If that happens, Twitter’s board or Musk will be on the hook for a $1 billion penalty for walking away from the deal, but I suppose we’ll see … This week, I’m looking at a controversial Bitcoin mining ban working its way through New York regulators and what bills like it could mean for the political reputation of crypto’s #1 coin.
Bitcoin uses an estimated 204.50 terawatt-hours of electricity per year at current rates according to the oft-cited tracker built by Digiconomist, this number is equal to the power consumption of Thailand.
This week, the New York State Assembly passed a bill that had team crypto up in arms. The bill blocks the formation of crypto mining firms in the state that rely on non-renewable power.
Republicans are typically wary of regulating unregulated industries and thus a number of major figures in the party have thrown their full support behind crypto with few concessions.
The work in this case is mining that involves computers working around the clock to essentially solve math problems that are protecting the integrity of the blockchain, making it extremely expensive and technically challenging for hackers to overwhelm the network to make unauthorized transactions and steal tokens.
Bitcoin’s continuing resistance to criticism and calls for change may only embolden its supporters, but critiques around the power consumption of the network aren’t going anywhere and further adoption may only make this a more visible target for aggressive regulation.
Hey y’all, it’s Anita here.
I wrote earlier this week about how Fidelity, the largest retirement plan provider in the United States, announced its plans to bring bitcoin to the 401 plans it administers for 23,000 companies.
Our guest interview this week was with Shaun Maguire, an investor at Sequoia and, of course, a crypto Twitter personality.
But not everyone is a fan of stablecoins as they’re in nascent stages and have the potential to boom, in two very different ways.
While there are financial incentives, some are saying that these creators are deep diving into web3 for more than just a new revenue stream.