Key Takeaways
- LUNA's recent rise was caused by cross-chain integrations and the growing popularity of Terra's UST stablecoin.
- Iceland's national electricity provider has reduced the amount of power it would offer to miners.
- Reports show that Tezos blockchain experienced a 70% increase in energy efficiency.
Because they provide the liquidity needed for traders to readily switch between multiple assets, stablecoins are an important feature of the centralised crypto industry and the decentralised finance (DeFi) ecosystems that have sprung up in recent years. They also act as a buffer against large downward swings, such as the 25% correction seen on Dec. 3.
Terra (LUNA), a multi-sector blockchain technology aimed at constructing a worldwide payments system through the use of a fiat-pegged stablecoin called TerraUSD, is one project with a stablecoin element that has seen its price jump to new all-time highs amid the wider market slump.
According to data from Cointelegraph Markets Pro and TradingView, the price of LUNA has risen 106 percent after reaching that level of $37.86 on Nov. 26 to a fresh all-time high of $78.43 on Dec. 5, with a record $5.66 billion in 24-hour trading volume.
The expanding supply of UST, a series of new cross-chain integrations for the Terra ecosystem, and a rising total value locked (TVL) on the Terra network are three causes for the LUNA value breakout.
Iceland has reduced electricity to new Bitcoin miners
Landsvirkjun, Iceland's national electricity provider, has reduced the amount of power it would offer to certain companies, such as aluminium smelters and Bitcoin miners.
Resulting from a combination of challenges, including a failure at a power plant, low hydro-reservoir levels, and receiving electricity from an external provider, the island's power utility has been obliged to limit energy allocations to southwestern Bitcoin miners and various industrial enterprises.
The country's availability of geothermal energy, which is harnessed to generate a cheap and abundant supply of renewable energy, has long attracted mining businesses. According to Landsvirkjun, any new requests for power from mining operations would be rejected beginning December 7 for an unknown amount of time.
The three primary Bitcoin mining businesses that have opened operations in Iceland are Canada's Hive Blockchain Technologies, Genesis Mining, and Bitfury Holding.
Reports show that Tezos blockchain experienced a 70% increase in energy efficiency
The Tezos network's yearly energy consumption is projected to be the same as that of only 17 persons.
PricewaterhouseCoopers Advisory SAS, a French member business of the PwC network, produced a carbon footprint analysis for Tezos, a privacy-focused blockchain network.
Tezos' energy efficiency has improved dramatically, according to the PwC assessment, both in terms of decreased carbon footprint and reduced energy consumption.
Despite increased network activity, the Tezos network's carbon emissions have decreased significantly, according to the PwC analysis. As per the research, the Tezos blockchain processed 50 million transactions and had an energy footprint equivalent to 17 global citizens.
The energy efficiency of each network transaction grew by 70%, while the predicted electricity need per transaction was reduced by 30% compared to 2020.
"As more brands and businesses consider power usage when taking decisions, an energy-efficient blockchain like Tezos is well positioned to satisfy their expectations and deliver improved, secure, and reliable operations," said Reid Yager, global director of communications at Blokhaus, a Tezos marketing firm.
Compared to Bitcoin's TWh and Ethereum's TWh, the Tezos network's annual energy consumption is predicted to be 0.001 Terawatt hours (TWh). Tezos uses almost 2.5 grams of CO2 equivalent for each transaction.
