Bitcoin’s Energy Consumption Dropped Significantly Post Halving But Still Rivals Many Countries

Bitcoin network has always been criticized for the amount of electricity it consumes in order to verify transactions and add new blocks to the network. The recent block reward halving event which cut the supply of Bitcoin per block from 12.5 BTC to 6.25 BTC also removed many low-level miners using old mining machines for whom the halving of block reward made it impossible to make any monetary profit. As a result the hash power input also got reduced by a significant 38%.

According to data from Digiconomist suggests that post halving, Bitcoin network’s electricity consumption has dropped by 24%. However, despite this significant drop, the amount of electricity consumed by the network is still equivalent to that of the state of Israel. While the carbon footprint left by the Bitcoin network, which is around 27.51 Mt, is equivalent to Syria.

The data from Digiconomist also revealed several other interesting aspects of the energy consumption on the Bitcoin network. For example, the amount of energy required to verify a single Bitcoin transaction can power an average US household for nearly 18 days. The amount of electronic waste produced in the Bitcoin ecosystem is equal to the amount generated by Luxembourg.

Some of the key metrics of the Bitcoin network include:

Description Value
Bitcoin’s current estimated annual electricity consumption* (TWh) 57.92
Bitcoin’s current minimum annual electricity consumption** (TWh) 39.61
Annualized global mining revenues $2,900,972,599
Annualized estimated global mining costs $2,895,968,095
Current cost percentage 99.83%
Country closest to Bitcoin in terms of electricity consumption Bangladesh
Estimated electricity used over the previous day (KWh) 158,683,183
Implied Watts per GH/s 0.069
Total Network Hashrate in PH/s (1,000,000 GH/s) 96,473
Energy footprint per transaction (KWh) 547
Number of U.S. households that could be powered by Bitcoin 5,362,904
Number of U.S. households powered for 1 day by the electricity consumed for a single transaction 18.48
Bitcoin’s electricity consumption as a percentage of the world’s electricity consumption 0.26%
Annual carbon footprint (kt of CO2) 27,512
Carbon footprint per transaction (kg of CO2) 259.74

Source: digiconomist

While the debate around the Bitcoin network’s electricity consumption has been going on for quite some time now, but the mining consensus used by the Bitcoin network i.e Proof-of-Work (PoW) despite consuming such vast amounts of electricity is also one of the most secure mining algorithms. Proof-of-Work ensures the network’s security.

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Author: Rebecca Asseh

Bitcoin Price Hovers Below $10,000 But May 2020 Bulls Seek to Prevail

The price of bitcoin is what always brings the biggest crowds naturally. But what do the strong network fundamentals, emerging ecosystem environment and a quantitative hardening due to the mining halving all mean in the grandiose landscape of global economics and finance. Bitcoin’s price is floating around the $9,760 range and was last above $10,000 BTC/USD exchange rate value on May 7th (during the super moon).

As the world continues to reopen its doors for business, commerce and activity, is bitcoin bound to make its presence felt in a post Covid-19 era? Let’s examine a few driving factors coming to the forefront and see whether or not the bullish case for Bitcoin in the month of May 2020 is tangible enough to taste it or is the post-halving cooldown coming during the summer of 2020?

Bitcoin Heading for the Bulls or Bears? US Govt. Pumps in Trillions of new Dollars

Whether you’re a fan of it or not, the United States Government is well on its way to pumping trillions of dollars into its economy in light of the COVID-19 crisis.

In late-March, the US Senate approved a more than $2 trillion stimulus package in order to sure up the losses from the outbreak of COVID-19 across the world. This is a monumental figure on its own, especally when compared to the $1.2trn released in 2008. Shortly after the passage of this package, the House of Representatives gave its approval for a further $3 trillion in funding.

These packages, while aiming to support the millions of American families across the country, are certainly going to impact on the markets. When looking back at the now-famous beginnings of Bitcoin – 2007/8 – US stimulus plans now simply dwarf anything that came before it.

In the past, centralised financial entities, like the Bank of England, or US Federal Reserve, served as a means of controlling inflation through monetary policy. Some of these methods that are more recent to us would be Quantitative Easing, and printing more money.

Both of these have been used, in the past to buy back government or corporate bonds, thereby creating more liqudity. But nothing about monetary policy happens in isolation. Companies like TRON, as we’ve reported previously, have been recipients of stimulus money, the picture is harder to make out when thinking about what this means for the crypto space in general.

What This Means for Crypto

From what we have seen of the crypto market over the course of this week: a bullish run is looking more likely. In what crypto investors and analysts have since dubbed “the most exciting breakout in over a year”, Bitcoin, alongside other big coins, have managed to regain a lot of lost ground.

Bitcoin has managed to pull even higher to hit $9,774 on time of writing; more than 4.7% increase over the course of today. Meanwhile, Ethereum appears to be riding a slight ascending trend, hitting $207, or 3.78% growth.

Bitcoin, in particular, has been helped a lot with what analysts see as a new support level (punching above the. $9100 ceiling this weekend) indicates a potential ascending wedge in the coming days.

Not to mention the fleeting conversation between JK Rowling and Elon Musk about the tangible applications of Bitcoin. Well, more like Elon giving JK a concise brief on why Bitcoin has its feet on solid ground, but still.

But what does this all mean for Bitcoin’s prospects moving forward?

We first have to take into account that, with Bitcoin’s long-awaited halving now in the rear-view mirror, a bullish run is more than likely on the cards. This suggestion is simply down to the fact that every halving has been followed up by a bullish run, as investors seek to capitalize on the introduction of new scarcity.

With the worlds economies moving from serious hits to their GDP’s to a re-opening of their markets, Bitcoin has been managing a relatively constant, if bullish turn. The COVID crisis had the silver lining of providing cryptocurrencies with renewed public interest, as investors look for new hedges for their portfolios. As far as hedges go, investing in cryptos like Bitcoin are looking more appealing, especially as countries aggressively print more money into circulation.

If all goes well, Bitcoin may see a break to record highs, with $11,000 tipped to be one of its destinations. Even in the more pessimistic forecasts, Bitcoin may just hit 9800, before slipping down to 88-8900.

Is a Bearish Correction possible?

Other analysts have suggested that, while a bull run may be underway at the moment, a correction may be coming up shortly after. There are a couple of indicators for this. The number of long positions, for example, outnumber shorts by over 3 to 1.

According to research conducted by Blockchain Whispers, the broader trend from investors leans heavily towards longer-term holding at current prices over shorts. This trend may indicate a more cautious attitude towards future price movements as opposed to fast, upward movements more conducive of short trading volume.

As a solid consolation for even the most pessimistic perspectives is the fact that Bitcoin has already taken on a solid lower support. With the ongoing upward performance, this lower support is likely to be expanded further.

May 2020 Bitcoin Price Outlook

When bitcoin began the first and biggest blockchain of today nearly 4,152 days ago; when the market for bitcoin didn’t even exist and slowly gain traction day by day, week by week, month by month, year by year, halving by halving, no one cared about the price of BTC in USD.

“They” cared about the trustless electronic value transfer system and now that those day one principles are three halvings in and over 4,150 days old and counting, the price of bitcoin may be what brings all the attention and admiration, but just remember grabbing a bit of the legacy chain for all cryptocurrencies and cryptoassets will be of great value if enough people continually keep thinking the way they are with the unlimited quantitative easening and uncertainty of the traditional markets.

Whether or not the bullish sentiment continues with Bitcoin over the next 13 days will largely depend on real-time developments and advancements within the space. No matter what scale of the innovation and breakthroughs of distributed ledger technologies, the price may not always be reflective in today’s market.

Latest Bitcoin Price News and Crypto Market Updates

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Author: James Fox

Cash Is Still the Top Choice for Bank of Canada Governor, Leaving Crypto in the Dark

  • The governor, Stephen S. Poloz, stated that cash will always end up being around.
  • He did not specifically state whether the central bank would be interested in issuing their own digital currency at some point.

The cryptocurrency industry is over a decade old, and there are many countries that have slowly adopted regulations to support its innovation. Despite having a crypto-friendly atmosphere in nearby regions, Governor Stephen S. Poloz of the Bank of Canada is not among the supporters. In a recent presentation to the Empire Club of Canada, Poloz discussed the reasons he has for backing cash, but not feeling the same adoration of cryptocurrency.

One of the points that Poloz made was over the role that technology has played in payments for Canadians, saying that most of the work in the wholesale payment system should be done next year. Furthermore, in the next two to three years, consumers will be able to handle transactions in real-time between each other, which is a major improvement in the lags that the current system faces.

Poloz stated, “Now these prospects have the bank thinking hard about the future of… money. Especially cash, which is really my favorite.”

About half of the payments in Canada were made in cash just a decade ago. Now, that portion has dropped down to about a third of all of the transactions, which is still considerably large when compared to other nations with similar levels of development. The use of smartphones and cards are becoming more useful in the region, and there are many businesses that will only accept payments made electronically.

However, Poloz added, “I believe that central bank money, the banknotes you have in your pocket, will always provide an important public good. It’s an individual’s sovereign right to make payments with an instrument that is universally accepted and final.”

Continuing, he pointed out that private digital currencies cannot offer the universal acceptance that cash does, regardless of the innovations made by the industry. However, if the use of these cryptocurrencies becomes as widespread as cash with its universal acceptance, could the governor change his mind?

Poloz switches to speak on the benefits of cash again, adding that it “will still work even during power blackouts or cyber attacks.” Because of this advantage, he believes that banknotes will continue to survive through the digital age, “if only as a contingency for unusual events.”

Regardless of this love of cash, Poloz seemed to leave the question of issuing a central bank-based cryptocurrency open for now. He instead stated that the need to issue such a substitute was an open question in itself, commenting that it is best for the government to prepare for “whatever contingency does arise” in the financial industry. He then implied that there are other announcements that the Central Bank would likely wait to address until next year, though he noted that emerging payment technologies are interesting to the bank.

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Author: Krystle M

Echoes Trader: Automated Cryptocurrency Trading Bot and Center?

What Is Echoes Trader?

Have you always been intrigued by crypto trading? If you are an investor or crypto bot developer, you will be happy to note that the Echoes Trader is here to make your dreams come true. The marketplace seeks to provide investors with unlimited automated cryptocurrency trading bots. Currently, it consists of various bots all designed to meet the unique needs of its customers.

How Echoes Trader Automated Cryptocurrency Trading Bot Works

Investors will be able to make money from their favorite exchanges without having to manually control the trading activities. For those who prefer developing to trading, this is an opportunity for them to continue developing and post bots on the marketplace. There is no limit to the number of bots that a given developer can post.

What’s even better is the fact that developers do not need to part with anything to launch or create their bots.

Echoes Trader Features

24/7 Automated Trading

Bots can greatly simplify the crypto trading process. Automated bots have taken trading to a whole new level as they allow crypto investors to earn money even when they are at work, sleeping, or even at school.

Your chosen bots will not only buy the crypto for you, but they will also sell it on your behalf depending on the parameters you have set. Bots can trade in Ethereum, Bitcoin, and many other major cryptocurrencies.

Multiple Exchange Support

The crypto market is one that is ever-changing. As it evolves, it leads to the introduction of new exchanges. Given that each investor has a preference when it comes to the exchange to use, the team behind this invention has seen it ideal to provide support for multiple exchanges.

It’s the kind of support that ensures that your bots will go on trading regardless of the exchange/s that you are using.

Advanced Notifications

Don’t you just hate it when you cannot track your cryptocurrency trades in real-time? You no longer have to worry about this as advanced notifications and real-time alerts are activated on the platform.

Investors get to receive notifications via email, telegram, and WhatsApp on a real-time basis. All these notifications and business reports are fully automated, hence no need for your input.

Overall, Echoestrader marketplace is accessible via Telegram, Whatsup, and e-mail.

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Author: Bitcoin Exchange Guide News Team

Weekend factor? Altcoins looking to shine as Bitcoin (BTC) price stagnates around $10,000 USD

The weekend (Sat/Sun not the musician) always brings out the best in the crypto world –whether in volume, price, interactions or news flashes. As other markets close on Friday evening, the cryptocurrency markets keep running every second, minute, day and month.

Since the year began, weekends have had a rather significant impact in the growth of Bitcoin price from $3,500 at the start of the year to $10,100 USD as at time of writing. However, in the past few months, alternative coins (altcoins) have performed better than the pioneer cryptocurrency as reported by Bloomberg on Friday.

The Rise of Altseason?

BTC price momentum subsided in the past month and investors seem to have switched to altcoins. A number of top altcoins have outperformed the undisputed king of cryptocurrency in the last weeks as Ethereum, Ripple, and Bitcoin Cash (BCH) all experienced massive gains in the past fortnight.

Ethereum (ETH), the second-largest crypto in market cap outperformed Bitcoin in six of the past 10 weekdays according to daily closing prices. Furthermore, ETH’s price beat Bitcoin’s in 8 of the past 11 weekends in total daily returns showing investors increasing confidence in the largest altcoin.

Source: Bloomberg

Ripple (XRP) has also witnessed a bullish momentum in the past week growing by 7.1% to trade at $0.28 USD as at time of writing.

Scott Freeman, co-founder and partner of JST Capital spoke to Bloomberg saying altcoins are on the verge of a breakout. As most projects gain real world use cases, investors are expected to increase their stake in the altcoin market Scott explained.

“With the realization that these technologies now are being adopted, they’re starting to solve real problems, and it’s coming to fruition at some level where the value proposition of these things is being recognized more broadly.”

– Scott Freeman

A Tough Mountain to Climb

Despite the latest heroics from altcoins in the past two weeks or so –a period that BTC’s price has remained rather stagnant oscillating around $10,000 USD – the top cryptocurrency is still way ahead of the other altcoins.

Since the start of 2019, ETH/BTC pair dropped by over 40% to trade at 21 million satoshis. XRP/BTC pair plummeted under the 3000 satoshi-mark earlier in the month, representing a 70% drop since the start of the year. XRP is currently trading at 2974 sats, as at press time, 3.3% lower in the past 24 hours.

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Author: Lujan Odera

Bitcoin Volatility Is At Four Months Low, What’s Next for the Price of Bitcoin?

The volatility of Bitcoin has always been one of the biggest criticisms of it, however, the past few months it has been relatively quiet.

The chief investment officer at U.S. asset manager Blockforce Capital, David Martin says:

“So far in September, bitcoin’s price has continued the consolidation and range-bound nature that was kicked off early August. As of this morning, bitcoin’s volatility is now at a four-month low of 53.5%, a level not seen since May 11th,”

In August, the cryptocurrency started moving higher after President Trump tweeted his plans to impose additional tariffs on China, and received a boost when the Chinese yuan reached a more-than 10-year low against the U.S. dollar. However, Bitcoin surrendered these gains, falling to as little as $9,325.39 but it bounced back again.

Bitcoin generated some sharp gains earlier this year, climbing more than 200% between the start of April and June 26, when it reached nearly $14,000. Since Bitcoin has not definitively surpassed the $10,000 psychological barrier, it is believed that investors have adopted a wait and watch approach, as a breakdown below $10,000 can see the price plummet swiftly.

Traders have been focusing on macroeconomic developments, as any major changes could have a significant impact on the global asset markets. As the BTC price increased due to the massive adoption at all levels, everyone hoped that the coin would become less volatile over time. Traditionally, it is known that company stocks become less volatile as they grow from penny stocks or small caps to large caps or mega caps.

Interestingly, while Bitcoin can be compared to large caps and Litecoin can be regarded as a small-cap in this context, both cryptocurrencies demonstrate similar volatility levels.

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Author: Sritanshu Sinha

Fortnite Gamers Get Threatened By New Crypto-Stealing Ransomware, ‘Syrk’ via Hidden-Cry Program

Cybercriminals are always on the lookout for new victims and it looks like Fortnite players are their most recent choice. New ransomware called Syrk is currently targeting players and encrypting files if the ransom is not paid.

According to the reports made by Vectra, a security analytics company, the malware uses the popular Hidden-Cry software as a basis, just like many other recent ransomware programs.

Chris Morales, head of security at Vectra, affirmed that this was an inevitable move. Several games have hacks that can be found online. They often let the players cheat in competitive games. Because of this, they are not audited by anyone. What this new threat is doing is using this in favor of hackers.

Players, sometimes often children, which are a huge part of Fortnite’s player base, download the cheats. They seem innocent at first, but as soon as the computer is infected, the app begins to encrypt files. If the ransom is not paid, the files are all deleted until they are completely gone.

According to the researchers, the computer affected by the ransomware starts with a countdown and every two hours some files are deleted. The first ones from the Pictures file, then Desktop and finally Documents, which is often an important directory.

Fortunately, the system is not very complex. A password to decrypt the files before they are deleted can be generally found in C:\Users\Default\AppData\Local\Microsoft\-pw+.txt’passwordonly’, the researchers affirmed.

Many kids and teens might not know what to do, however, which may prompt their parents into paying the ransom to free their computers from the threat.

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Author: Lillian Peter

Researchers Exploit Canon DSLR Camera and Demand Bitcoin Ransomware in Latest Hack Attack

Cybersecurity researchers are always looking for flawed systems in order to expose vulnerabilities. The latest effort was made by a group of researchers who hacked a Canon EOS 80D DSLR camera in order to test a ransomware scheme.

The researchers from Check Point Research used the Picture Transfer Protocol (PTP) of the camera in order to exploit the system and hold all the photos away from the user. PTP services are generally used to transfer images and can be exploited in order to prevent the user from doing it.

Many new cameras have it as you can transfer photos using WiFi instead of a USB device, but this opens up a breach that hackers can you to take your photos and then ask ransomware for them if you ever want to have them back.

If a hacker is able to put malicious code into the camera, he can take control of the pictures and then demand ransomware. During their tests, the researchers discovered a way of doing it to encrypt the storage systems of the device.

After that, they could contact the victims and offer the keys to decrypt the camera’s files in exchange for money.

The researchers affirmed that hackers have achieved a moderate level of success with this kind of threat, especially by targetting photographers and other people who rely a lot on photos.

Canon developers were warned about the vulnerability this year, so they patched it up before Check Point Research made it public. Because of this, at the moment, the hack is not supposed to work on any kind of model in the market.

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Author: Gabriel Machado

Todd J. Zywicki: Your Historic Baseball Cards Could be a Better Store of Value

Todd J. Zywicki: Your Historic Baseball Cards Could be a Better Store of Value

Compared with Bitcoin has always been tipped as a store of value. This is the common belief among many crypto worshippers out there, however crypto naysayers have a different view about the king coin.

An investment commodity can be described as things that individuals purchase that represent a store of value since at the end they can be used as aesthetics, or have historical or emotional value. That is why Baseball cards as well as other collectibles such as arts or rare coins are good examples of investment commodity. C

According to Todd J. Zywicki is a Senior Scholar of the Mercatus Center at George Mason University, Bitcoin has no intrinsic value. He explains his point to CCN:

“Economist Vernon Smith has shown that investment markets are more prone to boom and busts then markets involving end-use goods. The argument is not so much about subjective value, but that the value of an investment commodity is your expectation as to what everybody else will value it at. Bitcoin has no intrinsic use value. Its value derives from your expectations about other people’s values, which is in turn based on their expectations of everybody else’s views.”

The scholar adds that Bitcoin has no end-use, aesthetic, historical, or emotional value. He explains that the coin is 100% speculation and no clear utilization value is attached to it. The scholar says that these are the reasons why the king coin has a high price volatility.

According to Zywicki, Bitcoin is anchored on nothing and its value highly depends on various layers of investor expectations which effectively makes it a derivative of derivative that is based on nothing.

He explains that Bitcoin cannot be a store of value as it has 95 percent probability to swing 166 percent to any direction in a particular year.

Baseball Cards Better Than Bitcoin

The scholar explains that baseball cards have a higher store of value compared to Bitcoin. He starts by explaining that Baseball cards’ volatility is low compared to Bitcoin.

He then points that the top 100 rarest baseball cards have at times outperformed the S&P 500 by over 200 percent in the wake of the financial meltdown. He also adds that the top 2500 baseball cards have matched the S&P 500’s return and with even low volatility as seen in the charts below:

PWCC 100 Index outperforms S&P 500 | Source: PWCC Marketplace

The scholar goes ahead to compare baseball card’s volatility with that of the Bitcoin as indicated in the chart below:

Suffice to say that BTC is more than a bit volatile. | Source: High Charts

Zywicki concludes by saying that a store of value enables an investor to have a dreamy night aware that when he finally wakes up there will be less price movement in the holding value of the asset. However, this is not the case with Bitcoin as it can even move for more than 15 percent within one hour.

Will Zywicki and other crypto naysayers be forced to eat humble pie in the future when the cryptos become the most preferred commodity to store value? Let us know in the comments section.

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Author: Joseph Kibe

Ripple Executive: Mexico, Philippines Lead the Way for Demand in Cross-Border Remittances

Ripple Executive: Mexico, Philippines Lead the Way for Demand in Cross-Border Remittances

Ripple, the creator of the RippleNet and the XRP tokens (which are currently the 3rd largest cryptocurrency by market cap) are always on the lookout for new clients and partnerships. Because of this, the company has recently announced a new partnership with a company called MoneyGram.

This new partnership with the money transfer company based in Dallas will see Ripple investing $50 million USD in MoneyGram. This is being made to boost the use of RippleNet, the network of the company, which is mostly used for international payments.

With this partnership, Ripple would be able to increase the adoption of xRapid, one of its most popular for cross-border transfers. MoneyGram is a pretty established company that would help Ripple to upgrade the adoption of its products with time as the company is active in over 20 countries.

The vice president of product at Ripple, Kevin Mole, affirmed that XRP has a huge role in providing on-demand liquidity for markets and that this was a way for customers of the company to be able to send money to other countries with a fairly low cost and without having to pre-fund the destination accounts.

He affirmed that some of the other ways to send money to other countries are highly inefficient, so there is no reason why people should not change the kind of services that they are currently using.

According to him, on-demand liquidity is already available on both Mexico and the Philippines. These two countries are huge when it comes to receiving external remittances, he affirmed. Mexico received $31 billion USD last year while the Philippines were able to get $33 billion USD.

Because of this data, the company believes that the country holds a considerably big demand for services such as the ones being offered by Ripple. Also, many of these payments are made in order to cover necessities, so they can have a really high impact on the lives of these people.

Mole also affirmed that the company was able to settle payments in mere minutes while most of the other companies out there took sometimes even days. The cost is low and the impact is very big, so these markets are going to be considerably improved by being a part of the company’s targets for growth.

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Author: Gabriel Machado