One of China’s largest bitcoin mining regions, Inner Mongolia’s electricity generation comes largely from highly polluting coal-burning power plants. It accounts for about 8% of the total global bitcoin mining. Yet Beijing has been pushing for more renewable energy for years, as pollution levels grow.
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Is Bitcoin endangering the ‘green’ credentials of companies like Tesla?
Climate-conscious governments and activists are waking up to the fact that BTC is a power-hungry cryptocurrency, which could come back to bite the institutions whose investments are powering its price boom
BCA Research’s chief global strategist, Peter Berezin, predicted that Bitcoin’s Achilles heel will begin to scare off corporate investors off and cause governments to erect more obstacles to it success. The first to flee will be environmental, social, and governance-focused funds he said, adding that they will shun companies involved with Bitcoin, not just the cryptocurrency itself.
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With Vakt investment, five of the biggest energy companies bet on blockchain
The oil and gas industry is embracing blockchain technology for everything from tracking products to financing sales
With the announcement on Jan. 16 that three major oil and gas firms including Chevron, Total, and Reliance Industries have joined Vakt, the energy-industry enterprise blockchain company now has five of the 10 largest oil firms by market capitalization on board.
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Must-reads for Nov. 6, 2018: Bitfury’s billion, crypto’s energy costs, and Pomp get dumped
These are the crypto stories you should be following today
Billionaire Novogratz Invests in Cryptocurrency Firm Bitfury (Bloomberg) Mike Novogratz’s Galaxy Digital has joined Naver Group of Korea in an $80 million round of funding for Bitfury. The company “sells gear used to mine cryptocurrencies and develops blockchain technology for clients including the Ukrainian government,” notes Bloomberg’s Ruben Munsterman and Ruth David. That puts its valuation above $1 billion. “If it conducts the IPO in the next two years, Bitfury will seek a valuation of $3 billion to $5 billion,” concluded Munsterman and David. Quantification of energy and carbon costs for mining cryptocurrencies (Nature) Another day, another Nature study on the impact of cryptocurrency mining. A week ago, the…
