Mining Ban, ChatGPT Trading, El Salvador

This week in crypto was dominated by mining news as North Carolina sought a temporary ban on crypto mining and the limitations of AI bots whose claims to improve crypto trading remain greatly exaggerated.

North Carolina is seeking a break in crypto mining amid concerns about pollution and noise, following recent progress on a Texas bill to limit miners’ power consumption.

North Carolina next state to stop crypto mining

Buncombe County in North Carolina wants to put crypto mining on hold because existing laws governing land zoning do not cover the activity. Before continuing, they want to define crypto mining as a special use case for zoning.

The state joins Texas in reassessing crypto mining activity. On April 4, the Texas Senate took another step toward defining how miners interact with the state’s power grid. Senate Bill 1751 prevents the Energy Reliability Council of Texas from paying large miners like Riot Platform to reduce energy use during times of limited supply.

Crypto News – Socially

AI Bots Limitations Blatantly Obvious

Joining cryptomining in the headlines, tests this week showed that chatbots are limited in their ability to provide real-time data.

When asked about the current price of Bitcoin and altcoins, ChatGPT said that the limited training prevents it from giving an accurate answer. The last recorded record high price for Bitcoin was $64,000 in April 2021, as it has only been trained on data since September 2021.

A new trading-focused AI tool that uses large language models to offer portfolio-specific advice also has limitations. Satoshi, as developer FalconX has dubbed it, wants to help traders answer questions like where to get the cheapest derivatives or OTC deals. Similar to ChatGPT’s shortcomings, Satoshi also lacks insight into critical information about the trading books of the institution it sources information from.

Business Insider recently reported that despite Elon Musk’s plea to stop training AI tools using large language models, the billionaire recently purchased Graphics Processing Units to bolster Twitter’s AI capability using similar models.

On Thursday, the social network announced a new feature that allows users to search for stock price data using a dollar prefix to a stock’s ticker symbol, such as $MSTR, the new integration offers a “Watch eToro” button to trade that instrument.

The move is part of CEO Elon Musk’s play to turn Twitter into a super app that rivals Tencent’s WeChat.

Earlier this month, Twitter merged with a new shell company X Corp, in a filing that revealed Twitter Inc. had simultaneously ceased to exist.

News about crypto coins

Render Token RNDR was the biggest gainer this week, rising 36%, while Woo Network (WOO) came in second with 31%. Arbitrum (ARB) posted an impressive 30% gain, while Injective (INJ) followed with 27%. At the other end of the charts, Enjin Coin (ENJ) fell 5.7%

El Salvador’s BTC experiment is still in the early stages of growth

Across the Gulf of Mexico, political headwinds, conflicts of interest and an uncertain economic future are likely to shape the future of El Salvador’s Bitcoin experiment.

After adopting Bitcoin as legal tender in September 2021, the nation has led the way in crypto adoption, with tourism increasing by 30%. Still, a lack of understanding of cryptocurrencies has excluded some poor citizens, despite the nation having more than one internet connection per capita. Using geothermal energy for crypto mining may lead to mining companies moving there to alleviate environmental concerns.

Cryptocurrencies’ share of the global money transfer market, one of the main reasons why Bitcoin was adopted as legal tender in El Salvador, is still below 2%.

The success or failure of El Salvador in making crypto legal tender will inform other countries thinking about doing the same. The price of Bitcoin, which recently broke $30,000, could influence their decisions.

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