Category
Economy
As of today, Digiconomist is featuring an Ethereum Energy Consumption Index. It has been half a year since the Bitcoin Energy Consumption Index was launched. Since then, Ethereum has established itself as the most significant rival to the popular digital… Continue Reading →
In June 2021 China started enforcing a complete ban on all Bitcoin mining activities in the country. Up until this point, the Bitcoin mining network had always been dominated by Chinese miners. The mining exodus from China therefore triggered a… Continue Reading →
“The total Bitcoin carbon footprint exceeds the total greenhouse gas emission reductions of electric vehicles (51.9 Mt CO2 in 2020) as reported by the International Energy Agency’s EV Outlook 2021.” This was noted in a new article titled “The true… Continue Reading →
While a lot has been written about the environmental impact that can be associated with the digital currency Bitcoin, finding a solution to the problem is far from easy. Even though it’s technically possible to replace a proof-of-work mining algorithm,… Continue Reading →
Estimates have long suggested that Bitcoin mining is a dirty business, but it took a blackout in China’s Xinjiang province during the weekend of April 17-18 to confirm the appalling state of Bitcoin’s network. The blackout occurred due to a… Continue Reading →
The record-breaking surge in Bitcoin price at the start of 2021 may result in the network consuming as much energy as all data centers globally, with an associated carbon footprint matching London’s footprint size. This is the conclusion of a… Continue Reading →
Huobi is one of China’s “Big Three” Bitcoin exchanges. The platform was founded in 2013 by Leon Li, and has been a great place to trade for Chinese traders ever since. At the same time Huobi struggles to appeal to… Continue Reading →
When the Bitcoin network launched back in 2009, it didn’t take long before cryptographer and Bitcoin pioneer Hal Finney infamously wondered “how to reduce CO2 emissions from a widespread Bitcoin implementation”. By adding a proof-of-work based consensus mechanism, Bitcoin creator… Continue Reading →
bit4coin, the Dutch bitcoin platform uses the Sutor Bank banking platform to optimise payment processes between importers and exporters. The Fintech uses the API bank account of Sutor Bank for the bitcoin-based payment process that sets up an interface (API)… Continue Reading →
BTCC (btcc.com) was launched in Shanghai in 2011 as a provider of Bitcoin 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 →
Huobi (huobi.com) was launched in Beijing in 2013 as a provider of Bitcoin and Litecoin 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… Continue Reading →
ItBit (itbit.com) was launched in Singapore in 2012 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 →
Iran may be on the verge of legitimizing cryptocurrency mining in the country as an official industry, as the Economic Commission of Iran has finalized the power tariffs for cryptocurrency mining – which is now awaiting cabinet approval. The move… Continue Reading →
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 →
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 →
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 →
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 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 →
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 →
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 →