Bitcoin was the world’s most pollutive cryptocurrency of 2022 after producing almost a ton of carbon dioxide (CO2) in emissions per transaction, according to a report from Forexsuggest.com, a foreign exchange and education platform based in Luxembourg.
See related article: Can Ethereum’s proof-of-stake transition save the planet?
The Bitcoin network saw a substantial increase in CO2 emissions last year after pollution was reduced in 2021, the report said.
The entire Bitcoin network emitted around 86.3 million tons of CO2 emissions in 2022. That would require about 431.6 million trees to remove Bitcoin’s annual emissions from the atmosphere, according to the foreign exchange platform.
The report did not account for the rising number of Bitcoin producers shifting to sustainable energy sources. In the third quarter of 2022, the Bitcoin mining industry’s sustainable energy mix was estimated to be at 59.4%, representing a 3% improvement from the year prior, according to the Bitcoin Mining Council.
Bitcoin mining, or its proof-of-work (PoW) consensus mechanism, has long been a main criticism against the network due to its energy-intensive requirements. Ethereum, once the second-largest mining blockchain in the world, completed the transition to a proof-of-stake (PoS) consensus mechanism last September to slash the network’s energy usage by 99.95%.
Unlike the PoW, in which miners use computational power to compete and validate transactions, PoS relies on token holders to lock a certain amount of their coins as collateral to verify transactions in exchange for rewards.
Out of the ten cryptocurrencies in market capitalization, XRP used the least energy per transaction last year, while the Polygon network registered the second-highest CO2 emissions per transaction, according to data from Forex Suggest.
Litecoin, which also runs on the proof-of-work (PoW) consensus mechanism as a fork of the Bitcoin blockchain, was last year’s second-largest polluter, producing about 525,400 tons of CO2. Bitcoin Cash, another Bitcoin fork, came in third on the list with 141,400 tons of CO2.
See related article: US raises red flag on crypto mining with concerns over carbon emissions
Crypto exchange Gemini is ramping up its dispute with Digital Currency Group's (DCG) Genesis Global Trading – its partner on a crypto lending product pitched to smaller investors – by terminating a key aspect of their relationship. CoinDesk and Genesis are both owned by parent company DCG. Plus, Coinbase (COIN) shares are on the rise after the crypto exchange announced plans to layoff roughly 20% of its workforce.
Bridgewater has doubled its fund assets in China to more than 20 billion yuan ($2.93 billion) over the past year, according to two sources and government data, a feat that cements its position as the biggest foreign hedge fund in the country. The jump was aided by Bridgewater China's raising of 2.7 billion yuan through a product launch in December, said the sources. Connecticut-based Bridgewater launched its first onshore China fund in 2018, and three years later its assets under management (AUM) in China exceeded 10 billion yuan, catapulting the firm past Winton and Man Group to become the biggest foreign hedge fund house in the country.
New Zealand supplies of carbon dioxide (CO2), used to fizz drinks and in packaging and hospitals, are having to be rationed because of shortages following the closure of the country's only food-grade CO2 production facility. Industrial gas producer BOC said in an email it is prioritising supplies of CO2 to critical medical, safety and water customers and rationing is in place. The rationing is the result of the shut down of a CO2 production facility on west coast of the North Island.
Crypto exchange Gemini’s cofounder Cameron Winklevoss on Tuesday called for the removal of Digital Currency Group’s chief executive Barry Silbert.
Stamford, Connecticut-based Digital Currency Group (DCG) is the parent company of several high-profile crypto firms, including crypto asset manager Grayscale and Genesis, which brokers digital assets for financial institutions like hedge funds and asset managers. Winklevoss' Gemini offered a crypto lending product called Earn in partnership with DCG's Genesis Global Capital, and now says Genesis owes it $900 million in connection with that product. In his open letter to the DCG board, Winklevoss said Genesis and DCG had "defrauded" some 340,000 Earn users.
The collection was free to mint for holders of existing Art Blocks NFTs until the claim period ended on Tuesday, sending its value soaring on the secondary market.
PLUS: In crypto markets, there's a mini-rally in bitcoin, a narrowing of the "Grayscale discount" and a rally in altcoins.
Hong Kong securities watchdog will propose a subset of tokens it would allow for retail investors' trading, its chief executive said on Wednesday, as it presses on with a new regulatory regime that will make the city more friendly to crypto startups. As investor protection will continue to be the focus of the new virtual asset service provider (VSAP) regime, the Securities and Futures Commission (SFC) will also seek public views about specific guardrails for retail trading, said Julia Leung, chief executive officer at the commision.
Coinbase Global said that it would eliminate around 20% of its staff and enact broad cost cuts, the latest sign of pain in the cryptocurrency industry. Chief Executive Brian Armstrong said in a blog post Tuesday that crypto exchange Coinbase will reduce operating expenses by 25% from the previous quarter, including laying off about 950 people. Crypto lender Genesis Global Trading Inc. eliminated about a third of its staff last week, and crypto exchange Huobi recently said it plans to lay off about a fifth of its staff.
The project topped OpenSea charts on Tuesday, prompting some Twitter users to declare the return of “degen season.”
Here's our latest coverage of the cryptocurrency industry, as it reels from the collapse of Sam Bankman-Fried's FTX. + [First Cryptocurrency Insider-Trading Case Yields 10-Month Prison Term](https://www.wsj.com/articles/first-cryptocurrency-insider-trading-case-yields-10-month-prison-term-11673372522) + [Coinbase Crypto Exchange to Cut Nearly 1,000 Jobs](https://www.wsj.com/articles/coinbase-crypto-exchange-to-cut-nearly-1-000-jobs-11673385374) + [DCG CEO Barry Silbert Details Intercompany Loans
U.S. airlines were ordered to pause all domestic flights early Wednesday by the Federal Aviation Administration due to a nationwide systems outage. The system in question is called NOTAM, or Notice to Air Missions. What Is NOTAM?
ALSO: Both bitcoin and ether reached nearly four-week highs. Equities closed higher.
Bitcoin and Ether prices rose in Wednesday morning trading in Asia along with most other top 10 non-stablecoin cryptocurrencies, continuing a strong start to the year on signs inflation is slowing in the U.S.
Shares of growth and technology companies are leading the market higher today, but alternative energy company Plug Power (NASDAQ: PLUG) was outpacing even the tech-heavy Nasdaq Composite index. While the Nasdaq was up by 1.1% as of 12:45 p.m. ET, Plug Power stock was higher by 6% at that time. Investors have been feeling better about growth stocks over the past few days as they anticipate inflation data to keep heading in the right direction, which could mean the Federal Reserve will slow interest rate hikes.
Solar power stocks rose as Korea-based Qcells said it will spend $2.5 billion on a huge expansion of its U.S. solar power manufacturing.
(Bloomberg) — A decade ago, China used low prices to dominate solar manufacturing, wiping out Western competitors just as worldwide demand for panels started to soar. The US and Europe are determined not to let the same thing happen with hydrogen.Most Read from BloombergUS Safety Agency to Consider Ban on Gas Stoves Amid Health FearsRental Housing Is Suddenly Headed Toward a Hard LandingGoldman to Cut About 3,200 Jobs This Week After Cost ReviewStocks Give Up Rally Above Key Mark After Fedspeak
(Reuters) -U.S. clean energy companies are offering better wages and benefits, flying in trainers from overseas, and contemplating ideas like buying roofing and electric repair shops just to hire their workers as firms try to overcome a labor shortage that threatens to derail President Joe Biden's climate change agenda. The Inflation Reduction Act, signed into law last year, provides for an estimated $370 billion in solar, wind and electric vehicle subsidies, according to the White House. Starting Jan. 1, American consumers can take advantage of those tax credits to upgrade home heating systems or put solar panels on their roofs.
A pilot program will begin this year within the Appalachian basin with plans for an implementation throughout in 2024.
As some inflation-hiked food costs and supply chain woes have started to fall, eggs are one corner of the supermarket where prices have remained stubbornly high. Egg prices hit historic peaks ahead of December holidays, when egg demand is at its highest. But even slight decreases in recent weeks mean shoppers in the United States started the new year facing far higher than average costs; in California, the priciest market, shoppers were shelling out an average of $7.37 for a dozen Grade A large
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