Bitcoin News Thebittimes.Com

Cambridge researchers have revised the widely cited index in response to evidence indicating periodic overestimation of Bitcoin mining’s electricity consumption. Researchers behind the well-known Cambridge Bitcoin Electricity Consumption Index (CBECI) have officially revised its methodology to enhance the accuracy and reliability of the Index’s estimates for the first time since its inception in 2019. The CBECI was launched in July 2019 in an effort to provide reliable data-driven insights to questions about Bitcoin mining’s energy-intensive nature and associated environmental impact.  Speaking exclusively to Cointelegraph ahead of announcement of the revision, head researcher Alexander Neumueller unpacked the Index’s role in providing a relatively accurate estimate of the Bitcoin (BTC) network’s electricity consumption and contextualizing the data in a way that is digestible for the layman on the street. Key takeaways from the revised methodology included a focus on recent developme...

An Earthjustice lawyer said the hearings and discovery process would give Kentuckians a good idea what they would be paying for by subsidizing the facilities. The Kentucky Public Service Commission (PSC) has reportedly opened a formal investigation into two proposed contracts that would offer discounted electricity prices to new crypto-mining operations. According to a Dec. 5 statement from environmental law group Earthjustice, the government department would be looking to determine whether subsidizing crypto mining operations will raise electricity costs for Kentucky residents. The two Mining contract s under investigation include one between Kentucky Power and Ebon International LLC, which runs a 250-megawatt Mining facility in Louisa, as well as Mining company Bitki-KY, which operates a 13-megawatt facility in Waverly, Kentucky. The contract proposes to give discounted electricity rates to the Ebon Facility, while the Bitki-KY has already received a $250,000 tax credit from the sta...