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<ul class="summary-list"><li>Celsius received approval to expand its <keyword id="11955836" type="UNKNOWN" weightage="60" keywordseo="mining" source="Orion">mining</keyword> operations as it looks to reorganize and pay back creditors.</li><li>Prospects still look grim for Celsius' customers, as the lender only holds $170 million in cash.</li></ul>Celsius Holdings unveiled a plan to reorganizes its finances and hack away at $5.5 billion in obligations, by mining more <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> through its subsidiary, Celsius Mining, with the firm receiving approval for an expansion in a bankruptcy court hearing on Monday.The crypto lender's troubles became public in June, when it <a href="https://markets.businessinsider.com/news/currencies/crypto-lender-celsius-freeze-withdrawals-transfers-accounts-market-tumble-bitcoin-2022-6">paused customer withdrawals</a> shortly before filing for Chapter 11 bankruptcy in early July. Currently, <a href="https://www.coindesk.com/policy/2022/07/19/celsius-lays-out-mining-focused-reorganization-plan-at-first-bankruptcy-hearing/">Celsius has around $5.5 billion in liabilities</a> – $4.7 billion of which is customer holdings – and only $170 million in cash on hand, CoinDesk reported. That debts owed to its users have spurred hate mail and death threats as customers lose faith in getting their deposits back, according to the <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fcelsius-defends-decision-to-halt-withdrawals-at-debut-bankruptcy-hearing-11658189510">Wall Street Journal</a>. Now, the lender has proposed trying to pay down debt by significantly ramping up mining operations. After presenting a 61-page plan yesterday, the crypto lender got a green light to spend $5 million more dollars to triple its mining rigs in operation, with 43,000 units currently working and plans to have 112,000 in operation by mid-2023. Some officials have expressed skepticism about the plan. A US Trustee Program attorney suggested the Celsius should pursue liquidation, noting that the company still needed to pay duties for 37,500 mining rigs, which are currently inoperable and held by customs authorities.Celsius' legal team defended the expansion and asserted its potential for profitability. "In a world where the crypto market rebounds, the mining business has the potential to be quite valuable," the company's lawyer said. The prospects don't look promising for Celsius' customers, who run a major risk of losing their funds held with the firm. Celsius lost billions in assets since the <a href="https://markets.businessinsider.com/news/currencies/crypto-crash-confidence-crisis-stablecoin-terra-luna-tether-usdt-coin-2022-5">crash of the stablecoin Terra and its related crypto Luna.</a>

Crypto lender Celsius is betting on its mining operation to help it reorganize as creditors and customers look to recoup $5 billion from the firm

<ul class="summary-list"><li>The central bank of Russia is calling for a sweeping ban on <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> activity from mining to trading.</li><li>The bank released a report highlighting the risky and speculative nature of digital assets.</li><li>To mitigate these threats, the bank proposed three amendments to Russia's existing regulations.</li></ul>The central bank of Russia is calling for a sweeping ban on cryptocurrency activity from mining to trading, according to a report released Thursday.In a <a href="https://www.cbr.ru/Content/Document/File/132242/Consultation_Paper_20012022_eng.pdf">report</a> entitled "Cryptocurrencies: trends, risks, measures," the central bank laid out the threats posed by digital assets."Potential financial stability risks associated with cryptocurrencies are much higher for emerging <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>, including in Russia," the report said. "This is due to the traditionally higher propensity for saving in foreign currency and an insufficient level of financial literacy."The report pointed to the speculative nature of digital assets, which it said has led to the formation of a bubble. Such assets also exhibit traits similar to a financial pyramid as their prices are largely dictated by demand driven by new market participants, the report added."Just as dollarization, cryptoization limits monetary policy sovereignty, which might force central bank to permanently maintain a higher key rate in order to contain inflation," the report said. "This will reduce the affordability of credit to both households and businesses."To mitigate these threats, the bank proposed three amendments to Russia's existing regulations:<ul><li>Ban crypto as a means of payment for goods, work, and services</li><li>Ban the organization and issuance of crypto, including by crypto exchanges, over-the-counter trading desks, and peer-to-peer platforms</li><li>Ban financial institutions from investing in crypto and conducting crypto transactions</li></ul>The report also tackled <keyword id="12004262" type="UNKNOWN" weightage="60" keywordseo="crypto-mining" source="Orion">crypto mining</keyword>, saying that it jeopardizes the green agenda of Russia. The country is the third-biggest crypto mining nation in the world. Mining, according to the report, endangers the country's financial stability in several ways, the bank said. It creates unproductive consumption of electric power, which threatens the power supply of residents and businesses.It also said crypto mining creates the demand for infrastructure and machinery and exacerbates the "negative effects" of the spread of crypto due to fresh supply.Russia rose to become the third-largest for crypto miner in the world after China in 2021 <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-btc-china-mining-crackdown-sichuan-cryptocurrencies-ether-2021-6?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">clamped down</a> on crypto activities, according to <a href="https://www.jbs.cam.ac.uk/insight/2021/geographic-shift/" target="_blank" rel="noopener">data</a> from the Cambridge Centre for Alternative Finance. The largest miners in Russia are concentrated in the country's northern region, where power is cheap and temperatures are low. The recent report comes as Russia attempts to rein in crypto-related activities over the the past few months. The country has already banned crypto as payment and prohibited mutual funds from investing in digital assets. Crypto transactions in Russia have reached $5 billion per year, according to estimates cited in the report. But the push to eliminate crypto activities may not come as much of a surprise given the political climate in the country. The Federal Security Service already advocated for a blanket ban since payments that are difficult to trace are increasingly used by Russians to make political donations, <a href="https://www.bloomberg.com/news/articles/2022-01-20/russia-s-fsb-tells-nabiullina-to-ban-crypto-to-defund-opposition?srnd=cryptocurrencies-v2">Bloomberg</a> reported.In February 2021, multiple media outlets reported that jailed Kremlin critic Alexei Navalny received nearly $300,000 worth of <a href="https://www.reuters.com/article/us-russia-politics-navalny-crypto-curren-idUSKBN2AB2GR">bitcoin donations</a>.

Russia's central bank is calling for a sweeping ban on crypto activity from mining to trading

<ul class="summary-list"><li>Gene Hoffman, president COO of <keyword id="3019433" type="PERSON" weightage="60" keywordseo="Chia">Chia</keyword>, told Insider the company welcomes government regulation. </li><li>Hoffman said volatility was 'required' before mass adoption of <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> and the technology that underpins it. </li><li>Chia coin minting uses less energy, but has been criticized for creating electronic waste. </li></ul>This year's extreme volatility in the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-e670434e-7fff-37c2-2ed7-cf69f9625cf6">cryptocurrency</a> market has troubled regulators and given big investors pause for thought. But it doesn't faze Gene Hoffman, president and COO of Chia, the new $500 million <a href="https://markets.businessinsider.com/currencies/news/green-cryptocurrency-chia-less-energy-intensive-bitcoin-crypto-ethereum-altcoins-2021-4-1030373374">"green" token</a>. "During adoption phase, volatility is almost required," he told Insider in an interview. "It's kind of like saying that we're gonna adopt the internet in the late 90s without having volatility in internet stocks. Was not going to happen that way." In the heady days of the late 1990s, traders chased anything remotely connected to the internet. Amazon was one of the market darlings at the time and could often rise or fall anywhere up to 60% in a month in the run-up to the bust in early 2000. <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">Cryptocurrencies</keyword> have <a href="https://markets.businessinsider.com/currencies/news/cryptocurrency-volatility-price-swings-affect-investors-traders-miners-defi-2021-5-1030478847">swung wildly throughout May and June</a>, losing as much as <a href="https://www.businessinsider.in/cryptocurrency/news/the-cryptocurrency-market-lost-460-billion-in-a-single-day/articleshow/82801107.cms">$460 billion in a single day</a> last month after China - home to most of the world's crypto mining capacity - said it would clamp down on banks to prevent them from providing crypto-related services. Furthermore, Tesla CEO Elon Musk tweeted his concern about <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>'s energy use, calling it "insane". Around the same time, his company stopped accepting <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-5de4b2cc-7fff-723c-b358-7b3232794991">bitcoin</a> as payment for its luxury electric vehicles. Chia's XCH token, which only began <a href="https://markets.businessinsider.com/currencies/news/green-cryptocurrency-chia-less-energy-intensive-bitcoin-crypto-ethereum-altcoins-2021-4-1030373374">trading on May 3</a>, has been no exception. It debuted at $1,498 and fell by two thirds in just three days. It has since swung from highs above $1,600 to lows this week below $540, according to data from <a href="https://coinmarketcap.com/currencies/chia-network/">CoinMarketCap.com</a>. But Hoffman thinks these are just teething problems before there is the mass adoption of cryptocurrencies and the <keyword id="6355684" type="PERSON" weightage="60" keywordseo="Blockchain">blockchain</keyword> technology that underpins them. And others agree - billionaire entrepreneur Mark Cuban has likened cryptocurrencies to the <a href="https://markets.businessinsider.com/currencies/news/crypto-like-1990s-dotcom-boom-bitcoin-may-not-survive-btc-2021-4-1030359060">dotcom bubble of the late 1990s</a>. Cuban said in January he expects some coins will survive future crashes to become the crypto world's equivalent of Amazon or eBay. Chia was founded by BitTorrent inventor Bram Cohen in 2017, and promotes its "proof of space and time" process as a much more energy-efficient way of mining coins than bitcoin's "proof of work." The company raised $61 million in its latest funding round. Proof of work is an algorithm in blockchain technology that is used to confirm bitcoin transactions and rewards miners with new coins. It's also highly energy intensive and makes bitcoin one of the less climate-friendly coins out there. Rival coin <keyword id="6709758" type="UNKNOWN" weightage="60" keywordseo="Ether">ether</keyword>'s ethereum network is soon moving to a "proof of stake" process, which is slightly different and is far more energy-efficient, for example. Chia's XCH token earns its green credentials from the energy use of its mining process. Rather than "mining" for coins, the network's users "farm" them. <a href="https://markets.businessinsider.com/currencies/news/green-cryptocurrency-chia-less-energy-intensive-bitcoin-crypto-ethereum-altcoins-2021-4-1030373374">Chia "farmers" generate and store</a> cryptographic numbers into "plots" onto their hard drives or solid state drives (SSDs) - a newer, faster <a href="https://www.avast.com/c-ssd-vs-hdd?v=rc">type of storage device</a>. A farmer's plot can win the chance to create a block and receive a reward on the blockchain based on the proportion of total space a farmer has filled up compared to the whole network. A server - called the "Timelord" - verifies the block and awards XCH tokens to the farmer in a process the company calls "proof of space and time". But <a href="https://foreignpolicy.com/2021/05/23/cryptocurrency-chia-waste-resources-bitcoin/">Chia has received criticism</a> for simply creating a new kind of waste, specifically burnt-up hard drives and SSDs. Demand for these storage devices has <a href="https://www.coindesk.com/bram-cohens-chia-drives-hard-disk-demand-in-europe-report">skyrocketed in Europe</a>, while some IT businesses in Vietnam said they <a href="https://www.retailnews.asia/china-cryptocurrency-craze-drives-hard-drive-shortage-in-vietnam/">ran out of stock</a> last month. "There's no free lunch," Hoffman said. "It's hard to say that being a thousand, 10,000 times more efficient for the same security isn't a massive innovation." Hoffman also said that burning through SSDs can be avoided: "If you use the $79 cheap-y SSD and try to plot a bunch against it you might burn that up, but the $99 will last you a lifetime," he said. "So the people who are complaining about that are buying the wrong tool for the job." Regulation is key to survival Aside from bitcoin's carbon footprint, the prospect of ever-tighter regulatory scrutiny has been one of the key drivers in the drop from the token's record high around $65,000 in April, to closer to $30,000 now. And this hasn't just affected bitcoin. Ether, Ripple's XRP, meme currency dogecoin, Polkadot's DOT, or Cardano's ADA are all down sharply from the highs of earlier this year as a result. Hoffman said Chia embraces government regulation - a major incentive behind the company's plans to go public "relatively quickly," possibly via a <a href="https://www.businessinsider.com/how-do-spacs-work-get-created-costs-guide">blank-check company,</a> or SPAC. "Everyone who's kind of merged their equity with their coin has generally been doing an illegal securities offering, and that can't scale, that cannot be adopted, that cannot become the thing that governments run central bank digital currencies on," Hoffman said. Part of cryptocurrencies' appeal is their decentralized nature - no one government or central bank controls them - and the degree of anonymity they afford their users. But Hoffman believes people want transparency. "You want to see the audited financials and the quarterly reports," he said. "These are not crazy ideas if you're trying to build trust." And he hopes that by listing his company on the stock exchange, and keeping its corresponding XCH token as a separate asset, investors will be protected against wild swings in coin prices when using it. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/investments-in-crypto-hit-17-billion-in-the-first-six-months-of-2021/articleshow/83740327.cms">Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indian-cryptocurrency-exchange-wazirx-has-listed-shiba-inu-tokens-for-trading-in-indian-rupees/articleshow/82731429.cms">Chiacoin claims to be an eco-friendly cryptocurrency — here's how it works</a> <a href="https://www.businessinsider.in/cryptocurrency/news/here-is-why-a-ban-on-cryptocurrencies-may-not-be-even-possible/articleshow/82741310.cms">Is a ban on cryptocurrencies even possible?</a> <a href="https://www.businessinsider.in/cryptocurrency/news/latin-america-and-south-asia-show-two-ends-of-the-crypto-regulatory-spectrum/articleshow/83638437.cms">Even as Latin America embraces Bitcoin, Southeast Asia is clamping down on cryptocurrencies</a>

A top exec at 'green' crypto firm Chia says today's volatility is just like the wild price swings in dot-com stocks in the 90s - and that both further turbulence and regulation will ultimately help the market

<ul class="summary-list"><li>Bitcoin's price is back at record highs last seen in April - and that means its energy use is soaring, too.</li><li>It uses as much electricity each year as the Netherlands, an uncomfortable fact as world leaders meet at <keyword id="8557638" type="General" weightage="60" keywordseo="cop26" source="Orion">COP26</keyword>.</li></ul><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> has made a dramatic comeback over the last couple of months and is once again trading around record highs between $60,000 and $65,000. The bitcoin bounce means people are rushing to "mine" more of the cryptocurrency. And that means bitcoin's energy use is shooting up once again. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> Bitcoin's "hash rate" - the amount of computing power dedicated to mining the digital currency - has risen sharply, and analysts say it's likely to hit a new high soon. Its electricity consumption has also jumped, and is nearing the all-time highs seen in May, according to <a href="https://ccaf.io/cbeci/index">Cambridge University data</a>. Bitcoin is currently using around as much electricity each year <a href="https://ccaf.io/cbeci/index/comparisons">as the Netherlands</a>, an uncomfortable fact just as world leaders meet in Glasgow, UK to try to tackle climate change at COP26. Bitcoin 'mining' Bitcoin is so energy intensive because of the system it uses to verify transactions and keep the network secure. <keyword id="2810876" type="General" weightage="60" keywordseo="ethereum" source="Orion">Ethereum</keyword> - the second-biggest cryptocurrency - also uses the same system, meaning the two dominant tokens are giant energy guzzlers. Under the system, users called miners hook up massive computers to compete against each other to solve complex "cryptographic" puzzles. Solving these puzzles gives the miners the right to verify transactions, and earns them some cryptocurrency in reward. Naturally, the higher the bitcoin price goes, the more attractive mining is. Miners' revenues soared in October to $1.72 billion, according to data from <a href="https://www.theblockcrypto.com/data/on-chain-metrics/bitcoin/bitcoin-miner-revenue-monthly">The Block</a>, just shy of March's record high of $1.75 billion. As more people start mining, the hash rate rises. Alex de Vries, founder of <keyword id="6169572" type="General" weightage="60" keywordseo="bitcoin-energy" source="Orion">bitcoin energy</keyword> data service Digiconomist, told Insider that it "seems inevitable" that the hash rate and electricity consumption will soon hit a new high, given the current bitcoin price. As well as using huge amounts of energy, the mining process also generates tonnes of electrical waste, because miners constantly jettison old machines in favor of more efficient new ones. A recent Digiconomist report said a single bitcoin transaction creates as much waste as <a href="https://markets.businessinsider.com/news/currencies/bitcoin-btc-energy-consumption-waste-iphone-crypto-mining-2021-9">throwing out two iPhones</a>. Read more: <a href="https://www.businessinsider.com/crypto-investing-strategy-what-is-flippening-experts-predicitions-bitcoin-ethereum-2021-10">Beware of 'The Flippening': 7 crypto experts break down the ominous-sounding event and its implications for bitcoin, with some investors fearing it could unsettle the crypto market</a> A heated debate Yet just because bitcoin's electricity consumption is surging, that doesn't necessarily mean its carbon emissions are too. Although lots of bitcoin fans argue that its electricity consumption isn't a problem, many of the biggest players are trying to clean up its act and shift towards renewable energy. After Elon Musk <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-tesla-payment-stops-elon-musk-climate-change-environment-2021-5">criticized</a> bitcoin's energy use, big <keyword id="2721952" type="General" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> names such as Michael Saylor's tech company MicroStrategy founded the <keyword id="1660859" type="General" weightage="60" keywordseo="bitcoin-mining" source="Orion">Bitcoin Mining</keyword> Council, which promotes greener mining. Estimates are tricky, but in 2020 Cambridge University reckoned around 40% of bitcoin mining was powered greenly. The Bitcoin Mining Council estimated last month that it <a href="https://bitcoinminingcouncil.com/bitcoin-mining-council-survey-confirms-sustainable-power-mix/">could be around 58%</a>. That would make it one of the greenest industries in the world - although bitcoin critics say that energy could be more useful to society elsewhere. China's major crackdown on crypto mining is likely to have helped bitcoin become greener. Most mining used to take place in the country, where coal is the dominant energy source. But the US, where renewables are often the cheapest energy source, is the <a href="https://www.bbc.co.uk/news/technology-58896545">new global mining hub</a>. The major environmental push in finance is also likely to make a difference, with less energy-intensive tokens and networks more likely to attract the big bucks from institutions. Ethereum has grand plans to differentiate itself from bitcoin by switching to a much more environmentally friendly security and validation system by the end of 2022. JPMorgan has <a href="https://markets.businessinsider.com/news/currencies/ethereum-ether-bitcoin-crypto-defi-nfts-interest-rates-gold-jpmorgan-2021-11">spoken approvingly</a> of the changes, in a sign of the way the winds are blowing.

Bitcoin's record-high price means its energy use is soaring again - just as the world tries to tackle climate change at COP26

<ul class="summary-list"><li>Shares of cryptocurrency mining companies soared early on Monday as bitcoin rallied. </li><li id="recirc">Marathon Digital Holdings, Riot Blockchain, <keyword id="11489413" type="UNKNOWN" weightage="60" keywordseo="bitfarms">Bitfarms</keyword>, Bit Digital, and Hive Blockchain all leapt over 15%. </li><li>Mining stocks tend to move in tandem with bitcoin's price. </li></ul>Shares of cryptocurrency mining companies soared in early Monday morning trading as <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">bitcoin</a> staged a <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-elon-musk-dorsey-cathie-wood-amazon-crypto-chatter-2021-7">rally to a six-week high</a> above $38,000. <a href="https://markets.businessinsider.com/stock/MARA">Marathon Digital Holdings</a> and <a href="https://markets.businessinsider.com/stock/RIOT">Riot Blockchain</a> both jumped 18% premarket. <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">Crypto</keyword> mining peers including <a href="https://markets.businessinsider.com/stock/BITF">Bitfarms</a> (up 17.6%), <a href="https://markets.businessinsider.com/stock/BTBT">Bit Digital</a>(16.5%), and <a href="https://markets.businessinsider.com/stock/HVBT">Hive Blockchain</a> (16.7%) also gained. Meanwhile bitcoin leapt 15% and all other major coins were in the green. The stocks tend to move in the same direction as bitcoin, though many of them have outperformed the cryptocurrency in 2021. Marathon and Riot have jumped 165% and 65% year-to-date, respectively. As of Monday morning, bitcoin is up roughly 30% in the same time period. Riot Blockchain CEO Jason Les told Insider shares of his company often serve as a proxy for investors looking to get exposure to bitcoin and <keyword id="1660859" type="PERSON" weightage="60" keywordseo="bitcoin-Mining">bitcoin mining</keyword> without going through the hassle of directly owning the coin. "The stock has performed very well this year, in line with the bitcoin market improving substantially," he added. "But also in line with the real substantial operational expansion that we have been executing on this year." Many mining companies outside of China have also <a href="https://markets.businessinsider.com/news/currencies/china-bitcoin-mining-ban-riot-blockchain-renewable-jason-les-crackdown-2021-7">faced a surge in demand from Chinese miners</a> looking for space to house mining operations after the region banned the practice.

Bitcoin mining stocks surge as the cryptocurrency rallies towards $40,000

<ul><li>DMG Blockchain Solutions and Argo Blockchain are launching the world's first <keyword id="1660859" type="PERSON" weightage="60" keywordseo="bitcoin-Mining" source="Orion">bitcoin mining</keyword> pool powered by clean energy.</li><li>The launch of "Terra Pool" comes amid increasing backlash on the immense energy used to mine <keyword id="6354947" type="General" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword>.</li><li>Terra Pool will initially consist of both DMG's and Argo's hashrate, the <a href="http://www.globenewswire.com/news-release/2021/03/26/2200038/0/en/DMG-Blockchain-Solutions-and-Argo-Blockchain-to-Launch-the-First-Clean-Energy-Bitcoin-Mining-Pool.html">announcement said</a>.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a></li></ul>Cryptocurrency firms DMG Blockchain Solutions and Argo Blockchain are launching what they say will be the world's first bitcoin mining pool powered by clean energy in an attempt to better manage the impact of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">bitcoin</a>mining on the climate. The mining operation aims to mint the first "green bitcoin". DMG and Argo Blockchain announced on Friday the launch of Terra Pool. It will initially consist of both DMG's and Argo's hashrate, which currently uses energy generated by hydroelectric resources, the <a href="http://www.globenewswire.com/news-release/2021/03/26/2200038/0/en/DMG-Blockchain-Solutions-and-Argo-Blockchain-to-Launch-the-First-Clean-Energy-Bitcoin-Mining-Pool.html">announcement said</a>. "We are hopeful other companies within the bitcoin mining industry follow in our footsteps to demonstrate broader climate consciousness," Peter Wall, CEO of Argo Blockchain, said in a <a href="https://www.londonstockexchange.com/news-article/ARB/argo-launches-the-first-clean-energy-mining-pool/14914682">statement</a>. He added that the new pool is "an important step towards protecting our planet now and for generations to come." The launch of the new pool comes amid increasing backlash from bitcoin critics and environmental activists on the immense energy used to mine the popular token. Both companies aim for Terra Pool to serve as a strong incentive for <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">cryptocurrency</a> miners to produce bitcoin in a climate-conscious manner, the statement said. The goal is to significantly reduce greenhouse gas emissions over the next decade. According to <a href="https://cbeci.org/">Cambridge's Centre for Alternative Finance</a>, bitcoin's estimated annualized electricity consumption <a href="https://markets.businessinsider.com/currencies/news/bitcoin-energy-consumption-cambridge-study-cryptocurrencies-bitcoin-mining-climate-change-2021-3-1030180485">jumped 80%</a> since the beginning of 2020, from 71.07 terawatt-hours to 128 terawatt-hours earlier this month. For comparison, in 2019, Australia's main electric grid <a href="https://www.aer.gov.au/wholesale-markets/wholesale-statistics/annual-electricity-consumption-nem">used</a> 192 terawatt-hours. A recent study from <a href="https://markets.businessinsider.com/currencies/news/bitcoin-btc-energy-use-mining-climate-environment-cyrptocurrencies-foundry-2021-3-1030229621">Bank of America</a> meanwhile revealed that bitcoin's energy consumption is comparable to major corporations like American Airlines, which flies over 200 million passengers a year, as well as the entire US federal government, which employs two million people. Bitcoin bulls for their part believe the criticisms are overblown. Dan Held, head of growth at cryptocurrency exchange Kraken, <a href="https://markets.businessinsider.com/currencies/news/bitcoin-mining-energy-cost-environmental-sustainable-consumption-network-profitability-crypto-2021-3-1030194474">told Insider</a> that talks of bitcoin's energy consumption are taken out of context. "What it really comes down to when people don't like bitcoin's energy consumption is...they simply don't like bitcoin," said Held. "And so people that are against crypto think that any energy consumption from bitcoin is wasteful." The price of bitcoin has soared 83% year-to-date and has skyrocketed more than 600% in the past 12 months as the popular cryptocurrency is embraced by a growing number of major institutions.

Argo Blockchain and DMG look to mint first-ever 'green bitcoin' with launch of clean energy mining operation

<ul class="summary-list"><li><keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword> said crypto miners should post audits of the renewables they use to erase concerns over <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>'s energy use.</li><li>He was responding to Ark Invest's research director who says <keyword id="1660859" type="PERSON" weightage="60" keywordseo="bitcoin-Mining">bitcoin mining</keyword> encourages green energy use.</li><li>Bitcoin fell sharply to near $30,000 earlier this week after Tesla suspended bitcoin payments.</li></ul>Elon Musk said on Thursday top <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> miners should post audited data of the renewable energy they possibly use in order to ease concerns over the digital asset's impact on the environment.The billionaire was responding to a <a href="https://twitter.com/wintonARK/status/1395448299792920576">tweet</a> from Ark Invest's director of research, Brett Winton, about bitcoin mining encouraging the adoption of renewables. The investment firm has <a href="https://markets.businessinsider.com/currencies/news/bitcoin-mining-jack-dorsey-cathie-wood-square-ark-invest-research-2021-4-1030332261">argued</a> bitcoin mining presents an opportunity to move away from fossil fuel consumption towards greener technology."I agree that this can be done over time, but recent extreme energy usage growth could not possibly have been done so fast with renewables," Musk <a href="https://twitter.com/elonmusk/status/1395469597680160768">said in a tweet</a>. "This question is easily resolved if the top 10 hashing orgs just post audited numbers of renewable energy vs not."<div type="image" title="Screenshot 2021 05 21 at 08.24.05" height="622" width="1180" msid="82826043" hostid="261"></div>Read More: <a href="https://www.businessinsider.com/cryptocurrency-crash-explained-causes-should-i-sell-buy-the-dip-2021-5" target="_blank" rel="noopener noreferrer">7 crypto heavyweights told us what's behind the sudden sell-off that erased over $400 billion from the market in just 24 hours - and whether now is the time to 'buy the dip'</a>He went on to say energy used through bitcoin mining is beginning to exceed that of medium-sized countries. "Almost impossible for small hashers to succeed without those massive economies of scale," he <a href="https://twitter.com/elonmusk/status/1395472799020421120">added</a>.Bitcoin uses around 121.36 terawatt-hours (TWh) per year, according to <a href="https://cbeci.org/cbeci/comparisons">Cambridge University research</a>. For comparison, banking systems consume 263. 72 TWh, while gold mining takes up around 240.61 TWh. That shows the other two industries consume twice the energy of bitcoin mining. Musk replied to <a href="https://twitter.com/TeslaGong/status/1395474064525824006">another Twitter user</a> who asked about the ideal consumption used in crypto mining, saying that even the less energy-intensive <a href="https://markets.businessinsider.com/currencies/doge-usd">dogecoin</a> had some room for improvement and that an ideal ratio would be 0.1 kWh "calculated as total energy used by system divided by max transaction rate."<div type="image" title="Screenshot 2021 05 21 at 08.37.45" height="276" width="1176" msid="82826046" hostid="261"></div>Bitcoin recovered slightly to move back above $40,000, but it was last trading 2% lower around $39,650 on Friday. The coin's value <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-cryptocurrencies-china-crypto-crackdown-price-outlook-2021-5-1030445035">fell sharply to just above $30,000</a> on Wednesday after Tesla suspended bitcoin payments, and China announced that digital tokens cannot be used as a form of payment.Read more: <a href="https://www.businessinsider.com/crypto-trading-investing-tips-crypto-tokens-hodling-trader-scott-melker-2021-5" target="_blank" rel="noopener">'Wolf of All Streets' crypto trader Scott Melker breaks down his strategy for making money using 'HODLing' and 100X trade opportunities - and shares 5 under-the-radar tokens he thinks could explode</a>

You Searched For "green crypto mining" and got 7 results

Crypto lender Celsius is betting on its mining operation to help it reorganize as creditors and customers look to recoup $5 billion from the firm

Jennifer Sor

Russia's central bank is calling for a sweeping ban on crypto activity from mining to trading

Isabelle Lee

A top exec at 'green' crypto firm Chia says today's volatility is just like the wild price swings in dot-com stocks in the 90s - and that both further turbulence and regulation will ultimately help the market

Anna Cooban

Bitcoin's record-high price means its energy use is soaring again - just as the world tries to tackle climate change at COP26

Harry Robertson

Bitcoin mining stocks surge as the cryptocurrency rallies towards $40,000

Emily Graffeo

Argo Blockchain and DMG look to mint first-ever 'green bitcoin' with launch of clean energy mining operation

Isabelle Lee

Elon Musk says bitcoin can shake off its bad climate reputation if top miners prove they're using green energy

Shalini Nagarajan

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