Amid underlying inflationary pressures, further interest rate increases may still be needed, members of the European Central Bank’s Governing Council have admitted. At the same time, the cycle with the highest hikes may soon be over, the officials indicated.
Two members of the Governing Council of the European Central Bank (ECB) have shared their assessments of the inflation outlook in the eurozone and expectations regarding the monetary authority’s next moves in that respect, Bloomberg reported.
The biggest part of the current cycle of interest-rate rises is over, although more may follow, according to Boris Vujčić. Speaking in his home country on Wednesday, the governor of the Croatian National Bank said that further hikes can be expected if core inflation, or long run inflation, remains above 4%.
Vujčić explained that while consumer-price gains have been easing, mainly due to base effects, underlying pressures, excluding volatile items like food and energy, remain high.
The Governing Council is the Eurosystem’s main decision-making body, which comprises the six members of ECB’s Executive Board plus the governors of the national central banks of the 20 countries that have adopted the common European currency.
During the same event in Croatia, Vujcic’s colleague at the Council, Boštjan Vasle, told participants that growth in prices of services, among other areas, is increasingly moving away from the ECB’s 2% target. He was quoted as stating:
Core inflation is clearly on an upward trend.
Vasle, who is the governor of Bank of Slovenia, added that more monetary tightening is likely required, warning that earlier shocks may have not fully passed through the system yet.
Other ECB representatives have recently suggested that the end of the euro zone’s most aggressive period of rate increases is in sight. However, despite persisting concerns over the health of the banking sector, they believe that further action is necessary to bring inflation back under control.
Among them is the head of Austria’s central bank, Robert Holzmann, who said this week that another half-point step remains “on the cards.” Policymakers will announce their next decision on the rates in May. Last week, Bank of France Governor Francois Villeroy de Galhau hinted that “we may possibly still have a little way to go.”
In March, The European Central Bank raised the deposit rate from 2.5% to 3%, even against the backdrop of a deepening crisis with Switzerland’s banking giant Credit Suisse. Amid the current uncertainty, ECB executives have been less willing to predict future moves.
Do you think the ECB will continue to increase interest rates in the eurozone? Share your expectations in the comments section below.
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
Image Credits: Shutterstock, Pixabay, Wiki Commons, csp / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Amid underlying inflationary pressures, further interest rate increases may still be needed, members of the European Central Bank’s Governing Council have admitted. At the same time, the cycle with the highest hikes may soon be over, the officials indicated.
Two members of the Governing Council of the European Central Bank (ECB) have shared their assessments of the inflation outlook in the eurozone and expectations regarding the monetary authority’s next moves in that respect, Bloomberg reported.
The biggest part of the current cycle of interest-rate rises is over, although more may follow, according to Boris Vujčić. Speaking in his home country on Wednesday, the governor of the Croatian National Bank said that further hikes can be expected if core inflation, or long run inflation, remains above 4%.
Vujčić explained that while consumer-price gains have been easing, mainly due to base effects, underlying pressures, excluding volatile items like food and energy, remain high.
The Governing Council is the Eurosystem’s main decision-making body, which comprises the six members of ECB’s Executive Board plus the governors of the national central banks of the 20 countries that have adopted the common European currency.
During the same event in Croatia, Vujcic’s colleague at the Council, Boštjan Vasle, told participants that growth in prices of services, among other areas, is increasingly moving away from the ECB’s 2% target. He was quoted as stating:
Core inflation is clearly on an upward trend.
Vasle, who is the governor of Bank of Slovenia, added that more monetary tightening is likely required, warning that earlier shocks may have not fully passed through the system yet.
Other ECB representatives have recently suggested that the end of the euro zone’s most aggressive period of rate increases is in sight. However, despite persisting concerns over the health of the banking sector, they believe that further action is necessary to bring inflation back under control.
Among them is the head of Austria’s central bank, Robert Holzmann, who said this week that another half-point step remains “on the cards.” Policymakers will announce their next decision on the rates in May. Last week, Bank of France Governor Francois Villeroy de Galhau hinted that “we may possibly still have a little way to go.”
In March, The European Central Bank raised the deposit rate from 2.5% to 3%, even against the backdrop of a deepening crisis with Switzerland’s banking giant Credit Suisse. Amid the current uncertainty, ECB executives have been less willing to predict future moves.
Do you think the ECB will continue to increase interest rates in the eurozone? Share your expectations in the comments section below.
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
Image Credits: Shutterstock, Pixabay, Wiki Commons, csp / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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GAIMIN has launched video rendering into the services provided by gaimin.cloud, GAIMIN’s decentralised, distributed data processing network.
GAIMIN’s video rendering service is a lower cost service providing a faster turnaround time whilst spreading the data processing energy consumption footprint globally using PCs already running other applications and services and solving one of the world’s biggest digital problems today..
Satya Nadella, CEO Microsoft
In 2020, it was estimated that 1.145 trillion Mb of data was created every day; every human created approximately 1.7Mb of data per second. In 2022, 91% of Instagram users engage with brand videos, users send 650 million Tweets per day, 333 billion emails per day are sent, 42 million WhatsApp messages are sent per day, Google handles 6 billion searches per day, and there are 4.95 billion active social media users (62% of the global population). A lower definition 480p video streamed on YouTube uses 8.3Mb of data per minute, 500Mb per hour. A higher-quality 1080p video uses more data! One SnapChat uses 1Mb of data. The world is running out of data processing power!
With video consumption expected to grow, more video producers will create higher quality, longer video content which needs to be converted (rendered) into the output video. Creating the video is a data processing-intensive activity, further increasing the requirement for data processing in this already competitive market for data processing service availability.
Centralised versus decentralised data process services
Centralised data processing farms are well established but are not the most appropriate solution. They are costly to set up and maintain, they draw significant amounts of electricity from the local distribution network for both running the data processing devices and also running the infrastructure, such as air conditioning and hardware cooling, impacting supply in the locality. Centralised data processing farms are costly to set up and maintain and can also be limited on physical growth, which is all reflected in their cost to provide a service!
A cheaper, more efficient and environmentally friendly approach is to decentralise data processing, spreading service delivery world-wide and using devices that are already running and doing “something else”, thereby spreading energy consumption and usage across the globe, across different timezones and with very little additional increase in energy consumption.
The next question is, “How can you obtain efficient data processing when the data processing devices are already being used?”
GAIMIN has also solved this problem!
Sources of underutilised data processing power
GAIMIN has identified a source of underutilised data processing power – the GPUs found in gaming computers! When a gamer is playing their games, they are not utilising their GPU to its full potential, especially when playing with higher performance GPUs. The underutilised processing capacity in these GPUs can be harnessed to provide access to other data processing services whilst still being used to play a game.
GAIMIN enables a gamer to allow their GPU to be used to participate in gaimin.cloud (www.gaimin.cloud), GAIMIN’s decentralised data processing network. The gamer can select when gaimin.cloud can access their GPU and also select how much of the processing power can be allocated to gaimin.cloud. This facility enables a gamer to continue to play a game without any lag or interference with the gameplay when the GPU is processing data processing jobs for gaimin.cloud.
This is especially useful for lower performance devices which may impact gameplay when being used for additional data processing services. Higher performance GPUs can quite happily undertake multiple processing activities with no discernable impact on other services or gameplay.
How does a gamer participate in gaimin.cloud?
Participation is simple – a user downloads and installs the GAIMIN application for their PC (www.gaimin.gg), registers with GAIMIN and the application immediately confirms its availability for use within gaimin.cloud and is sent data processing “jobs” as soon as they become available.
Gamers are rewarded for their participation in gaimin.cloud with GAIMIN’s own cryptocurrency, GMRX, which is an important component in GAIMIN’s ecosystem.
So, back to video producers and their data processing requirements..
Why do video producers need data processing power?
When a video producer creates a video, they typically add extra content to the video using a video production application, such as Blender or Adobe Premiere Pro. The extra content includes animation, sound, special effects, text, graphics etc. All of these are added in the video editing process and then, when the video is complete, the video producer needs to “flatten” the file to create the video. Flattening the file (or rendering) is the creation of individual frames for the video which contain the video elements relevant to the frame in a single image. Rendering requires a significant amount of processing power to create each frame which comprise the video.
Rendering is a data processing intensive task. The longer the video, the more complex the elements, the longer it takes to render. Video producers can render themselves using their own GPU, however typically a single GPU can take days to render a complex video, so video producers send their video to specialist rendering farms who process the video and return the rendered output. This is costly as rendering farms charge based on the processing power used to render the video, with their costs comprising the fixed costs to provide the rendering farm’s hardware and software environment, and its energy consumption costs to provide the facility.
Why should video producers use gaimin.cloud to render their videos?
GAIMIN has solved the problem of cheaper, fast and high performance rendering services. Using its decentralised distributed data processing network, GAIMIN takes a video and sends it for rendering to the devices in gaimin.cloud. As GAIMIN has no fixed costs associated with the provision of data processing devices, GAIMIN can provide video producers with access to cheap, fast rendering services.
GAIMIN rewards gamers who allow their devices to participate in gaimin.cloud with up to 90% of the revenue generated by GAIMIN for the delivery of data processing services, paid in GMRX. So, a gamer can generate a passive return for allowing their GPU to be used by gaimin.cloud.
Which video editing software is supported by gaimin.cloud?
Currently supporting the Blender video production software, GAIMIN has recently launched its rendering service and has opened it up to video producers for testing. In a few months, GAIMIN will be releasing rendering services for Adobe Premiere Pro, with a couple of others also in the pipeline.
How can you trial the rendering services?
GAIMIN will send a $20 voucher to the first 50 people who want to try GAIMIN’s rendering service. This currently only works for Blender video rendering so please only apply if you use Blender. As GAIMIN releases support for other video editing software, separate vouchers will be issued.
Please send an email to info@gaimin.io to receive your voucher. Please state your name and address, confirm you are using Blender and will provide feedback on the service. All we ask in return is that you provide us with some feedback on the service and how we can improve the provision of rendering to video producers.
If you want to join GAIMIN’s data processing network, download the GAIMIN app from www.gaimin.gg.
For more information, visit GAIMIN’s website: www.gaimin.io
For up-to-date information, please follow the following GAIMIN social media accounts:
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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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