Category: Cryptocurrency

The Cost of Mining Bitcoin in 198 Different Countries


This post is by Carmen Ang from Visual Capitalist


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Map comparing the cost of mining bitcoin in 198 countries

Cost of Mining Bitcoin in 198 Different Countries

View a higher resolution version of this map.

It takes an estimated 1,449 kilowatt hours (kWh) of energy to mine a single bitcoin. That’s the same amount of energy an average U.S. household consumes in approximately 13 years.

Given the high amount of energy needed to mine bitcoin, it can be a costly venture to get into. But exact prices fluctuate, depending on the location and the cost of electricity in the area.

Where are the cheapest and most expensive places to mine this popular cryptocurrency? This graphic by 911 Metallurgist provides a snapshot of the estimated cost of mining bitcoin around the world, using pricing and relative costs from March 23, 2022.

How Does Bitcoin Mining Work?

Before diving in, it’s worth briefly explaining the basics of bitcoin mining, and why it requires so much energy.

When someone mines for bitcoin, what they’re really doing is adding and verifying a new transaction record to the blockchain—the decentralized bank ledger where bitcoin is traded and distributed.

To create this new record, crypto miners need to crack a complex equation that’s been generated by the blockchain system.

Potentially tens of thousands of miners are racing to crack the same code at any given time. Only the first person to solve the equation gets rewarded (unless you’re part of a mining pool, which is essentially a group of miners who agree to (Read more...)

Making Crypto Accessible to the Masses with Michael Sonnenshein of Grayscale Investments


This post is by MPD from @MPD - Medium


On this week’s episode I sit down with the CEO of Grayscale Investments, Michael Sonnenshein.

Grayscale is one of the biggest heavyweights in the world of crypto investing. They offer investors direct access to crypto. Their premier product, the Grayscale Bitcoin Trust, is a long-bitcoin offering that anyone can access like they would a normal stock. You can simply buy the ticker. This is big, especially for folks looking to invest their money that exists in certain portfolios, like retirement savings accounts. With over 20b of assets across 17 investment vehicles they facilitate many people’s first interaction with crypto and Michael is at the center of it.

Crypto is currently down, the market is taking a hit seemingly in-line with the state of the broader stock markets so it was great to hear Michael’s perspective on the market and the future of crypto applications.

Listen via your preferred platform here.

Show Links:


Making Crypto Accessible to the Masses with Michael Sonnenshein of Grayscale Investments was originally published in @MPD on Medium, where people are continuing the conversation by highlighting and responding to this story.

Decentralized Finance: Driving Towards Mass Adoption



Source: Block Data, 2021
Source: Block Data, 2021

It is the middle of 2022 and we are in the midst of another shock to the financial and crypto markets. We have seen that crypto is perhaps more correlated to the broader financial markets than we initially thought: Bitcoin is down ~70% from 2021 highs, hovering near prices not seen since 2020, while the Nasdaq is down more than 30% during the same period. Tech and crypto giants are announcing waves of layoffs amidst the shifting economic outlook. But as we enter another “crypto winter”, we are also seeing a profound resiliency from the crypto and web3 communities that are shifting into build mode.

As fintech investors, this is a signal that decentralization — the very promise that crypto offers financial services industry — is here to stay. This is a signal that we will soon move from decentralization for ideological reasons to decentralization for practical reasons — because it will in fact become cheaper, faster, and 10x better user experience.

We recognize that (Read more...)

Building Balanced Exposure to the Blockchain Economy



The following content is sponsored by MSCI

blockchain economy infographic

Building Balanced Exposure to the Blockchain Economy

Blockchain technology extends far beyond Bitcoin, Dogecoin, and other popular cryptocurrencies, as it provides a foundation for verifiable financial systems and proof of ownership for digital goods and assets.

From privacy concerns to anti-trust issues, big tech has eaten away at the world’s trust in the technology sector. As people search for better and more trustless solutions for their financial services, the blockchain economy is flourishing to meet their needs.

This infographic from MSCI outlines how quickly decentralized solutions and services have grown, and how investors can be a part of this exciting new sector.

The Three Key Trends of Blockchain Adoption

By cutting out the need for a centralized middleman that facilitates transactions, blockchains can provide more efficient systems to power three key trends of the fintech future:

  • Digital hard money and assets
  • Decentralized finance (DeFi)
  • Digital goods and collectibles

As the first cryptocurrency and deflationary monetary asset, Bitcoin is the ambassador for digital hard money. By having a fixed supply of 21 million bitcoin set in code and a decentralized network powering transactions on the network, Bitcoin provides anyone access to a deflationary digital asset that they can transfer in minutes without having to trust centralized intermediaries.

While Bitcoin pioneered the blockchain revolution over the past decade, further functionality built on blockchain technology is enabling digital goods and collectibles with non-fungible tokens (NFTs) along with more equitable and trustless financial systems through decentralized finance.

(Read more...)

The Future of NFTs in the World of Web 3.0



The following content is sponsored by NFT.com

The Future of NFTs in the World of Web 3.0

NFTs took the world by storm in 2021, bringing forth a digital art revolution while becoming one of the fastest growing asset classes of the year.

The technology of non-fungible tokens has enabled artists to offer digital originals without relying on middlemen, all while being able to receive royalties on secondary sales of their work. But this use-case is just the beginning of the functionality non-fungible tokens bring to the blossoming world of web 3.0.

This graphic sponsored by NFT.com showcases the evolving utility of NFTs, and how they are already building communities, enabling unique and tradeable game assets, and laying the foundations for ownership and identity in the metaverse.

How NFTs are Revolutionizing Digital Ownership Today

NFTs provide a complete history and proof of ownership for digital assets or any other asset that is represented by a non-fungible token. This functionality enables the creation of unique digital assets and items that anyone can buy or sell freely on an open marketplace.

Today NFTs have already evolved to provide further utility across a variety of industries:

  • Keys to digital communities
  • Tradeable game assets
  • Ownership of your username and assets in the metaverse

As the online world shifts from web 2.0 to web 3.0, NFTs are building the foundations of digital communities, economies, and assets.

1. NFTs as Keys to Online Communities and Events

One of the first evolutions in NFT use-cases came (Read more...)

The Richest People in the World in 2022


This post is by Dorothy Neufeld from Visual Capitalist


Richest People in the World

The Richest People in the World in 2022

Today, the 10 richest people in the world control $1.3 trillion in wealth.

This scale of wealth is equal to approximately 1.4% of the world economy, Amazon’s entire market cap, or spending $1 million a day for 3,000 years. In fact, it’s double the amount seen just two years ago ($663 billion).

As billionaire wealth accumulates at a remarkable speed, we feature a snapshot of the world’s richest in 2022, based on data from the Forbes Real-Time Billionaires List.

Top 10 Richest People in the World

Elon Musk, with a fortune of $212 billion, is the richest person on the planet.

Tesla delivered nearly one million vehicles globally in 2021. Despite facing a computer chip shortage, Tesla deliveries rose 87% year-over-year. Musk, who is also CEO and chief engineer of SpaceX, plans to send the largest rocket ever built into orbit in 2022. It spans 119 meters tall.

Here are the richest people in the world, based on data as of March 14, 2022:

RankNameSourceNet Worth (Mar 2022)Net Worth (Mar 2021)Change 2021-22
1Elon MuskTesla, SpaceX$212B$151B$61B
2Jeff BezosAmazon$168B$177B-$9B
3
Bernard Arnault & family
LVMH$159B$150B$9B
4Bill GatesMicrosoft$130B$124B$6B
5Warren Buffett
Berkshire Hathaway
$119B$96B$23B
6Larry PageGoogle$108B$92B$16B
7Larry EllisonOracle$105B$93B$12B
8Sergey BrinGoogle$105B$89B$16B
9
Mukesh Ambani
(Read more...)

The Fog of War: Three Themes Crypto Investors Should Pay Attention To Now


This post is by jlk from The Barefoot VC


“War is the realm of uncertainty; three quarters of the factors on which action in war is based are wrapped in a fog of greater or lesser uncertainty” —Clausewitz

The unspeakable violence and aggression that Russia has unleashed against Ukraine and its people is the first all out “hot war” invasion in Europe since WWII. Fallout is being felt across the global economy, roiling markets and causing many investors to seek relative shelter amidst the volatility. As with any global crisis, it is also a moment of uncertainty and unease for many market participants. There are three key themes crypto investors should be paying attention to over the coming weeks:

1: The power of decentralization of crypto comes into focus

Since its debut in 2009, Bitcoin has been heralded as a self-sovereign alternative to government controlled fiat. Citizens of countries with hyperinflationary environments, capital controls and monetary policy that negatively impacted the populace (ie, India’s demonetization in 2016 which deemed certain notes illegal practically overnight) have often turned to Bitcoin as a relatively safe haven for their assets. In the United States, the COVID crisis and ensuing monetary policy highlighted the benefit of holding Bitcoin as a self-sovereign store of value and hedge against inflation. The decentralization that is at the core of cryptocurrency has come into sharper focus over the past weeks. Yesterday, Infura, a cloud -based node network for Ethereum, cut off access for wallets in Venezuela and quickly reversed course blaming the outage in code that was (Read more...)

Looking back at my week


This post is by Om Malik from On my Om


Photo Unsplash

Another week is in wind-down mode. I hope your week was more productive and bountiful than my continued struggle with finding a writing rhythm. Despite my best efforts, I didn’t write much this week. I have been caught between the urgent requirements of work and a nagging (and now prolonged) writer’s block. I have a growing pile of proverbial unfinished posts — thanks mainly to shifting attention from one topic to another. It is an affliction that most of us suffer in today’s hyper-information environment.

I read that a crypto-billionaire is buying a big piece of Forbes’ for about $200 million, just ahead of its public offering. Forbes, where I worked, is not really Forbes, and it is hardly a magazine worth its name. It is nothing more than a marketing site for arrivistes and self-promoters to give themselves some imprimatur. I mean, it published articles from Heather Morgan, one-half of the $4.5 billion crypto-scammers. Weirdly, the dots connect. What was I going to say about this $200 million investment? I thought no matter the source, the new money is always used to buy things from the past — art, buildings, vintage cars, and vintage publications and brands.

Like it said, swimming against the tide of information is hard, and you tend to get swept away. When I mentioned this to my friend Pip Coburn, who is in the investment advisory business, he said when it came to making investing decisions, he doesn’t look at day-to-day gyrations of (Read more...)

How the Top Cryptocurrencies Performed in 2021


This post is by Niccolo Conte from Visual Capitalist


How the Top Cryptocurrencies Performed in 2021

The Returns of Top Cryptocurrencies in 2021

2021 saw the crypto markets boom and mature, with different sectors flourishing and largely outperforming the market leader, bitcoin.

While bitcoin only managed to return 59.8% last year, the crypto sector’s total market cap grew by 187.5%, with many of the top coins offering four and even five-digit percentage returns.

2021 Crypto Market Roundup

Last year wasn’t just a breakout year for crypto in terms of returns, but also the growing infrastructure’s maturity and resulting decorrelation of individual crypto industries and coins.

Crypto’s infrastructure has developed significantly, and there are now many more onramps for people to buy altcoins that don’t require purchasing and using bitcoin in the process. As a result, many cryptocurrency prices were more dictated by the value and functionality of their protocol and applications rather than their correlation to bitcoin.

CryptocurrencyCategory2021 Returns
BitcoinCryptocurrency59.8%
EthereumSmart Contract Platform399.2%
Binance CoinExchange Token1,268.9%
SolanaSmart Contract Platform11,177.8%
CardanoSmart Contract Platform621.3%
XRPCryptocurrency277.8%
TerraSmart Contract Platform12,967.3%
AvalancheSmart Contract Platform3,334.8%
PolkadotSmart Contract Platform187.9%
DogecoinMeme Coin3,546.0%

Sources: TradingView, Binance, Uniswap, FTX, Bittrex

Bitcoin wasn’t the only cryptocurrency that didn’t manage to reach triple-digit returns in 2021. Litecoin and Bitcoin Cash also provided meagre double-digit percentage returns, as payment-focused cryptocurrencies were largely ignored for projects with smart contract capabilities.

Other older projects like Stellar Lumens (109%) and XRP (278%) provided triple-digit returns, with Cardano (621%) being the (Read more...)

How the Top Cryptocurrencies Performed in 2021


This post is by Niccolo Conte from Visual Capitalist


How the Top Cryptocurrencies Performed in 2021

The Returns of Top Cryptocurrencies in 2021

2021 saw the crypto markets boom and mature, with different sectors flourishing and largely outperforming the market leader, bitcoin.

While bitcoin only managed to return 59.8% last year, the crypto sector’s total market cap grew by 187.5%, with many of the top coins offering four and even five-digit percentage returns.

2021 Crypto Market Roundup

Last year wasn’t just a breakout year for crypto in terms of returns, but also the growing infrastructure’s maturity and resulting decorrelation of individual crypto industries and coins.

Crypto’s infrastructure has developed significantly, and there are now many more onramps for people to buy altcoins that don’t require purchasing and using bitcoin in the process. As a result, many cryptocurrency prices were more dictated by the value and functionality of their protocol and applications rather than their correlation to bitcoin.

CryptocurrencyCategory2021 Returns
BitcoinCryptocurrency59.8%
EthereumSmart Contract Platform399.2%
Binance CoinExchange Token1,268.9%
SolanaSmart Contract Platform11,177.8%
CardanoSmart Contract Platform621.3%
XRPCryptocurrency277.8%
TerraSmart Contract Platform12,967.3%
AvalancheSmart Contract Platform3,334.8%
PolkadotSmart Contract Platform187.9%
DogecoinMeme Coin3,546.0%

Sources: TradingView, Binance, Uniswap, FTX, Bittrex

Bitcoin wasn’t the only cryptocurrency that didn’t manage to reach triple-digit returns in 2021. Litecoin and Bitcoin Cash also provided meagre double-digit percentage returns, as payment-focused cryptocurrencies were largely ignored for projects with smart contract capabilities.

Other older projects like Stellar Lumens (109%) and XRP (278%) provided triple-digit returns, with Cardano (621%) being the (Read more...)