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Today's Top Stories

  • Texas crypto miners are being held back from the state's electric grid 
  • Honda and LG Energy agree to build $4.4 billion EV battery plant in the U.S.
  • Dollar breaks upward trend, but its long-term upside remains as Euro looks bleak

Crypto Bytes

Getty Images

 

Texas Crypto-Mining Rush May Need as Much Power as New York

 

Texas has been known as the promised land for Bitcoin miners. Between stable regulations, business-friendly politicians, and an apparently boundless energy supply, miners flocked to the state in droves. But, now, the tide has turned with the state's grid operator (the Electric Reliability Council of Texas) slowing the issuance of new permits. In an attempt to balance Texas's demand and supply of electricity, the grid operator is limiting the number of miners. It's estimated that crypto miners account for about 1.2 gigawatts of electricity demand in Texas, enough to power 240,000 homes. Requiring enough electricity to power the state of New York, the crypto miners are under watch in Texas. 

 

Tech Bytes

Getty Images

 

Honda and LG Energy to Build $4.4 Billion EV Battery Plant in U.S.

 

On Monday, Honda Motor and LG Energy announced plans to invest $4.4 billion in a new battery production plant for electric vehicles. Expected to begin mass production by the end of 2025, Honda and LG Energy have not yet launched a location for the plant. It will, however, have an annual production capacity of approximately 40-gigawatt hours (similar to the capacity of new plants announced by other automakers). Nonetheless, the plant is being called a "milestone" for LG Energy and Honda. 

 

Notable Decliners

  • Vivid Seats (SEAT) -5.5%
  • Dell Technologies (DELL) -2.0%
  • CalAmp (CAMP) -1.1
  • Avalara (AVLR) -0.4
 

Earnings

  • Monday: Pinduoduo
  • Tuesday: Baidu, Best Buy, CrowdStrike, HP
  • Wednesday: NIO, Okta
  • Thursday: Broadcom, Lululemon
  • Friday: N/A

Econ Bytes

AP Photo

 

Dollar Sags Below 20-Year Peak as Euro Lifted by ECB Bets

 

On Tuesday, the Dollar languished after being beaten from a two-decade high. In comparison, the Euro extended its recent rally after news of the super-sized 75 basis-point hike by the European Central Bank. Nonetheless, a deepening gas crisis in Europe is expected to heighten the area's recession, and traders expect EUR/USD to print new lows in the coming days. Monthly U.S. jobs figures on Friday will reveal more of what's to come, but economists speculate a stronger Dollar won't be good for the global economy.

 

US Stock Indexes

  • Dow: -0.57%
  • S&P 500: -0.67%
  • Nasdaq: -1.02%
  • Russell 2000: -0.89%

rareliquid

 
 

Disclosure: This newsletter is meant for informational purposes only and is not investment advice. Please consult with your investment, tax, or legal advisor before making any investment decisions.

 

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