Malaysian Bitcoin Miners Stole $25 Million Worth of Electricity

Malaysian Bitcoin Miners Stole $25 Million Worth of Electricity

A major power utility firm in Malaysia, Tenaga Nasional Bhd (TNB), has cried out following a huge lose it has recorded in the past months. TNB’s record shows that over $25 million was lost to Bitcoin(BTC)trade miners as of June this year. According to the report, TNB noted that some cryptocurrency miners used electricity for Bitcoin mining and then refused to pay. In a single state, Selangor, there were about 370 cases relating to Bitcoin…

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US Department of Energy Commits $1.05M to Blockchain-Powered Energy Management

US Department of Energy Commits $1.05M to Blockchain-Powered Energy Management

The latest industry to get a blockchain boost is energy as the US Department of Energy (DOE) just awarded a grant of $1.05 million to organizations working to commercialize a blockchain-based energy transaction platform. Energy company ComEd announced the news in a press release put out on August 9th. ComEd is one of the four rumored recipients of the grant by the DOE. The others are the University of Denver, Virginia Tech and BEM Controls,…

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IEA Report: Renewable Energy Powers 74% of Bitcoin Mining

IEA Report: Renewable Energy Powers 74% of Bitcoin Mining

Projected environmental impacts of Bitcoin mining have long been used as an argument against cryptocurrencies. Reports like the one published by Nature Climate Change last year further fueled such fears. There has been a significant increase in the energy consumption of Bitcoin mining since that report came out. However, recent findings by the International Energy Agency (IEA) show that Bitcoin mining will not cause our glaciers to melt and our planet to die – not…

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Apple Co-Founder Steve Wozniak Builds a Blockchain Energy-Efficiency Company in Malta

Apple Co-Founder Steve Wozniak Builds a Blockchain Energy-Efficiency Company in Malta

Apple’s co-founder Steve Wozniak has carried out an initiative that will be incorporating blockchain to bring more efficiency in the field of energy. At the pre-launch of Delta Summit, Malta’s leading digital innovation event, he talked about the company he co-founded with Jacobo Visetti and invested in, EFFORCE. The company will be based on blockchain and work on bringing the level of efficiency in the field of energy. EFFORCE will be based in Malta. Applications…

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LO3 Energy Secures Investment from Global Energy Giants Shell and Sumitomo

LO3 Energy Secures Investment from Global Energy Giants Shell and Sumitomo

Startups from the energy have already started studying blockchain technology and exploring the ways to utilize it to track and monitor energy products. Now, another energy startup called LO3 Energy flashed into the blockchain news as two global corporate giants, Shell Ventures and Sumitomo Corporation Group, invested in the company to develop a blockchain-based platform. LO3 energy has announced the investment in a press release, saying that the support from these global energy firm will…

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Clearway Energy Utilizes Blockchain to Pilot Marketplace for Renewable Energy Credits

Clearway Energy Utilizes Blockchain to Pilot Marketplace for Renewable Energy Credits

United States-based clean energy development firm Clearway Energy Group is launching a pilot program for both trading and tracking renewable energy credits (or RECs) on a blockchain, Bloomberg reported on June 28. As more states are encouraging solar, wind and other green power projects, Clearway Energy Group might take it as an opportunity to expand and upgrade their business with the latest blockchain technology developments. Blockchain, a decentralized database, has a number of applications when…

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The U.S. Department of Energy Collaborates with Blockchain Firm to Secure the Electric Grid

The U.S. Department of Energy Collaborates with Blockchain Firm to Secure the Electric Grid

The U.S. Department of Energy’s (DOE) National Energy Laboratory (NETL) has announced Phase II of its project to safeguard the electric grid from cyber attacks. The project is blockchain-based with $1 million in research funding and is being conducted in collaboration with a Colorado-based company called Taekion. The press release states: “Through this $1 million research effort, Taekion is exploring how blockchain technology can be used in a similar fashion to secure a power plant,…

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Missoula County Commissioners Want Cryptocurrency Miners to Shift to Renewable Energy Practices

Missoula County Commissioners Want Cryptocurrency Miners to Shift to Renewable Energy Practices

Cryptocurrency mining has been blamed for creating a huge electricity and energy crisis. According to some reports, by 2025 Bitcoin mining would require more energy than available on the planet. While these reports might be grossly exaggerated in most cases, the dramatic increase in energy demands is real for areas which have attracted mining operations due to favorable energy costs or colder weather. Large cryptocurrency operations are sure to leave a lasting impact on the…

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America’s Top Energy Giants Launch the First Oil and Gas Blockchain Consortium

America’s Top Energy Giants Launch the First Oil and Gas Blockchain Consortium

According to a press release on Feb. 26, seven American oil and gas industry giants have come together to form the very first oil and gas industry-specific blockchain consortium in the United States. The consortium is comprised of American industry giants ExxonMobil and Chevron and other five companies – ConocoPhillips, Equinor, Hess, Pioneer Natural Resources and Repsol. The oil and gas industry blockchain consortium will be residing under the Offshore Operators Committee (OOC) that is…

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Bitmain Introduces New Lower Energy-Consuming Chip for Bitcoin Mining

Bitmain Introduces New Lower Energy-Consuming Chip for Bitcoin Mining

Hong Kong-based crypto mining rig manufacturing giant Bitmain Technologies Limited revealed its next-generation 7nm ASIC chip to mine SHA-256 cryptocurrencies like Bitcoin and Bitcoin Cash. According to Bitmain, this newly designed mining chip is 28.6% more efficient than Bitmain’s previous 7nm chip, the BM1391. This mining chip will be available in new Antminer models the S17 and T17 as announced by by the company. Since inception, Bitmain is pushing the edges of computing power by…

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