Heroes of Ukraine

«Market Leader» - news and previews making you rich.

Friday, 23 August 00:41 (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.

 

You are free to discuss this article here:   forum for traders and investors

 

Add to blog
Got a question? – Ask it here »
 

Fed Cuts Key Interest Rate For The First Time In 10 Years

The U.S. Federal Reserve is reported to have cut the key interest rate, which is something really outstanding since the Fed has done it for the first time since 2009.

Publication date: 11 August 03:05 AM

New Prime Minister Names Brexit Date

It seem that the new Prime Minister of the United Kingdom is really determined about everything related to the Brexit. The process is expected to start in later 2019. Boris Johnson's standpoint on the matter didn't come as a surprise to the international expert community, Market Leader reports. The thing is, he has been well-known for being an advocate ad big supporter of quitting the European Union in general, and doing so without a major agreement in particular, which is also known as the hard Brexit scenario. 

Publication date: 07 August 06:54 AM

Johnson Launches Hard Brexit Ad Campaign

Boris Johnson, who has recently been appointed new UK Prime Minister, is on his way to launch an ad campaign to promote the idea of quitting the EU the hard way, which is also known as the hard Brexit. For those of you who don't know, the hard Brexit scenario implies quitting the European Union without signing a major agreement.

Publication date: 31 July 11:43 AM

U.S-China Trade War Is Sponsored By Consumers

According to the IMF, consumers and producers are the biggest losers in the trade war between the United States and China. Despite growing duties, American companies are not in a hurry to move their production back to the USA.

Publication date: 12 July 01:19 AM

US-China Trade Conflict May Trigger Another Global Financial Crisis

Beijing and Washington are one step away from escalating their trade conflict. The confrontation may harm the entire global economy. Some experts belive that the trade war may also trigger another global financial crisis. At this point, the parties seem to have come to a standstill, which is why the chances of the conflict escalating into a move severe trade war are still growing.

Publication date: 18 June 10:18 AM

WTO Lowers Global Trade Growth Forecast

 WTO experts are reported to have revised their forecast for the pace of global trade growth. The renewed forecast names figures below the previous ones - 2,6% against 3,7%. It's also interesting to note that the previous forecast for 2018 failed to match the actual figures.

 
Publication date: 19 May 02:58 AM

How to Protect Investment Capital in 2019?

Existing political and economic risks are pushing international investors into thinking about the security of their investment capital. Chasing big profits becomes secondary to this kind of security.

Publication date: 31 March 11:26 AM

EU Comes Up With Workaround to US Sanctions

The representatives of Germany, France, and the UK have registered a company to let it trade with Iran despite the US sanctions. The company still needs to be approved by 28 EU members.

Publication date: 31 March 02:33 AM

Beijing and Washington are getting ready for the final talks

Publication date: 17 February 08:58 AM

US-China Trade War Reaches Next Level

Washington and Beijing have announced a new round of talks. International experts say that the trade war is indeed going to a whole new level.
Publication date: 08 January 10:17 AM