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The firm behind the Bored Ape Yacht Club NFT collection is looking to make amends for its chaotic virtual land sale with refunds to all users whose transactions failed during minting. Original Source
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Users paid over 71,000 ether – nearly $200 million at the time of publication as per CoinGecko – in gas fees trying to purchase land on Otherside. This is by far a record high for the network, surpassing a January peak of over 19,200 ether. The fees were burned, or
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While the community was witness to the largest NFT mint yet, Ethereum (ETH) gas prices rose to unprecedented levels, in addition to users experiencing failed transactions due to blockchain bottlenecks.Bored Ape Yacht Club creator Yuga Labs launched a sale of Otherdeed non-fungible tokens (NFTs) that represents digital land deeds on
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Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized fees have slid below $4 per transaction. Moreover, layer two
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While Ethereum network fees to transfer data dropped significantly in recent times, tapping a low of $5.98 per transaction in mid-March, gas fees are rising once again on the second-largest cryptocurrency network in terms of market valuation. On Sunday, April 3, the average transaction network fee is around 0.0056 ether
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The Russian Federation's energy chief Pavel Zavalny has floated the possibility of accepting Bitcoin as payment for its oil and gas from “friendly countries” such as China and Turkey.He said those countries could begin paying for energy in Russian Rubles, Chinese Yuan, Turkish Lira — or even Bitcoin (BTC) —
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United States-based energy producer Exxon Mobil has reportedly been running a pilot program aimed at using the energy from excess gas to power crypto mining rigs — and it may be expanding its operations to four other countries.In a Thursday report, Bloomberg said Exxon Mobil had inked a deal with
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In 2019, ExxonMobil and ConocoPhillips were among the founding members of the OOC Oil & Gas Blockchain Consortium, a group of energy companies looking to establish “key blockchain standards, frameworks and capabilities” within the industry. Other members of the group include Chevron, Equinor (EQNR), Hess (HES), Pioneer Natural Resources (PXD)
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The energy usage and environmental impact of Bitcoin (BTC) mining have been frowned upon and been under the scanner by various international financial institutions. The International Monetary Fund (IMF) mentions how Bitcoin mining consumes “vast amounts of computing power and electricity.”Bitcoin mining is an energy-consuming process, as it is a
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