Bitcoin’s electricity use is not so crazy after all according to the Cambridge Centre for Alternative Finance’s report devoted to macro data about bitcoin and the electricity consumption. More about the released report we read in the latest cryptocurrency news below.
One of the major problems around Bitcoin was the perceived massive energy consumption. However, the new reports state otherwise. The largest cryptocurrency uses more energy than some small countries and this was a major issue for countries around the world. From the data provided two things can be easily noticed. One, the world doesn’t really produce enough energy. The distribution of electricity is not similar to the distribution of wealth on a global scale which means that the people in the more advanced countries have a huge advantage over others. Also, small-scale mining is not really advisable for anyone anymore.
One of the few huge proof-of-work chains that make possible for small-scale and decentralized mining has to be Monero. This cryptocurrency has a modified software which responses to an incoming rash of automated mining equipment which the community didn’t really bother to welcome much. Monero is small compared to Bitcoin but it is not weird at all that the major mining chains could increase the power consumption of the crypto sector.
Legislators and reformists fear that in the near future everyone will have an alternative to the fiat model and cryptocurrency will be dominant rather than money issued by governments. Bitcoin claims to be such a currency that does well everywhere where the dollar fails. Therefore, it is still a delicate balance that the governments have to play to their own.
Bitcoin’s electricity use is not the biggest problem for some countries. Countries like Venezuela and Iran embrace Bitcoin out of necessity and now Cuba is also proving the same point. Others will start accepting it later out of convenience as it is showed by the large scale crypto projects in the Middle East. As noted in the altcoin news, consumer adoption is still dominant in the Western countries but the government’s reception is much more mixed than many alternatives. At some point, the governments will have no choice but to figure out how to deal with crypto once and for all.
Bitcoin Breaks 5-Day Long Trend Reaching $9,800 Support Level
Many Buyers Lined Up For The Four-Figure BTC: But Where Is Bitcoin Heading?
“We have been forming an ascending bullish triangle, and also and inverse HS Pattern, which very soon will make $BTC go up. The purpose with this move is to kill some shorts, before we go down again. Remember that we are in a huge descending triangle," said the user D4rkEnergY on Twitter.https://twitter.com/D4rkEnergYYY/status/1164769200902033408 For now, the highs are creeping up and there are many buyers lined up - so a move to the next resistance level around $10,400 is crucial at this point. On the downside, there is clear support at around $9,800 and more in the mid-$9k region which has been hard to crack in the recent weeks. Analysts in the coming altcoin news warn users that nobody should panic now - even though the fear and greed index fell to 5 yesterday (which was lower than the 2018 bottom in mid-December when BTC was at $3,200). The famous crypto pundit and web security mogul John McAfee also had his say while many buyers lined up to buy BTC. McAfee remains resolute and agrees that the current level of fear is unnecessary. He wrote:
“Bitcoin jitters? Just stop it! Short term fluctuations are meaningless. Bitcoin is still up almost 300% from 6 month’s ago. Everytime there’s a dip I have to calm people in replies, DMs, etc. GET A GRIP! You know in your heart Bitcoin cannot lose. Relax!”https://twitter.com/officialmcafee/status/1164491430091513856
Another Exchange Says Goodbye To The Cryptocurrency Operations
"The Company has been considering for various possibility of the customers who has not accepted the contract succession, however, we announce here that the Company has came up to the conclusion to discontinue our cryptocurrency exchange business once we complete the refunds for all customers who possess remaining balance which refunds can be made," Tech Bureau said, without providing more information about the date when it will be closing.The latest cryptocurrency news show that the FSA recently confirmed that Zaif is another exchange which is forced to close because of hacks. Nikkei says that Tech Bureau will now focus on "blockchain development." Meanwhile, another exchange in South Korea - and a member of the "big four" there - named Coinone is shutting down its Malta-based Coinone Global Exchange (CGEX) on September 18. This comes in less than a year after it opened, and the operator said that it had "decided" that it “could no longer maintain service."
Binance Thinks Funds Are ‘SAFU’ Following Amazon Web Services Withdrawal Error
“It's causing some 500 error messages on APIs and affecting some withdrawal processing.”Binance thinks funds are safe - but it just recovered from a publicity scarce which involved a self-proclaimed hacker alleging that he had access to the users Know Your Customer (KYC) data. The alleged data leak made Binance very insecure and many best cryptocurrency news sites also talked about the previous hack which was funds worth $41 million leaving the platform due to a security issue. All of this sparked a weeklong maintenance shutdown and payouts to the affected users. However, Binance thinks that it is in a good place now - right after it announced that it is working on a new cryptocurrency project named Venus. As the altcoin news showed, Venus is going to rival Facebook and its controversial Libra coin. Meanwhile, the market has stabilized from the yesterday drop and is at a combined total value of $265 billion at press time. Bitcoin is trading at $10,160 and most of the altcoins are recording gains of 1% to 2%. Bitcoin's dominance is still strong, standing at 68.4%.
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