Archives 2022

Twitter Debates The Role Of Renewable Energy In Bitcoin Mining

It all began with a tweet from Dennis Porter, a podcast host, and self-proclaimed Bitcoin advocate, which triggered a heated argument about renewable energy and the role of Bitcoin miners. Porter said that Bitcoin (BTC) provides incentives for the development of renewable energy, while environmental scientist Peter Gleick criticized the assertion as a “self-serving hoax.”

Nic Carter, Castle Island Ventures’ general partner and Coin Metrics co-founder entered the discussion and chastised Gleick for apparently not understanding anything about energy.

According to economictimes, bitcoin mining has given the wind and solar installations the ability to absorb any excess supply that cannot be sold. Mining Bitcoin can offset any energy that would otherwise be lost if the generator stopped exporting to the grid or even shuts down. He went on to note that there is already a movement of miners connecting to wind farm networks to buy power during off-peak hours or when rates are high, as well as to give better access to homes during times of high demand. He encouraged his critics to respect the miners, who are currently deciding whether the infrastructure is economically viable.

Overall, this argument shows how much Bitcoin and energy use are misunderstood. The question of whether Bitcoin is a good use of unused energy has yet to be settled. An increasing number of researchers and climate change campaigners are interested in investigating the prospect that Bitcoin’s energy use might result in renewable energy benefits. Norway is one country that is leading the way for Bitcoin miners. According to a recent government assessment, Norway’s electrical mix is 100 percent renewable, providing miners with totally green and affordable electricity, particularly hydropower.

 

 

Uruguay Reportedly Installs Its First Bitcoin ATM

Uruguay is currently the 11th South American country that facilitates crypto exchange with the installation of the first Bitcoin(BTC) ATM. Prior to this, South America had over 79 ATMs which was about 0.2% of the global ATM installations for BTC. According to Ámbito, the first crypto ATM in Uruguay was established in partnership with the local crypto companies – UruBit and inBierto at the coastal city of Punta del Este which is a very common tourist attraction.

It supports every withdrawal and deposit in five different cryptocurrencies such as BTC, Binance Coin, Binance USD, Ferret Token, Urubit. The Urubit is the in-house currency of the partnered companies.

Adolfo Varela, the CEO of inBierto, also confirmed that this initiative was funded by the government of Uruguay. InBierto, also a significant member of the Uruguayan Chamber OF Fintech(Cámara Uruguaya de Fintech) made a huge contribution in the Urugay fintech.

Data from the Coin ATM Radar displays that Columbia is ahead of the South American market with over 31 ATMs installed till date. Brazil and Argentina have about 22 and 11 installations, respectively. Other South American countries apart from Uruguay have only 1 crypto ATM each, such as Ecuador, Venezuela, Aruba, Saint Kits, Nevis, etc.

The previous year while the Uruguayan senator proposed to draft a bill to regulate crypto exchanges and allow businesses worldwide in the trading space, it is gradually taking place in these countries. While senator Juan Sartori wasn’t the most favourable to this measure, he approved a safe and legal method for businesses related to production and commercialization to work with these virtual currencies inside Uruguay.

 

Bitcoin Twitter Flips Bearish, Community Responds

The Bitcoin(BTC) slides to its ultimate low in 2022. As the liquidation cascade on Thursday which changed the price of more than $318 million BTC positions(88% were quite long) to around $42,500 per BTC, the popular names in the BTC such as the FTX CEO Sam Bankman Fried and John Carvalho, Peter Schiff and others had their set of words of caution on different platforms.

According to many sources, the latest news of a mining ban in Kazakhstan and the United States Federal Reserve’s decisions to increase the rates are likely the cause of this decrease.

As per the latest tweet of Schiff, if the BTC rates are headed towards $30K, it would crash to $15K pretty soon. His advice is to go ahead and sell their BTC holdings to avoid liquidation of their money at lower prices.

The CryptoWhale, a self-proclaimed crypto analyst and Perma bear with over 400,000 Twitter followers, predicted that BTC would go under $10K this year.

The BTC drop and the Greed Index were never this low since 2021, which was a tricky time in the market. The Bitcoin Fear score was about 15 or extreme fear on Thursday morning.

According to heraldnet.com, the down in the market today doesn’t mean that it will be down tomorrow as well, making the scenario less intense compared to others.

Finally, as per Carvalho, the CEO of Synonym Software, the BTC market right now can be a baptism of fire for the newbies. It would be the same for some time until the bears come back to hibernation again.