eToro’s senior market analyst and cryptocurrency bull Mati Greenspan suggested that Bitcoin mining was not as energy intensive as its opponents branded it to be. He added that BTC mining was done using electricity that would’ve otherwise gone to waste.
In a March 30 tweet, the analyst stated that the top cryptocurrency in the market was being mined using electricity that was “super cheap”. He added that this electricity would’ve been wasted if not used for mining.
His tweet read:
Much of the time Bitcoin mining happens with super cheap electricity, in many cases utilizing energy that would have otherwise gone to waste.
Here’s an excellent example…”
Greenspan, in his tweet, shared an article detailing the convergence of the Canadian oil industry and Bitcoin mining. Operators of a Canadian oil field have been using the “wasted natural gas” that arises from the mining of petroleum to mine the top-cryptocurrency.
Natural Gas is a prevalent by-product of mining petroleum, however, given its little use and dropping price in global markets, oil field owners usually set the gas free rather than sell it.
The Wall Street Journal, in a report about the same, stated that Bitcoin mining could “monetize energy through the internet” in reference to the use of the wasted natural gas for the production of Bitcoin. Stephen Barbour was the man behind this effective utilization of natural gas and spearheaded the project while being on a consultancy role with oil companies. He described this process as “unbelievable”.
Speaking to WSJ, Ryan Wartman, the production foreman for the Canadian mining field and now BTC miners, Black Pearl Resources, stated that gas output was also reduced by redirecting the natural gas to Bitcoin mining operations.
“We’re using it to bring ourselves below the government-regulated amount that we can vent on location and keep producing oil.”
Some miners are going even further, dropping the traditional sources of electricity like oil and gas for more renewable options. Christian Ander, the founder of BTCX, stated that his mining expenditure declined by over 75 percent when he switched to solar energy, leading many other miners to do the same.
Greenspan was not only buoyant about the prospects of cheaper Bitcoin mining, but also an imminent altcoin bullish wave. Despite hailing Bitcoin as the “king” of the cryptocurrency market, 2019 would be the year of altcoins, said the eToro analyst.
Additionally, Greenspan’s bold prediction was substantiated by market conditions, given Bitcoin’s dropping dominance. Since December 2018, when the crypto-winter was at its peak, the coin market’s share of the top coin has been slumping and currently hovers just above the majority, holding 50.1 percent of the market.
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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