WAO ART #358

A recent report from the Energy Information Administration (EIA) revealed that the global cryptocurrency mining industry consumed as much electricity as the entire country of Australia in 2023. In the United States, cryptocurrency mining accounted for 0.6% to 2.3% of the nation's electricity demand.

The Europe 6G market is projected to reach $240B by 2035, growing at a CAGR of 100.72%. Europe is establishing itself as a leader in 6G research and development, with countries like Finland, Sweden, and Germany setting up specialized facilities.

The Brazilian tax authority, Receita Federal do Brasil (RFB), has identified over 25,000 individuals who failed to report their bitcoin holdings on their tax returns. These individuals may face severe fines or criminal prosecution for tax evasion. The unreported bitcoin assets amount to around $213 million.

A Canadian court has upheld BC Hydro's ban on crypto mining projects, stating that the 18-month moratorium is reasonable and within legal bounds. The ban aims to address the substantial energy demands of cryptocurrency mining and ensure affordable energy access for the wider population.

The Solana network, the fifth largest cryptocurrency with a market cap of $40 billion, is experiencing a major outage in its live blockchain network. Engineers are investigating the issue, but it is unclear what exactly caused the outage.

The Hong Kong Securities and Futures Commission (SFC) has warned crypto exchanges to comply with regulations by the end of February. The SFC mandated that all virtual asset investors should only invest through licensed exchanges.

Nigeria has shown a high interest in stablecoins, particularly USDT, due to its strong demand for US dollars. Factors such as inflation, the decline in the value of the naira, and the need for cross-border transactions have led Nigerians to turn to stablecoins.