Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,286 trillion. Bitcoin manages to withhold the $30k level after a disappointing week. Ethereum lost almost 3% of its value over the past seven days. XRP decreased by nearly 3% this past week. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector lost over $0.3 billion from the…
Mozilla – the non-profit behind the Firefox browser – has revised its crypto donation policy following backlash online about the technology’s energy use.
Now, it will continue to accept some cryptos, but refuse Bitcoin and other proof of work cryptocurrencies.
- Proof of work (POW) cryptos require electricity/ computing power for users to compete to construct a block of transactions.
- By contrast, proof of stake (POS) cryptocurrencies make users stake their crypto holdings for the right to create a block. This makes proof of stake networks far less energy-intensive.
- On Thursday, Mozilla put out a statement committing to only accept POS cryptocurrencies, and reject their POW counterparts.
- The decision followed backlash over Twitter after Mozilla reminded its followers that it has accepted crypto donations since 2014. It is a part of the company’s commitment to reduce its greenhouse gas footprint year over year.
- Bitcoin currently consumes approximately 144.30 TWh of electricity – around 0.1% of the world’s total energy. However, a significant portion of this is estimated to come from renewable sources.
- For example, Tesla also ceased accepting Bitcoin payments last year due to environmental concerns. However, the company is now providing Block and Blockstream with equipment for a solar-powered mining facility.
- Transactions do not directly contribute to Bitcoin’s energy consumption. Electricity is primarily used by miners creating blocks, who are then rewarded in small part by transaction fees.
Kevin O’Leary recently delivered a keynote on why Bitcoin will actually transition the world to a greener energy standard.