Nov 30, 2018

Why Bitcoin's fall gives the planet a breather

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.

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Biden formally secures Democratic presidential nomination

Joe Biden speaks at Delaware State University's student cente on June 5. Photo: Jim Watson/AFP via Getty Images

Former Vice President Joe Biden became the formal Democratic presidential nominee on Friday evening, per AP.

The big picture: Biden has been the presumptive frontrunner to take on President Trump since Sen. Bernie Sanders suspended his campaign in early April.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 6,724.516 — Total deaths: 394,018 — Total recoveries — 2,996,832Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 1,894,753 — Total deaths: 109,042 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: WHCA president says White House violated social-distancing guidelines to make reporters "a prop" — Jailing practices contribute to spread.
  4. Sports: How coronavirus could reshuffle the sports calendar.
  5. Jobs: Better-than-expected jobs report boosts stock market.
  6. Media: The Athletic lays off 8% of staff, implements company-wide pay cut.

Scoop: German foreign minister to travel to Israel with warning on annexation

Heiko Maas. Photo: Michael Kappeler/picture alliance via Getty Images

German Foreign Minister Heiko Maas is expected to travel to Israel next week to warn that there will be consequences if Israeli leaders move forward with plans to annex parts of the West Bank, Israeli officials and European diplomats tell me.

Why it matters: Israeli and European officials agree that if Israel goes ahead with unilateral annexation, the EU will respond with sanctions.