Latest Bitcoin news

  • Ted Cruz: ‘I want Texas to be the oasis on planet Earth for bitcoin and crypto’

    "I think a central bank digital currency is a horrific idea. I think it is a very dangerous idea," said Cruz. The post Ted Cruz: ‘I want Texas to be the oasis on planet Earth for bitcoin and crypto’ appeared first on The Block.

  • Bitcoin, Ethereum, Dogecoin Drop As Crypto Sentiment Hits 'Rock Bottom' — Do 'Weak Hands' Present Opportunities?
  • Bitcoin mining stock report: Monday, May 23

    Here's how crypto mining companies performed on Monday, May 23. The post Bitcoin mining stock report: Monday, May 23 appeared first on The Block.

  • Bitcoin Rallies to $30K – Will the Bear Markets End Sooner?
  • French Luxury Brand Balenciaga to Accept Bitcoin, Ethereum as Payment

    The luxury fashion brand is also privately designing a long-term metaverse business strategy.

  • Gold Production Releases Five Times More Greenhouse Gases Into The Air Than Bitcoin Mining

    If you were to ask 100 people what is worse for the environment, Gold or Bitcoin, I would not be surprised if the majority said Bitcoin. However, they would be very wrong.  Bitcoin and the energy crisis A global campaign against Bitcoin appears to be focused on its likely impact on global warming. Greenpeace, for example, has created a campaign to petition for the changing of Bitcoin's code with their website, "clean up Bitcoin." The World Economic Forum shared a similar video in solidarity with the cause. However, neither of these organizations has submitted a Bitcoin (CRYPTO: BTC) Improvement Proposal (BIP) to action their campaign. Anyone on the planet can suggest changes to Bitcoin's code and submit it for approval by the committee. No evil lair or secret society needs to be infiltrated to change Bitcoin. All that is required is presenting a simple proposition, and you can be a part of "improving Bitcoin." The fact that this has not happened may suggest no real goal for campaigns such as these. The goal is in the publicity of the message itself. Bitcoin "fuels the energy crisis," according to Greenpeace. However, what does this mean? Let's look into some of the data behind the argument that Bitcoin is a significant contributor to the downfall of our climate.  To mine Bitcoin, you need specialized ASIC miners who use, on average, around 3KWh of energy. This is about two electric kettles or one medium-sized electric heater. The Bitcoin miner runs at this rate 24/7, and for over a year, a single, modern miner of this size could mine around 0.16 BTC or around $4,700 at the current price. However, this does not account for the cost of the electricity to run the miner. When the electricity cost is factored in, using an average price of $0.12KWh, the profit drops to just $1,500. The miner is still profitable, but it costs the owner around $3,200 in additional utilities. Owning a small Bitcoin farm of 5 units would cost around $16,000 per year in electricity costs alone. In a world where most adults have been brought up being told to make sure you turn the light switch off when you leave a room, it is no wonder that this appears like a tremendous waste of energy. It is undoubtedly a vast use of power but is it a waste? And does it contribute to greenhouse gases? Bitcoin mining emissions Bitcoin mining is not extremely common in non-commercial scenarios in 2022. Companies with direct links to power generation can mine Bitcoin at a much lower cost per KW, and thus most mining is done through mining companies such as Hut8, Riot Blockchain and Marathon. Several of these companies are a part of the Bitcoin Mining Council, which, earlier this year, released a report that indicated over 58% of Bitcoin mining uses renewable energy. Assuming that the other 42% is all mined using natural gas power plants would equate to roughly 23 megatons of carbon dioxide being released into the atmosphere each year. That is the equivalent of 23 million VW beetles or 230 thousand fully occupied coaches. At the current rate of global emissions, this makes up 0.07% of CO2 released into the atmosphere. While 23 million cars may seem like a lot, global emissions total 31,500 megatons disturbingly. Gold and greenhouse gas emissions Gold, however, releases 100 megatons of CO2 annually, which is over five times the amount associated with Bitcoin. Further, there is a direct link between greenhouse gas emissions and gold mining. Over 1 ton of CO2 is created for each ounce of gold produced. Gold production results in wasteful CO2 as a direct output of the production process. Bitcoin, however, only has an indirect link to any greenhouse gas emission at all. Bitcoin uses electricity, which, when generated by natural gas, results in CO2 emissions. Bitcoin mining is no different from running a traditional server farm similar to Amazon, Google, or Microsoft. The mining of Bitcoin itself generates zero greenhouse gases. If Bitcoin moved to 100% renewable energy sources for its electricity supply, it would be the cleanest form of currency production. No other currency has ever had a direct correlation between energy and money supply. There is no waste creation in the mining of Bitcoin in any sense. Bitcoin is close to 100% efficient in generating its money supply. Neither gold nor fiat can even come close.  © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

    Benzinga

    12h

  • Bitcoin Whale Moves 1,563 BTC Off Coinbase

    What happened: A Bitcoin (CRYPTO: BTC) whale just sent $45,870,395 worth of Bitcoin off Coinbase. The BTC address associated with this transaction has been identified as: 3PQ4M1vitNx3vh9pDFEWjoqwQKLaHQB7xn. Why it matters: Bitcoin "Whales" (investors who own $10 million or more in BTC) typically send cryptocurrency from exchanges when planning to hold their investments for an extended period of time. Storing large amounts of money on an exchange presents an additional risk of theft, as exchange wallets are the most sought-after target for cryptocurrency hackers. The best way to secure Bitcoin is through holding it on a hardware wallet, which can't be done through holding digital assets on an exchange. Hardware wallets store one's private keys in an offline device, making it impossible for funds to be hacked via the internet. According to Glassnode, only 13.21% of the total supply remains liquid across all centralized exchanges. The removal of BTC from an exchange reduces potential sell side pressure, allowing the price of Bitcoin to increase more easily. See Also: Best Crypto Apps 2021 and Best Crypto Portfolio Trackers Price Action: Bitcoin is up 1% in the past 24 hours. See Also: How To Buy Bitcoin Public Blockchain data sourced from Whale Alerts Twitter. This article was generated by Benzinga's automated content engine and reviewed by an editor. © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

    Benzinga

    13h

  • Bitcoin Whale Moves 1,994 BTC Off Coinbase

    What happened: A Bitcoin (CRYPTO: BTC) whale just sent $60,525,993 worth of Bitcoin off Coinbase. The BTC address associated with this transaction has been identified as: bc1qrhp463dnymzqek0v9d3q6t3m3y426w3y7h6y3u. Why it matters: Bitcoin "Whales" (investors who own $10 million or more in BTC) typically send cryptocurrency from exchanges when planning to hold their investments for an extended period of time. Storing large amounts of money on an exchange presents an additional risk of theft, as exchange wallets are the most sought-after target for cryptocurrency hackers. The best way to secure Bitcoin is through holding it on a hardware wallet, which can't be done through holding digital assets on an exchange. Hardware wallets store one's private keys in an offline device, making it impossible for funds to be hacked via the internet. According to Glassnode, only 13.21% of the total supply remains liquid across all centralized exchanges. The removal of BTC from an exchange reduces potential sell side pressure, allowing the price of Bitcoin to increase more easily. See Also: Best Crypto Apps 2021 and Best Crypto Portfolio Trackers Price Action: Bitcoin is up 1% in the past 24 hours. See Also: How To Buy Bitcoin Public Blockchain data sourced from Whale Alerts Twitter. This article was generated by Benzinga's automated content engine and reviewed by an editor. © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

    Benzinga

    13h

  • Bitcoin Whale Just Transferred $66M Worth of BTC Onto Coinbase

    What happened: An anonymous cryptocurrency wallet holding $66,776,766 of Bitcoin (CRYPTO: BTC) just transferred their funds onto Coinbase. The bitcoin wallet address tied to this transfer has been identified as: 1EGQvGCbzQRwP89DooJWM82i1uF2SAWvx1 You can view more details about the transaction here. Why it matters: Cryptocurrency transfers from wallets to exchanges is typically a bearish signal. Most high networth cryptocurrency traders hold their funds on a hardware wallet, as these devices offer better security than cryptocurrency exchanges. Hardware wallets store investors' private keys offline, securing their digital assets from online hacks. When whales transfer bitcoin onto an exchange, this typically means they are looking for liquidity. It's unlikely that the investor plans to hold their crypto on Coinbase, as the security risks of holding large amounts of cryptocurrency on an exchange are higher than holding these assets in a hardware wallet. It's likely that this Bitcoin whale is planning either on selling Bitcoin or trading it for other altcoins. Price Action: Bitcoin is up 1% in the past 24 hours. See Also: How To Buy Bitcoin Public Blockchain data sourced from Whale Alerts Twitter. This article was generated by Benzinga's automated content engine and reviewed by an editor. © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

    Benzinga

    13h

  • Bitcoin Whale Moves 2,458 BTC Off Coinbase

    What happened: A Bitcoin (CRYPTO: BTC) whale just sent $70,911,489 worth of Bitcoin off Coinbase. The BTC address associated with this transaction has been identified as: 1JFTLk4hAFw3b8gdE7iwBFddrg2AMczXY2. Why it matters: Bitcoin "Whales" (investors who own $10 million or more in BTC) typically send cryptocurrency from exchanges when planning to hold their investments for an extended period of time. Storing large amounts of money on an exchange presents an additional risk of theft, as exchange wallets are the most sought-after target for cryptocurrency hackers. The best way to secure Bitcoin is through holding it on a hardware wallet, which can't be done through holding digital assets on an exchange. Hardware wallets store one's private keys in an offline device, making it impossible for funds to be hacked via the internet. According to Glassnode, only 13.21% of the total supply remains liquid across all centralized exchanges. The removal of BTC from an exchange reduces potential sell side pressure, allowing the price of Bitcoin to increase more easily. See Also: Best Crypto Apps 2021 and Best Crypto Portfolio Trackers Price Action: Bitcoin is up 1% in the past 24 hours. See Also: How To Buy Bitcoin Public Blockchain data sourced from Whale Alerts Twitter. This article was generated by Benzinga's automated content engine and reviewed by an editor. © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

    Benzinga

    13h

  • Will the US Take a Strong Stance on Bitcoin Regulation?

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