Category: Cryptocurrency News

Bitcoin, the world’s most valuable cryptocurrency, is going green, and the pace at which the network has reduced its carbon emissions in the past three years has been noted by climate activists. Nonetheless, how this could impact BTC prices and attract technology firms like Tesla, the electric automobile manufacturer, is yet to be seen. Carbon Emission Associated With Bitcoin Miners Rapidly Falling As of late May, on-chain data from Woonomic shared by Daniel Batten, a climate technology investor, and activist, noted that the amount of Carbon emission associated with Bitcoin mining has fallen by nearly 50% from 601g/kWh to 299g/kWh in three short years. It should be observed that the Bitcoin hash rate and prices have been rising steadily during this time. In the last quarter of 2021, the Bitcoin price soared to as high as $69,000 before collapsing to below $16,000 in November 2022. Although prices have since recovered, soaring to as high as $31,000 in April 2023, the hash rate has been steadily rising over the years.  In proof-of-work networks like Bitcoin and Litecoin, the hash rate relays the computing power dedicated to the network in real time. It is a variable that makes the network secure and robust against third-party attacks, and can also be used to gauge the pace at which the Bitcoin platform consumes energy. Related Reading: Ripple CTO Schwartz Reveals Insights Into AMM Trading Strategy Miners channel computing power as “hash rate” to secure the Bitcoin network. They need this to verify transactions in exchange for network rewards. The more the hash rate, the higher the chance of earning a block and, thus, the 6.25 BTC every 10 minutes.  However, the tough competition for the block rewards has been partly blamed for environmental degradation and carbon emissions from miners. To stay competitive, Bitcoin miners have to operate gear that is energy-intensive. Critics have always maintained that electricity powering them is from coal and other non-renewable sources. As of June 2, the Bitcoin Energy Consumption Index shows that 105.23 TWh powers Bitcoin. It is the same amount of electricity consumed by Kazakhstan. The resulting Carbon emission, they add, stands at 58.69 Mt CO2, comparable to that emitted by Libya. However, data from the Bitcoin Mining Counsel, a group comprised of some of the largest BTC miners in the world, provides more insight into the cryptocurrency’s energy consumption after conducting a study on its members: (…) the members of the BMC (Bitcoin Mining Council) and participants in the survey are currently utilizing electricity with a 63.8% sustainable power mix. Based on this data, the global bitcoin mining industry’s sustainable electricity mix has improved marginally to 58.9% and remains one of the most sustainable industries globally. Will Green Mining Support BTC Prices? In that sense, Woonomic data coincides that emissions have fallen drastically over the last three years. It has nearly halved to 299g/kWh, suggesting miners switched to greener energy sources to power their rigs. Related Reading: Bloomberg’s Senior Macro Strategist Predicts More Pain Ahead For Bitcoin Technology companies would likely consider adopting BTC as payment as carbon emissions fall. Earlier, Tesla reneged on their decision to accept BTC for payment, citing the impact of Bitcoin mining on the environment. With Carbon emissions decreasing, this could positively impact BTC as major entities worldwide will embrace the coin and network. Feature Image From Canva, Chart From TradingView

submitted by /u/ChemicalGreek [link] [comments]

Crypto insurance underwriter Evertas will increase coverage limits to $420 million per policy while adding additional mining coverage.

Bitcoin and most major altcoins are witnessing subdued price action, indicating a lack of buying interest from the larger players.

The servers Edward Snowden used to leak thousands of documents to journalists were paid for using Bitcoin, Snowden revealed this at the Bitcoin Conference on June 27, 2019. https://preview.redd.it/b0h6f8hcmn3b1.png?width=960&format=png&auto=webp&s=60d5cdcee7b67c4a67a450d2b4f720eb0a6f9f08 Snowden was working as a CIA subcontractor in 2013 when his leak revealed that telecom companies and governments were involved in “almost Orwellian” mass surveillance programs…
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Which projects meet the new definition of a decentralized network??? submitted by /u/drinkmoreapples [link] [comments]

In his latest report titled “Crypto Outlook, June 2023,” Bloomberg’s Senior Macro Strategist, Mike McGlone, predicts more pain ahead for Bitcoin (BTC) and the broader cryptocurrency market. McGlone argues that despite a rebound in prices in 2023, the risks for the Bloomberg Galaxy Crypto Index remain tilted downward. Related Reading: No More Crab: Bitcoin Poised For Explosive Move Above $30,000 Is Bitcoin Doomed? According to McGlone, cryptocurrencies face several headwinds, including the potential for a US recession, a potential stock bear market, vigilant central banks, and high interest-rate competition. These factors, combined with the speculative excesses that led to the 2021 peak, suggest that the outlook for the crypto market is bearish. Furthermore, McGlone points out that Bitcoin weakening in May, along with copper and equities in China, is unusual compared to the stalwart Nasdaq 100 Stock Index. While the potential for the Nasdaq to lift all boats exists, it may contrast with still-rising Fed rate-hike expectations.  Additionally, McGlone suggests that Bitcoin, which is often referred to as digital gold due to its perceived status as a store of value, may not be able to outperform the traditional safe-haven asset in a US economic contraction. This is because Bitcoin is still relatively young compared to gold, which has been used as a store of value for thousands of years. As a result, investors may be more likely to flock to gold during times of economic uncertainty, rather than newer assets like Bitcoin. Moreover, plunging commodities, producer prices, and bank deposits may serve as deflationary omens of the lags to Federal Reserve tightening. These factors suggest that the risks for the Bloomberg Galaxy Crypto Index are tilted downward, and investors should be cautious. As reported by NewsBTC on May 22nd, Mike McGlone highlighted the historical patterns of boom and bust in Bitcoin, which are closely tied to liquidity. According to McGlone, Bitcoin’s current price level of around $27,000 may be at risk of reversion, considering that it was only $7,000 at the end of 2019 before the massive liquidity pump in 2020. McGlone’s analysis also indicates that Bitcoin’s downward trajectory, as demonstrated by its 52-week moving average, contrasts with the upward trend it experienced at the onset of the pandemic. This suggests that the cryptocurrency is susceptible to booms when liquidity is abundant but vulnerable to busts when liquidity is removed. McGlone’s latest analysis aligns with his previous thesis that the outlook for Bitcoin and the broader cryptocurrency market is bearish, given the potential for a US recession, a potential stock bear market, vigilant central banks, and high interest-rate competition.  Is BTC About To Take Off? On the other hand, Crypto Con, a well-known crypto analyst, has recently expressed his continued bullishness on Bitcoin, citing the Pi Cycle Top indicator as evidence of the cryptocurrency’s potential for a continued uptrend. According to Crypto Con, the Yellow 111days Moving Average (MA) has started to uptick, indicating that Bitcoin is experiencing a positive trend. Additionally, Bitcoin has been retesting the 111DMA line as support, rather than continuing on a parabolic trajectory, which is typically a sign of a market top.   Crypto Con acknowledges that sometimes the bounce can take some time, but he maintains that this is nothing but bullish for Bitcoin. This is because the Pi Cycle Top indicator is a reliable tool that has historically predicted major market tops and bottoms in the cryptocurrency market. Related Reading: Ripple CTO Schwartz Reveals Insights Into AMM Trading Strategy The Pi Cycle Top indicator measures the relationship between the 111DMA and the 350DMA, and when the two lines cross, it can suggest a potential market top or bottom. The fact that the Yellow 111DMA is showing an uptick suggests that Bitcoin may be headed for a market bottom, which is a bullish sign for investors. At the time of writing, the largest cryptocurrency by market capitalization, Bitcoin, is trading at $27,000. Over the past 24 hours, BTC’s price has remained relatively stable, exhibiting sideways price action with a minor increase of 0.1%. Featured image from iStock, chart from TradingView.com

The central bank released its statement in response to comments on a CBDC discussion paper published in February 2022.

HI! Does anyone perhaps associate a site where new tokens are listed by network that have not yet entered the big exchanges, but are already available on dex? need information what projects have entered the market preferably in a specific day / time submitted by /u/majkmind [link] [comments]