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<ul><li><keyword id="6354947" type="General" weightage="20" keywordseo="Bitcoin" source="Orion">Bitcoin</keyword> is estimated to annually generate e-waste equivalent to over five times that of Luxembourg’s. </li><li>Experts also suggest that the top cryptocurrency uses the same amount of electricity annually that Norway’s 5.5 million population does. </li><li>There are two ways to make Bitcoin more environment-friendly, according to studies. </li></ul>Bitcoin, and other cryptocurrencies, have often been criticised for the amount of e-waste they generate, and the power that is consumed in mining coins. Now, a report has tried to quantify just how harmful <keyword id="1660859" type="General" weightage="100" keywordseo="Bitcoin-mining" source="Orion">Bitcoin mining</keyword> is to the environment. According to a study by <a href="https://stockapps.com/blog/bitcoin-30-7-kilotons-annual-e-waste-5x-that-of-luxembourg/">StockApps.com</a>, Bitcoin mining generates 30.7 kilotons of e-waste annually. That is enough to cover Luxembourg’s e-waste five times. For context, Luxembourg has a population of 6,00,000 people. Cryptocurrencies have long been criticised for being inefficient. This is especially true of major cryptos like Bitcoin and <keyword id="2810876" type="General" weightage="20" keywordseo="ethereum" source="Orion">Ethereum</keyword>. Although solutions are being worked on to reduce the environmental impact of mining these cryptocurrencies, there’s still a lot of room for progress in this regard. <cmsannotation type="cmsannotation" annotationid="Why is Bitcoin mining so ‘dirty’?" comment="subhead" text="Why is Bitcoin mining so ‘dirty’?">Why is Bitcoin mining so ‘dirty’?</cmsannotation> Bitcoin uses a ‘<keyword id="13202193" type="General" weightage="20" keywordseo="proof-of-work" source="Orion">proof of work</keyword>’ (PoW) mechanism to regulate the creation of new blocks and the overall state of the cryptocurrency. ‘<keyword id="11186908" type="General" weightage="20" keywordseo="proof-of-stake" source="Orion">Proof of stake</keyword>’ (PoS), on the other hand, uses a simple mechanism to lock coins in a smart contract and owners make their stakes via a lottery system. <div type="image" title="Bitcoin mining" msid="91764555" hostid="261"></div> For long, PoW has been criticised for consuming more energy than PoS. The PoS evangelists also claim that it is more secure than PoW – essentially, there is little reason to not use PoS. Estimates <a href="https://www.forbes.com/advisor/investing/cryptocurrency/bitcoins-energy-usage-explained/">suggest</a> that Bitcoin uses approximately 127 terawatt-hours of power every year – that is equivalent to the entire annual electricity consumption of Norway. Even on a per-transaction basis, Bitcoin mining is expensive – mining a single coin of BTC consumes 707 kilowatt-hours of electricity, which is 11 times that of Ethereum. <cmsannotation type="cmsannotation" annotationid="It’s not just excessive power consumption that is the problem" comment="subhead" text="It’s not just excessive power consumption that is the problem">It’s not just excessive power consumption that is the problem</cmsannotation> Bitcoin’s more-demanding mining process also has its impact on the mining equipment, which is the reason it generates so much e-waste. Bitcoin miners use application-specific integrated circuits (ASICs) for mining the cryptocurrency, since they are tailor-made for this purpose. However, ASICs have short lifespans – at about 18 months – and once they are obsolete, they become e-waste. <cmsannotation type="cmsannotation" annotationid="What can be done to reduce Bitcoin’s environmental footprint?" comment="subhead" text="What can be done to reduce Bitcoin’s environmental footprint?">What can be done to reduce Bitcoin’s environmental footprint?</cmsannotation> There are two possible ways to help reduce Bitcoin’s impact on the environment. The first solution is to transition to PoS from the current PoW mechanism – experts suggest this will result in significant savings in terms of energy consumption. The other solution being suggested is adoption of a pre-mining mechanism that coins like XRP use. This system would allow for algorithms to mine new coins instead of generating them on demand. This, experts believe, will reduce the need for high-end mining equipment and thereby help reduce e-waste. SEE ALSO: <a href="https://www.businessinsider.in/retail/news/kumar-mangalam-birlas-fashion-empire-raises-2195-crore-from-singapores-sovereign-fund/articleshow/91761129.cms">Kumar Mangalam Birla’s fashion empire raises ₹2,195 crore from Singapore’s sovereign fund</a> <a href="https://www.businessinsider.in/finance/banks/news/an-indian-credit-card-user-spends-14500-a-month-on-average-20x-more-than-debit-card-users/articleshow/91759657.cms">An Indian credit card user spends ₹14,500 a month on average – 20x more than debit card users</a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-50-5g-vs-oneplus-nord-ce-2-lite-5g-comparison-of-price-and-features/slidelist/91762474.cms">Realme Narzo 50 5G vs OnePlus Nord CE 2 Lite 5G – price, specs and features compared</a>

Bitcoin mining generates 30.7 kilotons e-waste annually – enough to cover Luxembourg’s e-waste five times

<ul><li>A yet to be published report puts <keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> amongst the top e-waste generators in the world.</li><li>Bitcoin generates 272 grams of e-waste per transaction processed on the blockchain.</li><li>Bitcoin’s energy consumption in 2021 has already surpassed that of 2020.</li></ul><keyword id="1660859" type="General" weightage="20" keywordseo="bitcoin-mining" source="Orion">Bitcoin mining</keyword> uses a lot of energy — but that’s not the only environmental concern the community has to take into account. According to a new study by <a href="https://www.sciencedirect.com/science/article/abs/pii/S0921344921005103">Science Direct</a>, mining generates as much as 30.7 metric kilotons of e-waste every year as of May 2021. That’s comparable to small IT equipment waste produced by countries like the Netherlands. <div type="ExtQuote" text="“On average Bitcoin generates 272 grams of e-waste per transaction processed on the blockchain.”" auname="Excerpt from Science Direct report"></div> The bigger concern is that, unlike energy consumption which is minimal in comparison to other players, <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">Bitcoin</a> amongst the world’s largest e-waste producers — including smartphones which were <a href="https://www.weforum.org/agenda/2021/07/repair-not-recycle-tackle-ewaste-circular-economy-smartphones/">estimated</a> to have contributed 50 million tonnes of waste in 2019, approximately 10% of the total global e-waste in the world at the time. The study indicated that Bitcoin could produce as much as 64.4 metric kilotons of e-waste, overall this year. “E-waste represents a growing threat to our environment, from toxic chemicals and heavy metals leaching into soils, to air and water pollution caused by improper recycling,” said the study. <cmsannotation type="cmsannotation" annotationid="Bitcoin’s energy consumption hasn’t reduced — its just moved out of China" comment="subhead" text="Bitcoin’s energy consumption hasn’t reduced — its just moved out of China">Bitcoin’s energy consumption hasn’t reduced — its just moved out of China</cmsannotation> Such large amounts of e-waste could be troublesome for the world’s largest <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">Bitcoin miners</a> who have already run afoul of regulators in countries like China. According to a new <a href="https://cointelegraph.com/news/2021-s-btc-energy-use-passes-2020-s-new-study-suggests-each-tx-produces-272g-of-e-waste?utm_source=Telegram&amp;utm_medium=social">study</a> from Bloomberg, the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">Bitcoin Network</a> has already consumed 91 terawatt-hours (TW/h) within the first of 2021 — surpassing the 67 TW/h it consumed in all of 2021, in line with the 95.68 TW/h consumption estimated by the Cambridge Bitcoin Electricity Consumption Index (<a href="https://cbeci.org/cbeci/comparisons">CBECI</a>). China’s crackdown on Bitcoin miners earlier this year led some of the world’s largest miners, including Huobi Global and BTC.TOP, to halt their operations in the country. While this led to a drop in the total hashrate under 90 million terahashes in July, it has been on the rise since. And, <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-crackdown-on-crypto-slashed-competition-for-north-american-bitcoin-miners-and-earnings-are-soaring-to-record-highs-as-a-result/articleshow/85716028.cms">miners in North America</a> have had the post to gain from China’s crackdowns. Blockchain.com <a href="https://www.blockchain.com/charts/miners-revenue">puts</a> the total hashrate at around 132.771 million terahashes right now. To be fair, Bitcoin’s total e-waste production is still only 0.11% of the global estimate, according to Statista.com. However, the fact that platforms like Ethereum and Cardano have been cutting energy consumption by as much as 99% could make statistics like this troublesome for the world’s most valuable cryptocurrency. <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/google-apple-and-facebook-may-face-competition-from-ethereum-in-the-battle-for-user-data/articleshow/86194538.cms">Google, Apple and Facebook move aside — Ethereum will offer users control over their data with a new sign-in method</a> <a href="https://www.businessinsider.in/cryptocurrency/news/the-top-three-cryptocurrencies-have-fallen-by-15-percent-in-last-one-week-but-shiba-inu-coins-are-thriving/slidelist/86191614.cms">The top three cryptocurrencies have fallen by 15 percent in last one week — but Shiba Inu coins are thriving</a>

Bitcoin mining isn't just consuming energy, it's also generating 272 grams of e-waste with every transaction

<ul class="summary-list"><li>Each <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> transaction creates at least 272g of <keyword id="12116766" type="UNKNOWN" weightage="60" keywordseo="e-waste" source="Orion">e-waste</keyword>, the weight of two iPhone 12 minis, a new paper says.</li><li>This is because "bitcoin miners cycle through a growing amount of short-lived hardware," the authors said.</li><li>They found that the average lifespan of <keyword id="11971141" type="UNKNOWN" weightage="60" keywordseo="bitcoin-mining" source="Orion">bitcoin mining</keyword> devices is just 1.29 years.</li></ul>One <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> transaction creates the same amount of <keyword id="12116765" type="UNKNOWN" weightage="60" keywordseo="electronic-waste" source="Orion">electronic waste</keyword> as throwing away two iPhones, economists have found, because of the short lifespan of "mining" computers.The bitcoin network annually generates 30.7 metric kilotons of waste as mining equipment is thrown away, according to a study by economists Alex de Vries and Christian Stoll.There were 112.5 million transactions in 2020, so that "equates to at least 272 g of e-waste per bitcoin transaction," they said <a href="https://www.sciencedirect.com/science/article/pii/S0921344921005103">in a paper</a> published this week.That is equivalent in weight to two iPhone 12 minis, as <a href="https://www.theguardian.com/technology/2021/sep/17/waste-from-one-bitcoin-transaction-like-binning-two-iphones?CMP=Share_AndroidApp_Other">The Guardian</a> pointed out, or to 0.5 of an iPad, according to <a href="https://digiconomist.net/bitcoin-electronic-waste-monitor/">Digiconomist</a>.Critics have long focused on bitcoin's enormous electricity consumption, but De Vries and Stoll said people have "thus far ignored that bitcoin miners cycle through a growing amount of short-lived hardware."Bitcoin mining is the process whereby computers solve complex puzzles to verify transactions and are rewarded with new coins. It is very energy intensive, and most miners use specialist computer chips known as ASICs.The computers are competing against each other, meaning miners are driven to use the newest and most powerful devices. And because mining computers often only serve one purpose, they're quickly rendered obsolete.<a href="https://www.businessinsider.com/bitcoin-price-forecast-goldman-galaxy-digital-solana-prediction-jason-urban-2021-9"></a>"The lifespan of bitcoin mining devices remains limited to just 1.29 years," De Vries and Stoll wrote.Read more: <a href="https://www.businessinsider.com/bitcoin-price-forecast-goldman-galaxy-digital-solana-prediction-jason-urban-2021-9">An ex-Goldman exec turned crypto trading head explains why he thinks bitcoin can still reach $70,000 by the end of the year - and shares 'a safe play' that's off the beaten track</a>They said the 30.7 kilotons of waste bitcoin produces each year is comparable to the amount of small IT and telecommunication equipment waste produced by a country like the Netherlands.The <a href="https://markets.businessinsider.com/currencies/eth-usd">ethereum</a> network is trying to tackle the problem of waste from <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> mining by changing to a so-called <a href="https://markets.businessinsider.com/news/currencies/ethereum-upgrades-boost-ether-price-eip1559-prrof-of-stake-2021-5">"proof of stake" network</a>. In that system, users put forward a stake to gain the right to verify transactions, rather than use vast amounts of computing power.However, De Vries and Stoll, from the Dutch central bank and MIT respectively, noted that the traditional financial system also generates huge amounts of waste, from servers in bank branches to old ATMs."The six billion payment cards that are produced annually - with a lifetime of three to four years - illustrate the large scale," they said in the paper, published in the Resources, Conservation &amp; Recycling journal.

A single bitcoin transaction creates as much waste as throwing out two iPhones, economists find

<ul><li><keyword id="1660859" type="General" weightage="20" keywordseo="bitcoin-mining" source="Orion">Bitcoin mining</keyword> has been known to be environmentally unfriendly and inefficient.</li><li>Now, a new study claims that miners spend $3 out of $4 of their <keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> income on paying for electricity costs.</li><li>Another study estimates that mining a single Bitcoin consumes the same amount of electricity that an Indian household consumes in 380 days.</li></ul>Bitcoin mining has long been criticised for being inefficient and a power guzzler. Now, a new report says that electricity charges are actually the single biggest contributor to the costs of mining Bitcoin. According to a report by <a href="https://cryptomonday.de/news/2022/05/31/over-75percent-of-bitcoin-miners-income-is-going-to-electricity-costs/">CryptoMonday</a>, the electricity costs for Bitcoin mining can be prohibitively high for some. The report adds that $3 out of every $4 earned by Bitcoin miners go towards paying for electricity. Mining a single Bitcoin can consume as much as 2,165 kilowatt-hours of electricity. According to a <a href="https://www.ceew.in/blogs/urban-households-consumed-less-electricity-during-lockdown-some-parts-india">study</a>, an Indian household on average consumes 5.7kWh per day – it would take 380 days for an Indian household to consume the same amount of electricity that is needed to mine a single Bitcoin. <div type="Article" hostid="261" msid="91764218" title="Bitcoin mining generates 30.7 kilotons e-waste annually – enough to cover Luxembourg’s e-waste five times" mstype="2" mssubtype="0"></div> Cryptocurrencies – for all the money that people have made off of them – have long been a cause of concern for being environmentally unfriendly. Although solutions are being worked on to reduce the environmental impact of mining these cryptocurrencies, there’s still a lot of room for progress in this regard. <cmsannotation type="cmsannotation" annotationid="Bitcoin’s proof-of-work (PoW) problem" comment="subhead" text="Bitcoin’s proof-of-work (PoW) problem">Bitcoin’s proof-of-work (PoW) problem</cmsannotation> Bitcoin uses a ‘proof of work’ (PoW) mechanism to regulate the creation of new blocks and the overall state of the cryptocurrency. ‘Proof of stake’ (PoS), on the other hand, uses a simple mechanism to lock coins in a smart contract and owners make their stakes via a lottery system. For a long time now, PoW has been criticised for consuming more energy than PoS. The PoS evangelists also claim that it is more secure than PoW – essentially, there is little reason to not use PoS. According to an estimate, Bitcoin mining emits 114 megatonnes of carbon dioxide annually. To put this in context, this is equivalent to Czech Republic’s annual CO2 emission, which has a population of nearly 11 million. For comparison, Bitcoin mining’s global CO2 emissions are over 4% of India’s total CO2 emissions – and it has a population of nearly 1.38 billion. Other estimates <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-mining-generates-30-7-kilotons-e-waste-annually-enough-to-cover-luxembourgs-e-waste-five-times/articleshow/91764218.cms">suggest</a> that Bitcoin mining uses 127 terawatt-hours of electricity – equivalent to Norway’s annual consumption. <cmsannotation type="cmsannotation" annotationid="Why is Bitcoin mining getting progressively expensive?" comment="subhead" text="Why is Bitcoin mining getting progressively expensive?">Why is Bitcoin mining getting progressively expensive?</cmsannotation> Bitcoin derives its value from scarcity. To ensure its value remains stable or that it grows, the rate of Bitcoin mining is managed in such a way that it doesn’t result in excess supply. Bitcoin mining is dependent on solving complex mathematical equations. The more computational power that is available, the more difficult it becomes to mine a Bitcoin. Likewise, the lesser the availability of computing power, the easier it becomes to mine. This inherent logic behind the value of Bitcoin and therefore its mining is one of the main reasons behind the increase in power to mine the same Bitcoin today when compared to a year, or a decade ago. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-mining-generates-30-7-kilotons-e-waste-annually-enough-to-cover-luxembourgs-e-waste-five-times/articleshow/91764218.cms">Bitcoin mining generates 30.7 kilotons e-waste annually – enough to cover Luxembourg’s e-waste five times</a> <a href="https://www.businessinsider.in/business/corporates/news/ambani-and-adani-together-borrowed-more-than-1-out-of-every-5-from-foreign-lenders/articleshow/91909834.cms">Mukesh Ambani and Gautam Adani account for $1 out of every $5 of foreign loans</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-will-have-a-solid-turnaround-war-chest-if-it-clinches-the-amazon-deal/articleshow/91906347.cms">Vodafone Idea will have a solid ‘turnaround’ war chest if it clinches the Amazon deal</a>

An Indian home can live for a year with the energy it needs to mine a single Bitcoin

<keyword id="46894" type="General" weightage="20" keywordseo="Tata-Sons" source="Orion">Tata Sons</keyword> has submitted a financial bid for <keyword id="2573" type="General" weightage="100" keywordseo="air-india" source="Orion">Air India</keyword>, among other bidders. "Tatas have submitted a financial bid for Air India," a Tata Sons spokesperson said. Taking to Twitter, DIPAM Secretary, Tuhin Kanta Pandey said that the disinvestment process now moves to the concluding stage. "Financial bids for Air India disinvestment received by Transaction Adviser. Process now moves to concluding stage," he posted. Though Tatas have confirmed their particiupation in the financial bid, sources said that the promoter of domestic carrier SpiceJet, <keyword id="6357826" type="General" weightage="20" keywordseo="Ajay-Singh" source="Orion">Ajay Singh</keyword> may also have placed the bids for the debt-ridden carrier. The Tatas bid was much-anticipated as its name of had been doing the rounds for some time now. The government has off late taken several steps to fast-track the much-delayed privatisation of the national carrier. Recently, the government decided to waive taxes on the transfer of assets from the national carrier to Air India Assets Holding Ltd, a special purpose vehicle (SPV). "The <keyword id="6357307" type="General" weightage="20" keywordseo="central-government" source="Orion">Central Government</keyword> hereby specifies that no deduction of tax shall be made under section 194-IA of the said Act on any payment made to the <keyword id="334559" type="General" weightage="20" keywordseo="air-india-ltd" source="Orion">Air India Ltd</keyword> for transfer of immovable property to Air India Assets Holding Ltd under a plan approved by the Central Government," said a notification. Further, the CBDT also allowed new owners of erstwhile public sector companies to carry forward losses and set these off against future profits, in a bid to raise more interest for the proposed privatisation processes. During the Budget speech for FY22, Finance Minister Nirmala Sitharaman had said that all the proposed privatisation process would be completed by the end of the fiscal, including the much-delayed strategic disinvestment of Air India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-mining-isnt-just-consuming-energy-its-also-generating-272-grams-of-e-waste-with-every-transaction/articleshow/86228818.cms">Bitcoin mining isn't just consuming energy, it's also generating 272 grams of e-waste with every transaction</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ami-organics-ipo-rewarded-investors-with-12288-profit-on-the-second-day-of-listing/articleshow/86228819.cms">Investors who had put money in this IPO made over ₹12,000 profit in 2 days</a>

Tata Sons submits financial bid for Air India, SpiceJet's Ajay Singh still in the race

India's '<keyword id="6797456" type="General" weightage="100" keywordseo="gaganyaan" source="Orion">Gaganyaan</keyword>' mission is likely to be launched by the end of 2022 or early 2023, <keyword id="6358932" type="General" weightage="20" keywordseo="Union-minister" source="Orion">Union minister</keyword> <keyword id="52861" type="General" weightage="20" keywordseo="jitendra-singh" source="Orion">Jitendra Singh</keyword> said on Wednesday. The mission, originally scheduled for a launch by 2022, was delayed due to coronavirus pandemic. It aims to launch a manned mission in the Lower Earth Orbit. "We could have actually done this (launched Gaganyaan by 2022). We had planned to time it along the 75th anniversary of India's Independence, but it could not happen that way because of the inevitable delay caused due to COVID-19. "But I am sure, maybe by the end of next year or may be (by) the beginning of 2023, we would be able to do that as well," he said. Singh, the Minister of State in the Department of Space, was addressing a webinar on 'Future of India-Oceania Space Technology Partnerships' organised by the Federation of Indian Chambers of Commerce &amp; Industry (FICCI) here. He further said a brainstorming exercise by space scientists and government officials in 2015-16 helped them understand where space technology could be used. "Space technology has a role to play, virtually, in every sector," he asserted. Space technology has come very handy in the area of disaster management, the minister said, adding that space medicine is also deeply connected in the endeavour to send three Indians to space. According to the government, four biological and two physical science related microgravity experiments from academic institutions are shortlisted for unmanned mission of the Gaganyaan programme. Singh also emphasised on the importance of reaching out to start-ups and industry players working in the arena of space. Speaking on India's collaboration with oceanic countries in the area of space, he noted that India has a "comfort level" with these countries which makes it easy to collaborate with them. "The Oceania countries such as New Zealand, Australia and the Pacific Island countries can also collaborate (with India) and work on joint space technology solutions and innovative products," the MoS added. Earlier this week, Anthony Murfett, Deputy Head, Australia Space Agency had said Australia would be supporting India's <keyword id="6827364" type="General" weightage="20" keywordseo="Gaganyaan-mission" source="Orion">Gaganyaan mission</keyword> by tracking it through Cocos (Keeling) Islands. 'Mangalyaan', India's Mars Orbiter Mission, was tracked from Fiji. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-mining-isnt-just-consuming-energy-its-also-generating-272-grams-of-e-waste-with-every-transaction/articleshow/86228818.cms">Bitcoin mining isn't just consuming energy, it's also generating 272 grams of e-waste with every transaction</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ami-organics-ipo-rewarded-investors-with-12288-profit-on-the-second-day-of-listing/articleshow/86228819.cms">Investors who had put money in this IPO made over ₹12,000 profit in 2 days</a>

Gaganyaan mission likely to be launched by 2022 end or early 2023, says Union Minister

<ul><li> The world’s largest platform selling non-fungible tokens (NFTs), <keyword id="11928103" type="General" weightage="20" keywordseo="opensea" source="Orion">OpenSea</keyword>, admitted to one of its employees committing <keyword id="6360088" type="General" weightage="20" keywordseo="insider-trading" source="Orion">insider trading</keyword> after accusations came to light on Twitter. </li><li>Artist Tyler Hobbs, the brains behind the <keyword id="377688" type="General" weightage="20" keywordseo="fidenza" source="Orion">Fidenza</keyword> <keyword id="4668945" type="General" weightage="20" keywordseo="nft" source="Orion">NFT</keyword> series, has accused SolBlocks of copying his work without giving him credit.</li><li>And, just last month a <keyword id="12107992" type="General" weightage="20" keywordseo="fake-nft" source="Orion">fake NFT</keyword> claiming to be artwork by graffiti artist <keyword id="1058263" type="General" weightage="20" keywordseo="banksy" source="Orion">Banksy</keyword> was sold for $336,000.</li><li>These instances highlight how NFT platforms allow artists to list their NFTs without as many checks and balances as in the real world — a gaping hole in regulation that needs to be fixed.</li></ul>Non-fungible token (NFT) platforms and trades have grown fast over the past year. While platforms like DAppsRadar have <a href="https://dappradar.com/nft/marketplaces">shown</a> slight slowdowns in recent months, year-over-year trading has risen. But despite the breakout success of many platforms, the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">NFT</a> space is neither regulated nor does it have a lot of checks and balances right now, which is causing a bit of trouble. The most recent incident is of the world’s largest NFT marketplace, <a href="https://opensea.io/blog/announcements/employee-information-use-at-opensea/">Open Sea</a>, which does over $100 million in trading volumes, admitting to insider trading. One of its senior employees used privileged information to buy NFTs that would be displayed prominently on its platform. <div type="ExtQuote" text="“This is incredibly disappointing. We want to be clear that this behavior does not represent our values as a team.”" auname="Statement by OpenSea on incident of insider trading"></div> However, the OpenSea case isn’t the first time an instance of fraud has been seen on the NFT space. Tyler Hobbs, an artist who designed the popular <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">NFT series</a> called Fidenza <a href="https://cointelegraph.com/news/fidenza-artist-slams-knock-off-nft-project-from-honest-pirates-on-solana">called out</a> a platform called SolBlocks for copying code from his work. Earlier this month, NFT collector Pranksky was tricked into buying a fake Banksy NFT. As far back as March, there were reports of people impersonating others in order to sell NFTs on platforms like Rarible — like illustrator Derek Laufman. <div type="twitter" handle="laufman" handlename="Derek Laufman" image="http://pbs.twimg.com/profile_images/1359231015693275141/iwQxvTzO_normal.jpg" favoritecount="91" retweetcount="19" status="This is 100% NOT me. I thought the point of NFT was that the artwork and artists needed to be verified? Apparently… https://t.co/ndkUs9y2K4" createdat="1615639046000" id="1370715624058544128"></div> <cmsannotation type="cmsannotation" annotationid="It doesn’t get more mainstream than insider trading" comment="subhead" text="It doesn’t get more mainstream than insider trading">It doesn’t get more mainstream than insider trading</cmsannotation> Nate Chastain, who was OpenSea’s head of product, was accused by <a href="https://twitter.com/Sol_blocks/status/1437926338875244544?s=20">Twitter</a> users of using secret Ethereum wallets to buy NFTs on the platform before they were listed for the public. OpenSea — worth $1.5 billion — did not name the employee in their acknowledgement, but did admit to the fact the insider trading had taken place. <div type="twitter" handle="ZuwuTV" handlename="Zuwu🟩 👻🎃🦇" image="http://pbs.twimg.com/profile_images/1436768692629614598/UfwN0klp_normal.jpg" favoritecount="11607" retweetcount="2810" status="Hey @opensea why does it appear @natechastain has a few secret wallets that appears to buy your front page drops be… https://t.co/7riFTm1MM2" createdat="1631662119000" id="1437921263394115584"></div> According to 8BTCNews, a Chinese blockchain news outlet, Chastain and his scheme clocked in a profit of 18.875 Ether — worth around $68,000 as per the price of Ether on September 16 at 2:00 pm Indian Standard Time (IST). To the platform’s credit, which hit new highs in August after docking transaction volumes worth <a href="https://www.businessinsider.in/cryptocurrency/news/nft-traders-sank-3-billion-into-digital-art-in-august-as-interest-spikes/articleshow/85883410.cms">$3.4 billion</a>, it responded and admitted the theft in less than 24 hours. It has decided to implement two new employee policies, including one which forbids team members from buying and selling NFs while they are being promoted by the company. <div type="ExtQuote" text="“We are taking this very seriously and are conducting an immediate and thorough third party review of this incident so that we have a full understanding of the facts and additional steps we need to take.”" auname="Statement by OpenSea"></div> Even so, this highlights the need for more stringent controls, not just at OpenSea, but for NFT platforms across the crypto ecosystem. Without any legal precedent, a case of insider trading such as this is not technically illegal. <cmsannotation type="cmsannotation" annotationid="The Fidenza episode" comment="subhead" text="The Fidenza episode">The Fidenza episode</cmsannotation> Hobbs, the ‘artist who paints with code’, wasn’t happy to find out that his code was being used to create art on SolBlocks, without giving him any credit. While SolBlocks admitted to copying the code — which is essentially the core IP of the artist’s work. — the company maintains that the NFTs in question are not copies of his Fidenza collection,which consists of 999 unique pieces. One of the NFTs sold in August for a whopping <a href="https://hypebeast.com/2021/8/art-blocks-fidenza-nft-1400-to-3-million-ethereum">$3.3 million</a>. <div type="twitter" handle="Sol_blocks" handlename="SolBlocks" image="http://pbs.twimg.com/profile_images/1437432242343645191/mte3vcII_normal.jpg" favoritecount="11" retweetcount="2" status="3/ Each and every SolBlocks Series I (Fidenza) is a completely new, unique, algorithmically-generated piece of art… https://t.co/oupq6UShF1" createdat="1631663329000" id="1437926340955627526"></div> The incident shows yet another way in which fraud can happen via NFTs. Creators have often appreciated the fact that NFTs allow them to earn commissions on future sales, but if the core code is stolen, it also would leave them vulnerable. <cmsannotation type="cmsannotation" annotationid="Fake NFTs" comment="subhead" text="Fake NFTs">Fake NFTs</cmsannotation> While the crypto and blockchain industry promises security and accountability, there have also been cases of fake NFTs being sold. Pranksky followed a link someone shared on chat platform Discord and bought an NFT that seemed to be officially posted by the anonymous street artist himself — but was a fake. BBC <a href="https://www.bbc.com/news/technology-58399338">reported</a> that the hacker returned the $336,000 to Pranksky eventually, but the collector still lost the $5000 he paid in transaction fees. Traditional auction houses and systems have verification systems for high profile sales, while trading platforms usually have rules to avoid insider trading. For instance, a piece of physical art sold through Sotheby’s has to go through a series of verifications to verify its authenticity. On the other hand, many blockchain platforms allow almost anyone to mint their own NFTs on their platforms. The idea being that only those who create quality content will make money. But in the rush to increase volumes, such instances can happen. To be clear, such regulations are being worked on too. The Indian government is looking to include NFTs in its <a href="https://economictimes.indiatimes.com/tech/technology/govt-looking-to-paint-nft-picture-in-crypto-bill/articleshow/86100183.cms">upcoming</a> crypto bill, while the European Union has also <a href="https://www.skadden.com/insights/publications/2021/06/regulatory-approaches-to-nonfungible-tokens">looked</a> to regulate these marketplaces. <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">From CryptoPunks to trading pets on the blockchain -- how well do you know your NFTs? Take this quiz to find out</a> <a href="https://www.businessinsider.in/cryptocurrency/news/solana-continues-to-plummet-as-bitcoin-ethereum-and-others-rise-with-the-market/slidelist/86255080.cms">Solana continues to plummet as Bitcoin, Ethereum and others rise with the market</a> <a href="https://www.businessinsider.in/cryptocurrency">Bitcoin mining isn't just consuming energy, it's also generating 272 grams of e-waste with every transaction</a>

Insider trading, IP theft, fake art and fake profiles — Scammers are taking advantage of NFT platforms’ lack of regulation

<keyword id="64469" type="General" weightage="100" keywordseo="cairn" source="Orion">Cairn</keyword> Energy and <keyword id="2573" type="General" weightage="20" keywordseo="Air-India" source="Orion">Air India</keyword> have jointly asked a New York federal court to stay further proceedings in the British firm's <keyword id="174117" type="General" weightage="20" keywordseo="US-lawsuit" source="Orion">US lawsuit</keyword> targeting the airline for enforcement of a USD 1.2-billion arbitral award. The move follows the government enacting a law to scrap retrospective taxation in the country, which in effect will result in withdrawal of the Rs 10,247 crore tax demand on Cairn, according to court documents reviewed by PTI. The British company had won an international arbitration award against levy of such taxes and sought to take over Air <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> assets when the government refused to honour the award and pay it USD 1.2 billion-plus interest and penalty. But, last month, the government enacted the Taxation Laws (Amendment) Act, 2021, that scraps all such retrospective tax demands and has agreed to refund Rs 7,900 crore it had seized from Cairn to enforce such demand. Cairn has indicated that the refund, without interest and penalty, was acceptable to it - opening an avenue to settle the seven-year-old dispute. Cairn and Air India in a joint request to US District Judge Paul Gardephe on September 13 stated that a stay on proceedings would give them "additional time to evaluate the effects and implications" of legislation that repealed the retroactive tax. In return for the Rs 7,900 crore, Cairn would drop lawsuits threatening court-ordered seizures of Indian government property abroad. One of those suits was filed in May against state-owned Air India Ltd, which Cairn has said should be considered alter ego of the Indian government. "The implementing regulations are in the rulemaking process and will take some time," the two said in the petition seeking extension of the October 21 deadline for the presentation of case papers and initial pretrial conference on October 28. They requested the court to "stay any further proceedings in this matter through October 31, 2021, and reschedule the initial pretrial conference and, respectively, the deadline for the parties to submit their Joint Pretrial Letter and Proposed Case Management Plan, for new dates in November 2021." "The Parties have conferred and agreed that the stay will facilitate the efficient resolution of the dispute, conserve the Court's and Parties' resources, and is not intended to obstruct or delay," they added. Cairn had on May 14 brought a lawsuit in the New York district court to hold Air India liable as the alter ego of the Republic of India for the obligations the government owes under a foreign arbitral award. The firm separately filed a petition before the District Court for the District of Columbia to recognise and enforce the arbitration award against India on February 12, 2021. Seeking to repair India's damaged reputation as an investment destination, the government last month enacted new legislation to drop Rs 1.1 lakh crore in outstanding claims against multinationals such as telecom group Vodafone, pharmaceuticals company Sanofi and brewer SABMiller, now owned by AB InBev, and Cairn. About Rs 8,100 crore collected from companies under the scrapped tax provision are to be refunded if the firms agreed to drop outstanding litigation, including claims for interest and penalties. Of this, Rs 7,900 crore is due only to Cairn. An international arbitration tribunal in December overturned a levy of Rs 10,247 crore in taxes on a 2006 reorganisation of Cairn's India business prior to its listing. It also asked the Indian government to return the value of shares seized and sold, dividend confiscated and tax refund withheld. This totalled USD 1.2 billion-plus interest and penalty. The government initially refused to honour the award, forcing Cairn to identify USD 70 billion of Indian assets from the US to Singapore to enforce the ruling, including taking flag carrier Air India Ltd to a US court in May. A French court in July paved the way for Cairn to seize real estate belonging to the Indian government in Paris. All these litigations will be dropped once Rs 7,900 crore is paid, Cairn CEO Simon Thomson had told PTI earlier this month. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-mining-isnt-just-consuming-energy-its-also-generating-272-grams-of-e-waste-with-every-transaction/articleshow/86228818.cms">Bitcoin mining isn't just consuming energy, it's also generating 272 grams of e-waste with every transaction</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ami-organics-ipo-rewarded-investors-with-12288-profit-on-the-second-day-of-listing/articleshow/86228819.cms">Investors who had put money in this IPO made over ₹12,000 profit in 2 days</a>

You Searched For "bitcoin ewaste" and got 8 results

Bitcoin mining generates 30.7 kilotons e-waste annually – enough to cover Luxembourg’s e-waste five times

Rounak Jain

Bitcoin mining isn't just consuming energy, it's also generating 272 grams of e-waste with every transaction

BI India Bureau

A single bitcoin transaction creates as much waste as throwing out two iPhones, economists find

Harry Robertson

An Indian home can live for a year with the energy it needs to mine a single Bitcoin

Rounak Jain

Tata Sons submits financial bid for Air India, SpiceJet's Ajay Singh still in the race

IANS

Gaganyaan mission likely to be launched by 2022 end or early 2023, says Union Minister

PTI

Insider trading, IP theft, fake art and fake profiles — Scammers are taking advantage of NFT platforms’ lack of regulation

BI India Bureau

Cairn Energy and Air India seek stay on New York court proceedings

PTI

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