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Top Headlines for 5 April, 2022

Coinbase to Hire 1,000 For Indian Expansion

Coinbase, the US-based cryptocurrency exchange, plans to quadruple the workforce of its Indian affiliate by the end of 2022.

Company CEO Brian Armstrong said in a blog post that the exchange would add 1,000 new employees to its Indian subsidiary.

The crypto exchange previously announced its international expansion plans in February 2022. The company plans to add 2,000 employees worldwide across engineering, product and design in the calendar year. It also aims to boost regional adoption by funding and acquiring local crypto exchanges such as CoinDCX and CoinSwitchKuber.

Digihost To Pay Shareholders BTC Dividend

Publicly traded Bitcoin mining company Digihost (DGHI) announced plans to give its shareholders the option of receiving their dividend payments in BTC starting from the third quarter of 2022.

The upcoming dividend will be 10% of the company’s net income.Shareholders can choose to get their dividend in fiat or BTC. The remaining revenue will be reinvested into its business.

Digihost’s decision to pay shareholders in Bitcoin appears to be influenced by a new trend among publicly traded miners:Instead of stacking the cryptocurrency on their balance sheet, these corporations are actively seeking utility for their BTC holdings. Digihost claims they expect an average hash rate of 1.5 exahashes in 2022, a 5.5x increase from its 2021 hash rate levels.

Blockware Builds 20MW BTC Mining Facility

Crypto Mining company Blockware has built a new 20-megawatt mining facility to enable its customers to co-locate their mining rigs in Belfry, Kentucky.

The firm plans to build three such data centers in the area to increase the firm’s total capacity to 75 MW. The company has repurposed abandoned manufacturing and coal plants in Belfry and created new work opportunities in the region.

Kentucky’s pro-crypto attitude motivated the company to establish a mining facility in the state. Blockware’s co-founder Mason Jappa said, “It was the first state in the United States to pass a House and Senate bill that incentivized Bitcoin mining with tax cuts and other benefits.” Another company that runs a massive operation in Kentucky is Foundry, a subsidiary of the Digital Currency Group.

According to Foundry, as of March 2022, 12.4% of its hash rate (a measure of computing power) is generated by its facilities in Kentucky, second only to its Georgia operation, which produces 34%. In October 2021, Foundry reported that New York was the state in the U.S. with the highest total hash rate for all Bitcoin mining, followed by Kentucky, Georgia and Texas. Among the incentives for setting up data centers for mining in a region are access to affordable energy and a favorable climate. A colder climate supports the air cooling mechanism of mining rigs without extensive temperature control setups.

A report published by Cambridge University in October 2021 revealed that the United States led the world in Bitcoin mining with 35.40% of the global hash rate, followed by Kazakhstan with 18.1% and Russia with 11.2%. However, this situation can change quickly with fluctuating political and economic circumstances.

Trisolaris Raises $4.5M

NEAR protocol-based decentralized exchange, Trisolaris, has raised $4.5 million in strategic investment funding led by VC firm Electric Capital with participation from Jump Crypto, Lemniscap, and Ethereal.

Analytics platform DefiLlama reports that Trisolaris has a total value locked (TVL) of $230 million. The TVL represents the value of all assets deposited in a DeFi protocol, including staking, lending and contributing to liquidity pools. It is a key metric for evaluating the popularity of a DeFi project.

Trisolaris plans to use its newly raised capital to expand its core team and develop more product offerings. Its roadmap includes building decentralized finance primitives (basic building blocks) and a cross-chain bridge that allows decentralized application builders to fork Ethereum compatible smart contracts and deploy them on the NEAR blockchain.