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Endangered plan to reduce emissions. According to the study, bitcoin mining threatens the fulfillment of China’s climate goals

Bitcoin mining in China is so demanding on carbon dioxide emissions that it could jeopardize the country’s plan to reduce emissions. This is according to the latest study by academics from Chinese, American and British universities, which was pointed out by the BBC server. China currently accounts for more than 75 percent of global bitcoin mining.
Some rural areas in China are popular with bitcoin miners, mainly due to low electricity prices and the offer of vacant land for server locations. The country also has a relatively easy connection to specialized hardware manufacturers.

Bitcoin mining requires the enormous power of computers, which have to calculate complex mathematical problems, for which the miner receives a share of coins. And these computers need a lot of electricity.
Worldwide, 128.84 terrawatt-hours (TWh) of energy is currently consumed annually to extract bitcoins. This is more than the consumption of countries such as Ukraine or Argentina.

The study was prepared by academics from the University of the Chinese Academy of Sciences, the Qinghua University in Beijing, Cornell University in the United States and the British University of Surrey. It was published in the journal Nature Communications.
Looking to the future

If the state does not intervene, according to the study, electricity consumption for the bitcoin industry in China should peak in 2024, when it will be 296.59 TWh. This is more than the total consumption of countries such as Italy and Saudi Arabia in 2016.

That is, countries that finished in 12th place in the ranking of the largest consumers of electricity. This electricity consumption corresponds to emissions of 130.5 million tonnes of carbon per year. This is more than the production of greenhouse gases in 2016 in the Czech Republic and Qatar.

China’s Inner Mongolia region said last month that it plans to ban new cryptocurrency mining projects and halt current activities to reduce energy consumption. The region is located in the north of the country and in 2019 did not meet the energy consumption target set by the central government, for which Beijing reprimanded it.
A possible solution

In response, the region presented plans to reduce energy consumption, which include the completion of existing cryptocurrency projects by April this year and the non-approval of others, CNBC reported.

Interest in bitcoin mining is aroused by their attractive price. Last April, the value of bitcoin was about 7,000 USD, while this year in March it was already 60,000 USD. However, the price is very volatile and subject to significant fluctuations.

Israel will issue its crypto currency as a response to bitcoin

The electronic shekel should become an aid to the existing monetary unit of Israel

The financial authorities of Israel are considering the issue of creating an alternative to bitcoin – its own crypto currency. Formally, the electronic sheqel will be used as an alternative to the cash currency of Israel, although the technology for blocking will most likely be used as the basis for its emission. This will mean that in the Middle East, de facto one of the states will issue its own crypto currency. A feature of the circulation of electronic shekels may be that transactions involving its participation will occur without the participation of banks. Continue reading

Pros and cons of investing in “mining” bitcoins

Pros and cons of investing in mining bitcoinsHow correctly to mine digital coins and why is it more profitable to earn crypto money than to buy?

Cryptoeconomy is on take-off: if in mid-2016 the sector of crypto-currency was estimated at $ 285 million, then in December 2017, the capitalization of this market overcame the barrier of $ 600 billion (given by CoinMarketCap).

In the wake of information populism, massive advertising in social networks and media, an ordinary private investor feels like a guest on someone else’s holiday: everyone advises not to miss the moment and invest in the crypto industry, but nobody knows how to do it correctly. The market still has an acute lack of information to make informed investment decisions. Continue reading

The bitcoine rate is growing

The bitcoine rate is growing after a drop of almost 27 percent last week, as it follows from the bidding data.
Experts told whether bitcoin will be able to replace gold
According to the information from the portal CoinMarketCap, the most popular crypto currency in the world went up by 12.09 percent – up to 16.77 thousand dollars. At the Bitfinex exchange, the bitcoin price increased by 11.77 percent, to 16.35 thousand dollars, on the GDAX – by 4.08 percent, to 16.43 thousand dollars. According to the Coindesk website, the rate rose by 4.24 percent, to 16.41 thousand dollars.
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“They are good and useless” – the co-founder of Bitcoin.com sold his bitcoins

The Swedish businessman did not specify how much he had crypto currency and at what price he sold it
Co-founder and technical director of Bitcoin.com, one of the most famous profile sites on Bitcoin.com crypto, Emil Oldenburg said that he sold all his savings in bitcoins. According to him, investing in bitcoin is risky, because it is “as good as useless.”

A Swedish entrepreneur who has been living in Tokyo for the past three years has not specified how many bitcoins he had when he sold them and how much he had saved. At the same time, he criticized bitcoin, calling investments in it “the riskiest investments that can be made.” Continue reading