Welcome to “This Week in Crypto,” your go-to source for the latest and most exciting developments in the cryptocurrency world. In this week’s edition, we dive into a new report revealing a remarkable shift, as over half of Bitcoin mining is now powered by sustainable energy usage. Next, we explore the mobile tech scene with Solana Mobile’s announcement of ‘Chapter 2,’ a crypto smartphone that’s garnered thousands of preorders. And in the fast-paced world of Formula 1, we’ll take a look at the expanding influence of cryptocurrency in sports, focusing on OKX’s partnership with McLaren Racing.
Over Half of Bitcoin Mining is Now Powered by Sustainable Energy, According to Report
A new report estimates that Bitcoin mining is now predominantly powered by sustainable energy with a 54.5% usage rate. The report, based on data from the Bitcoin Energy and Emissions Sustainability Tracker (BEEST), notes a significant 3.6% increase in the use of green energy in the Bitcoin mining sector over the past year.
The report also highlights new strategies employed by Bitcoin miners, especially in the use of methane emissions from small oil productions. By converting this methane into electricity for mining, these operations are not only sourcing renewable energy, but also mitigating environmental damage. This approach is an important achievement for the Bitcoin network, which now offsets 7.3% of its emissions without traditional offsets, setting a new high in non-offset-based emission mitigation across industries.
This shift towards sustainable practices in Bitcoin mining is indicative of a larger trend in the industry, driven by regulatory changes and environmental considerations. The relocation of mining operations to areas with greener energy grids in North America and the adoption of sustainable off-grid sites after regulatory shifts in China and Kazakhstan have significantly reduced emissions. This transition not only highlights the industry’s adaptability and resilience, but also underscores its potential to lead by example in the pursuit of sustainable and eco-friendly practices.
Solana's New 'Chapter 2' Crypto Smartphone Soars in Demand to 30,000 Preorders
Solana Mobile is gearing up to launch its second smartphone, dubbed “Chapter 2”, which capitalizes on the unexpected success of its first crypto-centric device, the Saga. This new iteration is poised to offer similar features, such as an onboard crypto wallet, custom Android software, and a dedicated store for decentralized applications (dApps), but at a more accessible price point of $450 – significantly lower than the Saga’s current $599 tag. The Chapter 2’s announcement has already generated a remarkable market response, with over 30,000 preorders within the first 30 hours, surpassing the entire 12-month sales figures of the Saga and showing a growing consumer interest in blockchain-integrated mobile devices.
Raj Gokal, co-founder of Solana and president of Solana Labs, highlights the potential of this device to create a dedicated distribution channel for crypto app developers, offering them a platform to reach users without the hefty fees typically associated with traditional app stores. This approach not only fosters innovation in the crypto app market, but also aligns with the evolving needs of a tech-savvy, crypto-oriented audience.
With a slated release in the first half of 2025, the device aims to broaden the horizons for developers and users alike, using learnings from the past two years to advance accessibility to Web3.
OKX Accelerates Its Formula 1 Presence with Expanded McLaren Racing Partnership
Cryptocurrency and Web3 company OKX is continuing and expanding its partnership with McLaren Racing for the Formula 1 2024 season. This move mirrors the sponsorship deal covered earlier between Stake and Sauber’s F1 team, and highlights a growing trend of crypto companies getting involved with Formula 1. In the latest development, OKX’s logo will gain prime visibility on the side pods of McLaren’s race cars for the majority of the upcoming season, capitalizing on the design success of the livery from the 2023 Singapore and Japan Grand Prix.
OKX’s Chief Marketing Officer, Haider Rafique, has highlighted the significant impact of this partnership on the brand’s visibility. The collaboration has already generated over three billion impressions across TV and online platforms, reflecting a strategic engagement with McLaren’s global fanbase. This was notably evident at the OKX Race Club event in Singapore, which not only attracted over 7,000 attendees but also led to the creation of 3,000 new OKX Web3 wallets, demonstrating a growing interest in digital finance among F1 enthusiasts.
