Tag: Tesla

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Bitcoin News Blockchain News Cryptocurrency News

TruckPay to Accept Logistics Payments With Cryptocurrencies

TruckPay

In 2020, TruckPay introduced the first multi-currency, multi-lingual, and multi-metric fleet management logistics platform to serve the needs of the aggregates, asphalt, scrap metal, recycling, demolition, agricultural, and landfill industries. TruckPay has now announced that cryptocurrencies, such as Bitcoin, Ethereum, and Stellar Lumens will be able to be used to facilitate payments on both its TruckPay Fleet Management and MyTruckScales platforms.

Truck Pay’s CEO and President, Barry Honig said, “Given the growing acceptance of cryptocurrency, with companies like Tesla preparing to accept Bitcoin as payment, we feel that it is time to allow users of our platforms to pay their subcontractors and independent owner-operators in a variety of cryptocurrencies, if they so choose.”  Benjamin Honig, TruckPay’s CTO said, “I’ve been active in the crypto industry for the last 4 years and over that time, I have developed a deep knowledge of the space. I appreciate how cryptocurrencies can be used to help serve some of our underbanked drivers and contractor companies, especially ones in places like Latin-America and Africa, that have unstable fiat currencies.”  Benjamin went on to say, “I have also established an extensive network of resources in the crypto software development space that will allow TruckPay to not only initially allow crypto payments on the platform, but will also, eventually, allow us to offer other related value-added services. Barry Honig concluded by saying, “By offering our customers cryptocurrencies as an additional payment method, combined with our multi-lingual and multi-metric features, we will be able to fully realize TruckPay’s goal of making our products accessible to any job creating company, subcontractor, driver, and truck scale owner anywhere in the world.”

TruckPay provides highly secure, mobile and cloud-based, paperless, enterprise truck fleet and scale management platforms. The powerhouse father-son team and company co-founders are Barry and Benjamin Honig. Barry is blind and brings many years of technology and business experience, eliminating paper tickets from trading in the financial services industry to automating logistics. Barry’s son, Benjamin, is a two-time Apple WWDC Scholarship winner. Benjamin has a remarkable talent for creating very user-friendly apps.

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Blockchain News

VBit Technologies Looks To Montana To Expand Mining Business

Montana

VBit Technologies, one of the only U.S.-based companies developing and hosting Bitcoin mining operations, based out of Philadelphia is expanding its mining business into Montana. Known as the “Known Technology Frontier”, Montana provides access to cheap electricity plus cooler conditions making it an ideal place to turn dormant manufacturing plants into server farms to mine Bitcoin. Yesterday, CEO of Tesla, Elon Musk, announced that it had bought $1.5 billion worth of Bitcoin, and would start accepting Bitcoin as a payment method for its products. Some are crediting Musk with raising the price of cryptocurrencies. As of today, Bitcoin has broken another all-time high at $48,200 per Coinable price index, so as the market is growing, Bitcoin mining is too.

VBit already has existing mining locations in Calgary and Colorado and is expanding into Montana while actively looking for new locations in Western Pennsylvania as well. Montana with its inexpensive and vast amounts of hydroelectric power and large vacant facilities that have their own power substations and is a prime location for expansion to mine Bitcoin. VBit will deploy its new mining hardware in a data center that is 100% powered by hydroelectricity. 

According to bitcoinenergyconsumption.com, the total power consumption of Bitcoin mining in 2020 is estimated at 77.8 TWh per year which is the equivalent of the entire country of Chile. A single mining transaction uses 686.5 kWh which equates to 23.3 days of power for an average US household (Bitcoin Energy Consumption Index – Digiconomist). This amount of power generation is estimated to add over 36.9 metric tonnes of carbon dioxide to the atmosphere which is the same as New Zealand in a year. 

Don Vo, CEO and founder of VBit Technologies, said, “Crypto as an industry has now come of age, and is now firmly in the mainstream – it is here to stay, and so is VBit Technologies. From an environmental standpoint, it’s therefore important for Bitcoin mining to move to a more eco-friendly energy source that not only reduces the cost of electricity consumption but also generates it from renewable sources making it environmentally friendly. In addition, VBit is exploring new liquid immersion cooling technology that will allow for a more reliable mining environment with less failure. If there’s an hour of downtime from a failure, it means we’re losing money, so we need to keep the equipment optimized for profitability and customer satisfaction.”

VBit Technologies has a brand called VBit Mining that provides Bitcoin mining services to thousands of people worldwide, and is on its way to becoming one of the largest Bitcoin mining operations in the world.

VBit Technologies
VBit Technologies
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Bitcoin News Cryptocurrency News

Twitter CFO Says Company Thinking About Adding Bitcoin

Twitter and Bitcoin

The Chief Financial Officer of Twitter, Ned Segal, gave an interview to CNBC today and was asked about Bitcoin. In that interview he stated that Twitter has been doing a lot thinking on how to pay employees in Bitcoin, how to pay a vendor in Bitcoin, and even if Twitter should have Bitcoin on its balance sheet.

Auto company Tesla just revealed this week that it had used $1.5 billion of its cash to purchase Bitcoin. In response to the actions of Tesla, Mr. Segal stated that the company is continuing to study that possibility and that they haven’t bought any Bitcoin with the company’s cash… “Yet.”

It’s only a matter of time.

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Bitcoin News Blockchain News Cryptocurrency News

Elon Musk Talks His Book While Tesla Buys $1.5 Billion In Bitcoin

Tesla Buys Bitcoin

It was announced within the past 24 hours that Tesla has used $1.5 Billion of its “cash that is not required to maintain adequate operating liquidity” to buy Bitcoin. The company stated it had done so in order to “maximize returns on our cash,” as stated in the company’s most recent 10-K filing with the SEC. The filing revealed that in addition to the massive purchase of Bitcoin, the company also expects to start accepting Bitcoin as payment for its automobiles “in the near future.”

Bitcoin quickly responded to the news and rose to a new all time high of $44,900 within an hour of the announcement.

We observe that Elon is guilty of “talking his book.”

What is “talking your book?”

An decade-plus old article from Abnormal Returns, titled “Everybody talks their book, everybody” explains it this way:

Talking your book is a phrase used to describe what portfolio managers are doing when they discuss their portfolio holdings. It is generally assumed that this discussion is to create interest (and buyers) of these securities.

This will ultimately benefit the price of the security and the manager’s portfolio. The more cynical out there might see any sort of stock rise as an opportunity to exit a position as well.

Even that might be too simple an explanation. A manager might take the opposite tack an bad mouth a position hoping for a drop in price to allow further accumulation.

To summarize and simplify the above quote, “talking your book” basically means that a money manager will talk glowingly about an asset he wants to sell (in order to get the highest price possible), and conversely will talk negatively about an asset he is in the process of buying (in order to drive the price down to provide a better entry price).

Did Elon do that?

It certainly seems that way to us. Have a look at his tweet from December 20, 2020:

Bitcoin is BS?

Yes, so says Elon when he is trying to buy.

And after his purchase is complete, then he adds Bitcoin to his twitter profile, his car company announces it has bought a gigantic amount of Bitcoin, and will be taking the cryptocurrency as payment for its autos in the near future.

It seems Bitcoin is only BS to the wealthy when they’re trying to buy it.