Andrey Rudakov/Bloomberg via Getty Images
Cryptocurrencies based on owning a large number of hard discs, rather than using computer processors, could offer a less energy-intensive alternative to bitcoin and might even make it cheaper to build data centres – although one is already causing soaring demand for hard discs that is disrupting supply chains.
Bitcoin and several other popular cryptocurrencies are created, or mined, using a concept called proof of work, which involves solving computationally difficult puzzles that consume a large amount of electricity. Bitcoin’s annual electricity consumption is estimated to be 148 terawatt-hours and rising, or around the same amount as Poland’s. Now, rival currencies are emerging that instead make use of large numbers of empty hard discs, a concept known as proof of space.
JPMorgan Warns of Bitcoin Weakness, as Futures Get Liquidated
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Nikolaos Panigirtzoglou witnessed such negative price action in
Bitcoin, buyers returned in time to prevent deeper slumps. This time, the JPMorgan Chase & Co. strategist is worried.
A worker inspects hardware devices as illuminated mining rigs operate inside racks at the CryptoUniverse cryptocurrency mining farm in Nadvoitsy, Russia
If the largest cryptocurrency isn’t able to break back above $60,000 soon, momentum signals will collapse, strategists led by Panigirtzoglou wrote in a note Tuesday. It’s likely traders including Commodity Trading Advisers (CTAs) and crypto funds were at least partly behind the buildup of long Bitcoin futures in recent weeks, as well as the unwind in past days, they said.
Coinbase Hangover Rattles Crypto Assets With Bitcoin Falling
Bloomberg 1 hr ago Shamim Adam and Emily Barrett
(Bloomberg) The mania that drove crypto assets to records as Coinbase Global Inc. went public last week turned on itself on the weekend, sending Bitcoin tumbling the most since February.
The world’s biggest cryptocurrency plunged as much as 15% on Sunday, just days after reaching a record of $64,869. It subsequently pared some of the losses and was trading at about $56,440 at around 8:25 a.m. in Tokyo Monday.
Ether, the second-biggest token, dropped as much as 18% to below $2,000 before also paring losses. The volatility buffeted Binance Coin, XRP and Cardano too. Dogecoin the token started as a joke bucked the trend and is up 7% over 24 hours, according to CoinGecko.
Brevan Howard s Main Hedge Fund to Start Buying Cryptocurrencies msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.