CRYPTO NEWS

Philippine Web3 Festival to Bring Global Attention to Homegrown Talents

Editing by Nathaniel Cajuday

Following the mass adoption of play-to-earn games during the global pandemic in 2021 and the massive integration of cryptocurrency and blockchain technology right after, the web3 community has successfully placed the country at the epicenter of the web3 movement.

This year, the Filipino founders of web3 firms and entities announced that they have prepared a stage to bring global attention that will highlight what the country’s metaverse talents have to offer through the upcoming Philippine Web3 Festival happening on November 14 to 18 in Bonifacio Global City (BGC), Taguig City. 

The event will be introducing “founders, developers, and gamers with an international community of NFT games, venture capital (VC) funds, and leaders in the space looking to learn how the Philippines was catapulted onto the world stage and what the future holds for Web3.”

“We were the first Filipino-led crypto project to break onto the world stage, and since then, the Philippines blockchain ecosystem has exploded… The Philippine Web3 Festival is the first truly international showcase of Filipino talent, and we are bringing the world’s best in Web3 to the Philippines to see it for themselves,” Gabby Dizon, co-founder of YGG, said in a statement.

The event is spearheaded by successful local web3 leaders from Yield Guild Games (YGG) led by Dizon, Beryl Li, and Owl of Moistness; and from BlockchainSpace (BSPC) led by Peter Ing.

“Those of us in the Philippines cryptocurrency space have been coming together to share ideas and collaborate since 2019 when we first hosted Jiho from Axie Infinity and introduced him to the community in Manila. Since then, Filipinos have been instrumental in the growth of blockchain gaming, we are shaping the future of this industry and now the world wants to come to the Philippines to see what is next,” Ing stated.

Aside from local leaders, international personalities will also be present at the fest, namely: Axie Infinity co-founder Jeffrey Zirlin,  also known as Jiho or Jihoz; Animoca Brands chairman and co-founder Yat Siu; The Sandbox co-founder Sebastian Borget; and many more. (Read more:  Axie Infinity’s Jihoz, YGG’s Gabby Dizon, and more to Star PH WEB3 Festival

Moreover, representatives of venture capital firms will also be presenting and discussing why they look to the Philippines to uncover emerging Web3 trends. 

The speakers will be Augustus Ilag, an associate from Sequoia Capital Investor; Mia Deng, a partner of Dragonfly Capital; Eva Wu, a principal of Mechanism Capital; Ryan Foo, a game economist from Delphi Digital; Brian Lu, a founding partner of Infinity Ventures Crypto (IVC); and other global VC funds.

“Since the Philippines has potential as one of the big players in the Web3 space, we believe it is important to support the initiatives and movements to develop the industry further,” Kenneth Stern, General Manager of Binance Philippines, stated.

Also, Globe Telecom will also be a co-presenter of the event as the official connectivity and telco partner, while MetaverseGo is the preferred platform to access Web3 Games, Guilds, and NFTs.

“GCash remains true to its commitment to provide ‘finance for all’– making products accessible to Filipinos, as it aims to do the same in Web3 while the space continues to grow in the country,” said Neil Trinidad, Head of New Businesses, Crypto Insurance and Data Tech for GCash.

According to the organizers, the PH Web3 Fest will also have sessions from leading blockchain ecosystems, including Polygon; TZ APAC, the Asia-based blockchain adoption entity supporting the Tezos ecosystem; and Xpla, a Tendermint-based and developer-friendly chain that hosts an ecosystem of decentralized applications and developer tools. 

Attendees will also be able to enjoy a major esports tournament, a hackathon, NFT exhibits, and networking at community-led side events.

This article is published on BitPinas: PH Web3 Festival Targets to Bring Global Attention to Homegrown Talents

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

The post Philippine Web3 Festival to Bring Global Attention to Homegrown Talents appeared first on BitPinas.

How Bitcoin Miner CleanSpark Keeps Building In The Bear Market

As many bitcoin mining firms struggle to remain operational, CleanSpark is poised to emerge from this bear market stronger than ever. It’s no secret that the bitcoin bear market is bad right now. According to some metrics, it’s one of the worst downturns in Bitcoin’s young history. And few sectors of the Bitcoin economy are::Listen

As many bitcoin mining firms struggle to remain operational, CleanSpark is poised to emerge from this bear market stronger than ever.

It’s no secret that the bitcoin bear market is bad right now. According to some metrics, it’s one of the worst downturns in Bitcoin’s young history. And few sectors of the Bitcoin economy are as harshly affected by current market conditions than miners. But bear markets are precisely when mining winners are separated from losers: The agile and smart teams build and survive as the overleveraged and unprepared teams fall prey to an adverse environment.

One company that has continued to grow, acquire and build through the bear market is CleanSpark, a publicly-traded bitcoin mining company based in Nevada. This article highlights some of the moves this team has made over the past several months, contextualized with a bit of the brutal state of the mining market, making CleanSpark’s planning and execution all the more impressive and notable.

Before continuing, it’s important to note that this article is only for educational purposes. The author compiled this information and analysis to share as market commentary, not any form of advice. The author also owns no shares of CleanSpark nor has any other form of personal financial investment with the company.

The Bitcoin Mining Bear Market

The bitcoin price is down roughly 70% from its record highs. Hash price — the dollar value of each unit of hash rate — is quickly approaching all-time lows. Almost every week, a new headline appears about lawsuits, bankruptcies and more bankruptcies in mining. Miners struggle to stay operational, let alone outperform bitcoin. Almost regardless of the data someone looks at, the current bear market is messy and very much not fun.

Despite all of this, the CleanSpark team continues to grow, buy and build as the next section explains. Priced in bitcoin, shares of CleanSpark are still slightly above where they started the year, according to data from TradingView, despite consistent broader market turmoil — not bad for a bear market.

CleanSpark’s Bear Market Moves

Plenty of mining companies act as “press release heroes” by announcing and planning to grow but often failing to execute on schedule or at all. But since its first foray into the mining sector in December 2020, CleanSpark has since grown to 100 employees and 3 exahashes (EH) of online hash rate, with the hash rate tripling in the past year alone.

CleanSpark has also been on a sustained shopping spree for mining hardware even as market conditions worsened — or perhaps because of this. The company bought 4,500 Antminer S19s last October and 2,597 more the following month. In June, it bought purchase contracts for 1,800 Antminer S19 XPs. In July, the company scooped up 1,060 Whatsminer M30S. In August, it bought 3,400 more Antminer S19s, followed by an additional 10,000 Antminer S19j Pros in September.

CleanSpark has also been closing new deals, partnerships and acquisitions almost every month this year, including $35 million in new financing (April), a partnership with TMGcore (June), a co-location agreement with Coinmint (July), an 86 megawatt (MW) mining facility acquisition in Georgia (August), and acquiring a turnkey mining site from Mawson (September).

And amid all this growth, the company’s sound financials set it apart for having one of the lowest debt-to-equity ratios in the entire public mining sector. Jaran Mellerud, a mining analyst at Arcane Research, said of the company: “CleanSpark’s combination of quality and low valuation makes it one of the most interesting bitcoin mining stocks going forward.”

A Brief History Of CleanSpark

CleanSpark represents a unique type of mining company unlike most other teams in this sector of the bitcoin market, namely an energy company that transitioned into a mining company. Founded in 1987 as a software and energy company, CleanSpark started watching the mining industry only in the past couple of years. According to Matthew Schultz, CleanSpark’s executive chairman, the company was performing its diligence on the mining sector throughout 2020 and saw the series of high-profile bitcoin investments from Square, Tesla and MicroStrategy as “further validation” of the legitimacy of the industry. And in early August, it completed its transition from energy to mining by selling its remaining energy assets to “focus completely on bitcoin mining.”

This transition gives CleanSpark a unique perspective on the market and something of an advantage to other mining-first companies that are merging or partnering with the energy industry. For example, CleanSpark knows well the obstacles facing partnerships and negotiations between the two industries, as CEO Zach Bradford said on a mining panel during the Bitcoin 2022 conference in Miami.

“Nobody knows how to price in that much power for that consistent of a load,” Bradford said, referring to obstacles miners face when structuring deals with power companies.

The End Of The Bear Market

It’s anyone’s guess when the bear market will be over. Miners and everyone else in the bitcoin market could be in for an even longer, more painful period ahead. But mining companies are already separating themselves during the market downturn in preparedness and capitalizing on opportunities in a depressed market. Bull markets are times of celebrations for all the effort put into growth during bear markets. Winners are truly made during bear markets, and this is no truer for any industry than bitcoin mining.

Based on its path thus far, it would seem that CleanSpark has set itself up to be a winner.

This is a guest post by Zack Voell. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

Philippine Web3 Festival to Bring Global Attention to Homegrown Talents

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