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      "title": "Bitcoin price - latest updates: Cryptocurrency remains below $8,000",
      "body": "The value of bitcoin has seen relatively significant losses over the last week, following a period of relative stability hovering above $9,000. If it continues its poor form, it could fall below $9,000 in the coming days. \n\nThe volatile cryptocurrency’s price has shifted wildly ever since mid-December - when it hit a record high of more than $19,850 (£14,214) - with frequent heavy drops and speedy recoveries. Its price plummet back to earth in January and February, as governments and central banks around the world raised the spectre of future regulation.\n\nBitcoin’s value plummeted again shortly before Christmas, dropping by almost $2,000 (£1,449) in just an hour at one point, and almost slipping below the $11,000 mark (£7,970).\n\n![index.jfif](https://cdn.steemitimages.com/DQmXC8P1k1FpEAsh3nswAE6y5DygkH2uZAWiKN7xDbSL5BB/index.jfif)\n\nIt then bounced back, before tumbling again in mid-January, recovering again, and plummeting at the start of February before levelling out for the rest of the month.\n\nMarch saw bitcoin's price drop below $10,000, reaching a low of $6,500 before rebounding above $7,000.\n\nAside from the looming prospect of regulation, a series of high-profile thefts have also had a hand in the sudden rapid dips in value bitcoin and its rivals have experienced - the most recent of which was a failed raid on the Binance cryptocurrency exchange.\n\nGoogle's announcement that it would ban cryptocurrency advertising from its pages from June on the grounds that it considers it \"deceptive content\" was also a major blow to the sector.\n\nRecent goings-on have demonstrated just how quickly things can change for investors. \n\nIt is worth $7,440 as of Friday afternoon, up from around $6,500 in early April, according to the Coinbase exchange.\n\nIts value is up by less than 1 per cent since this time yesterday and down by 10 per cent week-on-week. Bitcoin's value is down by around 20 per cent from what it was one month ago.\n\nBitcoin's rise last year meanwhile led to increasing amounts of interest in other digital currencies, such as ethereum, litecoin and ripple XRP - all of which have performed well recently - and more and more people are now looking to invest in digital currencies. \n \n\nHowever, there are serious fears that bitcoin has created a bubble that could burst at any moment.\n\nNumerous financial experts have advised potential investors to avoid getting involved with bitcoin, and the US Securities and Exchange Commission has told people to \"exercise caution\" and be wary of scammers.\n\nBut others have speculated that it could eventually rise towards the $1m (£724,549) mark.\n\nBitcoin has no central bank and is not linked to or regulated by any state.\n\nAn anonymised record of every bitcoin transaction is stored on a huge public ledger known as a blockchain.",
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      "title": "Bitcoin will use 0.5% of world’s electricity by end of 2018, finds study",
      "body": "The bitcoin network currently uses as much electricity as Ireland and is set to consume 0.5 per cent of all the world’s electric energy by the end of this year, according to new calculations.\n\nEconomist Alex de Vries, whose Digiconomist blog hosts the Bitcoin Energy Consumption Index, quantified bitcoin’s energy requirements in a paper published in the scientific journal Joule on 16 May.\n\nThe electricity demands comes from the computing power required to mine bitcoin – the process of generating new units of the cryptocurrency by solving complex mathematical puzzles. These puzzles are designed to get more complicated as bitcoin’s network grows, thus requiring even greater computing power.\n\nIt is the first time estimates of bitcoin’s energy demands have been peer-reviewed and adds considerable weight to the debate of how to address the environmental impact of the world’s most valuable cryptocurrency.\n\n“We’ve seen a lot of back-of-the-envelope calculations, but we need more scientific discussion on where this network is headed,” Mr de Vries said.\n\n“Half a per cent 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.”\n\n![chart-1.jpeg](https://cdn.steemitimages.com/DQmXa9AiibzWUhieuxN91ER55zVDxRbkK63uduMP6xGJHWp/chart-1.jpeg)\nThe amount of energy required to support the bitcoin network has grown to 'epic proportions', according to Digiconomist founder Alex de Vries (Digiconomist)\n\nPrevious calculations by Mr de Vries have been used to predict how long it would take for bitcoin’s energy consumption to be unsustainable.\n\nAt one point during bitcoin’s rapid rise in late 2017, if the network’s growth had continued it would have required all of the world’s current energy production in order to support itself by 2020.\n\nVarious factors mean that this would never actually occur, however Mr de Vries warns that the network could someday consume 5 per cent of the world’s electricity.\nYou do not have access to view this Atom.\n\nTo limit the impact of such energy consumption, some states in the US have put restrictions in place around bitcoin mining. Mr de Vries hopes his paper will be used to better inform policy in this area.\n\n“I think everyone agrees on the minimum energy consumption. But the future estimate? That’s quite debatable,” he said.\n\n“I am hoping to get this conversation started. I’m doing this research, but a lot of people should be doing it.\n\nThe Independent's bitcoin group on Facebook is the best place to follow the latest discussions and developments in cryptocurrency. Join here for the latest on how people are making money – and how they're losing it.",
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      "body": "The bitcoin network currently uses as much electricity as Ireland and is set to consume 0.5 per cent of all the world’s electric energy by the end of this year, according to new calculations.\n\nEconomist Alex de Vries, whose Digiconomist blog hosts the Bitcoin Energy Consumption Index, quantified bitcoin’s energy requirements in a paper published in the scientific journal Joule on 16 May.\n\nThe electricity demands comes from the computing power required to mine bitcoin – the process of generating new units of the cryptocurrency by solving complex mathematical puzzles. These puzzles are designed to get more complicated as bitcoin’s network grows, thus requiring even greater computing power.\n\nIt is the first time estimates of bitcoin’s energy demands have been peer-reviewed and adds considerable weight to the debate of how to address the environmental impact of the world’s most valuable cryptocurrency.\n\n“We’ve seen a lot of back-of-the-envelope calculations, but we need more scientific discussion on where this network is headed,” Mr de Vries said.\n\n“Half a per cent 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.”\n\n![chart-1.jpeg](https://cdn.steemitimages.com/DQmXa9AiibzWUhieuxN91ER55zVDxRbkK63uduMP6xGJHWp/chart-1.jpeg)\nThe amount of energy required to support the bitcoin network has grown to 'epic proportions', according to Digiconomist founder Alex de Vries (Digiconomist)\n\nPrevious calculations by Mr de Vries have been used to predict how long it would take for bitcoin’s energy consumption to be unsustainable.\n\nAt one point during bitcoin’s rapid rise in late 2017, if the network’s growth had continued it would have required all of the world’s current energy production in order to support itself by 2020.\n\nVarious factors mean that this would never actually occur, however Mr de Vries warns that the network could someday consume 5 per cent of the world’s electricity.\nYou do not have access to view this Atom.\n\nTo limit the impact of such energy consumption, some states in the US have put restrictions in place around bitcoin mining. Mr de Vries hopes his paper will be used to better inform policy in this area.\n\n“I think everyone agrees on the minimum energy consumption. But the future estimate? That’s quite debatable,” he said.\n\n“I am hoping to get this conversation started. I’m doing this research, but a lot of people should be doing it.\n\nThe Independent's bitcoin group on Facebook is the best place to follow the latest discussions and developments in cryptocurrency. Join here for the latest on how people are making money – and how they're losing it.",
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      "body": "I don't like the high energy consumption, or the hardware that can only be used for mining and then becomes obsolete.  It makes mining more profitable in countries that have low energy costs, that doesn't seem right.",
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