Economist Mohamed El-Erian Says Fed’s Characterization of Inflation as ‘Transitory’ the ‘Worst Call in History’  – Economics Bitcoin News

On Monday, December 13, following Friday’s U.S. consumer price index report published by the Bureau of Labor Statistics, Americans are discussing the Federal Reserve. Thousands of tweets concerning the Federal Reserve topic have been trending on Twitter, as inflation has gripped the U.S. economy. Furthermore, Mohamed El-Erian, the chief economic advisor for the German multinational financial services company Allianz says the term “transitory” was the “worst inflation call in the history,” according to a recent interview. Allianz Chief Economic Advisor Says Calling Inflation ‘Transitory’ Was a Bad Call by the…

More Downside For Bitcoin? CPI New Numbers Could Call For Early Taper

The stock markets and Bitcoin’s price performance might be hitting a bumpier road after the next Consumer Price Index release. During the year the Fed has been clear about an upcoming tapering, and now that new –and higher– CPI metrics are expected, the taper is likely to fasten its pace and the markets to suffer. The central bank is expected to start reducing its net asset purchase month by month by $10 billion for Treasury securities and $5 billion for agency mortgage-backed securities. This has raised fear over the traditional…

Eth2 devs put out call to community to help test out the Merge

Ethereum (ETH) developers have put out a call to the community to help test the long awaited Merge between the Ethereum Mainnet and the proof-of-stake (PoS) based Beacon Chain. The Merge is a major milestone towards the transition to Eth2 as it will see the Ethereum network become a PoS blockchain, decreasing its energy consumption by 99%. On Nov. 29 Ethereum developer Marius van der Wijden announced a new program to get the community involved in Merge testing that caters to three tiers: non-technical users, developers with limited experience in…

Swedish call to ban crypto mining ‘completely misinformed,’ says fund manager

A Swedish financial watchdog’s call for a European Union-wide ban on proof-of-work (PoW) crypto mining, mainly known as the method of minting new Bitcoin (BTC), has received backlash from crypto-related fund managers.  Melanion Capital, a Paris-based alternative investment firm known for its Bitcoin ETF, addressed the Swedish Financial Supervisory Authority and Swedish Environmental Protection Agency’s call to ban PoW mining across Europe. “The claim that Bitcoin miners jeopardize the electricity network is completely misinformed,” noted Melanion, reminding that Bitcoin miners’ business model is prone to collapse when the electricity demand…

Norway Mulls Backing Sweden’s Call for Euro Ban on Crypto Mining – Mining Bitcoin News

The government in Norway is considering ways to limit the environmental impact of cryptocurrency mining and may support Swedish proposals to that end, including a European ban on proof-of-work mining. The European Commission has revealed it is already working to promote a transition to “more sustainable” protocols. Extensive Use of Renewable Energy for Mining Is Hard to Justify, Norway Minister Says Authorities in Norway are mulling over potential policy measures to deal with the effects of crypto mining on the environment, the country’s minister responsible for local government and regional…

Swedish Regulators Call for EU Ban on Crypto Mining, Power Company Defends Industry – Mining Bitcoin News

Alarmed by the rising energy needs of cryptocurrency mining, Sweden’s financial and environmental regulators have recently proposed an EU-wide ban on proof-of-work coin minting. The Swedish officials believe this would encourage a move towards a more energy-efficient extraction of bitcoin while supporting the transition towards climate neutrality in Sweden and Europe. A state-run power company warns, however, that restrictions could have an adverse effect on global carbon emissions. Expensive Bitcoin Generates More Emissions, Swedish Authorities Allege The rising value of crypto assets attracts more businesses to join the competition to…