People who have a problem with how much energy it takes to mine Bitcoin should take a more long term view of the situation and realize Bitcoin´s energy requirements are a feature, not a bug. Bitcoin mining provides a powerful market incentive for energy producers worldwide to increase the production of cheap energy, which could potentially drive down global energy prices. That’s great news for everyone, but it’s especially good for the least well-off in society, as they’ll be the ones who benefit the most from cheaper energy.
Bitcoin relies on a consensus mechanism called Proof-of-Work (PoW) which requires energy to issue new tokens into existence. PoW is a complex computing process performed with specialized machines that consume a lot of energy. Thanks to this technological innovation, today we all have access to a new form of money that exists in the digital world. Therefore, Bitcoin can be seen as both an “energy currency” and a “digital currency.”
Chief Financial Officer of San Diego State University’s (SDSU) Campanile Foundation, David Fuhriman, spoke to Campus Reform about the school’s decision to accept Bitcoin and cryptocurrency donations.
Fuhriman noted the push to expand SDSU’s donor base, explained how the donated funds will be used, and expressed optimism for the asset class.
San Diego State University is now accepting donations in the form of Cryptocurrencies such as Bitcoin and Ethereum.
An anonymous donor has sent the school approximately $25,000 worth of Bitcoin, according to the SDSU NewsCenter.
“The SDSU auxiliary will keep almost all of the contribution in the form of Bitcoin instead of immediately converting it all to cash as many other universities have done,” the outlet reported.
The cryptocurrency market lost nearly $130 billion in value over the last 24 hours as major digital coins continue their extended sell-off, multiple sources reported.
Bitcoin dropped 4.81% to $33,693.63 over the last 24 hours while Ethereum slid 9.41% to $2,206.22, according to Coinbase. Both assets fell to their lowest level since July 2021, and each has lost roughly 50% of its highest value.
Cryptocurrencies have trended similarly to stocks, which have seen a sell-off since the start of 2022. Investors have dumped their assets, especially technology stocks, in preparation for tighter monetary policies from the Federal Reserve, including interest rate hikes and halting of the central bank’s asset purchasing stimulus program.
El Salvador became the first country to adopt Bitcoin as legal tender Tuesday, allowing Salvadorans to use the cryptocurrency to purchase goods and services.
President Nayib Bukele officially announced the adoption of Bitcoin as a national currency in a press release late Monday, tweeting that the country had bought its first 400 bitcoins.
John Schnatter, the founder of Papa John’s pizza, headlined a unique event for cryptocurrency supporters and investors on Thursday, ahead of the Bitcoin 2021 conference in Miami.
Schnatter was selected as the featured speaker because the first physical purchase in history made with Bitcoin was the purchase of two Papa John’s pizzas in 2010 with 10,000 Bitcoins.
How have cryptocurrencies been covered on television news? The timeline below shows total mentions of “cryptocurrency” and Bitcoin, Ethereum and Dogecoin over the past decade, showing an initial glimmer of mentions from 2013-2015, but that coverage of cryptocurrencies did not really take off until December 2017 when Bitcoin reached a valuation of $20,000 per coin. Mentions again took off in January of this year and have increased steadily month over month as it has attracted ever greater prominence.