El Salvador uses WHAT to mine $29m BTC?! 🌋

In partnership with

Hey, Degens,

He's back.

Most of you already know him – the myth, the legend behind GameStop's meteoric rise.

Roaring Kitty.

Since his return, he's been sending memecoins soaring.

Today, memecoins dominate the market narrative. Remember 2021 when NFTs were booming? Not so much now.

Here's what else we've got for you today:

• El Salvador uses volcanic energy to mine BTC

• Over 1 million new tokens launched since April

• State of Wisconsin invests in Bitcoin ETFs

• News from the decentralized world 🗺️

• Tweet of the week + Meme of the week 😎

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El Salvador uses volcano-fuel to mine 474 Bitcoin worth $29 million

El Salvador was the first country to make Bitcoin legal tender.

And now...They’re mining BTC in an environmentally friendly manner. 

Here’s what you need to know:

• The country has mined nearly 474 bitcoins over the last three years using a green, geothermal energy source from the Tecapa volcano.

• El Salvador has created a dedicated Bitcoin office to oversee these operations. 

• The nation's Bitcoin holdings now stand at an impressive 5,750 BTC, worth around $29 million.

That's genius to tap into that geothermal power. Kills two birds with one stone - mining crypto while being environmentally friendly.

President Nayib Bukele has been leading the effort, installing 300 processors to ramp up the mining proceedings. 

El Salvador is going all-in on Bitcoin adoption and sustainable mining practices. 

Other countries will be taking notes.

More than 1 million new tokens launched since April

Over 1 million new cryptocurrencies have been created just since the start of April.

Ethereum saw over 370,000 new tokens, and Solana had a whopping 640,000 new tokens launched, mostly memecoins ofcourse. (All thanks to Roaring Kitty)

Ethereum layer-2 network called Base has become a hotspot for memecoin developers looking to launch cheap new tokens.

What makes Base so appealing?

Well, 88% of the tokens launched on Ethereum were through Base because of the low fees involved. It costs next to nothing to spin up a new coin there.

On the other hand, Cointelegraph investigation revealed that one in six new Base memecoins was a scam, and more than 90% had vulnerabilities.

No wonder we're seeing such an explosion then. When launching is that cheap and easy, it's a recipe for memecoin mania.

Coinbase director Conor Grogan noted the number of tokens recently launched on Ethereum is twice the number of tokens ever created on the blockchain between 2015 and 2023.

Moreover, Crypto analytics platform CoinGecko now has a memecoin category, which lists more than 600 coins with a total market capitalization of $52.7 billion — almost half of Tether’s market cap.

The new Solana tokens were largely memecoins launched through the low-cost development platform pump.fun.

Who knows how many more we'll see pop up in the next few days.

The State of Wisconsin invests in Bitcoin ETFs

The State of Wisconsin Investment Board (SWIB) has reported large exposure to Bitcoin via spot ETFs.

According to a May 14 filing with the United States Securities and Exchange Commission (SEC), the government entity said it purchased roughly $100 million worth of BlackRock iShares Bitcoin Trust (IBIT) and $64 million in the Grayscale Bitcoin Trust (GBTC). The filing suggested that the Wisconsin Retirement System may also have exposure to digital assets.

And keep in mind, those Bitcoin investments are just a tiny fraction of SWIB's $156 billion in total assets they manage for the Wisconsin retirement system.

A Bloomberg analyst said SWIB's move showcases how broadly appealing these spot Bitcoin ETFs have become. They're growing way faster than regular ETFs.

Once the big players start endorsing an asset, it opens the floodgates for more mainstream adoption.

Crypto is clearly going institutional in a big way.

News from the decentralized world 🗺️

• Solana (a layer-1) and Uniswap (a DEX) are neck-and-neck for fees generated in the past seven days — both $10 million.

• Ethereum only has 174 validators waiting in the queue, down from more than 22,000 this time last month. Active validators were at an all-time high yesterday: 1,014,915.

• Bitcoin transactions are more than 80% standard BTC transfers, plugging the gap left by lower interest in Runes and Ordinals.

• $Pepe’s leading the memestocks, gaining 18% over the past 24 hours, according to CoinGecko.

• Vitalik Buterin drafts EIP-7706, proposing new calldata gas type for Ethereum.

• Daily spot bitcoin ETF inflows top $100 million as ARKB overpowers GBTC.

• Layer 3 Degen Chain hasn’t produced a block in 11 hours.

Tweet of the week 🐤

Meme of the week 🤡

Degen of the week 🤠

That’s a wrap! See you next week for more crypto madness.