Bitcoin Mining ’50 Times More Useful’ – Barry Silbert Rebuts Energy Cost vs. Gold

Bitcoin Mining ’50 Times More Useful’ – Barry Silbert Rebuts Energy Cost vs. Gold
фото показано с : bitcoinist.com

2018-11-8 02:00

Cryptocurrency industry figures continue to hit back at negative stories about Bitcoin mining in mainstream media, Barry Silbert claiming mining Bitcoin was “50 times more useful” than gold.

What’s In A Number?

In a tweet November 6, the Digital Currency Group founder and CEO rebutted claims over Bitcoin mining which originally surfaced in the Nature International Journal of Science.

In it, researchers allege mining Bitcoin 00 is three times more expensive than gold, while the total emissions for mining the four largest cryptocurrencies by market cap between January 2016 and June 2018 lay anywhere between 3 and 15 million tonnes of carbon dioxide.

The findings were widely reported by mainstream media publications, including MarketWatch, which led with a headline focusing on the financial costs of Bitcoin mining.

Silbert, who like many social media commentators appeared irked by the report, retaliated, saying that the usefulness of minting new cryptocurrency outweighed that of new gold fifty times over.

And 50x more useful https://t.co/ffYHcZ13qp

— Barry Silbert (@barrysilbert) November 6, 2018

The Scourge Of ‘Research’ on Bitcoin Mining

While his argument received critiques of its own, the episode underlines to continuing battle the cryptocurrency industry faces regarding both research and media coverage of its growth.

At the end of last month, a separate report into Bitcoin’s purported impact on climate change also received widespread coverage.

Investigating, Bitcoin Core developer Nic Carter soon unearthed what he described as “naive assumptions” about Bitcoin’s energy usage which he then extrapolated to demonstrate the ‘Bitcoin network’ the report analyzed does not exist.

Among the characteristics of Bitcoin which researchers claimed would contribute to 2-degree rises in global warming are 3.2 gigabyte block sizes, fixed (not decreasing) issuance and the complete absence of all level-two technology such as the Lightning Network.

“That major mainstream media organizations are reporting on this is a scathing indictment of the MSM. It’s simply fake news; to publish is either incompetence or fraud,” he commented.

What do you think about the latest research into Bitcoin mining costs? Let us know in the comments below!

Images courtesy of Shutterstock

The post Bitcoin Mining ’50 Times More Useful’ – Barry Silbert Rebuts Energy Cost vs. Gold appeared first on Bitcoinist.com.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 97512.05 (+0.05%)
Объем 24H $96.788b
Изменеия 24h: 3.43 %, 7d: 7.17 %
Cегодня L: $94006.77 - H: $98156.69
Капитализация $1929.32b Rank 1
Цена в час новости $ 6412.48 (1420.66%)

bitcoin mining times gold barry useful silbert

Источник: bitcoinist.com

bitcoin mining → Результатов: 126


Фото:

Bitcoin mining CEOs agree on $250k price target for 2028 halving

Bitcoin mining executives from top firms gathered at the HC Wainwright Bitcoin Mining Panel on Sept. 10 to discuss industry trends, challenges, and the future of Bitcoin. The panel, moderated by Anthony Scaramucci of SkyBridge Capital, featured CEOs from prominent mining companies, including Bit Digital, Bitfarms, CleanSpark, Core Scientific, and Marathon Digital Holdings.

2024-9-12 14:15


Фото:

Bitcoin Mining Emissions – Surprise New Research Findings

As the need to be more eco-friendly becomes ever more apparent, cryptocurrencies have often been sharply criticized for their environmental impact. Being the most well-known of them, Bitcoin has inevitably become tainted with a reputation for the high resource usage required for Bitcoin mining, However, newly released research might paint a slightly different picture and could start changing perceptions around these issues.

2024-9-10 15:17


Bitcoin’s Tightrope: Lower Mining Rewards And Fees Threaten Market Stability — Kaiko

Recent developments in the Bitcoin mining industry suggest a significant financial squeeze due to decreased network fees and halved block rewards. These factors are shaping the economic space for companies validating Bitcoin transactions and could potentially force some into selling their digital assets prematurely to remain solvent, according to Kaiko Research. Related Reading: Germany Shakes […]

2024-7-3 08:00


Is Bitcoin Mining ‘Dangerously Centralised’? What New Research Shows

Recent findings from BitMEX Research have reignited concerns about the centralization of Bitcoin mining. Their study, which cites insights from Bitcoin analyst Alex Bergeron, points out that a single entity now controls the Coinbase outputs for approximately 47% of the network hashrate—a significant concentration that suggests a shift toward oligopolistic tendencies within the Bitcoin mining […]

2024-4-30 12:00


Фото:

The future of Bitcoin mining post-halving, according to GoMining

The phenomenon of the Bitcoin halving is a cornerstone event in the crypto world, fundamentally altering the economic landscape for miners and investors alike. Occurring approximately every four years, this event reduces the reward for mining new Bitcoin blocks by half, a mechanism designed to control the supply of Bitcoin and mimic the scarcity-driven value […] The post The future of Bitcoin mining post-halving, according to GoMining appeared first on CryptoSlate.

2024-3-26 17:30


From Missouri to Texas: Southern US Becomes Bitcoin Mining Hotspot

Missouri is gunning to become a hub for Bitcoin mining, thanks to a new bill by State Rep. Phil Christofanelli. This legislation, aiming to integrate cryptocurrency miners into the energy economy, joins CleanSpark's expansion in Mississippi and Riot's massive investment in Texas, signaling a significant shift in the Southern US towards embracing digital asset ventures.

2024-2-9 14:00


Bitcoin Community Accuses BBC Of Sensationalism In Controversial Mining Article

A recent article published by the BBC has sparked a heated debate among cryptocurrency enthusiasts and critics regarding the environmental impact of Bitcoin (BTC) mining.   The piece, titled “Every Bitcoin payment ‘uses a swimming pool of water,’” raised concerns about the water consumption associated with the mining process.

2023-12-2 03:00


Bitcoin Mining Potential Highlighted In Top Science Journal

A new peer-reviewed research paper has emerged, shedding light on the potential symbiosis between Bitcoin mining and renewable energy initiatives. Dennis Porter, CEO and co-founder of Satoshi Act Fund, a non-profit educational organization dedicated to informing policymakers and regulators about Bitcoin mining’s benefits, and president of Satoshi Educate, shared his insights via X, underscoring the […]

2023-11-9 22:00


Bitcoin Mining Hashrate Sets New All-Time High, Difficulty Up 5.5% In Response

Data shows the Bitcoin mining hashrate has set a new all-time high recently, forcing the network to up its difficulty by about 5.5%. Bitcoin Mining Hashrate Has Observed A Strong Surge Recently The “mining hashrate” refers to the total amount of computing power that the Bitcoin miners have connected to the network. This value can […]

2023-9-20 20:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Mainstream Financial Media Reluctantly Acknowledges Bitcoin Gains

The latest Bitcoin gains have been difficult to ignore, even in traditionally crypto-negative corners of the mainstream media.   Mainstream Media And Bitcoin: ‘Once Bitten, Twice Shy’ Since 2017’s crypto-frenzy, there has been an interesting shift in the mainstream financial media when it comes to Bitcoin.