Chain News by Thebittimes.Com

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S....

Source: Adobe/Photocreo Bednarek The Ethereum Merge blockchain upgrade, which transformed the blockchain into a Proof-of-Stake consensus system, has triggered a steep, nearly 60% drop in the prices of graphics processing units (GPUs), with Chinese sellers reporting the gear’s prices have reached their “lowest level ever”. Local sellers of GPUs which were once highly sought after by crypto miners , such as those using Nvidia’s GeForce RTX 3080, RTX 3080 Ti, and RTX 3090, previously demanded as much as triple their recommended retail prices, The South China Morning Post reported .   Those willing to buy an RTX 3080 in mainland China should be prepared to spend about RMB 5,000 ($700). Three months ago, the same gear would set them back around RMB 8,000 ($1,100), according to a local electronics merchant. At the same time, the prices of consumer GPUs produced by major manufacturers such as Nvidia and AMD were also decreasing in the aftermath...