Crypto Chronicles:Crypto Miners

1-A new AI partnership seeks to harness user-owned data to challenge Big Tech's hegemony

The cooperation, which was announced on May 1 via a press release that was shared with crypto.news, will concentrate on the construction of technological infrastructure that enables artificial intelligence systems that protect users' privacy. The proposed Intention Network Protocol is the linchpin of the project. Its primary objective is to make it possible for artificial intelligence agents to interact together in a safe manner without compromising the user's sovereignty over their personal data.

INP is organized around three primary components: "Intention Anchors," which are designed to record user inputs while providing safeguards for data ownership; "Intention Mesh," which is a decentralized environment for artificial intelligence communication; and "Execution Nodes," which are designed to execute on user intents while providing built-in privacy protections.

Furthermore, the alliance presented a more comprehensive roadmap that encompasses decentralized data storage, open-source artificial intelligence models, and technologies that enable AI bots to independently engage in transactions and communicate. As stated by the individuals who initiated this endeavor, the objective is to shift the data economy from being "attention-based" to being "intention-based," with the users serving as the focal point.

2-As Microsoft and Meta's profits calm Wall Street's anxiety, the Nasdaq rises.

In spite of closing around session lows, the Nasdaq Composite index was still up 1.52% for the day. This was backed by a 7.6% increase in Microsoft shares and a 4.2% increase in Meta.

Following the announcement of stronger-than-expected quarterly earnings by both businesses late on Wednesday, fears that tariffs and global uncertainty may potentially weigh down revenues for artificial intelligence, cloud computing, and advertising were alleviated.

While the Dow Jones Industrial Average rose 0.21%, it notched its longest winning streak of the year. The S&P 500, on the other hand, lost back a lot of gains but still managed to move up by 0.63% 1.1%. The market as a whole responded well, despite indications that growth was slowing down.

Following the release of the weekly unemployment claims data on Friday, which reached a two-month high, and the contraction of the United States GDP in the first quarter, predictions for a worse labor market have increased.

Investors are now keeping a careful eye on the earnings reports that Apple and Amazon will release after the market closes. The trade policies of the White House are a source of competition for both of these corporations.

Amazon has lately given its word that it would not pass on tariff charges to its customers, while Apple is working to transfer iPhone manufacture away from China.

In the meanwhile, McDonald's reported a loss for the first quarter, citing reduced customer demand and pressure connected to tariffs. The company's shares fell by 2% and its sales in the United States fell.

Regarding the geopolitical front, Beijing has given indications that the United States may be looking to reopen trade talks, despite the fact that the Trump administration is adamant that China must take the initiative first.

Several insiders within the White House have indicated that a new wave of trade accords may be on the horizon.

3-Kuwait bans cryptocurrency miners as the country faces outages

During a time when the country is experiencing recurrent power outages as a result of fast population expansion and increasing temperatures, this decision has been made. Temperatures in May vary from 32 degrees Celsius (90 degrees Fahrenheit) to 39 degrees Celsius (102 degrees Fahrenheit), which puts a significant load on the power infrastructure. There is a major contribution to the total demand for power that comes from the widespread usage of air conditioning.

During the same time period, Kuwait is ranked among the top twenty countries in the world that have the lowest prices for power. One research states that the cost of power in Kuwait is just 2.9 cents per kilowatt-hour, which is much cheaper than the cost of electricity in the majority of developed nations.

Miners in nations such as Kuwait are in a better position to compete than their counterparts in many other countries. This is due to the fact that energy is one of the most significant inputs in proof of work mining. Because of this, it has become a country that is appealing to cryptocurrency miners, and it has emerged as one of the most affordable countries to mine cryptocurrency.

In spite of the fact that cryptocurrency mining was not the only element that contributed to excessive energy consumption, Kuwait was not the only nation that prohibited the technique. Earlier, the technique was prohibited in both Russia and China, two nations that are known for their low-cost energy. At the same time as China stopped mining owing to its commitment to a green energy transition, Russia cited pressures on the electric grid as the reason for its decision.

References

https://crypto.news/new-ai-alliance-aims-to-end-big-tech-dominance-with-user-owned-data/

https://crypto.news/nasdaq-gains-as-microsoft-meta-earnings-soothe-wall-street-jitters/

https://crypto.news/kuwait-shuts-down-on-crypto-miners-as-nations-struggles-with-blackouts/