Energy provider Hydro-Québec cited the high energy demands anticipated in the Canadian winter in its reasons to reallocate 270 megawatts from crypto mining firms.
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Energy provider Hydro-Québec cited the high energy demands anticipated in the Canadian winter in its reasons to reallocate 270 megawatts from crypto mining firms.
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Before the Merge upgrade, in 2022, the energy consumption of Ethereum ranged between 46.31 terawatt hour (TWh) per year to 93.98 TWh per year.
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While miners stand to be significantly affected by the current power crisis, there is still some hope that the prevailing macro conditions could work in favor of the crypto industry.
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After rejecting a proposal to ban crypto mining, the EU is looking at disclosure and mitigation measures to make crypto assets more sustainable in the coming years.
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According to a letter penned by seven U.S. lawmakers, ERCOT was “intimately connected” with the growth of crypto mining in Texas.
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Cory Klippsten, the CEO of Swan Bitcoin, shares his views on how “the competition for liquidity” between Bitcoin and Ethereum will play out after the latter’s switch to a proof-of-stake system.
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In a recent Twitter Spaces, Capriole Fund founder Charles Edwards told Cointelegraph that BTC could go lower, but currently reflects “incredible deep value” based on multiple price metrics.
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Post-Merge Ethereum has now detached itself from the “crypto mining is bad for the environment” narrative, following its transition to proof-of-stake.
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Critics have suggested Bitcoin could not operate as the same decentralized currency without a consensus mechanism like proof-of-work.
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The CFTC chair said that the Ethereum blockchain’s transition to proof-of-stake, despite reducing energy usage by more than 99%, may not go far enough in resolving the problem.
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