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Why Bitcoin's fall gives the planet a breather

Ben Geman
Ben Geman, author of Generate

The Bitcoin logo. Photo: Jaap Arriens/NurPhoto via Getty Images

An interesting piece in Greentech Media explains why the price decline of Bitcoin and other cryptocurrencies "could have a silver lining in terms of global energy consumption," at least temporarily.

Why it matters: Digital Bitcoin "mining" and transactions mean the cryptocurrency has an energy problem, even if fears that it will cook the planet are overblown.

  • The Greentech story notes that as the price of the currency rises, so does the incentive to invest in more energy-hungry equipment to mine it.
  • "I’m not entirely sure what will happen to energy consumption net-net, but it will be very interesting to see how many miners drop out of the market in this downturn," Jesse Morris of the Energy Web Foundation says in the story.

What's next: Companies are looking at ways to make cryptocurrencies more environmentally sustainable.

Go deeper:

Go deeper

Rebecca Falconer
6 mins ago - Politics & Policy

Texas abortion law remains in effect after appeals court ruling

Pro- and anti-abortion protesters outside the Supreme Court as arguments begin about the Texas abortion law on Capitol Hill in November. Photo: Jabin Botsford/The Washington Post via Getty Images

A U.S. appeals court transferred a challenge to Texas' law banning most abortions after about six weeks of pregnancy to the state supreme court in a 2-1 vote on Monday evening.

Why it matters: The 5th U.S. Circuit Court of Appeals' decision means the country's most restrictive abortion law can remain in place for the time being.

Go deeper (1 min. read)Arrow
Rebecca Falconer
1 hour ago - World

At least 2 dead after Tonga volcano eruption and tsunami

A satellite image of the explosive eruption of the Hunga Tonga-Hunga Ha'apai volcano on Saturday. Photo: UNICEF/NOAA

At least two people are confirmed to have died in Tonga following the undersea volcanic eruption that sent tsunami waves toward the island nation and across the Pacific over the weekend, officials said Monday.

The big picture: Officials reported major damage along the western coast of the main island of Tongatapu, where the capital, Nuku'alofa, was covered in ash and dust, including on the runway of the airport. A New Zealand Ministry of Foreign Affairs spokesperson told Axios over the phone that two people had been confirmed to have died in the disaster.

Go deeper (<1 min. read)Arrow
Rebecca Falconer
3 hours ago - Economy & Business

Airlines call for Biden admin's "immediate intervention" in 5G deployment

Photo: Tayfun Coskun/Anadolu Agency via Getty Images

The CEOs of leading U.S. air cargo and passenger carriers on Monday warned the Biden administration there could be "catastrophic disruption" after AT&T and Verizon deploy a new 5G service this week.

Driving the news: They said in a letter to Transportation Secretary Pete Buttigieg and other top federal officials ahead of the C-Band 5G service's deployment Wednesday that "the nation's commerce will grind to a halt" and "could potentially strand tens of thousands of Americans overseas."

Go deeper (1 min. read)Arrow