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Bitcoin power consumption ‘66 times higher than in 2015’: Citigroup

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The Bitcoin energy consumption debate is heating up faster than the planet, with corporations facing pushback from the public and shareholders over Bitcoin investments.

According to a Citigroup Inc. report, Bitcoin is consuming 66 times more electricity than it did in 2015. It added that the carbon emissions associated with mining will likely face increasing scrutiny, according to Bloomberg.

This assertion is backed up by new research from Mastercard — which just released its own Carbon Calculator — that shows 54 percent of people believe that preserving the environment is more important now than it was pre-COVID-19.

Citigroup analysts also stated that:

“As the value of Bitcoin rises, so should its energy consumption.”

However, the network’s electricity usage is rising much more slowly than the price, which has risen by approximately 170 times over the same period.

The Citigroup report, citing numbers from the Cambridge University Center for Alternative Finance, stated that the global power demand by the Bitcoin network reached an annualized 143 terawatt-hours. This is about 4% higher than Argentina’s total electricity generation in 2019.

The Cambridge Bitcoin Electricity Consumption Index (CBECI) currently estimates Bitcoin’s annual electricity consumption is currently somewhere between that of Sweden and Malaysia at 141.6 TWh per year.

The report suggested that China may crack down on mining due to environmental concerns:

“Mining and use of these ‘coins’ is undoubtedly energy-intensive and could face greater regulatory scrutiny as adoption expands, especially if the U.S. continues to scale its crypto footprint and market-leader China cracks down on Bitcoin mining if it adversely impacts its climate goals,”

Bitcoin’s environmental impact has been fiercely debated with many arguments about it either refuted or at least shown to be much more complicated than opponents suggest. In late March, Coin Metrics co-founder Nic Carter produced a well-researched rebuttal to some of these key claims.

In it, he stated that there is an abundance of energy in the four Chinese provinces that the majority of BTC mining occurs, and much of it is derived from solar, wind, and hydropower. Additionally, the Chinese government actually curtails or sequesters power by removing excess energy from the grid or public consumption, often to maintain price levels.

To maintain profits, miners will generally use the cheapest power available. There is an annual migration to Sichuan province to take advantage of cheap hydroelectric power during the rainy season. Studies suggest that between 39% and 76% of Bitcoin mining uses renewable energy.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/bitcoin-power-consumption-66-times-higher-than-in-2015-citigroup

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Blockchain

DOGE is Young People’s Middle Finger to the System, Says Mike Novogratz

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Mike Novogratz, in a research report, stated that Dogecoin is “the most honest shitcoin”, calling it a “store of value” for young people wishing to express a “little bit of a middle finger to the system”.

Dogecoin’s Recent Price Action

DOGE has entered a steep and stunning climb during the past few months, going from mere pennies to over $0.65. Young people betting on the speculative and volatile crypto asset have made staggering amounts of money thanks to the recent insane rate of return.

Many theorize that this rise has been fueled by Tesla founder and business mogul Elon Musk, who often refers to Dogecoin on his infamous Twitter profile, tweeting in a (usually) positive manner. Oftentimes when an “Elon tweet” comes out regarding Dogecoin, it gives a nice little boost to the price.

Most recently, Elon Musk revealed that he would be hosting SNL, dropping a single hint: Dogefather. This enigmatic message has spurred thousands of young people worldwide to invest in DOGE, which, although extremely risky, has been facing undeniably bullish price action as of late. Will Elon Musk’s SNL special provide the fuel needed for DOGE to power through to over a dollar, or will it be a ‘sell the news’ event?

Novogratz Draws Parallels to GME

Novogratz, in his interview, urged people to “listen to what Dogecoin is saying”, as he sees it as very comparable to the GameStop fiasco (where a group of young retail traders pushed GME to new heights, partially in an attempt to liquidate hedge funds that were shorting the stock).


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“There is nihilism and excitement to it,” Novogratz stated, adding, “there’s something really pure about it.”

Indeed, Dogecoin is not a successful ‘company’ in the traditional sense, and there is little to no innovative development work going on behind the scenes, but we’ve seen (in the stock market, for example) that the power of the masses if placed behind a single unifying idea, can work wonders.

It’s a massive game of tug of war — whether or not Dogecoin can sustain this dizzying momentum remains to be seen. One thing is for sure: millions of people will be tuning in to watch SNL this week.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/doge-is-young-peoples-middle-finger-to-the-system-says-mike-novogratz/

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Blockchain

Bitcoin Cash price jumps 68%: Looming hard fork to boost BCH user base?

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Bitcoin Cash (BCH) burst back into the market capitalization top 10 rankings on Thursday after a 36% overnight surge compounded 68% growth for the week. The per coin valuation of BCH climbed from $1,068 to $1,462 in under 24 hours leading into May 6, adding to a notable increase from its weekly low in the $800 range.

The resurgence of what was once a mainstay of the top-10 lineup comes just over a week ahead of Bitcoin Cash’s scheduled bi-annual hard fork on May 15, which will introduce two small, but not insignificant tweaks to the network.

One sees the removal of Bitcoin Cash’s unconfirmed transaction chain limit, allowing for more micro-transactions to be broadcasted without having to wait for a block confirmation.

Blocks are mined every 10 minutes on Bitcoin Cash, and the old unconfirmed chain limit was capped at 50 transactions. This allowed for high-volume applications to make 50 near-instant transactions before requiring confirmation in a block. This cap will be removed entirely in the upcoming hard fork.

The other major change scheduled for May 15 will see the introduction of multiple “OP_RETURN” outputs. Put simply, the Bitcoin Cash blockchain currently allows for the insertion of miscellaneous data into a transaction, such as text, images and other data types. At present, only one “OP_RETURN” output can be included in a transaction, i.e., one image, text, etc. The upcoming network upgrade will allow for multiple pieces of miscellaneous data to be included in a single transaction.

Both changes feasibly open up Bitcoin Cash to higher volume usage, as well as making it more amenable to current and popular applications such as NFTs. Businesses and app developers stated they specifically wanted to see the changes introduced to expand the blockchain’s capabilities with nonfungible tokens in particular, as noted in the upgrade’s documentation.

Bitcoin Cash’s market price has been on the rise since the start of the year along with the rest of the cryptocurrency sphere. So too has its overall usage according to on-chain data from Bitinfocharts.

The number of daily Bitcoin Cash transactions rose from 20,000 in December to over 150,000 at the time of publication — a 650% increase. Between February and April, Bitcoin Cash regularly processed more transactions on a daily basis than Bitcoin (BTC), peaking at 414,000 to Bitcoin’s 229,000 on March 21.

However, the same data source shows less growth in the number of transactions coming from unique addresses, which only increased 25% from 40,000 to 50,000 — a figure one-fifth of that seen on Bitcoin.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/bitcoin-cash-price-jumps-68-looming-hard-fork-to-boost-bch-user-base

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