Welcome to This Week in Crypto, your go-to source for the latest developments in the world of cryptocurrencies and blockchain technology. In this edition, we dive into the pioneering efforts of El Salvador, the first nation to adopt Bitcoin as legal tender, as it embarks on a groundbreaking journey to introduce Bitcoin education in schools. We also explore how the scorching Texas heatwave impacted Bitcoin mining operations and delve into Reddit’s foray into NFT-backed avatars celebrating the NFL season kickoff. Stay informed on the most significant crypto happenings of the week, right here in your weekly digest!
El Salvador Launches National Program to Teach Bitcoin in Schools
El Salvador, the first country to adopt Bitcoin as legal tender, has unveiled an ambitious educational initiative in collaboration with My First Bitcoin, Bitcoin Beach, and the Ministry of Education. This program aims to introduce Bitcoin education in all of the country’s schools by 2024, with 150 public school teachers set to receive specialized training in Bitcoin-related subjects. These educators will then integrate Bitcoin knowledge into their curriculum, extending understanding of the cryptocurrency to the younger generation.
A major player in this initiative is My First Bitcoin, a nonprofit organization that has already educated thousands of students and offers a comprehensive Bitcoin Diploma program. Bitcoin Beach’s role in fostering a Bitcoin circular economy and The Bitcoin Office’s commitment to promoting elite developer programs underscore the nation’s dedication to mainstreaming Bitcoin education. El Salvador’s pioneering and collaborative approach is positioning the country as a leader in Bitcoin education, with potential ripple effects reaching other nations eager to explore cryptocurrency education programs.
Texas Heatwave Incentivizes Bitcoin Miners to Temporarily Shut Down Operations
Texas’ power grid has faced emergency procedures amid scorching temperatures, with Bitcoin miners feeling the impact. Companies like Riot Platforms and Marathon Digital temporarily reduced their mining operations due to the excessive heat. These emergency measures were enforced by the Electric Reliability Council of Texas (ERCOT) in August to ensure uninterrupted energy supply during the heatwave, causing specific power consumers, including Bitcoin miners, to curtail their energy needs. This situation underscores the unique challenges and strategies in the cryptocurrency mining industry, with companies like Riot Platforms leveraging power contracts and market dynamics to navigate Texas’ deregulated energy market.
The practice of earning energy credits and participating in Ancillary Services programs, which enable miners to sell excess power back to the grid, has become a financially attractive strategy. This approach not only allows miners to respond to market signals but also benefits the grid by offering a flexible power supply during periods of high demand. In essence, Bitcoin miners in Texas have found a way to balance their operations with the state’s energy needs while maximizing profitability in a dynamic energy market.
Reddit's NFT Avatar Collection Grows with New NFL Team NFTs
Reddit has introduced a significant batch of NFT-backed avatars to celebrate the start of the NFL season, coinciding with the Detroit Lions and Kansas City Chiefs’ kickoff game last Thursday. These NFT avatars, referred to as “Snoos,” are available for $25 each and represent all 32 NFL teams. Reddit limited the availability of these avatars to 500 per NFL team.
This release marks one of Reddit’s most substantial collections of Collectible Avatars to date and provides fans with a unique way to showcase their team allegiances in comment sections. While some NFL teams, like the New England Patriots, have seen strong demand for their NFT avatars, others, such as the Carolina Panthers and Indianapolis Colts, have seen limited sales. Reddit entered the NFT space last summer, partnering with Polygon, an Ethereum scaling network known for its cost-effective and fast transaction capabilities, to issue these digital collectibles. Since then, Reddit has expanded its NFT offerings, with millions of collectible avatars minted and millions of unique holders participating in these digital collectibles.
