Mining Bans, Amazon Purchases & Nvidia Reporting

The gloom in the cryptocurrency market gave way to optimism. Although the reasons for this are not very good. Apparently, it is becoming fashionable to ban mining among different countries. We'll remind you that last week, China banned the mining of cryptocurrency, and this week Iran joined it. Before the ban, the country generated 4.5% of the world's total mining volume. The secret of this is actually simple, after the imposition of sanctions by the United States and a sharp drop in oil revenues, the country needed money and mining became a solution to the problem. So on Wednesday, Iran banned mining in the country for at least 4 months.

By the way, about the Chinese bath. Details of the penalties appeared yesterday. Inner Mongolia (the region produces about 8% of bitcoins) plans to revoke licenses from companies that promote mining, as well as deprive them of all state preferences.

But, as we have already noted, this fundamental negative was demonstrated by the markets. As one of the reasons for the growth, the news that the Bitcoin Mining Council was formed was chosen. Its goal is to contribute to the greening of the cryptocurrency market and mining in particular. In general, there is a Council, which means that the problem of increased energy consumption during mining is solved automatically (such a conclusion suggests itself based on the reaction of cryptocurrencies to this news).

Amazon, meanwhile, is buying MGM Studios for $ 8.45 billion (the deal marks Amazon's second-largest acquisition. The company paid $ 13.7 billion for Whole Foods in 2017). Amazon said it "hopes to leverage MGM's legendary filmmaking history and vast catalog of 4,000 films and 17,000 TV shows to support Amazon Studios, its film and television division." Recall that competition in the streaming TV market has increased significantly and Amazon's move is more than reasonable and logical. Amazon Prime has over 200 million subscribers worldwide. Amazon spent $ 11 billion last year on video and music content, up from $ 7.8 billion in 2019.

Nvidia yesterday released its results for the first quarter of 2021. Markets were expecting breakout data. And they got them: revenues for the year increased by 84%. The company feels like a fish in water in the face of a shortage of processors, as well as an increased demand for goods from gamers and miners.