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Google Trends Study Shows SHIB Is the Most Popular Crypto in the UK

27/04/2022 by Idelto Editor

Google Trends Study Shows SHIB Is the Most Popular Crypto in the UK

22 days ago, Bitcoin.com News wrote about a Coin Insider trends study that combed through Google Trends data in the United States. According to the report, dogecoin was the most Googled cryptocurrency in the country. Another study — published by askgamblers.com — has covered similar data, but concentrated on the U.K.’s and Europe’s Google searches. According to the report, while bitcoin is the most popular crypto asset in Europe, the study of the trends shows that the meme token shiba inu is the most popular in the United Kingdom.

Trends Study Highlights the Most Popular Crypto Assets in Europe, UK — Bitcoin Reigns in Europe, While Shiba Inu Takes the UK

This week Bitcoin.com News was sent a report from askgamblers.com that analyzes Google Trends (GT) data over the last year in order to find out what the most popular crypto assets are in the U.K. and Europe. According to the findings, bitcoin (BTC) is the most popular digital currency in Europe as it was the most searched crypto in 21 countries. BTC outpaced the competitors in the askgamblers.com study, as the leading crypto asset rules the roost in countries like Germany, Finland, Norway, Poland, Romania, and Belgium.

While bitcoin (BTC) was the top crypto across Europe, shiba Inu (SHIB) is the most popular cryptocurrency in the U.K., according to the researcher’s collected Google searches. The meme token SHIB saw a significant increase in popularity during the last 12 months. The study’s findings show SHIB commands six different countries and the United Kingdom. In fact, SHIB is huge in Russia, France, Spain, Ukraine, Italy, Hungary, and Switzerland, in terms of GT searches.

Additionally, ethereum (ETH) was the third most popular in the study capturing interest from Sweden, Czechia, Latvia, and Slovenia. Then cardano (ADA) held the fourth position in terms of GT search data, as Andorra, the Netherlands, and Bulgaria showed a lot of interest in ADA. With dogecoin (DOGE) being the most popular in the U.S., it is the fifth in Europe as the meme crypto is popular in Albania and Greece.

“With 38 million crypto users in Europe, and thousands of cryptocurrencies on the market to choose from, it is fascinating to see which one people are the most interested in investing in,” a spokesperson from askgamblers.com told Bitcoin.com’s newsdesk. “Although bitcoin is the most popular overall, the interest in shiba inu has grown to surpass bitcoin in major countries such as Russia and the U.K.”

In the U.S. research study published by Coin Insider, shiba inu (SHIB) only captured seven states across the country. Dogecoin was named the leader in that study as DOGE was the most popular in 23 states in the U.S., in terms of GT searches. SHIB’s popularity in the U.S., according to the data in that specific report, was ranked the fourth most popular crypto in the country.

What do you think about the popularity of bitcoin in Europe and the shiba inu interest in the U.K.? Let us know what you think about this research study in the comments section below.

Filed Under: ada, Andorra, AskGamblers, Askgamblers.com, Bitcoin, Bitcoin (BTC), Bulgaria, Cardano, Coin Insider’s study, Czechia, Doge, dogecoin, English, Ethereum, Europe, European Countries, France, Google trends, Googled Searches, GT metrics, GT searches, Hungary, Italy, Latvia, News, News Bitcoin, Russia, shib, shiba inu, slovenia, Spain, Sweden, The Netherlands, uk, Ukraine, United Kingdom

China Mining Ban Worsened Bitcoin’s Carbon Footprint, Study Claims

26/02/2022 by Idelto Editor

China Mining Ban Worsened Bitcoin’s Carbon Footprint, Study Claims

Contrary to some expectations, Beijing’s crackdown on the crypto mining industry has increased Bitcoin’s carbon emissions, researchers have alleged. Leaving China, miners also left behind its eco-friendly hydropower and are increasingly relying on energy generated by fossil fuels, they claim.

Bitcoin Mining Allegedly Less Green Since Miners’ Exodus From China

Cryptocurrency mining has become a dirtier process after the Chinese government effectively prohibited bitcoin extraction in the People’s Republic, according to research published in the Joule journal. The share of renewable energy used to power mining operations has fallen from almost 42% to around 25% last August, the study insists.

It has been estimated that Bitcoin produces more than 65 megatons of carbon dioxide annually. The amount exceeds the total carbon emissions of a country like Greece, for example, which in 2019 registered less than 57 megatons of CO2. One of the authors, Alex de Vries, told the BBC:

We see the network becoming less green than ever before.

Speaking to Bloomberg, he elaborated that the relocation of mining companies to other countries such as the United States and Kazakhstan has led to a reduction in the use of renewable energy sources. This made bitcoin production less friendly to the environment as it resulted in the increase of its carbon intensity by about 17%.

De Vries is the founder of Digiconomist.net, a platform presenting itself as “dedicated to exposing the unintended consequences of digital trends” and publishing the Bitcoin Electricity Consumption Index. He is a researcher at the School of Business and Economics at the Vrije Universiteit, Amsterdam, and also an employee of the Dutch central bank. His estimates about Bitcoin’s energy usage have been challenged by crypto media and members of the community but quoted by mainstream publications.

Migration to the U.S. has expanded the use of fossil fuels, especially natural gas, as a relatively small portion of the nation’s electrical energy is sourced from renewables, the latest report co-authored by De Vries claims. And moving to Kazakhstan often leads to utilizing electricity from power stations burning what’s known as “hard coal,” polluting more than the Chinese plants that miners worked with outside the wet season.

China banned crypto-related activities such as trading back in 2017 but the government did not interfere with mining until last spring. In May 2021, the State Council decided to clamp down on the industry following President Xi Jinping’s pledge to achieve carbon neutrality in the next four decades. The crackdown has since spread to provinces like Sichuan where miners had access to hydropower.

Industry groups had been more optimistic about the use of renewables in the minting of digital currencies, BBC noted in its article. It quotes an older estimate made by the Bitcoin Mining Council, according to which the “global mining industry’s sustainable electricity mix had grown to approximately 58.5%.”

Meanwhile, in Europe, nations such as Sweden and regulators like the European Securities and Markets Authority (ESMA) have more recently voiced concerns over the growing use of renewable energy for bitcoin mining. They have issued calls for an EU-wide ban on energy-intensive mining methods.

On Friday, news came out that the European Parliament canceled a scheduled vote on the bloc’s new crypto regulations after a proposal to prohibit proof-of-work mining found its way to the draft Markets in Crypto Assets (MiCA) framework and sparked negative reactions from the industry.

What are your thoughts on the findings of the bitcoin mining study? Let us know in the comments section below.

Filed Under: Bitcoin, Carbon, carbon footprint, China, crypto, crypto miners, crypto mining, Cryptocurrencies, cryptocurrency, Electricity, emissions, Energy, English, EU, Europe, fossil fuels, Kazakhstan, Migration, Miners, Mining, natural gas, News Bitcoin, power, relocation, Renewable, renewables, Research, study, Sweden, U.S.

Spain Reduces ATM Numbers to 2002 Levels as Country Moves to Digital Payments

04/01/2022 by Idelto Editor

ATMs

The number of ATMs in Spain has been progressively shrinking to levels the country saw in the year 2002. Reports from local media suggest these actions have been taken to reduce costs and to push payment and operation digitalization in the sector. The highest number of ATMs was registered in 2008 when there were 61,714 active machines in the network.

Banks in Spain Reduce ATMs

The number of ATMs in Spain has dropped to its lowest level since 2002, when the network had 1,795 more ATMs than it has today. According to a recent report from the Bank of Spain, the network had 48,081 ATMs at the end of the third quarter of 2021. This reduction has to do with attempts to lower costs in the banking sector amidst a push for digitalization in payments and banking processes.

The highest number of ATMs in the network was registered in 2008 when there were 61,714 ATMs registered in the country. Since then, banks have progressively removed machines from this network. However, utilization of the remaining ATMs has gone up, according to the same report. Just in Q3-2021, Spaniards made 171,300 withdrawal transactions using ATMs, an increase of 1.04% compared to the same period in 2020.

The Push for Digitalization

The Spanish government has been reducing the amount of money that can be paid in cash per transaction. Last year, Spain’s antifraud law, which also regulated some issues regarding cryptocurrency assets, passed controls for cash payments depending on the type of transaction. The aforementioned law established that payments in cash could only be made up to the limit of €1,000. Sidestepping this law could result in sanctions of 25% of the payments made, which would be paid by each party to the transaction.

However, local media states these developments could disproportionately affect Spanish citizens in rural areas, who are the ones that depend most on cash for their everyday needs.

The recent push has driven more and more residents of the country to digital payments. For example, the national survey for cash payments, carried out July 2021, found that only 35% of the surveyed citizens used cash for payments. This constitutes a significant change compared to how payments were made in 2014, where 80% of citizens used cash as a payments tool.

While cash usage has gone down, Spain still uses more cash for payments than countries like Sweden, where less than 10% of the population uses physical paper and coins to pay.

What do you think about the reduction in ATMs and the push for digital payments in Spain? Tell us in the comments section below.

Filed Under: ATM, Banks, Cash, digitalization, English, News, News Bitcoin, Payments, Spain, Sweden

Norway Mulls Backing Sweden’s Call for Euro Ban on Crypto Mining

18/11/2021 by Idelto Editor

Norway Mulls Backing Sweden’s Call for Euro Ban on Crypto Mining

The government in Norway is considering ways to limit the environmental impact of cryptocurrency mining and may support Swedish proposals to that end, including a European ban on proof-of-work mining. The European Commission has revealed it is already working to promote a transition to “more sustainable” protocols.

Extensive Use of Renewable Energy for Mining Is Hard to Justify, Norway Minister Says

Authorities in Norway are mulling over potential policy measures to deal with the effects of crypto mining on the environment, the country’s minister responsible for local government and regional development has indicated. As part of the review, the Norwegian government intends to look into solutions recently put forward by Swedish regulators and work for common European rules. Speaking to Euronews Next, Minister Bjørn Arild Gram also stated:

Although crypto mining and its underlying technology might represent some possible benefits in the long run, it is difficult to justify the extensive use of renewable energy today.

Both countries, along with another Nordic nation, Iceland, have in the past few years become popular destinations for cryptocurrency miners. The region boasts abundant renewable energy resources and maintains relatively low electricity rates. According to Eurostat data for the first half of 2021, Norway offered the cheapest electricity for non-household consumers in the European Economic Area (EEA), with over 90% of its energy coming from hydroelectric power generation.

Bjørn Gram’s statement comes after the directors of Sweden’s financial services and environmental protection agencies called for imposing a ban on proof-of-work mining across the European Union, after a multifold increase of energy usage by bitcoin miners in the country this year. “Sweden needs the renewable energy targeted by crypto asset producers for the climate transition of our essential services, and increased use by miners threatens our ability to meet the Paris Agreement,” the officials warned.

“Overall, we want our renewable energy to be used in a way that creates value and that supports the transition to a climate neutral society,” Minister Gram elaborated. His comments are part of a heated discussion in Norway regarding the use of renewable energy to power digital coin minting after Oslo introduced tax breaks for data centers in 2016. The country’s new environment minister, Espen Barth Eide, has in the past expressed concerns over Norway becoming the “world’s Bitcoin mine” at the expense of its own power-intensive industries.

European Commission Urges Crypto Miners to Move Away From Proof-of-Work Concept

Regional Development Minister Bjørn Gram did not provide any specific details regarding the regulatory policies the Norwegian government is currently considering. But if Norway decides to follow in the footsteps of Sweden, it may result in a crackdown on crypto mining operations that require significant amounts of energy.

Meanwhile, the European Commission (EC), which would be responsible for enforcing crypto regulations in the EU, has admitted that it’s already encouraging the crypto mining industry to “migrate applications” from energy-intensive proof-of-work blockchains to less demanding protocols like proof-of-stake and hybrid consensus models, Euronews Next revealed. A spokesperson for the executive body told the publication that the EC is working to promote “more sustainable forms of blockchain technologies.”

The Commission, the representative added, has “ambitious emission reduction targets” and promotes the advancement of less energy-intensive blockchain technologies through funding for startups and direct development of a public sector blockchain network. Although the Paris Climate Agreement, referred to by Swedish regulators, does not ban crypto mining, Brussels is aware of developments in jurisdictions like China and will discuss the matter with EU member states, the official added.

Do you think Norway, Sweden, and the EU will impose restrictions on energy-intensive crypto mining? Share your expectations in the comments section below.

Filed Under: ban, Bitcoin Miners, bitcoin-mining, Carbon, climate, crypto, crypto miners, crypto mining, Cryptocurrencies, cryptocurrency, Electricity, electricity rates, emissions, Energy, energy resources, English, environment, EU, Europe, european, European Union, Hydroelectric, Iceland, Measures, Miners, Mining, News Bitcoin, Norway, policies, power, Renewable Energy, restrictions, Sweden

Swedish Regulators Call for EU Ban on Crypto Mining, Power Company Defends Industry

10/11/2021 by Idelto Editor

Swedish Regulators Call for EU Ban on Crypto Mining, Power Company Defends Industry

Alarmed by the rising energy needs of cryptocurrency mining, Sweden’s financial and environmental regulators have recently proposed an EU-wide ban on proof-of-work coin minting. The Swedish officials believe this would encourage a move towards a more energy-efficient extraction of bitcoin while supporting the transition towards climate neutrality in Sweden and Europe. A state-run power company warns, however, that restrictions could have an adverse effect on global carbon emissions.

Expensive Bitcoin Generates More Emissions, Swedish Authorities Allege

The rising value of crypto assets attracts more businesses to join the competition to solve the encryption puzzle at the core of cryptocurrency mining while the proof-of-work method is the main reason for its high energy consumption. The remarks come from a joint statement by the director generals of Sweden’s Financial Supervisory Authority and Environmental Protection Agency, Erik Thedéen and Björn Risinger.

Swedish Regulators Call for EU Ban on Crypto Mining, Power Company Defends Industry

The two officials have recently issued a call for the prohibition of energy-intensive mining of digital currencies across the European Union, citing various concerns including the migration of miners to other destinations after China’s crackdown. In the Nordic region, for example, their appetite for renewable energy could undermine the transition towards climate neutrality and the efforts to meet the Paris Agreement goals.

The government executives quote different estimates highlighting the power-hungry nature of crypto mining such as the one that Bitcoin and Ethereum together use around twice as much electricity as Sweden or the claim that a mid-size electric car can be driven 1.8 million kilometers with the energy burned to mint a single bitcoin. They further point out:

Our conclusion is that policy measures are required to address the harms caused by the proof-of-work mining method. It is important that both Sweden and the EU can use our renewable energy where it provides the greatest benefit for society as a whole.

Thedéen and Risinger believe that governments have several policy options to address the issue. “For instance, Sweden and other countries could introduce a tax on the energy-intensive production of bitcoin. Another option is to communicate more widely around the climate problems related to crypto-assets, in the hope that this will lead to both producers and investors demanding a shift to mining methods that require less energy,” they elaborate.

As demand for crypto assets continues to grow at a fast pace, however, the Swedish officials are worried that neither of these moves would adequately limit the harm caused to the environment. “The emissions need to stop here and now, and renewable energy needs to be used for the climate transition of essential services.”

The heads of the Swedish regulatory bodies have called on the EU to consider a blanket ban on proof-of-work mining. Other methods, they insist, can reduce energy consumption by over 99%. The directors want Sweden to halt the establishment of new facilities employing energy-intensive coin minting methods. They also propose to prohibit companies from trading and investing in crypto assets mined with a proof-of-work process to advertise themselves and their activities as sustainable.

Such steps could encourage crypto miners to relocate to other countries and increase global carbon emissions anyway, the authors of the proposal have admitted. Nevertheless, they think Sweden and the EU should set an example for other countries and regions. Thedéen and Risinger emphasize:

A ban on the proof of work mining method within the EU could be an important first step in a global move towards a greater use of more energy-efficient crypto mining methods. It would also mean that our renewable energy is used as efficiently as possible in order to support the transition towards climate neutrality.

According to the statement published by Finansinspektionen, electricity consumption in Sweden’s bitcoin mining sector has increased significantly, already reaching 1 TWh annually. This amount of energy would be sufficient to satisfy the power needs of at least 200,000 households, the Swedish regulators calculate.

Meanwhile, the country’s state-owned power generation company Vattenfall has defended cryptocurrency mining. It views bitcoin extraction as an industrial activity that can actually help electricity producers to overcome some of the challenges they are facing. Henrik Juhlin, head of Physical Power Management at Vattenfall, told the Swedish public broadcaster SVT that mining has the potential to balance loads on electrical grids.

This is the case when power supply varies, sometimes exceeding demand, and is especially valid for countries like Sweden which increasingly use renewable sources. Wind and solar power generation depend on factors that are beyond human control and consumption by crypto farms can play the role of a buffer at times when there is a surplus of available electricity. Juhlin also warned that banning crypto mining in the EU could in fact increase carbon emissions around the world as the industry could relocate to regions relying on fossil fuels such as coal.

Do you think Sweden’s proposal for an EU ban on proof-of-work crypto mining will gather support from other member states? Share your thoughts on the subject in the comments section below.

Filed Under: balance, ban, Bitcoin, carbon emissions, consumption, crypto, crypto farms, crypto miners, crypto mining, Cryptocurrencies, cryptocurrency, cryptocurrency mining, Demand, Electricity, Energy, English, environment, Ethereum, EU, European Union, Finansinspektionen, generation, goals, Miners, Mining, News Bitcoin, Paris Agreement, power, prohibition, proof-of-work, proposal, Regulators, restrictions, Supply, surplus, Sweden, swedish, utility, Vattenfall

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