No Price Bump for #Bitcoin Following Consensus Conference, Ukraine to Legislate for #Crypto and Research Reveals Bitcoin Mining Could Consume 0.5% of World’s Electricity by 2019

Crypto Corner - May 17, 2018

No Price Bump for Bitcoin Following Consensus Conference, Ukraine to Legislate for Crypto and Research Reveals Bitcoin Mining Could Consume 0.5% of World’s Electricity by 2019

The world's largest Bitcoin conference, Consensus 2018, ended yesterday, but failed to result in the price rally that many expected. Bitcoin (BTC) was trading as high as $8880 USD on May 14, the first day of Consensus, but is today trading at about $8340 USD according to CoinMarketCap.

The Consensus conference attracted 8500 attendees according to Forbes. Twitter and Square CEO Jack Dorsey gave the headline talk yesterday, in which he championed cryptocurrency without endorsing bitcoin specifically.

"I'm just approaching with the principle that the Internet deserves a native currency. It will have a native currency. I don't know if it will be Bitcoin."

Ukrainian Member of Parliament Oleksiy Mushak posted on Facebook that Ukraine is drafting legislation for cryptocurrencies. The post linked to a Google Document which people were encouraged to edit. Mushak said in a rough translation:

"Below drafts a bill on general regulation of this market.This is the work of many people and meetings.There are still many nuances left.The final version will be ready in two weeks.Please comment and edit.Thoughts from market practitioners are especially important."

According to Science Daily, Bitcoin mining is estimated to consume half a percent of the world's electricity by the end of the year. The piece cites research done in the journal Joule by "financial economist and blockchain specialist Alex De Vries:

"His estimates, based in economics, put the minimum current usage of the Bitcoin network at 2.55 gigawatts, which means it uses almost as much electricity as Ireland. A single transaction uses as much electricity as an average household in the Netherlands uses in a month. By the end of this year, he predicts the network could be using as much as 7.7 gigawatts -- as much as Austria and half of a percent of the world's total consumption. "To me, half a percent is already quite shocking. It's an extreme difference compared to the regular financial system, and this increasing electricity demand is definitely not going to help us reach our climate goals," he says. If the price of Bitcoin continues to increase the way some experts have predicted, de Vries believes the network could someday consume 5% of the world's electricity. "That would be quite bad.""

Sam Mowers,

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