1. Home
  2. Discover
  3. News
  4. Forbes

Forbes - Prospecting for bitcoin 🛢️

Good Wednesday morning. This is Billy Bambrough, getting you up to speed with the bitcoin and crypto latest.

📧 Thank you for reading CryptoCodex! I’d love to hear your feedback, ideas and tips. Email me directly at billy@billybambrough.com.
Was this newsletter forwarded to you? Sign up here! Got a crypto-curious friend? Forward Codex to them to help get them up-to-date and ahead of the market!
24-hour crypto market snapshot
Bitcoin (-0.5%) $44,001
Ethereum (+0.5%) $3,125
Solana (-2%) $101.86
Holding pattern 🛩️
Cryptocurrency traders are taking a wait-and-see approach to the situation in Ukraine, where Russia is claiming to be pulling its forces back from the border. Reports out of the U.S. had suggested Russia could invade the country today as the row over Nato expansion rolls on.

The bitcoin price is trending downward but more or less flat on this time yesterday, with ethereum and most of the crypto top ten looking very similar. Ethereum rival solana is leading the major market lower, down almost 2%, while another smart chain coin, avalanche, has popped 6% over the last 24 hours—helped by trading platform eToro adding avalanche support.

Good to know: Most owners will ‘hodl’ no matter what, says Deutsche Bank study
When you make a purchase through links in this email, the author may earn a commission.
Unlock Forbes Premium Crypto Articles
Forbes CryptoAsset & Blockchain Advisor grants you unlimited access to in-depth reporting and analysis on the cryptoasset & blockchain landscape. Never hit another locked premium crypto article again and stay up-to-date with the latest opportunities.

For successful subscription, disable your adblocker
Get started for only $29
Oil and gas major flares bitcoin miners 🔥
ConocoPhillips is selling excess gas to a bitcoin miner in North Dakota
ConocoPhillips is selling excess gas to a bitcoin miner in North Dakota Yuri Smityuk/TASS
Hit the gas: Oil and gas exploration and production giant ConocoPhillips is routing excess natural gas which would otherwise have been burned off from one of its Bakken region projects in North Dakota to supply power to a bitcoin mining operation. "ConocoPhillips has one bitcoin pilot project currently operating in the Bakken, where gas that would otherwise have been flared is routed to a bitcoin processor owned and managed by a third party," a ConocoPhillips spokesperson told Coindesk in an emailed statement, with a representative for the company telling CNBC it is not operating the crypto mine itself.

Why it matters: The move comes amid an oil and gas industry push to reduce routine flaring, with ConocoPhillips hoping to eliminate routine flaring by 2030. Using excess energy that would otherwise be wasted to power the bitcoin network could help ease bitcoin's disastrous environmental reputation, though with bitcoin now thought to be using more electricity than some countries there's a long way to go. The process of creating bitcoin to spend or trade consumes around 91 terawatt-hours of electricity annually, more than is used by Finland, a nation of about 5.5 million, it was reported by the New York Times last year, citing data from the Cambridge Bitcoin Electricity Consumption Index.

Not just hot air: Crusoe Energy, which captures wasted energy and uses it to power advanced computing systems including crypto mining and artificial intelligence deep learning, and bitcoin miner AI Energy are among companies that are building infrastructure near gas drillers to capture excess power. Every oil and gas company in five to 10 years will have some exposure to mining bitcoin," Ryan Leachman, a founding partner of JAI, told Coindesk in November.

The bottom line: Bitcoin evangelists have long claimed crypto mining will help humanity to become more energy efficient. We're beginning to see that become reality.

Now read this: Some lawmakers and their families are betting thousands of dollars on crypto
⚠️ Crypto could derail financial stability
💱 The fast-growing cryptocurrency markets could be a threat to global financial stability, according to the Financial Stability Board (FSB), a global financial authority funded by the Bank for International Settlements.

📑 The 30-page report details a number of financial risks related to various types of cryptocurrencies as well as the industry sectors, including private digital assets like bitcoin, stablecoins like tether and decentralized finance (DeFi).

✍️ "Crypto-asset markets are fast evolving and could reach a point where they represent a threat to global financial stability due to their scale, structural vulnerabilities and increasing interconnectedness with the traditional financial system," the report authors wrote, highlighting data gaps in the crypto industry and calling for the creation of global standards to enable proper risk assessment.

Now read this: When you count users instead of dollars, the NFT world is tiny
hello world
Billy Bambrough
Forbes Senior Contributor
I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.
Follow me on Twitter or email me.
Forbes

You’ve received this email because you’ve opted in to receive Forbes newsletters.

Unsubscribe from CryptoCodex.

Or, manage your paid subscriptions on your Forbes profile here.

Manage Email Preferences | Privacy

Forbes Media | 499 Washington Blvd.

Jersey City, NJ 07130

Older messages

Main Street’s Disappointing Week | Meet The Startup Aiming To Solve Supply Chain Issues | Tools For Small Businesses

Wednesday, February 16, 2022

Plus: Seven Industries In 2022 That May Be Important To Entrepreneurs Looking To Create Disruptive Startups ADVERTISEMENT Forbes This week didn't go as planned for the Federal Reserve. Yesterday,

Canadian anti-mandate protests backfired

Tuesday, February 15, 2022

Plus: This movie theater chain doubled in size during the pandemic ADVERTISEMENT Forbes | InnovationRx Earlier this month, a group of protesters driving semi trucks began blockading the border between

Black-Founded Exceptional Capital Targets $30 Million For Debut VC Fund

Tuesday, February 15, 2022

Kevin Dowd and Becca Szkutak Staff Writers Marell Evans is tired of being called a hustler. He heard it back when he was a Division 1 linebacker at the University of Michigan, and he's hearing it

Top-Rated Kitchen Essentials That Belong In Your Setup

Tuesday, February 15, 2022

Plus: The Best Washers And Dryers To Make Laundry Day A Breeze All products and services featured are independently selected by Forbes Vetted contributors and editors. When you make a purchase through

Elon Musk’s Mystery Charity | Razzlekhan Released | Most Popular NFTs On The Block

Tuesday, February 15, 2022

Plus: The Pandemic Crushed Most Movie Theaters – But This 27-Year-Old's Chain Doubled in Size ADVERTISEMENT Forbes Good morning. Elon Musk's disclosure of a $5.7 billion donation to an

You Might Also Like

Just Buy a Balaclava

Saturday, January 11, 2025

Plus: What Raphael Saadiq can't live without. The Strategist Every product is independently selected by editors. If you buy something through our links, New York may earn an affiliate commission.

Up in Flames

Saturday, January 11, 2025

January 11, 2025 The Weekend Reader Required Reading for Political Compulsives 1. Trump Won't Get the Inauguration Day He Wanted The president-elect is annoyed that flags will be half-staff for

YOU LOVE TO SEE IT: Biden’s Grand Finale

Saturday, January 11, 2025

Biden drills down on offshore drilling, credit scores get healthier, social security gets a hand, and sketchy mortgage lenders are locked out. YOU LOVE TO SEE IT: Biden's Grand Finale By Sam Pollak

11 unexpected things you can put in the dishwasher

Saturday, January 11, 2025

(And 7 things you should keep far away from there) View in browser Ad The Recommendation January 11, 2025 Ad 11 things that are surprisingly dishwasher-safe An open dishwasher with a variety of dishes

Weekend Briefing No. 570

Saturday, January 11, 2025

Black Swan Threats in 2025 -- Why Boys Don't Go To College -- US Government's Nuclear Power Play ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Your new crossword for Saturday Jan 11 ✏️

Saturday, January 11, 2025

View this email in your browser Take a mental break with this week's crosswords: We have six new puzzles teed up for you this week. Play the latest Vox crossword right here, and find all of our new

Firefighters Make Progress, Water Rankings, and Ohio St. Wins

Saturday, January 11, 2025

Multiple wildfires continued to burn in Southern California yesterday, with officials reporting at least 10 deaths. Over 10000 homes across 27000 acres have burned, and 20 suspected looters have been

☕ So many jobs

Saturday, January 11, 2025

So why did stocks fall? January 11, 2025 View Online | Sign Up | Shop Morning Brew Presented By Indacloud Good morning. It's National Milk Day, the one day of the year you're allowed to skim

What A Day: It ain't easy being Greenland

Friday, January 10, 2025

A Greenlandic politician reacts to Trump's threats: “The most crazy thing.” ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Heavily funded Pandion delivery startup closes abruptly in latest logistics industry fallout

Friday, January 10, 2025

Breaking News from GeekWire GeekWire.com | View in browser Pandion, a Bellevue-based delivery startup launched by a former Amazon Air leader during the pandemic-fueled e-commerce boom, informed