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

Cops finally unmask 'LockBit kingpin' after two-month tease [Wed May 8 2024]

Wednesday, May 8, 2024

Hi The Register Subscriber | Log in The Register {* Daily Headlines *} 8 May 2024 Handout of Dmitry Yuryevich Khoroshev from NCA Cops finally unmask 'LockBit kingpin' after two-month tease

A Little Black Dress That’s Just the Right Amount of Little

Wednesday, May 8, 2024

Here's What You Missed on the Strategist The Strategist Every product is independently selected by editors. If you buy something through our links, New York may earn an affiliate commission. A

Daniels, straight up

Tuesday, May 7, 2024

Stormy Daniels offered up the most salacious testimony yet in Trump's criminal trial. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

How a Miami Student’s Package Scam Came Crashing Down

Tuesday, May 7, 2024

Columns and commentary on news, politics, business, and technology from the Intelligencer team. Intelligencer crime The Package King of Miami Matthew Bergwall was a gifted coder who could have gotten a

Those viral veggie choppers?

Tuesday, May 7, 2024

You can do better ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Wednesday Briefing: Israel in Rafah; negotiators in Cairo

Tuesday, May 7, 2024

Also, Stormy Daniels testified in Donald Trump's trial. View in browser|nytimes.com Ad Morning Briefing: Asia Pacific Edition May 8, 2024 Author Headshot By Amelia Nierenberg Good morning. We'

Get Your Mind Into the Sewer

Tuesday, May 7, 2024

"If you live in London, Dr Leon Barron knows what you're up to. He knows what prescribed drugs you're on – painkillers, antidepressants, antipsychotics or beta blockers – and what illicit

How can Washington state create a skilled and adaptable workforce?

Tuesday, May 7, 2024

Lexion acquisition to Docusign latest success story from AI2 | NVIDIA invests in Carbon Robotics ADVERTISEMENT GeekWire SPONSOR MESSAGE: Join the Nordic Innovation Summit, May 13-14: Topics include AI,

☕ Scrub hub

Tuesday, May 7, 2024

Figs's new premium scrubs. May 07, 2024 Retail Brew It's Tuesday, and it looks like the labor market may slow down in the second half of the year after a period of encouraging growth. With

☕ Unfiltered

Tuesday, May 7, 2024

Inside Jolie Skin Co.'s product-seeding strategy. May 07, 2024 Marketing Brew It's Tuesday. To promote its Skittles Littles candy, Skittles is giving one lucky person a rent-free year in a very