Technology developed by Vespene Energy that converts waste methane into electricity will be used to power on-site Bitcoin mining at multiple US landfills enabled by a US$4.3 million financing round announced this week.
Investment firm Polychain Capital led the funding, which will initially see Vespene Energy install its solution – off-grid micro turbines that turn methane into energy – at a pilot site in California, where the company is based.
Co-founder and CEO Adam Wright said that helping governing authorities make money from landfill methane through bitcoin mining supported the broader goal of prompting a transition to renewable energy to mitigate greenhouse gas emissions.
And because our sites require no connection to the grid or pipeline buildout, we can rapidly turn otherwise harmful and wasted landfill methane into a clean power source for carbon-negative bitcoin mining. This partnership with Polychain will empower us to scale and seize this tremendous opportunity to help solve the climate crisis.
Adam Wright, CEO, Vespene Energy
Greening Bitcoin Mining with Otherwise ‘Wasted’ Energy
The potential for Vespene Energy’s approach to help transition bitcoin mining towards carbon-neutral energy sources was appealing to investors, as noted by Polychain Capital founder and CEO Olaf Carlson-Wee:
The continued adoption of Bitcoin will benefit from solutions that make the energy mix for mining more focused on clean energy. We are excited to partner with Vespene as they build a creative solution to use mining to eliminate a potent greenhouse gas source, while making its energy mix greener.
Olaf Carlson-Wee, founder and CEO, Polychain Capital
While Vespene claims to be the first company to mine bitcoin using methane from landfill waste, it’s not the first to repurpose gas to gain revenue from bitcoin mining.
A report from cybersecurity company SonicWall shows financial firms are now the main victims of so-called ‘cryptojacking’ attacks, following a 269 percent increase in the frequency of cyber-related exploits targeting the finance sector in the first half of 2022.
Cryptojacking refers to a cyber attack where a hacker uses malware to surreptitiously install crypto mining software on a victim’s computer, commandeering the computer’s resources to fraudulently mine crypto. It results in significantly degraded computer performance and high electricity costs for the victim.
Finance and Retail Sectors are Major Targets
In previous years, healthcare and education sectors had been the primary victims of cryptojacking, but that changed recently after what the report’s authors described as a “dramatic reshuffling” in 2022.
Global cryptojacking volume increased 30 percent compared to the first half of 2021. The financial sector has borne the brunt of the massive increase and it now suffers over five times more cryptojacking attacks than the second-placed retail industry, which itself saw a 63 percent increase in attacks year-to-date.
Last year, partly in response to the number of cyberattacks against domestic businesses, the Australian federal government introduced controversial, far-reaching legislation to increase its powers in the event of a high-risk security attack.
Cryptojacking Increase Related to Fall in Ransomware Attacks
The report argues the huge growth in cryptojacking can be partly attributed to a shift away from ransomware attacks by scammers.
Unlike ransomware, which announces its presence and relies heavily on communication with victims, cryptojacking can succeed without the victim ever being aware of it.
2022 SonicWall Cyber Threat Report
“And for some cybercriminals feeling the heat, the lower risk is worth sacrificing a potentially higher payday.”
As mainstream adoption of crypto has grown, organised criminals have increasingly used the new technology to ply their illicit trade. A 2021 report from Chainalysis estimated US$33 billion had been laundered through crypto in the past five years.
With Ethereum’s move to Proof-of-Stake (PoS) getting closer developers have created a “shadow fork” that will allow them to test the new configuration on mainnet-like conditions.
A critical testing period for Ethereum’s move to Proof-of-Stake (PoS) from the power heavy Proof-of-Work (PoW) consensus algorithm has been initiated. The so-called “shadow fork” will be implemented to test the effects of the transition under the network’s current circumstances.
According to a tweet from Marius Van Der Wijden – an Ethereum software developer – this is an historic moment for Ethereum: “Today will be the first mainnet shadow fork ever.”
Ethereum Foundation developer Parithosh Jayanthi also tweeted that this was a good opportunity for the community to “practise running their nodes, deploying contracts, testing infrastructure, etc”, so they can get used to the “post-merge world”.
What is a ‘Shadow Fork’?
The term “shadow fork” refers to copying mainnet data to a testnet where developers can test new features under realistic conditions before deploying major changes on the mainnet:
At the time of writing, the shadow fork had processed over 5 million transactions with an average block time of 14.2 seconds, according to the BlockExplorer page shared by Van Der Wijden.
To reiterate, a shadow fork does not affect the canonical chain in any meaningful way. Transactions submitted to the shadow fork could be included in the main chain as well. Proceed with extreme caution!
Parithosh Jayanthi, Ethereum Foundation developer
Mainnet shadow fork was a success! The blocks are finalizing, and everything looks solid on the execution clients. Congrats to all the hard-working teams! 🎉 pic.twitter.com/CMgAUlNsN8
In yet another unexpected twist in the ongoing European cryptocurrency regulation saga, the EU Parliament has officially removed all language banning proof-of-work (POW) cryptocurrencies from the newly passed Markets in Crypto Assets (MiCA) directive.
BREAKING: The ECON committee of the EU Parliament just voted against the de-facto POW-ban: 32 against, 24 in favor.
Big relief & political success for the bitcoin & crypto community in the EU💪💪
Will share a breakdown of the vote and what’s next here in this thread. #Bitcoin
The crypto industry was initially concerned about a draft of the MiCA bill that included provisions banning POW cryptocurrencies such as Bitcoin. It then reversed course following a strong backlash, claiming it “wasn’t their intention to create a de facto Bitcoin ban”. But then things changed, again.
In a classic last-minute insertion of dangerous far-reaching language, reminiscent of last year’s US$1.2 trillion infrastructure bill, provisions banning POW cryptocurrencies were once again inserted into draft bill.
Even though research shows that Bitcoin mining emissions are at “inconsequential levels”, policymakers nonetheless felt it necessary to highlight so-called “unsustainable” crypto mining practices, a clear attempt if ever there was one at appeasing ESG stakeholders.
Crypto lawyer Jake Chervinsky had his doubts about the true intentions of lawmakers and didn’t mince his words:
Make no mistake: if they manage to ban PoW, they'll come for PoS next, & every other sybil resistance mechanism after that.
This isn't just about environmental impact: it's about the right of non-state money to exist. Their strategy is divide & conquer. Let's not fall for it.
Nathaniel Whittemore, host of The Breakdown podcast, suggested in his latest episode that environmental concerns are likely more about Bitcoin using energy at all:
My point is that fundamentally, the key thing that any environmental consideration of Bitcoin or proof-of-work is going to rest on, is not whether other things consume more energy, it’s whether the energy that Bitcoin does consume in the first place, is worth it.
Nathaniel Whittemore, host of The Breakdown podcast
POW Provisions Rejected … For Now
After the surprise inclusion of the POW provisions, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) rejected versions of the legislative package that contained a “de facto” ban on POW cryptocurrency mining by a count of 32 to 23 – with six individuals abstaining.
The EU Parliament just voted not to ban proof-of-work infrastructure.#bitcoin is good for business.
While commentators breathed a sigh of relief, Patrick Hansen of Unstoppable DeFi was quick to pour cold water on the notion that the battle was over:
Any chances left for the POW-ban? The groups that lost the vote have one last option. They could veto a fast-track procedure of MiCA through the trilogues and bring the discussion to the plenary of the Parliament. They need 1/10 of the votes of the EP to do so, which they have. That would bring the discussion around POW into the high-level policy arena. As we can’t predict how that would play out, it should be prevented. Even if it doesn’t change the vote on POW, it would unnecessarily delay the regulation for at least a couple of months. And even outside of this MiCA regulation, the discussion around POW-regulation is far from over. It will come back in the context of the sustainability taxonomy or in the upcoming data centre regulation.
Patrick Hansen, head of strategy & business development, Unstoppable DeFi
Hansen concluded by saying there is still “loads of work left in the month and years ahead, but today is a big political success for crypto in the EU”.
Bitcoin holders, miners and other POW cryptocurrencies might have won the battle, but clearly the war is far from over.
Litherium Australia Mining joined hands with a well-known mining exploration company on March 3, 2022 after acquiring a strategic nickel mine in January. The company’s two nickel-cobalt mines are being integrated with Litherium Australia Mining. At this stage, the mining rights have obtained about 11 million tons of nickel and cobalt reserves, of which the nickel reserves are about 90,000 tons with a grade of 0.85% and a value of about A$2.06 billion, while the cobalt reserves are about 6,000 tons with a grade of 0.058% and a value of about A$440 million.
The group will start preparations for listing in April this year and plans to list on the Australian Stock Exchange (ASX) to carry out the next stage of exploration, mining and sales of the company’s mineral rights. At that time, the group will officially enter the “nickel-cobalt new energy era” and intends to co-operate with world-renowned listed new energy companies such as Tesla, Toyota, BYD and LG, as well as the world’s leading electric vehicle giants and lithium-nickel battery manufacturers.
With the implementation of the global decarbonisation concept, low-carbon and environmentally friendly new energy vehicles have gradually become popular, and the market demand for new energy batteries used in automobiles has grown rapidly. According to the Deloitte research report, the global new energy battery market demand is expected to reach 122.3 billion watt hours in 2025. The price of new energy battery raw materials continues to rise, the lithium-nickel battery sector is growing strongly, the development of new energy is unstoppable, and nickel as the main raw material is ushering in a new era.
Nickel is an important raw material in the production of energy storage batteries and is also used in medical devices and other fields. Currently, the two most widely used lithium-ion batteries are composed of 80% nickel and a small amount of cobalt. In general, the higher the nickel content, the greater the energy density of the battery cell, and thus the greater the cruising range of electric vehicles. Nickel resources are relatively scarce when compared to lithium, making it a popular location for new energy companies to expand their operations.
According to Reuters, Tesla, a world-renowned sustainable energy company, has called on global nickel miners to increase their mining volumes.
‘Please Mine More Nickel’, Musk Urges as Tesla Boosts Production
As Tesla CEO Elon Musk has said, “Mining companies, please mine more nickel. If you mine nickel efficiently and in an environmentally friendly way, Tesla will give you a long-term huge contract.”
In addition to Tesla, LG Energy, a leading Korean battery company, has also long cooperated with Australia’s nickel-cobalt smelting company to ensure continuous nickel supply for the next 10 years.
Source: Canva
Litherium Australia Mining Group is a Western Australia-based professional mineral exploration, development and mining integration operation company, providing new energy-related mineral resources for global new energy and battery manufacturers.
In 2021, with the help of SMK Trust Partners Group, using blockchain technology and Binance Smart Chain to issue 50 million Litherium tokens (never additional issuance), in November the Litherium tokens increased in value by 30 times, which was favourable to many investors and laid a solid foundation for the development of the company. In the future, the Litherium Australia Group will open channels for holders of Litherium tokens to exchange shares of the listed companies, and after listing it will fully repurchase 30% of Litherium tokens in circulation on the market. Specific rules will be announced in the near future.
Given previous comments decrying Bitcoin’s energy use, it comes as no surprise that the European Union (EU) has proposed a regulatory package that includes provisions banning the use of proof-of-work (POW) consensus mechanisms across the union’s 27 member states.
Patrick Hansen@paddi_hansen The European Parliament wants to ban proof-of-work based #cryptocurrency like #Bitcoin from the EU🚨
This is no longer a hollow threat, but could happen if the Commission and the Council of the EU don't kill this amendment.
Ban Forms Part of a Broader Crypto Regulation Discussion
POW has increasingly been under the microscope, with environmental harm being the most common concern cited. The favourite line of the corporate press is that Bitcoin consumes more energy than (insert country).
In the EU specifically, Swedish regulators began calling for a ban in November 2021, and this appears to have gained support from politicians across Germany, Spain and Norway.
The most radical proposal outlined in the package is one that prohibits “crypto services” that rely on “environmentally unsustainable consensus mechanisms”, starting January 2025. Put differently, the EU wishes to ban bitcoin mining, given Ethereum’s proposed transition to proof-of-stake.
Although environmental concerns have been frequently raised, its inclusion in the package came as a surprise to many, as one commentator noted:
Nobody expected it to become a dealbreaker and to make it into the final report.
Patrick Hansen, head of growth, Unstoppable Finance
EU parliamentarian Stefan Berger hinted that the MiCA (Regulation of Markets in Crypto-assets) package was as much a political debate as one about technology or facts:
The Greens and Socialists, as you can imagine, are criticising the proof-of-work concept and criticising the energy use, saying that bitcoin needs more energy than the Netherlands.
Stefan Berger, EU parliamentarian (Germany)
However, Berger did note that he felt that MiCA was an inappropriate forum for debating and settling “technological or energy-related rules”.
Discussions on finalising MiCA are set to begin at the end of February, and there is hope among some that the amendments relating to POW will be dropped:
Its such a suicidal proposition it is hard to digest. It would kill the entire European crypto industry, the one sector that fully aligns with the European values and where the EU could actually be competitive.https://t.co/0cq1ktIzpe
For ideologues looking to score political points, no amount of data is likely to change their mind. However, for those interested in facts, a recent study shows that Bitcoin consumes less than 0.05 percent of global energy. Moreover, close to 60 percent of its energy consumption is renewable.
And this does not even cover how Bitcoin naturally gravitates towards cheap, stranded energy and how its energy use is not in competition with any other uses. Neither does it touch on the most critical aspect, namely why POW is in fact critical for a global, decentralised store of value.
Lyn Alden said it best: ” … a lot of energy concerns directed at Bitcoin start with the presupposition that it’s useless. A trillion dollars in market cap disagrees. Little concern is given to worldwide washing machine energy usage, for example, because we understand the value.”
The Ethereum network’s hashrate has been on a steady incline since its inception but has now reached a significant milestone of 1PH/s and went on to break its previous all-time high, reaching 1.11 PH/s nearing the move to Proof-of-Stake (PoS).
During the past year, usage of the Ethereum network has increased significantly with many projects opting to build on the largest smart contract-enabled blockchain. According to recent data from on-chain market analytics platform Glassnode, Ethereum has pushed a new peak for its hashrate:
The hashrate of any Proof-of-Work (PoW) consensus mechanism specifies an estimate of how many hashes are being generated by miners trying to solve blocks. The increase in hashrate shows more computers adding power to the network, thus increasing security and decentralisation of the network.
Due to the increase in value on Ethereum, it even flipped Bitcoin (BTC) at one stage in terms of returns, making it more profitable to mine. So much so that more potential miners jumped on the mining cart to urge the increase of the hashrate.
ETH Flips BTC Hashrate
As of late December, Ethereum overtook Bitcoin (BTC) with its improved hashrate. However, the network is scheduled to move to PoS, which will affect miners. Referred to as “the difficulty bomb”, it will essentially shut down ETH mining in the future.
As previously reported, the Ethereum Foundation has decided to change the name of ETH2 to ‘Consensus layer’ and adjust all associated terminology in order to improve clarity for new users and reduce scams.
There have also been pointers to what Ethereum plans to do with the miners, instead of just shutting them all down and asking them to go away. Ethereum has been achieving some major milestones, among them managing to capture US$10 billion in transaction fees in 2021.
Litherium follows the giant step of Elon Musk’s new energy strategies in Western Australia
Litherium Australia Mining is a professional mineral exploration and mining broker service company headquartered in Western Australia that seeks new energy-related mineral resources for global mining developers. In 2021, with the support of SMK Partners & Associate, the group issued the Litherium token (LITH).
Litherium Australia Mining successfully acquired a strategically important nickel sulphide mine on January 8, 2022. The new tenement (E69/3371) is located in Rawlinna, Western Australia’s southern region, near the Kalgoorlie main mining site, and is also one of the mining belts in which Nickel West, a subsidiary of BHP Billiton, is located.
Source: Department of Mines, Industry Regulation and Safety
Australia has the world’s largest nickel reserves (24%), estimated to be 19 million tonnes. Western Australia is currently Australia’s sole nickel producer. The state’s nickel resources include nickel sulphide ore and laterite nickel ore, and most of the output comes from nickel sulphide ore.
The first major nickel sulphide deposit in Western Australia was discovered at Kambalda, just 400 kilometres from the newly acquired tenements, by Litherium Australia Mining. Litherium Australia Mining laid out nickel sulphide mines on new mining rights as early as 2015. The group’s foresight of energy development trends enables it to quickly grasp the general trend of new energy development and aid in the development of new energy in Western Australia.
Credit: news.com.au
The new tenement is located near the large Kalgoorlie exploration area, which is home to world energy tycoons such as BHP, Rio Tinto, and Fortescue Metals Group (FMG).
BHP began acquiring a large number of mineral rights in this area in 2019 and vigorously deployed nickel ore energy reserves.
With the implementation of the global decarbonisation concept, low-carbon and environmentally friendly new energy vehicles have gradually gained prominence, and market demand for lithium batteries used in automobiles has risen tremendously. According to the Deloitte research report, global lithium battery market demand is expected to reach 122.3 billion watt-hours in 2025. The price of lithium battery raw materials continues to rise, the lithium battery sector is growing rapidly, and the development of new energy is unstoppable, with nickel sulphide as the primary raw material ushering in a new era. Nickel is an indispensable raw material in the manufacture of ternary lithium batteries.
In general, the higher the nickel content, the higher the energy density of the battery cell, thereby improving the cruising range of electric vehicles. Nickel resources are relatively scarce when compared to lithium. It is also a hot spot for new energy companies to improve their layout and competition.
Tesla, a world-renowned sustainable energy company, has urged global nickel miners to increase their mining volumes, according to Reuters.
Litherium Australia Mining Pty Ltd’s E69/3371 is surrounded by BHP NICKEL WEST PTY LTD’s sites (Source: Department of Mines, Industry Regulation and Safety)
Reuters also quoted sources as saying that Tesla could finance the project, possibly in exchange for equity. All of the above show Tesla’s favour and desire for high-nickel battery materials.
Since then, Tesla has signed major contracts for nickel ore with many mining companies around the world, such as Prony Resources, Giga Metals, Talon Metals, etc.
Mr Xiao (executive director of Litherium Australia Mining Pty Ltd) announced on 2022 Metaverse Forum
On July 22, 2021, Tesla and BHP signed a nickel supply agreement. Nickel West, a subsidiary of BHP, supplies Tesla with nickel as a raw material for battery manufacturing. Tesla is a globally recognised manufacturer of electric vehicles and battery energy storage systems. This cooperation is also a recognition of the nickel ore reserves and ore quality in the Western Australia mining area.
Elon Musk has also said that Tesla expects global sales to reach 20 million vehicles by 2030, and is confident of maintaining a growth rate of at least 50% in deliveries. If this target is prepared, Tesla may also need to purchase more nickel to meet its battery production.
In addition to Tesla, LG Energy, a leading Korean battery company, has long cooperated with Australia’s nickel-cobalt smelting company to ensure continuous nickel supply for the next 10 years.
As BHP Chief Commercial Officer Vandita Pant said: “It is estimated that demand for nickel in battery manufacturing will grow more than fivefold over the next decade, primarily to support the world’s growing electric vehicle market.”
Litherium Australia Mining successfully completed the acquisition and transfer of nickel ore mining rights this time, which will provide support for the development of new energy and low-carbon environmental protection, boost market confidence, and lay a good foundation for the company’s long-term business development.
It is reported that in the next stage, Litherium Australia Mining will conduct exploration on this new tenement and determine the drilling target area for preliminary exploration through detailed geological mapping, ground magnetic surveys and gravity measurements.
Litherium Australia Mining first disclosed the tenement layout at the 2022 Metaverse Forum and joins the exploration of nickel mining over the next four years
The 2022 Metaverse Forum was divided into English and Chinese sessions, and held in Crown Perth. Amid the Covid pandemic, more than 120 guests from various fields – including business brokers, financial planners, legal advisers and the local crypto community – came to the venue to experience the charm of the Metaverse. At the same time there was a live webcast, and more than 10,000 users around the world participated.
In the English session in the morning, Mr Keith, Meta brand ambassador of Facebook’s Asia-Pacific region, introduced the development of the Internet since Web 2.0 to the guests and explained the use of blockchain technology and metaverse technology in music and gaming. Applications in finance and other fields showed how international companies such as Meta, Google, Microsoft, etc are deploying the metaverse. The audience also actively participated, and the atmosphere was relaxed and pleasant.
Dr Cheng, Project Director and Senior Partner of SMK Partners & Associate, also addressed the guests. It is understood that the company, under the banner of Meta-Fintech, uses the end of the blockchain as a basic framework to help companies solve their problems. Last year, SMK Partners & Associate assisted Litherium Australia Mining to issue the LITH token. This year, SMK Group also assisted an art organisation to launch Goggles NFT Marketplace, an NFT digital trading platform, to help companies that are keen on electronic arts and chain games to realise their entrepreneurial dreams.
Dr Cheng interacted with both online and offline audiences, answering questions about the metaverse, mining development, cryptocurrency, and so on. His speech and lively conversations often prompted the audience to burst into applause and laughter.
Dr Cheng, Project Director of SMK team, interacts with the audience
Mr Tony, IT Director of the SMK Team, took the lead with his opening speech. From a technical point of view, he introduced blockchain technology to the audience and how its “unforgeable, traceable, open and transparent” feature can effectively prevent fraud and data tampering, greatly improving the security of transactions.
Mr Xiao Ziqiang, Executive Director of Litherium Australia Mining Pty Ltd, described how the group obtained a nickel tenement in the Nickel West mining belt of BHP with the help of SMK Group, and how to use smart contracts. He also explained the “decentralisation, transparency, and efficiency” advantages of blockchain technology combined with mining exploration, and demonstrated the strategic strategy of Litherium Australia Mining to deploy new energy and new materials such as lithium mines and nickel mines in Western Australia. The plan has created a model that perfectly combines mining entities and blockchain technology.
Earlier this week, Bitcoin’s hashrate hit a new all time high, however in a matter of days, it has dropped by 12 percent amid an ongoing political crisis in Kazakhstan where internet blackouts have reduced normalised network connectivity to just 2 percent.
Over the past decade, the former Soviet Union satellite state has enjoyed a reputation for stability, attracting billions of dollars in foreign investment, including the Bitcoin mining sector.
The country boasts some of the world’s lowest energy prices, which in part, has led to the Central Asian nation accounting for approximately 20 percent of the Bitcoin network’s hashrate. As neighbouring China banned Bitcoin mining in mid-2021, Kazakhstan proved to be one of the beneficiaries, increasing its hashrate even further.
An Ongoing Political Crisis
Initially sparked by anger at recent fuel price hikes, protests soon morphed to encompass a broad anti-government sentiment, leading the country’s presiding cabinet to resign.
Prior to their resignation, in what appears to be an obvious attempt to restrict protestor communications, state-owned Kazakhtelecom shut down the nation’s internet which in turn saw Bitcoin’s hashrate plummet.
Internet has been down in Kazahstan for a few hours where roughly 18% if Bitcoin's hashrate is.
Looks like the impact on the hashrate is so far 12% drop just in the last few hours since internet went down. pic.twitter.com/FcTDsJ6R77
Following widespread internet blackouts, some Bitcoin mining pools were hit harder than others:
BTC mining pool hashrate change. Source: Larry Cermak via Twitter
Bitcoin Hits Lowest Level in a Month
Independent of the hashrate drop, Bitcoin fell by over 4 percent to US$43,678, its lowest level since December 4.
Putting aside US$110 million in leveraged longs that were liquidated in an hour, this latest dip is largely attributable to a broader shift in market sentiment towards risk-off assets following the Federal Reserve’s signal that it intended to shrink its US$8.3 trillion balance sheet.
It’s not all bad news however. Looking at Bitcoin’s relative strength index (RSI), which indicates levels of over-bought/over-sold, it is currently lower than it was at the May-July 2021 correction. We know what happened afterwards.
Marathon Digital Holdings, one of the largest publicly traded American Bitcoin mining companies, has obtained a US$100 million credit line from Silvergate Bank, secured with bitcoin and USD.
According to its press release, the mining firm secured the loan on October 1. The credit line will be available for a year, and is expected to be renewed annually by agreement between both parties. The funds will be used to expand the company’s BTC mining operations and to acquire new equipment.
[The] revolving line of credit is secured by our bitcoin holdings and USD [and] consistent with our strategy to focus on agility as it enhances our ability to act opportunistically and in a manner that is efficient for both our business and our shareholders. By having this line of credit in place, we believe Marathon is better positioned to continue growing over the coming quarters.
Fred Thiel, CEO, Marathon Digital
Over $360 Million in BTC Holdings
The firm also revealed its quarterly BTC production and miner installation updates. By the third quarter of 2021, the company produced 1,252.4 new minted bitcoins, 340.6 minted in September alone. This represents a 91 percent production increase quarter-on-quarter and increasing total bitcoin holdings to approximately 7,035.
At press time, Bitcoin was trading at US$51,260, which gives Marathon’s bitcoin holdings an approximate fair market value of US$361.2 million.
Not the First BTC-Backed Loan
This is the first BTC-backed loan issued by an American bank, but not the first BTC-backed loan as such. Crypto News Australia reported in July how Glen Oaks Escrow, a California-based escrow company, made its first BTC-backed refinance loan for a property in San Diego.
We have seen similar moves in Australia as some people use crypto to pay off their mortgages or even put their houses up for bitcoin.
