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On November 30th, three OPEC+ representatives indicated that OPEC+ is likely to maintain its first-quarter 2026 oil production levels at its Sunday meeting, a move that would moderate its efforts to regain market share amid growing market concerns about oversupply. Similar comments were made by other sources this week. The organization had been cutting production for years until April of this year, when eight member countries began increasing output to restore market share.November 30th - The 2026 national civil service examination for central government agencies and their affiliated institutions was held today. The Administrative Aptitude Test was held from 9:00 AM to 11:00 AM, and the Essay Writing Test was held from 2:00 PM to 5:00 PM. The 2026 national civil service examination plans to recruit 38,100 people, a decrease of 1,600 from last year. Although the number of recruits has decreased slightly compared to last year, the number of applicants has reached a record high. According to data released by the State Administration of Civil Service, 3.718 million people passed the qualification review by employing units, with a ratio of approximately 98:1 between those who passed the qualification review and the planned recruitment number.On November 30, Venezuelan Foreign Minister Silva issued a statement via social media on the 29th, strongly condemning the US governments actions that threatened Venezuelas airspace sovereignty, calling it a "colonial threat" and "illegal aggression," and announcing that the US actions had forced the suspension of flights for Venezuelan migrants to return home. The statement noted that US President Trump posted a message on social media that day attempting to exercise "illegal extraterritorial jurisdiction" over Venezuela, issuing "orders" over Venezuelan airspace. The Venezuelan government firmly opposes this, believing that it seriously infringes upon Venezuelas airspace sovereignty, territorial integrity, and aviation safety, and is a "hostile, unilateral, and arbitrary act" that violates the purposes and principles of the UN Charter.American Airlines stated that the aircraft affected by the Airbus software glitch have been repaired.Ukrainian President Volodymyr Zelensky will meet with French President Emmanuel Macron in Paris on Monday.

Cryptoverse: Electric ether leaps on verge of Merge

Jimmy Khan

Aug 16, 2022 14:40

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The "Merge" is very probable to occur in September after years of delays, with the blockchain's underlying encryption undergoing a major change to a system where the production of new ether tokens becomes far less energy-intensive.


The ethereum ecosystem is experiencing exciting times, according to Omar Syed, co-founder of the smart contract platform Shardeum. Although I anticipate some controversy around the Merge, I don't anticipate any technical difficulties.


According to investors, ether is outperforming big brother bitcoin.


Even though it's far off its November 2021 record of $4,868.79, Ether has witnessed increases for six straight weeks, taking it up from a 1-1/2-year low of $880 in mid-June to values around $2,000 at this point.


Comparatively speaking, Bitcoin has been insignificant, rising 37% from its June low to $24,116.


Ether is eroding giant bitcoin's market share: according to CoinMarketCap, it now represents almost a fifth, or 19.7%, of the overall cryptocurrency market value of $1.14 trillion, up from less than 14.9% two months ago. The percentage of bitcoin has decreased during the same time period, from 44.9% to 40.2%.


According to Alex Miller, CEO of Hiro, which develops developer tools to create apps for bitcoin, "Crypto is still extremely closely tied, and I believe when the Merge successfully completes it might push up the price of bitcoin as well."


If Ethereum's developers are successful, as is widely anticipated, it might revolutionize the blockchain by making it easier to use and more affordable to mine for fintech and other cryptocurrency businesses.


Of course, there are many uncertainties surrounding the illusive shift, which has been postponed multiple times. Most recently, engineers abandoned plans to activate the switch in June, which alarmed investors who started to worry that it would never happen.


The Merge is also risky, and should it fail, the fate of the about 122 million ether in circulation, valued at nearly $232 billion, might be at jeopardy.


According to Miller of Hiro, if the update fails, it would "reset the whole crypto industry back five or ten years."

Intricate bomb

The proof-of-work (PoW) technique of verifying blocks is presently used by the Ethereum blockchain. Miners employ enormous amounts of power to swiftly solve challenging computational challenges in order to earn freshly generated currency.


A proof-of-stake (PoS) system, which only needs miners to "stake" their currencies to confirm transactions and produce new blocks, has been tested by Ethereum on a separate chain. It guarantees a 99.99% decrease in the energy used by the blockchain and primes it for quicker transactions.


The impending merging of the two networks hasn't gone down well with everyone, especially ether miners whose pricey mining equipment will become outdated and useless for mining bitcoin.


Mining ether has historically been more lucrative than mining bitcoin. According to Arcane Research, ethereum miners earned $18 billion in 2021 compared to bitcoin miners' $17 billion.


Some miners have made the decision to switch to mining the tokens ethereum classic or ravencoin, which are currently the best alternative.


The possibility that some individuals would continue to operate the PoW chain after the merging in order to compete with the upgraded blockchain is raised by the announcement by at least one miner that they want to resist and continue mining Ethereum.


That choice, however, has drawbacks.


The "difficulty bomb" that Ethereum's developers have created would dramatically raise mining difficulty, discouraging the PoW parallel chain after the Merge.


The chance of a greater acceptance of the parallel PoW chain is further decreased since the two biggest stablecoins, Tether and USDC, have backed the Merge.

Bubble futures

According to Alex Thorn, head of firmwide research at Galaxy Digital, "the chances of Ethereum experiencing a long-lasting chain split after the Merge remain remote."


However, positioning in the futures market suggests that at least some investors are planning for a hard fork or a rival PoW chain.


According to Matthew Sigel, head of digital assets research at investment firm VanEck, ether futures were also trading at a premium of $1,905 on the CME platform, "indicating predictions about a proof of work fork."


He said, "But that disparity is not so great as to suggest there is tremendous froth.