BEST OF THE BEST NATURE: Crypto mining
requires more energy than the conventional mining of metals, according to a new study published in Nature.
From January 2016 to the end of June 2018, the researchers estimated that mining bitcoin, ether, litecoin and monero consumed an average of 17, 7, 7 and 14 megajoules (MJ) to generate $1, respectively. On the other hand, mining of aluminum, copper, gold, platinum and rare earth oxides consumed 122, 4, 5, 7 and 9 MJ per USD, respectively.
They conclude that (aluminum aside) crypto mining consumed more energy than conventional mining to produce an equivalent market value.
They add that, over that period, mining for the four cryptocurrencies was estimated to produce 3–15 million tons of carbon dioxide emissions.
That situation, if confirmed, is unlikely to diminish anytime soon. The paper also says that, with three of the four cryptocurrencies showing generally increasing hashrates, energy requirements are likely to continue to grow.
THE REST
BLOOMBERG: When railroad stocks collapsed after a bubble in the 1800s, it didn't mark the death knell of the railway. Nor did the dot-com crash destroy the internet. Instead they weeded out the bad companies and paved the way for a technology revolution.
So, perhaps this year’s crash in the value of cryptos is just what’s needed for “
the next step forward," says an opinion piece from Bloomberg. From suspect projects raising fund via ICOs to the environmental impact of mining, the crypto space has issues to iron out, according to author and professor of economics Tyler Cowen.
The “popping of … bubbles can be good, both to bring prices back to reality and to impose discipline and identify the most useful innovations,” he says. And maybe this “do or die” moment is just what the crypto industry needs to bring out its best.
THE NEXT WEB: Luxury Swiss watchmaker Hublot has launched a watch to celebrate the
10-year anniversary of the bitcoin white paper, according to The Next Web. Named "Big Bang Meca-10 P2P," the timepiece is a limited edition 210 – a reference to the 21 million bitcoins that will ever be mined.
The watch will only be purchasable with bitcoin, and while the price has not been officially disclosed, a different report suggests it will cost around $25,000 in the cryptocurrency (around 3.8 BTC).
The device has a 45mm case made from black ceramic and will sport a unique ID number relating to the bitcoin transaction used for its purchase engraved on its bezel. A 10-day power reserve also references the 10-year anniversary.
