Bitcoin mining sustainable energy use exceeds Elon Musk's Tesla target

Happy Tuesday! A potential gold revaluation could see the U.S. Treasury buying bitcoin sooner than expected

output: A potential gold revaluation could see the U.S. Treasury buying bitcoin sooner than expected, Coinbase Asset Management President Sebastian Bea told The Block on the latest episode of The Scoop podcast.

The Coinbase exec explained that if the administration decides to revalue gold, it would also likely begin purchasing bitcoin to diversify its foreign exchange reserves.

“If they start buying bitcoin, I think it would be in conjunction with a diversification of the U.S. Treasury's foreign exchange reserves, which we haven't seen since 1944 at Bretton Woods,” Bea said. “It would be a huge event.”

According to Bea, the move would be contingent upon the price of bitcoin remaining above $50,000 and the coin’s hash rate remaining decentralized.

“It would also depend on the administration, obviously, and whether they decide to go in that direction with their economic policies.”

The interview comes ahead of Monday's report from Cambridge University's Center for Alternative Finance that Bitcoin mining now uses 52.4% sustainable energy.

The finding surpasses Elon Musk's 50% threshold for Tesla to resume BTC payments.

In other news, we're tracking a new filing from Nasdaq to list and trade shares of 21Shares' Dogecoin ETF. The filing comes after the SEC delayed its decision on several bitcoin and ether ETFs.

Top stories

* A new study by Cambridge University found that Bitcoin mining now uses 52.4% sustainable energy, up from 37.6% in 2022. The finding surpasses Elon Musk's 50% threshold for Tesla to resume BTC payments.

* Nasdaq has filed a 19b-4 proposal to list and trade shares of 21Shares' Dogecoin ETF following the SEC's delay of its decision on several bitcoin and ether ETFs.

* Prosecutors are pushing for a 20-year sentence for former Celsius CEO Alex Mashinsky for embezzling billions of dollars in customer funds. In a sentencing memorandum, prosecutors said Mashinsky is "a continuing danger" who shows a "lack of remorse."

* Miden, a zero-knowledge rollup project originally developed under Polygon Labs, has raised $25 million in seed funding to launch Edge — a privacy-first blockchain powered by zero-knowledge-proof technology.

* DEX aggregator 1inch has launched on Solana in its first major move outside the Ethereum Virtual Machine-compatible ecosystem. The move comes as 1inch prepares to introduce cross-chain swaps later this year.

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The Coinbase-incubated Layer 2 network Base has reached "stage 1" in Ethereum rollup decentralization with fault proofs and a security council.

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Top stories

A new report from Cambridge University's Center for Alternative Finance found that Bitcoin mining now uses 52.4% sustainable energy. The finding surpasses Elon Musk's 50% threshold for Tesla to resume BTC payments. The report also found that the total hashrate on the Bitcoin network increased by 177% over the past year.

Nasdaq has filed a 19b-4 proposal with the SEC to list and trade shares of 21Shares' Series E Bitcoin Trust. The filing follows the SEC's delay of its decision on several bitcoin and ether ETFs.

Prosecutors are pushing for a 20-year sentence for former Celsius CEO Alex Mashinsky. In a sentencing memorandum filed Monday evening, prosecutors said Mashinsky should be sentenced to a term of 180 months to 240 months in prison for embezzling billions of dollars in customer funds.

"Having defrauded victims of billions of dollars and stolen their life savings, Mashinsky continues to play the victim and shows a complete lack of remorse," prosecutors wrote.

Prosecutors also argued that Mashinsky remains a danger to society due to his "utter disregard for the law."

"Through his actions and inactions, Mashinsky caused immense harm to the victims, the financial markets, and the cryptocurrency industry as a whole," they added.

Prosecutors' sentencing memorandum comes ahead of Mashinsky's sentencing hearing, which is set for Monday afternoon.

MIden, a zero-knowledge rollup project originally developed under Polygon Labs, has raised $25 million in seed funding. The funds will be used to launch Edge, a privacy-first blockchain powered by zero-knowledge-proof technology.

The project, which is a spin-off of Polygon, will allow users to make transactions without revealing the amounts or parties involved in the transactions.

DEX aggregator 1inch has launched on Solana in its first major move outside the Ethereum Virtual Machine-compatible ecosystem. The move comes as 1inch