Bitcoin Tops $9,300

[Tony Koretz]

Update: Bitcoin has continued to soar intraday – now topping $9,300 – with a total market cap over $156 billion, leaving the cryptocurrency worth more than Merck, Disney, and GE.

At this rate of appreciation, the crypto may hit the key psychological level of $10,000 in under a week. Needless to say, the long term chart is about as exponential as it gets, so as usual, buyer beware.

Bitcoin Tops $9,300 Amid “Extinction-Level Event For Banks.. And Maybe Governments Too”

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[Tony Koretz]

Bitcoin mining consumes more energy than 159 countries

Bitcoin, the digital currency also known as cryptocurrency, has been on an upward trajectory lately. The value of bitcoin broke the $9,000 barrier over the weekend and sat at over $9,800 on Monday evening.

But bitcoin is also making other headlines: The rise in its currency value has given way to a spike in electrical consumption for the powerful computers used to “mine” more bitcoins, according to a new report. Consumption in the last month increased by nearly 30 percent.

In other words, it takes a whopping 29.05 TWh (terawatt hours, equal to one million megawatt hours) annually to operate the energy-hungry computers and networks that power bitcoin transactions. That’s about 0.13 percent of total global electricity consumption, according to Digiconomist. That would rank bitcoin as 61st if it were its own country.

https://www.cbsnews.com/amp/news/bitcoin-mining-energy-consumption/

A Minute to Midnite Administration
A Minute To Midnite Show Host

[Tony Koretz]

Federal Reserve starting to think about its own digital currency, Dudley says

As the price of the cryptocurrency continues to soar, the Federal Reserve apparently is giving thought to having a product like bitcoin for its own.

William Dudley, president and CEO of the Federal Reserve Bank of New York, said at a conference Wednesday that the Fed is exploring the idea of its own digital currency, according to reports from Dow Jones.

Any product likely would be well off in the future, he said, adding that it would be “very premature” to estimate when the Fed would come up with its own offering, according to Bloomberg.

That sentiment comes even though Dudley said he views bitcoin is “more of a speculative activity” and not a stable store of value.

Bitcoin surges through $11,000 less than 24 hours after topping $10,000
As the central bank official spoke, bitcoin struck a new high. Just a day after hitting $10,000, it eclipsed the $11,000 mark.

Dudley is not the first Fed official to address the surging popularity of bitcoin.

https://www.cnbc.com/2017/11/29/federal-reserve-starting-to-think-about-its-own-digital-currency-dudley-says.html

• This reply was modified 8 years, 5 months ago by Tony Koretz.

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