A clean energy expert has hit back against the common perception that high energy consumption is an “Achilles Heel” for Bitcoin (BTC), in an article published by The Conversation August 20. Katrina Kelly, Strategy Manager at the University of Pittsburgh’s Center for Energy, says that we need to shift the debate around Bitcoin mining away from energy-intensivity and towards where that energy is produced and how it is generated: “By talking specifically about ... the consumption of energy alone..many fail to understand one of the most basic benefits of renewable energy systems. Electricity production can increase while still maintaining a …

The venture capital arm of General Electric (GE) has joined a $12 million investment round in blockchain startup Xage Security in order to develop its security fabric for industries from energy to building management, a press release confirmed July 23. The $12 million Series A funding round, led by March Capital Partners, included participation from GE Ventures as well as City Light Capital and NexStar Partners. Xage — which uses blockchain to allow tamper-proof communication between infrastructure and devices in the energy, telecom, utilities, building management, and manufacturing industries — will also work with GE Renewables to “reshape” international infrastructure …

New York state regulators have approved a new electricity rate scheme for cryptocurrency miners that will allow them to negotiate contracts, Bloomberg reported July 12. According to Bloomberg, several months ago the state of New York gave permission to 36 municipal power authorities to charge crypto miners more than other consumers. The Massena municipal utility will introduce a new rate structure for crypto miners who are interested in conducting operations there. The utility will consider contracts on a case-by-case basis, which will protect other utility customers from increased rates. New York State Department of Public Service Chair John Rhodes said …

U.S. retail giant Walmart has won a patent for the development of an electrical grid that will be powered by Bitcoin (BTC) or other digital currency, according to a patent application published June 14 by the U.S. Patent and Trademark Office (USPTO). The system is designed to help companies better manage energy consumption and regulate demand on an electrical grid using a publicly distributed transactions ledger. Walmart initially filed the patent in December 2017. The patent says that both households and large organizations can use a blockchain-based network of energy-consuming devices. Subsequently, they can assign each device a specific amount …

Bitcoin (BTC) has recently “died” for the 300th time, according to 99Bitcoins Bitcoin obituary list. The cryptocurrency faced its “most recent death” in the latest “obituary” provided by Forbes. Bitcoin celebrates its 300th death anniversary following an article from Forbes published May 30. The article claims that Bitcoin’s “Achilles Heel” is the huge amount of electricity required by crypto mining operations. According to Forbes, Bitcoin miners underestimate the risks associated with energy consumption on the global scale. The report also stresses such issues as power theft and the cost of mining equipment that is becoming more and more expensive: “Predictably, …

They say it takes money to make money; in order to make a profit off Bitcoin mining, you have to buy mining equipment and pay your electricity bill first. As more miners join the Bitcoin network, some individuals fear that the amount of electricity consumed by mining will have a negative impact on the environment. Others believe that the benefits of Bitcoin mining outweigh the cost it takes to produce the digital currency. Bitcoin mining and energy consumption New Bitcoin are produced through a process called mining, where computers expend energy and computational resources to solve a difficult math problem …

A company believes it has found a way to reduce the impact that blockchain-driven businesses and mining for cryptocurrencies have on the environment: open specialist facilities in the Swiss Alps. According to Swiss Alps Energy AG – or SAE for short – the energy-intensive nature of mining is one of the biggest issues facing the blockchain community today. Meanwhile, thousands of unused buildings in the region are disintegrating, creating the perfect opportunity to solve two problems at once. Its proposal would see mining power and blockchain infrastructure installed in empty premises across the Swiss Alps in the form of a …

A Czech gas and energy company Pražská plynárenská is planning to crowdfund energy projects in and around Prague with cryptocurrency, local news outlet Hospodářské noviny reported May 25. The gas company is looking to establish a new investment platform in the field of green and gas projects in the country, allowing interested parties to contribute both in Czech koruna and digital currency. In addition to making crowdfunding in crypto available, the company will also accept digital currencies as a form of payment for their services. Pavel Janeček, chairman of the board at Pražská plynárenská, said the company’s initiative is a …

IBM announced a partnership with Veridium Labs to tokenize carbon credits that will allow companies to track their carbon footprint with blockchain today, May 15, in press release shared with Cointelegraph. CEO and Veridium cofounder Todd Lemons said that the use of blockchain to measure carbon emissions through the supply chain will address the issues of global warming: “Veridium's collaboration with IBM not only transforms the carbon markets, but also creates an economically sustainable funding source for conservation through a results-based payments model - a good first step towards the new 'regenerative economy.’” The Veridium-issued digital tokens, which will be …

Is it truly possible to harness energy from the human body to power cryptocurrency mining rigs? A Netherlands-based technology company, Speculative.Capital has pioneered a project that explores the possibility of harnessing energy from idle human subjects. To do so, the company created body suits that turn body heat into electricity from human subjects to power computers that are mining cryptocurrency. According to their website, 37 people were involved in the project. The concept is pretty simple, a subject lies down for a few hours while the body suit harnesses energy from their body heat. The technology is pretty nifty, as …

Power Ledger, an Australian renewable energy company expects the Blockchain to improve efficiency in the market by enabling peer to peer trading, to make solar panels cheaper. Now it is seeking support through the pre-sale of POWR tokens. The ultimate aim of the POWR token is to enable peer to peer energy trading. Blockchain is becoming a hot topic in the power industry today. For example, Austrian and German energy provider Switch has recently begun accepting Bitcoin for gas and electricity bill payments. Energy trading Excess electricity generated by individuals (say through a solar panel on the rooftop) may be …

Mining software companies try to reduce costs of Bitcoin mining meeting the challenge brought about by the cutting in half of the block rewards. Hashflare has joined the list of Bitcoin mining companies that are working out a way to cut the cost of energy needed for their operations. Energy supply has been a topical issue of late for mining operations particularly around the halving period as it is a great determinant to ensure a lower operational cost and to maximize profit. A report says some of the mining companies in parts of China recently met to discuss how to …