Strategist Tom Lee Boosts Bitcoin Price to $20,000 in Mid-2018

Bitcoin price all time high

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Tom Lee, co-founder of Fundsrat Global Advisors, the only major Wall Street strategist covering bitcoin, sees a silver lining in bitcoin’s current fallout and has raised his bitcoin price target from $11,500 to $20,000 for mid-2018,.

Lee said bitcoin’s intrinsic value has increased over the last month due to the growth of new bitcoin wallets, and that Fundsrat is buying bitcoin as the price has dropped, CNBC reports.

A Forecast 37% Price Jump

The revised target represents a 37% jump from the $14,600 price on Coinbase on Friday afternoon. Bitcoin fell 47% to $10,400 in the morning from its record $19,800 last Sunday. Bitcoin price is back above $15,000 today amid an ongoing recovery.

Fundstrat projects unique IP bitcoin wallet addresses will increase 50% by mid-2018 while user activity will rise 10% from present levels, Lee said. Lee has raised his mid-2018 projection twice since late November, when he raised it from $6,000 to $11,500. He initiated the $6,000 projection in August.

Bitcoin has surged nearly 1,900% this year, even with Friday’s steep decline.

Also read: Bitcoin a good bet for millennials, says bullish strategist Tom Lee

Speculative Activity Noted

Lee said there is a parabolic/speculative price activity taking place with bitcoin that he considers unhealthy, but he is not surprised bitcoin is currently selling off. The surge in the past few weeks was partly responsible for the increase in bitcoin wallets, as was speculation.

Lee said $11,000 is becoming a support price for bitcoin. The next downward support levels are $10,131, $7,918 and approximately $7,000.

Lee maintained his $25,000 bitcoin price target for 2022 based on the Bitcoin Investment Trust (GBTC) over-the-counter price moving from $1,300 to $2,200. GBTC’s price has jumped more than 1,500% to $1,900 this year. Lee, who was J.P. Morgan Chase’s chief equity strategist from 2007 to 2014 before helping to launch Fundstrat, became the first widely followed market strategist to focus on bitcoin’s price back in July. He is now Fundstrat’s managing partner and research head.

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Hard Fork, Take Two: SegWit2x Will Return Dec. 28, Says Founder

The controversial SegWit2x Bitcoin (BTC) hard fork will go ahead on Dec. 28, according to the project’s official website.

The SegWit2x project, which caused months of debate and infighting among the Bitcoin community prior to its last-minute cancellation in November, now says it will fork off at block 501451, due in around two days’ time.

The project’s Founder and Lead Developer, Jaap Terlouw, stated on their site that the fork aims to address issues of “commission and transaction speed within the Bitcoin network,” adding that currently, Bitcoin is “almost impossible to use as a means of payment.”

Confirmation that the hard fork will, in fact, take place is indicated both in the roadmap on the project’s site, as well as in a direct quote from Terlouw:

“Our team will carry out the Bitcoin hard fork, which was planned for mid-November.”

The founder also promised that in addition to the common practice of crediting BTC holders with equivalent balances of the new coin (B2X), they would also receive “a proportional number of Satoshi Nakamoto’s Bitcoins as a reward for their commitment to progress.”

In total, eight exchanges are listed as official supporters of the fork. The project’s roadmap includes features such as Lightning Network support, smart contracts and, ultimately, anonymous transactions.

Forking season

In the past six weeks, Bitcoin Cash, another Bitcoin hard fork formed in August, has become the central talking point of the industry, as it sees remarkable growth and sparks shifts in mining and investment behavior, affecting Bitcoin’s price.

The latest incarnation of SegWit2x has so far received comparatively little publicity. However, the website copy conspicuously name-dropped one particular exchange, HitBTC. Speaking about existing SegWit2x futures, Terlouw is quoted on the site as saying:

“At the same time, trading of its [SegWit2x] futures has been carried out on some exchanges for a long time. HitBTC is among them.”

When the project first saw hints of a comeback on Dec. 19, futures prices of B2X coins saw an uptick from under $200 to almost $600, a trend which has remained steady prior to the launch.

Meanwhile, on Christmas Day, a Blockchain Angel Investor debuted his own ‘version’ of Bitcoin, Bitcoin God (GOD), while several other forks are due to join the ecosystem in the coming weeks.

For BTC investors, a key appeal of new Bitcoin ‘versions’ or hard forks  is the duplication of their BTC holdings in the new coin at the time of each snapshot, which essentially provides them with a supply of “free money.”

Bitcoin Crash Could Drag down Stock Prices: Wells Fargo Executive

Wells Fargo Bitcoin

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While speaking on CNBC’s “Trading Nation,” Wells Fargo Securities head of equity strategy Christopher Harvey stated that he’s paying close attention to what’s going on in the cryptocurrency markets, which many believe to be one of the “most epic bubbles of all time.” Per Harvey, a crash on Bitcoin’s end could drag down stock prices.

On Christmas Eve, December 24, we saw the price of leading cryptocurrencies fall by large margins, with a few exceptions among the top 100. The cryptocurrency market has been recovering since, to roughly $14,000 on Christmas, to $15,140 at press time, according to CCN’s price index.

This year the cryptocurrency’s price hit an all-time high of nearly $20,000, and its volatility and the possibility of a bubble seemingly worry Harvey, as according to him “there is a significant amount of froth in the crypto markets. We do think that if that froth comes out, it will start to spillover.”

Per the executive, the froth could bring down the stock market as well, he added:

“What we’re worried about is froth coming out of that market, and that’s starting to affect equities. You’re seeing it a little bit, but just not to a large degree. And, it’s something to watch out for in 2018.”

Harvey sees the S&P 500 Index reach 2863 by the end of 2018, far below the 20 percent gains Wall Street has seen this year. His position comes from “a lot of good news already priced in,” and not seeing it go a lot further from this point. He predicts the market will face new challenges in the second half of 2018, whether the cryptocurrency market crashes or not.

Per Harvey:

“What the market will have to contend with is EPS [earnings per share] peaking, ISM potentially peaking, you’re going to have the yield-curve in all likelihood flattening — and in addition to that, you’ll likely have multiples start to compress. You’re going to have to scratch and claw to stay afloat for it to break even.”

As recently covered by CCN, the hype around bitcoin and other cryptocurrencies is turning many consumers – particularly the younger ones – into investors chasing the market’s returns. This would, in turn, lead to the assumption that bitcoin is decreasing the stock market’s inflows. However, legendary investor Laszlo Birinyi says he’s observing the opposite: the cryptocurrency hype is luring new investors into stocks.

According to the legendary investor, the entire market is reaping benefits from the cryptocurrency craze. He stated:

“Bitcoin is a catalyst for a lot of interest. It’s everybody. It’s also giving the guy on the trading desk, sitting at a hedge fund, a shot in the arm.”

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ICO to Build Next Generation AI Raises $36 Million in 60 Seconds

SingularityNET raised $36 mln in one minute, completely selling out of its native AGI tokens. While this is an enormous amount of money to raise in an incredibly short period of time, it’s somewhat unsurprising considering demand. The company asserts that the issue was massively oversubscribed, with 20,000 people registered to participate, seeking to buy $361 mln worth of tokens.

The company reduced the number to a more manageable level, according to its press release, by:

“[Screening] all applicants using layers of algorithms, in addition to manual review, to comply with global KYC/AML regulations. This reduced the pool of contributors to 5,000, but also set a new standard for fundraising via Blockchain with respect to global legislation.”

Artificial general intelligence

SingularityNET aims to create a decentralized marketplace of AIs, where each AI can interact with one another (and pay one another) as needed to solve customers’ problems. Founder Ben Goertzel gave an example:

“If you need a document summarized, as a user you can put a request into SingularityNet…

You may get bids from twenty different document summary nodes…and you may choose one with the right balance of reputation and price.

But now that document summary node if it hits something in the document it can’t deal with, it can outsource that…if the document summary node that you’re paying…hits an embedded video it can outsource that to a video summarizing node and it can then pay it some fraction of the money it was paid. Or, if it sees a quote in Russian…it can outsource that …to a Russian to English translation node that can do that translation, then send it back to the document summary node.”

Popular field

Artificial intelligence and machine learning are hot trends in computing these days, but are largely controlled by massive corporations. These corporate titans develop their own proprietary systems and software and keep it in-house. SingularityNET intends to decentralize this heavily centralized field, allowing developers of AI tools to monetize them and non-corporate users to benefit from them.

As with any new venture, it remains to be seen whether this is even possible, or whether behemoths like Google will forever dominate the field of AI. One thing is certain – there is plenty of interest in decentralized AI systems. SingularityNET’s token sale could not make that any more clear. Just like the Nicholas Cage movie, these tokens were “gone in sixty seconds.”

The ‘Digital Shekel’: Israel is Working on a State Cryptocurrency


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Israeli authorities are reportedly considering issuing a cryptocurrency that would be identical in value to the shekel, Israel’s fiat currency.

Both Israel’s financial ministry and the central bank are exploring the possibility of issuing a national digital currency titled the ‘digital shekel’, the Jerusalem Post reports. Regulators have been considering the legal parameters of issuing a central bank cryptocurrency for ‘several months’ while authorities could table a review of an early legal framework as soon as January 2018, according to the report.

As reported yesterday, a finance official confirmed that the digital currency would be based on a blockchain with the intent to introduce a faster, instant payments infrastructure over the current centralized system. The Jerusalem Post report weighs in with additional details, citing an official who revealed that the ‘digital shekel’ would be made available to citizens over a smartphone where every transaction is recorded and the cryptocurrency itself to be stored in a digital wallet. The cryptocurrency will be issued by the central bank and is the digital equivalent of the physical currency shekel, in value.

The digital shekel will be peer-to-peer and will not require a clearing system or a centralized authority to oversee transactions.

The official reportedly stated:

You can imagine that instead of giving you a piece of paper saying the Bank of Israel on it, I can send you a piece of digital code that was issued by a central bank.

Issuing a digital currency over a blockchain where all transactions are recorded and immutable will also ‘make it more difficult to evade taxation’, the official added.

Still in its early stages, the plan to introduce a cryptocurrency has no public timeline just yet. Further, the Bank of Israel would require an approval from Israel’s national legislature, the Knesset, to issue a state cryptocurrency.

Other ministries and laws would also be relevant in pushing through legislation to introduce the ‘digital shekel’. The official said:

There’s a lot that people need to think about before going through with this reform. We’re looking at the legal, financial, regulatory and money-laundering sides of this.

The developments come in a year when Israel’s tax authority has deemed bitcoin a taxable asset while Israel’s securities regulator outlined a ‘friendly’ approach to initial coin offerings (ICOs), a popular new form of fundraising powered by cryptocurrencies.

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No Eurozone Cryptocurrency Says Bundesbank Board Member

Carl-Ludwig Thiele, a board member for Bundesbank, one of the largest banks in Europe, has confirmed that the euro zone is not considering a digital currency. He said:

“Digital central bank money analogous to cash is currently not in sight.”

The statement runs contrary to a previous statement made by Jens Weidmann, the head of Bundesbank, suggesting that a digital currency comparable to Bitcoin could potentially protect European citizens.

Thiele also warned investors that substantial losses were very possible. He stated:

“We are seeing a rapid increase in value, which brings the risk of rapid losses.”

The European Central Bank had already suggested regulating digital currencies like Bitcoin, in spite of previous statements that the government was powerless to regulate cryptocurrencies.

Despite the rejection of the concept in the eurozone, other countries are still considering governmental cryptocurrencies. Russia and Dubai have both begun working toward nationalized digital currencies.

Get Ready for Globcoin’s Token Sale!

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

What is Globcoin About?

Globcoin is a Switzerland based Group that will allow its customers to create customised currency baskets on their platform. The company wants to provide a system that will enable anyone to make buys and transactions with fiat and digital currencies in a fast, safe and cost-effective way.

The platform’s first currency basket will consist of 15 of the world’s most important currencies and 5% Gold. It will bring a unique exposure to the world economy thereby being even more stable and secure than the swiss franc! Each currency basket will provide investors with an appropriate method through which it can adress broad investment themes.

Although the company has been marketing these baskets for 5 years, this management service was offered only to elite clients such as family officers and institutional investors.

Globcoin’s platform uses Ethereum’s blockchain technology along with a complex group structure that has the purpose of providing the best solutions and management:

  • Reserve Currency Solutions (RCS SA) – based in Zug, Switzerland, it was established with the purpose of creating and improving managed currency products such as Global Reserve Currency. RCS has some pieces of IP related to multi-currency index management.It has been listed in the “2017 top 10 Fintech companies” in Switzerland.
  • OptimInvest – is a Geneva-based currency manager and a regulated member of the OARG (Organisme d’Autorégulation des Gérants de Patrimoine). It deals with providing advisory mandates for large clients.
  • GLOBCOIN Ltd., – is a London-based company which markets multi-currency e-wallets linked to credit cards that let the owner of the card have interbank rate access to currency markets and free peer-to-peer transactions in most of the world’s currencies.

By using RCS’ Dual Token implementations, Globcoin has developed two Ether tokens:

  • GCP is a Utility Token that was created to support transactions on the platform and receive fees that cover the costs of the service.
  • GLX is a token that functions as a store of value and a medium of exchange, and it is linked to 15 of the most important fiat currencies in the world and gold. It is backed up 100% and at a ratio of 1 x 1. GCP tokens are needed when you want to issue and exchange GLX for fiat currency.

The Globcoin team

The Globcoin team is made of big names from the financial, management and banking industry along with team members that have a long list of impressive achievements, from numerous ventures and projects, to scientific papers and top school degrees. All of these professional and experienced members have recognized the advantages and possibilities of blockchain technologies and decided to develop the innovative currency management system that is Globcoin.

Details on the Token Sale

Globcoin plans to use the funds that will be obtained through the selling of its GCP Utility Token to develop its current platform. The resources will go to various sectors of the Globcoin system, such as infrastructure, currency portfolio management tools, marketing and PR, creation of new products, legal support etc.

The official date for the Token Sale is January 13th. The GLX token will not be the subject of this sale.

  • Token name – GCP;
  • GCP created per 1 Ether – 100;
  • Minimum Ether to be collected (participants can claim a refund if this floor is not reached)-5,000;
  • Maximum Ether (the token sales ends if this cap is reached)- 150,000;
  • Maximum Ether (the pre-sale ends if this cap is reached)- 30,000;
  • Maximum number of tokens generated to crowdsale participants- 15 850 000 to 37.8%;
  • Maximum number of tokens generated to pre-sale participants- 5 100 000 to 12.2%;
  • Maximum number of tokens generated for future business development, and market expansion- 12 570 000 to 30%;
  • Maximum number of tokens generated to team, adviser and early backers- 8 380 000 to 20%;
  • Maximum number of GCP generated- 41 900 000 to 100%

Globcoin is a serious new project that will provide a viable solution to those that seek some stability in the cryptocurrency ecosystem.

Upcoming events:

  • London Blockchain Week on January 18 -19th;
  • 6th North American Bitcoin Conference on January 18 -19th in Miami;
  • Crypto Finance Conference on January 17-19th in St. Moritz, Switzerland;
  • DC Blockchain Summit on march 6-8th in Washington.

Contact Globcoin at the following addresses:






Why the Service Industry Needs Blockchain, Explained

How is the service industry doing?

The service is developing not as fast as it could.

Like any other business, the service industry is trying to keep up to date. But there are still some issues slowing down the progress.

Money. It’s not that simple to get the money to start a new business or to expand an already existing one. It’s not always possible to get a loan since banks may think you are too young or too old, your credit story is not good enough, or your idea will not be in demand.

Personnel. In current realities, the service requires highly-qualified staff. It’s not enough to find competent people and train them. If you have a network of businesses, you have to make an effort to work them as a whole one.

Information. Nowadays, information is one of the most important resources. The Internet has made information transfer faster and easier. However, there are a lot of people involved in the transfer chain. Delays in communication between the links take a large amount of time.

How can Blockchain help?

Ongoing Blockchain technology is able to solve the above-mentioned issues.

Money. You can launch your own ICO to get the money to start a new business or expand the existing one. If the idea is great and presented properly, it can raise a lot of funds. Besides, hedge and venture funds show their interest in Blockchain. Smart contracts will make the transactions fast and reliable.

Personnel. The distributed ledger facilitates finding a good employer. Blockchain makes it easier to check the education, skills, work experience, and much more. Moreover, technology provides the communication between departments and managers which improves personnel management.

Information. The decentralized system allows sharing information promptly. All information is rapidly distributed between the nodes. The information stored in Blockchain cannot be changed and at the same time, you have access to see how the business processes are going.

How can Blockchain improve hospitality?

Hotels will get more information about tourists and facilitated check-ins.

Blockchain stores all the information. Thus, if a tourist checked in a hotel, it would simplify next bookings and the registration process. If a hotel is a part of international hotel chains, keeping track of all the guests is not an easy task. The ledger monitors the number of bookings and updates the information about available rooms in real time. Any violation or even attempt will become publicly available. And an so you can check a tourist’s  or a hotel’s, and its staff, reputation before making any reservations. The payments have low fees and are processed quickly from any place on the planet.

And what about catering business?

Restaurants can track all the data about supplies.

Each day catering business has to communicate with a lot of food, logistic companies, etc. The supply chain is rather long. It requires a lot of paperwork, transactions, confirmations, and other procedures that require a huge amount of time. The decentralized system allows to get necessary information much faster and accelerate the processes.

Each food product has its own shelf time. Expired products are a very bad spot on the reputation of the food brand. Blockchain fixes all the data about the food, storage conditions, delivery time and indicates rotten products.

Why does car business need Blockchain?

There is a lack of communication between the participants of the business.

The car industry is a dynamically developing business. In 2016, more than 78 mln cars were sold in the world. There are a lot of institutions involved: manufacturers, banks, drivers, repair stations, etc. Each of them possesses information that is useful for other participants. For example, manufacturers need to know what kind of breakages a particular model has and how often it happens to produce the necessary amount of spare parts.

There are different decentralized platforms, like Uservice that aim at bringing together all the parties involved and create a unified database about cars. For instance, a car owner can register their car and get paid for the information that they will provide to the platform. So every registered car record will be updated and users of the platform can track what kind of issues this model has or doesn’t have.

Can the decentralized technology be used in insurance?

It can increase trust between clients and insurance companies, prevent frauds.

Insurance companies note that there are trust issues among their clients. The system of insurance calculation, high prices and low efficiency discourage consumers. Blockchain technology is transparent, it can restore the trust to how the system works. Smart contracts allow to make insurance contracts clearer and more reliable. The code will be automatically executed if an incident happens. Authenticity verification is one of the biggest problems in the field. Using decentralized register, manufacturers, customers, insurance companies, and others can see all the history of the product, even check if it was stolen or is a counterfeit.

How can Blockchain help e-commerce?

Decentralization will bring transparency, credibility, fast transactions and low fees.

Trust comes to the forefront again. Trading is made from a different part of the world. You cannot see a consumer or a seller. There is no guarantee that you won’t get involved with a fraudster. Blockchain makes all the processes see-through to everybody. Smart contracts make sure you receive money or goods/services. Plus, there is no third party involved and it reduces expenses significantly.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

UK’s Largest Property Firm Says Blockchain Will ‘Absolutely’ Have a Function


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The U.K.’s largest commercial property development and investment company has said that the blockchain will ‘absolutely’ play a role in its business.

Land Securities Group, or Landsec, owns and manages over 26,000,000 square feet of commercial property, from London’s offices and high street shops to those of major shopping centres and retail parks. It also owns the advertising Piccadilly Lights in Piccadilly Circus, London.

In a CNBC interview, Robert Noel, CEO of Landsec, was asked whether the blockchain would be used in the company.

He said:

Absolutely … If you look at the way what we provide, which is services to business, and those services are around contract, anything that speeds up archaic land law, and contract law, and leasing law, etcetera, will be welcomed.

With the use of the technology in Landsec’s services it could help to speed up processes, particularly those that require the signing of contracts and extensive paper work. This is turn would help to cut down on the amount of time needed to go back and forth between varying parties. Through the blockchain each party involved would have access to an immutable copy of the contract, which is automatically executed when each party completes their part of the process. Noel claims, though, that the technology won’t mean a reduction in actual lawyers for the company.

Nowadays, as the distributed ledger gains in prominence within a range of industries and varying use cases, industries are realising the benefits that it can provide. So much so, that law firms are experimenting with the technology to determine its impact on manual processes that they currently perform.

In February, it was reported that a law firm in New York was looking into the blockchain to see if it could eliminate many of the steps required when it comes to executing smart contracts. The law firm, Hogan Lovells, was considering how smart contracts and the technology can execute agreements automatically without human intervention, thus freeing up lawyers time.

However, while the distributed ledger is providing the answer for many industries, could it spell the end of corporate law firms as we know them? Last June, Allens, one of Australia’s biggest law firms, sent a report to its clients informing them that the future of the business model that lawyers profit from because of a lack of trust between organisations working with each other was under threat from computers via the blockchain.

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Mining With Energy From Humans – Is it Really Possible?

Is it truly possible to harness energy from the human body to power cryptocurrency mining rigs?

A Netherlands-based technology company, Speculative.Capital has pioneered a project that explores the possibility of harnessing energy from idle human subjects.

To do so, the company created body suits that turn body heat into electricity from human subjects to power computers that are mining cryptocurrency.

According to their website, 37 people were involved in the project. The concept is pretty simple, a subject lies down for a few hours while the body suit harnesses energy from their body heat.

The technology is pretty nifty, as small thermoelectric generators harvest the temperature differential between the subject’s body temperature and the surrounding ambient temperature of the room. The electricity generated is then used to power mining rigs, that mined recently created cryptocurrencies that promised to create good future growth in value.

In total, the subjects provided enough power for the computers to mine for 212 hours, that’s just over eight days, and they claim to have unlocked 16,594 coins during that time.

The chosen cryptocurrencies were Vertcoin, StartCOIN, Dash, Lisk, Litecoin and Ethereum. Vertcoin and StartCOIN accounted for the majority of coins unlocked, while comparative crypto heavyweights Litecoin and Ethereum were the least mined coins – given the now-scaled difficulty to mine them.

During that 212 hour period, the 37 subjects produced 127,210 milliwatts of power.

Let’s make some assumptions here

If you have a Nvidia 1060 six GB graphics card in your computer, you can expect to get a hashrate of 19 MH/s at 80 watts when mining Ethereum – going with data from

Going with CryptoCompare’s current calculations – you would only be able to mine 0.002487 of Ethereum a day and that is using all 127,210 milliwatts, which equals 127 watts, of the power harnessed by the bodysuits.

While the idea is admirable, quirky and exciting, it seems like far too much effort for too little reward.

However, projects such as these push the boundaries of technology and expand the limits of what the human body is capable of, and how we view and explore the way we harness and produce energy in the future.

Whenever projects like these are undertaken and results are published, people are quick to debunk and belittle the work that has been done. While the project may not have produced nearly enough energy to mine extraordinary amounts of cryptocurrency, it is an alternative and green way of looking to power the miners needed to maintain the Blockchain.

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Why not use the sun?

Speculative.Capital does make one wonder what other alternatives there are to power up mining rigs – especially for hobby miners at home.

The easiest, and probably most accessible option is solar power – if you live somewhere sunny.

Solar panels are easy to obtain and setup, although you will need an inverter and batteries to store their power. But given a steady a supply of sunlight, and you could easily produce enough energy to power a home-built mining rig.

Going by these calculations on, an average solar panel will produce 250 watts in an hour. If you get four hours of full sun, your panel will generate 1,000 watts of energy – eight times as much produced by our friends in the Netherlands.

At the end of the day, the efficiency of their chosen method matters not. What is imperative is that we look for cheaper and cleaner energy sources to power the power-hungry mining industry that continually verifies the Blockchain of cryptocurrencies.

As it stands, the cumulative power consumption of mining operations worldwide use more power than a number of individual African countries,

Blockchain and cryptocurrencies promise decentralized and anonymous transactional services to the common man – but we need to be conscious of the effect it has on power grids worldwide. If we can find better solutions – we should be using them.

The likes of Speculative.Capital and other technology companies are blazing a new trail for the cryptocurrency space, and it will be a massive triumph if more miners look to alternative power sources in the future.

At the time of publishing, Cointelegraph had not received a reply for an interview from Speculative.Capital.