• DCG launches mining company

    Watch out China: Digital Currency Group wants U.S. to mine more Bitcoin

    Barry Silbert’s expansive company has launched a new subsidiary called Foundry, which aims to create greater access to digital asset mining in North America

    Long gone are the days when new Bitcoin could be mined using an everyday laptop. These days, it takes serious cash—and energy. If a single transaction is equivalent to what a U.S. household uses in 19 days, just imagine the electricity needed to verify a whole block.

  • Santa
    Bitcoin,  Cryptocurrencies,  Opinion

    A crypto writer’s letter to Santa Claus

    Everything we need to make crypto great in 2019

    Dear Santa, This is a letter in regards to two letters you received in 2014 and 2015 when I asked you for bitcoin. In 2014, I got 4 BTC in my decentralized stocking (thanks!) for $419 each. By 2015, they had risen to “just” $890. Last year they went to $20,000 each. Thanks, Santa! They’re back down to about $3,900 as of the end of December 2018, but you won’t hear me complaining. Since you’ve effectively 50x’ed crypto in the time you’ve been involved, I’d like to ask you for several special other things that don’t depend on the markets in 2019. I’ve been a very good boy. I have…

  • Bitcoin fire
    Bitcoin,  Cryptocurrencies,  Opinion,  Tether

    Crypto isn’t just having a bad month—this is a full-on crisis

    There’s an even problem bigger than market manipulation

    When history looks back at crypto years from now, the end of November 2018 will go down as a dark period. The drop in values over the past couple of weeks has been astounding, especially given what happened just before. Bitcoin started the month at $6,341, according to data from CoinDesk. The markets seemed content with prices remaining around that level. “Bitcoin volatility sinks to lowest in nearly two years,” proclaimed a Reuters headline on November 6. To be sure, weekly volatility—that is, standard deviation of prices—was at roughly 32 percent on an annualized basis, noted the piece. That was significantly lower than the 140 percent it experienced in February…

  • bare trees
    Bitcoin,  Commentary,  Ethereum

    The staggering environmental cost of blockchain

    With bitcoin using more power than Czech Republic, are mined coins sustainable?

    Over the last couple of years an argument has ensued regarding the amount of electricity that the Bitcoin network consumes to produce (mine) a coin and ensure the security of its network. Though the electricity itself may be inexpensive in some countries, the environmental cost to produce that needed electricity is building towards insurmountable proportions. In recent testimony before the United States Senate Committee on Energy and Natural Resources, Arvind Narayanan stated that assuming “all [Bitcoin] miners use the most energy efficient mining device available on the market” the total energy required by the Bitcoin network is “is slightly under 1% of world electricity consumption.” The key to this figure…