As More Companies Are Looking to Crypto-Futures, Bitcoin Mining Could Be Answer to Cutting Emissions
- JP Morgan Chase & Co. announced growth in the cryptocurrency sector; is already using blockchain for collateral settlements for clients
- An “Onyx by JP Morgan” lounge was recently opened in the metaverse – with the bank citing a trillion-dollar annual revenue opportunity
- The bitcoin mining market was valued at $2285.4 million in 2021 and is expected to reach $5293.9 million by the end of 2028
- HIVE Blockchain Technologies Ltd. is leading the way in bitcoin mining on a greener level – using hydroelectric technology for mining purposes
- Research indicates that bitcoin mining could be used to reduce methane emissions as a whole throughw the use of bitcoin mining to combust leaking methane sources, lowering global emissions 5.32% by 2045
As technology advances, so do the capabilities of blockchain. Recently, JP Morgan Chase & Co. (NYSE: JPM) announced that as the crypto sector grows, it wants to ensure that it offers related services that support this growth. The banking company has already been using blockchain for collateral settlements – allowing clients to use a wider range of assets as collateral and trade outside of market operating hours. In addition to derivatives trading, repo trading, and securities lending, the company plans to expand on tokenized collateral, including equities, fixed income, and additional asset types. “What we’ve achieved is the friction-less transfer of collateral assets on an instantaneous basis,” the company’s Global Head of Trading Services, Ben Challice, said (https://ccw.fm/Q28yL).
Embracing the future, JP Morgan opened an “Onyx by JP Morgan” lounge in the metaverse. The bank has estimated that the metaverse will be a “trillion-dollar revenue opportunity” across advertising, social…
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