Tag: energy consumption

Jul 16 2021

Is Nuclear Power The Future Of Bitcoin Mining?

As the bitcoin mining industry grapples with criticism over its energy use, nuclear power is emerging as its source of the future.The Bitcoin network’s share of global carbon dioxide emissions is only about 0.13% of the global annual total — approximately 47 million tons of a rough total 37 billion tons, by some estimates. But...

Jul 14 2021

What Is A "Carbon Negative" Bitcoin Block Anyway?

A bitcoin miner has been presenting its blocks as "carbon negative." But what does that mean for its energy use?This is a guest post from Luxor's Hashrate Index.A miner with roughly 1 exahash (EH) of Bitcoin’s hash rate is advertising its blocks as “carbon negative.”So, how can a miner produce work and...

Compass Partners With Oklo For Fission-Powered Bitcoin Mining

Bitcoin mining firm Compass Mining has partnered with advanced fission company Oklo to mine bitcoin with nuclear power.Compass Mining, a bitcoin mining hardware and hosting provider, has entered a 20-year partnership with advanced fission company Oklo to mine bitcoin with nuclear power according to...

Jul 13 2021

Nuclear-Powered Ohio Bitcoin Mine To Be 100% Carbon Free

Energy Harbor will provide carbon-free nuclear energy to Standard Power’s forthcoming bitcoin mining farm in Ohio.Independent power producer Energy Harbor has announced that it will provide clean nuclear energy to...

Jun 28 2021

Projecting Bitcoin’s Future Energy Use

Based on public data, by 2026, emissions from Bitcoin will be less than a third of what they are today and by 2031, there will be none.Due to the level of publicly-available information about Bitcoin, you would think we’d get better attempts at analysis from critics. One of the most widely debunked, yet...

Jun 24 2021

Gemini Trust Buys $4 Million In Carbon Credits To Offset Bitcoin Holdings

Bitcoin exchange Gemini Trust purchased $4 million in carbon credits to offset its BTC holdings and broaden appeal to investors.Bitcoin exchange Gemini Trust, run by the Winklevoss brothers Cameron and Tyler, has purchased around $4 million in carbon credits to help offset the alleged carbon emissions footprint of its bitcoin held in custody, reported...

Jun 22 2021

Mining Farm Turning Waste Coal Into Bitcoin Raises $105 Million

Stronghold, a bitcoin mining company that claims to eliminate 200 tons of waste coal for each bitcoin mined, has raised $105 million.According to a press release sent to Bitcoin Magazine, Stronghold Digital Mining, an ESG- friendly and vertically-integrated bitcoin mining company based in Pennsylvania, has raised $105 million in two private placements of equity securities.The firm is focused on...

Jun 17 2021

[Updated] Breaking Down Elon Musk’s Misunderstandings About Bitcoin

In a recent tweet explaining why Tesla would no longer accept bitcoin, Elon Musk displayed a poor understanding of Bitcoin’s energy use.Bitcoiners yearn for the good old days of great debates with informed critics who were up for the intellectual challenge. It allowed the community to hone its thought processes, build knowledge and skills to widen the debate and discussion, and generally...

Jun 15 2021

Bitcoin Emits Less Than 2% Of The World’s Military-Industrial Complex Carbon Emissions

Published research shows Bitcoin mining produces a mere fraction of the carbon emissions coming from the world’s military-industrial complex.IntroductionFirstly, thank you kindly for clicking on my click-bait title — it’s trench warfare out here on the environmental, social and corporate governance (ESG) front at the moment, and comparisons are being thrown around left, right and center....

Jun 14 2021

Elon Musk Capitulates On Bitcoin, Says Tesla Will Resume BTC Payments When Mining Gets Greener

In Tesla CEO Elon Musk’s latest on Bitcoin, he said the company will resume bitcoin payments once the mining industry gets greener.Yesterday, Tesla CEO Elon Musk tweeted that the electric vehicle manufacturer will resume accepting bitcoin payments for its vehicles once the energy use of bitcoin mining relies less on carbon-based sources....

Jun 11 2021

Bitcoin Mining Council Launches Mission Statement, Seeks Members

The Bitcoin Mining Council, initially set up by influential CEOs Michael Saylor and Elon Musk, has formally debuted and seeks members.The Bitcoin Mining Council (BMC), a group of bitcoin miners from around the globe, has formally launched and is now open for membership applications. The council’s website is live and shares details about its mandate, what it will do,...

Jun 10 2021

El Salvador President Invites Bitcoin Miners To Utilize Volcano Energy

Nayib Bukele, the president of El Salvador, invited bitcoin miners to set up at a state-owned geothermal facility powered by a volcano.The President of El Salvador, Nayib Bukele, has invited bitcoin miners to take advantage of new facilities to be set up at a state-owned geothermal, electric company specifically for the industry.“Our engineers just informed me that they dug a new...

Jun 09 2021

New York State Waters Down Bill Seeking To Ban Bitcoin Mining Over Environmental Concerns

New York state senators walked back portions of a bill seeking to pause bitcoin mining, now attempting to block only carbon-based operations.New York State senators have walked back measures of a bill that initially called for a statewide ban on bitcoin mining for three years so that such operations could be subject to a full...

Jun 05 2021

Blockstream, Square To Build Solar-Powered Bitcoin Mining Facility

Blockstream and Square partnered to construct a solar-powered bitcoin mining facility and demonstrate potential for sustainable energy use.Bitcoin infrastructure company Blockstream and financial services company Square will be partnering to construct a solar-powered Bitcoin mining facility. It will be located at one of Blockstream’s preexisting mining facilities and is part of Square’s...

May 28 2021

Breaking Down Elon Musk’s Misunderstandings About Bitcoin

In a recent tweet explaining why Tesla would no longer accept bitcoin, Elon Musk displayed a poor understanding of Bitcoin’s energy use.Bitcoiners yearn for the good old days of great debates with informed critics who were up for the intellectual challenge. It allowed the community to hone its thought processes, build knowledge and skills to widen the debate and discussion, and generally...

May 27 2021

Sichuan To Probe Bitcoin Mining Energy Use

The province is set to mirror previous investigations in Inner Mongolia and Beijing into the energy usage of miners.Chinese energy regulators in Sichuan have revealed their plan to obtain information regarding energy use for bitcoin mining from local power companies in the area per a...

May 26 2021

The Humanitarian And Environmental Case For Bitcoin

Bitcoin can reduce aid corruption, help end dependency and bootstrap renewable energy for emerging markets.Can Bitcoin reduce aid corruption, help end dependency and bootstrap renewable energy for emerging markets?Bitcoin is typically thought of as an investment and a strictly financial innovation.But what if some of its greatest impact over time ends up being in the humanitarian and...

Marty Bent On Freedom, Reframing The Energy Debate And Bitcoin 2021

Marty Bent will be sharing his big-picture perspective on Bitcoin and the energy consumption debate during the Bitcoin 2021 event.Marty Bent will be speaking during the Bitcoin 2021 conference in Miami on June 4 and 5. Make sure that you set a reminder for the...

May 25 2021

Elon Musk And The Dutch Central Bank's Misinformation Campaign

The two environmental FUDsters could potentially mislead bitcoin investors as they utilize incorrect analysis.More than a decade after Satoshi Nakamoto combined proof of work and bitcoin mining together, fallacious comparisons of “energy cost per transaction” continue to be spread by seemingly intelligent and well-researched individuals.We can trace much of the spread of this narrative back to Alex de...

Elon Musk, Michael Saylor Announce Bitcoin Mining Council

Elon Musk and Michael Saylor attended a private meeting with North American bitcoin miners to propel renewable energy use.Influential CEOs Elon Musk and Michael Saylor have announced that they held a closed meeting with Bitcoin mining firms based in North America that plan to launch a group called the Bitcoin Mining Council which will provide transparency around the types of energy used...

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