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Wednesday, 19 December 21:03 (GMT -05:00)



Business And Politics News

Will Bitcoin Mining Leave the World without Electricity?


It seems like people have been obsessed with cryptocurrencies. While loading up on them like crazy, they seem to have forgotten that everything has a price. When it comes to mining cryptocurrencies, this is all about the growing deficit of electricity. The thing is that all those mining farms consume tons of energy. Maintaining that cryptocurrency infrastructure is rather energy-consuming as well since all of that requires really powerful and capacious hardware, which consumes big amounts of electricity.
 
On top of that, once every 2 weeks all of those coins need to be hashed to back the complexity of creating a block inside the blockchain. This is expressed by the number of zeros at the beginning of the hash. The more of them there are, the safer the encryption. The cryptocurrency algorithm adds those zeros each 10 minutes for the new block. The more complicated the hashing process, the bigger effort is required to create a new block.
 

 

The Bitcoin Energy Consumption Index indicates that mining currently consumes 29,05 Terawatt-hour annually. It seems like a small figure – just 0,13% of the global energy consumption. However, if we take isolated countries, the mining energy consumption is bigger than the one in 159 countries around the globe! If the Bitcoin mining community were a country, they would be number 61 out of more than 200 countries of the world.

 

International experts give us some other impressive figures to think about:
 
Today's Bitcoin mining expenses exceed 1,5 billion dollars a year. For the sake of comparison, the annual earnings form mining Bitcoin is 7,2 billion dollars. So, miningisstillaveryprofitablebusiness.

 


Bitcoin mining consumes more than 12 states of the United States.;

If the pace at which Bitcoin mining has been growing for years will persist, the parity between the mining electricity consumption and the consumption of electricity for industrial needs, infrastructure and households will be reached by the UK and the USA in October 2018 and July 2019 respectively. The same figure for the entire world is expected to be reached by February 2020.

 

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USA Strikes Iran Again

As you probably know, a couple of weeks ago, the United States imposed a new round of sanctions on Iran. International experts say that the package includes 700 new points, including an embargo on the import of crude oil from Iran. It's interesting to note that the sanctions will touch upon some other states as well. Some temporary exception are said to have been maid for 8 partners of the USA.
Publication date: 29 November 12:04 PM

Trump Offers Putin to Compete for Multi-Polar World, Eggert Says

According to Konstantin Eggert, a Russian journalist writing for Deutsche Welle, Donald Trump is offering his Vladimir Putin to compete for a multi-polar world, but on American terms. In particular, he highlights the fact that many international experts started panicking when finding out that the USA had withdrawn from the missile control treaty with Russia. They say that this is the end of the strategic partnership between the United States ans Russia and the disruption of the nuclear arms control system created decades ago.

Publication date: 29 November 11:07 AM

The world is on the verge of another global race

International experts are commenting on the events taking place over the last few years. In particular, President and CEO of Atlantic Council Frederik Kempe believes that we are nearing another race between the world's biggest superpowers.
Publication date: 07 November 09:02 AM

Trump Wants More Control Over the Fed Since It's Too Independent

Donald Trump seems to have confirmed his authoritarian style of governing the state. If he has his way, he would probably turn himself into a king instead of a president. What are the reasons to think this way about the American president?

Publication date: 31 October 11:46 AM

Google Introduces Home Hub for $149

Google Corporation has released a couple of new devices, including several smartphone and a display named Home Hub. For those of you who don't know, Home Hub was introduced a couple of days after Facebook launched its first gadget - a smart screen. This device is designed to consume audio and video content from certain resources. It support voice control and is adjusted to the user's location. So, what is so special about Google Home Hub?

Publication date: 31 October 10:16 AM

New Sanctions May Drop Russian GDP

International experts are convinced that the near-term prospects of the Russian economy depend heavily on whether the USA expand the anti-Russian sanctions. They say the worst-case scenario is a 2.5% GDP drop.
Publication date: 29 October 11:14 AM

Russian Stocks Go Down Along With American Indexes

 Not so long ago, Russian stocks started going down in value. International experts say that this downtrend was mostly caused by external reasons. In particular, Russia's bigest stock index showed the biggest bearish move since April 2018. Back then, the Russian stock market used to be rather volatile because of the anti-Russian sanctions imposed on Russia by the United States.


Publication date: 28 October 11:49 AM

Crude Oil Prices May Reach $100/b

Ever since the United States imposed new sanctions on Iran, other oil exporters have been trying to make up for the decline in the international oil supply. Some experts are now predicting a strong trend all the way up to $100 per barrel. 

Publication date: 25 September 11:51 AM

New Anti-Russian Sanctions Will Slow Russian Economy Down, Kudrin Says

The new package of anti-Russian sanctions is expected ot be imposed by the United States in November. Apparently, this is not expected to become a disaster ofr the Russian economy, but it still may slow down the economic growth in Russia as well as the the flow of foreign investments to the country. This is what ex-Finance Minister of Russia Alexey Kudrin thinks on the matter.

Publication date: 19 September 12:10 PM

Cryptomarket Quickly Recovered From the SEC's Decision

The global market of cryptocurrencies quickly recovered from the downtrend after the SEC decided to ban the creation of Bitcoin ETFs.

Publication date: 24 August 10:00 AM