Ban Mining, ChatGPT Trading, El Salvador

Mining news dominated cryptocurrencies this week, as North Carolina sought a temporary ban on cryptocurrency mining and restrictions on artificial intelligence bots that claims of improving cryptocurrency trading continue to be greatly exaggerated.

North Carolina is seeking to temporarily halt cryptocurrency mining amid concerns about pollution and noise, following recent advances in a Texas bill to rein in miners’ energy use.

North Carolina next state to stop cryptocurrency mining

Buncombe County in North Carolina wants to pause cryptocurrency mining because the current laws governing zoning do not cover the activity. Before continuing, they want to define crypto mining as a special use case for zoning.

The state joins Texas in reconsidering the cryptocurrency mining business. On April 4, the Texas Senate took another step toward determining how miners should interact with the state’s power grid. Senate Bill 1751 prevents the Texas Energy Reliability Board from paying large miners like Riot Platform to reduce energy use during times of limited supply.

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The limitations of AI Bots are starkly obvious

Joining cryptocurrency mining in the headlines, this week tests revealed that chatbots are limited in their ability to provide real-time data.

When asked about the current price of bitcoin and altcoins, ChatGPT said that his limited training prevents him from giving an accurate answer. The last ever recorded price of bitcoin was $64,000 in April 2021, trained on data only since September 2021.

A new trading-focused AI tool that uses large language models to provide portfolio advice also faces limitations. Satoshi, as its developer FalconX calls it, wants to help traders answer questions like where they can get the cheapest derivatives or OTC deals. Like the shortcomings of ChatGPT, Satoshi also lacks insight into critical information about the trading books of the organization from which it is obtaining information.

Business Insider recently mentioned That despite Elon Musk’s plea to stop training AI tools using large language models, the billionaire recently bought GPUs to boost Twitter’s AI capability using similar models.

On Thursday, the social network announced a new feature to allow users to search for stock price data using a dollar prefix for the stock sticker symbol, say, $MSTR, the new integration provides a “View on eToro” button for trading that instrument.

The move is part of CEO Elon Musk’s play to turn Twitter into a super app to rival the likes of Tencent’s WeChat.

Earlier this month, Twitter merged with new shell company X Corp, in a filing revealing that Twitter Inc. It no longer exists at the same time.

Cryptocurrency news

Render Token RNDR was the biggest gainer this week, up 36%, while Woo Network (WOO) came in second, up 31%. Arbitrum (ARB) posted an impressive 30% gain, while Injective (INJ) followed suit with a 27% gain. At the other end of the charts, Enjin Coin (ENJ) is down 5.7%.

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The BTC experience in El Salvador is still in its early stages of growth

Across the Gulf of Mexico, political headwinds, conflicts of interest, and an uncertain economic future are likely to shape the future of El Salvador’s bitcoin experiment.

After adopting Bitcoin as legal tender in September 2021, the nation has led the way in cryptocurrency adoption, with tourism up 30%. However, a lack of understanding of cryptocurrencies has left some poor citizens out, even though the nation has more than one internet connection per citizen. Using geothermal energy to mine cryptocurrency may lead mining companies to move there to alleviate environmental concerns.

The share of cryptocurrencies in the global remittance market, one of the main reasons for the adoption of Bitcoin as legal tender in El Salvador, is still less than 2%.

The success or failure of El Salvador to legally tender cryptocurrency will inform other countries considering doing the same. The bitcoin price, which recently exceeded $30,000, may influence their decisions.

For a recent Be (In) Crypto Bitcoin (BTC) analysis, click here.


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