..

Bitcoin Network Now Consumes 7 Nuclear Plants Worth of Power

Written by:
Aaron Goldstein
Published on:
Aug/25/2020

Bitcoin’s processing power has touched all-time highs in 2020. Moreover, the gigawatts of electrical consumption powering industrial bitcoin mining today consumes as much as seven nuclear power plants.

The Bitcoin Network Now Consumes 7 Nuclear Plants Worth of Power - Bitcoin mining is a process where groups of miners compete in order to capture as many block rewards as they can. Bitcoin miners essentially plug machines into the wall that consume electricity in order to hash away at the Bitcoin network’s consensus algorithm so they can outpace competitors. Hashrate is how analysts measure the amount of computing power dedicated to the blockchain network.

Collectively the aggregate total of all the bitcoin miners combined makes up the total amount of hashrate dedicated to the blockchain. Today the Bitcoin (BTC) network hashrate is around 120 exahash per second (EH/s).

Next Step in the Evolution of Money? -The IMF tweeted a video explaining what cryptocurrency is on Sunday that instantly went viral. Referring to cryptocurrency as “a special currency,” the two-minute video attempts to outline its benefits in payments, such as by removing middlemen, lowering costs, and increasing transaction speed. It also warns of what it sees as risks, such as anonymity and volatility. The video has garnered more than 523K views at the time of writing; it has been retweeted 5.5K times, liked 8.2K times, and received 807 comments. The video ends with:

"If we can counter the risks, then this new technology or some variation of it can completely change the way we sell, buy, save, invest, and pay our bills. And who knows, this could be the next step in the evolution of money."

Bitcoin is on Target to hit $288K as US Money Velocity Collapses in Q2 - In a blog post on Aug. 25, Jeroen Blokland, portfolio manager at asset manager Robeco, noted that U.S. M2 money velocity had hit historic lows.

“Theoretically, the velocity of money rises when economic activity increases,” Blokland wrote. 

“While the sudden economic stop obviously resulted in much lower economic activity, the sharp decline also suggests there is just too much money to spend. A quick look at central bank balance sheets confirms this.”

- Aaron Goldstein, Gambling911.com

Business/Financial News

Bitcoin Beat: BTC Nosedives, April 20 ‘Doge Day’?

Bitcoin Beat: BTC Nosedives, April 20 ‘Doge Day’?

Plus Calvin Ayre talks Bitcoin SV and why it is the most valuable blockchain network.

The Bitcoin White Paper: Combining and Splitting Value and Privacy

The Bitcoin White Paper: Combining and Splitting Value and Privacy

Dr. Craig S. Wright and Ryan X. Charles continue the video discussions in a series exploring the Bitcoin White Paper line-by-line. The next section tackles the principles of combining and splitting value as well as looking at how privacy relates to Bitcoin.

Coinbase Goes Public, Exposure to Regulatory Danger?

Coinbase Goes Public, Exposure to Regulatory Danger?

Coinbase is making its initial public offering of stock April 14 and this has helped push the price of Bitcoin up to near $64,000 as of Wednesday morning.

Sudan Embraces the Blockchain, Arizona One Step Closer to Sports Betting

Sudan Embraces the Blockchain, Arizona One Step Closer to Sports Betting

The Bitcoin Association and the BSV delegation was welcome by the Sudan government last week in an effort to implement blockchain technology and this week Arizona was well on its way to becoming the next US state to legalize sports betting with only the Governor's signature needed.

Lawsuit Filed Against Dr. Craig Wright "Father of Bitcoin": Not Author of White Paper?

Suit Filed Against Craig Wright "Father of Bitcoin": Not Author of White Paper?

Suit seeks to prove Wright is NOT the rightful founder of Bitcoin, but some would argue we will know otherwise in due time.

Syndicate