September 19, 2023

Bitcoin Ordinals Creator Proposes Overhaul of Inscription Numbering

Casey Rodarmor, the chief coder behind the Bitcoin Ordinals protocol, announced Tuesday that he is proposing a significant change to the software, one that could be viewed with skepticism by its budding user base.

Revealed in a post on X Tuesday, Rodarmor specifically proposed deprioritizing the canonical numbering system that assigns unique and coveted numbers to inscriptions created on the Bitcoin network.

Since the protocol’s inception, each digital artifact created using Ordinals has been assigned a unique inscription number. These numbers, akin to serial numbers, have become an essential part of the digital art’s identity.

Lower numbered inscriptions have been historically perceived as more valuable, driving collectors to seek these coveted positions within the numbering hierarchy. For instance, Casey Rodarmor himself owns the highly sought-after “Inscription 0.”

Notably, the change does not impact the numbering system the protocol assigns to individual satoshis on the Bitcoin blockchain, which would still be awarded a distinct numerical score based on their ordering in Bitcoin blocks.

Still, Rodarmor sought to assuage the market in his comments discussing the change, expressing concern that the effort to maintain stable inscription numbers “has resulted in complicated code and hindered the protocol’s development.”

He continued: “The need to ensure new changes do not alter the numbers of existing inscriptions has made the development process cumbersome and challenging.”

Rodarmor’s proposal could spark a lively debate within the Ordinals community, as well as among NFT collectors and crypto enthusiasts. However, it’s noteworthy that Rodarmor himself believes this system is already unstable.

Discussing past attempts to rectify the issues, like adding negative numbered “cursed inscriptions” to the protocol, he wrote:

Cursed inscriptions and negative inscriptions numbers have a number of downsides:

An inscription number now does not tell you anything about the order in which the inscription was made.

The logic required to keep track of which inscriptions are cursed is a source of bugs and complexity.

“Blessing” cursed inscription types, i.e., collectively deciding that after a certain block height, certain cursed inscription types will no longer be assigned negative numbers, and be assigned positive numbers instead, requires coordination.

Cursed inscription numbers are permanently unstable, so a substantial number of inscription numbers are already unstable, even under the status quo.

Rodarmor’s solution, in his own words, would make the existing inscription numbers “permanently unstable,” changing how indexers would treat this information as opposed to eliminating them entirely.

Some market observers like Luxor’s Charlie Spears backed the move, stating: “Inscription numbers are a shitcoin, and overemphasis on the number has led to ill-conceived protocol decisions and weird market dynamics.”

Time will tell if the market agrees.

Notably, the proposal comes on the heels of a rare public appearance by Rodarmor at the recent Ordinals Summit in Singapore, where he discussed the protocol’s success and future innovations. As such, the pull request could signal that the developer is about to enter a period of renewed activity.

#Bitcoin #Ordinals #Creator #Proposes #Overhaul #Inscription #Numbering

Sky calls on UK government to tackle red tape

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UK-based broadcaster Sky has called on the British government to tackle regulatory red tape that threatens to stifle the creative sector ahead of government plans to launch a review of TV trends.

In a report ahead of the annual Royal Television Society conference in Cambridge on Wednesday, the company warned that “significant amounts” of its resources were being used to deal with regulatory requirements. One day a week of Sky’s technology resources are deployed on regulatory requirements at “significant cost” to the business, the company said.

Sky has called for a new “innovation impact assessment” requiring government departments to explicitly consider the effect of new rules on companies’ ability to innovate.

In the report, the Comcast-owned broadcaster said that the UK’s media and entertainment industry ability to innovate risks “being challenged by the significant amount of resources that businesses are asked to deploy on regulatory requirements — time and effort could be better placed elsewhere”.

Sky boss Dana Strong highlighted the growth potential of the media and entertainment sector owing to international demand for British content, forecasting that it could boost the UK’s GDP by £10bn by 2033. The broadcaster estimates demand will grow 50 per cent given a disproportionate share of the international market commanded by British TV companies.

Sky, which started productions at new studios in Elstree in 2022, also said that the government needs to support studio infrastructure by streamlining planning processes and rethinking the Valuation Office Agency’s property tax ratings for studios.

It said: “There are currently development proposals for 44 new studio spaces across the country, but progress is slow with ongoing funding and planning obstacles to overcome.”

Culture secretary Lucy Frazer will also address the TV conference, expanding on her plans to grow the creative industries by £50bn and add one million additional jobs in the sector by 2030.

But Frazer will promise to protect those who depend on free to air services as more TV content moves online, saying that they will not be “left behind” by the continued rise of streaming services, according to details of her speech shared in advance.

A new project studying future TV trends will start to help long-term policy decisions on whether to extend the current commitment to keep Freeview channels on air until at least 2034.

“This government wants to encourage the sector to keep embracing innovation and technological development. But we’re not going to pull the rug from under the devoted audiences of Freeview channels, “ Frazer is expected to say. “We want terrestrial television to remain accessible for the foreseeable future.”

#Sky #calls #government #tackle #red #tape

How Bitcoin miners can survive a hostile market — and the 2024 halving

Only seven months remain before the next Bitcoin (BTC) halving in April 2024. It happens approximately every four years and is a deflationary process that cuts the production of new coins by 50%.

Bitcoin’s halving is a high-profile event for crypto investors, and has historically led to an increase in Bitcoin’s price. However, its impact on the mining industry is a more complex issue. It reduces block rewards, one of the primary revenue streams for miners. The 2024 halving will reduce it from 6.25 BTC to 3.125 BTC. That’s why miners must adapt their strategies to compensate for the reduced rewards resulting from the halving.

Let’s explore the strategies and alternative income sources that may help Bitcoin miners amid hostile market conditions.

Changing mindsets

Bitcoin mining involves a competitive process where miners vie for block rewards. This competition is driven by Bitcoin’s block time, which averages around 10 minutes per block on the protocol level. Whether the network’s computing power is relatively low at 1 kH/s or surges to a massive 200 million TH/s, the same block rewards must be distributed among miners.

Related: An ETF will bring a revolution for Bitcoin and other cryptocurrencies

This competitive environment encourages miners to prioritize energy efficiency and the use of cost-effective hardware. With each halving event, where block rewards are cut by 50%, this trend towards efficiency gains momentum. As the cost of producing a single BTC is set to approximately double shortly after the next halving, miners will need to explore ways to optimize their profitability and focus on these three critical factors.

Bitcoin miners’ survival rests on these three whales

The first and most important “whale” is the cost of electricity. Even a modest fluctuation of 1 cent per kilowatt-hour (kWh) can lead to a substantial $3,800 variance in the production cost of BTC, according to JPMorgan. To bolster their post-halving profitability, miners are exploring sophisticated contracts and contemplating relocation to countries or regions where electricity prices are lower. They even consider power generation from stranded gas options. I believe that it’s crucial for miners to secure electricity rates at or below 5 cents/kWh to maintain profitability beyond April 2024.

The second major factor demanding miners’ attention is the efficiency of their equipment. For instance, daily BTC mining costs can be slashed by more than 63% when upgrading from a rig with a 60 J/TH efficiency rating to one with a 22 J/TH rating. Miners boasting hardware efficiency and benefiting from lower electricity costs will be the most profitable. They are the ones most likely to weather significant market events like the upcoming halving.

Additionally, I suggest miners employ the third strategy that involves accumulating excess capital in mined BTC during profitable periods. This reserve can serve as a buffer against the impact of reduced block rewards post-halving. When the post-halving rally occurs, miners can capitalize on their reserves by selling mined assets at a higher profit margin, helping to offset the losses.

While strategies such as securing lower electricity rates, adopting more energy-efficient mining equipment, and utilizing reserve capital can mitigate the adverse effects, the 2024 halving will bring substantial pressure on miners. It can lead to the potential closure of numerous mining operations. Thus, miners will also need to explore alternative revenue streams. One promising opportunity for miners lies in projects like Bitcoin Ordinals.

Other ways

Bitcoin Ordinals have recently garnered significant attention by driving transaction fees within the Bitcoin network to new highs. Ordinal “inscriptions,” the metadata attached to each satoshi, is a unique asset created directly on the Bitcoin blockchain, similar to a nonfungible token (NFT). To obtain one, users typically engage with the platform or protocol responsible for Ordinals.

Related: 10 years later, still no Bitcoin ETF — but who cares?

As the number of inscriptions rises — surpassing 25.5 million as of August — so does the revenue generated from transactions, which presently stands above $53 million. This trend suggests that alternative income streams for miners may gain prominence in the long term.

We see Ordinals shifting the profitability equation for miners, increasing user demand for creating inscriptions, initiating processing transactions on the Bitcoin network, and incentivizing miners to include their transactions in the next block.

We can certainly expect more developments on top of the Bitcoin network that will enable miners to adapt more effectively to the post-halving landscape. As we move closer to the halving event, miners must prioritize the aforementioned strategies to optimize their profitability and stay open to new alternatives on the horizon.

Didar Bekbauov is the CEO of Bitcoin mining company Xive, which he co-founded in 2019. He previously served as a managing partner at Hive Mining. He holds an undergraduate degree from Kzak-British Technical University and a master’s degree in financial management from the United Kingdom’s Robert Gordon University. He also acts as a mentor at the Founder Institute startup accelerator program in Houston, Texas.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

#Bitcoin #miners #survive #hostile #market #halving

Citicore Renewable Energy eyes IPO next year

CITICORE RENEWABLE Energy Corp. (CREC) is targeting to go public next year, its top official said, as he highlighted the company’s goal of rolling out a gigawatt of solar projects annually for the next five years.

“We are already preparing the necessary registration statement,” CREC President and Chief Executive Officer Oliver Y. Tan said about the status of the planned initial public offering (IPO).

“The idea is to file the registration statement within the year and if the market conditions are conducive, hopefully, we can do it, do the IPO by next year,” he said in an interview with ANC on Monday.

Last week, CREC said it had signed a $100-million loan agreement with Pentagreen Capital Pte. Ltd., a debt financing firm jointly established by Singapore-based firms HSBC and Temasek Holdings Ltd.

“The funding to be provided by Pentagreen will be used to fund approximately six solar projects that we are currently building. These projects are located in Batangas, and some would be in the northern Luzon projects as well,” Mr. Tan said.

With the current installed capacity of 284 megawatts (MW), Mr. Tan said the company is planning to roll out a total of 1,000 MW of new solar projects that will come online before the end of 2024, bringing its total installed capacity to 1.3 GW.

“The target rollout is to do one gigawatt annually for the next five years. So, [for] the first gigawatt, we’re well on our way of executing them, and for the second gigawatt, we are already doing land consolidation and also preparing for the various plans to roll out the second gigawatt by next year,” Mr. Tan said.

He also said that the company is aiming to develop its renewable energy portfolio to expand its market reach and to help the government achieve its target.

“We intend to expand our market reach to be able to cater to night peak customers also and towards [becoming] a pure renewable energy,” he said.

“And we can only achieve that once we have a portfolio of solar, wind, hydro, and to be further complemented by the energy storage system,” he added.

In July, the energy company was awarded renewable energy projects with a total capacity of 916 MW through the green energy auction program of the Department of Energy. — Sheldeen Joy Talavera

#Citicore #Renewable #Energy #eyes #IPO #year

microsoft share price: Microsoft eyes Apple’s spot as world’s largest stock

Microsoft Corp. is narrowing the gap with Apple Inc. in the stock market as investors see better growth and far less China risk in the software giant.

The Redmond, Washington-based company’s shares have outperformed the iPhone maker’s this month, bringing its market value closer to Apple, which is at the center of a flareup in tensions with China. While hundreds of billions of dollars still separate the two companies, Microsoft’s positions in markets including cloud computing and artificial intelligence make it more attractive to some investors.

“Microsoft has more of what the market wants right now, and given where we stand on the pair’s growth prospects, we wouldn’t be surprised to see it overtake Apple,” said David Klink, senior equity analyst at Huntington Private Bank.

“We have more faith in Microsoft’s margins, while the cloud and AI are growth areas that can stand the test of time over a decade. We don’t know if the iPhone can do the same,” he said. “It’s hard to make a bear case for Apple, given its services business, but the bull case clearly favors Microsoft.”

Shares of Microsoft slipped 0.6% on Tuesday, while Apple dipped 0.1%. The Nasdaq 100 Index fell 0.6%.

The last time Microsoft was larger than Apple was in November 2021. Apple’s market cap is nearing $2.8 trillion, down from a peak of nearly $3.1 trillion but still above Microsoft’s $2.4 trillion. While Apple shares have dropped this month, Microsoft has held steady, narrowing the gap between the two to roughly $200 billion at one point last week.

A preference for Microsoft over Apple is fairly common on Wall Street. The company’s recommendation consensus — a proxy for its ratio of buy, hold, and sell ratings — stands well above Apple. Nearly 90% of Microsoft analysts recommend buying the stock, compared with under two-thirds for Apple.

While neither stock scans as particularly cheap, Microsoft’s growth outlook may make its valuation of 29 times estimated earnings easier to justify. The software giant is expected to see double-digit growth in revenue and net earnings per share in fiscal 2024 and the subsequent three years. That consensus reflects the strength of the company’s cloud-computing business, with investors also enthusiastic about its backing of OpenAI, the fast-growing startup behind ChatGPT.

Apple is coming off three straight quarters with negative revenue growth, and a fourth — as analysts expect to see — would represent its longest streak in two decades. While that’s expected to turn positive in Apple’s 2024 fiscal year and continue growing in the subsequent two years, the rate isn’t expected to be nearly as robust as that of Microsoft, according to data compiled by Bloomberg.

The iPhone maker is “looking like the old IBM,” wrote Toni Sacconaghi, an analyst at Bernstein. International Business Machines Corp.’s “strength in mainframes and associated account control once seemed unassailable,” Sacconaghi noted, warning that “Apple’s key risks are that iPhone is replaced by a new computing/internet access platform.”

That new something could be AI, the hottest investment theme of the year. Needham recently wrote that Apple could fall to fourth place among US stocks — behind Microsoft, Alphabet Inc., and Amazon.com Inc. — because it “is not a core beneficiary of the trend toward generative AI.” Separately, Rosenblatt Securities wrote that Apple’s crown could be threatened by Nvidia Corp, the chipmaker that has been the biggest beneficiary of the AI boom so far, and which is currently less than half of Apple’s size.

Apple’s latest device announcements offered few surprises, though there are signs of strong demand. Its efforts to design chips in-house may be taking longer than expected, while a new phone from Huawei Technologies Co. could be a competitive threat amid concerns about government restrictions on iPhones in China, which accounts for nearly a fifth of Apple’s revenue. Microsoft, by contrast, gets less than 2% of its revenue from China, President Brad Smith told senators last week.

“Consistency is worth a lot when considering a company’s valuation, and Microsoft, because of its consistency and projected growth rate, has an advantage over Apple right now,” said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder. “I like both, but the risk is higher with Apple.”

Tech Chart of the Day

The strong outperformance by Wall Street’s biggest stocks has led to a dramatic divergence in the returns of tech stocks categorized by size. The S&P 500 tech sector index has risen 38% in 2023, as of its last close, compared with a 16% gain for an equivalent mid-cap index. The index for small-cap tech stocks, meanwhile, has risen less than 11% this year.

#microsoft #share #price #Microsoft #eyes #Apples #spot #worlds #largest #stock

Oak Street Health opening second Long Island location

Oak Street Health, a chain of primary care centers for adults on Medicare, will soon open its second Long Island location.

The company plans to open a primary care clinic at 210 Fulton Ave. in Hempstead on Friday, Oct. 13. The Hempstead location follows the 10,000-square-foot clinic at 14-16 Brooklyn Ave. in Freeport that opened in July.

The new Hempstead center will be the 18th Oak Street Health location in New York State. The company says it is the only primary care provider to carry the AARP name.

“We are thrilled to open our Hempstead center in New York and begin delivering an unmatched patient experience and improving health outcomes for older adults in the community,” Dr. Yonette Davis, senior medical director at Oak Street Health, said in a company statement. “At Oak Street Health, we are committed to providing the highest quality care to meet the individual needs of our patients and we are excited to bring our innovative healthcare model to the area.”

Oak Street Health, a subsidiary of CVS Health following the chain’s $10.6 billion acquisition earlier this year, delivers personalized, preventive primary care through an integrated model that incorporates behavioral healthcare and social determinants support. It provides a mix of in-center, in-home and telehealth appointments, as well as a 24/7 patient support line.

The company claims to have reduced patient hospital admissions by about 51 percent compared to Medicare benchmarks and driven a 42 percent reduction in 30-day readmission rates and a 51 percent reduction in emergency department visits.

Oak Street Health accepts all forms of Medicare, including Original Medicare Part B, select Medicare Advantage plans, Medicare Supplement or Medigap plans and Medicare-Medicaid Plans.

Founded in 2012, Oak Street Health currently operates more than 180 centers across 25 states.

#Oak #Street #Health #opening #Long #Island #location

mdf commerce publishes results on shareholders votes for the election of its directors

MONTRÉAL, Sept. 19, 2023 (GLOBE NEWSWIRE) — mdf commerce inc. (“mdf commerce”) (TSX:MDF), a SaaS leader in digital commerce technologies, publishes today the results of the shareholders vote for the election of directors during its annual and special meeting (the “Meeting”) held Tuesday, September 19, 2023.

A total of 28,686,395 shares (approximately 65.24% of the common shares issued and outstanding as of July 25, 2023, the record date for the determination of the shareholders entitled to receive notice of and vote at the Meeting) were represented in person or by proxy at the Meeting. The candidates presented as directors during the Meeting were duly elected on the Board of Directors of mdf commerce by a majority of the votes cast by the shareholders present or represented by proxy. The votes received by proxy were as follows:

NOMINEES	FOR			WITHHELD
NOMINEES	Number	%		Number	%
Mary-Ann Bell	24,478,707	86.91	%	3,686,478	13.09	%
Pierre Chadi	27,133,697	96.34	%	1,031,488	3.66	%
Luc Filiatreault	23,400,289	83.08	%	4,764,896	16.92	%
Brian Nelson	26,079,774	92.60	%	2,085,411	7.40	%
Martial Vincent	28,072,303	99.67	%	92,882	0.33	%

The Corporation also confirms the approval of all the unallocated options under the current 10% limit of the Corporation’s stock option plan by a majority of the votes cast by the shareholders present and represented by proxy.

About mdf commerce Inc.
mdf commerce inc. (TSX: MDF) enables the flow of commerce by providing a broad set of software-as-a-service (SaaS) solutions designed to optimize and accelerate commercial interactions between buyers and sellers. Our platforms and services empower businesses around the world, enabling them to generate billions of dollars in transactions on an annual basis. Our eprocurement, ecommerce and emarketplaces solutions are supported by a strong and dedicated team of approximately 650 employees based in Canada, the U.S., Ukraine and China. For more information, please visit mdfcommerce.com, follow us on LinkedIn or call 1-877-677-9088.

For further information

Luc Filiatreault, President & CEO
1 877 677-9088, ext. 2004
[email protected]

Deborah Dumoulin, Chief Financial Officer
1 877 677-9088, ext. 2134
[email protected]

Brigitte Guay, Director – Corporate Communications
1 877 677-9088, ext. 5123
[email protected]

#mdf #commerce #publishes #results #shareholders #votes #election #directors

House of Lords Agrees on Amendments to Bill to Seize Stolen Crypto

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The UK’s House of Lords passed a bill allowing stolen cryptocurrencies to be seized. The bill will now enter the final stages of approval by the House of Commons.

The United Kingdom’s House of Lords agreed to amendments to the Economic Crime and Corporate Transparency Bill that was introduced in September 2022. The bill aims to allow authorities to crack down on illicit crypto usage. The bill’s primary goal is to address cryptocurrency-related financial crimes.

Amendments to Clarify Bill’s Intent

During its revision, the House agreed to amendments seeking to clarify the bill’s intent to target proceeds from fraud and other financial crimes. The bill further aims to introduce provisions for corporate transparency and the registration of overseas businesses.

The bill was first introduced in September 2022 and aims to guide law enforcement agencies to regard crypto as a critical component of evidence in criminal investigations. The bill, if approved, will also make it easier for legitimate projects and companies to be recognised and gain support by ousting illicit projects, abusing sponsorships and patronage available to the industry.

The bill will also make registration stricter and improve transparency requirements for the limited partnerships available in the UK to prevent the abuse of money laundering and other criminal activities.

Authorities May Seize and Freeze Cryptocurrencies

In its final stage, the UK House of Commons will either accept the amendments or recommend that changes be made to the bill. If the bill gains approval, it will be signed into law through royal assent.

The House of Lords approved a previous version of the bill only two months ago after it received overwhelming support. At the time, it was reported that under the bill’s provisions, authorities can seize and freeze cryptocurrencies suspected to be associated with criminal activities. The bill is dedicated to addressing the growing trend of crypto being exploited by criminals to launder money, conduct fraud, and other illicit activities.

When the bill was first introduced, Director General of the National Crime Agency, Graeme Biggar, said:

“Domestic and international criminals have for years laundered the proceeds of their crime and corruption by abusing UK company structures, and are increasingly using cryptocurrencies. These reforms – long awaited and much welcomed – will help us crack down on both.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

#House #Lords #Agrees #Amendments #Bill #Seize #Stolen #Crypto

Le Pen’s RN party pays back €6mn Russian loan

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Marine Le Pen’s Rassemblement National party has paid back the roughly €6mn remaining on a loan it owed to a Russian company called Aviazapchast as it seeks to blunt attacks from opponents about its links to Russia.

Taken out initially in 2014, the loan has fuelled concern that Le Pen is under the Kremlin’s sway. Scrutiny of the financial ties between her party and Moscow have intensified since Russia’s invasion of Ukraine last year.

“We wanted to pay the loan back as fast as possible,” RN party treasurer Kévin Pfeffer, who is also a deputy in the National Assembly, told the Financial Times.

Pfeffer said repeated checks carried out by France’s regulator of campaign finance had shown that the loan, due to be repaid by the end of 2028, had “no issues”, but that the RN had nevertheless decided to put the matter behind it.

“It was a bad-faith argument from our opponents, but they will no longer be able to use this against us,” Pfeffer said.

Concerned about reputational risks, French banks have long shied away from lending to the party that Le Pen took over in 2011 from her father, who was known for inflammatory and, at times, racist rhetoric. To help fund her last presidential run in 2022, Le Pen took out a €10.7mn personal loan from a Hungarian bank with ties to the prime minister Viktor Orbán.

But it was back in 2014 that the party first turned to Russia for financing, taking out a €9.4mn loan from First Czech-Russia bank to help finance political activities and election campaigns.

After the Russian bank made the initial loan, leaked text messages between Russian officials, seen by the FT, suggested the Kremlin had ordered the loan as a reward for Le Pen’s fealty. She has called those claims “outrageous and offensive”.

When the bank went bust in 2016, the loan was transferred to Aviazapchast, a Moscow-based company that supplies Russian military aircraft and parts in the Middle East, Africa and Asia.

In 2020, the US state department put Aviazapchast under sanctions for violating a law that aims to stop weapons sales to Iran, North Korea and Syria. However, the company has not been hit by US or EU sanctions related to the war in Ukraine.

Since Russia’s invasion, Le Pen has been on the defensive about her previously vocal support for Vladimir Putin and Russia. In 2014 she openly backed Russia’s annexation of Crimea. And in an effort to burnish her international credentials when running for president in 2017, Le Pen met Putin in Moscow only months before the election in France.

During last year’s presidential election debate when Le Pen was again running against Emmanuel Macron, he accused her of being too close to Russia. “You can’t correctly defend the interests of France on this subject because your interests are linked to people close to Russian power,” the president said.

The RN has been able to pay back the Russian loan now because it won an unprecedented 88 seats in last year’s legislative elections, which roughly doubled the money it receives annually from the French public financing system to about €10mn. That result also made the RN the biggest opposition party in the National Assembly and propelled it, for the first time, from the fringes into the daily functioning and institutions of government.

Opinion polls regularly show Le Pen to be the second-most popular politician in the country after former prime minister Edouard Philippe, and she has said she will probably run for president for a fourth time in 2027. After two terms, Macron is not allowed to run again.

Additional reporting by Max Seddon

#Pens #party #pays #6mn #Russian #loan

Daily Archives: September 19, 2023