When crypto mining is discussed in the U.S. Congress, it’s often tied to claims that mining operations are environmental parasites, sapping finite energy resources. But representatives of that sector flooded offices on Capitol Hill this week to argue their businesses can help stabilize the power grid, tie into renewable resources and foster domestic technology.
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Chinese Developers Eager To Build On Solana: Will SOL Breeze Past $30?
China developers are active and willing to build on leading blockchain platforms if statistics from Solana Hyperdrive Hackathon submission details are anything to go by. In an X post on October 17, Matty Taylor, the Head of Growth at the Solana Foundation, said there were far more developers from China who submitted applications, willing to participate in the Solana Hyperdrive hackathon than from the United States.
Solana Attracting Chinese Developers
The hackathon has a prize pool of $1 million, and all submissions had to be submitted by October 15. It is an online event aiming to “nurture and expand” the Solana ecosystem.
Developers from 68 countries submitted, with the highest numbers coming from China and Vietnam. The rest were mainly from the United States, India, Mexico, Turkey, and Germany.
That notable participation from Chinese developers can be a massive boost for Solana, indicating that the blockchain could be popular in the Asian economic powerhouse. China remains pro-blockchain and believes that the technology can give them an edge and even improve efficiency in some critical sectors, like agriculture, healthcare, governance, and finance, that the country seeks to enhance gradually.
However, China has banned crypto trading and mining, citing the “need to go green, protect consumers, and ensure financial stability.” The Chinese central bank, PBoC, said cryptocurrencies could pose a risk to the country’s financial system.
Unlike Ethereum, Solana permits fast transaction processing and is relatively scalable with decent activity. Although the project suffered following the collapse of FTX in November 2022, there has been a revival in price and on-chain activity.
The Revival, Will SOL Breach $30?
To illustrate, non-fungible token (NFT) trading activity on Solana has steadily risen over the past few months. While there was a spike, the network didn’t halt, as in previous instances, especially in 2022.
Instead, the high reliability seems to have inspired activity, directly helping revive SOL prices that collapsed by over 90%, worsened by news that Sam Bankman-Fried and Alameda Research allegedly embezzled customer funds. FTX had invested in Solana and has a considerable share of SOL, which will be liquidated and reimbursed to impacted clients.
At spot rates, SOL is up 36% from September 2023 lows and overly firm. Looking at the candlestick arrangement in the daily chart, SOL is trading at October and 2023 highs and could break higher if bulls press on. The October 16 bull bar is wide-ranging, has marked trading volumes, and could anchor the next leg towards July 2023 highs of around $32.
US expands export controls for AI semiconductor chips to China
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US authorities monitor China-linked Bitcoin miners amid national security concerns: Report
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China sets stricter rules for training generative AI models
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China opens industrial park for digital yuan CBDC development in Shenzhen
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Crypto lending invalidated by Chinese court in second landmark ruling
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Saudi Arabia and China collaborate on Arabic-based AI system
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Chinese Firms Used Crypto Payments to Run Fentanyl Network, U.S. Claims in Charges
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SEC continues to delay decisions on crypto ETFs: Law Decoded
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Chainalysis: Hong Kong and China’s OTC Markets Remain Active Despite Crypto Winter
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Bitcoin gains legal recognition as digital currency in Shanghai China
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mBridge CBDC project preparing for new members, launch of minimum viable product
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