Environmentalists have long raised concerns about Bitcoin and other power-hungry, proof-of-stake tokens — and globally, cryptocurrencies are estimated to consume more energy than entire countries, such as Venezuela and Finland.
Marathon pointed to its work “with energy companies to build clean, green, renewable energy resources (e.g., solar and wind) that might not otherwise be built.” However, most of the energy tapped by Marathon currently comes from a coal-burning plant in Hardin, Montana.
The article mentions other companies and their responses.
I’m sure they pay for the energy they use. So, like in most industries that are run properly, higher volume is good.
And as Marathon and a few others are doing (apparently, if it’s not just lip service) helping to develop more renewable resources.
When I first read the headline, I was thinking of something like the water problem out West and encouraging Vegas and such to quit wasting it. But water is certainly not renewable. There are options for Energy.
Despite reports to the contrary, the Facility was not restarted as a bitcoin mining operation; rather, following a protective layup, the Facility returned to the wholesale energy market as a merchant power provider, and it continues to send a significant amount of the power it generates to the New York Independent System Operator (the “NYISO”).
Bitcoin mining is the process by which new bitcoins are entered into circulation. It is also the way the network confirms new transactions and is a critical component of the blockchain ledger’s maintenance and development. “Mining” is performed using sophisticated hardware that solves an extremely complex computational math problem. The first computer to find the solution to the problem receives the next block of bitcoins and the process begins again.
(Countries Where Bitcoin Is Legal and Illegal) mining is painstaking, costly, and only sporadically rewarding. Nonetheless, mining has a magnetic appeal for many investors who are interested in cryptocurrency because of the fact that miners receive rewards for their work with crypto tokens. This may be because entrepreneurial types see mining as pennies from heaven, like California gold prospectors in 1849. And if you are technologically inclined, why not do it?
Why not do it? Greed is good and too much is never enough.
No worried, your kids can deal with it, sort of reminds me of our sworn Peace Officers at Uvalde, CYA all the way, and too hell with the rest of them
But, but I was promised a 1000% interest rate on my investment!?!
John Reed Stark, lecturing fellow at Duke University Law School, and Neel Maitra, partner at Wilson Sonsini Goodrich & Rosati and former SEC senior special counsel, join Yahoo Finance Live anchor Akiko Fujita to discuss the blowup of crypto exchange FTX, ramifications for the entire industry, and the outlook for SEC enforcement and a regulatory crackdown on digital assets and exchanges.
Oh speaking of fraudsters, or is it the proud no-nothing crowd of gullible chums (translation willing victims) I’m actually thinking about?
What the hell just happened in crypto? A Q&A in plain English about Binance’s takedown of FTX
Jeff John Roberts, November 8, 2022, 5:54 PM
Crypto people have seen things. They’ve seen massive hacks and mind-boggling swindles and stunning success stories. But never have they seen a day like Tuesday, when the world’s biggest crypto exchange carried out the corporate equivalent of murder on its closest competitor.
If you’re not steeped in crypto and are wondering what everyone else is talking about, here’s a basic guide to the insanity surrounding Binance and FTX—and why it matters.
What exactly happened?
Binance is a giant offshore crypto exchange run by a wily Chinese-Canadian billionaire known as CZ. Binance has been on top for a while, but, in recent years, an upstart competitor called FTX began to nip at its heels. FTX was founded by a young American with wild hair known as SBF (initials are a thing in crypto).
Last weekend, CZ began complaining about SBF’s lobbying tactics and then used Binance’s might in the market to destroy his competitor.
Whoa, so how exactly did CZ do that?
The two of them used to be pals …
. . .
In a rapid series of events that unfolded largely on Twitter, FTX attempted to sell a large part of its operating business to rival Binance after a wave of withdrawals threatened to take FTX down. But just as quickly as Binance offered its rescue package in the form of an acquisition, the company retrenched it.
“As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged U.S. agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com,” said Binance CEO Changpeng “CZ” Zhao in a Nov. 9 tweet, only a day after offering a bail-out package.
With Binance walking away, FTX continues to spiral downward. …