Cryptocurrency miners in Russia capitalize on the bear market by accumulating ASIC devices

Local news agency Kommersant reported that cryptocurrency miners in Russia are hoarding ASIC devices.

Cryptocurrency miners in Russia appear to be unconcerned by the current crypto mining crisis. Since the local demand for mining hardware has increased in the fourth quarter of 2022.

Some cryptocurrency mining hardware distributors in Russia have faced a significant spike in demand for application-specific integrated circuit (ASIC) chips designed for mining, local news agency Kommersant reported Dec. 1.

Local distributor Chilkoot reported that its ASIC sales in November and October exceeded all its sales in the third quarter. In the last nine months, the distributor would have sold 65% more hardware than in 2021.

“We are working with legal entities, and we see that they began to buy 30% more equipment in a single transaction than at the beginning of the year.” Chilkoot development director Artem Eremin said.

Mark Mobius assured that it is currently too dangerous to invest in cryptocurrencies

Mark Mobius, billionaire investor and Co-Founder of Mobius Capital Partners, offered his thoughts on current events in the cryptocurrency market in an interview with Bloomberg, reviewed by Business Insider, noting that the crypto winter will intensify causing the price of Bitcoin to fall to the $10,000.

In this sense, the investor, already recognized as a cryptoskeptic, said that currently the sector is “too dangerous” to invest his own cash or that of his clients, but also that cryptocurrencies are here to stay, since there are several investors who still they have faith in them.

Furthermore, Mobius noted that despite the risks and volatility associated with the FTX drama, the industry is likely to survive the fallout, and that it was “surprising” that the Bitcoin price has held up as well as it has so far. .

Summons Issued to 3AC Board as Terraform Dump Controversy Grows

Tether Responds To WSJ, Claims Its USDT Loans Are “Overcollateralized”

Tether has stated that its collateralized loans are heavily collateralized in response to a recent report that there are problems in the sector caused by Tether.

The Wall Street Journal notes in its report that Tether has not disclosed its loans issued for USDT stablecoins. Also, it questions your longer-term liquidity to meet repayments.

Concerns arise after one of the largest cryptocurrency exchanges, FTX, filed for Chapter 11 bankruptcy. WSJ stresses that the subsequent market crash could have diluted Tether’s collateral.

Tether has a long history of trouble with regulators. Questions about Tether reserves arose even around the Terra (LUNA) crisis and the 3AC-led market crash.

Mozilla bets on the Metaverse and acquires Active Replica

Web developer Mozilla, known primarily for its Firefox Internet browser, has joined the wave of legacy Internet platforms jumping into the Web 3.0 and Metaverse development space.

In an announcement posted on its blog, the company revealed its acquisition of Active Replica. A developer of immersive experiences.

Active Replica teams up with Mozilla’s Hub Building Platform to help create virtual events. The virtual experiences developer has already worked with Mozilla during its multi-day arts and technology festival, Mozfest, earlier this year.