Iris Energy Slashes Bitcoin Mining Capacity Due to a Requested Loan

Accumulation definitely continues, both in the background and the foreground, with people and enterprises continuing to buy the dip. MicroStrategy, run by Bitcoin bull Michael Saylor, snatched up $25 million in Bitcoin this last week. The company has now dropped a total of $3.78 billion into Bitcoin, holding an astounding stash of over 125,000 BTC.

  • Bitcoin’s energy consumption will remain below 0.5 percent of the global total over the next decade, according to a recent report from the New York Digital Investment Group .
  • Grayscale’s Bitcoin Trust , reportedly saw $1.2 billion in fresh investor funds in January 2021.
  • There may be no regulatory recourse for any loss from such transactions.
  • The victims of the scheme recently filed a lawsuit in Tokyo District Court and are seeking approximately $3.2 million in damages.

This huge question, and the importance of blockchain technology in general, continues to gain momentum in a time where governments are printing dollars and inflation is a looming concern. The deal between Mass Mutual and NYDIG concerning bitcoin, was predicated on what Mass sees as an the increasing involvement of cryptocurrencies in the financial landscape and the demand from financial professionals and their clients to gain bitcoin exposure. This article/post contains references to products or services from one or more of our advertisers or partners.

Bitcoin short squeeze: BTC recovery could leave crypto sceptics scrambling to cover

New York Digital Investment Group , a Bitcoin-focused investment firm, published a report in September chronicling Bitcoin’s 14-year evolution from a software development perspective. The report, titled “Developers of Bitcoin,” found that there are only 40 to 60 active developers. The document sheds light on how Bitcoin has steadily grown from an obscure technological breakthrough, to worldwide domination, and examines the software developers who made it all happen. “The SEC is very thoughtful on the space, is considering the right dimensions in terms of evaluating perspective and we’re trying to be helpful collaborator to them,” Horsley said.

NYDIG optimistic about Bitcoin

The survey asked how respondents they would feel if their insurance carrier invested less than 2% of its cash in Bitcoin. Forty-three percent said such an allocation would be acceptable, while 42% said it might be okay and only 15% said they didn’t like the idea. About half the respondents said they want to receive some or all of their insurance benefits in Bitcoin, NYDIG’s survey found. Nearly 90% said they had some interest in insurance or annuity products that have at least some indirect link to Bitcoin. NewsBTC is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.

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The analysis, written by Castle Island Ventures partner Nic Carter and NYDIG founder Ross Stevens, looks at how the network’s carbon emissions may alter in the future as a result of price volatility, mining difficulty, and energy use. Certainly, the crypto space may have a few potential enemies, namely the impact of defi on the market share of the major banks. However, the question remains whether they will simply move toward adoption of the technology. On the estate planning side, numerous concerns arise when dealing with crypto assets such as bitcoin, somewhat similar to those related to other digital estate assets like social media accounts or websites, yet with some distinctions.

Bitcoin’s Energy Consumption

At present the investment opportunities in this emerging asset class are evolving. Options for getting into the space include trading platforms such as, arguably the most established U.S. based exchange, or which is also well established. Binance.US is another well established exchange, but not currently available in every U.S. Of course, as with any other estate planning, designating beneficiaries for crypto assets is extremely important AND failure to plan for the distribution of cryptocurrencies will put them directly in the discretion of a probate court judge. So, the same rules for avoiding probate whenever possible applies to crypto. However, sharing your private keys and other information with trusted family members is a good start toward estate planning for cryptocurrencies and any digital asset for that matter.

As for the actual crypto owners surveyed, 70% have owned their holdings for at least three years and 69% see themselves as long-term holders. In addition, 36% said they actively trade cryptocurrencies for profit (so there’s clearly some crossover) and 27% use it to make purchases on the internet. The three studies focused on Americans most cited in the cryptocurrency industry have vastly different answers, but they all agreed on that one point — the base of Bitcoin buyers is growing fast. BTC mining currently consumes 101 TWh per year or 0.45% of global electricity.

The actual boost, however, comes from an increase in retail investor confidence, since most consumers will view the investment of financial giants in Bitcoin as a hint to invest in the cryptocurrency. Despite the fact that regular investors are trying to get out of Bitcoin due to fear, fresh analysis shows that major institutions are still investing heavily in Bitcoin. “Overall, the prospects for the decarbonization of Bitcoin mining over the coming decades are quite promising,” the report said. “Meanwhile, against a backdrop of increasing financial surveillance and global monetary instability, the case for Bitcoin as a monetary safe haven and neutral settlement network grows ever stronger.”