#CryptoCorner: No Price Bump for #Bitcoin Following Consensus Conference, Ukraine to Legislate for #Crypto and Research Reveals Bitcoin Mining Could Consume 0.5% of World’s Electricity by 2019
#CryptoCorner: No Price Bump for #Bitcoin Following
Consensus Conference, Ukraine to Legislate for #Crypto and Research Reveals
Bitcoin Mining Could Consume 0.5% of World’s Electricity by 2019
Point Roberts, WA, Delta BC – May 17, 2018 - Investorideas.com, a leader in crypto and
blockchain investing news reports on what’s driving the cryptocurrency markets
with today’s edition of Crypto Corner.
Read this in full at http://www.investorideas.com/news/2018/crypto-corner/05171PriceUkraineMining.asp
No Price Bump for Bitcoin Following Consensus Conference, Ukraine to
Legislate for Crypto and Research Reveals Bitcoin Mining Could Consume 0.5% of
World’s Electricity by 2019
The world’s largest Bitcoin conference, Consensus
2018, ended yesterday, but failed to result in the price rally that many expected. Bitcoin (BTC) was trading as high as $8880 USD on May 14, the first
day of Consensus, but is today trading at about $8340 USD according to CoinMarketCap.
The Consensus conference attracted 8500 attendees
according to Forbes. Twitter
and Square CEO Jack Dorsey gave the headline talk yesterday, in which he
championed cryptocurrency without endorsing bitcoin specifically.
"I'm just
approaching with the principle that the Internet deserves a native currency. It
will have a native currency. I don't know if it will be Bitcoin."
Ukrainian
Member of Parliament Oleksiy Mushak posted on Facebook that Ukraine
is drafting legislation for cryptocurrencies. The post linked to a Google Document which people
were encouraged to edit. Mushak said in
a rough translation:
“Below drafts
a bill on general regulation of this market.This is the work of many people and
meetings.There are still many nuances left.The final version will be ready in
two weeks.Please comment and edit.Thoughts from market practitioners are
especially important.”
According to Science Daily, Bitcoin
mining is estimated to consume half a percent of the world’s electricity by the
end of the year. The piece cites research done in the journal Joule by “financial economist and
blockchain specialist Alex De Vries:
“His
estimates, based in economics, put the minimum current usage of the Bitcoin
network at 2.55 gigawatts, which means it uses almost as much electricity as
Ireland. A single transaction uses as much electricity as an average household
in the Netherlands uses in a month. By the end of this year, he predicts the
network could be using as much as 7.7 gigawatts -- as much as Austria and half
of a percent of the world's total consumption. "To me, half a percent is
already quite shocking. It's an extreme difference compared to the regular
financial system, and this increasing electricity demand is definitely not
going to help us reach our climate goals," he says. If the price of
Bitcoin continues to increase the way some experts have predicted, de Vries believes
the network could someday consume 5% of the world's electricity. "That
would be quite bad."”
Sam Mowers, Investorideas.com
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