New Report Disproves Widely Held Assumptions About The Impact Of Bitcoin Mining
Bitcoin mining and its environmental impact have been a topic of heated debates both within and outside the crypto space. Mining for the digital asset and other cryptocurrencies are said to be the 33rd largest consumer of energy in the world, ahead of populous nations. This has led to concerns about its carbon intensity and […]
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Blockchain is not just a huge pile of data created by miners and users. It's also not just the specification describing valid state transitions and a genesis block describing initial state. What makes a blockchain valuable is human consensus, a widely held belief that creating machine consensus according to a certain set of rules is useful. In addition to an exactly specified genesis block, chains are also born with a set of ideas attached to them. Each user can have their own ideas about why the chain might be valuable and how valuable it is. Unfortunately, one can have assumptions....
Three out of four capital markets participants now believe distributed ledger tech will see widespread use within the next six years, according to a new Deutsche Bank report. Conducted on behalf of the bank's global transaction banking division, the report sought to examine the factors driving the strategic thinking of institutional investors, banks, financial sponsors, sovereign institutions and broker-dealers. In total, 200 market participants were surveyed, with 87% reporting they believe it is likely to have an impact on securities services. Overall, 75% of survey respondents see....
2016 will go down as one of the most formative years for blockchain tech. We saw tremendous hype as major enterprises invested big in distributed ledger and blockchain tech, and frustration as more established cryptocurrencies (most notably bitcoin) continued to struggle with mass adoption in the face of complex technical challenges. But under the surface, it was perhaps a year that most often defied existing assumptions. From governments worldwide embracing blockchain solutions to major hacks, thefts and blockchain schisms, this year saw old assumptions collapse and stronger foundations....
Bitcoin mining with flared gas and animal waste gases could help the world’s largest cryptocurrency on a path to becoming zero-emission money. A pro-Bitcoin mining report from self-proclaimed philanthropist Daniel Batten has claimed that Bitcoin could become a zero-emission network.The report builds upon data from the Bitcoin Mining Council to understand the impact of carbon-negative energy sources on Bitcoin’s (BTC) overall carbon footprint. Following an investigation and extrapolation of the results, it claims to then “predict when the entire Bitcoin network becomes a zero emission....
The China bitcoin mining ban that took place mid-last year was no doubt a heavy blow to the space. It saw the hash rate from the region which was once termed the mining capital of the world crumble to almost zero as miners had to shut down their operations. The reason for this from the Chinese government boiled down to concerns about electricity consumption and environmental impact. As the miners exited China, they had to set up business elsewhere and procure electricity for their mining farms, which can be quite energy-intensive. According to a new report, these new energy sources have....