U.S. utility Pacific Gas and Electric Company (PG&E) disclosed on Monday that it will file for bankruptcy. US’ largest energy utility firm with a market cap of $ 13+ billion said that the decision was forced by the wildfires which destroyed lives and property in California in 2017 and 2018. Per a BBC report, the utility
G FUEL, the self-styled official drink of esports, announced this weekend that it is now an official sponsor of Swedish YouTuber PewDiePie — who currently has around 80.7 million subscribers on his channel. ‼️ANNOUNCEMENT ALERTTT‼️ Please join us in formally welcoming the newest addition to the #GFUEL Family…@pewdiepie!!!!! It’s time for some #MEMEFUEL!!! Oh, and before we […]
Ethereum intends to move to proof-of-stake in the future. Making a move to POS will supposedly cut the energy consumed by a hundredfold, or around 99%. There have been repeated claims that cryptocurrency uses too much energy and is therefore inefficient and environmentally unfriendly. Some reports find that mining cryptocurrency uses more energy than gold
The post Inside Ethereum’s Plan To Reduce Energy Consumption by 99% appeared first on CCN
When it comes to bitcoin mining, Canada is a natural.
A temperate climate helps to keep mining equipment cool, and plentiful renewable energy from hydroelectric dams gives Canadian provinces like British Columbia a natural advantage with cheaper electricity costs.
B.C. is sitting on a large surplus of hydroelectric energy, as depleted resources have resulted in the closures of many pulp and paper mills and traditional mines. The power surplus is also a result of the success of alternative energy and energy conservation initiatives.
Australia’s coastal city of Fremantle has kicked off a trial that will allow some residents to trade solar power on a blockchain-based platform provided by renewable energy-focused crypto startup Power Ledger. According to the Minister for Finance, Energy and Aboriginal Affairs in the government of Western Australia, Ben Wyatt, around 40 households in Fremantle will
The post Australia: Power Ledger’s Blockchain Energy Platform Goes Live in Fremantle appeared first on CCN
A new paper indicates that the energy required to mine cryptocurrencies is more than what is consumed when excavating for metals of equivalent dollar value. In the paper which was published on November 5 by the Nature journal, researchers at the Cincinnati, Ohio-based Oak Ridge Institute noted that bitcoin consumes more than three times the
The post Bitcoin Mining Consumes Over 3X the Energy of Gold Mining: Research appeared first on CCN
On Monday, researchers came said that extracting a dollar’s worth of digital currency such as Bitcoin from the deep Web consumes three times more energy than looking for a dollar’s worth of gold.
There are now hundreds of digital currencies and an unknown amount of server farms around the world running around the clock to unearth them, more than half of them are in China according to a recent report from the University of Cambridge.
Obtaining cryptocurrencies with a real-world value can in other words, carry a hidden environment cost which is rarely measured or token into account.
Every now and then a major news outlet gets carried away and reports that Bitcoin will consume all the world’s power. A conspiracy theorist might say that such stories are instigated by the international banking cartels in order to stoke fears that Bitcoin is not a sustainable alternative to fiat currency, and recent findings by
The post Experts: No, Bitcoin Will Not Consume All the World’s Energy appeared first on CCN
When they aren’t bashing Bitcoin as a bubble, nocoiners can usually be found trying desperately to prove how the activities of miners will bring about the end of the world. Here are three reasons why the energy consumption rhetoric is utter garbage.
The Global Energy Misconception
The pseudo-environmentalist brigade will have you believe that Bitcoin (BTC) 00 mining would be the death of the planet. Much of their arguments revolve around the energy consumption of data centers used for carrying out the complex mathematical computations needed to validate transactions on the blockchain.
This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned … Continued
The post Korean Energy Trading Giant ‘STX Corporation’ Enters the Cryptocurrency Market with ‘Hanminer’ SHA256 Miners appeared first on CCN
Have you noticed recently there are less emails from African princes, desperate for help getting fortunes out of their country? Perhaps that is because they are now investing in clean energy systems, utilizing cryptocurrency to benefit their countries.
You Say You Want a Revolution
We often hear about how cryptocurrencies will free us from the tyranny of big banks. But in the developed world do we really have it so bad? Wala, a South African startup, developed a smartphone app to allow peer-to-peer transactions. Unfortunately, high transaction fees from traditional banks almost killed the model — until they turned to cryptocurrency as an alternative solution.
As the Bitcoin network grows, so too does the concern around its environmental impact, and with good reason. Bitcoin consumes more electricity than the entire island of Ireland, and that power consumption is set to steadily rise in the coming years. Beyond the electricity required to run the network, there are the materials required to
The post Green Energy Bitcoin Mining Will Have ‘Insignificant Environmental Impact’ appeared first on CCN
Ten years from now, the story of Satoshi Nakamoto – the anonymous creator of Bitcoin – may very well become as unknown as the story of Tim Berners Lee, the creator of the world wide web. Satoshi, not only created the world’s first cryptocurrency, but a technology revolution that is changing the world.
But, if you were to ask the average person today about how Bitcoin and blockchain are changing the world, their response would likely be that it is actually destroying it.
According to LongHash, every year, more than $ 87.3 billion is spent on mining gold. In contrast, less than $ 4.3 billion is used to mine Bitcoin. Essentially, gold mining requires 20 times more energy and cost in comparison to Bitcoin mining, despite the narrative that has been circulating since the surge in the price of Bitcoin
The post Mining Gold Requires 20x the Energy of Bitcoin Mining appeared first on CCN
Thai officials have drafted new regulations which demand that producers of electricity who use blockchain should be charged additional fees. Regulators within the government fear that an explosion in independent power generation could lead to a reduction in revenues.
The Electricity Generating Authority of Thailand (EGAT) recently called for fees to be paid as a subsidy in order to counteract the potentially destabilising effects brought on by blockchain technology.
In Thailand, the number of household solar-powered generators is increasing at a rapid pace, and the Energy Regulatory Commission (ERC) has been called upon to develop regulation which makes energy generation fair for everybody.
A district within Bangkok is now using blockchain technology to trade energy. This is a new concept, but one that is being rolled out in many residential districts across the world. The premise is simple, some residents require more energy than others, demand changes over different periods and therefore, it’s more economical to share an energy reserve, therefore those who need more, can pay for it, those who don’t will pay less and overall, energy is saved, doing great things for the environment in return.
Bitcoin’s network energy consumption has become somewhat of a hot topic as the cryptocurrency grows in popularity. A clean energy researcher, however, says that naysayers are missing critical factors when making their claims.
Having the Wrong Conversation
According to Katrina Kelly-Pitou, the popular debate on whether or not Bitcoin’s 00 network electricity consumption is causing serious damage to our climate is not headed in the right direction. Kelly-Pitou is a clean energy technology researcher at the University of Pittsburg,
Citing recent studies, which suggest Bitcoin dramatically increases the consumption of electricity on a global scale, Kelly-Pitou claims that experts are failing to understand some of the basics behind renewable energy systems:
The amount of electricity consumed by bitcoin mining is not the global environmental crisis it is often portrayed to be. This is the professional assessment of Dr. Katrina Kelly-Pitou, a research associate in electrical and computer engineering at the University of Pittsburgh. ‘New Technologies Are Energy Intensive’ Writing in an article penned for non-profit academic media
The post Alarm Over Bitcoin Mining is a Red Herring: Energy Researcher appeared first on CCN
Modern economies run on a different kind of ‘Power’ than the medieval kingdoms. Today, power is derived from coal, petroleum, and biofuels instead of the King’s exalted office. The economies that ensure a steady and sufficient supply of energy for their citizens and governmental machinery are the ones that have Energy Security. Today, Energy Security … Continued
The post Op-ed: Energy Security and Blockchain — A Solution for Oil Politics and Geopolitics appeared first on CCN
A newly released study asserts a large amount of electricity is eaten up as Bitcoin00 is exchanged and mined. The author suggests these consumption habits could be churning out enough carbon emissions to affect global climate change.
The relationship between Bitcoin00 and energy has always been somewhat complicated.
Many people have come to odds with miners who set up operations in smaller towns and communities and promise big opportunities, but instead throw power grids into disarray by consuming large amounts of electricity.