While Ethereum (ETH) fans are enthusiastic about the successful Merge, Swan Bitcoin CEO Cory Klippsten believes the upgrade will lead Ethereum into a “slow slide to irrelevance and eventual death.” According to Klippsten, the Ethereum community picked the wrong moment for detaching the protocol from its reliance on energy. As many parts of the world are experiencing severe energy shortages, he believed the environmental narrative is taking the back seat. In an exclusive interview with Cointelegraph, Klippsten said “I think the world is just waking up to reality and Ethereum just went way off into Fantasyland at the exact wrong …

$20,000 is no longer support. $100,000 didn’t happen. The Bitcoin halving is 562 days away. Bears simply refuse to release their vice grip on the market and the Federal Reserve’s policy of interest rate hikes and quantitative tightening is adding fuel to the fire. Despite these challenges, in a Sept. 15 Twitter Space hosted by Cointelegraph, Capriole Fund founder Charles Edwards explained why he is still bullish on Bitcoin. Edwards suggested that several on-chain metrics suggest that BTC is undervalued and he said: “I see incredible deep value and I kind of call it a trifecta and that we have …

Transitioning the Ethereum blockchain from proof-of-work to proof-of-stake has reduced its energy usage by more than 99% — and many climate activists have called for Bitcoin to follow suit. In a Thursday notice following the Merge, the United States-based Environmental Working Group, or EWG, announced it would be starting a $1-million campaign aimed at urging Bitcoin (BTC) to go green as opposed to using an “outdated protocol” like PoW. The announcement came amid environmental activity group Greenpeace launching a petition directly at Fidelity Investments to facilitate the transition to PoS. “Other cryptocurrency protocols have operated on efficient consensus mechanisms for …

Rostin Behnam, chair of the United States Commodity Futures Trading Commission, or CFTC, said the Ethereum blockchain’s transition to proof-of-stake may help reduce crypto’s energy usage, but hinted legislation would likely still be needed to address the problem. Speaking at a Thursday hearing before the Senate Agriculture Committee, Behnam addressed a question from Minnesota Senator Amy Klobuchar, who brought up the environmental impact of the “significant energy” required of mining cryptocurrencies. Without mentioning the Merge by name, the CFTC chair said the crypto bill currently being considered by lawmakers would require a report on energy usage that could lead to …

The Ethereum Merge is set to occur later today with the energy-efficiency focused transition expected to have a major impact on crypto investment and adoption, experts say. Speaking to Cointelegraph in the lead up to the Merge, StarkWare president and co-founder Eli Ben-Sasson noted that the Ethereum Merge will be the “first step in a process that will lead to exceedingly widespread adoption of Ethereum.” The immediate importance of the Merge is the dramatic effect on energy consumption. The Merge is expected to see Ethereum’s energy cut by 99.95% compared to its current Proof-of-Work (PoW) consensus mechanism, which requires large …

The flexibility behind running Bitcoin (BTC) mining operations can be vital to solving the real-world problems that stand in the way of the energy industry, suggests Arcane research. One of the biggest concerns authorities raise when it comes to Bitcoin’s mainstream adoption is its energy requirements. While innovations in chipset manufacturing have helped reduce operational costs related to Bitcoin mining, a report from Arcane reveals the market’s potential to transform the energy industry. Owing to low cost of reacting, Bitcoin mining complements the growth of wind and solar grids, which often produce unstable and non-controllable energy. Arcane research points out …

Paraguay's president, Mario Abdo Benítez, vetoed a bill that sought to recognize cryptocurrency mining as an industrial activity on Monday. He reasoned that mining's high electricity consumption could hinder the expansion of a sustainable national industry. The decree stated that crypto mining uses intensive capital with low manpower usage, and therefore would not generate added value on par with other industrial activities. Around the world, cryptocurrency is one of the largest job creators. The LinkedIn's Economic Graph shows that crypto and blockchain jobs listing rose 615% in 2021 compared to 2020 in the United States. In accordance with the bill's …

2022 has been an exceptionally rough year for the crypto market, and the last few months of Bitcoin’s (BTC) price action could be a sign that bears aren’t even close to being ready to let up. Crumbling crypto prices also equate to diminishing profits for Bitcoin miners and this week’s regulatory action by the United States lawmakers requesting energy consumption data from four major BTC mining companies is bound to exert a bit more pressure on an already fragile situation. Despite the increasingly bearish climate, most of the Bitcoin miners Cointelegraph has spoken to are incredibly optimistic about Bitcoin’s short …

Amid many cryptocurrency mining firms in Texas scaling down operations to reduce the load on the power grid, at least one company set up miners not quite as affected by the state’s energy requirements during extreme heat. In June, White Rock Management expanded its crypto mining operations to Texas — its first in the United States — but reported its facility in the Brazos Valley region would mine Bitcoin (BTC) using “environmentally responsible” methods. While the firm’s mining operations in Sweden used hydroelectric power, White Rock CEO Andy Long told Cointelegraph that its Texas facility was “off grid”, powered only …

The cost of mining one Bitcoin (BTC) has fallen to ten-month lows as mining hardware becomes more efficient, and difficulty has dropped 6.7% since its May peak. On Wednesday, strategists from JPMorgan led by Nikolaos Panigirtzoglou told investors that Bitcoin production costs have fallen to around $13,000 from $24,000 at the beginning of June. This is the lowest it has been since September 2021, according to the analysts citing a chart from Bitinfocharts, and comes as mining difficulty has fallen from its May highs of 31.25T to 29.15T. Lower Bitcoin production costs can potentially ease miner selling pressure and improve …

Your favorite trader is saying Bitcoin (BTC) bottomed. At the same time, the top on-chain indicators and analysts are citing the current price range as a “generational buy” opportunity. Meanwhile, various crypto and finance media recently reported that Bitcoin miners sending a mass of coins to exchanges are a sign that $17,600 was the capitulation move that pins the market bottom. There’s so much assurity from various anon and doxed analysts on Crypto Twitter, yet Bitcoin price is still in a clear downtrend, and the metrics don’t fully reflect that traders are buying every dip. A critical component of BTC …

Bitcoin (BTC) mining hardware and hosting company Compass Mining has lost one of its Maine-based hosting facilities after the owner, Dynamics Mining, terminated the hosting agreement between the two, claiming Compass failed to pay the required bills. Late on Sunday, Dynamics tweeted a letter on Twitter it sent to Compass Mining which stated as of June 14th, the hosting contract between the two was terminated. Dynamics alleged Compass has six late payments and three non-payments related to utility bills and hosting fees. Effective June 14th @compass_mining facility hosting agreement in Maine was terminated by @dynamics2k for failure to pay power …