O.G.E. is led by Elon Musk, who is an outspoken advocate of the OG meme coin and often endorses it on X.

Despite its enhanced volatility, Dogecoin has been the subject of numerous bullish predictions lately. One of the biggest optimists is the popular analyst Ali Martinez, who envisioned the price exploding to $15. He based his prediction on the potential approval of Bitwise’s filing to launch a Dogecoin exchange-traded fund (ETF). 

The company submitted its application with the SEC on January 22, while prior to that, REX Advisors and Osprey Funds jointly filed to introduce an ETF that includes exposure to DOGE. 

Advertisement

BTC’s Rollercoaster 

The primary cryptocurrency also passed through severe turbulence in the past few days. It hit a new all-time high of almost $110,000 on January 20 (hours before Donald Trump’s inauguration) but fell to approximately $101,000 once the Republican officially became America’s 47th President. The plunge was likely caused by Trump’s speech, which did not include any comments about the crypto industry. 

In the following days, BTC continued to experience substantial volatility. On January 23, it spiked to $106,000 after US Senator Cynthia Lummis hinted that “big things are coming” for the asset. 

The crypto community speculated that the news could be related to the potential establishment of a strategic BTC reserve in the US. However, President Trump signed an executive order to review the creation of a “National Digital Asset Stockpile,” expanding the scope of the effort to other cryptocurrencies. 

In the aftermath, BTC’s price tumbled to $103,000 before rising to its current $105,300 (per CoinGecko’s data).

Advertisement
BTC Price
BTC Price, Source: CoinGecko

TRUMP and MELANIA

Lastly, we will touch upon some of the most trending meme coins lately: those issued by the US President and his wife. Official Trump (TRUMP) saw the light of day on January 18, and hours later, its market capitalization reached a whopping $14.5 billion. The surge was fueled by massive hype and support from leading exchanges such as Binance and Coinbase. 

America’s first lady also dived in, launching a meme coin called Melania Meme (MELANIA). Its market capitalization also soared into the billions, although it did not reach TRUMP’s dimensions.

However, both tokens have plunged significantly in the last few days, showcasing the unpredictable and volatile nature of the meme coin niche. In addition, scammers have supposedly created multiple fake websites offering dubious services with TRUMP and MELANIA, with the sole purpose of conning unsuspecting victims.

People who are about to enter the ecosystem should first do proper research and invest only as much as they are ready to lose.

SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
Advertisement

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Source link

Advertisement
Continue Reading

CryptoCurrency

Venture Capital Funding for Crypto to Rise This Year, Won’t Hit Prior Highs: JPMorgan

Published

on

JPMorgan (Shutterstock)

Crypto venture capital (VC) funding is expected to recover this year as regulatory clarity and more crypto-friendly policies emerge during the tenure of President Donald Trump, JPMorgan (JPM) said in a research report Wednesday.

The Wall Street bank noted that venture funding for the industry has been subdued in recent years. This may have been due to enforcement actions by the U.S. Securities and Exchange Commission (SEC) and the climate of regulatory uncertainty during the previous administration, analysts led by Nikolaos Panigirtzoglou wrote.

The start of the EU’s Markets in Crypto Assets (MiCA) regulations, which came into force at the end of December, is expected to “further bolster VC engagement,” the report said.

Advertisement

Still, the level of funding is unlikely to match previous peaks seen in 2021/22, JPMorgan said, as crypto venture capital firms face a number of challenges.

Giants of traditional finance (TradFi) such as Blackrock (BLK) and Franklin Templeton are increasing their participation in the crypto market, and this leaves less market share for VC firms in stablecoins, tokenization and decentralized finance (DeFi), the bank said.

Nascent crypto projects are avoiding large token sales to VCs and are increasingly turning to community-driven platforms to raise money, the report noted.

High interest rates also present a challenge for VC funding, JPMorgan said.

Advertisement

The growth of cryptocurrency exchange-traded fund (ETF) products is “inducing a trend towards passive investing,” and this could be diverting capital away from VC firms, the report added.

Read more: Crypto Venture Capital Market Remained Difficult in 2024, Galaxy Digital Says

Source link

Advertisement
Continue Reading

CryptoCurrency

Flipster Launches Superstars Program Amid Rapid User Growth Globally

Published

on

Panama City, Panama, January 24th, 2025, Chainwire

In a move to foster deeper connections with crypto communities and empower individuals passionate about the digital economy, Flipster, a global crypto trading exchange with millions of users and nearly $120 billion in annual trading volumes, is launching the Flipster Superstars Program. This innovative Superstars program is designed to empower individuals passionate about crypto to lead the conversation, spotlight innovative ideas, and redefine how trading platforms engage with their users.

Flipster Superstars offers an opportunity for crypto digital enthusiasts to influence the industry from within. The program calls on creators, community influencers, and storytellers to team up with Flipster, leveraging their unique talents to drive awareness and adoption of the platform’s cutting-edge features while amplifying its presence in nearly 200 countries.

A Platform for Crypto Trailblazers

Advertisement

Flipster Superstars focuses on three core roles to engage a diverse range of talents:

  • The Social Media Guru: Driving engagement on platforms like X (formerly Twitter) by creating content that resonates with crypto audiences and builds meaningful connections
  • The Influencer Maker: Strengthening Flipster’s presence within key crypto communities, including Telegram and Discord, by leveraging networks and fostering authentic conversations
  • The Storyteller: Crafting engaging content—whether visual or written—that highlights Flipster’s unique offerings and simplifies complex concepts for a global audience

Opportunities and How to Join 

Flipster Superstars offers performance-based rewards of up to 100,000 USDT, along with exclusive previews of campaigns and access to premium trading tools. Further details on the opportunities and how to become a Flipster Superstar can be found here.

A Collaborative Initiative for Crypto Digital Enthusiasts

Flipster Superstars is a voluntary initiative designed for individuals passionate about crypto and community engagement. Participants will have the chance to work closely with Flipster users and employees while gaining firsthand experience in the crypto space. 

Advertisement

About Flipster

Flipster is a global cryptocurrency exchange serving millions of users globally. Catering to both novice and experienced traders, the platform offers over 300+ trading pairs across futures and spot markets, with zero trading fees and tools designed for seamless, efficient trading. Beyond trading, Flipster provides opportunities for users to participate in the broader crypto ecosystem, including yield-generation options with up to 22% APR on deposits with no lock-in periods and staking features like Launchpool.

Users can learn more at flipster.io or follow x.com/flipster_io for the latest updates.

ContactFlipsterpr@flipster.io

Advertisement

Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

Source link

Continue Reading

Trending

Copyright © 2025 WordupNews