ZB Research Institute: El Salvador plans to issue stablecoins, and the difficulty of mining BTC is lowered

According to news on July 19, the global stablecoin market is growing rapidly. Based on the concept of stablecoins, the Salvadoran government plans to launch a local cryptocurrency before the end of 2021, which is similar to a stable currency issued by the country. It is currently called “Colón-Dollar”.

ZB Research Institute: El Salvador plans to issue stablecoins, and the difficulty of mining BTC is lowered

According to ZB Research Institute, El Salvador is planning to use blockchain technology to digitize a series of public and private documents, including personal ID cards and real estate certificates. According to industry sources, after the passage of the Bitcoin law, El Salvador’s plan to launch a national cryptocurrency remains unchanged.

Although there is currently no evidence that the Salvadoran government plans to replace the U.S. dollar with Colón-Dollar, the emergence of cryptocurrency issuers based on the national government is enough to shock the industry.

According to statistics from the China Currency (ZB) Research Institute, as of July 19, 2021, the total issuance of stablecoins on Ethereum has exceeded 75 billion U.S. dollars, the highest level in history. According to the issuance data of various stablecoins, the three stablecoins with the highest market share are USDT, USDC, and BUSD.

According to the statistics of ZB Research Institute, USDT: 28.91 billion U.S. dollars, accounting for 38.47% of issuance; 2. USDC: 25.587 billion U.S. dollars, accounting for 34.05% of issuance; 3. BUSD: 11.337 billion U.S. dollars, accounting for issuance. 15.09%.

Among them, the issuance of USDT has not changed in the past 48 days since the issuance of 1 billion additional USDT on May 31.

On July 19, according to the Economic Daily, the article “Improving the Quality of Industrial Economy Operation Stably-Interpreting China’s Economic Semi-annual Report”, the article showed that in the first half of the year, the added value of high-tech manufacturing increased by 22.6% year-on-year, which was significantly faster than the overall industry. . The output of new energy vehicles and industrial robots increased by 210% and 69.8% respectively year-on-year. New industries in the digital economy such as big data, cloud computing, and blockchain are booming.

China Currency (ZB) Research Institute believes that new industries in the digital economy such as global blockchain will continue to flourish. In the blockchain industry, individual domain issues will be gradually resolved with the development of the industry.

According to news on July 19, the difficulty of Bitcoin mining has been adjusted, down 4.81% to 13.67T. This is the fourth consecutive decrease in the difficulty of Bitcoin mining, down 45.4% from the high of 25.05T on May 13. The current difficulty is at its lowest level since January 2020.

In view of the transfer of the global mining industry from China to the world, stimulated by the downward adjustment of mining difficulty, the transfer of the mining industry will evolve from passive transfer to active acceptance. BKRP, a company in Nevada, USA, has announced that it has signed a custody and operation of up to 1 million Bitcoin mining machines with OMH.

It is reported that the contract period between the two parties is 24 months, and OMH will pay all the electricity supply costs. According to people familiar with the matter, most of the mining machines are from China and exported from OMH to Canada. They are deployed by BKRP in three natural gas production bases in Alberta, Canada. The first batch of 200,000 mining machines will be announced at BKRP recently. The acquired Quirk Creek natural gas plant is hosted on site and operated by CMC.

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