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Billionaire Tom Steyer: This type of bitcoin venture is a ‘disaster’ for the environment – Yahoo Finance

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While business and world leaders have struck new agreements on the energy transition at the COP26 climate summit in recent days, bitcoin (BTC-USD) has sustained a sky-high price above $61,000. 
But concern over the energy-intensive process of bitcoin mining, which requires high-powered computers sometimes deployed on an industrial scale, has drawn scrutiny to the environmental impact of the world's largest cryptocurrency.
In a new interview, Tom Steyer — a hedge fund billionaire and environmental advocate — described bitcoin as a "huge user of electricity," contending the cryptocurrency will remain an environmental threat as long as the energy grid depends on fossil fuels. 
Steyer sharply criticized bitcoin mining ventures that seek out cheap, dirty energy in order to maximize profits. 
"Someone came up to me with a proposal — this is probably four months ago, so not that long ago — [asking] did I want to invest in a bitcoin mining operation next to a coal plant?" he says. 
"The idea being you don't have to transport the coal — it's much cheaper [and] we'll be able to create bitcoin at a big spread to the current price. This is a great money making opportunity. That is a disaster. That is a straight up disaster," he says. 
Bitcoin mining, the process that records transactions and brings new bitcoins into circulation, demands miners solve complex math problems using advanced computation. In exchange, they receive a portion of bitcoin as a reward, making the task potentially lucrative, especially as the price of bitcoin continues to climb.
An analysis conducted by Cambridge University, released in February, found bitcoin mining consumes 121.36 terawatt hours a year of energy, which amounts to more than that consumed by Argentina, or more than the consumption of Google, Apple, Facebook, and Microsoft combined.
The global landscape of bitcoin mining shifted dramatically in May, when China banned the practice. Once the world's top home for bitcoin miners, China ceded that role to the U.S., which as of last month hosted over 40% of bitcoin mining.
In the U.S., bitcoin remains largely unregulated. But top officials in the Biden administration have moved toward new rules for cryptocurrrency in recent months.
Treasury Secretary Janet Yellen has urged speedy adoption of rules for stablecoins, a form of cryptocurrency that pegs its value to a commodity or currency, like the U.S. dollar. Plus, SEC Chair Gary Gensler has described the crypto market as the "wild wild West" and indicated a desire to regulate it.
It remains unclear whether such regulations would affect cryptocurrency's environmental impact. 
"Bitcoin is a huge user of electricity," Steyer says. "So to the extent that that electricity is derived from fossil fuels, and is emitting greenhouse gases and other dangerous toxins, then yeah, it's a problem."
Steyer rose to prominence as the founder and senior managing member of hedge fund Farallon Capital Management, which he departed in 2012. Since then, he launched the voter engagement organization NextGen America and became a leading advocate on environmental issues.
Speaking to Yahoo Finance, Steyer noted that the issue of bitcoin's environmental impact ultimately comes down to the transition toward the sustainable generation of electricity.
"The real question is when you think about it: Clean up the electricity generation, electrify everything. Be smart about your energy use. That's kind of the overall take on how we reduce emissions," he says.
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The 49ers will have tight end George Kittle in the lineup against the Cardinals this weekend, but they may not have wide receiver Deebo Samuel or running back Elijah Mitchell. 49ers head coach Kyle Shanahan said that the 49ers will activate Kittle from injured reserve before Sunday’s game. Kittle has missed the last three games [more]
Right now, I believe there's a bit of a sweet spot when it comes to investing in the cannabis industry. It is far enough along that investors don't have to gamble on small companies that may or may not pan out; there are plenty of established producers besides Cresco, including Trulieve Cannabis (OTC: TCNNF) and Curaleaf Holdings (OTC: CURLF), to choose from. Although I don't believe marijuana legalization is imminent, there definitely looks to be a path for the sector to benefit from significant reform — whether it is a change to banking laws or decriminalizing pot.
The Jets have had a few utterly awful performances this season.
CRYPTO UPDATE Most of the largest cryptocurrencies were down during morning trading on Thursday, with Cardano (ADAUSD) seeing the biggest change, falling 3.42% to $2.02. Six additional currencies posted decreases Thursday.
Certain models are going to lose their touchscreen functionality to save silicon and allow BMW to maintain its current production levels. The news broke on the Bimmerfest forum, but BMW has since confirmed it to both Edmunds and us. The following models are reportedly going to be shipped without touchscreen functionality.
Hawaii has long been a dream destination for wealthy homebuyers from the United States mainland. But that has probably never been truer more than now. “From the second half of 2020, into 2021, luxury sales volume in the state of Hawaii grew at a frenetic pace,” said Matthew Beall, CEO of Hawaii Life, a real estate firm. “The state saw triple-digit growth in transactions,” he said, noting that his firm alone had experienced 307% growth in total dollar value. Sign up for The Morning newsletter fro
Every 2022 forecast model Fortune has reviewed shows price growth slowing down next year.
Walmart weekend holiday deals: find steep discounts on products from Samsung, Ninja, Farberware and more.
Treasury yields moved mostly lower Thursday, as Bank of England skips widely expected rate hike and traders digested the Federal Reserve's patient stance on future rate hikes.
Ivory Coast forward Wilfried Zaha is considering his international future after the Crystal Palace star asked to be left out of his country's forthcoming World Cup qualifiers.
Although Bitcoin's gains from its debut more than a decade ago are impressive, it's the returns of Shiba Inu (CRYPTO: SHIB) since its debut last year that are truly jaw-dropping. The Japanese Shiba Inu dog breed is the inspiration behind the world's hottest cryptocurrency. Meme coin Shiba Inu first hit select cryptocurrency exchanges for trading on Aug. 1, 2020, with a first-day print of $0.00000000051 per token.
Share prices of Activision Blizzard (NASDAQ: ATVI) are down about 12.7% week-to-date through Thursday after management announced the departure of Jen Oneal as co-lead of Blizzard and said that the highly anticipated releases of Diablo 4 and Overwatch 2 would be delayed. The Blizzard segment has undergone several personnel changes since it was hit with a lawsuit over its workplace culture in July. Despite the personnel changes lately, Blizzard's business performed well in the quarter, with revenue up 20% year over year driven by the launch of Diablo 2: Resurrected.
James connects with Angels & Airwaves lead vocalist Tom DeLonge, who is making his directorial debut with the film "Monsters of California". Then, the Blink-182 co-founder shares some hopeful words about bandmate Mark Hoppus's recovery from stage-4 cancer before James asks for Tom's thoughts on a Blink-182 reunion and Angels & Airwaves' upcoming livestream concert.
With me today are John Nicols, Codexis' President and Chief Executive Officer; and Ross Taylor, Codexis' Chief Financial Officer. During this call, management will be making a number of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including our guidance for 2021 total revenues, our updated guidance on product revenues and gross margin on product revenues, and our expectations regarding sales of one of our proprietary enzymes to Pfizer for the manufacture of their late clinical state COVID-19 antiviral therapeutic candidate.
Amazon has started using Clean Energy Fuels' alternative fuel, but that wasn't enough to impress the market.
On the anniversary of the infamous wreck of the Edmund Fitzgerald, notorious November gales may howl once again across portions of the nation's midsection. A powerful storm will wallop portions of the Plains, Midwest and western Great Lakes with strong winds, heavy snow and severe thunderstorms next week. "In an eerily similar fashion to that famous storm in 1975, low pressure is expected to develop over the central Plains during the middle of next week, before quickly strengthening and cutting
(Bloomberg) — The House Friday passed the bipartisan plan to spend an extra $550 billion to revitalize the nation’s transportation and utility infrastructure, mostly in the next five years, meeting a key goal of President Joe Biden: a large, bipartisan accomplishment.Most Read from BloombergWhere Did All the Public Bathrooms Go?China’s Climate Goals Hinge on a $440 Billion Nuclear Buildout‘Airbnb Queen’ Says She’s Caught Up in Platform’s New York FeudSupply Chain Crisis Risks Taking the Global
Unlike other shortages, a food crisis is “a matter of life or death,” says Svein Tore Holsether.
One resident said the smell is so bad that they wear a face mask while inside of their own home.
Passage of a Build Back Better bill may not benefit Tesla EV customers, but that doesn't mean it won't benefit Tesla.

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Polygon Reveals Details About Its Future Collaboration With LBank During AMA – Press release Bitcoin News – Bitcoin News

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PRESS RELEASE. Recently, LBank Exchange held an AMA session with the Polygon team, discussing Polygon’s achievements, collaborations, NFT and Gaming markets, Nightfall solution, future plans and so on. Here’s the summary of this AMA.
Ethereum is the blockchain development platform of choice, but it has limitations such as low throughput, poor UX, and no sovereignty. As a protocol and a framework for building and connecting Ethereum-compatible blockchain networks, Polygon breaks through these limitations by aggregating scalable solutions on Ethereum and supporting a multi-chain Ethereum ecosystem.
Polygon Outperforms Ethereum In-terms Of Active Users
As a layer 2 solutions aggregator built on top of Ethereum, Polygon has made some great achievements since its birth, its POS chain has over 2000 DApps live and processes over 7 million transactions daily. In fact, Polygon now has more daily active users than Ethereum.
MATIC, the token for the polygon network, is already live on trading platforms like LBank Exchange, and currently the trading volume of it is over 1 billion across exchanges. Polygon team is aiming to make more people hold MATIC tokens, and it’s hoping to see MATIC’s trading volume on LBank Exchange continue to grow as well.
Expanding the Polygon ecosystem
With the power to bring thousands of new users into blockchain, NFT and Gaming markets are strategic sectors that Polygon continues to focus on. There are already some of the largest gaming projects live on Polygon, such as Decentral Games, Sandbox, Somnium Space, Vulcan Verse, etc. As for NFT projects, there are OpenSea, Lazy.com, Autograph, etc.
The team will be bringing many more such games and NFT projects onto Polygon so that its community can enjoy more artwork and fun. In addition, Polygon allows for massive scalability, and compared to Ethereum, minting costs on Polygon are 100,000 times cheaper on average.
Polygon also has products designed for enterprise customers who need privacy and scalability, such as Nightfall, a one-of-a-kind, privacy-focused Rollup that combines Optimistic Rollups with Zero-Knowledge (ZK) cryptography commonly used in ZK Rollups. It creates a scalable and private hybrid of the two popular technologies.
Polygon Nightfall has the power to bring many large enterprises into blockchain, the team believes that it will lead to a large number of transactions on Polygon and further add new projects and users to the Polygon ecosystem.
Big Plans Ahead
The Polygon team has already got some big plans ahead. On the technical side, Polygon is investing heavily into ZK and ZK Rollup technology, for example, the team has already spent $250 million on acquiring Hermez, which is a decentralized, open-source ZK Rollup optimized for secure, low-cost and usable token transfers on the wings of Ethereum.
Polygon has also acquired another 4 teams to build more ZK Rollup chains, to achieve the goal of building highly scalable EVM enabled ZK Rollup technology. In addition, Polygon has updates coming for its POS chain and details on EIP 1559 implementation.
On the business side, Polygon has many exciting updates as well, with lots of big DApps and integrations planned. Significantly, Arjun, Polygon’s Head of Growth, points out that LBank is enhancing its global branding. He also assures that the love of the community makes the team achieve its goals, so it will continue to collaborate with LBank Exchange to bring more Polygon projects and tokens to the community. Polygon team will keep posting on its official social media accounts such as Twitter to reveal more details about future plans and latest updates.
 
About Polygon
Polygon is a layer 2 aggregating scalable solution on Ethereum that supports a multi-chain Ethereum ecosystem. The platform resolves the blockchain challenges like high gas fees, slow speed without sacrificing security. It is a protocol and framework to build and connect Ethereum-compatible blockchains.
Visit to Know more:
Website: https://polygon.technology/
Twitter: https://twitter.com/0xPolygon
Telegram: https://t.me/polygonofficial
Discord: https://discord.com/invite/polygon
 
About LBank
LBank is an ever-growing crypto trading platform which offers safe trading for the users worldwide. The team aspires to build the professional integration services for crypto-assets being a convenient trading platform. It has become popular with over 6.4 million users around the world.
Visit to Know More:
Website: https://www.lbank.info/
Twitter: https://twitter.com/LBank_Exchange
Telegram: https://t.me/LBank_en
LinkedIn: https://www.linkedin.com/company/lbank
Facebook: https://www.facebook.com/LBank.info/
 
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Up to 12 Million Iranians Own Cryptocurrency, Traders Choose Local Exchanges
Cryptocurrencies are a popular investment among Iranians and estimates suggest that the number of those who already own one coin or another may be as high as 12 million. The majority of Iranian traders prefer the services of local crypto … read more.
Check all the news here
Up to 12 Million Iranians Own Cryptocurrency, Traders Choose Local Exchanges
Cryptocurrencies are a popular investment among Iranians and estimates suggest that the number of those who already own one coin or another may be as high as 12 million. The majority of Iranian traders prefer the services of local crypto … read more.
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‘Trillions Of Dollars’—Bitcoin Braced For A Massive Earthquake As The Price Of Ethereum, Binance’s BNB, Solana, Cardano And XRP Soar – Forbes

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Bitcoin and cryptocurrency prices have rocketed over the last month, with the combined crypto market surging towards $3 trillion as ethereum, Binance’s BNB, solana, cardano and XRP make double-digit percentage gains.
Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and discover hot new NFT and crypto blockbusters poised for 1,000% gains
The bitcoin price has climbed from around $45,000 per bitcoin in early October to all-time highs of $67,000 late last month, in part due to the launch of the first U.S. bitcoin futures exchange-traded funds (ETFs). Bitcoin has recently dropped back—despite huge new price targets even as ethereum and its smaller rivals hit fresh highs.
Now, Michael Saylor, a bullish bitcoin buyer, has predicted “trillions of dollars” will flow into bitcoin once the U.S. regulator approves a fully-fledged bitcoin ETF—helping bitcoin to replace gold and become the primary asset index for the Western world.
Sign up now for the free CryptoCodex—A daily newsletter for the crypto-curious. Helping you understand the world of bitcoin and crypto, every weekday
The bitcoin price has surged through 2021 but much of the crypto market’s gains have come from … [+] ethereum, Binance’s BNB, cardano, solana, and XRP.
“To do that, you need the spot ETF,” said Saylor, the chief executive of business intelligence software company MicroStrategy, speaking this week at Bloomberg‘s Financial Innovation Summit. “And once these spot ETFs roll, I think you’ll see billions, then tens of billions, then hundreds of billions, then trillions of dollars flow into them.”
Over the last year, Saylor has pivoted Microstrategy to a bitcoin acquisition vehicle, buying more than 110,000 bitcoins. The value of the company’s bitcoin holdings is around $7 billion, making up almost all of MicroStrategy’s $8 billion market capitalization.
Saylor said he expects a U.S.-based spot bitcoin ETF would act as an institutional on-ramp for investors who want bitcoin exposure, adding he’ll continue buying bitcoin via MicroStrategy. Such funds are already live in other countries, including Canada.
The launch of two U.S. bitcoin futures ETFs in October generated huge media attention, with the ProShares Bitcoin Strategy ETF accumulating more than $1 billion in assets in mere days. However, some, including general partner at Castle Island Ventures Nic Carter, have called futures-based ETFs “inferior” as they don’t give direct exposure to the underlying asset. Carter, speaking alongside Saylor, said a spot bitcoin ETF would be “the hottest commodity ETF launch of all time.”
“The right answer is: let investors buy a trillion dollars worth of bitcoin via an ETF because the ETFs plug into the existing security structure, the existing prime brokerages, the existing collateral packages,” said Saylor.
CryptoCodex—A free, daily newsletter for the crypto-curious
The bitcoin price has risen more than 300% over the last 12 months, making bitcoin a $1 trillion … [+] asset. However, bitcoin has been left in the dust by ethereum, Binance’s BNB, solana, cardano, and XRP.
Meanwhile, bullish bitcoin and crypto market watchers continue to predict prices will surge into the end of 2021. While bitcoin has lost ground this week, ethereum has added almost 5%, with its too biggest rivals, Binance’s BNB and solana, both surging by around 20%.
“Intraday volatility is completely normal after such a bullish month, but the higher time frame is looking solid for now,” Lukas Enzersdorfer-Konrad, chief product officer at Vienna-based bitcoin and crypto trading platform Bitpanda, said in emailed comments. “The crypto market is more integrated into the world economy every day which only shows how important it is for bigger institutions but on the other hand, is also under pressure from macro events.”
“A melt-up in bitcoin and ethereum into year-end is likelier than retracement, we believe, after 2021 corrections cleansed speculative positions, and with increasing demand and adoption, and declining supply, sustaining a bull market,” Bloomberg Intelligence senior commodity strategist Mike McGlone wrote in his latest market report, pointing to a “tidal wave of U.S. ETFs.”
“The startup of U.S. ETFs and the fact that cryptos counter China bans limit downside risks.”

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XRP Set for Massive Breakout With Altcoins Poised to Steal the Show From Bitcoin, Predicts Top Crypto Analyst – The Daily Hodl

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One closely followed crypto analyst is bullish on XRP and thinks that altcoins are in a prime position to outpace Bitcoin (BTC).
The pseudonymous analyst known as Credible Crypto tells his 257,400 Twitter followers that XRP’s price structure looks very similar to data-sharing protocol OriginTrail, whose native token TRAC just rallied more than 300% following its recent listing on Coinbase Pro.
He expects XRP to follow a similar path to TRAC, taking the cryptocurrency back to its previous all-time high of $3.40.
“The XRP chart below is from my last YouTube video on XRP made in August. The chart next to it is another coin that I came across today that has the same structure but is one step ahead with the 5th wave already in progress. Do you see it now?”
After Ethereum’s new breakout against Bitcoin (ETH/BTC), the trader anticipates ETH’s next leg up to kick off a new alt season.
He also notes that Bitcoin dominance has likely already topped out, further paving the way for an altcoin rally.
“ETH/BTC broke out today, closing above the key resistance zone I was watching. This is a great sign and indicates BTC dominance may have already found its top and alts may be about to steal the show, led by ETH.”
The analyst says that Bitcoin dominance dropping doesn’t necessarily mean that BTC’s price will drop.
No it just means that if BTC is rising alts will probably rise faster. We saw this in 2017 in the latter stages of the bull run as lots of new money started pouring in.
— CrediBULL Crypto (@CredibleCrypto) November 3, 2021

Taking a closer look at the top crypto asset, Credible says that Bitcoin is close to deciding whether it wants to break to the upside or continue ranging.
According to his analysis, a rejection of $63,000-$64,000 could take BTC back to major support around $58.000.
“63-64k tagged BTC. Now to see if we break out to new ATH [all-time high] or reject soon and continue to range.”
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