headlines
▌ETHW officially released the fork time and main network switching information
The Ethereum Proof of Work fork chain ETHW officially released the fork time, that is, it will be deployed within 24 hours after the merger of Ethereum. According to the social media account @Ethereum PoW of the ETHW main network, the exact time will be announced 1 hour before the launch of the fork network, after which the chain ID of ETHW will be switched to 10001, and the final code, configuration files, binary files and other important materials ( Such as node data, RPC and resource manager information) will then take effect. In addition, in order to provide enough time for chain ID switching, the ETHW main network will go online at a specified time after processing 2048 empty blocks, which means that the first ETHW block containing transactions on the main network will be the Merge block + 2049 .
cryptocurrency
▌Michael Saylor: The energy intensity of Bitcoin is much lower than that of Internet giants such as Google
Michael Saylor published a long article on his personal website, sharing some views on Bitcoin mining and the environment. About $4-5 billion of electricity is used to power and secure the $420 billion Bitcoin network today, with an output worth 100 times the energy input cost, he said. This makes Bitcoin far less energy-intensive than Google, Netflix, or Facebook, and 1-2 orders of magnitude less energy-intensive than traditional 20th-century industries such as aviation, logistics, retail, hospitality, and agriculture. He also mentioned that 99.92% of the world's carbon emissions are due to industrial energy use other than Bitcoin mining. Bitcoin mining is neither the problem nor the solution to the challenge of reducing carbon emissions.
▌Report: Emerging markets, led by Vietnam, drive the rise in global crypto adoption
According to the latest report released by Chainalysis, the Global Cryptocurrency Adoption Index shows that the rise in global cryptocurrency adoption has slowed down during this year's bear market, but the plunge has not wiped out the growth in adoption during the bull market. Global cryptocurrency adoption remains above pre-bull market levels, with emerging markets currently leading the way.
important economic developments
▌JPMorgan Chase: The probability of the Fed raising interest rates by 100 basis points next week is less than one-third
Michael Feroli, chief U.S. economist at JPMorgan, said Fed officials were unlikely to raise rates by 100 basis points when they meet next week. A 100-basis-point increase is less than a one-in-three chance that "good drivers don't pick up speed as they approach their destination," he said in a note to clients on Wednesday. An increase of 100 basis points means that the Fed's benchmark interest rate will peak higher than 5%, Feroli said, "We doubt it." He also warned that applying the brakes on monetary policy now could strengthen bets that the Fed will cut interest rates in 2023. That would make it harder for the Fed to respond to price pressures by easing financial conditions.