Exploring Liteverse.io: The first NFT marketplace on the Litecoin network with my first collection dedicated to the Mighty Mia Event #dancingforjoy + Quick Sign up and funding tutorial

As one true OG  Litecoin   enthusiast, I wanted to test the site, or better, the NFT marketplace  Liteverse.io  since its launch in 2022. At first, I claimed Litecoin Summit collectors NFT. But, for several reasons, the test of minting my first NFT got a bit delayed. But now I finally have the time and the need to make use of it for a larger cause. I am sad I procrastinated a little. As it would have been a great honor to be the first one to give it a try, but given my lack of technical skills to use just code to mint outside of a marketplace, waiting was a great idea since the site is super user-friendly and it's quality has improved considerably. I would say Liteverse.io is ready for the mainstream. Minting on it or acquiring an NFT on the Litecoin network is now a Piece of cake! In this article I will describe my experience, the reason why my first series of NFTs was created, and most importantly the advantages and disadvantages of creating an nft (Non-fungible Token) or an nft

Bitcoin mining becoming cleaner and more decentralized

The Bitcoin mining network is constantly growing, and as data showcases, it is also becoming more sustainable and more decentralized. In 2019 China was able to surpass 75% of the total Bitcoin mining hash rate. But this scenario has changed. What caused this shift? And how does the current hash-rate distribution differs from years back? This write-up is aimed to answer those questions.

Some may attribute the recent drop in Bitcoin price and bitcoin hash-rate to Elon Musk's recent criticism. Elon Musk wanted to emphasize the carbon footprint behind Bitcoin itself. It brought environmental issues to life, causing a deep market correction. However, data indicates that drastic changes were already taking place in the Bitcoin mining ecosystem.

The event that most contributed to this sudden shift in mining output was the most recent China ban.  This time, the mining ban in certain Chinese provinces seems to be taken more seriously than the previous ones. According to a report provided by State Media People's Daily: "Last month China has set hard caps on carbon emissions and will strive to meet climate targets." Consequently, in the last few months, China has been cracking down on coal-powered in several provinces. And with it, crypto mining is becoming cleaner and more decentralized.

So let's take a look at the past crypto mining scenario and compare it with the current distribution. For many years China has taken the lead in the total Bitcoin hash rate with strong mining operations that accounted for 75% of global production. Since the crackdowns, China's mining output has dropped to 46% in just years. 

Many countries are shifting to sustainable energy resources or using a surplus of energy already produced by the country. And we now have very strong global players emerging as the USA, Kazakstan, Russia, and Iran. 

As indicated in the row chart above Bitcoin mining is more decentralized this year than in 2019. In fact, according to statista.com is more distributed than ever before. China still takes the lead as the top miner in the world, but other countries such as the USA, Kazakstan, Russia, and Iran have increased their mining capabilities considerably. On another note, China suffered a significant drop. This seems to be healthy for the overall stability of the bitcoin network. It provides a more decentralized output and helps protect the network against a conglomerate of mining resources in one region of the globe.

Globally bitcoin miners are aimed to create sustainable mining operations. One that is looking to please the new global carbon offset standards. In my opinion, what is driving this shift is not the random words of Elon Musk, but real-world regulations that are focused on environmental concerns. In this case, China is strongly affected and has to reduce its coal power dependency for more sustainable, carbon-neutral energy sources. That may just take time.

 In conclusion, the race to carbon-neutral mining has already started. 

All my best

Michelle M


Social Media links: https://cointr.ee/mammycrypto



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My opinions are simply my opinions and not investment advice. I strongly recommend everyone investing or looking to earn or acquire cryptocurrencies to do their own research and get very educated about risks and security before acquiring, earning or investing. The content in this blog/ website is not investment advice. Please note that this web site also features sponsored content and referral affiliate links. Which means that when you click on some links and sign up for a product or service I may receive I small commission or credit for the referral. Most the the links also will give you an invite incentive that most often you would not receive if you do not use a referral invite link.


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