Inside the Crypto Dimension - Monday 12th of September 2022
🔌 Cryptos consume more energy in USA than all home computers together | 🌍 Cardano (ADA) is the biggest Proof-of-Stake chain in the world | 🗻 Japanese government rewards public servants with NFTs
Energetic start for the interesting week! Ethereum merge is nearing, Bitcoin came back from below 20 000 USD and there are positive news for Cardano (ADA) as well. The energy consumption of crypto currencies has caught the attention of the US government. As climate change is already starting to affect our lives, the governments all around world might act on the energy consumption of cryptos (and especially mining of cryptos).
The Ethereum merge is just few days ahead. Ethereum price is above 1 700 USD a piece. Will the merge change something? How will the markets react? Will there be a dip after the Merge is done? Will the Ethereum transaction volumes peak high? Truly interesting week ahead!
As usual, Just try to hang on even though the cold breeze is still blowing in the crypto world 🥶.
Not much more to mention about the prices. So, let’s dive into the news. Keep on scrolling! 👇
Start of the Week News and Events from the World of Cryptos
Here’s how much energy crypto mining gobbles up in the US
Cryptos are known to suck up energy on a growing pace. A White House report shows that cryptos consume energy as much as all the USA’s home computers combined. With the growing climate problems, this is even more dire problem to solve than ever. Majority of the energy problems are related to Proof-of-Work, mainly because of Bitcoin and Ethereum. Now that Ethereum is switching to Proof-of-Stake, the situation will change somewhat - but Bitcoin still remains as the biggest crypto coin. It would not surprise us if the governments started posing some restrictions on crypto currency mining and their energy consumption.
Cardano (ADA) Largest Proof-of-Stake Blockchain in the World?
Continuing on the energy consumption listing, Cardano (ADA) is the largest Proof-of-Stake chain in the blockchain world. There has been a lot of discussion both for and against the Cardano blockchain. Even though the market valuation is far from Ethereum and Bitcoin, this should be a positive news for Cardano and the whole ecosystem.
The Japanese Government rewards Local Authorities with NFTs
The Japanese government has decided to distribute NFT rewards to administrators who do commendable work of serving the Japanese citizens. This includes for example rewarding a local mayor for electric-driven vehicles initiative. The given NFTs are programmed so that they cannot be transferred and the NFTs have no monetary value. However, they are considered valuable and honorable to posses. Thus, even though there is no financial gains to be had, the NFTs are considered important.
Atari launches its Sunnyvale experience in The Sandbox metaverse
As we already previously mentioned, The Sandbox (SAND) has entered a new Season. Atari is one of the big believers in The Sandbox and have invested heavily on it. The Sunnyvale experience is a collection/combination of Atari classic games and contains even a full game. Although we are still quite far from Neal Stephenson’s Metaverse, this is another interesting step and shows where the gaming industry might also be going. If you have not tested Sandbox yet, perhaps not would be the time?
MicroStrategy Plans to Buy More Bitcoin, Files to Sell Up to $500M of Stock
Microstrategy, one of the largest investors in Bitcoin, is selling the company’s stocks in order to invest more into Bitcoin. Microstrategy’s chairman Michael Saylor is famous for believing strongly in long-term Bitcoin. Microstragy has a multi-billion dollar investments in Bitcoin already. Quite bullish move, could this also be a signal that the crypto-winter is coming to and end?
After Predicting Bitcoin At $100,000 Crypto Analyst Anthony Pompliano Now Says 'Price Predictions Are A Fool's Game'
Giving predictions on crypto currency prices has long been a sport of gurus in the social media. Bitcoin bull and analyst Anthony Pompliano seems to be giving up on predicting the prices. According to Bezinga.com, he stated that “Bitcoin helped to humble me”, stating that future price prediction is not possible and price predictions are just a fool’s game. Perhaps this is a lesson to be kept in your mind the next time someone talks about price predictions.