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Elon Musk Tells Bitcoin: Use Renewable Energy For Mining

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Tesla CEO Elon Musk tweeted on Sunday that the all-electric carmarker will accept Bitcoin transactions when miners who verify transactions use more renewable energy. The billionaire acknowledged that he holds a strong belief that cryptocurrency has a promising future, but its success cannot come at great cost to the environment.

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,” he said.

The problem is that bitcoin’s proof-of-work blockchain validation architecture is a negative phenomenon for climate protection compared to alternatives.

Bitcoin rose 5.1% to $37,360.63 at 1810 GMT (2:10 p.m. ET) on Sunday, adding $1,817.87 to its previous close, after Musk’s tweet. Musk also said that Tesla sold about 10% of holdings to confirm bitcoin could be liquidated easily without moving market.

What Is Bitcoin?

Bitcoin is a currency that was released in 2009 by Satoshi Nakamoto (a pseudonym) and is today the best known of more than 5,000 cryptocurrencies in existence.

As a decentralized digital currency that a person can buy, sell, and exchange directly, Bitcoin uses no intermediaries such as banks. Yet every Bitcoin transaction has been noted on a public ledger which anyone can access. That transparency makes transactions difficult to reverse and to falsify, which is important because there is no government or other issuing institution supervising or guaranteeing Bitcoin’s value.

According to Bitcoin, there are 3 main ways to obtain the virtual currency:

  • buying on an exchange
  • accepting them for goods and services
  • mining new ones

Bitcoin and other cryptocurrency miners are paid for their work as auditors who verify these legitimacy of transactions. All of the transactions that individuals are trying to verify are gathered into boxes with a virtual padlock on them called “blockchains.” Miners run software in the hopes of locating the key to open that padlock. Once it is found, the box opens, and the transaction is verified. The miner who finds that key receives a reward of newly generated Bitcoins.

Reportedly, it takes over 25 trillion attempts to find that rarest-of-rare key.

The decentralized network of specialized computers, called “rigs” or “mining rigs,” seeks to solve extremely complex mathematical equations. Once those equation are solved, verification is secure that the blockchain is accurate.

The process is quite energy intensive.

“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,” Tesla CEO Musk tweeted last month, conceding at that time that Tesla would not sell any Bitcoin. However, the company intent was “to use it for transactions as soon as mining transitions to more sustainable energy.”

Will Musk’s call-to-action influence bitcoin’s energy usage?

Tesla came under scrutiny from critics when it purchased $1.5 million in bitcoin in February and announced plans to start accepting payments with the cryptocurrency. Many in the bitcoin community embraced Tesla and Elon Musk and now feel betrayed.

Why Is It Criticized For Its Fossil Fuel Usage?

Decentralized, always on, and easily tradeable: Bitcoin has quite an allure. But it also relies on a network that is constantly using energy, and those amounts are seen as excessive for many of the cryptocurrency’s skeptics and critics. It requires enormous computing power, which in turn uses huge amounts of electricity.

Bitcoins are mined by special hardware called ASIC (Application-Specific Integrated Circuit chips), which are designated just for mining Bitcoins or other currencies based on the same algorithm. Bitcoin mining demands not only a lot of electric power but also a special place for a machine, as mining rigs are noisy and emit a lot of heat.

The Washington Post notes that a growing number of environmentalists see Bitcoin as a giant waste of resources and a driver of climate change. They find it hard to justify more coal plants in China powering giant server halls so wealthy people on the other side of the world can buy Bitcoin. For countries with unstable power systems, miners can also increase the risk of blackouts — some recent outages in Iran were blamed on increased mining activity.

The University of Cambridge Centre for Alternative Finance says Bitcoin mining uses an estimated 13.81 gigawatts of electricity annually, up from 2.25 gigawatts in 2015, when the university began tracking Bitcoin’s electricity consumption.

Some people say it is also important to not attempt to compare the energy use of bitcoin to the total amount of energy used by banks like energy spent on office lighting, employee travel costs, and other services a traditional bank provides like loans and mortgages. Others argue that Facebook, Amazon, Microsoft, and Google must — with all of their massive data centers worldwide — use a comparable amount of electricity to Bitcoin. Actually, they don’t. In fact, if you add all electricity used by Google, Amazon, Microsoft, and Facebook together, you still are at about 1/4th the amount of power that bitcoin uses today.

Go Green — & Mainstream

A new, improved, and greener bitcoin may be the price of admission to mainstream markets.

There are a growing number of potentially interested parties who want a different type of bitcoin, one that is more environmentally tuned and more ethical coin. Of course, gaining green equity for clients is important to financial analysts. Large companies are bound by sustainability and ESG committees. They have stakeholders and rules and processes to follow. And, these days, environmental impact is a material liability. They need to prove they’re clean.

Green bitcoin has been proposed as a way to counter the excessive energy consumption and CO2 emissions of cryptocurrencies. Initiatives to make Bitcoin greener bodes well for ESG narrative and institutional adoption, according to David Grider, strategist at Fundstrat Global Advisors LLC.

Proposals for offsetting the carbon it emits may be a good start, but reducing this carbon in the first place is definitely a challenge. While use of renewable sources for electricity is growing, Bitcoin miners will be competing for green power with other sectors looking to decarbonize, including transportation, heating and industrial processes.

Sustainable crossover ventures may become more prominent quickly in that quest for greener cryptocurrencies.

For example, a small-ish EV 2-seater called the Daymak Spiritus, due in 2023, will be able to mine cryptocurrencies. Aldo Baiocchi, CEO of Daymak said the company is “placing a RTX 3070 Geoforce GPU or multiple RTX 3070 Geoforc 3070 GPUs (optional) that are required for autonomous driving calculations. They will mine from 60MH to 500MH. We will set them to mine from the best mining pools automatically or allow the user to pick. The users can settle on a variety of cryptos of their liking.”

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Source: https://cleantechnica.com/2021/06/16/elon-musk-tells-bitcoin-use-renewable-energy-for-mining/

Blockchain

Amazon Wants to Hire A Blockchain Executive Lead

Amazon has posted a job advertising on its website for a digital currency and blockchain executive lead, signalling potential crypto integration.

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Amazon has placed a job advertisement for a digital currency and blockchain executive lead on its website, indicating future crypto integration.

Amazon Posts A Position For A Blockchain Executive Lead

The job description seeks for someone to “own the vision and strategy for Amazon’s Digital Currency and Blockchain strategy and product roadmap,” as well as someone with a “Deep grasp of the digital / cryptocurrency ecosystem and associated technologies.”

The position would be located inside Amazon’s Payments Acceptance & Experience team and would “create Amazon’s Digital Currency and Blockchain strategy and product roadmap.”

While this appears to be a key position within the firm, it is not the only one based on blockchain. A job search for ‘blockchain’ on Amazon’s job board yields 73 results for various blockchain specialist and development positions.

“We believe that the future will be built on new technologies that enable modern, rapid, and inexpensive payments, and we intend to offer that future to Amazon customers as quickly as possible,” the company declared, according to Business Insider’s Eugene Kim.

Amazon Does Not Accept Cryptocurrency As Payment For Its Items

Amazon Web Services, the company’s cloud-computing division, provides a managed blockchain solution. 

However, Amazon does not accept cryptocurrency as payment for its items. Amazon CEO Andy Jassy (then CEO of AWS) stated in 2017 that the business was not especially focused on blockchain technology, while he admitted that Amazon was “watching it closely.”

Bitcoin and other digital currencies have gained in popularity in recent years, leading to increased institutional use. Facebook, which has funded a digital currency initiative called Diem, is another example of a technology company warming up to cryptocurrencies. 

In May, Apple said that it was seeking for a lead negotiator to form agreements with “alternative payments” partners, with cryptocurrencies listed as one possible area of competence.

READ  CRC’s Ratings Good News For BAT, IOTA; Not For Ripple

#Amazon #Amazon AWS #Amazon jobs #Amazon’s Digital Currency and Blockchain strategy #Amazon’s Payments Acceptance & Experience team #Andy Jassy #Blockchain #Crypto integration #Diem Digital Currency #Eugene Kim

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Source: https://www.cryptoknowmics.com/news/amazon-wants-to-hire-a-blockchain-executive-lead

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Blockchain

Canadian Border Town Halts Crypto Mining to Draw Up Regulations

Massena, a small New York town along the Canadian border has put the brakes on its crypto mining operations with a 90-day moratorium on new miners.

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Massena, a small New York town along the Canadian border has put the brakes on its crypto mining operations. The town has imposed a 90-day moratorium on new crypto miners, during which it will draw up fresh regulations to ensure that mining facilities and rigs are prevented from littering areas.

Canadian Border Town Suspends Crypto Mining Operations

As per a report published by the Associated Press, Massena has suspended all new mining operations for Bitcoin and other cryptocurrencies for 90 days. The town’s supervisor Steve O’Shaughnessy said that the decision was taken after trailers filled with mining equipment started popping up on the main road.

“We don’t want Massena to be filled up with these sea boxes throughout the town,” he asserted. “We don’t want it littered with these trailers that are pumping out Bitcoin.”

Town officials are planning to leverage the 90-day restriction to formulate rules that keep Massena’s roadsides uncluttered and make mining facilities more “presentable.” 

“We just want to make sure if they’re going to come here, that it’s a nice presentable building,” O’Shaughnessy stated.

Meanwhile, the town’s power supplier Massena Electric is in negotiations with three crypto miners. According to a WWNY report, the company is making sure that any deal it makes with these businesses protects its customers, who will also benefit from the increased sales. The energy supplier also has its own moratorium on working with new mining firms.

China’s Crypto Crackdown Brings Opportunities for Massena

Like many other North American towns, Massena has seen an influx of crypto miners ever since China banned mining operations in many of its provinces. Ousted companies scouring for greener pastures look towards the region for cheap electricity and legal support.

This bodes well for border communities that were hammered by job losses in factories for nearly a decade. The emergence of Bitcoin and other crypto mining companies indicates that new jobs are coming out and industrial activity is regaining its lost momentum in places like Massena.

As reported earlier, North America’s contribution to the global Bitcoin mining share is steadily increasing. The United States is now the second-largest hub for crypto mining with 17% of the world’s BTC miners. That is a staggering increase of 151% from last year’s mining rates in September. With more crypto miners flocking to the region, it’ll become easier for the industry to seek the support of regulators to continue their expansion in the future.

READ  Peter Schiff Says Tether Could Surpass ETH, Become 2nd Largest Crypto

#China Crypto Crackdown #Crypto Mining #Massena #North America

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Source: https://www.cryptoknowmics.com/news/canadian-border-town-halts-crypto-mining-to-draw-up-regulations

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Blockchain

Uniswap Labs Restricts Access to Some Tokenized Stocks and Derivatives on Protocol Interface

Uniswap Labs revealed in a blog posting that it is restricting access to tokenized stocks and derivatives on its supporting protocol interface.

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Uniswap Labs, the software development studio, revealed in a blog posting on Friday that it is restricting access to some tokens involving tokenized stocks and derivatives on its supporting protocol interface. The news came after the announcement by the regulators of the United States that they are going to increasingly watch out for these types of products.

Uniswap Labs Restricts Access to Tokenized Stocks and Derivatives

While explaining the decision of restricting the tokens following the announcement made by the US regulators, they mentioned the evolving regulatory scenario. The blog entry said:

“Consistent with actions taken by other Defi interfaces, we have taken the decision to restrict access to certain tokens through app.uniswap.org.”

Along with this, other crypto firms have canceled their tokenized stock products in recent weeks, and one such example is Binance. Though it should be noticed that Uniswap, unlike Binance, is a decentralized exchange and it is restricting access through its own interface. 

Gary Gensler, the Chairperson of the Securities and Exchange Commission said in a speech on Tuesday in front of the Bar Association that stock tokens on both centralized and decentralized platforms are required to be registered with the regulator.

Limited Access to over 100 Tokens

As stated by the Uniswap Labs, the statement read:

“Today, consistent with actions taken by other Defi interfaces, we have taken the decision to restrict access to certain tokens through app.uniswap.org. Importantly, the Uniswap Protocol — unlike the interface — is a set of autonomous, decentralized, and immutable smart contracts. It provides unrestricted access to anyone with an Internet connection.”

The SEC and CFTC have similarly led authoritative incursions into the token market and have targetted certain asset classes for possible fraud and illegal activities.

The Github repository has the list of all the tokens that are now going to become unsupported on the Uniswap web app and it was published by the Uniswap Labs. 

READ  Tokenized Stocks of Tesla, Facebook, Google Launched on Solana Blockchain

#Derivatives #Tokenized Stocks #Uniswap Labs

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Source: https://www.cryptoknowmics.com/news/uniswap-labs-restricts-access-to-some-tokenized-stocks-and-derivatives-on-protocol-interface

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Blockchain

Is London Hardfork Delayed Again? How Well Will Ethereum Price Hold Up?

eth rally

The post Is London Hardfork Delayed Again? How Well Will Ethereum Price Hold Up? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Elon Musks’ revelation that he holds Ethereum gave it the much-needed nudge to break above the $2000 psychological level, Since then ETH has been trading in green. However, ETH should now hold up well to continue the uptrend or a sideways action will bloom again. ETH has been trading in the $2,007.48 – $2,156.63 range, …

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Elon Musks’ revelation that he holds Ethereum gave it the much-needed nudge to break above the $2000 psychological level, Since then ETH has been trading in green. However, ETH should now hold up well to continue the uptrend or a sideways action will bloom again.

ETH has been trading in the $2,007.48 – $2,156.63 range, After opening the day at $2039 it has continued to rise and is trading at $2152 up by 4.1% in the last 24 hours. The weekly trend also looks good as it has risen 14.9% in the last 7 days. 

Popular Analyst and trader Rekt Capital has charted key levels for ETH to hold over the weekend. According to him, ETH should have a weekly candle close above $2058 to reclaim its multi-month higher low. 

While this is for the short term, making a long-term ultra bullish case for ETH is analyst Crypto Wolf on Twitter. The analyst says ETH will hit $4k in the next 6 months. When this scenario plays out ETH hitting $10K will be an obvious possibility.

London Hardfork to be delayed?

The much-awaited deployment of London Hardfork which was scheduled for Aug 4 can now be tentatively postponed. According to the ETH2 developers, the team will consider the optimal solution for network security, and any delay in the hard fork will be due to security concerns.

Prior to the London hard fork, the ETH2 developer team addressed the concerns of miners and traders. The team discovered and addressed a flaw in the code. However, if there are any more security issues, the hard fork may be postponed.

On the next AllCoreDevs call, the developers will debate the best technique for securing the Ethereum network.

With a possibility of delay in London Hardfork, ETH could fall short of a strong catalyst to uphold its price action. Hence, it is to be watched out for how ETH performs alongside the support of the broader crypto market.

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Source: https://coinpedia.org/ethereum/london-hardfork-delayed-again-will-ethereum-price-hold-up/

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