A pair of Hong Kong ETFs investing in Bitcoin and Ether futures raised $79 million as the city pushes ahead with a plan to become a crypto hub even as the sector reels from the FTX collapse.

World Business Watch: Hong Kong crypto ETFs raise $79mn despite FTX fallout

The Reserve Bank of India just made e-Rupee available to a select group of people recently. E-rupee is a digital currency, but not a cryptocurrency. Confused? Watch this video to know more.

Explained | What is E-Rupee and how does it work?

The European Central Bank (ECB) on Wednesday (December 1) opined that Bitcoin shouldn't be legitimised as it is being artificially propped up. The bank also said that Bitcoin was more akin to gambling. Bitcoin and other cryptocurrencies have been variously presented as an alternative form of money and a shield from the inflationary policies pursued by major central banks such as the ECB in recent years.

But a 75 per cent fall was seen in the value of Bitcoin over last one year. This raised questions about volatility. Additionally, collapse of cryptocurrency exchange FTX this month has given fresh ammo to critics.

The value of Bitcoin peaked at nearly US$69,000 in November 2021 before falling to around US$17,000 by mid-June 2022, where it is still hovering now.

In an unusually scathing language, the ECB said in its blog that though Bitcoin appeared stable lately, it was "an artificially induced last gasp before the road to irrelevance".

"Big bitcoin investors have the strongest incentives to keep the euphoria going," authors Ulrich Bindseil and Juergen Schaaf wrote. "At the end of 2020, isolated companies began to promote bitcoin at corporate expense. Some venture capital firms are also still investing heavily."

The authors said VC investments in the crypto and blockchain industry totalled $17.9 billion as of mid-July but did not provide evidence of price manipulation.

Regulators all over the world are drafting rules for the crypto world, a complex ecosystem that ranges from stablecoins supposedly backed by conventional currencies to forms of lending that happen on the blockchain, or distributed ledger, that underpins those coins.

The ECB blog said regulation could be "misunderstood for approval".

"Since Bitcoin appears to be neither suitable as a payment system nor as a form of investment, it should be treated as neither in regulatory terms and thus should not be legitimised," Bindseil and Schaaf said.

(With inputs from agencies)

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The European Central Bank (ECB) on Wednesday (December 1) opined that Bitcoin shouldn't be legitimised as it is being artificially propped up. The bank also said that Bitcoin was more akin to gambling.

The European Central Bank (ECB) on Wednesday (December 1) opined that Bitcoin shouldn't be legitimised as it is being artificially propped up. The bank also said that Bitcoin was more akin to gambling. Bitcoin and other cryptocurrencies have been variously presented as an alternative form of money and a shield from the inflationary policies pursued by major central banks such as the ECB in recent years. But a 75 per cent fall was seen in the value of Bitcoin over last one year. This raised questions about volatility. Additionally, collapse of cryptocurrency exchange FTX this month has given fresh ammo to critics. The value of Bitcoin peaked at nearly US$69,000 in November 2021 before falling to around US$17,000 by mid-June 2022, where it is still hovering now. In an unusually scathing language, the ECB said in its blog that though Bitcoin appeared stable lately, it was "an artificially induced last gasp before the road to irrelevance". "Big bitcoin investors have the strongest incentives to keep the euphoria going," authors Ulrich Bindseil and Juergen Schaaf wrote. "At the end of 2020, isolated companies began to promote bitcoin at corporate expense. Some venture capital firms are also still investing heavily." The authors said VC investments in the crypto and blockchain industry totalled $17.9 billion as of mid-July but did not provide evidence of price manipulation. Regulators all over the world are drafting rules for the crypto world, a complex ecosystem that ranges from stablecoins supposedly backed by conventional currencies to forms of lending that happen on the blockchain, or distributed ledger, that underpins those coins. The ECB blog said regulation could be "misunderstood for approval". "Since Bitcoin appears to be neither suitable as a payment system nor as a form of investment, it should be treated as neither in regulatory terms and thus should not be legitimised," Bindseil and Schaaf said. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Don't legitimise Bitcoin, it is being artificially propped up, warns ECB in scathing tone

Bitfront, a United States&nbsp;cryptocurrency exchange sponsored by Japanese social media company Line Corp, announced it has ceased new sign-ups and credit card payments and would shut down operations in a few months, reported Reuters.&nbsp;The California-based firm stated in a post on its website on Sunday that "despite our efforts ... we have regretfully determined that we need to shut down BITFRONT in order to continue growing the LINE blockchain ecosystem and LINK token economy."&nbsp;

Bitfront claimed the action had nothing to do with current disputes involving certain cryptocurrency exchanges that have been accused of "misconduct".

Authorities are currently looking into FTX, one of the biggest bitcoin exchanges in the world, for "criminal misconduct".&nbsp;

Also Read:<a href="https://www.wionews.com/world/eu-to-set-up-tribunal-backed-by-un-to-investigate-possible-russian-war-crimes-in-ukraine-538797">&nbsp;EU to set up tribunal backed by UN to investigate possible Russian war crimes in Ukraine</a>

The company had declared bankruptcy earlier this month, and on Monday, cryptocurrency lender BlockFi, which had been adversely affected by exposure to FTX's demise, filed for Chapter 11 bankruptcy protection.&nbsp;

According to Bitfront, withdrawals will stop on March 31, 2023, after new sign-ups and credit card payments were stopped as of November 28. The business made it clear that interest payments for deposits made between December 5 and December 11 will be made on December 13, 2022.

(With inputs from agencies)

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Bitfront, a United States cryptocurrency exchange sponsored by Japanese social media company Line Corp, announced it has ceased new sign-ups and credit card payments and would shut down operations in a few months, reported Reuters.

Bitfront, a United States cryptocurrency exchange sponsored by Japanese social media company Line Corp, announced it has ceased new sign-ups and credit card payments and would shut down operations in a few months, reported Reuters. The California-based firm stated in a post on its website on Sunday that "despite our efforts ... we have regretfully determined that we need to shut down BITFRONT in order to continue growing the LINE blockchain ecosystem and LINK token economy." Bitfront claimed the action had nothing to do with current disputes involving certain cryptocurrency exchanges that have been accused of "misconduct". Authorities are currently looking into FTX, one of the biggest bitcoin exchanges in the world, for "criminal misconduct". Also Read: EU to set up tribunal backed by UN to investigate possible Russian war crimes in Ukraine The company had declared bankruptcy earlier this month, and on Monday, cryptocurrency lender BlockFi, which had been adversely affected by exposure to FTX's demise, filed for Chapter 11 bankruptcy protection. According to Bitfront, withdrawals will stop on March 31, 2023, after new sign-ups and credit card payments were stopped as of November 28. The business made it clear that interest payments for deposits made between December 5 and December 11 will be made on December 13, 2022. (With inputs from agencies)

Bitfront, a US crypto exchange backed by Japanese firm, shuts down

A study by the bank for international settlements - BIS - it's about the three quarters. People who have lost money on bitcoin, according to the study every 3 out of 4 people have lost bet on bitcoin.

World Business Watch: 3 out of 4 Bitcoin investors have lost money

Bitcoin, the oldest cryptocurrency in the world is facing a bloodbath. A Bank of America report suggests that the cryptocurrency has faced the fifth-worst collapse of assets in financial history, and by far, the biggest since the 1970s.

Bitcoin, the oldest cryptocurrency in the world is facing a bloodbath. A Bank of America report suggests that the cryptocurrency has faced the fifth-worst collapse of assets in financial history, and by far, the biggest since the 1970s. Reportedly, Bitcoin has plummeted 77 per cent from its peak trading mark of $70,000 in November last year. The crash is thought to be much steeper and greater in scale than the one faced by the likes of Mississippi Co, South Sea Co and Roaring 20s. The fall becomes precarious, given that Bitcoin accounts for more than 41 per cent of the crypto market and the previous instance it plunged to such depths was at the peak of the pandemic two years ago. WATCH | Gravitas Plus: Bitcoin, Cryptocurrency & Blockchain- What's driving the craze? × The report also makes a comparison of Bitcoin's downturn with the dotcom bust nearly two decades ago. It states that the latter witnessed a decline of 76 per cent, which is only one per cent lower than the fall witnessed by Bitcoin. The fall of Bitcoin comes roughly at the same time as when FTX Group, another big name in the cryptocurrency sector announced it had filed for bankruptcy in the US and that its CEO Sam Bankman-Fried, had quit. The "cryptogenius" also known as "modern JP Morgan" for his intervening to save volatile exchanges, now faces the impending prospect of the collapse of his company. Read more: Who is Sam Bankman-Fried, the former FTX CEO & 'cryptogenius' who lost $14.5 billion in a day The collapse of FTX, which seemed inconceivable only a few days ago, is upending the whole cryptocurrency sector. After significant concerns regarding the state of the FTX balance sheet were raised last week, it was precipitated by a crisis resembling a bank run. (With inputs from agencies) WATCH WION LIVE HERE:

Bitcoin plunges, records the fifth-biggest collapse in financial history: Report

Sam Bankman-Fried started this week firmly in the realm of billionaires, but after the collapse of his crypto exchange, FTX, he may find himself out of the club in a matter of days. Priyanka Sharma brings you the details

WION Fineprint | Crypto CEO Sam Bankman-Fried loses billions overnight

The US Department of Justice on Monday revealed it had seized&nbsp;$3.36 billion worth of Bitcoin last year from an individual who stole it from Silk Road (the now-defunct darknet website)&nbsp;in 2012.&nbsp;

James Zhong, the person accused of stealing the cryptocurrency has pleaded guilty to wire fraud. He has also agreed to&nbsp;renounce his stake in a real estate company, plus $661,900 and other items.

“Mr Zhong is extremely remorseful for his conduct that occurred over 10 years ago when he was just 22,” said&nbsp;Zhong's lawyer.&nbsp;

According to the authorities, it is the second biggest cryptocurrency theft after the $4.5 billion Bitcoin robbery that they managed to unearth earlier this&nbsp;year.&nbsp;

“For almost 10 years, the whereabouts of this massive chunk of missing bitcoin had ballooned into an over $3.3 billion mystery. We won’t stop following the money...even to a circuit board in the bottom of a popcorn tin,” said US attorney Damian Williams.&nbsp;

<a href="https://www.wionews.com/business-economy/binance-backed-blockchain-theft-of-100-million-in-one-more-crypto-hack-523302">Read more:&nbsp;Binance-backed blockchain loses $100 million in latest crypto theft, says stolen money blocked</a>

The officials said that the Bitcoin were found dotted around Zhong's Georgia home on his hard drives. Additionally, more Bitcoin was recovered on a tiny computer hidden inside a popcorn tin in a bathroom closet.

The DoJ added that Zhong could face more than two years in prison according to the recommended federal guidelines.&nbsp;

Notably, Silk Road was seized by the US government in 2013 after it had turned into a major underground marketplace for illegal drug trade and money laundering.&nbsp;

<a href="https://www.wionews.com/videos/gravitas-plus-bitcoin-cryptocurrency-blockchain-whats-driving-the-craze-380193">WATCH |&nbsp;Gravitas Plus: Bitcoin, Cryptocurrency &amp; Blockchain- What's driving the craze?</a>

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As reported by WION, in February earlier this year, the DoJ arrested a husband-wife team, accused of laundering $4.5 billion in Bitcoin.&nbsp;

Ilya "Dutch" Lichtenstein, 34, and his wife Heather Morgan Morgan, 31, were arrested in Manhattan.&nbsp;They spent the illegal proceeds on items ranging from gold and non-fungible tokens to a $500 Walmart gift card, according to prosecutors.&nbsp;

<a href="https://www.wionews.com/world/45-billion-in-bitcoin-us-uncovers-biggest-ever-cryptocurrency-theft-451587">Read more:&nbsp;$4.5 billion in bitcoin: US uncovers biggest-ever cryptocurrency theft</a>

The pair is accused of conspiring to launder 119,754 bitcoins stolen from Bitfinex after an attacker initiated more than 2,000 unauthorised transactions. The value of the transactions at the time was $71 million in Bitcoin, but in February it stood at over $4.5 billion.

(With input from agencies)

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The US Department of Justice on Monday revealed it had seized $3.36 billion worth of Bitcoin last year from an individual who stole it from Silk Road (the now-defunct darknet website) in 2012.

The US Department of Justice on Monday revealed it had seized $3.36 billion worth of Bitcoin last year from an individual who stole it from Silk Road (the now-defunct darknet website) in 2012. James Zhong, the person accused of stealing the cryptocurrency has pleaded guilty to wire fraud. He has also agreed to renounce his stake in a real estate company, plus $661,900 and other items. “Mr Zhong is extremely remorseful for his conduct that occurred over 10 years ago when he was just 22,” said Zhong's lawyer. According to the authorities, it is the second biggest cryptocurrency theft after the $4.5 billion Bitcoin robbery that they managed to unearth earlier this year. “For almost 10 years, the whereabouts of this massive chunk of missing bitcoin had ballooned into an over $3.3 billion mystery. We won’t stop following the money...even to a circuit board in the bottom of a popcorn tin,” said US attorney Damian Williams. Read more: Binance-backed blockchain loses $100 million in latest crypto theft, says stolen money blocked The officials said that the Bitcoin were found dotted around Zhong's Georgia home on his hard drives. Additionally, more Bitcoin was recovered on a tiny computer hidden inside a popcorn tin in a bathroom closet. The DoJ added that Zhong could face more than two years in prison according to the recommended federal guidelines. Notably, Silk Road was seized by the US government in 2013 after it had turned into a major underground marketplace for illegal drug trade and money laundering. WATCH | Gravitas Plus: Bitcoin, Cryptocurrency & Blockchain- What's driving the craze? × As reported by WION, in February earlier this year, the DoJ arrested a husband-wife team, accused of laundering $4.5 billion in Bitcoin. Ilya "Dutch" Lichtenstein, 34, and his wife Heather Morgan Morgan, 31, were arrested in Manhattan. They spent the illegal proceeds on items ranging from gold and non-fungible tokens to a $500 Walmart gift card, according to prosecutors. Read more: $4.5 billion in bitcoin: US uncovers biggest-ever cryptocurrency theft The pair is accused of conspiring to launder 119,754 bitcoins stolen from Bitfinex after an attacker initiated more than 2,000 unauthorised transactions. The value of the transactions at the time was $71 million in Bitcoin, but in February it stood at over $4.5 billion. (With input from agencies) WATCH WION LIVE HERE:

$3 billion in Bitcoin seized by US Department of Justice in a decade old case

Ever since the value of cryptocurrencies skyrocketed, there have been umpteen stories of how people lost access to Bitcoin and are unable to recover it.&nbsp;

Recently, a TikToker who goes by the name @conspiracycubed&nbsp;revealed how he lost access to his Hotmail account, in which he had saved the details of his digital wallet to claim 100 Bitcoin that he bought in 2010. It is now worth around $2 million.&nbsp;

He said that someone tried unsuccessfully log into his Hotmail account. And when he tried to log back in, he was asked to verify himself by answering a security question he set up in 2005, Ladbible reported.&nbsp;

Apparently, @conspiracycubed is being asked to name his best friend that he listed in the security question in 2005. But the main problem is that he can’t remember who it was.&nbsp;

"Guess who can't get into this wallet because the information is stored on their Hotmail account? Me," he said in his recorded clip shared on TikTok.&nbsp;

He further said, "Why can't I get onto this Hotmail account? Is it because you lost the password? No, I know the password. It's my account.&nbsp;

"So why can't I get on it? Well, it appears that somebody has tried logging into my account.&nbsp;

"Now it's asking me to send a text to verify that I am who I say I am, even though the profile picture on the account is of me.""&nbsp;

"My face is on the profile picture. I've got emails from my girlfriend, who I'm still with 12 years later. And that's not proof.&nbsp;

He is now seeking legal help, and would like to know if there are any lawyers who can help him launch a legal case against Hotmail.&nbsp;&nbsp;

"If there's any legal help out there. Please get in touch with me. I will cut you in. I swear to god."&nbsp;

(With inputs from agencies)

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Ever since the value of cryptocurrencies skyrocketed, there have been umpteen stories of how people lost access to Bitcoin and are unable to recover it. Recently, a TikToker who goes by the name @conspiracycubed revealed how he lost access to his Hotmail account, in which he had saved the details of his digital wallet to claim 100 Bitcoin that he bought in 2010.

Ever since the value of cryptocurrencies skyrocketed, there have been umpteen stories of how people lost access to Bitcoin and are unable to recover it. Recently, a TikToker who goes by the name @conspiracycubed revealed how he lost access to his Hotmail account, in which he had saved the details of his digital wallet to claim 100 Bitcoin that he bought in 2010. It is now worth around $2 million. He said that someone tried unsuccessfully log into his Hotmail account. And when he tried to log back in, he was asked to verify himself by answering a security question he set up in 2005, Ladbible reported. Apparently, @conspiracycubed is being asked to name his best friend that he listed in the security question in 2005. But the main problem is that he can’t remember who it was. "Guess who can't get into this wallet because the information is stored on their Hotmail account? Me," he said in his recorded clip shared on TikTok. He further said, "Why can't I get onto this Hotmail account? Is it because you lost the password? No, I know the password. It's my account. "So why can't I get on it? Well, it appears that somebody has tried logging into my account. "Now it's asking me to send a text to verify that I am who I say I am, even though the profile picture on the account is of me."" "My face is on the profile picture. I've got emails from my girlfriend, who I'm still with 12 years later. And that's not proof. He is now seeking legal help, and would like to know if there are any lawyers who can help him launch a legal case against Hotmail. "If there's any legal help out there. Please get in touch with me. I will cut you in. I swear to god." (With inputs from agencies) WATCH WION LIVE HERE:

Man can't access $1.8mn Bitcoin as he forgot security question answer 

El Salvador has lost around $60 million on its bitcoin bet one year into a nationwide crypto experiment. The country faces plummeting economic growth and a high deficit.

World Business Watch | El Salvador's bitcoin experiment: $60 million lost

Cost-cutting measures have taken over the crypto world as well. A Wall Street Journal reports says that Bitcoin company NYDIG laid off about a third of its workforce last month. &nbsp;NYDIG, a unit of Stone Ridge Holdings, operates a full-stack bitcoin platform which delivers the cryptocurrency across industries including financial technology, insurance and banking.

The company laid off around 110 people on September 22, weeks before replacing its top two executives, the WSJ reported.

The company had reported earlier this month that bitcoin balances almost doubled from a year earlier to hit all-time highs in the third quarter. NYDIG had also appointed Tejas Shah as its chief executive officer and Nate Conrad as president.&nbsp;

Last year, NYDIG raised $1 billion in a funding round led by venture firm WestCap with participation from existing investor Bessemer Venture Partners, valuing the bitcoin company at more than $7 billion.

In 2021, NYDIG&nbsp;<a href="https://nydig.com/news/nydig-announces-1-billion-funding-round">raised</a>&nbsp;$1 billion in funding to build an institutional-grade Bitcoin platform which it called&nbsp;“Bitcoin for all.”&nbsp;It was to connect to banks and credit unions to help retail banking customers access to the cryptocurrency. But the crypto market has suffered a jolt since then with the price of bitcoin falling to under 20,000 a coin, a 70 per cent&nbsp;decline from its November 2021 high of $67,500.

(With inputs from agencies)

&nbsp;

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Cost-cutting measures have taken over the crypto world as well. A Wall Street Journal reports says that Bitcoin company NYDIG laid off about a third of its workforce last month.

Cost-cutting measures have taken over the crypto world as well. A Wall Street Journal reports says that Bitcoin company NYDIG laid off about a third of its workforce last month. NYDIG, a unit of Stone Ridge Holdings, operates a full-stack bitcoin platform which delivers the cryptocurrency across industries including financial technology, insurance and banking. The company laid off around 110 people on September 22, weeks before replacing its top two executives, the WSJ reported. The company had reported earlier this month that bitcoin balances almost doubled from a year earlier to hit all-time highs in the third quarter. NYDIG had also appointed Tejas Shah as its chief executive officer and Nate Conrad as president. Last year, NYDIG raised $1 billion in a funding round led by venture firm WestCap with participation from existing investor Bessemer Venture Partners, valuing the bitcoin company at more than $7 billion. In 2021, NYDIG raised $1 billion in funding to build an institutional-grade Bitcoin platform which it called “Bitcoin for all.” It was to connect to banks and credit unions to help retail banking customers access to the cryptocurrency. But the crypto market has suffered a jolt since then with the price of bitcoin falling to under 20,000 a coin, a 70 per cent decline from its November 2021 high of $67,500. (With inputs from agencies)

Bitcoin firm NYDIG laid off about a third of staff in September, reports say

Bitcoin on Sunday dropped 1.54% to $19,804, slipping from the 20,000 mark after losing $310 from its previous close. The world's biggest and best-known cryptocurrency is down 58.9% from the year's high of $48,234 on March 28.

World Business Watch: Bitcoin once again slips below $20,000

The price of bitcoin, largest cryptocurrency, is stuck around at $19,000 now or below $20,000 not for many days. It is extremely odd for the dominant cryptocurrency that the excitement around bitcoin is dying down.

Struggling cryptocurrency firms face 'mixed results'

Bitcoin dipped below $20,000 on Saturday, continuing a drop that has taken it down nearly 60% from its year high.

Bitcoin, the world's biggest and best-known cryptocurrency, was last down 1.5% at $19,946 on Saturday, down $298 from its previous close.

It is down 58.7% from the year's high of $48,234 hit on March 28.

Ether, the coin linked to the ethereum blockchain network, also dipped 2.76 % to $1,467.2, losing $41.60 from its previous close.

Bitcoin's fall comes after a weak day on Friday for the currency, which fell as Wall Street slumped with all three benchmarks ending more than 3% lower.

The weakness in risk assets came after Federal Reserve Chief Jerome Powell cautioned against expecting a swift end to its rate tightening. The Fed's actions on interest rates has caused some investors to forecast more pain for equities.

"Bitcoin broke below 20,000 as investors expect a weekend full of pessimism from Jackson Hole to drag down sentiment," Edward Moya, senior market analyst at OANDA, said on Saturday.

"European and Asian central bankers will likely be much more pessimistic than Fed Chair Powell and that has many traders bracing for a weak open on Sunday night," he added.

Bitcoin was last below $20,000 in mid-July.

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Bitcoin dipped below $20,000 on Saturday, continuing a drop that has taken it down nearly 60% from its year high. Bitcoin, the world's biggest and best-known cryptocurrency, was last down 1.

Bitcoin dipped below $20,000 on Saturday, continuing a drop that has taken it down nearly 60% from its year high. Bitcoin, the world's biggest and best-known cryptocurrency, was last down 1.5% at $19,946 on Saturday, down $298 from its previous close. It is down 58.7% from the year's high of $48,234 hit on March 28. Ether, the coin linked to the ethereum blockchain network, also dipped 2.76 % to $1,467.2, losing $41.60 from its previous close. Bitcoin's fall comes after a weak day on Friday for the currency, which fell as Wall Street slumped with all three benchmarks ending more than 3% lower. The weakness in risk assets came after Federal Reserve Chief Jerome Powell cautioned against expecting a swift end to its rate tightening. The Fed's actions on interest rates has caused some investors to forecast more pain for equities. "Bitcoin broke below 20,000 as investors expect a weekend full of pessimism from Jackson Hole to drag down sentiment," Edward Moya, senior market analyst at OANDA, said on Saturday. "European and Asian central bankers will likely be much more pessimistic than Fed Chair Powell and that has many traders bracing for a weak open on Sunday night," he added. Bitcoin was last below $20,000 in mid-July. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Bitcoin dips below $20,000, down nearly 60% from its year-high

From a speculative asset class to a rapidly growing daily enterprise, cryptocurrencies have suddenly changed. The oldest cryptocurrency in the world, Bitcoin, is at the forefront of this expansion. We could reach a crossroads where Bitcoin becomes the world's standard value system as widespread acceptance of these digital assets increases. Hyperbitcoinisation is a common term for this inflexion point. Hyperbitcoinisation can be caused by a number of things, some of which are positive and some of which are negative. There are also various forecasts about the potential existence of such a monetary system.

What is hyperbitcoinisation?

Different terms have been used to describe this occurrence. The phrase was first used in 2014 to describe a shift away from subpar currencies and toward better ones like Bitcoin. It could be used to indicate a tipping point at which people stop using fiat money and switch to bitcoin instead.&nbsp;

Some see it as a process leading to the adoption of Bitcoin as the main reserve currency for the planet. The result is that goods and services will be priced in Bitcoin. Hyperbitcoinisation, in its simplest form, describes a situation in which digital assets are regularly utilised as a form of payment and are kept by people and organisations in the same ways that fiat money is.

Is this for real?

Hyperbitcoinisation may result from both positive and negative aspects. To start, one of the biggest drivers of hyperbitcoinisation may be widespread use. The time of hyperbitcoinisation doesn't seem all that far off as more people, businesses, and even entire nations start to invest in cryptocurrency.&nbsp;

Approximately 100 million people use Bitcoin, 250,000 BTC are held by countries, and nearly 400,000 BTC are held by both public and private companies, according to rough estimates. Hyperbitcoinisation will almost certainly occur if these figures stay on their current course.

Another element that could accelerate or lead to hyperbitcoinisation is the growing quantity of Bitcoin derivatives. Derivatives for bitcoin, such as ETFs, futures, options, and perpetual contracts, are becoming more popular today. They give conventional stock market traders and conservative investors access to the cryptocurrency marketplaces.&nbsp;

Furthermore, until a few years ago, the idea of using Bitcoin as a form of payment looked far-fetched. But since then, a lot has changed. Today, many well-known enterprises, including airlines, restaurants, and auto manufacturers, accept cryptocurrency as a form of payment. The number of businesses that take Bitcoin is expected to grow dramatically over time, pushing us closer to hyperbitcoinisation.

But, when?

Finder polled 42 cryptocurrency specialists in 2021. The results showed that 54% of the panel thought hyperbitcoinisation might occur by 2050. Some analysts (29 per cent) said it would occur as soon as 2035.&nbsp;

However, this would necessitate the onboarding of billions of new users over the following few years. 44 per cent of the panellists on Finder's survey said that hyperbitcoinisation would never take place because it would also need significant backing from governing bodies and regulatory agencies.

(with inputs from agencies) 
&nbsp;

From a speculative asset class to a rapidly growing daily enterprise, cryptocurrencies have suddenly changed. The oldest cryptocurrency in the world, Bitcoin, is at the forefront of this expansion.

From a speculative asset class to a rapidly growing daily enterprise, cryptocurrencies have suddenly changed. The oldest cryptocurrency in the world, Bitcoin, is at the forefront of this expansion. We could reach a crossroads where Bitcoin becomes the world's standard value system as widespread acceptance of these digital assets increases. Hyperbitcoinisation is a common term for this inflexion point. Hyperbitcoinisation can be caused by a number of things, some of which are positive and some of which are negative. There are also various forecasts about the potential existence of such a monetary system. What is hyperbitcoinisation? Different terms have been used to describe this occurrence. The phrase was first used in 2014 to describe a shift away from subpar currencies and toward better ones like Bitcoin. It could be used to indicate a tipping point at which people stop using fiat money and switch to bitcoin instead. Some see it as a process leading to the adoption of Bitcoin as the main reserve currency for the planet. The result is that goods and services will be priced in Bitcoin. Hyperbitcoinisation, in its simplest form, describes a situation in which digital assets are regularly utilised as a form of payment and are kept by people and organisations in the same ways that fiat money is. Is this for real? Hyperbitcoinisation may result from both positive and negative aspects. To start, one of the biggest drivers of hyperbitcoinisation may be widespread use. The time of hyperbitcoinisation doesn't seem all that far off as more people, businesses, and even entire nations start to invest in cryptocurrency. Approximately 100 million people use Bitcoin, 250,000 BTC are held by countries, and nearly 400,000 BTC are held by both public and private companies, according to rough estimates. Hyperbitcoinisation will almost certainly occur if these figures stay on their current course. Another element that could accelerate or lead to hyperbitcoinisation is the growing quantity of Bitcoin derivatives. Derivatives for bitcoin, such as ETFs, futures, options, and perpetual contracts, are becoming more popular today. They give conventional stock market traders and conservative investors access to the cryptocurrency marketplaces. Furthermore, until a few years ago, the idea of using Bitcoin as a form of payment looked far-fetched. But since then, a lot has changed. Today, many well-known enterprises, including airlines, restaurants, and auto manufacturers, accept cryptocurrency as a form of payment. The number of businesses that take Bitcoin is expected to grow dramatically over time, pushing us closer to hyperbitcoinisation. But, when? Finder polled 42 cryptocurrency specialists in 2021. The results showed that 54% of the panel thought hyperbitcoinisation might occur by 2050. Some analysts (29 per cent) said it would occur as soon as 2035. However, this would necessitate the onboarding of billions of new users over the following few years. 44 per cent of the panellists on Finder's survey said that hyperbitcoinisation would never take place because it would also need significant backing from governing bodies and regulatory agencies. (with inputs from agencies)

Explained: Phenomenon of hyperbitconisation could become a reality by 2050

In pics - Major brands who accept cryptocurrencies as mode of payment

Imagine having £150 million in a hard drive and accidentally throwing it away – That is exactly what happened to a computer engineer from Wales.&nbsp; James Howells had a hard drive with around 8000 bitcoins in 2013 but while cleaning his office, he threw it away in a rubbish dump in Newport. At present, the value of the hard drive’s bitcoin is somewhere around £150 million, and Howells is desperate to find it. The 37-year-old has already faced multiple rejections for his requests to search the dump due to environmental concerns, but he has now come up with a new idea.

With funding from hedge funds, he is looking to use Artificial Intelligence (AI) technology to operate a mechanical arm as well as robot dogs in order to thoroughly search the entire area.

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“Digging up a landfill is a huge operation in itself. The funding has been secured. We’ve brought on an AI specialist. Their technology can easily be retrained to search for a hard drive,”

“We’ve also got an environmental team on board. We’ve basically got a well-rounded team of various experts, with various expertise, which, when we all come together, are capable of completing this task to a very high standard,” he said in an interview with The Guardian.

While there is no guarantee that the hard disk will be recovered or the files inside the device is not already corrupted, Howells remain optimistic, and he believes that the search will take around a year.

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He also promised to use the money for charitable purposes if the device is recovered.

“We’ve got a whole list of incentives, good cases we’d like to do for the community. One of the things we’d like to do on the actual landfill site, once we’ve cleaned it up and recovered that land, is put a power generation facility, maybe a couple of wind turbines,” he told The Guardian.

Imagine having £150 million in a hard drive and accidentally throwing it away – That is exactly what happened to a computer engineer from Wales. James Howells had a hard drive with around 8000 bitcoins in 2013 but while cleaning his office, he threw it away in a rubbish dump in Newport.

Imagine having £150 million in a hard drive and accidentally throwing it away – That is exactly what happened to a computer engineer from Wales. James Howells had a hard drive with around 8000 bitcoins in 2013 but while cleaning his office, he threw it away in a rubbish dump in Newport. At present, the value of the hard drive’s bitcoin is somewhere around £150 million, and Howells is desperate to find it. The 37-year-old has already faced multiple rejections for his requests to search the dump due to environmental concerns, but he has now come up with a new idea. With funding from hedge funds, he is looking to use Artificial Intelligence (AI) technology to operate a mechanical arm as well as robot dogs in order to thoroughly search the entire area. Also read | In pics - Red Vladimir Putin statue appears in Central Park, leaves visitors fascinated “Digging up a landfill is a huge operation in itself. The funding has been secured. We’ve brought on an AI specialist. Their technology can easily be retrained to search for a hard drive,” “We’ve also got an environmental team on board. We’ve basically got a well-rounded team of various experts, with various expertise, which, when we all come together, are capable of completing this task to a very high standard,” he said in an interview with The Guardian. While there is no guarantee that the hard disk will be recovered or the files inside the device is not already corrupted, Howells remain optimistic, and he believes that the search will take around a year. Also read | Cartwheel Galaxy's new image reveals spinning ring of colour in unprecedented clarity He also promised to use the money for charitable purposes if the device is recovered. “We’ve got a whole list of incentives, good cases we’d like to do for the community. One of the things we’d like to do on the actual landfill site, once we’ve cleaned it up and recovered that land, is put a power generation facility, maybe a couple of wind turbines,” he told The Guardian.

Welsh man looking to use AI and robot dogs to recover hard drive containing £150m in bitcoin

Clients of a crashed crypto lender Celsius are fighting to get their money back. An American dealing with suicidal thoughts. An Irishman at risk of losing his farmland. An elderly widow’s lost life savings: People caught in the fiasco of crypto lender Celsius are pleading for their hard earned money.&nbsp;

Hundreds of letters&nbsp; addressing the judge overseeing the firm’s multibillion-dollar bankruptcy carried a singular emotion of anger.&nbsp;&nbsp;

“I knew there were risks,” said a client whose letter was unsigned. “It seemed a worthwhile risk.”

Celsius and its CEO Alex Mashinsky had promoted the platform as a safe place for people to deposit their cryptocurrencies in exchange for high interest, while the firm lent out and re-invested those deposits.

But as the value of highly volatile cryptocurrencies took a nosedive — bitcoin alone has shed over 60 percent since November — the firm faced mounting problems until it froze withdrawals in mid-June.

According to a court filing earlier this month, the company owed $4.7 billion to its users, and the endgame is unclear.

The letters — posted to a public online court docket — come from around the world and recount tragic results of users’ money being frozen.

“From that hard-working single mom in Texas struggling with past-due bills, to the teacher in India with all his hard-earned money deposited in Celsius — I believe I can speak for most of us when I say I feel betrayed, ashamed, depressed, angry,” wrote one client who signed their letter E.L.

“I have been a loyal Celsius customer since 2019 and feel completely lied to by Alex Mashinsky,” wrote a client who AFP is not identifying to protect his privacy. “Alex would talk about how Celsius is safer than banks.”

Many of the letters point to the CEO’s AMA (Ask Mashinsky Anything) online chats as key to their confidence in him and the platform, which anchored&nbsp; itself as stable until days before it froze users’ funds.

Series of assurances before the collapse

“Celsius has one of the best risk management teams in the world. Our security team and infrastructure is second to none,” the firm wrote on June 7.

“We have made it through crypto downturns before (this is our fourth!). Celsius is prepared,” the firm wrote.

The message also said the company had the reserves to pay its obligations, and withdrawals were being processed as normal.

One client, who reported having $32,000 in crypto locked up at Celsius, noted the impact.

“Right up until the end, the retail investor received assurance,” the client wrote to the judge.

But that changed quickly, and on June 12 Celsius announced the freeze: “We are taking this action today to put Celsius in a better position to honour, over time, its withdrawal obligations.”

Some clients got the news in a message from the company.

“By the time I finished the e-mail, I had collapsed onto the floor with my head in my hands and I fought back tears,” wrote one man who had about $50,000 in assets with Celsius.

The clients who said they were hardest hit, including a man who said he placed $525,000 he got from a government loan on Celsius, disclosed they had considered self-harm.&nbsp;

Others reported uneasiness, lack of sleep and feelings of deep shame for putting their retirement savings or their children’s college money into a platform that was far riskier than they knew.

“As a private unregulated company, Celsius does not come under any requirement for disclosure,” is how the Washington Post summarised the situation.

Celsius did not reply to a request for comment on the clients’ letters.

For people like one 84-year-old woman, who only had her roughly $30,000 in crypto savings on Celsius for a month, their hope lies in the bankruptcy proceedings and nothing else.

Clients of a crashed crypto lender Celsius are fighting to get their money back. An American dealing with suicidal thoughts. An Irishman at risk of losing his farmland.

Clients of a crashed crypto lender Celsius are fighting to get their money back. An American dealing with suicidal thoughts. An Irishman at risk of losing his farmland. An elderly widow’s lost life savings: People caught in the fiasco of crypto lender Celsius are pleading for their hard earned money. Hundreds of letters addressing the judge overseeing the firm’s multibillion-dollar bankruptcy carried a singular emotion of anger. “I knew there were risks,” said a client whose letter was unsigned. “It seemed a worthwhile risk.” Celsius and its CEO Alex Mashinsky had promoted the platform as a safe place for people to deposit their cryptocurrencies in exchange for high interest, while the firm lent out and re-invested those deposits. But as the value of highly volatile cryptocurrencies took a nosedive — bitcoin alone has shed over 60 percent since November — the firm faced mounting problems until it froze withdrawals in mid-June. According to a court filing earlier this month, the company owed $4.7 billion to its users, and the endgame is unclear. The letters — posted to a public online court docket — come from around the world and recount tragic results of users’ money being frozen. “From that hard-working single mom in Texas struggling with past-due bills, to the teacher in India with all his hard-earned money deposited in Celsius — I believe I can speak for most of us when I say I feel betrayed, ashamed, depressed, angry,” wrote one client who signed their letter E.L. “I have been a loyal Celsius customer since 2019 and feel completely lied to by Alex Mashinsky,” wrote a client who AFP is not identifying to protect his privacy. “Alex would talk about how Celsius is safer than banks.” Many of the letters point to the CEO’s AMA (Ask Mashinsky Anything) online chats as key to their confidence in him and the platform, which anchored itself as stable until days before it froze users’ funds. Series of assurances before the collapse “Celsius has one of the best risk management teams in the world. Our security team and infrastructure is second to none,” the firm wrote on June 7. “We have made it through crypto downturns before (this is our fourth!). Celsius is prepared,” the firm wrote. The message also said the company had the reserves to pay its obligations, and withdrawals were being processed as normal. One client, who reported having $32,000 in crypto locked up at Celsius, noted the impact. “Right up until the end, the retail investor received assurance,” the client wrote to the judge. But that changed quickly, and on June 12 Celsius announced the freeze: “We are taking this action today to put Celsius in a better position to honour, over time, its withdrawal obligations.” Some clients got the news in a message from the company. “By the time I finished the e-mail, I had collapsed onto the floor with my head in my hands and I fought back tears,” wrote one man who had about $50,000 in assets with Celsius. The clients who said they were hardest hit, including a man who said he placed $525,000 he got from a government loan on Celsius, disclosed they had considered self-harm. Others reported uneasiness, lack of sleep and feelings of deep shame for putting their retirement savings or their children’s college money into a platform that was far riskier than they knew. “As a private unregulated company, Celsius does not come under any requirement for disclosure,” is how the Washington Post summarised the situation. Celsius did not reply to a request for comment on the clients’ letters. For people like one 84-year-old woman, who only had her roughly $30,000 in crypto savings on Celsius for a month, their hope lies in the bankruptcy proceedings and nothing else.

Crypto clients beseech for their money back after lender's crash

On Saturday, bitcoin climbed by $798.93 or 3.36 per cent to $24,584.24, surpassing its previous close. The biggest and most well-known cryptocurrency in the world, Bitcoin, has increased by 39.7% from its June 18-year low of $17,592.7. Ether, the cryptocurrency connected to the Ethereum blockchain, increased by $10.46 or 0.61 per cent on Saturday to reach $1,734.08.

Tesla, a maker of electric vehicles, revealed in its Q2 filing with the U.S. on Monday that it had $222 million in digital assets as of the end of June.&nbsp;The business bought $1.5 billion worth of Bitcoin back in February 2021. The corporation liquidated 75% of its Bitcoin holdings, worth about $936 million, last week, according to news reports. CEO Elon Musk claimed that the sale was brought on by uncertainties around the timing of China’s Covid prohibition relaxation. In Shanghai, Tesla currently has one factory.

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Just seven months after the virtual currency soared to a record high, Bitcoin plunged in June to an 18-month low of around $23,000 in a widespread cryptocurrency crash as investors abandoned riskier assets in the face of a severe global market selloff. 
 
The announcement that cryptocurrency lending platform Celsius Network has halted withdrawals due to unsteady market conditions also had a significant negative impact on the most widely utilised crypto asset in the world. 
 
When data revealed that US inflation had reached a new four-decade high, global stock markets crashed. This fueled fears of a worldwide recession and caused investors to avoid risky cryptocurrencies like bitcoin and ether in favour of more established, secure assets like the dollar.

(with inputs from agencies)

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On Saturday, bitcoin climbed by $798.93 or 3.36 per cent to $24,584.24, surpassing its previous close. The biggest and most well-known cryptocurrency in the world, Bitcoin, has increased by 39.

On Saturday, bitcoin climbed by $798.93 or 3.36 per cent to $24,584.24, surpassing its previous close. The biggest and most well-known cryptocurrency in the world, Bitcoin, has increased by 39.7% from its June 18-year low of $17,592.7. Ether, the cryptocurrency connected to the Ethereum blockchain, increased by $10.46 or 0.61 per cent on Saturday to reach $1,734.08. Tesla, a maker of electric vehicles, revealed in its Q2 filing with the U.S. on Monday that it had $222 million in digital assets as of the end of June. The business bought $1.5 billion worth of Bitcoin back in February 2021. The corporation liquidated 75% of its Bitcoin holdings, worth about $936 million, last week, according to news reports. CEO Elon Musk claimed that the sale was brought on by uncertainties around the timing of China’s Covid prohibition relaxation. In Shanghai, Tesla currently has one factory. Also Read: Watch | Tiny turtle rescued from Sydney beach pooped 'pure plastic' for six days Just seven months after the virtual currency soared to a record high, Bitcoin plunged in June to an 18-month low of around $23,000 in a widespread cryptocurrency crash as investors abandoned riskier assets in the face of a severe global market selloff. The announcement that cryptocurrency lending platform Celsius Network has halted withdrawals due to unsteady market conditions also had a significant negative impact on the most widely utilised crypto asset in the world. When data revealed that US inflation had reached a new four-decade high, global stock markets crashed. This fueled fears of a worldwide recession and caused investors to avoid risky cryptocurrencies like bitcoin and ether in favour of more established, secure assets like the dollar. (with inputs from agencies)

Cryptocurrencies see continued growth: Bitcoin up 39.7% from year low in June

Tesla on Wednesday released its Quarter 2 earnings for the year 2022 and the electric vehicle maker reported a $2.3 billion profit. For us, this seems like a huge amount, for Tesla and Elon Musk this was a loss. As per Gizmodo, this actually represents the business's first sequential profit decline in almost a year. The report also states that Tesla converted 75 per cent of its Bitcoin stock into fiat money. By this, the company added $936 million in cash to the company balance sheets. According to a report from Coin Desk, the business apparently lost a tonne of money in the cryptocurrency crisis and might suffer a loss of up to $460 million from its bitcoin assets.

Watch |&nbsp;US auto maker General Motors confident of taking on Tesla in EVs

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Tesla purchased the Bitcoin stock in February 2021, when the cryptocurrency was worth 35 per cent more than its current market value.&nbsp;

Additionally, the EV company has reported quarterly revenues of $16.9 billion, a decrease of more than 10 per cent from $18.8 billion in the first quarter as margins contracted as a result of inflation and growing competition in the EV market.

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In its Quarterly update, Tesla said: "We continued to make significant progress across the business 
during the second quarter of 2022. Though we faced certain challenges, including limited production and shutdowns in Shanghai for the majority of the quarter, we achieved an operating margin among the highest in the industry of 14.6%,&nbsp;positive free cash flow of $621M and ended the quarter with the highest vehicle production month in our history."

Tesla has recently seen a number of setbacks, including the 22-day shutdown of its Shanghai factory, halts in production due to supply chain problems, and even several recalls due to the rising number of incidents involving its much-lauded "autopilot" feature.

(With inputs from agencies)

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Tesla on Wednesday released its Quarter 2 earnings for the year 2022 and the electric vehicle maker reported a $2.3 billion profit. For us, this seems like a huge amount, for Tesla and Elon Musk this was a loss.

Tesla on Wednesday released its Quarter 2 earnings for the year 2022 and the electric vehicle maker reported a $2.3 billion profit. For us, this seems like a huge amount, for Tesla and Elon Musk this was a loss. As per Gizmodo, this actually represents the business's first sequential profit decline in almost a year. The report also states that Tesla converted 75 per cent of its Bitcoin stock into fiat money. By this, the company added $936 million in cash to the company balance sheets. According to a report from Coin Desk, the business apparently lost a tonne of money in the cryptocurrency crisis and might suffer a loss of up to $460 million from its bitcoin assets. Watch | US auto maker General Motors confident of taking on Tesla in EVs Tesla purchased the Bitcoin stock in February 2021, when the cryptocurrency was worth 35 per cent more than its current market value. Additionally, the EV company has reported quarterly revenues of $16.9 billion, a decrease of more than 10 per cent from $18.8 billion in the first quarter as margins contracted as a result of inflation and growing competition in the EV market. Also read | Twitter says Elon Musk is 'slow-walking' trial over $44 billion deal In its Quarterly update, Tesla said: "We continued to make significant progress across the business during the second quarter of 2022. Though we faced certain challenges, including limited production and shutdowns in Shanghai for the majority of the quarter, we achieved an operating margin among the highest in the industry of 14.6%, positive free cash flow of $621M and ended the quarter with the highest vehicle production month in our history." Tesla has recently seen a number of setbacks, including the 22-day shutdown of its Shanghai factory, halts in production due to supply chain problems, and even several recalls due to the rising number of incidents involving its much-lauded "autopilot" feature. (With inputs from agencies) Watch WION LIVE HERE: You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Tesla sells off 75% of its Bitcoin stock at an estimated loss of $460 million

Bitcoin rebounded after a brief sell-off late on Wednesday sparked by news that electric carmaker Tesla had sold about 75% of its holdings of the virtual token.

Bitcoin Recovers: Tesla says it sold 75% of Bitcoin Holdings

A month after Celsius froze withdrawals from its platform, the cryptocurrency investment platform Wednesday, announced that it has filed for bankruptcy in the United States. The firm has started voluntary Chapter 11 proceedings in order to give the company the chance to stabilise its operations. The company said in its statement that it was looking to restructure in a way that would maximise value for all stakeholders. It also said that it has $167 million in cash on hand to cover immediate requirements in the meanwhile.&nbsp;As per an AFP report, this is the latest sign of the ongoing turmoil in the cryptocurrency industry. Voyager Digital, a specialist in lending cryptocurrencies, also declared bankruptcy last week.

Watch |&nbsp;Crypto lender Celsius files for bankruptcy

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Three Arrows Capital, a Singaporean investment company, is in liquidation. Due to a cash shortage, certain businesses, including CoinFlex and Babel Finance, have also stopped accepting withdrawals.

As per a statement by a special committee of the Celsius board of directors, without the withdrawal freeze, "the acceleration... would have allowed certain customers — those who were first to act — to be paid in full while leaving others behind to wait." &nbsp;

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Co-founder and CEO of Celsius Alex Mashinsky remarked, "This is the right decision for our community and company."

"I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company," he added.

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In the US, Chapter 11 enables an organisation that is unable to pay its debts to restructure away from its creditors while carrying on with its current business.

Bitcoin, one of the most well-known cryptocurrencies, has lost more than half of its value since the start of the year and is now worth just over $20,000. When it reached its peak in November 2021, it was valued at around $69,000.

(With inputs from agencies)

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A month after Celsius froze withdrawals from its platform, the cryptocurrency investment platform Wednesday, announced that it has filed for bankruptcy in the United States.

A month after Celsius froze withdrawals from its platform, the cryptocurrency investment platform Wednesday, announced that it has filed for bankruptcy in the United States. The firm has started voluntary Chapter 11 proceedings in order to give the company the chance to stabilise its operations. The company said in its statement that it was looking to restructure in a way that would maximise value for all stakeholders. It also said that it has $167 million in cash on hand to cover immediate requirements in the meanwhile. As per an AFP report, this is the latest sign of the ongoing turmoil in the cryptocurrency industry. Voyager Digital, a specialist in lending cryptocurrencies, also declared bankruptcy last week. Watch | Crypto lender Celsius files for bankruptcy Three Arrows Capital, a Singaporean investment company, is in liquidation. Due to a cash shortage, certain businesses, including CoinFlex and Babel Finance, have also stopped accepting withdrawals. As per a statement by a special committee of the Celsius board of directors, without the withdrawal freeze, "the acceleration... would have allowed certain customers — those who were first to act — to be paid in full while leaving others behind to wait." Also read | Electricity used to mine Bitcoin falls as crypto crisis widens Co-founder and CEO of Celsius Alex Mashinsky remarked, "This is the right decision for our community and company." "I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company," he added. Also read | Bitcoin drops below $20,000 to lowest since December 2020 In the US, Chapter 11 enables an organisation that is unable to pay its debts to restructure away from its creditors while carrying on with its current business. Bitcoin, one of the most well-known cryptocurrencies, has lost more than half of its value since the start of the year and is now worth just over $20,000. When it reached its peak in November 2021, it was valued at around $69,000. (With inputs from agencies) Watch WION LIVE HERE: You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Turmoil in cryptocurrency market hits Celsius as platform files for voluntary bankruptcy in United States

The European Union has agreed on ground-breaking rules for regulating crypto assets, as the rout in bitcoin piles pressure on authorities to rein in the sector.

EU agrees rules to tame 'Wild West' crypto market

With the crypto winter continuing to consume the crypto miner's income, and&nbsp;the financial epidemic spreading throughout the sector, electricity consumption by the most prominent cryptocurrency networks has decreased by up to 50 per cent, reported the Guardian.&nbsp;

According to estimates made by the crypto analyst Digiconomist, the bitcoin network's electricity consumption has decreased by a third from its high on 11 June and down to an annualised figure of 131 terawatt-hours a year.

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Ethereum, the "programmable money" that is experiencing much of the recent explosion in crypto projects, has seen a downfall in electricity usage from a peak of 94TWh a year to 46TWh a year which is the annualised consumption of Qatar.

For both the companies, the reason for the fall remains the same.&nbsp;

The electricity usage for a cryptocurrency is determined by "mining." In crypto mining, people essentially use purpose-built computers to generate digital lottery tickets that can reward cryptocurrency payouts.&nbsp;

This process is vital because it holds up the security of the networks. However, it also incentivises the network as a whole to waste significant amounts of energy.

The prices of most cryptocurrencies have fallen by a large proportion, with Bitcoin at nearly $20,000 from its peak at $69,000 (£56,000) earlier this year. The value of rewards to miners has also fallen, which has left them in areas with expensive electricity or older, inefficient practices of mining "rigs," resulting in an inability to turn a profit.

Watch |&nbsp;Why is the crypto market crashing?

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The Dutch economist behind Digiconomist, Alex de Vries, told The Guardian, "This is literally putting them out of business, starting with the ones that operate with suboptimal equipment or under suboptimal circumstances (e.g., inefficient cooling)."

"For bitcoin mining equipment, that's a big issue because those machines cannot be repurposed to do something else. When they're unprofitable, they're useless machines. You can keep them around hoping the price will recover or sell them for scrap," he added.

In comparison to others, Ethereum can be mined using a typical computer. However, it is most profitable to do so using a very powerful graphics card, resulting in widespread supply shortages of the cards, which have turned many gamers against the industry.&nbsp;

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The fall in mining revenue has resulted in a flood of graphics cards on the second-hand market, with insolvent miners trying to recoup their investments.

The cryptocurrency sector continues to stumble due to the massive price collapse even after the Bitcoin prices are much more stable presently.

(With inputs from agencies)

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With the crypto winter continuing to consume the crypto miner's income, and the financial epidemic spreading throughout the sector, electricity consumption by the most prominent cryptocurrency networks has decreased by up to 50 per cent, reported the Guardian.

With the crypto winter continuing to consume the crypto miner's income, and the financial epidemic spreading throughout the sector, electricity consumption by the most prominent cryptocurrency networks has decreased by up to 50 per cent, reported the Guardian. According to estimates made by the crypto analyst Digiconomist, the bitcoin network's electricity consumption has decreased by a third from its high on 11 June and down to an annualised figure of 131 terawatt-hours a year. Also read | Hackers steal $100 million worth digital coins from US crypto firm Harmony Ethereum, the "programmable money" that is experiencing much of the recent explosion in crypto projects, has seen a downfall in electricity usage from a peak of 94TWh a year to 46TWh a year which is the annualised consumption of Qatar. For both the companies, the reason for the fall remains the same. The electricity usage for a cryptocurrency is determined by "mining." In crypto mining, people essentially use purpose-built computers to generate digital lottery tickets that can reward cryptocurrency payouts. This process is vital because it holds up the security of the networks. However, it also incentivises the network as a whole to waste significant amounts of energy. The prices of most cryptocurrencies have fallen by a large proportion, with Bitcoin at nearly $20,000 from its peak at $69,000 (£56,000) earlier this year. The value of rewards to miners has also fallen, which has left them in areas with expensive electricity or older, inefficient practices of mining "rigs," resulting in an inability to turn a profit. Watch | Why is the crypto market crashing? The Dutch economist behind Digiconomist, Alex de Vries, told The Guardian, "This is literally putting them out of business, starting with the ones that operate with suboptimal equipment or under suboptimal circumstances (e.g., inefficient cooling)." "For bitcoin mining equipment, that's a big issue because those machines cannot be repurposed to do something else. When they're unprofitable, they're useless machines. You can keep them around hoping the price will recover or sell them for scrap," he added. In comparison to others, Ethereum can be mined using a typical computer. However, it is most profitable to do so using a very powerful graphics card, resulting in widespread supply shortages of the cards, which have turned many gamers against the industry. Also read | Crypto industry fears contagion as bitcoin slips under $20,000 The fall in mining revenue has resulted in a flood of graphics cards on the second-hand market, with insolvent miners trying to recoup their investments. The cryptocurrency sector continues to stumble due to the massive price collapse even after the Bitcoin prices are much more stable presently. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Electricity used to mine Bitcoin falls as crypto crisis widens

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