By Marc Kavinsky, Editor at IoT Business News. There are two technologies we’ve heard discussed a lot in recent years, blockchain technology and the Internet of Things. Both have been promising to revolutionise the way we live, making the world more convenient, safer and more decentralised. The Internet of Things has been rolled out to … Researchers from the Technical University of Munich (TUM) have analyzed 20 cryptocurrencies—accounting for more than 98% of the total market capitalization of cryptocurrencies—and found that Bitcoin accounts for 2/3 of the total energy consumption of cryptocurrencies. Understudied cryptocurrencies represent the remaining 1/3. Their paper is published in the journal Joule…. Cryptocurrencies latest news and history organized by date that contains 1000000+ news archives. Click here to read what world was saying about cryptocurrencies. In light of global economic uncertainty, Korea is taking ample measures to foster blockchain innovation—not only from a legislative stance—but also from a progressive stance towards cryptocurrencies as a whole. Here’s what you need to know. A roundup of all the mining news in the precious metals sector with a variety of company news, mining sector analysis, newsletter writer insights and executive interviews.
By Marc Kavinsky, Editor at IoT Business News.
There are two technologies we’ve heard discussed a lot in recent years, blockchain technology and the Internet of Things. Both have been promising to revolutionise the way we live, making the world more convenient, safer and more decentralised.
The Internet of Things has been rolled out to both businesses and consumers. Smart home devices like internet-connected thermostats and lights are great examples of this. While businesses regularly use IoT devices to monitor the efficiency of processes in production and logistics.
The most prevalent example of blockchain technology is in cryptocurrencies. These digital alternatives to traditional currencies take some of the qualities of gold and combine it with a decentralised mechanism for governing and policing its operations.
With no central bank, cryptocurrencies like Bitcoin, Ethererum and Litecoin have a public ledger listed on the “blockchain”. Instead, computers, or ‘nodes’ operate around the world process and verify transactions.
These cryptocurrencies can be used in a small but growing number of places for day-to-day commerce. For example, it’s now possible to buy your morning caffeine fix from Starbucks or new stationery and furniture from Office Depot. Enthusiasm for crypto is beginning to gather pace, with many blogs and crypto news sites reporting on the latest developments.
But can these two revolutionary technologies be combined to extract the benefits from both at the same time? Market Research seems to think so. It has forecasted the two could be worth $254 billion by 2026.
The Internet of Things has been held back by the inherent security issues that come with having many devices connected to a network. They’re attractive targets for computer criminals who want to launch Distributed Denial of Service (DDoS) attacks since they can launch many simultaneous attacks when infiltrating a single network. IoT devices have (traditionally at least) been harder to secure than computers and other devices.
Smart refrigerators, WiFi routers and connected thermostats are all common targets for this kind of attack, particularly when they are left with their default password.
Blockchain technology can be used to tackle this security challenge. Firstly, the distributed ledger is immutable, as in tamper-proof, meaning trust between each device doesn’t need to be established in the same way. Data leaks can also be more easily identified since they are recorded permanently in the ledger.
Additionally, blockchain provides better encryption and an additional layer of security, making it harder for hackers to infiltrate a network.
As networks of Internet of Things devices grow, it can be difficult to authenticate and authorise each device on a centralised network due to the high levels of resources required. Traditionally, this would mean you need huge numbers of powerful services to meet the demands.
With blockchain technology, these issues can be addressed by allowing all the devices on the network to undertake authentication. This means other IoT devices could perform some of this role, spreading the workload over the entire network and removing the need for huge gateway devices.
A decentralised network spread out across many Internet of Things devices would also allow blockchain systems to be sped up. Blockchain technology, particularly cryptocurrencies, are currently held back by the slow speed at which they process transactions.
By utilising the Internet of Things, this could be addressed by adding significantly more decentralised processing power to the network.
In tandem with improved speeds, decentralised blockchain processing on the Internet of Things could help to reduce costs. Large number-crunching computers can be prohibitively expensive but could be much cheaper when spread out over many smaller devices.
Current IoT networks often have a central gateway that all the devices communicate with. This creates a single point of failure vulnerability that could be attacked, resulting in the entire network being taken down. While you can use backup and redundancy limits to prevent or limit downtime, they can be expensive.
Using a blockchain would distribute both authorisation and authentication over an entire network, thus removing the single point of failure.
Author: Posted by IoT.Business.News
TUM team finds Bitcoin accounts for 2/3 of total energy consumption of cryptocurrencies
Researchers from the Technical University of Munich (TUM) have analyzed 20 cryptocurrencies—accounting for more than 98% of the total market capitalization of cryptocurrencies—and found that Bitcoin accounts for 2/3 of the total energy consumption of cryptocurrencies. Understudied cryptocurrencies represent the remaining 1/3. Their paper is published in the journal Joule.
Bitcoin is a digital currency based on a cryptographically secured distributed ledger; it is the first and best-known blockchain application. Bitcoin relies on a computationally intensive validation process called mining that requires specific hardware and considerable amounts of electricity to reach consensus about ownership and transactions.
Estimates of Bitcoin energy consumption based on different methodologies and assumptions, 2017–2020. Energy consumption is presented in gigawatt (GW). Gallersdörfer et al.
However, the authors note, most studies have been focusing exclusively on Bitcoin and have ignored the more than 500 further mineable coins and tokens. In the Joule paper, the researchers analyze 20 cryptocurrencies, which account for more than 98% of the total market capitalization of cryptocurrencies.
To estimate the energy consumption of cryptocurrencies beyond Bitcoin, we resort to a methodology proposed by Krause and Tolaymatthat employs hash rates of cryptocurrency networks and suitable mining devices. Hash rates measure the processing power; they describe the number of attempts per second to solve a block in the so-called proof-of-work mining process.
… Based on the underlying algorithms, current hash rates, and suitable mining devices, we conclude that Bitcoin accounts for 2/3 of the total energy consumption, and understudied cryptocurrencies represent the remaining 1/3. Therefore, understudied currencies add nearly 50% on top of Bitcoin’s energy hunger, which already alone may cause considerable environmental damage. Including the remaining hundreds of mineable coins and tokens, which account for the 1.77% market capitalization not captured by the top 20, would further increase the share of energy consumption caused by cryptocurrencies besides Bitcoin.
—Gallersdörfer et al.
Gallersdörfer et al. (2020) “Energy Consumption of Cryptocurrencies Beyond Bitcoin,” Joule (2020) doi: 10.1016/j.joule.2020.07.013
Cryptocurrencies archive news by date
- HaruBank Celebrates One Year of Operations, Showing Strong Growth
- Number of Active Crypto Traders in Japan Decreased Mid-COVID
- European Bitcoin Exchange Hacked for $1.4 Million, Claims It Cannot Afford to Repay Users
- Judge Orders Trial in France for Alleged BTC Launderer Alexander Vinnik
- 10 blockchain firms affected by SEC sanctions get PPP funds
- EOS price rises above $3.1, what’s next?
- Government-Owned Swiss Bank Launching Crypto Trading and Custody Services
- XRP Price Up 60% YTD as Ripple Q2 Report Signals Major Growth
- Australia’s securities regulator issues warning on increasing fake cryptocurrency ads.
- Binance Launches COIN- & USDT- Margin Product Categories
- Chinese investor turned to scam after losing over $14K in crypto MLM scheme
- Binance Coin price moves to $22.2, what to expect?
- Bitcoin price varies near $11350, what to expect?
- On-Chain Data Suggests Bitcoin’s Rally is Over For Now
- McAfee Says NetWalker Ransomware Generated $25M Over 4 Months
- LINK Paints Fresh At Above $9 While BTC Dominance Bleeds (Market Watch)
- Market Analysis Report (04 Aug 2020)
- Massive $1,000,000,000 Bitcoin Transfer Initiated – Is a Corporate Crypto Giant Moving Funds?
- How OKEx’s risk engine prevented cascading liquidations during Bitcoin crash
- Bitcoin feels the coronavirus pinch in Japan
- Accused bitcoin launderer Alexander Vinnik may soon face trial in France.
- Crowdsale Is Live Now: Tycoon Unveils Token Online Shop
- U.S. President Donald Trump Wants Microsoft to Entirely Buy TikTok
- French Judge Orders Trial of Alleged BTC-e Operator Alexander Vinnik
- Ethereum Classic, Dash, Monero Price Analysis: 4 August
- The 2020 Rainy Season Is Tougher Than Ever for China’s Bitcoin Miners
- 2gether hack: Crypto trading platform struggles to reimburse stolen funds
- Free Xbox Online Multiplayer is a Huge Deal – Don’t Mess Up, Microsoft
- Ethereum Price Analysis: ETH Could Rally Again If It Clears $400
- DeFi-Focused Derivatives Platform Hedget Raises $500K in Seed Funding
- Ethereum co-founder plans a social “super app” for dapps
- World Gov’ts Eye Blockchain as Dollar’s Power Wanes, Says Ripple CEO
- Deutsche Bank Recommends Buying NKLA Stock before Nikola Releases Q2 Report
- Could Bitcoin be Safe Haven in Upcoming Market Crash?
- ETH trading volumes are rising faster than bitcoin volumes
- Bitcoin Price Analysis: Bullish Reversal Pattern Emerges, BTC to $12K Soon?
- DeFi Conference 2020 The Rise of Decentralized Finance
- Travala Adds Over 600k Hotels to Its Crypto-Powered Booking Service
- Another hit to Bitcoin privacy: LocalBitcoins tightens user verification requirements
- Chainlink (LINK) Sets New All-Time High, Next Stop $10?
- Stocks Crash Can Stop $11.3K Bitcoin Price ‘In Its Tracks’ — Report
- How Microsoft’s TikTok Tussle Risks a U.S. Stock Market Shock
- Chainlink Prints New All-Time High Despite Pump And Dump FUD
- At least 22 blockchain projects have submitted their Ethereum scaling proposals to Reddit for its token project
- Ripple Labs Publishes Q2 2020 XRP Markets Report
- Bitcoin Crashed 12% Within Minutes, but These Traders Still Took Profits
- Bison Trails Hires Ex-Goldman Sachs VP as Legal Lead
- Russian Crypto Fraudster Trialed Over Billions in Laundered Bitcoin
- Ripple Reports Surge In XRP Sales During Q2 2020
- Chinese Ex-Banker Says Digital Currency Should Replace Fiat Money
- SPCE Stock Down 8%, Virgin Galactic Joins Forces with Rolls-Royce for Mach 3 Supersonic Aircrafts
- XRP Breaches 5-Month Resistance at the Onset of the Month
- Gregory Maxwell Returns to Bitcoin Cash
- Swiss government-owned bank BKB will offer cryptocurrency services.
- XRP’s Rally Continues, Up by 4.5% Today Despite Sales by Ripple and Jed McCaleb
- Chainlink [LINK] To Soon Hit $10 As Key Indicators Exhibit Bullish Sentiment
- China’s Digital Yuan to Reportedly Target Dominance of Alibaba and Tencent
- Over 90% of ETH’s Supply Now in Profit
- Ethereum’s uptrend may be overheating as investor profitability reaches historic highs
- ‘Bitcoin ain’t going away. It’s gonna get stronger,’ says US Congressman
- Electric Capital raises $110M in latest funding round
- Cardano blockchain sees over 700 active pools few days after launch
- CBDC could replace cash with the adoption of blockchain, says Brad Garlinghouse
- Bitmex vs WhiteBIT – A Head to Head Comparison of Margin Trading Terminals
- You Won’t Believe Which Asian Nation is Winning Pandemic 2020
- Trump’s Latest Ghislaine Maxwell Blabber Fuel Epstein Death Conspiracy
- The People’s Bank of China is planning to use its digital currency to curb the dominance of Alibaba and Tencent.
- Swiss government-backed bank Basler Kantonalbank to provide crypto trading and custody services
- Bison Trails Beefs Up Legal Compliance Team With Former Goldman Sachs Exec
- Over 90% of Ether Supply Is Now in ‘State of Profit,’ Says Glassnode
- Swiss State Bank Announces Plans to Launch Crypto Services
- Ethereum’s Ratio Spikes Against Bitcoin
- AAPL Stock Up 2.5% Yesterday, Apple Coasting Close to $2T Market Cap, Needs $101B More
- US DOJ After $7.2 Million Crypto Ponzi Banana Fund
- BNB Investors Remain Bullish on the Pending Binance IEO Announcement
- XRP, Chainlink, Tezos Price Analysis: 4 August
- ETH 2.0 Testnet Medalla launches today with much fanfare
- Ethereum ETH price: Bullish for the next 48 to 72 hours
- PlayStation Rules Sony’s Earnings Report – With a Huge PS5 Forecast
- Dow Futures on Edge as Morgan Stanley Predicts 10% Wipeout
- Electric Capital Raises $110 Million for Blockchain Projects
- Bitcoin Will Get Stronger After Crisis, Says US Congressman Emmer
- The ICO Collapse Taught Projects How to Avoid Reprisals, MEW Founder Says
- BigCommerce Increases IPO Price Range to $21-23 per Share, Plans to Raise Nearly $200 Million
- The Evolution of Blockchain Games: Three Major Stages
- INX Scales Down US IPO Target to $127M – Still Set to Be Crypto’s Largest
- Ethereum 2.0 Testnet Launch is Now Imminent
- Bitcoin Futures Interest Soars as Bond Yields Fall to Record Lows: Industry Exec
- U.S. Authorities Seize $6.5 Million in BTC and USDt From Alleged Ponzi Scheme
- Best Alternative to Crypto.com Following EU and UK Wirecard Suspension
- Oracle Solution DOS Network Teams Up With Meter Stablecoin Network
- Is the DeFi Ecosystem Overvalued? A Chat with Kyber’s Deniz Omer
- Ethereum holders register profits unseen since 2018
- US dollar is getting weaker while crypto gets stronger, says Ripple CEO
- Switzerland bank Basler Kantonalbank set to launch crypto services
- Swiss State-Run Bank To Start Offering Crypto Services
- Meghan Markle Is No Leading Lady – but We Already Knew That!
- Not Even The Rock’s Golden Touch Can Resurrect the Accursed XFL
- Bitfinex offers $400 million reward for 120,000 Bitcoin hack
- Ethereum 2.0 Testnet Launches Successfully
- Binance Plans to Launch Futures Trading in U.S. through Buying Licensed Firm
- Ethereum Medalla Testnet Launch Suffers Block Finality Issue
- Google Unveils Its New Pixel Phones: Pixel 4A, Pixel 4A 5G and Pixel 5
- Bitfinex offers ‘up to $400 million’ as reward for bitcoins stolen during 2016 exchange hack
- The world’s reserve currency US dollar is getting weaker compared to crypto, says Ripple CEO.
- Government Official Updates Progress of India’s Cryptocurrency Law
- MSFT Stock Up 5% on Monday but Is Down 1.5% Now after Microsoft Confirmed Potential TikTok Acquisition
- Genesis’s lending business surges as trading firms hunt for yield
- Bitcoin [BTC] Futures: CME, Bakkt Log New Highs in Open Interest and Volume
- Coin Center CEO builds anonymous forum for free speech
- Ethereum’s Final Testnet Goes Live, Marks Three Months Until Eth 2.0
- Litecoin short-term price analysis: 4 August
- Litecoin’s new MimbleWimble update confirms September testnet launch
- Ripple Co-Founder Is Selling 1,740,000 XRP Per Day, According to Crypto Monitor Whale Alert
- Genesis’ Crypto Lending Rebounds in 2Q; Firm Acknowledges Unsecured Loans
- Ethereum 2.0’s multi-client Medalla testnet goes live
- Yield Farming in DeFi Is Fun, but Don’t Forget About Uncle Sam
- What People Who Aren’t Bullish on Bitcoin Still Like About It
- ‘High Probability’ Bitcoin Rises as USD Sinks to 2008 Levels — Trader
- First Mover: As Fed Nears Inflation Rubicon, Analysts See $50K Bitcoin in Play
- French Retailer Spills PS5 Price – But Don’t Believe the ‘Leak’ Just Yet
- Over 90% Of Circulating ETH In Profit But Is A Correction Looming?
- AMZN Stock Rises 1.73% Today, Amazon Gets Green Light to Buy 16% Stake in Deliveroo
- Coinbase is Listed on the “2020 Hurun Global Unicorn List”
- Bitcoin Price Hits New All-Time High Against Turkish Lira
- Bitfinex Offers $400 Million To Recover Bitcoin Stolen In 2016
- NIO Stock Price Increases 2% Today as Nio Company Shows Rise in Deliveries
- XRP Daily Trade Volume Increases by Over 400% in Q3, 2020
- Why People Should Get Out Of Fiat Money and Into Bitcoin – Pantera Capital
- Coca-Cola’s bottlers are testing out DeFi on Ethereum
- Bitcoin’s $11,000 recovery is going the way of gold
- Crypto Hedge Fund Shuts Down After Losing Half Its Money
- One Fed President’s Call For National Lockdown Is Too Little, Too Late
- Katy Perry Picked a Weird Time to Start Defending Ellen DeGeneres
- BIS highlights decentralization and distributed ledgers with trade finance digitization competition
- Former PBoC official: digital currency can substitute all currencies
- Bitcoin [BTC] P2P Volumes Records All-Time Highs in Six Countries: Analyst
- Bitfinex Offers Up to $400M For Information Leading to BTC Stolen in 2016
- Teenager Accused of Hacking Twitter Owns $3,300,000 in Bitcoin
- Tracing Fishy Risks With Blockchain Tech Amid the COVID-19 Pandemic
- Chainlink Reaches New LINK Price All-Time High Eyeing $10 Next
- 2016 Bitfinex crypto hackers shift over USD 7M in BTC from heist
- Russian Voters’ Data on Sale After Vote to Keep Putin in Power – Report
- Ethereum 2.0 Testnet Medalla Goes Live With 20,000 Validators
- Bitcoin’s ponzi schemes never disappeared, they modified
- Barstool Sports President Dave Portnoy Wants to Buy Bitcoin Again
The Blue House Is Taking Initiatives To Position South Korea As A Blockchain Hub
Front gate of South Korea presidential office is also known as The Blue House due to its blue color … [+] roof tiles, Seoul, South Korea.. (Photo by: Joe Sohm/Visions of America/Universal Images Group via Getty Images)
Cheongwadae—also known as the “Blue House” for its blue roof—is the official residence and executive office for the President of South Korea. In a bid to overcome the crises, South Korean President Moon Jae-in addressed business leaders from 9 key industries. In an unofficial translation on the Office of the President, President Moon Jae-in said, “For its part, the Government will strive to nurture future technology professionals while supporting Korean companies’ efforts to innovate. We are expediting the training of experts in such new industrial areas as artificial intelligence, big data, blockchain technology, future cars, drones, intelligent robots, smart ships and biomedicine.”
“I am confident that if businesses, the Government and the people all join forces, we will be able to surmount the industrial crisis caused by COVID-19 and be reborn as a powerhouse in an era of the digital economy,” said President Moon Jae-in. In light of global economic uncertainty, Korea is taking ample measures to foster blockchain innovation—not only from a legislative stance—but also from a progressive stance towards cryptocurrencies as a whole.
A short background of Korea’s viewpoint
South Korea was not always pro-crypto and this can be traced back to the crypto bull run of 2017. During the bull run, a large percentage of South Koreans invested, in so much that, South Korea became one of the biggest markets for bitcoin. The term “bitcoin zombies” emerged—referring to people addicted to checking the price of bitcoin.
When the bull market took a massive dive in 2018, many South Koreans lost a lot of money—and some even lost their houses in the process. It didn’t take too long for the Korean government to intervene and blacklist ICOs. Government intervention was also likely to be largely influenced by other cultural aspects, such as:
● Suicide: According to the World Health Organization, South Korea has the fourth-highest suicide rate in the world.
● Gambling: South Korea is home to 23 casinos. By law, only one casino is available for South Koreans to gamble, located in a remote area in the countryside.
Given that cryptocurrencies are high-risk volatile investments, plus factor in high suicide rates and the South Korean governments conservative attitudes towards gambling—then, it becomes easier to see why the South Korean government was anti-crypto. Fast forward to 2019, Korea began introducing new regulations and has since changed its stance on crypto.
Regulations on virtual assets
The South Korean government has been working with local blockchain advocates to help introduce more concrete legislation surrounding the treatment of virtual assets. Simon Kim, CEO of proprietary blockchain venture fund Hashed, is one such advocate. Hashed is a significant backer of Asian blockchain projects including Klaytn and Terra. Kim is a director of the Korea Blockchain Association and is also involved in government initiatives around cryptocurrency regulation.
In an interview, Kim told me that the Korean Financial Services Commission does not regulate proprietary funds (a fund that invests with their own capital) in the same way that the SEC regulates US-based venture funds—proprietary funds are not required to submit periodic fillings via the FSC, Form Ds or disclose their information to the public. Depending on a funds registration status, it can either be launched under the FSC; or the Ministry of SMEs and Startups (MSS). However, publicly listed companies are required to submit similar information to that of U.S. companies and disclose periodic filings.
July 2020, saw the rollout of a new tax ruling that will tax gains on cryptocurrency at a rate of 20%. Kim also advised the government in the drafting of a March bill that ensures Korea complies with FATF guidelines regarding virtual assets (VAs) and virtual asset providers (VASPs). This includes legal definitions, and the requirement of virtual asset service providers such as cryptocurrency exchanges to report to the Financial Intelligence Unit.
Speaking of the move towards a more regulated blockchain landscape for Korea, Kim said “Although lack of clear regulation brought certain freedoms, it has ultimately been a bottle neck for blockchain related businesses in Korea. The new regulations mark a fresh beginning for Korea as it takes its first step to create a more hospitable environment for VAs and VASPs.”
Kim also believes that this approach is helping Asia to spearhead blockchain innovation, in comparison with the often draconian approach of the US SEC. He added: “While western projects such as Telegram’s TON have been cancelled and Facebook’s Libra delayed, Asian platforms have successfully launched and continue to onboard users. Among these are Samsung’s blockchain integration into its Galaxy smartphones, and Terra’s Chai mobile payment initiative.”
The one-step model
The South Korean government has also been experimenting with various blockchain legislative initiatives. In April last year, the government set up 14 special regulation-free zones with 84 regulation-related exceptions. Out of these zones—the Busan crypto regulation-free zone, modeled after the Swiss town of Zug—represented a major shift in government attitude towards cryptocurrencies and blockchain technology. However, this didn’t come without speculation, with some accusing the government of “choking” innovation.
In relation to these special regulation-free zones, President Moon Jae-in said earlier this year, “Now tests related to such new industries as telemedicine, blockchain and the hydrogen economy can be conducted, and innovative industries are being created through the strengths of provincial areas.”
This month, Haeundae Beach—one of the most popular locations in the Busan crypto regulation-free zone—is expected to begin accepting crypto payments such as bitcoin and ethereum for watersport fans. The intention is to turn Haeundae Beach into a “crypto beach,” however, these plans are likely to be delayed as the Busan area was recently hit hard with an intense monsoon—a common occurrence during the months of July and August.
Furthermore, President Moon Jae-in went on to say that, “The Government will further accelerate regulatory innovation while enhancing the strengths of local areas through decentralization.” In regards to decentralization, the South Korean government proposed an amendment to the Local Autonomy Act, that if passed, will transfer administrative authority from central to local governments in these special regulation-free zones.
The decentralization experiment has been dubbed as a “one-step model.” The idea behind it—if there is a mechanism for compromise in place that supports small concessions to take a large step forward—then this will lead to a breakthrough in regulatory innovation. In light of this one-step model, last month, the South Korean government revealed that it granted the South Korean province Gyeongbuk, a permit to run a “Special Industrial Hemp Free Zone.” The zone will allow the province to industrialize medical hemp on the blockchain—a major shift from conservative thinking to progressive.
The global race for CBDCs
In response to China’s CBDC, the U.S, Australia, the Philippines, the European Central Bank, and many other countries are now considering rolling out CBDCs. This may bode well for crypto; however, not all are in agreement. Some have speculated that central bank digital currencies have nothing to do with cryptocurrencies—and are just a solution for a cashless society.
The Bank of Korea (BOK) originally had no interest in creating a Korean central bank digital currency (CBDC). Since then, it has now changed its tune. In March this year, the BOK began reviewing the issuance of a Korean CBDC and is now working on a 22-month pilot scheme that will see a build and test of the CBDC pilot system in 2021.
With economic uncertainty, inflation concerns, quantitative easing, governments racing towards CBDCs in reaction to the looming Chinese digital Yuan—when looking to the future, how will the 2020’s be remembered: As COVID-19; the black swan stock market crash; a global currency war; or the golden era of bitcoin?
Author: Luke Fitzpatrick
Barrick Gold expands its exploration division
(Kitco News) – Barrick Gold (NYSE:GOLD) appointed Aoife McGrath and Leandro Sastre in the newly created positions of vice president exploration for Africa and Middle East, and Latin America and Asia Pacific respectively.
The gold miner made the announcement today.
CEO Mark Bristow said he looks forward to the two adding to the company’s mineral inventory.
“Exploration has always been an integral part of Barrick’s strategy of creating value and we look forward to the contribution Aoife and Leandro will make towards adding to our global mineral inventory,” Bristow said.
McGrath has worked with and led exploration teams in Africa, North and South America and Europe. She was named as one of the ‘Global 100 Inspirational Women in Mining’.
Sastre was previously mine operations and technical manager at the Veladero gold mine. He was closely involved with Exeter’s discovery and delineation of the Caspiche orebody in Chile, now part of Barrick’s Norte Abierto project, and the Cerro Moro orebody in Argentina, which is now an operating mine.