LINK marines rejoice after Chainlink 2.0 brings a new roadmap and staking

LINK marines rejoice after Chainlink 2.0 brings a new roadmap and staking

Passive income opportunities are one of the biggest draws in the cryptocurrency ecosystem because it gives investors an easy opportunity to grow their portfolio size regardless of the day-to-day price action.

The latest token to get a bump in its price after announcing the upcoming implementation of staking is Chainlink (LINK), the decentralized oracle network that provides important off-chain information needed for the proper functioning of smart contracts.

Data from Cointelegraph Markets Pro and TradingView shows that since bouncing off a low of $6.67 on June 4, the price of LINK has increased 35% to hit a daily high of $9.00 on June 7.

LINK/USDT 4-hour chart. Source: TradingView

Here’s a look at what the new developments in the Chainlink ecosystem that could be backing today’s price rally.

Staking LINK has been years in the making

The ability to stake LINK has been a sought-after capability for several years now because Chainlink has consistently been the largest oracle project in the entire cryptocurrency ecosystem.

According to the announcement released by Chainlink, the overarching goal of staking on the network “is to give ecosystem participants, including node operators and community members, the ability to increase the security guarantees and user assurances of oracle services by backing them with staked LINK tokens.”

By staking LINK, the ability for nodes to receive jobs and earn fees on the Chainlink network will be enhanced while the ecosystem as a whole will benefit from an “increase in cryptoeconomic security and user assurances.”

Staking not only introduces an incentive to provide reliable data, but it allows for a penalty mechanism for underperforming nodes who fail to achieve the goal of consistently generating accurate oracle reports and delivering them to specific destinations in a timely manner.

Greater community participation

Another benefit of introducing staking is that it will help encourage a larger amount of the Chainlink community to get directly involved with the network by staking LINK to support the performance of oracle networks.

Getting more individuals involved with community monitoring directly helps to increase the decentralization of the Chainlink network and enables “a robust reputation system and slashing mechanism.”

The addition of staking is also expected to increase network adoption over time as new sources of rewards and an increase in the amount of protocol fees that are generated from non-emission-based sources further attracts more participants.

Related: Chainlink launches price feeds on Solana to provide data to DeFi developers

Proof of reserves

The new roadmap also introduces Chainlink Proof of Reserves (PoR).

With PoR, the cryptocurrency holdings of a company can be easily audited through an automated process that leverages the transparency of blockchains, smart contracts and oracles.

This real-time auditing of collateral helps to ensure that user funds are protected from “unforeseen fractional reserve practices and other fraudulent activity from off-chain custodians.” In doing so, PoR helps to bring a higher degree of transparency to the crypto ecosystem as a whole and it addresses some of the biggest complaints about how the current financial system operates.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Navigate (NVG8) raises $7M to build crypto-based data monetization ecosystem » CryptoNinjas

Navigate (NVG8) raises $7M to build crypto-based data monetization ecosystem » CryptoNinjas

Navigate (NVG8), a community platform powering a data ownership ecosystem, has announced its project launch and close of a $7.625 million seed round. The round was led by Distributed Global, with added investments from Alan Howard, Kraken Ventures, Jez Mohideen, Outlier Ventures, and others.

The seed round comes in conjunction with the appointment of Amir Husain, Founder, and CEO of SparkCognition, and Rumi Morales, Director of Investments at Digital Currency Group, as founding members of the Navigate Board of Directors.

Built on the Polygon Network, Navigate aims to be the ultimate destination for contributing, sourcing, and monetizing data. The blockchain ecosystem will democratize high-value, tokenized information, known as next-generation data (NGD)—data that is rich with insights but currently underutilized.

“Every day, each of us generates immense amounts of data about ourselves and our surroundings, and up until now, we haven’t had any way to monetize it. Navigate effectively answers the long-standing question of how we can contribute this digital data in a meaningful way. The Navigate platform offers a method of selling the data we generate to those building the applications of tomorrow, all while rewarding contributors and preserving the privacy and sovereignty of data provided by those users.”
– Rumi Morales, Board Director of Navigate

Navigate has two distinct layers: the Navigate Marketplace and Navigate dApps.

  • Navigate Marketplace consists of vaults for crowdsourcing large, high-quality data sets and a peer-to-peer exchange for users to mint and trade next-generation data.
  • Navigate dApps provides developers with APIs to build decentralized applications and power these products by leveraging the data assets listed on the marketplace.

First dApp

Navigate Maps, a high-resolution, low-altitude (HRLA) map of major cities will be the platform’s first app.

Addressing the gaps in today’s traditional satellite-based map offerings, Navigate Maps will be a high-quality, community-owned map application that is constantly updated using data uploaded by users.

Navigate Maps will provide value to end-users, while also showing developers and organizations the potential of building on Navigate, leveraging data uploaded by the Navigate community.

Token (NVG8)

NVG8, the platform’s native ERC-20 token will be used to incentivize participation in the platform, including contributing data and building dApps.

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How to Buy SushiSwap (SUSHI) | Where, How and Why

How to Buy SushiSwap (SUSHI) | Where, How and Why

Cryptocurrency trading, blockchain technology, and related ventures and projects have the potential to overtake the traditional finance world and question the very existence of traditional financial infrastructure. While cryptocurrencies are a relatively recent invention, they have plenty to offer – from prospects of hefty returns to permissionless, decentralized, and borderless around-the-clock trading on a secure, transparent infrastructure and more.

 While the current financial system works on a centralized platform, controlled by government agencies and other intermediaries, decentralized finance (DeFi) operates according to a protocol that runs on a decentralized network powered by blockchain. The power of DeFi to transform the financial world is immense, and to learn more about it, visit our article on What is DeFi.

Decentralized exchanges (DEXs) are a key component of the existing DeFi environment, and it won’t even be exaggerating to say that there won’t be DeFi without the existence of decentralized crypto exchanges such as Uniswap, SushiSwap, etc.

In this article, you will learn everything there is to know about the famous Ethereum-based DEX and automated market maker (AMM) SushiSwap, its native SUSHI token, and where, why, and how to buy SUSHI.

Let’s get started!

What Is SushiSwap

Before purchasing SushiSwap tokens, let’s take a closer look at the SushiSwap trading platform.

SushiSwap is a popular Ethereum-based decentralized exchange (DEX) and an automated market maker (AMM) that allows users to swap tokens, lend, borrow, earn rewards via yield farming, etc. It’s a fork of Uniswap, with variations and additional features, the most notable of which is the SUSHI token.

Trades on SushiSwap aren’t controlled or managed by any central authority. Instead, the system automatically sets the real-time prices of crypto pairs using mathematical formulas, and smart contracts settle the trades.

SushiSwap uses liquidity pools, where users lend or stake their crypto to gain interest, to solve the liquidity problem faced by many centralized exchanges.

The SushiSwap exchange supports over a hundred altcoins, 480+ crypto swapping pairs, enjoys over $100 million daily trading volume, and has a whopping $5.1 billion in TVL (Total Value Locked).  

Sushiswap History

SushiSwap is a fork of Uniswap, based on AMM, ensuring that assets are priced using a trading algorithm.

Both founders of SushiSwap — Chef Nomi and 0xMaki, continue to stay anonymous to this day. Chef Nomi was the core developer who created SushiSwap by performing a hard fork on Uniswap’s open-source code in August 2020. 

SushiSwap faced several problems at its launch. The team applied a “vampire mining” scheme using the Uniswap liquidity provider tokens (LP tokens) issued to users who provide liquidity to the Uniswap pools. SushiSwap rewarded their native SUSHI tokens to the liquidity providers on Uniswap for staking their LP tokens on the SushiSwap protocol instead. After a couple of weeks, the staked tokens were migrated to the SushiSwap native pools, and the LP tokens were then exchanged for the original assets put into the Uniswap liquidity pools, thereby creating liquidity for SushiSwap. Soon, SushiSwap had attracted almost 90% of all the liquidity on Uniswap.

Moreover, Chef Nomi withdrew USD 14 million worth of ETH from SushiSwap’s developers’ funds. Many users compared it to a rug pull and increased pressure on Chef Nomi. Soon, Chef Nomi announced that they had returned the entire USD 14 million and resigned from SushiSwap.

The control was handed over to Sam Bankman-Fried, the CEO of Alameda Research and crypto derivatives exchange FTX. He oversaw that the vampire mining procedure was completed and transferred the control of the exchange to several trusted SushiSwap community members.

Since then, the exchange has remained mostly controversy-free and has gained a considerable market space in the decentralized finance world.

SushiSwap has more advanced DeFi functions than UniSwap; most importantly, its SUSHI tokens are listed on many prominent centralized exchanges like Binance, Coinbase, etc. 

How Does SushiSwap Work

Like Uniswap, SushiSwap uses an Automated Market Maker (AMM) system, a self-executing computer program to define the price of digital assets and provide liquidity.

SushiSwap is equipped with many liquidity pools for different altcoins they support. Each pool consists of two crypto assets, and users can stake one or both assets in the pool to receive rewards in the form of interests and trading fees generated. Anyone can add liquidity to SushiSwap’s pools by connecting their Ethereum wallet to their SushiSwap account. Users then lock both the pool’s assets into a smart contract in a 1:1 ratio.

SushiSwap users can also stake SUSHI coins on the SushiSwap network to earn rewards in return. They can also participate in lending, borrowing, and buying new tokens on SushiSwap. The SUSHI token is integral to the popularity of SushiSwap and is also what makes it different from Uniswap.

You don’t need to create an account on SushiSwap to start using their services. All you need to do is connect a web 3.0 wallet compatible with the Ethereum Network. To get started with SushiSwap, you must acquire Ether (ETH) on any reliable centralized crypto exchange, as SushiSwap doesn’t support fiat. Once you have ETH in your crypto wallet, you can get the Sushi App and connect any of your web 3.0 wallets to get started.

What Makes SushiSwap Unique

SushiSwap’s main innovation was the introduction of the SUSHI token. Liquidity Providers earn rewards in SUSHI, but unlike Uniswap, SUSHI token holders continue earning a portion of fees even after they’ve stopped actively providing liquidity.

SUSHI tokens also provide governance rights to token holders. In the case of SUSHI, anyone may apply a SushiSwap Improvement Proposal (SIP), which is then voted on by SUSHI token holders. 

In addition to this, SushiSwap adopted the “fair launch” approach to distribution, meaning there was no token allocation for venture capitalists.

SUSHI Tokenomics

Now that you know everything about SushiSwap history, uses and features, let’s look into its native token, SUSHI.

The SUSHI token reached an all-time high of USD 22.52 on 13th March 2021. New Sushi is created at 100 Sushi per block for tokens staked in the farms on As the community voted for a hard cap of 250M tokens, $SUSHI no longer has infinite inflation.

Get started by checking the SUSHI current price, 24-hour trading volume, market capitalization, market cap rank, circulating supply, max. supply, historical statistics, etc., and get updates on SUSHI price in real-time on CoinStats, one of the best crypto platforms around.

Where to Buy SUSHI

While SushiSwap is the best place to buy SUSHI tokens, users can also purchase SushiSwap (SUSHI) on most major cryptocurrency exchanges such as Binance, Huobi Global, Sam Bankman-Fried’s FTX, Kucoin, Kraken, Uniswap, etc. Simply choose an exchange and buy SushiSwap (SUSHI) right away!

How to Buy SUSHI on Binance

Binance is among the world’s most popular crypto exchanges, with a 24-hour trading volume of more than USD 15 billion. What makes Binance so popular amongst cryptocurrency enthusiasts, investors, and traders is the ease with which anyone can buy or sell SUSHI. Follow our step-by-step guide below on buying SUSHI instantly on Binance:

Create a Binance Account

If you don’t have a Binance account, you’ll have to create one to buy Sushi and other cryptocurrencies. The process is pretty straightforward, and you’ll only need a valid email ID and phone number. Once you’ve created an account, you’ll need to complete your KYC verification which usually takes a few minutes. After verification, you are all set to buy SUSHI or any other token.

Deposit Funds to Your Binance Account

The next step in buying SUSHI on Binance involves depositing funds to your Binance account. You can choose from many fiat currencies, including USD, EUR, INR, GBP, AUD, etc. What’s more, Binance supports different deposit methods, including simple bank transfers, credit/debit cards, third-party payments, peer-to-peer transactions, etc.

Buy the Asset Against Which You Want to Buy SUSHI

Multiple trading pairs for SUSHI are available on Binance, i.e., SUSHI/USDT, SUSHI/BTC, SUSHI/BUSD, and SUSHI/BNB. You’ll need to buy one of these tokens first to buy SUSHI. Suppose you want to buy SUSHI against USDT. You’ll have first to buy USDT worth the amount you wish to buy SUSHI for. Then, you need to go to SUSHI/USDT trading pair and place an order for your desired amount of SUSHI. The order is filled within seconds, and the purchased SUSHI will reflect in your SPOT wallet immediately.

As you can see, buying SUSHI is pretty simple on Binance, and it’s similar to other exchanges such as Huobi Global, Kucoin, etc.

How to Buy SUSHI on SushiSwap

Another way to buy SushiSwap (SUSHI) tokens is on the SushiSwap exchange. While the process is pretty simple, it can get daunting for an everyday retail buyer or investor. To buy SushiSwap tokens on the exchange, you’ll need a crypto wallet like MetaMask or the Trust Wallet. MetaMask is one of the go-to wallets for people who trade on SushiSwap. It comes both as a browser extension and a mobile app. You don’t need to provide your email address or proof of identification to create a new MetaMask account. Simply add the extension to your browser and create a password. The wallet will then give you a seed phrase which is the only way to recover your MetaMask Wallet.

Once you’ve created a MetaMask account, the next step is to add some ETH to it. You can either buy ETH directly on MetaMask using SEPA bank transfer, VISA, Apple Pay, etc., depending upon the currency you’re using and your location, or transfer it from some exchange wallet, e.g., Binance.

You’ll need to login into the SushiSwap application and connect your MetaMask wallet. Once the wallet is connected, simply enter the amount of ETH you wish to swap for SUSHI and click on “SWAP.” Once the swap is complete, the number of SUSHI tokens will reflect in your MetaMask wallet.


The next big question is where to store SUSHI. While cryptocurrency exchanges provide their own wallets to users to store their crypto assets, they have undergone several cyber-attacks, hacks, and thefts in the past, during which users lost their funds stored in the exchange wallets. The most prominent example was the Binance hack in 2019, when BTC worth USD 40 million was stolen from the exchange.

So, if you own SUSHI or any other crypto, including NFTs, it’s a good idea to store them in your private wallet to retain complete control over your assets.

You can choose to store your SUSHI tokens in a Software Waller or a Hardware Wallet.

CoinStats Wallet is one of the best software wallets letting you manage all your DeFi and crypto from one place – a single crypto wallet to buy, sell, swap, track, and earn on your crypto! Hardware wallets or cold wallets, like Trezor or Ledger, are the most reliable options, as they come with safe offline storage and backup features. These are more suitable for experienced users who own large amounts of tokens.


SushiSwap aims to revolutionize finances with the power of DeFi. Despite shortcomings from the start, it has outpaced other popular DeFi ventures in terms of total value locked, daily trading volume, and market cap, indicating the high future potential of the SushiSwap exchange and the SUSHI token. 

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The Metaverse: An inflection point

The Metaverse: An inflection point

The non-fungible token (NFT) boom of 2021 not only brought mainstream attention to digital art investment, it also catalyzed increased development of the crypto metaverse. The metaverse — a previously esoteric term first used in the 1992 science fiction novel Snow Crash by Neal Stephenson — has emerged as a mainstream pop culture phenomenon 30 years later. Reality now echoes Stephenson’s narrative as people use one-of-a-kind avatars while interacting in 3D virtual worlds.

In Kraken Intelligence’s latest report, the team takes a closer look at the rise of these unique virtual worlds and how they will benefit the digital economy.

What is the metaverse?

Telephones and the internet have enabled a global network of communication between people. The internet, in particular, offers a global and easily accessible place to form social connections and find community-based engagement.

The metaverse takes this a step further, empowering people to connect in virtual worlds and express their digital personalities. The metaverse enables immersive experiences that allow users to attend a business meeting in a virtual conference room, sitting digitally alongside colleagues who are physically located all over the world. Users’ avatars can then take a walk to a virtual coffee shop after the meeting to catch up with a friend who lives in a different city. The metaverse leverages the internet’s power to connect like-minded individuals and deliver brand new experiences in another dimension.

Crypto-native digital worlds

While the communities comprising the metaverse don’t require a blockchain, there are unique benefits of the crypto metaverse that are shaping the future of online interaction. 

At the moment, crypto-native worlds such as Decentraland and The Sandbox are open-world platforms where anyone can join to play games, earn cryptocurrencies, leverage their NFTs to express their digital personality, purchase NFT-based land and vote on governance — the possibilities are nearly endless.

In our latest report, the Kraken Intelligence team explores the exciting virtual realms within the crypto metaverse and takes a look at the major players that are shaping the fast-evolving space.



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Philippines Crypto Wallet Service Provider Partners With the PBA – Bitcoin News

Philippines Crypto Wallet Service Provider Partners With the PBA – Bitcoin News

Another digital currency firm is making moves into the sports world as the Philippines crypto wallet service provider announced the company has partnered with the Philippine Basketball Association (PBA). The deal is the PBA’s first crypto partnership during its 47th season and the brand will be showcased at the premier tournament during the Philippine Cup.

Philippine Basketball Association Partners With Crypto Firm

Over the last year, well known digital currency companies like FTX,, Grayscale Investments, and have integrated the firms into the sports world through various partnerships and endeavors. On June 3, the regulated fiat and crypto service provider announced it has partnered with the Philippine Basketball Association (PBA).

The PBA was initiated in 1975 and is the second-oldest professional basketball league in the world following the National Basketball Association (NBA). The league is composed of 12 franchised teams and the PBA season’s most prestigious tournament is the Philippine Cup. PBA teams include Barangay Ginebra San Miguel, Meralco Bolts, Converge Fiberxers, Magnolia Hotshots, Blackwater Bossing, Phoenix Super LPG Fuel Masters, Terrafirma Dyip, TNT Tropang Giga, Rain or Shine Elasto Painters, San Miguel Beermen, NLEX Road Warriors, and Northport Batang Pier.

The upcoming 2022 Philippine Cup will be the first time since 2019 that fans can experience the full-arena experience at 100% capacity. detailed in its announcement that the company’s “brand presence [will be] featured throughout the Philippine Cup.” plans to engage with fans by offering “interactive experiences” and promoting cryptocurrency awareness. PBA fans will be able to win cryptocurrencies and will also be highlighted in television ads during the 2022 PBA season.

“Basketball plays a very important part in the Filipino culture and that makes it a perfect match for, a proudly home-grown fintech brand in the Philippines,” Wei Zhou, the CEO of explained in a statement sent to News. Zhou added that in recent times, the firm has seen interest in Web3 and digital currencies grow and the PBA’s prominence can help bolster crypto awareness. Zhou added:

We have seen a surge in engagement with Web3 in the Philippines and we believe that more and more Filipinos are joining the crypto community. The PBA is a great platform to educate Filipinos on the crypto-economy and we value this opportunity to expand crypto market adoption.

PBA Commissioner Says Gives ‘Fans the Opportunity to Engage in a New Way’

Founded in 2014, has raised roughly $40 million in capital funding and the most recent Series C saw a $30 million investment round led by Ribbit Capital. In addition to the partnership with the PBA, executives from and Xendit launched a non-fungible token (NFT) platform with $2 million in seed funding. was once owned by the Indonesian tech company Gojek which purchased the startup for $95 million. According to a report published by Ka Kay Lum, the deputy editor and business journalist at’s SEA edition, several regional investors associated with Gojek and confirmed that the former CFO of Binance, Wei Zhou, purchased the company. Ka Kay Lum details that was sold “for double the amount” Gojek paid for the startup in 2019.

During the last year, celebrity athletes and the sports industry have been leveraged by crypto companies to gather more exposure. For instance, FTX obtained the name of the Miami Heat’s arena and acquired the name of the Los Angeles Lakers arena. Well known sports stars like LeBron James, Tom Brady, Francis Ngannou, and Kevin Durant have become partners with crypto firms. In terms of the deal between the PBA and, Willie O. Marcial, the PBA’s league commissioner, believes the partnership with will enhance the PBA’s growth.

“The PBA is the 1st professional basketball league in Asia and is already an institution in the country,” Marcial remarked during the partnership announcement. “It is still unparalleled when it comes to professional sports entertainment. And partnering with will surely take the PBA a step further as it continues to improve and strengthen its position as one of the best leagues in the region. Further, the PBA is all about growth and improvement. Having will give fans the opportunity to engage in a new way and at the same time learn about the crypto community.”

Tags in this story
Barangay Ginebra San Miguel,, Converge Fiberxers,, Francis Ngannou, ftx, Gojek, Ka Kay Lum, Kevin Durant, LeBron James, Meralco Bolts, PBA, PBA commissioner, Philippine Basketball Association, Philippine Cup, Ribbit Capital,, Tom Brady, Wei Zhou, Willie O. Marcial, Xendit

What do you think about partnering with the Philippine Basketball Association (PBA)? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Short Position Piling Up, Could This Hint At The Next Bitcoin Move?

Short Position Piling Up, Could This Hint At The Next Bitcoin Move?

Bitcoin is still unable to break above or below its current range. Yesterday, BTC’s price was seeing a trading session in the green until a surge in negative news contributed to an increase in selling pressure.

Related Reading | New Study Shows 37% Of People Want Governments To Legalize Bitcoin

Traditional markets also tumbled and added to the downside price action as Bitcoin approached a major area of resistance at $32,000. At the time of writing, Bitcoin (BTC) trades at $29,800 with a 6% loss in the last 24-hours.

BTC moving sideways on the 4-hour chart. Source: BTCUSD Tradingview

Trading desk QCP Capital published a market update highlighting the rise in Bitcoin dominance as altcoins, such as Ethereum, continue to underperform. This metric is used to measure the percentage of the total crypto market capitalization comprised of BTC alone and currently stands at 47%.

As seen below, the last time this metric was at its current levels was in November 2021 when the market took a final move to the upside before a major crash on December 3 that year. After that, Bitcoin dominance trended to the downside and moved sideways until mid-May 2022.

Bitcoin dominance BTCD
BTC Dominance trends to the upside on the 4-hour chart. Source: BTC.D Tradingview

If the upside trend in Bitcoin dominance continues, the altcoin market could experience more pain as BTC’s price remains rangebound. However, the short-term seems ready for some relief.

QCP Capital noted an increase in the number of short positions across the market. The trading desk said the following in its report:

If this an indication of overall market positioning (i.e. market is directionally short), spot prices might have formed a base here and we could see more spot upside in the short-term.

In a separate report, QCP Capital also noted BTC and the crypto market’s capacity to remain “robust” despite the “massive wipe-out” and general selling across the global market. The firm believes this is a “mark of maturity for crypto as a trading and investment asset class”.

Bitcoin In The Short Term, The Road To $34K

In the same report, the trading desk highlighted what could be the biggest headwind for Bitcoin and the crypto market in 2022. The nascent asset class saw unprecedented growth from 2019 to 2021 on the back of the U.S. expanding its money supply.

As QCP Capital said, the U.S. money supply has gone from expanding to contracting. As the chart below shows, the U.S. money supply recorded its firm monthly contraction since 2011 and hints at more pain for Bitcoin and other risk-on assets. The trading desk added:

This draining of liquidity will only be exacerbated by the upcoming QT balance sheet unwind as well, beginning 1 June. We expect these factors to weigh on crypto prices.

U.S. money supply contracting which translates into more pain for Bitcoin and risk-on assets. Source: QCP Capital

Related Reading | Bitcoin Market Cap Shed Over $120-B Last Month – How Much More Can It Lose?

On the short-term horizon for Bitcoin, a pseudonym trader believes there are good conditions for a rally to $34,000. The number one crypto by market cap is signaling oversold on certain metrics and was able to maintain to remain rangebound on key indicators.

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FTX will not freeze hiring amid layoffs at other crypto firms, CEO states

FTX will not freeze hiring amid layoffs at other crypto firms, CEO states

Amid unfavorable market conditions, some cryptocurrency-related firms decided to cut their workforce or freeze hiring. However, crypto exchange platform FTX will continue hiring new personnel as the crypto winter continues. 

In a Twitter thread, FTX CEO Sam Bankman-Fried explained that the exchange will continue to “keep growing,” explaining that they will onboard new staff just as they have done on the market’s better days.

Bankman-Fried noted that in February the company slowed down hiring. However, he said that this is not due to a lack of funds. The move was done to make sure that team members can have enough time to properly mentor new employees before adding more.

Criticizing hypergrowth companies, Bankman-Fried underscored that hiring more staff quickly doesn’t equate to a substantial increase in productivity. “Sometimes, the more you hire, the less you get done,” he said. He explained that this is because rapid growth can make it very difficult to keep all staff “on the same page.”

Moreover, because FTX took its time and hired employees carefully since February, Bankman-Fried mentioned that the exchange can keep its hiring pace as it is “regardless of market conditions.”

Related: FTX reportedly shopping for brokerages in preparation for stock trading

At the start of June, crypto exchange Gemini laid off 10% of its employees. According to a notice from the exchange, the move was due to the current “crypto winter.” Apart from Gemini, Coinbase also decided to slow down hiring back in May.

Back in 2018, the industry witnessed larger layoffs as the market went down. Crypto miner manufacturer Bitmain and crypto exchange Huobi confirmed that they fired employees amid the 2018 bear market. Apart from the two, blockchain company Consensys reportedly dropped around 60% of its staff before announcing the hiring of 600 employees in 2022.

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How to Mine Monero | Where, How, and Why

How to Mine Monero | Where, How, and Why

Cryptocurrency mining is the method by which individuals help create cryptocurrencies and verify transactions related to new coins on the blockchain. Crypto mining involves an extensive, decentralized network of computers that help safeguard and verify blockchains that record crypto transactions.

For contributing their processing power, these miners are rewarded in the form of new coins. Miners help secure the blockchain, the blockchain rewards miners with new coins, and the coins further incentivize miners to help secure the network.

The concept of mining crypto was fairly unknown until a few years ago when tech geeks and new crypto enthusiasts became well-known for their ability to solve complex puzzles, create blocks, and mine cryptocurrencies. These miners were busy supporting a whole new form of finance while the rest of the world looked on in confusion. When the value of cryptocurrencies like Bitcoin increased in 2016, these miners suddenly became respected as a whole new class of geniuses and, of course, top earners.

While many started showing interest in mining crypto, not all interested individuals were able to actively engage in the activity due to the high investment demands of the process. Considering that cryptocurrencies are meant to be decentralized and accessible to everyone, many thought that the exclusivity of the mining opportunity was quite a letdown.

In the light of this dissatisfaction, Monero, a secure, private, and decentralized crypto network, decided to look for a better solution. By 2019, the Monero community managed to develop a new algorithm that allowed anyone with a computer to engage in mining activities and earn rewards — a step in the right direction for decentralization and fair accessibility.

This article rolls out everything you need to know about Monero: what it is, how it works, the uses of its XMR token, how to mine Monero, and why Monero mining is essential. You can also read about how to buy Monero, with expert predictions about the value of XMR and the potential of the Monero network.

What Is Monero

What is Monero animated video

Monero (XMR) is a popular open-source cryptocurrency that focuses on decentralization, privacy, and scalability. It is built by community-funded contributors and volunteers who have worked hard to ensure that Monero transactions are seamless at each step.

XMR achieves distributed consensus using the proof-of-work (PoW) mining method. Although many consider it to be similar to Bitcoin, it is different in that implementing PoW allows even hobbyist miners to try their hand at mining with nothing more than an ordinary CPU.

Monero developers have been trying to keep ASICs and other specialized machines away from the mining scene to maintain and improve Monero’s decentralization.

The CryptNight hashing algorithm has been replaced by RandomX, which was the result of a scheduled upgrade in November 2019. RandomX is a PoW algorithm that discourages ASICs and penalizes miners for using GPUs. Therefore, CPU mining is now the preferred way to go if you want to mine Monero.

Despite the mounting regulatory pressure on exchanges, Monero is still among the top 30 coins in the industry, with a market capitalization that exceeds $5 billion.

Monero is one of the few cryptocurrencies with digital transactions that are unaffected by capital controls and regulations.

Let’s have a look at the main privacy-enhancing technologies used by Monero:

Ring Signatures

Monero’s Ring Signatures technology mixes the digital signatures of the person making an XMR transaction with that of other users before creating a record on the blockchain. This mechanism makes data appear as if the transaction in question was sent by any one of the recorded signers.

Since 2019, a default Monero transaction is recorded by adding 10 signatures to each transaction group, mixing a total of 11 signatures.


Ring Confidential Transactions are used by the Monero network to hide the exact value amounts that users exchange in blockchain-recorded transactions. This implies that no one other than the sender and receiver can know how much value is being transferred through a Monero transaction. RingCT allows transactions to have multiple inputs and outputs while protecting users’ anonymity and preventing double-spending.

Stealth Addresses

Monero’s Stealth Addresses allows users to publish a single address that creates multiple one-time accounts for each transaction. The owner will have a secret “view key,” and their wallet can identify incoming funds by scanning the blockchain to find transactions with that particular key.

What Is Monero (XRM) Used For

Monero (XRM) is a secure crypto coin ideal for fast and anonymous transactions.

Monero helps businesses maintain the privacy of their account information in light of the growing number of financial crimes.

Monero also provides much-needed privacy for individuals who wish to protect their spending and financial data from Facebook and other large data-mining companies that may sell it without consent and pocket the profit.

A transparent public ledger would be ideal in a world devoid of financial crime. However, in today’s world, knowledge about salaries and revenues of individuals and companies is an open invitation to international crime.

With the help of miners and the PoW consensus method, XMR transactions on the Monero network are kept private and secure to prevent financial frauds and crimes.

What Is Monero Mining

Monero mining refers to the process through which users can earn XMR coins as a reward for verifying transactions on Monero’s blockchain. Through Monero mining, miners can create new XMR coins using Monero mining software.

A Monero miner is a physical miner who operates mining devices. Monero miners act as network supervisors and administrators, validating all XMR transactions. After transactions are validated, they are recorded in blocks that are essentially digital files. These blocks are created by Monero miners who solve complex puzzles according to the PoW method. If a Monero miner is able to solve the puzzles, they earn the right to add the block to the network and also get newly created XMR coins as Monero mining rewards per block.

Why Are Monero Miners Important

Miners act as replacements for centralized authorities and institutions that would typically control transactions and monetary dealings in traditional finance. Therefore, it’s fair to say that miners are the backbone of the Monero network.

Monero miners verify and approve transactions so that users can exchange value through the blockchain. They solve complex puzzles with equations to create new blocks that help keep the Monero network active. The block rewards they earn also serve as a crucial addition to the supply of new coins.

Monero miners also help overcome the issue of double-spending

A set of time-stamped transactions is shared with a miner after being collected into a single block. Through cryptography, each new block is linked with the previous one to form an immutable blockchain. This blockchain allows miners to determine the legitimacy of a transaction. The debit and credit are also noted down in the sender’s and receiver’s wallets, respectively, so the sender cannot possibly spend the coins again.

Why Mine Monero

Following are the two crucial reasons why individuals usually choose to start Monero mining:

Fairness of the Mining Process

Monero developers and Monero community members have created RandomX, which is an ASIC-resistant PoW algorithm. RandomX makes it impossible for miners to use specialized hardware for mining Monero, thereby leveling the playfield for miners who only have access to consumer-grade hardware.

Incentives for Mining

There’s no limit to the supply of Monero available for mining, as might be the case with other cryptocurrencies like Bitcoin.

After the allocated 18.132 million XMR tokens are discovered by miners, the Monero will generate 0.6 XMR indefinitely through a tail emission. This process will keep miners motivated even after the total XMR supply is depleted.

Monero miners can mine blocks every two minutes, with a block reward of 0.6 XMR once the tail emission mechanism is activated in May 2022.


The XMR acquired from mining can be directly traded for fiat on major exchanges. Monero is easily tradable for Bitcoin (BTC), which is a cheaper way to steadily build a Bitcoin holding position. The BTC can then be sold for cash, which provides an easy way to earn cash indirectly.

What to Consider Before Mining Monero

Here are some of the factors that interested miners must consider before they start mining Monero.


Since mining is a type of business, an interested miner should think about XMR’s profitability before investing time, money, and effort in the mining process.

Mining XMR doesn’t require costly hardware, so the mining profitability of Monero only depends on the electricity cost, pool maintenance fees (if applicable), and mining hash rate.

Hash Rate

Monero uses RandomX, which supports CPUs as mining devices. Since mining is a time-based process, the higher the processing power of your CPU is, the higher the hash rate will be, making the mining process smoother.

Hardware and Software Options

Before you decide to mine Monero, you must decide which hardware and software you will be using for the process. Your hardware and software must be compatible to ensure the success of the mining process — each will have different effects on the profitability and hash rate of Monero mining. 

How to Mine Monero

Following are the two main ways to mine Monero:

  • Monero mining with a CPU
  • Monero Mining with a GPU

Monero Mining with a CPU

Compared to advanced mining equipment, CPU mining is less profitable but more accessible and affordable for many miners.

Since the development of RandomX, Monero’s CPU-friendly algorithm, anyone can mine Monero using their computer’s CPU. RandomX allows smaller retail miners to have a fair shot in the competition with large-scale miners, thereby maintaining decentralization in Monero mining.

You can use almost any CPU for mining Monero, but if you’re considering buying a new CPU, select either you can choose from the following options:

  • Intel Xeon L5640 (130 H/s)
  • AMD Opteron (415 H/s)

After setting up your desired CPU for mining Monero, you will have to download an appropriate mining software like XMR-STAK-CPU. This universal stratum pool miner is available for Windows, macOS, and Linux.

Monero Mining with a GPU

Moner’s recent adoption of RandomX has made CPU a preferred option for mining Monero by discouraging and penalizing those who use a Graphics Processing Unit (GPU). That said, many still prefer GPU mining as it is known to be a more efficient mining method with a higher hash rate.

  1. Choose your Hardware

The two primary GPU manufacturers are Nvidia and AMD.

You can choose an Nvidia or AMD Graphics Processing Unit from the following options:

  • Nvidia GTX 1070 (505 H/s)
  • Nvidia GTX 1080 (600 H/s)
  • AMD R9 280x (500 H/s)
  • AMD Radeon Rx 580 (575 H/s)

As CPUs are preferred for mining Monero with the recent RandomX algorithm, you can either use your existing CPU or buy a new one for Monero mining.

Some popular XMR-supported mining devices are:

  • AMD Threadripper 3990X
  • AMD Ryzen 9 3900X
  • Intel Core i9-10900K
  1. Select a Software that Supports your Hardware

Since you will be using Monero mining software, you should check the compatibility of the hardware and software to ensure mining efficiency.

If you’re mining solo, you can use a CLI or GUI wallet with a CPU only. For mining with a GPU or a pool, you will need dedicated software. Following are some mining software options that support Monero mining (some might charge developer fees):

The configuration process for each software depends on the mode of mining and the hardware you decide to use. If the hardware and software are configured successfully, the mining process will be successful.

  1. Choose a Wallet

While determining a wallet for your Monero, you must ensure that the wallet you select is secure, easy to use, compatible with your browser, and supports XMR tokens. A good wallet option for Monero is CoinStats.

The CoinStats wallet has a simple layout where you can view and monitor your XMR holdings. The CoinStats wallet links directly to the CoinStats exchange so that the tokens you acquire are seamlessly credited to your wallet. You can also transfer your funds directly from your wallet and export your CoinStats private keys for safe storage. The CoinStats wallet also supports more than 220 crypto coins, so you can use any crypto in your portfolio to acquire XMR and later trade the XMR you have acquired seamlessly for other crypto coins.

By syncing your bank card with your CoinStats wallet, you can also buy XMR easily using fiat money —  if you choose to buy Monero instead of mining, you’ll be able to find the steps for buying XMR later in this article.

  1. Configure the Mining Software

The last step in the process for mining Monero is configuring the software. This is the main step that requires careful attention from the miner. When the software is properly configured, you can sit back and relax until the XMR tokens are mined and appear in your wallet.

Advantages of Monero Mining

Following are some of the key advantages of Monero mining:

  • With many big cryptos like Bitcoin, miners who possess ASIC hardware have a competitive edge over those who don’t. Monero’s mining algorithm, on the other hand, is ASIC-resistant, thereby ensuring fair competition among all participants of the Monero mining process.
  • Monero’s algorithm encourages more participation in the XMR mining process. Interested miners can use any computer to mine Monero without making a costly or tech-heavy investment. 
  • Monero’s block size is adaptive, i.e., it can expand automatically when transaction volumes increase. The double-verification process may cause the transaction time to increase for some recipients, in which case, the adaptive block size serves as an advantage.
Pros and cons in Solo and Pool mining

Challenges of Monero Mining

Despite its attractive plus points, it is also essential to consider the challenges involved in Monero mining:

  • The Monero network is dominated by 2 or 3 mining pools, which account for half of the hashing power.
  • There aren’t many Monero wallet options to choose from, considering the complexity or simplicity of the user experience. (Of course, once you discover the simplicity and convenience of a CoinStats wallet, you won’t want to look much further!)

Is Monero Mining Worth It

Mining cryptocurrency, in general, is time-consuming and effort-intensive. For Monero, in particular, many don’t consider mining a worthwhile process as anyone can conveniently buy it on a crypto exchange without any hassle. While Monero mining does have some benefits, most miners tend to lose money due to the electricity cost and the prices of hardware and cloud mining services.

In short, it might be a better option for most individuals to buy Monero from a crypto exchange rather than going through the mining process.

Where to Buy Monero

Monero price on CoinStats

It is essential to check for some key requirements when choosing a crypto exchange:

Security: The exchange that you select should be 100% reliable. You must also check the link carefully to ensure you access the authentic exchange website and spend your funds in the right place.

Asset offering and payment support: The crypto exchange that you choose should, first and foremost, offer the XMR token. It should also support the payment method you want to use to fund your order. If you plan to pay with fiat money, the exchange should accept the bank transfer, credit card, or debit card you will be using. If you are swapping other cryptos to acquire XMR, you should also confirm that the exchange supports those trading pairs (e.g., BTC/XMR, ETH/XMR, etc.) 

CoinStats: The Ideal Choice for Buying Monero

CoinStats is a platform that features:

  • A reliable crypto exchange for purchasing Monero.
  • A secure crypto wallet for storing your XMR tokens.
  • A crypto portfolio tracker that lets you check the XMR price and make a well-informed investment.

CoinStats also provides informative content like “How to Buy Cryptocurrency” and “What is DeFi” for crypto beginners and potential investors.

How to Buy Monero

how to buy Monero image
how to buy Monero

Following are three simple steps for buying Monero:

  1. Create an account: You will have to create an account on a crypto exchange by filling in your KYC details. Once your details are verified, you will be able to start buying and selling Monero and other cryptos on the exchange.
  2. Set up or connect your wallet: If you don’t already have a wallet, you should (optional) create one to have a secure place to store your XMR tokens when you acquire them. If you already possess a crypto wallet, you can just connect it to the exchange, and you’re all set to start buying.
  3. Make your Purchase: After you have set up your account and wallet, you can proceed to look up Monero (XMR) on the exchange. You can place a limit order for XMR by selecting the number of tokens you wish to acquire and the price per token you are willing to pay. If the price of XMR reaches your target amount, the order will be fulfilled, and the tokens will reflect in your wallet.

Is Monero a Good Investment

As of 3rd June 2022, the Monero price is $199.10, with a 24-hour trading volume of around $146 million. Monero ranks at #27 on CoinStats, with a live market cap of approximately $3 billion and a circulating supply of about 18 million XMR coins.

Following are some of the expert price predictions for Monero’s XMR token:

Digital Coin Price

According to Digital Coin Price, the price of Monero may keep increasing throughout 2022, reaching almost $430 at the end of the year, i.e., its potential growth might go up to 56%.

Gov Capital

Gov Capital stated that Monero’s price could increase by more than 70% through the year, reaching the $350 price point in 2022. Gov Capital analysts don’t predict downward trends for XMR and consider Monero to be a profitable investment.


WalletInvestor predicts that Monero might remain at its current price point for a long time. XMR is expected to peak at $360 by mid-2022, and its minimum price may rise to $320 by the end of the year.


Analysts at TradingBeasts are confident that XMR won’t crash and has good growth potential. TradingBeasts forecasts suggest that XMR may grow by around 110% in three years. The price of Monero may rise as high as $360 by the end of 2022 and $500 by the end of 2023.

Whether you choose to mine or buy Monero, the market risks will still define the value of the token you are ultimately trying to acquire. Therefore, despite the mostly positive XMR predictions, potential investors must monitor the charts diligently for a while before making an investment decision.

Closing Thoughts

Monero mining is open to everyone in that the algorithm does not need any special mining equipment. Even with just a basic CPU and any operating system, pretty much anyone can mine XMR tokens.

The main factors you must evaluate before you start to mine XMR as a solo miner are the profitability of Monero mining, the hash rate in relation to the CPU hardware and mining software used, pool maintenance fees, and power consumption demands.

Monero miners play an important role in verifying transactions and maintaining the security of the Monero network. Mining XMR also helps add to the circulating supply of tokens.

An interested miner can choose from the best Monero miner software and hardware options detailed in this article.

Even though the process of Monero mining is accessible to all and doesn’t require too much financial investment, the miner will still have to put in time and effort to solve the complex puzzles, complete blocks, and earn rewards.

Many find Monero mining to be quite tedious in comparison to buying the Monero coin directly from an exchange.

CoinStats provides the perfect exchange for purchasing and trading Monero, as well as a wallet for storing XMR tokens securely. You can also use the CoinStats portfolio tracker to monitor the performance of XMR and other cryptos in your portfolio.

The overall price predictions of the Monero coin seem to be mostly positive, but you should still do your own thorough research and monitor the charts regularly before spending time and effort mining Monero or buying it from an exchange.

If you’re interested in mining Monero, you can start your journey by visiting the Monero website and saving this article for reference along the way.

Happy Monero Mining!

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Bitcoin Miners May Get Another Break This Week as Network’s Mining Difficulty Is Expected to Drop – Mining Bitcoin News

Bitcoin Miners May Get Another Break This Week as Network’s Mining Difficulty Is Expected to Drop – Mining Bitcoin News

Bitcoin miners may catch another break this week as the network’s mining difficulty is estimated to see a reduction tomorrow. Every two weeks Bitcoin’s difficulty adjustment algorithm (DAA) changes, and during the last DAA change, the difficulty dipped by 4.33%. Currently, at 235 exahash per second (EH/s), the network is expected to see a DAA reduction of 0.51% from today’s metric.

This Week’s Bitcoin Mining Difficulty Change Is Expected to Drop Lower

On June 7, 2022, there’s one more day until the next DAA change and it’s expected to drop lower when the shift commences. The DAA changes every 2,016 blocks or roughly every two weeks, and after block height 735,840, it was the highest difficulty rating ever recorded at 31.35 trillion.

Bitcoin Miners May Get Another Break This Week as Network's Mining Difficulty Is Expected to Drop

Essentially, if blocks are mined quicker than expected, the DAA increases and if the blocks mined were slower during the two-week period, the difficulty decreases. After the all-time high (ATH) at 31.35 trillion, the last DAA shift at block height 737,856 dropped by 4.33%, bringing the current difficulty parameter down to 29.90 trillion.

When the difficulty drops, it is a lot easier to find bitcoin block rewards, and when the DAA metric increases, it is a lot harder for bitcoin miners to find BTC block rewards. The DAA retarget is more than 160 blocks away and is expected to change tomorrow, June 8, 2022.

Bitcoin Miners May Get Another Break This Week as Network's Mining Difficulty Is Expected to Drop

If the expected 0.51% drop comes to fruition, the difficulty will be 29.75 trillion for two weeks following the DAA change. Bitcoin’s hashrate has been running at a fast pace after reaching an ATH of 275 EH/s on May 2, but since then it has not run higher than the lifetime record. In fact, as the price slipped lower toward the end of May, the hashrate had temporarily dipped under the 200 EH/s zone.

While a DAA shift downward is expected, during the last three days, 445 BTC block rewards were mined into existence. Foundry USA captured the most blocks during the past three days, as it found 105 out of the 445 BTC block subsidy rewards.

Bitcoin Miners May Get Another Break This Week as Network's Mining Difficulty Is Expected to Drop

Foundry’s hashrate represents 23.6% of the global hashrate or 49.70 EH/s of processing power. Antpool is the second largest mining pool in terms of hashrate as the pool snagged 78 block rewards during the 72-hour period. Antpool has 36.92 EH/s dedicated to the BTC blockchain, which equates to 17.53% of the global hashrate.

There are 14 known pools dedicating hashrate to the BTC chain and 0.45% of the global hashrate or 946.74 petahash per second (PH/s) belongs to unknown or stealth miners. Profits have dropped a great deal, as the most powerful ASIC mining device, Bitmain’s Antminer S19 Pro+ Hyd. with 198 terahash per second (TH/s), gets an estimated $9.80 per day.

That figure includes paying $0.12 per kilowatt-hour (kWh) and the current difficulty at 29.90 trillion. The Microbt Whatsminer M50S with 126 TH/s and electrical costs at $0.12 per kWh, can make an estimated $6.78 per day in BTC profits. Many of the ASIC mining devices manufactured before 2021 are making $5 or less per day in profits, at current BTC exchange rates.

Tags in this story
14 known pools, 200 EH/s, Antpool, Bitcoin Miners, Bitcoin mining, Bitcoin’s hashrate, BTC hashpower, BTC Hashrate, BTC Mining, BTC network, DAA, difficulty adjustment algorithm, difficulty change, Exahash, Foundry USA, mining bitcoin, Mining BTC, Mining Difficulty, S19 Pro+ Hyd., Terahash, Unknown Miners

What do you think about the current state of bitcoin mining and the upcoming difficulty adjustment algorithm change expected this week? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Connecting great talent with new opportunities: Introducing the Coinbase Talent Hub | by Coinbase | Jun, 2022

Connecting great talent with new opportunities: Introducing the Coinbase Talent Hub | by Coinbase | Jun, 2022

By L.J Brock, Chief People Officer

As part of our announcement on Thursday, we made the difficult decision to rescind the offers of a number of candidates who were set to join Coinbase.

While it’s necessary to slow our headcount growth in light of the macro environment, we deeply regret the impact this has for the affected candidates. This decision is not a reflection of our regard for their exceptional talent or the incredible contributions we believe they would have brought to our team.

We have an opportunity now to demonstrate our culture in how we respond next. We are committed to helping these exceptionally talented individuals in the next stage of their careers.

Coinbase Talent Hub is a talent directory which utilizes Coinbase’s reputation and extensive industry network, to connect individuals with their next great role. The hub is a publicly available webpage that companies, VCs and recruiters can access to tap into top talent who have been impacted by last week’s announcement. Our goal is to make this directory highly discoverable and ultimately create the greatest value and level of choice for every individual as they transition to new employment.

If you are hiring, visit Coinbase Talent Hub to:

  • Discover exceptionally talented individuals, and/or;
  • Post your open roles using this submission form.

My goal is that through Coinbase Talent Hub and the additional talent support we have made available, we are able to help ease everyone’s transition to their next role. There are already 250+ job postings listed from more than 50 companies, and we expect that to continue to grow given the interest and outreach we’ve already seen. We aim to help create a career-defining moment for these folks — just not the one we had originally intended to.


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