The Merge, which is considered one of the most significant blockchain upgrades on Ethereum (ETH) to date, brought down the network’s energy consumption by 99.9% immediately. On Sept. 15, the Ethereum blockchain migrated from proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism in an effort to transition into a green blockchain. What followed was an immediate and steep drop in total energy consumption of the Ethereum network. Before the Merge upgrade, in 2022, the energy consumption of Ethereum ranged between 46.31 terawatt hour (TWh) per year to 93.98 TWh per year. The lowest energy consumption for Ethereum was recorded on …

The Bitcoin mining industry continues to face a challenging year as the price of Bitcoin (BTC) hovers below $20,000, coupled with rising energy costs in North America and Europe. Regulators have also recently started clamping down on crypto mining, as a recent report from the Bitcoin Mining Council (BMC) found that Bitcoin has seen a 41% increase in energy consumption year-on-year (YoY). As a result, a number of crypto mining companies have been forced to sell off equipment, while others have filed for bankruptcy. Yet, this hasn’t been the case for some miners, particularly those focused on clean energy solutions …

Crypto lender Celsius Network's legal journey has gained another chapter as Bitcoin miner Core Scientific accused the company of refusing to pay its bills since filing for chapter 11 bankruptcy, according to court papers filed on Oct. 19. Core Scientific, which is one of the largest publicly-traded crypto companies, claims the default on payments is threatening its financial stability, already hurt by crypto winter and high energy costs. In the court filings, Celsius alleges that Core Scientific delayed mining rig deployment and supplied them with less power than required under their contract. Celsius is reportedly seeking a court order holding …

The Bitcoin (BTC) bashing has continued unabated even in the depths of a bear market with more research questioning its energy usage and impact on the environment. The latest paper by researchers at the department of economics at the University of New Mexico, published on Sept. 29, alleges that from a climate-damage perspective, Bitcoin operates more like “digital crude” than “digital gold.” The research attempts to estimate the energy-related climate damage caused by proof-of-work Bitcoin mining and make comparisons to other industries. It alleges that between 2016 and 2021, on average each $1 in BTC market value created was responsible …

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 …

Blockchain is no longer a buzzword being thrown around by mainstream institutions as meaningful and fully-working pilots and programs come to the fore at Blockchain Expo Europe 2022 in Amsterdam. Before the Covid-19 pandemic, a number of mainstream companies from various industries started to explore ways blockchain technology could be used to improve processes and products. After two years of social distancing and working from home, the time to harvest the fruits of sewn seeds has arrived, as evidenced by some intriguing updates from major corporations utilizing blockchain technology. The world of business consulting, healthcare and pharmaceuticals and the energy …

Ahead of Ethereum's (ETH) transition to proof-of-stake, Bitcoin (BTC) maxi Michael Saylor has come out swinging against what he says is "misinformation and propaganda" about the environmental impacts around proof of work (PoW) BTC Mining. The MicroStrategy executive chairman, who recently stepped down as CEO, shared a lengthy post on his Twitter account on Sept. 14, detailing seven of his "high level thoughts” on BTC mining and its impact on the environment. Given the sheer volume of misinformation & propaganda circulating lately, I thought it important to share the truth regarding #Bitcoin Mining and the Environment.https://t.co/CRkayFwDsj — Michael Saylor⚡️ (@saylor) …

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 …

August marks the ninth consecutive month of rising inflation for the Eurozone at 9.1%. In July, the official inflation numbers landed at 8.9%. The Eurozone consists of 19 countries, including Germany, France and Belgium. This comes as the European Union (EU) faces a massive energy and gas crisis, largely as a result of the ongoing conflict in Ukraine. Current prices for daily necessities such as food, gas and electricity have soared across the continent. Over the last month energy prices made up the largest price push, up by an annual rate of 38.3%. While food, alcohol, and tobacco all rose …

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 …

Bitcoin is likely to transition from a risk-on to a risk-off asset in the second half of 2022, as the macroeconomic environment is rapidly shifting towards a recession, said Mike McGlone, senior commodity strategist at Bloomberg, in a recent interview with Cointelegraph. McGlone predicted: “ I see it transitioning to be more of a risk-off asset like bonds and gold, then less of a risk-on asset like the stock market.” According to the analyst, the crypto market has flushed out most of the speculative excesses that marked 2021 and it is now ripe for a fresh rally. McGlone also pointed …