• Bitcoin mining is creating jobs in rural Texas. Argo Blockchain, currently building their flagship facility in Dickens County, has pledged to create at least 20 local jobs in the community. Dickens County has struggled with low employment numbers since the closing of the local prison in 2010. A hiring fair is scheduled for December 3, 2021 at the Dickens County Senior Center located at 511 Montgomery St., Dickens, Texas.
• The global crytocurrency market suffered a large dip over the Thanksgiving weekend. Many factors worldwide contributed to this decline into a bear market. One of those factors was the announcement of a new coronavirus strain discovered in South Africa. Even though this type of news would normally not tip the scales, many new investors in the crypto market may have opted to dump their “riskier” assets (like Bitcoin) for more stable investments.
• El Salvador, instead of being scared off by the drop in Bitcoin value, took advantage of Bitcoin dip and bought 100 Bitcoin, at a reduced rate, to add to their national treasury. El Salvador is planning on building a “Bitcoin City: where no sales or income tax would be imposed on residents. Bonds are being sold to help raise the capital to start construction on the new metropolis.
• China has continued its crackdown on all crypto-mining activities. China banned mining earlier this year. In 2020, 75 percent of all cryptocurrency mined was from machines based in China. In an effort to curb illegal mining, China has impeded the accessibility of miners to access the global connectivity pool. China is also scrutinizing individual and industrial energy consumption to identify covert mining machines.
• The parliament of India released a bulletin on November 23 introducing a new bill that would ban all private cryptocurrencies. The news resulted in a 15-20 percent decline in value of several major coins on the Indian exchange. Some local analysts believe that instead of a complete ban, the government will end up issuing strict regulations to discourage purchase and use of private cryptocurrencies. India may end up creating a national digital currency to be issued the Reserve Bank of India.
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