Why does mining bitcoin use so much energy

Share to Twitter Share to Linkedin The conflict between Russia and Ukraine could spill into international energy markets. If Russia sent its troops into the heart of Ukraine, it could spell the end of Nord Stream 2 — an $11 billion natural gas pipeline. Germany, which is withholding approval of the line, warns of a “high price” if it invades Ukraine. This begs the question of who has the most power: the Russians feeding an energy-starved Europe or the western allies, which can “blacklist” President Putin and Russia. Because Russia got away with taking Crimea from Ukraine in 2014, it may reason that any aggression would be met with a feeble response — mainly because Nord Stream 2 would provide 15% of Europe’s natural gas. But a takeover would come with significant costs. The Europeans may depend on Russian natural gas, but they have other options. And the United States wants to be a more prominent supplier of liquefied natural gas or LNG, albeit at a higher … [Read more...] about A Russian Invasion Of Ukraine Would Have Profound Implications For International Energy Markets

Share to Twitter Share to Linkedin As Russia’s war in Ukraine intensifies, the Biden administration banned Russian oil and natural gas purchases. This move represents a departure from initial Western sanctions against the Kremlin, designed specifically to avoid interference in Russian energy flows – particularly to import-dependent Europe. Oil prices have skyrocketed since Ukraine was invaded on February 24, with Brent and WTI oil futures trading at around $117 and $114, respectively (down from a 13-year high of $130 earlier this week ), Biden reportedly had deliberated for days before imposing the embargo as higher gasoline prices hurt him and the Democratic party politically. Although the Biden-led initiative to sanction Russian oil sales is rather symbolic, it is still important. The US could produce all oil it needs, and what it can’t, it could import from North America. America has flirted with net-oil exporter status over the past few years … [Read more...] about The US Bans Russian Energy Imports – Symbolically

Share to Twitter Share to Linkedin Donald Trump’s battle against China has taken on a new dimension. The target is ByteDance, which is the parent of the social app TikTok and the one used mostly by teenagers who post short video clips. It’s the latest iteration of the trade dispute between the two countries and one that got started in early 2018 with tariffs on Chinese solar panel makers. But the fight has escalated to the point where the countries’ 40-year friendship has deteriorated. Just this week, the World Trade Organization said that U.S. tariffs imposed on China have violated global trading rules. Specifically, the three-member panel said that the duties assessed were unfair and disproportionate. The Trump administration will no doubt appeal the decision — a move that would likely become moot if Joe Biden is elected U.S. president. Trade wars don’t work. For every action, there’s an equal and opposite reaction. Businesses will often pass those … [Read more...] about How The TicTok Controversy Could Inflame The Chinese Trade War And U.S. LNG Markets

Share to Twitter Share to Linkedin HAMBURG, GERMANY - JULY 08: U.S. President Donald Trump (L) and Canada's Prime Minister Justin ... [+] Trudeau talk ahead of panel discussion titled 'Launch Event Women's Entrepreneur Finance Initiative' on the second day of the G20 summit on July 8, 2017 in Hamburg, Germany. Leaders of the G20 group of nations are meeting for the July 7-8 summit. Topics high on the agenda for the summit include climate policy and development programs for African economies. (Photo by Matt Cardy/Getty Images) U.S. crude oil output is now closing in on 9.5 million b/d, the highest levels in two years and almost double what we were producing a decade ago. But, while our demand has basically been flat , oil is a global commodity and imports have long been ingrained in our own market, so we still import about 35-50% of the oil that we use. Imports though have been falling, yet probably not as much as some energy security advocates … [Read more...] about The Good News About High U.S. Oil Imports

Share to Twitter Share to Linkedin Nord Stream 2 should be juxtaposed next to the Berlin Wall — two dying breeds of oppression and a sign that a new day is coming. If the dilapidated Wall represents the fall of communism, Nord Stream 2’s demise embodies autocracy’s death and the rise of renewable energy. Despite the European Union’s dependence on Russian oil and gas, it has said it would speed up its transition to going green — and separate itself from the Russian economy. The continent aims to increase its share of renewable energy to 32% by 2030 while also ending its reliance on Russian fossil fuels. Indeed, its underlying premise is that Russia’s kingpin, Vladimir Putin, is an international menace not just to peace-loving countries but also to environmental security. “ Let's dash into renewable energy at lightning speed ,” said Frans Timmermans, who heads the EU Green Deal. “Renewables are a cheap, clean, and potentially endless source of energy, and … [Read more...] about Russia’s Invasion Kills Nord Stream 2 And Gives Rise To Renewables

U.S. stocks again started the day mixed after a report said that U.S. retail and food services fell more than expected last month. Investors are also digesting a slew of quarterly earnings reports from banks, as JPMorgan Chase & Co. ( JPM ) and Citigroup Inc. ( C ) recorded income declines, while Wells Fargo & Company ( WFC ) said that profit jumped. The Dow Jones Industrial Average (DJIA) and the S&P 500 are poised to finish the week lower, while the Nasdaq may end up higher for the week. All three major indexes finished lower yesterday. Key Takeaways Stocks are mixed again this morning, with the Nasdaq gaining and the Dow and S&P 500 falling. Retail and food sales sank 1.9% in December, marking the biggest drop in 10 months. JPMorgan and Citigroup reported falling quarterly profit, while Wells Fargo reported fourth quarter profit that beat analysts' forecasts. The University of Michigan will release its Consumer Sentiment Index for … [Read more...] about Stocks Mixed as Retail Sales Drop Most in 10 Months

U.S. equity markets are mixed following strong earnings from Amazon.com, Inc. ( AMZN ) that lifted the Nasdaq while a blowout jobs report pushed bond yields higher by fueling fears of bigger interest rate hikes by the Federal Reserve. Key Takeaways Tech shares are rising, boosted by Amazon and Snap, as the Nasdaq aims for its first weekly gain this year. A blowout jobs report pushed bond yields higher by fueling fears of bigger interest rate hikes by the Federal Reserve. Crude oil's price surge continued, with the price crossing $93 per barrel. The Nasdaq , helped by Snap Inc. ( SNAP ) and Amazon, is set for its first weekly close higher this year. The S&P 500 is also higher, while the Dow Jones is little changed. The yield on the 10-year Treasury note is skyrocketing nine basis points (BPS) to 1.92% after the Labor Department reported that many more jobs were created in January than expected (more below). That's prompting speculation that … [Read more...] about Markets Mixed as Amazon, Snap Fuel Tech, Dow Drops on Rate Worries

Stocks fell further this afternoon as the Fed's James Bullard said he'd like to see rates a full percentage point higher by July. Bullard backs at least a half-point hike on the way to a full point gain before July, the Federal Reserve Bank of St. Louis president told Bloomberg News in an interview today. Bullard votes on monetary policy. Key Takeaways Stocks fell further this afternoon as the Fed's James Bullard said he'd like to see rates a full percentage point higher by July. Stocks had been pulling back from the morning's steep declines as strong corporate earnings from Walt Disney and Mattel partially offset stronger-than-expected inflation data. The Consumer Price Index report released today revealed an annual inflation rate of 7.5%, higher than expected and the largest increase in 40 years. Bond yields rose to their highest since July 2019. Today's Market Movers Stocks had pulled back from the morning's steep declines, with some indexes moving … [Read more...] about Stocks’ Decline Steepens on Bullard’s Rate Hike Comments, Inflation Data

Russia continues its military buildup at the Ukrainian border, NATO said , disputing Russia's claims that it's removing troops. The rally in U.S. stocks stopped, with major indexes slipping after yesterday's surges. Economists will be mining the minutes from the January FOMC meeting—due later today from the Fed—for clues as to how aggressive the central bank will act in its efforts to curb inflation. Key Takeaways Russia continues adding troops at the border, NATO said, disputing Russia's claims that it is removing troops. The rally in U.S. stocks halted, while oil climbed. Stock declines came despite stronger-than-expected January retail sales. Stocks surged yesterday, snapping a three-day losing streak, on indications tensions between Russia and Ukraine were easing. The Dow rose 1.2%, while the S&P 500 gained 1.6%, and the Nasdaq shot up 2.5%. Later today, the Federal Reserve will release minutes from its January policy meeting . Investors will look for … [Read more...] about NATO Disputes Russian Withdrawals, an Alarming Yield Curve, and More Moving Today’s Market

U.S. stock futures are moving higher, led by technology shares on the Nasdaq exchange, after another volatile day of trading ahead of an announcement from Federal Reserve policymakers about the future of monetary policy . Key Takeaways U.S. stock futures are moving sharply higher, led by technology shares on the Nasdaq exchange. Traders are awaiting a 2 p.m. Eastern time announcement from Federal Reserve policymakers about the future of monetary policy. Cryptocurrencies' rally continued. Oil again marched higher, and the dollar strengthened against the euro. Bond yields fell. Microsoft Corporation ( MSFT ) helped lead tech shares higher after reporting fiscal second quarter results that beat expectations while forecasting better-than-expected quarterly sales for the current quarter. Tesla, Inc. ( TSLA ), scheduled to report earnings after markets close today, is also gaining. The Dow Jones Industrial Average (DJIA) was down more than 800 points … [Read more...] about Stocks Gain as Tech Rallies and Investors Await Fed Rate Decision