News
Cambridge researchers have revised the widely cited index in response to evidence indicating periodic overestimation of Bitcoin mining’s electricity consumption.
10490
Electricity News
Electricity is the physical flow of electrons. This flow is an energy carrier and is used to deliver energy for electrically-powered devices and establishments. Electricity is a major problem for the cryptocurrency industry. Blockchain electricity consumption values vary due to the algorithm used for establishing consensus. Proof-of-work cryptocurrencies demand a lot of power to operate. As a major PoW cryptocurrency, Bitcoin electricity usage is estimated around the value equal to that of Ireland. Bitcoin mining electricity is the most consuming part of the cost. Blockchain electricity consumption is also an environmental problem, as the growing amount of power demand may lead to climate change. Fixing the problem of large electricity requirements is a field of work for many tech companies. The most used technology for reducing energy demand is a proof-of-stake consensus algorithm that changes the way mining is performed.
- News
According to the report, Europe is home to nine of the 10 least profitable countries for Bitcoin mining, based on household electricity costs.
14479 - Follow up
The tax is intended to reduce greenhouse gas emissions, electricity costs and local environmental pollution, but has not been kindly received by the crypto community.
9717 - News
The tax would be phased-in at 10% per year over three years and covers electricity generated from both on and off-grid sources.
21812 - News
A former facilities worker in the U.S. state of Massachusetts is alleged to have stolen nearly $18,000 worth of electricity to run 11 miners in a school’s crawl space.
6903 - How to
To start mining Bitcoin at home, one needs to obtain a Bitcoin wallet and a mining rig, install the Bitcoin mining software, and join a mining pool.
118735 - News
British Columbia has cited prioritizing clean energy and job creation as the main reasons for suspending cryptocurrency mining operations.
12217 - News
The Kentucky government is investigating whether the proposed discounted electricity for crypto miners will raise electricity costs for Kentucky residents.
5123 - News
The Bitcoin miner warned its cash reserves may be depleted by the end of 2022 or sooner as it cuts back on spending, including not making loan repayments.
5840 - News
Energy provider Hydro-Québec cited the high energy demands anticipated in the Canadian winter in its reasons to reallocate 270 megawatts from crypto mining firms.
4067 - News
“We are in a completely different situation in the power market now than when the reduced rate for data centers was introduced in 2016,” said Norway's finance minister.
2834 - News
Some governments can negatively impact Bitcoin's environmental footprint by banning BTC mining, according to new data from Cambridge.
4256 - News
The Bitcoin mining company plans to expand its fleet of mining devices, coming on the back of staff lay-offs and executive salary cuts just weeks before.
3444 - News
The facility owner Dynamics Mining publicly took to Twitter to share the letter terminating its hosting agreement with Compass Mining, saying it had unpaid bills.
10741 - News
The Bitcoin network recorded the year 2022’s lowest power demand of 10.65 gigawatts. At its peak, the BTC network demanded 16.09 GW of power.
11124