The ever-raging debate around Bitcoin’s energy consumption has been re-ignited, with founding member of Ethereum Anthony Donofrio claiming that Bitcoin is using “way too much” energy. According to figures from Digiconomist, Bitcoin (BTC) currently uses 0.82% of the world’s power while Ethereum (ETH) uses 0.34%. Ethereum researcher Justin Drake posted the figures to his 56,000 followers that Donofrio retweeted, stating: If bitcoin is really using nearly 1% of the energy on earth that is way too much for a pet rock. https://t.co/CDL32jk5FF — Texture, PhD (@iamtexture) June 9, 2022 Ethereum proponents are attempting to take shots at Bitcoin while simultaneously …

Two Bitcoin miners have told Cointelegraph that if the bill banning proof-of-work (PoW) mining for two years in New York becomes law, it would end up triggering an exodus of mining companies from the state and do little to address the intended goals of the moratorium. GEM Mining CEO John Warren told Cointelegraph on Wednesday that he and other miners now view New York as an unfriendly place where they likely would not want to open up shop: “Miners won’t consider going there after the ban became part of the discussion.” Environmental sustainability has been at the heart of the …

New York Governor Kathy Hochul has yet to publicly commit to signing a controversial bill that would ban proof-of-work (PoW) crypto mining, instead noting that her team will be looking “very closely” at the proposal over the next few months. If she signs the bill into law, PoW crypto mining operations backed by fossil fuels would no longer be able to set up shop or renew existing licenses in the state of New York. Under the new regulations, only PoW operations backed 100% by renewable energy would be able to operate. The New York State Senate passed the bill on …

While Kazakhstan’s government is catching up with the tremendous volume of crypto mining in the country by introducing new taxes and regulations, the local central bank intends to explore the possibilities that crypto offers. During the press conference held on Tuesday, the chairman of the Kazakhstan National Bank, Galymzhan Pirmatov, stated that the nation aims to extract the profit from technologies the cryptocurrency market could provide. He emphasized the attractiveness of innovations and made reservations about the risks to macroeconomic stability. The official doesn’t think that the bank is late to the game: “I don’t think that the National Bank …

The “long waves” of TerraUSD’s May 7 collapse, which we noted two newsletters ago, are extending even further. Last week brought some notable reactions to the stablecoin’s depegging in the East Asia region. A Chinese state-owned media outlet, the Economic Daily has signaled that the Chinese government may introduce even tighter regulations on cryptocurrencies and stablecoins due to the collapse of the Terra ecosystem. It might even mean a complete ban on stablecoins to prohibit ownership, transfer, purchase and sale of the assets, some experts believe. What China plans, Japan does — as a new law will limit the issuance …

The bull market euphoria that carried prices to new highs throughout 2021 has given way to bear market doldrums for any Bitcoin (BTC) buyer who made a purchase since Jan. 1, 2021. Data from Glassnode shows these buyers "are now underwater" and the market is gearing up for a final capitulation event. As seen in the graphic above, the NUPL, a metric tha is a measure of the overall unrealized profit and loss of the network as a proportion of the market cap, indicates that “less than 25% of the market cap is held in profit,” which “resembles a market …

Bitcoin (BTC) has been unable to close above $32,000 for the past 28 days, frustrating bulls and pushing the Fear and Greed index to bearish levels below 10. Even with June 6’s small boost, the tech-heavy Nasdaq stock market index is down 24% year-to-date. Investors who keep a close eye on regulatory development were possibly scared after New York state made clear its intention to regulate the crypto industry, including Bitcoin mining. On June 2, New York Attorney General Attorney Letitia James issued an investor alert against "risky cryptocurrency investments," citing the assets' volatility. According to Cointelegraph, the attorney general …

To understand technology adoption, users are encouraged to reflect on history. Looking back at the worldwide web in the mid-1990s, two factors became the lead-up to the world going digital. The first was the ability for users to understand the problems the internet could solve, and the second was the ease at which the mass market felt their transition from the old to the new was supported. Under these two factors, the world saw the internet go from a promising opportunity to the foundation of society and business today. In many respects, blockchain has demonstrated many similarities to the path …

As the state of New York pushes forward a bill that will ban proof-of-work (PoW) mining once approved, members of the crypto community express their disagreement through social media. In a Twitter thread, Jake Chervinsky, the head of policy at Blockchain Association, explained that the move will not “reduce carbon emissions” at all. According to Chervinsky, a mining ban will only push miners away from New York to build in other areas where the state has no influence over them. Chervinsky hopes that New York Governor Kathy Hochul will veto the bill “for the sake of New York." The lawyer …

Bitcoin (BTC) starts a new week with some fresh hope for hodlers after halting what has been the longest weekly downtrend in its history. After battling for support throughout the weekend, BTC/USD ultimately found its footing to close out the week at $29,900 — $450 higher than last Sunday. The bullish momentum did not stop there, with the pair climbing through the night into June 6 to reach multi-day highs. The price action provides some long-awaited relief to bulls, but Bitcoin is far from out of the woods at the start of what promises to be an interesting trading week. …

As New York pursues efforts to ban proof-of-work (PoW) crypto mining, the attorney general reminded investors of the risks associated with investing in crypto. In an investor alert published Thursday, New York Attorney General Letitia James said that investors are “losing billions” in crypto. James highlighted that even digital assets that are well-known and traded in reputable exchanges can crash. Because of this, the attorney general is convinced that crypto investments create “more pain than gain” for investors. Apart from this, James urged New Yorkers to take extra caution when putting their money into crypto. Because of its volatility, the …

As the heated up discussion around the ethical aspects of using fossil fuels in crypto mining remains one of the key topics for the industry, an unexpected partnership between a Denver-based mining company and the government of a gas-rich Middle Eastern country sets a horizon for a positive role of crypto in cutting the fossil fuels waste. On Wednesday, June 1, Bloomberg reported that Crusoe Energy, an operator repurposing wasted fuel energy to the computational power of crypto mining, would start its work in Oman, a nation that exports 21% of its gas production and seeks zero gas flaring by …