Patents Granted To Blockchain Payments Firms, Crypto Mining Expands In Texas And Russia

Author:Ms Simone O. Otenaike
Profession:BakerHostetler
 
FREE EXCERPT

Last month, a U.S. patent was reportedly granted to a major U.S. cryptocurrency exchange for a new system that would allow users to make bitcoin payments with email addresses linked to corresponding wallet addresses. According to the patent, the system does not charge user fees and would take 48 hours to complete a transaction once the receiver accepts the payment. Two other patents were also granted to the exchange last month. Earlier this week, R3 also reportedly received a patent for its blockchain-based record system. The system purportedly manages transaction records in digital documents and provides companies with a shared distributed immutable data record for all stakeholders to access - thus reducing the likelihood of slight disparities that cause miscommunications and legal disputes.

A private equity firm and a Japanese internet service provider will reportedly team up to launch a new crypto mine in Rockdale, Texas. The data center will reportedly have an initial capacity of 300 megawatts with the potential to reach 1 gigawatt, which is three times the capacity of existing large crypto mines. According to reports, Texas' cheap energy and renewable resources make it an attractive location for crypto miners. On the international front, a state-owned nuclear power plant in Russia will soon house a data center where bitcoin miners...

To continue reading

REQUEST YOUR TRIAL