Category Archives: BlockMesh

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Bitcoin Hash Rate Hits 4-Month High, Sparks Optimism

Bitcoin Hash Rate Hits 4 Month High, Sparks Optimism

Bitcoin’s hash rate has reached the highest levels seen since November 2018. The increase in mining power suggests profits available at the current spot price as well as potentially expectations for a future price increase.

Surpassing 52 quintillion hashes per second Tuesday 19 March, mining difficulty has changed little for the last month or so, meaning new miners have had an easier time bringing their rigs online.

As well as benefiting the security of the Bitcoin network by adding more hash power, it shows growing confidence in the network’s future as more resources are invested in mining operations.

Taking to Twitter to comment on hash rate movements last year, Casa CTO Jameson Lopp proclaimed:

”Hashrate follows price… Miners are speculators too!”

Hashrate follows price. Some folks believe price follows hashrate, possibly because hashrate doesn’t simply track ~spot~ price, but rather tracks some ~speculative~ future price. Miners are speculators too!

— Jameson Lopp (@lopp) June 23, 2018

Concerns were raised over low hash rates in alignment with price plummets in 2018 as less efficient mining rigs were disabled to avoid operating at a loss, although the remaining miners benefitted from steady difficulty rates.

Mining difficulty is expected to increase again shortly, however, given this hash rate peak with more miners expected to join the network.


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How Blockchain Can Help Fight Climate Change

How Blockchain Can Help Fight Climate Change

Blockchain is often misunderstood to be an energy-inefficient technology, with the Bitcoin mining process frequently criticized for its energy usage and perceived wastefulness. But in actuality, the technology behind the cryptocurrency allows for the decentralization of systemic processes which can help maximize energy efficiency as the world looks for sustainable solutions in the fight against climate change.

Decentralizing the power grid

As the number of small renewable energy installations like rooftop solar panels grow, electricity grids can become strained as they were designed to facilitate energy from large, centralized sources rather than from many smaller origins. One way in which blockchain has already proved its value, in this case, is through facilitating peer-to-peer energy transactions which allow energy users to pay each other directly for excess energy in their local area.

Community energy sharing projects have quickly found success across the globe, with notable projects taking off in New York and Australia. In Brooklyn, the LO3 Energy microgrid project was hailed as a success by the local residents. “To be able to provide energy, for emergency services, or someone in need, that’s how a neighborhood comes together,” said one participant, Noah Elgart.

However, the move towards decentralized energy markets cuts out the main market players as they stand today, namely retailers, metering point operators and the major energy supplies corporations themselves. Creating pressure groups, these actors have a high stake in the energy sector remaining in a centralized form. Perhaps partly in lieu of their influence, peer-to-peer energy sharing in Europe is still limited to regulated pilots or privately-owned microgrids — a long way from people having the freedom to sell their unused energy supply from their independent renewable energy source.

Blockchain energy tracking

An enormous benefit of blockchain energy tracking is its ability to prevent double counting as the data collected is immutable and transparent. For the technology to work, it would only need to rely on a properly calibrated and installed smart energy meter to transmit the data.

For electricity to be allowed legal classification as renewable in Europe, the supplier must receive a Renewable Energy Guarantee of Origin (REGO) certificate which is issued per MWh. Small energy producers who generate less than this amount are unable to receive the certificate or sell their energy as renewable. Blockchain energy tracking has been discussed as a potential way for these smaller suppliers to verify energy output and quantify their supplies, allowing consumers greater access to more choice of renewable energy suppliers.

A changing landscape

Whether blockchain adoption in the energy industry will really take off is still a question but as the case studies have shown so far, its potential is enormous. Concerns of the impending impacts of climate change are already driving progress in the energy sector and blockchain is proving it can transform the way data is stored and exchanged. As it stands, blockchain appears to be a leading technology that can enable the transition to a renewable, decentralized energy grid that empowers consumers to make climate-conscious energy decisions.


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London Stock Exchange Leads $20 Million Investment Round for UK Crypto Startup Nivaura

London Stock Exchange Leads  Million Investment Round for UK Crypto Startup Nivaura

London Stock Exchange Group (LSEG) revealed today that it had invested in London-based cryptocurrency startup Nivaura, leading a GBP 15 million (USD 20 million) funding round.

The investment was revealed in a joint statement from the two companies which acknowledged LSEG had paid an undisclosed amount for a minority stake.

Nivaura was the company responsible for the world’s first cryptocurrency-denominated bond issuance back in November 2017, offering clients a platform to manage corporate bonds, loans, and equity, whilst giving the option to settle transactions via digital tokens.

Through the use of tokens, Nivaura says it can provide a solution up to 80% faster than traditional options while proponents have argued the tokenization of debts is far more economical and can give smaller companies greater access to capital markets.

LSEG’s investment indicates the continually growing interest in blockchain and cryptocurrencies from mainstream finance, despite much negative rhetoric that emerges from the very same sector.

Earlier this month JP Morgan announced the launch of its own digital token pegged to USD, targetting institutional clients that are looking to reduce the typical settlement time of transactions. Despite being USD-pegged, the multinational investment bank says it is not a stablecoin, nor should it be considered legal tender.

JP Morgan’s apparent U-turn regarding its attitudes towards cryptocurrencies has been controversial for many in the community, with Jerry Brito – executive director at Coin Center telling Market Watch ”it’s not public, and it’s not permissionless, so it’s not a cryptocurrency”.


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New York State Announces Crypto Task Force

_New York State Announces Crypto Task Force

New York State has become the first to initiate a task force to examine cryptocurrency and how it should be regulated.

The bank’s committee sect of the New York state legislature voted in favor of progressing a bill that would authorize a digital currency task force back in May of last year. The board confirmed their backing for a task force that would study the effects of the implementation of cryptocurrencies on the state’s financial markets.

Crypto Task Forces are becoming a common method for jurisdictions to discuss and analyze how cryptocurrencies should be integrated into current financial systems. The UK, South Korea, Dubai, and Kenya are amongst countries announcing task forces in 2018. The planned task force for New York state will become the first in the US.

NY state governor Andrew Cuomo, signed into law the ‘Digital Currency Study Bill’ (A8783B/S9013) this week, but no report will be forthcoming until as late as December 15, 2020, so any legislature emerging from the task force is far from imminent. The main focus of the report is said to focus on tax law and market transparency and the board will include representatives from the tech sector, academia, institutional and private investment and blockchain business. The state’s proactive stance towards the cryptocurrency was illustrated by the released statement:

“New York leads the country in finance. We will also lead in proper fintech regulation. The task force of experts will help us strike the balance between having a robust blockchain industry and cryptocurrency economic environment while at the same time protecting New York investors and consumers.”

The industry was clearly encouraged by the announcement, with Executive Director of Tech: NYC, Julie Samuels commenting that the announcement of the task force demonstrates how New York state,  “is leading the way in studying and understanding these technologies to ensure they can thrive in a responsible and effective way,”

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Bitcoin News Radio Show, 23rd August 2018

Listen to the 23 August 2018 Bitcoin News Radio Show below.

On this edition of the Bitcoin News daily radio show, we start with a discussion on how the SEC rejected nine Bitcoin ETFs, but has stayed the decision on five until further review. We also discuss how BitMEX is buying one of the most expensive offices in the world. Hear about how China is eradicating crypto trading sites. Learn about an exclusive article on Bitcoin News about the hyperinflation and Petro situation in Venezuela.

Follow the Bitcoin News Radio Show on AnchorSpotifyGoogle PodcastsStitcherRadio PublicPocket Casts, and Breaker. We broadcast a new episode every day, covering the most important topics in the crypto, Bitcoin, and blockchain world!


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