Indonesia must act on illegal gold mining or fall for fool’s gold

By Muhammad Beni Saputra

Illegal gold mining (known in Indonesia as Pertambangan Tanpa Izin or PETI) is a controversial problem, which has worsened since the country’s decentralisation program in 1998. With the loosening of central government control and the diminished role of national oligarchs, local oligarchs were able to take control of the environmentally destructive mining sector.

There are generally two types of oligarchs in the PETI business. One is small-scale, local bosses who usually have several floating mining docks or holes. The other type is regional oligarchs whose business practice employs more modern machines, such as excavators and bulldozers.

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Market Wrap: Bitcoin Expected to Pause Before Next Rally

By Damanick Dantes

Bitcoin buyers are in profit-taking mode as the cryptocurrency tests the $40,000 resistance level. Sentiment has significantly improved over the past week, although some analysts think it’s time for a pause before another leg higher.

“BTC easily broke through $35K, but I think it will probably have a harder time going through $40K this time,” Justin Chuh, a senior trader at Wave Financial, wrote in an email to CoinDesk.

“Miners & sellers are coming in to cash out once more and buyers unable to push it higher after absorbing that hit,” Chuh wrote.

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Qualcomm optimistic on 5G, connected device sales as supply bottlenecks ease

By REUTERS

Qualcomm Inc on Wednesday, July 28, predicted a rise in sales of chips for 5G phones, including Apple Inc’s iPhone, as the company said it had mitigated supply shortfalls that have contributed to a global chip shortage.

Qualcomm total revenues rose 63% to nearly $8 billion, boosted by soaring sales of chips for connected devices that hit $1.4 billion.

The San Diego, California-based company is the biggest supplier of mobile phone chips in the world and the leader in 5G technology, supplying modem chips that help iPhones connect to wireless data networks and the modems and central processors for much of the Android market.

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Egyptian billionaire Sawiris sets up $1.4bn gold mining vehicle

By La Mancha

Egyptian billionaire Naguib Sawiris has set up a $1.4bn fund to hold his gold mining investments and pursue new opportunities in the sector, which he says is need of consolidation. The Luxembourg-based La Mancha Fund will be a “deep value, long-only fund” dedicated to gold mining and open to new investors, Sawiris said.

The fund will also invest in battery metals needed for electric cars. While the world’s largest gold miners Barrick Gold and Newmont Corporation have bulked up in recent years through acquisitions there remain a huge number of gold producers, particularly in Canada, that are not big enough to appeal to mainstream investors.

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Bitcoin tops $39,000 for the first time in nearly 6 weeks

By Arjun Kharpal

Bitcoin surged above $39,000 for the first time since mid-June as sentiment turned bullish following a recent sell-off.

The cryptocurrency was trading at around $38,567 at 7:10 a.m. ET Monday, according to CoinDesk data, up nearly 12% in the last 24 hours. Bitcoin had earlier surged as much as 12% hit a 24-hour high of $39,544, the highest level since June 16.

Bitcoin’s rally lifted other cryptocurrencies with ether up 8.7% at $2,345. The entire cryptocurrency market added more than 100 billion in value in 24 hours, according to data from Coinmarketcap.com.

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SafeAI: bringing autonomy 2.0 to mining

by Paul Moore 

IM Editorial Director, Paul Moore, talked to SafeAI’s Brenton Welford, VP Business Development, and David Prusinski, Chief Revenue Officer about its autonomous mining solutions – the journey so far, and what makes its system and strategy stand out 

California-based SafeAI is evolving fast from a young start-up founded in Silicon Valley in 2017 to an increasingly well-known company putting down global roots in major mining markets and signing important partnership deals with relevant companies. These have included an agreement with OTR tyre major Goodyear to incorporate tyre intelligence into the programming of autonomous heavy equipment vehicles, and a partnership with Japanese construction group Obayashi to create autonomous construction sites, beginning with a pilot program in the US.

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Are Bitcoin Prices Heading For Intense Volatility?

By Charles Bovaird

Bitcoin prices have been suffering from a distinct malaise lately, trading within a reasonably defined range for several weeks.

Since late May, the digital currency has been stuck mostly between $30,000 and $42,000, CoinDesk figures show.

In spite of this, some market observers have claimed that the digital currency is not only poised to break free of its current range, but could experience some serious upside while doing so.

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Finding A Balance With Headless Tech To Create Custom User Experiences

By Forbes Business Council

Today’s consumers expect more from brands than ever before. In fact, a survey by my full-service digital consultancy found that 61% of consumers believe online brand experiences are more important than in-person. Further, more than a third said they switched to a new brand because of the innovative way they used technology to respond to the Covid-19 pandemic. A study by McKinsey & Co. also showed that consumers desire more tech-driven experiences with brands.

A strong digital consumer experience has become one of the most important differentiators for any business, not to mention a major factor in long-term growth and improving customer lifetime value.

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Is the Czech Republic on the cusp of a cannabis boom?

By David Hutt 

In a small farmstead near the eastern Czech city of Pardubice, Pavel* is tending to his garden.

For the past few years, Pavel has grown five cannabis plants in his greenhouse, the legal limit that Czechs are currently allowed to grow at home for personal use.

But he’s recently invested a few hundred euros in new equipment to allow him to plant ten times as many plants. It’s a crime today but one he hopes won’t be soon if there is a change of government in October.

“It’s a small investment, and I don’t expect to make a fortune, but I know how to grow [marijuana] and I want to make some money from it,“ Pavel says.

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Bitcoin Falls To $32,500 As Inflation Hits A 13-Year High

By Nina Bambysheva

Bitcoin continues to squeeze into a tight consolidation range of low-$30,000s, trading at $32,511, more than 4% down on the week, as of 7:10 a.m. ET, according to crypto data aggregator COIN360. The cryptocurrency, promoted as a hedge against inflation but still seen as a risky asset, took a slight dip on the news of an uptick in inflation yesterday. Per a report from the Labor Department, the consumer price index, measuring the average change in prices paid for goods and services, increased 5.4% from a year earlier, the largest jump since August 2008.

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