Crypto

Bitcoin Mining Shifting To Renewable Energy

BMC survey found bitcoin mining has become less reliant on coal power and more reliant on renewable resources like solar energy.

Published

1 year ago

April 29, 2022

Deep Gautam

Bitcoin has been a controversial subject since its inception in 2009, and the debate shows no signs of abating. Bitcoin mining is soaring in its popularity. Governments, nature lovers, and lawmen demand a ban or a curb on cryptocurrencies and mining processes.

Critics have been accusing Bitcoin mining of an inefficient, wasteful process that is a drain on the world’s resources and a detriment to the environment. Bitcoin mining uses more electricity than the entire nation of Switzerland, which consumes around 6.5 gigawatts of electricity per hour.

However, according to a recent study by the Blockchain Mining Council (BMC), this perception is utterly false. The cryptocurrency mining industry has shifted to a more environmentally friendly and sustainable energy source. Its usage for bitcoin mining and securing the world’s biggest cryptocurrency blockchain has increased by 59 per cent year on year.

What BMC Report On Bitcoin Mining Says

The BMC survey found that bitcoin mining has become less reliant on coal power and more reliant on renewable resources like solar energy over the past several years. And although bitcoin mining still consumes 7 gigawatts of electricity per hour, it is moving away from nonrenewable resources at an ever-increasing pace.

On Monday, the Bitcoin Mining Consortium (BMC) released a report detailing the findings of its recent survey of 44 Bitcoin mining businesses. The BMC claims that these companies represent half of all Bitcoin mining facilities in operation on the worldwide Bitcoin network.

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The survey results reveal how much energy Bitcoin miners use and where they source their power from. Michael Saylor, the BMC’s chairperson and CEO of Microstrategy, explained, “We believe that this will catalyze even more robust collaboration between corporate miners, private miners and national miners.”

Each company reported its hash rate, computing power output, and total energy consumption. They also noted the percentage of energy generated by renewable sources such as hydroelectric, solar, wind, nuclear, and geothermal energy generated by each company.

Miners Are Adopting Greener Solutions

According to a new study, the worldwide Bitcoin mining business is relying on greener energy sources. The survey reveals that the mix of green energy for Bitcoin mining activities has improved from 36.8 per cent in the first quarter of 2020 to 58.4 per cent in the 2021 first quarter.

This green energy mix represents a slight decrease of 0.1 per cent from the previous quarter but a substantial increase compared to the predicted number of 36.8 per cent for the first quarter of 2021.

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Another finding of the paper is that the energy efficiency of these mining activities has improved. The hash rate has climbed by 23 per cent in the past year, from 164.9 to 202.1, despite a 25 per cent decrease in power use during the same period. This is a 63 per cent increase in efficiency over the previous year and a 5,814 per cent increase over the last eight years.

BMC’s Bitcoin Mining Report Flawed?

BMC members provided information for the new report, compiled by BMC employees. According to the analysis, this data collection method may have been flawed. The members claimed to employ a 64.6 per cent mix of renewable energy sources. However, there is no way to independently verify this claim because the group has no independent oversight.

The worldwide numbers were derived from information gathered from BMC members throughout the world, except for China—which accounts for more than two-thirds of all mining activity on the Bitcoin network—and several former Soviet Republics.

The figures provided by Joules seem more plausible than those put forward by BMC. According to Joules’ analysis, cryptocurrency mining led to a 17 per cent rise in carbon emissions caused by activities carried out to maintain the Bitcoin network’s uptime during Q1 2021.

Unfavorable Governments For Bitcoin Mining

Governments and environmentalists have condemned Bitcoin mining throughout the globe for the amount of energy it consumes. The European Union has disputed whether or not to outlaw Bitcoin because of its astronomical energy usage, mainly sourced from fossil fuels.

Bitcoin mining has been criticized for being energy-intensive and having a huge carbon footprint, with many seeking to improve its energy efficiency. To reduce the environmental damage caused by Bitcoin mining, miners have committed to using cleaner and more sustainable energy sources.

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The most severe problem with Bitcoin is its consensus mechanism, which is a procedure required for confirming transactions and adding them to the blockchain. Bitcoin uses the proof-of-work consensus method, which necessitates the usage of high quantities of energy by miners to validate transactions.

In the last five years, the price of bitcoin has increased by more than 300%, making it one of the most expensive digital currencies in history. As a result, bitcoin mining businesses are looking for the most cost-effective energy sources to ensure profitable operations.

Wind and solar energy are now the cheapest forms of energy, and they will soon be able to compete with thermal energy in terms of cost. As a result, miners will need to contribute to developing renewable energy infrastructure, which will benefit everyone.

Related Topics:bitcoin crypto cryptocurrency cryptocurrency mining Tech technology

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Deep Gautam

Deep Gautam is an Editor at Tech Heralds.

Crypto

The Rise of The Fortune Machine: How Investors are Making Huge Profits with the iFortune Coin

Published

5 months ago

May 22, 2023

Kelvin Katie

Cryptocurrency has recently become an increasingly popular investment option, with new coins and apps launching daily. Unfortunately, not all of these projects are equal. Possibly the most exciting is the iFortune coin, a cryptocurrency designed to function smoothly while also being a smart investment option for those looking to improve their lives in eye-opening ways. A big part of the token’s appeal is the Fortune Machine app, a revolutionary staking and mining app allowing iFortune coin investors to earn significant passive income.This article will explore the app, the token, and the community’s appeal.The Fortune Machine app provides users with staking and mining facilities for iFortune coin, making it easy for beginners to earn rewards. The app has gained significant attention in crypto due to its high staking and mining rewards.More than 100 people reportedly earn over 100k a month on the platform.To celebrate the app’s success, the founders have even taken target achievers on international tours to Thailand, Dubai, and Goa, India, showcasing the app’s potential for making investors huge profits.How the Fortune Machine App is Changing the Game for iFortune Coin InvestorsThe Fortune Machine app has revolutionized the staking and mining game, providing a unique investment option for iFortune coin investors to mine and stake the token without the investment associated with mining and staking other cryptocurrencies.The app’s developers have focused on providing a user-friendly interface, which, combined with high staking and mining rewards, has made it an attractive investment option for everyday people and seasoned investors.The Fortune Machine is an app for iOS and Android devices. Using it to stake and mine only requires a few minutes daily, illustrating the big difference Destinewood delivers in their ecosystem: with the right crypto-token backed by the latest tools, investors can earn significant profits without deep knowledge or hard work.This powerful dynamic has skyrocketed the Fortune Machine app as a significant emerging player in the crypto world, providing a high-reward investment option for iFortune coin investors. The app’s unique features have allowed more than 100 people to earn over 100k monthly on the platform, which is life-changing money for anyone – especially with many of these people coming from the regular working class and even financially challenged backgrounds not long ago. The app has also garnered attention for its stability. It works well without any technical headaches, something that has plagued many other crypto-related applications.Celebrating Success With iFortune’s FoundersTo celebrate the Fortune Machine’s success in transforming lives and show appreciation for its investors, the founders of Destinewood Ltd, Rahul Thakur and Wendy Winterburn, have organized three international tours to Thailand, Dubai, and Goa, India. Each tour provided 100 target achievers with an opportunity to connect, enjoy themselves, and see that their lives are now operating at a whole new level.Thailand, the first destination, is known for its beautiful beaches, exotic cuisine, and vibrant nightlife. The target achievers were treated to a luxurious stay at a resort. They enjoyed spa treatments, explored the local culture, and networked with the iFortune community, culminating in a world-class party.Dubai, the second destination, is famous for its lavish lifestyle, skyscrapers, and luxury shopping. The target achievers were taken on a five-day trip where they enjoyed the desert kingdom, which is a stunning mix of the past and future, where intelligent economic opportunities are embraced completely.The final destination, Goa, India, is a popular tourist spot known for its beaches, seafood, and nightlife. The target achievers were taken on a five-day trip where they enjoyed a beach party, dined like kings and queens, and had a farewell party.Overall, the international tours provided a unique opportunity for investors to network and celebrate their success while enjoying luxurious accommodations and exciting activities in exotic destinations. The tours were a testament to Fortune Machine’s growing success and the founders’ commitment to changing lives and building community.Rahul Thakur and Wendy Winterburn have often spoken about their mission to change lives. The ongoing events like this show they practice what they preach.iFortune Coin – An Investment Option with High Staking RewardsiFortune coin is a BEP-20 token created on Binance Smart Chain, designed by Destinewood Ltd. To be at the cutting edge of crypto tech, opening the door to vast opportunities for growth and prosperity. The token was founded in early 2022 and has since gained popularity among investors due to its potential for good returns and long life as more enthusiasts jump on board. The token is currently available on the LA Token Exchange and LBank Exchange and has been covered by every major cryptocurrency and blockchain news outlet.One of the critical features of the iFortune coin is its high staking rewards. Investors can stake their tokens on the Fortune Machine app and earn rewards. These rewards are higher than those offered by most others in the industry while also having less risk due to the company’s infrastructure and mission. This makes the iFortune token an attractive investment choice both in the short and long term.The iFortune Debit Card – A Convenient Way to Use iFortune CoinsThe iFortune debit card is a convenient way for investors to use their iFortune coins. The card allows easy transfers of crypto to fiat currency, can be used internationally, and is easy for most people to be approved for.The card aims to remove the middleman, making transactions less costly, faster, and more efficient. This is clearly playing into iFortune’s rising popularity.The iFortune debit card also takes security very seriously, with many safeguards in place to avoid theft and scams that have sometimes been associated with other debit cards in the crypto space.The Fortune Machine: A Bright Present and FutureFortune Machine app is a revolutionary staking and mining app that has allowed investors to earn significant passive income. The app’s success in the crypto world has been shown in black-and-white results experienced by its investors. The founders have even celebrated this success by taking target achievers on international tours. The combination of the iFortune token and the Fortune Machine app is delivering investors high rewards, ease of use, and convenience, making it an attractive option for those who want to find a way to break free of their current financial and lifestyle limitations.

Learn more at- ifortunecoin.io https://t.me/ifortunecoin_officialgroup

Crypto

Vanity Address Exploit Causes $1M Loss

Published

1 year ago

September 26, 2022

Deep Gautam

The DeFi industry is still being haunted by hacks and vulnerabilities, as seen by the addition of a new vanity address exploit to the list of DeFi victims, who, as a group, have altogether lost more than $1.6 billion in the 2022 alone.

After Vanity address exploit, an alert was publicly released by a company that specializes in blockchain security called PeckShield. In the alert, it stated that a hacker was discovered after stealing 732 ether (ETH), which is equivalent to approximately $950,000, from an address that was generated a generator for Ethereum vanity wallet addresses called Profanity. After emptying the wallet, the hackers moved the cryptocurrency to a cryptocurrency mixer called Tornado Cash, which had only just been authorized.

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Vanity addresses are a kind of personalized cryptocurrency wallet address that is produced to contain words or certain characters specified by the holder of the wallet. Vanity addresses are also known as private keys. Recent breaches, on the other hand, have shown that the security of vanity email addresses is still in issue.

The decentralized exchange (DEX) aggregator 1inch Network issued a warning to crypto holders earlier in the month of September that their addresses were not secure if they were produced using vulgarity. The DEX made it clear to cryptocurrency holders who used vanity addresses that they needed to move their holdings as soon as possible. 1inch claims that the vanity address generator lacks safety since it uses a random 32-bit vector to seed 256-bit private keys. This indicates that the generator should not be utilized.

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ZachXBT, a blockchain investigator, has revealed that an exploitation of the vulnerability in Vulgarity has already let some hackers to get away with stealing digital assets worth $3.3 million. This announcement comes in response to the warnings issued by the DEX aggregator.

On September 20, a crypto market maker situated in the United Kingdom was the victim of an attack that resulted in losses of 160 million dollars. According to the findings of researcher Ajay Dhingra, the attack may have been carried out as a result of unauthorized access to the company’s hot wallet and subsequent manipulation of a flaw in the smart contract. The founder of the company and current Chief Executive Officer, Evgeny Gaevoy, issued a call to the attackers, stating that the company is willing to consider the vulnerability to be a “white hat hack.”

Crypto

FTX Exchange Eyes For $1B Funding

If FTX Exchange is successful in raising another billion in capital, its whole worth will rise to $32 billion. Sam Bankman’s firm Fried’s is holding talks with investors

Published

1 year ago

September 24, 2022

Deep Gautam

FTX Exchange, which is headquartered in Bahamas and is the biggest cryptocurrency trading platform in the world, has plans to raise one billion dollars in capital. It plans to accomplish this goal with the participation of private equity investors, in addition to hedge funds and institutional investors.

If FTX Exchange is successful in raising another billion in capital, its whole worth will rise to $32 billion. According to a number of recent news publications, Sam Bankman’s firm Fried’s is holding talks with a number of possible investors regarding the prospect of obtaining one billion dollars in a venture round.

There has not been an agreement reached about the fund just yet, and discussions over the fund are still under progress. Since the start of the crypto winter in May, FTX exchange has taken on the role of market consolidator, offering aid to a significant number of enterprises who are having trouble making ends meet.

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A deal was struck between FTX and BlockFi, a lending firm that was having financial difficulties, a few of months ago. In addition to that, they made a rescue proposal for Voyager Digital and Bithumb. In order to carry out its other business objectives, FTX plans to use the $1 billion in cash on hand, in addition to the $400 million that was raised earlier this year.

The cryptocurrency exchange was initially a clone of Coinbase; however, it subsequently found different means of compensating traders, which contributed to the development in popularity of the exchange.