Intel has announced a two-year delay in its plans to build mega chip-making factories in Germany and Poland, citing lower demand than expected. Despite significant government subsidies, Intel decided to pause the projects, which had been seen as a boost for both countries’ national industries. The decision comes as a setback after months of negotiations between German officials and the company, which resulted in increased subsidies for the €30 billion project.
In Poland, Intel had planned to establish a semiconductor factory near Wroclaw, supported by $1.8 billion in funding. While European plans have been delayed, Intel confirmed its US projects remain unaffected, with the company receiving $3 billion in direct funding to bolster domestic semiconductor manufacturing for the US military.
Additionally, Intel is scaling back its investments in Malaysia but will continue expanding its capacity in Ireland, which will remain its primary European hub. The delay in these European projects reflects the broader challenges faced by the EU as it aims to increase semiconductor production and reduce reliance on Asian markets.
Intel’s decision comes at a time when European nations are seeking to strengthen their chip manufacturing capabilities after recent supply chain disruptions. As demand for semiconductors remains crucial to industries such as defence and electronics, both Germany and Poland face delays in their plans for industrial growth.
Russia is continuing its move towards becoming a major player in the crypto mining world, with the Komi Republic set to establish 15 new mining data centres. The first two centres in Mikun and Sindor will cost approximately $27.6 million. Backed by investors and a local power company, the project highlights Russia’s determination to strengthen its presence in the crypto space. While it remains unclear which cryptocurrencies will be mined, Bitcoin is expected to be the focus.
Komi’s cold winters and abundant natural resources, including oil and gas reserves, make it an ideal spot for crypto mining. This expansion follows the government’s efforts in Russia to regulate the industry, with President Vladimir Putin recently signing a law to legalise mining. Additionally, state-owned energy giant Gazprom has announced plans to build a large crypto mining centre, aiming for full capacity by 2028.
Once the hotspot for Russian miners, Siberia has seen a crackdown on illegal mining due to strain on local grids. As a result, miners are now looking to other regions like Komi to continue their operations.
Intel Corporation has been awarded up to $3.5 billion in federal grants to produce advanced semiconductors for the Pentagon under the Secure Enclave program. The initiative aims to develop military-grade chips in several states, including Arizona, and is part of broader efforts to reduce reliance on foreign manufacturers.
The grant follows previous funding announcements for Intel, which is set to receive as much as $8.5 billion in grants and $11 billion in loans from the Chips and Science Act. This new program highlights the government’s trust in Intel despite its recent financial struggles. Intel is still negotiating terms for its broader incentive package, including facilities in Ohio, New Mexico, and Oregon.
The Pentagon’s decision to choose Intel reflects limited options, as it is the only US manufacturer of advanced processors. Other semiconductor makers, such as Taiwan Semiconductor Manufacturing Co. and Samsung, have also received US support to build facilities, but they remain foreign-based companies.
While the specific chip models to be produced for the Pentagon are unknown, the Secure Enclave program marks a significant commitment by the US government to bolster its semiconductor industry. Intel continues to seek further contracts and has invited other tech companies to explore using its chip facilities.
A group of US Senate Democrats has called on the nation’s largest Bitcoin ATM operators to step up efforts in preventing fraud targeting elderly Americans. The Senators, led by Senate Judiciary Committee Chair Dick Durbin, addressed the growing number of scams using Bitcoin ATMs, urging companies to take immediate action to protect vulnerable populations.
Data from the Federal Trade Commission reveals that in the first half of this year alone, Bitcoin ATM-linked fraud amounted to $65 million. Older adults, particularly those aged 60 and over, were disproportionately affected, being three times more likely to report financial losses than younger users. Senators, including Elizabeth Warren, pointed to recent reports showing scammers coercing elderly individuals into sending funds through Bitcoin ATMs.
The Senators have asked major Bitcoin ATM firms to respond by early October, detailing their measures to combat fraud. This comes amid broader concerns over the rise in crypto scams, with the FBI reporting a significant increase in overall crypto-related fraud this year.
Delta Prime, a decentralised finance (DeFi) platform, was hit by a hack resulting in nearly $6 million in losses. The incident began with an initial loss of $4.5 million, but further malicious transactions pushed the total stolen to $6 million. The attack appears to have been caused by a private key exploit, allowing the hacker to take control of the platform’s wallet and drain funds from Delta Prime‘s pools on the Arbitrum chain. It follows a larger trend of increasing cyber-attacks on DeFi platforms.
The hack on Delta Prime comes just two months after WazirX, an Indian cryptocurrency exchange, suffered a $230 million theft, marking it as one of the largest crypto hacks of the year. As the DeFi space grows, so does the frequency of attacks, with hackers continually finding new ways to exploit vulnerabilities.
Experts warn that North Korean hackers may now target US Bitcoin exchange-traded funds (ETFs) due to their significant holdings. With US Bitcoin ETFs holding over $53 billion in assets, they present a highly attractive target for cybercriminals.
Circle, the company behind the USDC stablecoin, is confident that stablecoins will become a mainstream form of money. With increasing competition in the market, Circle’s chief strategy officer Dante Disparte emphasises the need for global regulatory harmony to ensure proper compliance for all stablecoin issuers, particularly in areas like financial crime prevention and conservative reserving practices.
Circle is also preparing to relocate its global headquarters to New York by 2025, as it continues to advocate for federal stablecoin regulations in the US. Disparte argues that the lack of a clear framework poses a risk to American interests, potentially allowing foreign entities to exploit trust in the US dollar without proper oversight.
Meanwhile, Europe’s new MiCA regulation has provided much-needed clarity for stablecoins, with Circle achieving compliance under this framework. As competition heats up with entrants like PayPal and Ripple, Circle remains at the forefront of regulatory discussions, pushing for clearer rules that foster innovation while safeguarding consumers.
MicroStrategy has significantly expanded its bitcoin holdings, acquiring $1.11 billion worth of the cryptocurrency between August 6 and September 12. The company now holds approximately 244,800 bitcoins, valued at $9.45 billion. The average purchase price was around $38,585 per bitcoin, including fees and expenses.
This aggressive move towards bitcoin began in 2020, as MicroStrategy sought to preserve its reserves amid declining revenue from its core software business. Its decision to prioritise cryptocurrency has drawn support from investors, linking the company’s stock performance to the fluctuating price of bitcoin.
The firm’s shares have more than doubled in 2024, while bitcoin itself has risen by nearly 31% year-to-date. The approval of spot bitcoin exchange-traded funds by the SEC, alongside backing from influential figures like Elon Musk, has contributed to the mainstream acceptance of the asset.
MicroStrategy also recently underwent a 10-for-1 stock split to increase accessibility for investors, further signalling its commitment to growth in the crypto space. Its ongoing bitcoin strategy reflects confidence in the long-term potential of the digital asset.
On Friday, US spot Bitcoin ETFs experienced a significant rise in inflows, totalling $263 million as Bitcoin’s price surged over $60,000. Fidelity’s Bitcoin ETF led the pack, pulling in $102 million, while ARK Invest and 21Shares followed closely with $99 million in net inflows. This marks a shift in sentiment after weeks of outflows, signalling renewed investor optimism in the crypto market.
Despite the positive inflows for most ETFs, BlackRock’s iShares Bitcoin Trust and WisdomTree’s Bitcoin Fund recorded no new investments. However, US spot Bitcoin ETFs collectively closed the week with more than $400 million in net inflows. This, combined with Bitcoin’s 12% price increase, reflects growing confidence in the market.
The wider cryptocurrency market also benefited, with Ethereum rising by 8% and altcoins like Toncoin, Chainlink, and Avalanche performing strongly. Investors remain hopeful as expectations build for a potential interest rate cut by the US Federal Reserve, which could further boost the crypto market.
Italy is testing AI-assisted learning tools in selected schools to close the nation’s significant digital skills gap. Prime Minister Giorgia Meloni’s government has introduced the initiative in 15 classrooms across four regions, aimed at supporting both students and teachers through virtual assistants.
The AI tools are designed to tailor education to individual needs, providing an improved learning environment. Though few details have been provided, officials remain optimistic that the experiment will offer insights into a potential wider rollout. Education Minister Giuseppe Valditara emphasised the importance of these digital advancements for future generations.
Italy currently lags behind most EU countries in basic digital skills, ranking near the bottom of the bloc. The government has also introduced a ban on mobile phones in classrooms, a move aimed at reducing distractions and promoting focus.
The trial will be carefully monitored throughout the year to assess its effectiveness and inclusiveness, with the hope of addressing past struggles to digitalise Italy’s education system.
Sam Altman, known for his leadership at OpenAI, has another ambitious project called Worldcoin, which seeks to address the potential fallout from AGI. He envisions AGI reshaping the global economy, and Worldcoin aims to build a framework to identify humans online and eventually offer universal basic income through its cryptocurrency.
Worldcoin’s plan involves the use of biometric data, particularly scanning people’s irises, to create digital IDs. These unique identifiers ensure that only humans can participate in online activities, preventing bots from infiltrating online spaces. While this technology may seem dystopian, the project insists on the safety and encryption of personal data, immediately deleting images after processing.
Despite concerns, Worldcoin has garnered substantial interest, including backing from major investors. CEO Alex Blania acknowledges the need to communicate the project’s vision clearly, especially as it faces regulatory challenges in various countries. Collaboration with governments is essential to ensure smooth deployment of the technology.
With AGI on the horizon, projects like Worldcoin are positioning themselves to shape the future. Altman believes that once AGI becomes widespread, the digital identity and financial framework offered by Worldcoin could play a vital role in adapting to this new reality.
