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How web3 gives power back to the players with Alex Connolly CTO of Immutable X – CryptoSlateIRL #22

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How web3 gives power back to the players with Alex Connolly CTO of Immutable X – CryptoSlateIRL #22

How web3 gives power back to the players with Alex Connolly CTO of Immutable X – CryptoSlateIRL #22 Liam ‘Akiba’ Wright · 6 hours ago

The latest episode of CryptoSlate IRL covers IMX, the future of web3 gaming, CSGO and much more

18 min watch

Updated: November 18, 2022 at 11:39 pm

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Speaking with CryptoSlate’s Akiba at the recent NFT.London event, CTO of Immutable X, Alex Connolly, spoke about the future of web3 gaming and the power it gives back to the players. Immutable X has taken the web3 industry by storm, growing to a $2.5 billion valuation in just two years.

Past investment rounds included the likes of Tencent and Animoca Brands. The company raised over $200 million as the start-up roared forward over the past few years to become one of the largest companies in the web3 gaming scene.

The Australian-based company was founded in 2018 by Alex Connolly, James Ferguson, and Robbie Ferguson. Connolly, the company’s Chief Technology Officer, studied law and computer science at the University of Sydney before pivoting to focus solely on Immutable X.

In his interview with Akiba, Connolly talked about his history of running trading bots and websites for CSGO items on Steam and his passion for facilitating true digital asset ownership through his work with Immutable.

The young co-founder spoke eloquently about gamers’ issues in the modern world and how the crypto industry can alleviate these problems. The ability to have full ownership over digital assets that are either dropped in-game or bought through microtransactions is something that Connolly views as essential to the ever-expanding digital world.

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When Connolly first got into gaming, expensive in-game items such as the infamous Dragonlore AWP skin in CSGO were tradeable only on the centralized Steam Marketplace. However, third-party sites such as OPskin eventually came about using Steam’s in-built trading mechanisms.

However, in 2018 Steam banned such sites from using its platform, thus locking Steam-based skins back into its closed ecosystem. As a result, even digital items and skins in games such as Fortnite, League of Legends, or Dota 2 are either untradable or locked into a centralized marketplace.

Through the use of NFTs and other blockchain technology, web3 gaming gives the players the power to decide what they do with their hard-earned digital assets. In addition, the ability to trade in-game items through peer-to-peer transfers or using any number of marketplaces allows a real-world value to be assigned to any game item.

Immutable X runs its own layer-2 scaling solution for the Ethereum network, which is optimized for gaming, focusing on high scalability and performance while retaining the security of a robust layer-1. The company also facilitates a marketplace where items can be freely traded among gamers in a similar manner to how art and music NFTs are traded on OpenSea.

The interview also touches on other topics critical to the success of web3. For example, complex terminology, poor onboarding journeys, and a generally underwhelming user experience are issues that plague the entirety of the crypto industry, not just gaming.

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However, as Connolly notes in the interview, the web3 gaming sector is leading the industry in its approach to solving such problems. Watch the full interview via the link above to hear what Connolly has to say on these and other web3 gaming topics.

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Aksakov

Russia Expects Sizable Increase In Crypto Miners’ Share Of Power Usage

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Russia Expects Sizable Increase In Crypto Miners’ Share Of Power Usage

The crypto mining industry may see a two-fold increase in its share of Russia’s power consumption in 2022, according to a high-ranking official from the Ministry of Energy. The department supports a bill designed to regulate the sector which is likely to be adopted this year.

Russian Energy Ministry Forecasts Rise in Crypto Mining’s Electricity Consumption

The share of cryptocurrency miners may reach 1.5 – 2% of Russia’s total consumption of electrical power by the end of 2022, according to the Russian Deputy Energy Minister Pavel Snikkars. During a crypto conference organized by the business news portal RBC, the government official recalled that last year’s figure was around 1%.

The availability of electricity for mining across the vast country would depend on the number of users that want to connect to the grid in a particular location, Snikkars added. In certain Russian regions — the deputy minister mentioned Murmansk as an example — unused power generating capacities are currently being offered to the crypto industry.

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Snikkars explained the availability of such resources with the way new power plants are built. A decision to start the construction of one, which may take up to a decade in the case of nuclear stations, is based on requests from potential consumers in the area. However, some projects are not ready to launch on time or at all and, as a result, the generating capacities are not fully loaded.

Individuals minting digital currencies are also causing trouble raising consumption in certain places with low electricity rates, where the infrastructure cannot handle the growing power usage, the expert said. He emphasized the energy industry should take measures to ensure reliable supply for other users.

During the event, Pavel Snikkars also talked about the efforts to regulate cryptocurrency mining as a business activity, voicing his department’s support for the draft legislation filed in mid-November with the lower house of Russian parliament, the State Duma.

The bill amending the current law “On Digital Financial Assets” is yet to be approved by the Legal Department of the Duma and reviewed by the Central Bank of Russia. At the forum, the head of the parliamentary Financial Market Committee, Anatoly Aksakov, said he expects lawmakers to pass the law before the end of the year.

Snikkars and Aksakov’s statements follow a recent report revealing that demand for mining devices has been rising in Russia in the past couple of months. Besides electricity consumption, mining revenue has been also growing over a period of several years before this year’s crypto winter and sanctions over the war in Ukraine took a toll on Russian mining businesses.

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Do you think electricity consumption in the Russian crypto mining industry will continue to grow? Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Manitoba Halts New Crypto Mining Projects Due To Expected High Energy Demand

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Manitoba Halts New Crypto Mining Projects Due To Expected High Energy Demand

Authorities in Manitoba are temporarily suspending the connection of new crypto mining facilities to the power grid. The Canadian province, which relies heavily on hydroelectric generation and attracts miners with low electricity rates, fears it may face overwhelming energy demand.

Manitoba Suspends New Crypto Mining Operations Citing Possible Increase in Electricity Usage

The government of Manitoba is halting new connections of crypto mining centers to the province’s hydroelectric grid, the Canadian press reported. Officials explain the move with the potential for increasing energy demand that the region may not be able to meet.

The suspension, imposed for a period of 18 months, will not affect the 37 currently active mining operations, according to an article by the Toronto Star. The measure is aimed at halting a growing number of requests to power new facilities with combined capacity amounting to a sizable portion of the province’s electricity supply.

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Providing the reasoning for the decision, Manitoba Minister of Finance Cameron Friesen, the government official responsible for the state-owned company Manitoba Hydro, commented on Monday:

We can’t simply say, ‘Well anyone can take whatever [energy] they want to take and we’ll simply build dams. The last one cost $13 billion if you priced in the [transmission] line.

With the second-lowest electricity rates in Canada, only Quebec offers cheaper power, Manitoba is a magnet for users that need large amounts of electricity such as those involved in the energy-intensive extraction of cryptocurrencies.

Friesen revealed that 17 new operators have filed requests with the authorities in the province for a total of 370 megawatts of electricity. That exceeds half of the power produced by the Keeyask hydroelectric generating station which became operational in 2022.

The region’s finance minister also highlighted the concern of the Progressive Conservative government that blockchain businesses may not create many jobs. “You can be utilizing hundreds of megawatts and have a handful of workers,” he elaborated.

“Manitoba Hydro cannot make discretionary decisions about who to hook up,” Friesen emphasized. A government review is expected to analyze the economic impact of cryptocurrencies and the need for a regulatory framework to approve new large connections to the grid.

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Earlier this month, the Hydro-Québec public utility asked the electricity distribution regulator in its province to suspend energy allocation for the blockchain sector. Manitoba’s restrictions also follow the enforcement of a partial moratorium on proof-of-work mining in the U.S. state of New York.

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Canada, Canadian, consumption, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Electricity, Energy, grid, Hydroelectric, Manitoba, Measures, Miners, mining, power, province, region, restrictions, suspension, usage

Do you think other Canadian provinces and U.S. states will adopt restrictive measures for crypto mining? Share your expectations in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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New York Governor Signs Law Partially Banning Bitcoin Mining On Fossil Fuels

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New York Governor Signs Law Partially Banning Bitcoin Mining On Fossil Fuels

A moratorium on some crypto mining operations relying on carbon-based energy has been signed into law in New York. Businesses engaged in proof-of-work mining in the state will not be able to expand or renew their permits for the next two years as a result of the ban, which is likely to have consequences for the industry across the United States.

‘First of Its Kind’ PoW Mining Moratorium Takes Effect in New York

New York Governor Kathy Hochul signed a law on Tuesday partially banning cryptocurrency mining using power generated from fossil fuels. The legislation will prevent companies involved in proof-of-work (PoW) mining that don’t use solely renewable energy such as hydropower from expanding, and renewing or obtaining new permits in the next two years.

The bill introducing the temporary restrictions, which passed the state assembly and senate this past spring, targets specifically PoW authentication, the method employed to validate blockchain transactions for cryptocurrencies like bitcoin, as it requires significant amounts of electricity to run the powerful computing hardware.

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In a legal filing quoted by the CNBC, Hochul noted that the decision “is the first of its kind in the country.” According to a report by Bloomberg, the governor has been postponing the signing of the mining law amid intensive lobbying from the sector. She also emphasized her intention to “ensure that New York continues to be the center of financial innovation” while prioritizing environmental protection.

Representatives of the industry fear that the ban could have a domino effect across the U.S., a major player in the crypto mining market. The nation’s share of the average monthly global hashrate neared 38% in January, according to the Cambridge Bitcoin Electricity Consumption Index. The Chamber of Digital Commerce issued a warning statement:

The approval will set a dangerous precedent in determining who may or may not use power in New York State.

The law would weaken New York’s economy and stifle its future as a leader in technology and global financial services, said the Chamber’s founder and chief executive Perianne Boring. In earlier comments, she also pointed out that the decision will eliminate jobs and “disenfranchise financial access to the many underbanked populations.”

According to other experts, the moratorium could force crypto mining companies to relocate to more favorable jurisdictions such as Georgia, North Carolina, North Dakota, and Wyoming, with jobs and tax money moving out of New York. Among them is Texas, which in addition to friendly regulations also offers access to abundant renewable power and excess energy from sources like stranded gas.

Aggressive carbon-reduction targets were also part of the reasoning behind last year’s government crackdown on crypto mining in China, the former leader in the industry. In Europe, proponents of the idea to ban PoW mining attempted to add provisions prohibiting services for cryptocurrencies that rely on the energy-intensive mining method to the EU’s Markets in Crypto Assets (MiCA) legislation. In October, amid limited energy supplies from Russia, Brussels renewed efforts to reduce power consumption in crypto extraction.

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ban, bill, Bitcoin, Bitcoin mining, Carbon, carbon targets, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Electricity, Energy, environment goals, fossil fuels, Governor, Law, Miners, mining, moratorium, new york, power, restrictions, Signing, U.S., United States, US

Do you expect other states to impose similar restrictions following the enforcement of the PoW mining ban in New York? Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Ron Adar / Shutterstock.com

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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