A stone’s throw from the western bank of the Danube in Budapest stands an enigmatic, modernist statue. It isn’t a famous general or any other figure from Hungarian history – adorning its chest is the symbol for Bitcoin.
The statue in Graphisoft Park is of Satoshi Nakamoto, the pseudonym used by the person – or persons – who invented and launched the digital currency in 2009. The fact that a monument has been erected to the cryptocurrency’s possibly fictitious inventor reveals the financial and cultural impact Bitcoin has had over the past 15 years. That impact is set to continue; on Monday the world’s largest cryptocurrency by market capitalisation surged past $72,100 to reach a record high – not bad from an initial flat price of less than $0.10 a coin.
Much has been written about Bitcoin’s unnerving volatility, but its current resurgence has focused attention on a related aspect of the crypto world: the large amounts of energy needed to power specialised hardware that “mines” these digital tokens.
Between 2020 and 2021, UN scientists examined the activities of 76 Bitcoin mining nations and found that, in addition to a substantial carbon emissions, global Bitcoin mining activities leave significant water and land footprints. Studies from the UN University suggest Bitcoin mining could push global warming beyond set limits and, as far back as 2017, the World Economic Forum was citing reports that claimed Bitcoin mining was using more electricity than countries the size of Ireland, Serbia or Bahrain.
So far, so troubling – but this isn’t the whole story. Research has emerged in recent years that, while acknowledging many cryptocurrencies’ energy-hungry nature, points to growing interest among data miners in using renewable power or harnessing fossil fuel by-products. A 2023 study published by researchers at New York’s Cornell University found that crypto operations such as Bitcoin mining “hold the potential to play a significant role in promoting renewable energy development and aiding climate action efforts”.
The team specifically investigated planned renewable energy initiatives across the US and found that it may be possible for Bitcoin mining to generate profit for wind or solar farms that were in a pre-commercial phase – that is, generating power but not yet plugged into the national grid. This potential profit – which in the case of Texas was estimated to be about $47 million – could then be invested in more renewable energy projects.
Smart investors and governments can help sustain crypto growth – and even establish some stability – if its high energy demand and emissions can be controlled
In addition, a research paper published last June by the MIT Centre for Energy and Environmental Policy Research examined claims that Bitcoin mining could harness methane – a natural by-product of oil extraction – by “incentivising generator construction to convert the otherwise squandered energy into productive use and further lead to mitigating methane emission”.
The MIT researchers also scrutinised the possibility that Bitcoin miners could operate near America’s 3.7 million orphaned and unplugged oil and gas wells, which emit 6.9 million tonnes of carbon dioxide equivalent a year. By subsidising and sealing these wells, it may be possible for miners to “harness the otherwise wasted energy, convert it into electricity, and generate revenue to fund well-sealing efforts while mitigating climate impact”.
Even more futuristic possibilities for greener crypto mining are in the mix. Research from MIT has explored the possibility of “solar micro-mining rigs” that could transform excess capacity from hard-to-trade renewable energy into money.
But will crypto giants enjoying the current boom be interested in using renewable energy? If they want to maintain and increase their coin’s value, then yes. Research published last year by international accounting firm KPMG found that a Bitcoin that took environmental, social and governance goals seriously could develop from being “a misunderstood technology and asset class” to one that would not only “improve the reputation of the overall ecosystem but pave the way for greater use and adoption”.
It isn’t clear if this recent surge in Bitcoin and crypto value will be a sustained one – crypto’s unpredictability is seemingly part of its mystique. However, in the Middle East, digital currencies have a record of high growth, given their potential as a hedge against unstable currencies and attraction to a young and tech-savvy population. Smart investors and governments can help sustain this growth – and even establish some stability in crypto – if its high energy demand and emissions can be controlled. They may not erect a statue to the person who develops a clean-energy crypto-mining technique, but the impact would be just as revolutionary.
US%20federal%20gun%20reform%20since%20Sandy%20Hook
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New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
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UAE currency: the story behind the money in your pockets
More from Neighbourhood Watch:
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
MATCH INFO
Euro 2020 qualifier
Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)
TV: Match is shown on BeIN Sports
WORLD CUP SEMI-FINALS
England v New Zealand (Saturday, 12pm)
Wales v South Africa (Sunday, 1pm)
Results
Stage 4
1. Dylan Groenewegen (NED) Jumbo-Visma 04:16:13
2. Gaviria (COL) UAE Team Emirates
3. Pascal Ackermann (GER) Bora-Hansgrohe
4. Sam Bennett (IRL) Deceuninck-QuickStep
5. Caleb Ewan (AUS) Lotto Soudal
General Classification:
1. Adam Yates (GBR) Mitchelton-Scott 16:46:15
2. Tadej Pogacar (SLO) UAE Team Emirates 0:01:07
3. Alexey Lutsenko (KAZ) Astana Pro Team 0:01:35
4. David Gaudu (FRA) Groupama-FDJ 0:01:40
5. Rafal Majka (POL) Bora-Hansgrohe
UAE currency: the story behind the money in your pockets
VERSTAPPEN'S FIRSTS
Youngest F1 driver (17 years 3 days Japan 2014)
Youngest driver to start an F1 race (17 years 166 days – Australia 2015)
Youngest F1 driver to score points (17 years 180 days - Malaysia 2015)
Youngest driver to lead an F1 race (18 years 228 days – Spain 2016)
Youngest driver to set an F1 fastest lap (19 years 44 days – Brazil 2016)
Youngest on F1 podium finish (18 years 228 days – Spain 2016)
Youngest F1 winner (18 years 228 days – Spain 2016)
Youngest multiple F1 race winner (Mexico 2017/18)
Youngest F1 driver to win the same race (Mexico 2017/18)
SPEC SHEET
Display: 6.8" edge quad-HD dynamic Amoled 2X, Infinity-O, 3088 x 1440, 500ppi, HDR10 , 120Hz
Processor: 4nm Snapdragon 8 Gen 1/Exynos 2200, 8-core
Memory: 8/12GB RAM
Storage: 128/256/512GB/1TB
Platform: Android 12
Main camera: quad 12MP ultra-wide f/2.2, 108MP wide f/1.8, 10MP telephoto f/4.9, 10MP telephoto 2.4; Space Zoom up to 100x, auto HDR, expert RAW
Video: 8K@24fps, 4K@60fps, full-HD@60fps, HD@30fps, super slo-mo@960fps
Front camera: 40MP f/2.2
Battery: 5000mAh, fast wireless charging 2.0 Wireless PowerShare
Connectivity: 5G, Wi-Fi, Bluetooth 5.2, NFC
I/O: USB-C
SIM: single nano, or nano and SIM, nano and nano, eSIM/nano and nano
Colours: burgundy, green, phantom black, phantom white, graphite, sky blue, red
Price: Dh4,699 for 128GB, Dh5,099 for 256GB, Dh5,499 for 512GB; 1TB unavailable in the UAE
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Four tips to secure IoT networks
Mohammed Abukhater, vice president at FireEye in the Middle East, said:
- Keep device software up-to-date. Most come with basic operating system, so users should ensure that they always have the latest version
- Besides a strong password, use two-step authentication. There should be a second log-in step like adding a code sent to your mobile number
- Usually smart devices come with many unnecessary features. Users should lock those features that are not required or used frequently
- Always create a different guest network for visitors
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
RESULTS
1.45pm: Maiden Dh75,000 1,200m
Winner: Lady Parma, Richard Mullen (jockey), Satish Seemar (trainer).
2.15pm: Maiden Dh75,000 1,200m
Winner: Tabernas, Connor Beasley, Ahmed bin Harmash.
2.45pm: Handicap Dh95,000 1,200m
Winner: Night Castle, Connor Beasley, Satish Seemar.
3.15pm: Handicap Dh120,000 1,400m
Winner: Mystique Moon, Sam Hitchcott, Doug Watson.
3.45pm: Handicap Dh80,000 1,400m
Winner: Mutawakked, Szczepan Mazur, Musabah Al Muhairi.
4.15pm: Handicap Dh90,000 1,800m
Winner: Tafaakhor, Sandro Paiva, Ali Rashid Al Raihe.
4.45pm: Handicap Dh80,000 1,950m
Winner: Cranesbill, Fabrice Veron, Erwan Charpy.
Killing of Qassem Suleimani
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