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Economy

Bitcoin Electricity Consumption: An Economic Approach

Ever since Bitcoin’s inception its trust-minimizing consensus has been enabled by its proof-of-work algorithm. The work is performed by so-called miners; power hungry machines that produce as many hashes per second as possible hoping to create a valid new blocks… Continue Reading →

New study confirms carbon intensity of the Bitcoin network

In a new study titled “The Carbon Footprint of Bitcoin” published in Joule today (June 12, 2019) Christian Stoll, Lena Klaassen and Ulrich Gallersdörfer find that: “the level of emissions produced by Bitcoin sits between the levels produced by the… Continue Reading →

Bitcoiners and environmental concerns: a day into the lion’s den

When you have been labeled an enemy of Bitcoin, you don’t expect to find yourself giving a speech at a Bitcoin conference. Yet, on June 3, 2019, I found myself in the middle of the lion’s den at the Value of… Continue Reading →

Changes to Digiconomist

This month Digiconomist is celebrating five years of blogging. During this time, the website has received more than a million visits. Thanks to everyone for helping to achieve these amazing numbers! In order to continue to expand, Digiconomist will be… Continue Reading →

Bitcoin’s inescapable, inconvenient truth

Bitcoin has a dirty secret, and the community rapidly running out of excuses for it. When Satoshi Nakamoto created the digital currency Bitcoin, he also decided there would never be more than 21 million coins. These coins would slowly be released… Continue Reading →

New Academic Paper: Renewable Energy Will Not Solve Bitcoin’s Sustainability Problem

Today we can add a new chapter to the story regarding Bitcoin’s environmental impact. We already learned previously that the network requires massive amounts of electricity: Bitcoin’s Growing Energy Problem Daily updates on the electricity consumption of the Bitcoin network… Continue Reading →

Review: BlockFi Wealth Management

Bitcoiners have managed to reinvent banking, and it is every bit as ugly as you’d expect. Thanks to crypto startup BlockFi, you now get crypto interest accounts and crypto backed loans. These kind of services have been provided by traditional… Continue Reading →

Bitcoin Sustainability Report February 2019

Bitcoin’s energy consumption dropped slightly in February when compared to the previous month, although this can primarily be attributed to February being a short month. The most notable change this month is that Bitcoin transaction fees are on the rise… Continue Reading →

Fraud Risk Assessment: Bitstamp

Bitstamp (bitstamp.net) was launched in Slovenia in 2011 as a provider of cryptocurrency exchange services. The company’s legitimacy has been evaluated based on the items listed below. Every individual item has been checked for the presence of obvious red flags… Continue Reading →

Cryptocurrency Highlights Of The Week

HaoBTC is ending its exchange services and both JP Morgan and Banco Santander are said to be joining the Enterprise Ethereum consortium. Here are the cryptocurrency highlights of week 7: The Chinese cryptocurrency platform, HaoBTC has announced its decision to… Continue Reading →

Bitcoin Sustainability Report January 2019

After a continuous drop in Bitcoin’s energy consumption for several months, January sadly put an end to this trend. The highlights of the past month are as follows: Mining revenues dropped just one percent. Mining revenue from transaction fees decreased… Continue Reading →

Verify, don’t trust

It’s no secret that a good part of the Bitcoin community hates Digiconomist for contributing to exposing the digital currency’s extreme environmental impact. Every now and then, this leads to an ambitious attempt to discredit the Bitcoin Energy Consumption Index… Continue Reading →

Bitcoin Sustainability Report December 2018

With 2018 behind us, we can finally get a complete overview of the environmental disaster that unfolded in Bitcoin last year. But before we get to this part, we first examine the montly changes as usual. In December Bitcoin’s energy… Continue Reading →

Bitcoin Sustainability Report November 2018

The Bitcoin price crashed again in November, leading up to the first significant drop in Bitcoin’s energy consumpion ever recorded. Although this may sound as good news, it’s not much more than a pyrrhic victory. In fact, it merely jumpstarts… Continue Reading →

Bitmain Launches New Bitcoin E-waste Cycle

We’ve barely had time to process the latest studies on the carbon footprint of Bitcoin mining, or Bitmain (the largest manufacturer of Bitcoin mining machines) is already giving us a reason to worry about another side effect of producing new… Continue Reading →

Bitcoin Sustainability Report October 2018

Due to the stability in revenues available to miners, Bitcoin’s energy consumption has been stable as well recently. This can be observed as well in the average network hashrate. The highlights of the past month are as follows: Mining revenues… Continue Reading →

Fraud Risk Assessment: Bitfinex

Bitfinex (kraken.com), owned by iFinex Inc. which is registered on the British Virgin Islands (BVI), was launched in 2012 as a provider of cryptocurrency exchange services. The company’s legitimacy has been evaluated based on the items listed below. Every individual… Continue Reading →

Bitcoin Sustainability Report June 2018

Digiconomist is committed to promoting (the development of) sustainable blockchain technology. Blockchain protocols such as Bitcoin currently run on the energy-slurping proof-of-work algorithm (creating these proofs of work is better known as “mining”). The Bitcoin Energy Consumption index is a… Continue Reading →

New Academic Paper: Bitcoin’s Growing Energy Problem

It has been several months of little new content on the Digiconomist blog, but a lot has been going on in the background.Significant effort has been directed towards getting the methodology underlying the Bitcoin Energy Consumption Index anchored in peer-reviewed… Continue Reading →

Bitcoin Sustainability Report April 2018

Digiconomist is committed to promoting (the development of) sustainable blockchain technology. Blockchain protocols such as Bitcoin currently run on the energy-slurping proof-of-work algorithm (creating these proofs of work is better known as “mining”). The Bitcoin Energy Consumption index is a… Continue Reading →

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