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Burning Tires to Fuel Bitcoin Mining: Can it Go Green?

Published

7 months ago

September 10, 2023

It came as a shock for Carol Etheridge when she heard about the recent news of burning tires to fuel cryptocurrency mining in her neighborhood. Etheridge lives in the state of Pennsylvania, a few miles from the Panther Creek Power Plant in Nesquehoning, which now operates cryptocurrency mining on-site.

“It’s terrible. I can’t even believe that people would be allowed to burn tires,” Etheridge said.

The Carbon County in the Penn state, has been neglecting the environmental impacts caused by the power plant for ages, stresses another resident Steve Chuckra.

“I grew up in Pennsylvania and I feel very strongly that we have a heritage of environmental neglect. And allowing things like this to happen is just continuing that bad heritage,” Chuckra added.

In 2021, Stronghold Digital Mining Inc. acquired Panther Creek to generate cryptocurrency, and until now, the power plant has received at least seven violations related to unpermitted air pollution under the state’s Department of Environmental Protection (DEP).

Since the site’s acquisition, Stronghold Digital Mining workers transport coal waste from several sites, the largest being the Swoyersville dump site near Wilkes-Barre and separate usable coal from the massive piles and use it to generate electricity for crypto mining.

Some power is sold back to the grid for profit.

However, the Bitcoin (BTC) mining platform now wants to add a new fuel to its power generation mix – waste tires.

Basically, they heat used tires to precise temperatures, resulting in components like steel (from belted tires), carbon black and tire-derived fuel (TDF). The fuel is then used as energy in turbines to generate electricity, which in turn powers an onsite cryptocurrency mining farm.

“TDFs are especially needed when the quality of the coal refuse is low in energy content,” Stronghold spokesperson Naomi Harrington told the Guardian after the company announced its plans to utilize energy for Bitcoin mining by burning tires, in August.

The Panther Creek power plant recently submitted a permit proposal to the DEP, seeking permanent permission for tires to comprise up to 15%, or 78,000 tons, of its fuel. The firm presently holds temporary approval to test the use of TDFs.

Following this, neighboring residents and environmental organizations including Earthjustice, Clean Air Council and PennFuture held a virtual press conference, urging the Department to reject the proposal, claiming numerous health hazards if approved.

On the other hand, miners find this unusual setup to mine Bitcoin as “profitable” enough to justify finding unconventional sources of cheap or new energy generation.

Crypto mining in general is incredibly “energy-intensive.” For instance, Bitcoin alone is estimated to consume 110 terawatt-hours (TWh) a year — 0.55% of global electricity production, or roughly equivalent to the annual energy consumption of countries like Sweden or Malaysia. As a result, Bitcoin mining sector has been in a race to find the cheapest energy available.

Emissions Count at Large

For years, proper disposal of waste tires has been a serious environmental concern, given that all methods – burning, burying and grinding – come with their own ramifications.

For instance, the state of Colorado has the country’s largest waste tire graveyards, according to the Rubber Manufacturers Association. They are also a favorite breeding ground for mosquitos; of particular concern in the age of Zika and West Nile viruses.

The state of Colorado imposed waste tire fees and a separate legislation and no matter what it tries to do, more waste tires are being produced than recycled.

Russell Zerbo, the federal advocacy coordinator at the Clean Air Council at Penn State, told Cryptonews that burning tires create an abundance of harmful air pollution.

“Burning tires would increase polyaromatic hydrocarbon (PAH) pollution from the Panther Creek plant in Nesquehoning, PA. PAH pollution includes many carcinogens.”

Per EcoMENA, an environmental hub in the Middle East and North Africa region, the fumes that are being released from tire burning have been shown to be extremely toxic to human health and harmful to the environment.

Apart from PAHs, open tire fire emissions include “criteria” pollutants, such as particulates, carbon monoxide (CO), sulphur oxides (SOx), oxides of nitrogen (NOx), and volatile organic compounds (VOCs).

Furthermore, uncontrolled tire burning has been proven to be 13,000 times more ‘mutagenic,’ than coal-fired utility emissions, says EcoMENA. This means the fumes if inhaled in the long run, are capable of inducing genetic mutations.

“This is not something that should be dumped on a county like Carbon County,” says Linda Christman, the president of the advocacy group Save Carbon County.

She notes that 36% of people living within one mile of the Panther Creek plant are below the poverty line. “The Department of Environmental Protection defines an Environmental Justice Area as any census tract where 20% or more individuals live at or below the federal poverty line,” Christman adds.

When asked whether there are any possible precautionary steps before going forward with such a plan, Zerbo stressed that burning tires “shouldn’t be allowed.”

“I don’t think there are any precautions that you could take. Crypto mining is a complete waste of electricity, there are no sustainable ways to do it.”

Greener Ways

While there are still some debates about exactly how energy-intensive Bitcoin mining is, there are also discrepancies over how “green” it is.

A report from Cambridge researchers found that renewable energy makes up only 39% of miners’ total energy consumption.

In December 2022, three U.S. lawmakers introduced a bill that urges crypto miners in the country to report greenhouse gas emissions.

Lena Klaaßen, co-founder of the Crypto Carbon Ratings Institute (CCRI) welcomed the legislation at the time, saying that there should be more transparency on the energy sources used for Bitcoin mining.

“In light of the imminent climate crisis, the priority should be on the decarbonization of the industry. To do so, it may help to align the incentives of all stakeholders active in the crypto industry,” she told Cryptonews.

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Markets

US National Debt Reaches a Record of $33 Trillion: Economic Crisis in Perspective

Published

7 months ago

September 20, 2023

Daniel Jara

The US National Debt has reached a new historic milestone by surpassing the astonishing figure of $33 trillion, according to the most recent fiscal reports. This dizzying increase occurred in less than a year since the debt limit was set at $31.41 trillion in January 2023. This article will analyze the factors behind this unprecedented increase, the role of the debt ceiling, and the implications this has for the American and global economy.

A Limit That Is Constantly Challenged

The debt ceiling is a limit imposed to control how much the U.S. Treasury can actively borrow. It is a crucial tool for maintaining fiscal balance, but throughout history, it has been raised on more than 100 occasions, raising questions about its long-term effectiveness.

Driving Factors of the US National Debt

Several factors contribute to this escalation of the national debt. The response to the COVID-19 pandemic and the assistance provided to Ukraine are significant elements. Additionally, inflation is on the rise, with the United States Consumer Price Index (CPI) reaching a concerning 3.7%. These elements have put pressure on national finances.

The Challenge of Avoiding a Government Shutdown

The United States faces pressure to avoid a government shutdown, as there are only seven legislative days to make crucial decisions. A Defense Appropriations Bill is pending and is considered essential to ensure long-term government funding. However, a collective effort is still required to prevent both a government shutdown and a crisis of the U.S. National Debt.

The Political Perspective

House Minority Leader Hakeem Jeffries points out that the responsibility lies in the hands of the Republicans, but the fight to alleviate the debt burden on American citizens continues. His focus includes pursuing measures that make life more affordable for citizens, cost reduction, creating better-paying jobs, and strengthening communities, among other objectives.

In Conclusion…

The US National Debt has surpassed $33 trillion, marking a historic record and posing significant economic challenges. The decision to raise the debt ceiling once again and the measures taken to address this growing crisis will have a lasting impact on the United States’ economy and its global influence. Time will tell how this situation is resolved and what measures are taken to ensure financial stability in the future.

Markets

These 3 AI Crypto Coins are Bullish in 2023 – Render, Fetch.ai, yPredict

Published

7 months ago

September 12, 2023

Daniel Jara

ai crypto, bitcoin price, bearish market — Image by Gerd Altmann from Pixabay

The influence of artificial intelligence (AI) on various sectors is no longer news, and the crypto industry is no exception. In the crypto market, the impact of AI is becoming increasingly evident. AI-centric projects are creating a ripple effect that is influencing the value of their associated cryptocurrencies. Among the multitude of AI-driven initiatives in the crypto space, projects like Render, Fetch.ai, and yPredict are making their presence felt.

As the broader crypto market faces challenges, with Bitcoin struggling to maintain its price above the $25,500 mark, these AI crypto projects offer a glimmer of stability. They present use-cases that extend beyond mere speculation, integrating technological advances into functional, real-world applications.

In a market where many alt coins are finding it hard to sustain their price, these AI-focused tokens offer a promising avenue for future growth. Their impact is not just limited to the crypto market; they have the potential to drive advancements across various sectors, from entertainment to finance and beyond.

Visit yPredict Here

The Rendering Revolution: What Makes Render a Noteworthy AI Crypto Project

Render focuses on providing solutions for GPU-based rendering. The project makes the complicated process of converting 2D or 3D computer models into lifelike images more accessible. By allowing people to use their idle GPUs to complete rendering tasks, the platform democratizes the cloud rendering process.

The project was founded by Jules Urbach, who is also known for founding OTOY, a company specializing in cloud rendering services. Another key player in the project is Ari Emmanuel, who currently serves as the co-founder and co-CEO.

According to their distribution plan, 25% of the native Render Token (RNDR) is open to the public, 10% is being kept in reserve, and the remaining 65% is set aside for network operations. The RNDR token plays a central role in the platform’s economy, as it is used to pay for rendering and streaming services.

A recent blog post by the Render team outlined the primary use cases of the RNDR token. These include protecting rights, monetizing content, and empowering individual creators. Users who offer rendering services on the platform can earn RNDR tokens, which can be bought, sold, and held as an investment on various crypto exchanges.

The Automation Advantage: Fetch.ai’s Role in the AI Crypto Sector

Fetch.ai is another player in the AI crypto arena, simplifying daily tasks through AI and blockchain. The platform uses something called a ‘digital twin,’ a virtual bot that represents you and can perform tasks like comparing flight prices across different websites.

These digital twins can also learn and share experiences with each other. For example, if you want to plan a vacation similar to one your friend enjoyed, the digital twins can negotiate the details, sparing you the need for exhaustive research.

Fetch.ai is not just for personal tasks; it’s also finding a role in decentralized finance (DeFi). Within the crypto market, it can identify tokens that are cheaper on one exchange than another and execute purchases on your behalf.

The native token of the platform, FET, serves multiple purposes. It fuels the internal economy of the platform and is used to access various services. Staking FET tokens not only earns interest but also grants users a say in the platform’s future. Requiring FET tokens to deploy a digital twin acts as a safeguard against spam and malicious bots.

yPredict: A New Chapter in AI-Driven Crypto Analysis

While yPredict is still in its presale stage, it has already attracted a significant amount of interest. The platform has raised over $3.81 million of its targeted $4.6 million, with each YPRED token priced at $0.1. Built on the Polygon Matic chain, yPredict will work with YPRED tokens that have a multitude of uses within the platform.

One of the main features of yPredict will be its prediction marketplace. Here, financial data scientists can offer their predictive models as a subscription service. Traders can then subscribe to these models using YPRED tokens, gaining access to valuable trading signals and forecasts. The setup allows data scientists to monetize their predictive models without having to manage trading operations.

In addition to the prediction marketplace, YPRED tokens will be used for other functions, like analyzing various cryptocurrencies and gaining access to data-driven insights. Token holders can also stake their tokens in high-yield pools, which derive their liquidity from 10% of each new user’s YPRED deposit.

Understanding yPredict’s tokenomics will be important for those who plan to use the platform. The total supply of YPRED tokens is set at 100 million, with 80 million allocated for the presale. The remaining tokens are reserved for liquidity and development purposes.

Beyond their utility in the marketplace, YPRED tokens will allow holders to participate in voting processes, contributing to the decision-making within the yPredict ecosystem.

yPredict plans to offer more than just price predictions. The platform will also feature a range of analytical tools, including pattern recognition, sentiment analysis, and transaction analysis. These tools will automatically detect chart patterns, analyze news and social media content related to the asset under consideration, and generate useful data-driven insights.

Adding to its trading focus, yPredict is also developing an AI-powered backlink estimator. The tool is trained on over 100 million links and will predict the backlink profile needed for a site to rank for a specific keyword.

Initially launched as a free preview, the feature received over 5,000 requests within the first 24 hours. It’s now available to the public at a price of $99 per query, according to a recent tweet from yPredict’s official account.

In summary, as the crypto market faces uncertainty, AI-driven projects like Render, Fetch.ai, and the soon-to-be-launched yPredict offer a glimpse of stability and practical utility. These platforms are not just about speculation; they work to solve real-world problems, extending their influence beyond the volatile crypto market.

Visit yPredict Here

_{Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.}

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Markets

Bitcoin Price Prediction as Crypto Market Selling Continues – What’s Going On?

Published

7 months ago

September 11, 2023

Daniel Jara

Amid a continued selling trend in the crypto market, Bitcoin‘s value experiences notable fluctuations. As of now, the live price of Bitcoin stands at $25,090, with an impressive 24-hour trading volume of $14.7 billion.

However, despite its market dominance—reflected in its #1 ranking on CoinMarketCap—Bitcoin has seen a dip of nearly 3% in the past 24 hours.

The currency’s live market capitalization is a whopping $488.83 billion, and out of its maximum supply of 21 million BTC coins, 19,482,656 BTC are currently in circulation.

The pressing question on everyone’s mind is: What’s causing this market upheaval?

Bitcoin Price Prediction

Delving into the technical analysis of Bitcoin, it is evident that the premier cryptocurrency has recently witnessed a stark downturn.

Specifically, it has breached a significant triple bottom support at the $25,400 level—a benchmark that had been underscored by the triple bottom pattern visible on the 4-hour timeframe.

The presence of the “Three Black Crows” candlestick pattern on this same timeframe further augments the prospects of a continued bearish trend.

Presently, Bitcoin is navigating the oversold territory. Oscillator indicators, like the Relative Strength Index (RSI), are lingering below the 30 mark, which typically suggests seller exhaustion.

Such a dynamic often paves the way for a brief bullish correction prior to a potential resumption of the downtrend. Concurrently, the Moving Average Convergence Divergence (MACD) indicator has entrenched itself in the sell zone, with histograms forming below the zero line—another beacon of bearish sentiment.

The 50-day Exponential Moving Average (EMA) is positioned around $25,500, and with Bitcoin currently priced at approximately $25,200, and consistently trading below the 50 EMA, the bearish bias remains robust.

**Bitcoin Price Chart – Source: Tradingview**

From this technical analysis point, Bitcoin is poised to encounter resistance around the $25,400 level.

A modest bullish correction up to the $25,600 level might merely be a precursor to a deeper dive, potentially targeting the next support level at $24,800.

If Bitcoin was to decisively undercut the $24,800 level, the subsequent support is anticipated around the $24,000 mark. It’s also worth noting a descending trend line, currently posing as a significant barrier around the $25,600 mark.

However, should Bitcoin muster a bullish breakout above this line, the gates might open for a rally towards the $26,400 level or even as high as $46,000.

In summation, the $25,600 level emerges as a critical juncture, likely serving as today’s pivotal point in the trading landscape.

Top 15 Cryptocurrencies to Watch in 2023

Get ahead of the game in the world of digital assets by checking out our carefully curated selection of the top 15 alternative cryptocurrencies and ICO projects to watch for in 2023.

Our list is compiled by industry experts from Industry Talk and Cryptonews, so you can expect professional recommendations and valuable insights for your cryptocurrency investments.

Stay updated and discover the potential of these digital assets.

Find The Best Price to Buy/Sell Cryptocurrency

^{Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.}

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